types of business plan topics

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

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

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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.

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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:

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

Internal 

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 Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

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

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

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

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

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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5 Types Of Business Plans (+ Customizable Templates)

Find the best form of business plan for your venture and learn to align your business plan model with a winning strategy. Grab a template to get started.

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helped business professionals at:

Short answer

What are the main types of business plans?

5 main types of business plans:

Startup business plan

One-pager business plan

Operational business plan

Feasibility business plan

Growth business plan

Aligning your strategy with the wrong type of business plan leads to failure

Crafting a sharp business plan is non-negotiable if you want your project to lift off the ground.

Yet, many miss the mark by not adapting their strategy to the appropriate type of business plan. It's like trying to open a door with the wrong key, frustrating and futile. This oversight can lead to miscommunication, disinterest from crucial stakeholders, and missed growth opportunities.

Here's where I step in, offering you a master key to unlock the true potential of effective business planning.

You'll learn about the strategic value of tailoring your plan to fit specific needs, whether you're kickstarting a venture, seeking investment, or plotting growth. Let's go.

What makes a successful business plan?

Creating a business plan that stands out involves more than just outlining your business's operations. It's about highlighting how your business differentiates itself and thrives within its industry.

Drawing inspiration from expert advice on business planning, here's an overview of the key elements that make a business plan successful. 6 key elements of a winning business plan:

Precision and structure: It's sharp, structured, and zeroes in on the business's main goals and strategies without unnecessary fluff.

Grounded objectives and forecasts: It sets attainable objectives and includes grounded financial forecasts, informed by thorough market analysis and industry insights.

Flexibility: It remains adaptable, ready to evolve alongside the business and shifting market dynamics.

Audience-specific design: It's crafted with the target audience in mind, whether that's attracting investors, securing loans, or engaging customers, ensuring it resonates and meets their expectations.

Clear communication: It communicates the business idea, market potential, and growth trajectory clearly and persuasively.

Defined action plan: It provides a clear set of steps to be undertaken to reach the business's goals, making it practical and actionable.

Internal vs. external business plan

The difference between internal and external business plans is based on their intended audience.

INTERNAL BUSINESS PLAN

EXTERNAL BUSINESS PLAN

Internal business plan

Internal documents tailored for departments such as marketing or HR emphasize succinct insights about the company and a more focused financial outlook. These documents usually adopt a less formal tone.

Purpose: Align your team and streamline operations.

Key approach: Focus on strategy, flexibility, and clear metrics.

Tip: Regularly review and update the plan, and encourage team feedback.

External business plan

External documents reach out to those outside your immediate circle, such as investors or partners. They provide a thorough overview of your company, including detailed financials, and maintain a formal tone, typically aimed at securing funding or establishing partnerships.

Purpose: Impress and persuade investors or partners.

Key approach: Ensure clarity, and professionalism, and tailor content to your audience.

Tip: Understand your audience's priorities, and seek expert feedback before finalizing.

5 types of business plans to align your strategy with

Picking the right business plan is a big deal for founders, managers, and leaders. But let's be honest, diving into the sea of options can feel overwhelming.

Whether you're chasing funding, dreaming of expanding or looking to streamline your operations, I've got you covered.

I'm talking about seizing opportunities to not just meet your goals but to exceed them. Let's dive in and align your ambitions with the perfect plan.

1) Startup business plan

Audience: External stakeholders, including investors and financial institutions.

Depth: Comprehensive and detailed.

Purpose: To outline the steps for launching a new venture and securing funding.

The startup plan is your blueprint for launching a new venture.

It's packed with everything from a punchy executive summary that grabs you with the business concept to deep dives into market trends and who you're up against.

It lays out financial forecasts with precision, giving potential backers a crystal-clear picture of where you're headed in terms of profits and what you need to get there.

This plan isn't just about pulling in funds; it's your strategic playbook for carving out a successful path forward. For newbies on the entrepreneurial scene, it's nothing short of essential.

Here’s an example of a start-up business plan:

2) One-pager business plan

Audience: External parties, such as potential investors, partners, and vendors.

Depth: High-level and succinct.

Purpose: To quickly communicate the business's value proposition and growth potential.

The one-page plan condenses the core of a business strategy into a succinct and impactful document, crafted to immediately capture the attention of potential investors, partners, and vendors.

It showcases the unique value proposition, targets the market with effective strategies, and highlights financial insights and growth potential.

This streamlined plan turns out to be a game-changer for entrepreneurs looking to share their vision and strategy in a clear, easy-to-understand way.

It quickly gets the point across and sparks interest from potential stakeholders, encouraging them to dive deeper.

Here’s an example of a one-pager business plan:

3) Operational business plan

Audience: Internal management teams and department heads.

Depth: Detailed, focusing on day-to-day operations and short-term goals.

Purpose: To streamline internal processes and enhance operational efficiency.

The operational business plan is like the company's playbook, focusing on fine-tuning every single part of your operations.

It lays out the operational goals that sync up with your big-picture strategies, breaking down the exact tasks and processes you need to nail those targets.

You've got everything mapped out, from streamlining workflows to boosting efficiency, and even who's doing what to ensure you're all pulling in the same direction.

It also covers allocating resources, from budgets to materials, ensuring every department has what it needs.

Diving into the nitty-gritty of your day-to-day, this plan is key for spotting where you can do better, ramping up productivity, and hitting your short-term goals more smoothly.

Here’s an example of an operational business plan:

4) Growth business plan

Audience: Both internal stakeholders for strategic alignment and external parties for investment or partnership opportunities.

Depth: This can vary from lean to standard, depending on the audience.

Purpose: To provide a strategic framework for business expansion.

The growth plan feels like launching into a new adventure, much like a startup plan, but for your next big leap.

It's about charting a course for new markets, beefing up your product lines, or scaling operations to new heights.

This plan packs deep dives into the business, financial forecasts that map out your journey, and a rundown of the resources you'll need to expand.

It's a guiding light for businesses aiming for sustainable growth, laying out a clear path and milestones to hit along the way.

Whether it's guiding your team internally or dazzling potential investors, the growth plan pulls everyone together, focusing efforts on shared growth targets.

It's about making sure every stakeholder is in sync, marching towards the same ambitious goals.

Here’s an example of a growth business plan:

5) Feasibility business plan

Audience: Primarily internal, though it can be external if linked to funding requests.

Depth: Focused and streamlined.

Purpose: To assess the viability of a new product or service.

A feasibility plan, or feasibility study, acts as a litmus test for proposed business expansions or new product launches.

It delves into the practicality of the idea, examining market demand, technical requirements, and financial implications.

By focusing on specific growth opportunities and analyzing them against objective standards, this plan helps decision-makers within the organization determine whether to proceed with the venture.

It's a critical step in the planning process, ensuring resources are allocated to projects with the highest potential for success.

For ventures requiring external funding, a more detailed version of this plan may be necessary to convince investors of the project's feasibility.

If you want to learn more, check out our guides on business plan:

7 Key Components of a Precise Business Plan (2024)

How to Write a Business Plan (Examples & Templates)

How to Make a Killer Business Plan Presentation (+Templates)

Create a Business Plan One-Pager (+ Proven Templates)

Don’t let poor design sabotage your business plan

Designing a business plan presentation in today's digital age goes beyond mere text on a page, it's about crafting an engaging experience that captures and retains attention.

With the shift towards digital, the presentation of your plan is as crucial as its content.

5 crucial business plan design principles:

1) Transition from static to interactive

The era of static, text-heavy presentations is behind us. Modern business plans thrive on interactivity, incorporating elements like clickable links, dynamic charts, and embedded videos.

This approach not only enriches the reader's experience but also fosters a deeper engagement with the material, making your business plan far more compelling.

Here's what a static PPT looks like compared to an interactive deck:

Static PowerPoint

Interactive Storydoc

2) Implement scroll-based design

Ditch the cumbersome PDF format for a scroll-based design that mirrors the seamless experience of browsing a modern website.

This design choice is intuitive and aligns with our habitual online content consumption, making your business plan both accessible and enjoyable to navigate.

Here's an example of scroll-based design:

3) Prioritize mobile-friendliness

In a world where mobile devices dominate, ensuring your business plan looks great on any screen is non-negotiable.

Adopting responsive design guarantees that your plan is legible and appealing across all devices, from smartphones to desktops, ensuring your message resonates clearly with every reader.

4) Move to online documents

Forget about clunky Word docs or static PDFs. The future is online documents that allow for real-time updates, easy sharing, and collaboration.

They're not only convenient for you but also for your busy investors, offering access from anywhere, at any time.

For more information, check out our comparison of the best business plan document types .

5) Master visual storytelling

Leverage the power of visuals infographics, charts, and graphs to narrate your business's story.

Visuals can simplify complex information, making your key points more digestible and engaging than text alone could ever achieve.

Here's a great example of visual storytelling:

All forms of business plan templates to get you started

Just as a captivating presentation can transform the way your message is received, a well-crafted business plan is your gateway to turning your business vision into reality.

Why settle for a dry, uninspiring document when you can create a business plan that's a dynamic blueprint for success?

Consider your business plan as a journey for your readers — investors, partners, or internal team members — keeping them engaged from the executive summary to the final appendix.

These business plan templates serve as the perfect foundation for this journey.

I am a Marketing Specialist at Storydoc, I research, analyze and write on our core topics of business presentations, sales, and fundraising. I love talking to clients about their successes and failures so I can get a rounded understanding of their world.

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What Is a Business Plan?

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

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

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

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

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

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

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

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

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

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

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How to Write a Business Plan (Plus Examples & Templates)

May 24, 2021

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

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How to Check if a Business Name Is Taken (For FREE)

Why Should You Check Business Name Availability?

• #1. How to Check if a Name is Trademarked with US Patent & Trademark Office

#2. How to See if a Business Name Is Taken on the Secretary of State SOS Website

#3. how to perform a local business entity search, #4. how to check domain availability.

• #5. How to Check if a Name Is Available for Business on Social Media

Is My Business Name Taken?

Business name search faqs.

Check To See if Name Is Available for Business

• US Patent and Trademark Office
• Secretary of State Office for Your State
• Local Databases
• Website URL
• Social Media Accounts

#1. How to Check if Name is Trademarked with United States Patent & Trademark Office (USPTO)

• Identifies the producer of goods
• Protects a brand legally under trademark law
• Guards against fraud and counterfeiting initiatives.
• Decide what type of search to perform
• Input the search terms
• Review the results

How to Establish if the Business Name Is Someone Else's Trademark Rights

• Basic Word Search : The basic searches look for a trade name only. They do not include any logos. Most people will want to check for a company's trademark using this option.
• Word and Design Mark Search (Structured): Use TESS to search business names and logos using the internal design codes used for registered trademarks.
• Word and Design Mark Search (Free Form) : If you need more complex search criteria, use the free form with boolean logic. You might want to use this if your trademark search returns a million results but the first page looks unrelated.
• Browse Dictionary : This trademarked business search tool lists all results alphabetically.
• Search OG Publication Date or Registration Date (Search OG) : The Official Gazette is a publication of official trademark applications. You'll use this search to verify someone hasn't recently applied to trademark a name.

Search for Your Business Entity Name Availability

Review the tess search results.

• No Results Found: You can likely obtain nationwide trademark protection. Check the Official Gazette to make sure that the name isn't pending.
• Single Result Found : You cannot file with the trademark office, but you may be able to contact the trademark owner to purchase the right to use the trademark.
• Multiple Results Found : You may also get results like the third slide in the video below. You'll need to review all the live trademarks on the page to make sure you are not in violation of trademark infringement laws.

• Trade Names
• Service Marks
• Reserved Names
• Business Licenses
• LLC Name Search
• Company Search Name
• Search Business Entity Filings
• Fictitious Business Name Search
• Doing Business As (DBA Name) Search

#5. How to Check if Name Is Available for Business on Social Media

What is business name registration?

Can i register a business name online, can i change my business name later, can two businesses have the same name, where can i check if a business name is taken, what do you do if someone copies your business name, how do i know if a business name is trademarked, can i trademark my business name if someone else is using it, should my business and llc have the same name, does your logo have to match your business name.

How to Start a Woodworking Business (and Make $15K/Month)

• You are your own boss when opening a woodworking business
• Starting a woodworking business provides an amazing revenue stream
• Opening a woodworking business connects you with your community and other business owners.

Step 1: Develop your woodworking skills

Step 2: ideas for starting a woodworking business.

• Custom Furniture Business - Building furniture that is more ornate in design
• Cabinetry Business - Building storage spaces for a home
• Craft Business - building artistic trinkets, jewelry, and other items out of wood
• Carpentry Business - Building frames of house, windows, and doors according to local code.
• Business Focused on Finishing Work - Working on floorboards, baseboards, and other decorative parts of houses.
• A Woodworking Incubator - IsGood is basically a woodworking incubator. It provides tools and wood for other creators who need a space to start a woodworking business. If your area doesn't already have a woodworking incubator, this may be a perfect opportunity for small business owners.
• Check out Medium's Woodworking Blogs for other ideas about opening a woodworking small business.

Who are the major players in woodworking?

• Ashley Furniture Industries Inc. - $6.32B Furniture
• Steelcase Inc - $3.724B Furniture and Interior Architecture Products
• Andersen Corp - $2.5B Millwork, Windows, and Doors
• Herman Miller - $2.486B Commerical and Residential Furniture and Storage Systems.
• Jeld-Wen Inc - $2.475B Wood Windows and Doors, Millwork, Exterior, and Interior Doors
• Top 15: $1B
• Top 25: $400m
• Top 100: $75m
• Top 300: $10m

What is the industry outlook?

Step 3: identify the ideal target market.

Step 4: Create a Woodworking Business Plan

• One-page business plan  template
• Template for a plan generator  by state
• Our Blog: How to Write A Business Plan (Plus Examples and Templates)

Identify Potential Challenges You’ll Face as a Business Owner

Step 5: figure out your funding sources and budget (i.e., fund your woodworking business).

• Costs associated with business licensing
• Costs of any tools and equipment you need
• Costs of liability insurance to protect your business if something goes wrong.
• Employee costs
• Costs of daily operations
• Paying yourself

Budgeting resources:

• A complete guide to creating your  business budget  and managing expenses
• A breakdown of the  necessary costs  for a woodworking business
• Personal funds/personal assets - Most common way business owners start a business.
• A loan from family or friends - If your family can afford to help and believes in the business plan, they may be willing to.
• Funds from a business partner - A business partner can help with the funding but will get a percentage of the earnings. In addition, multiple business owners may complicate decision-making.
• Government programs - There are often government grants for minorities, women, and economically disadvantaged areas. Check the SBA site to see if you qualify.
• Crowdfunding - Pitching your idea and getting retail investors to fund your company.
• Credit cards - Be careful because of high-interest rates, but if you can pay the balance each month, this may be a great way of funding.
• Home equity loan - Taking equity from your home is another option to fund a business especially if current interest rates are lower than your current interest rate.
• Business loan - check out our partners
• Rollover for business startups (ROBS)

Step 6: Pick a Woodworking Business Name

• Does the Name explain the products a woodworking business makes?
• Does the name hint at the business location?
• Does the name make the business easy to remember?
• Is the business name easy to spell?

Keep it Simple

Stay true to yourself, register a domain, step 7: create a legal structure for a woodworking business, develop a legal structure, sole proprietorship, partnership, limited liability company.

Corporation

Obtain business licenses, permits, tax forms, and insurance, sales tax permit, unemployment insurance.

• General Liability Insurance

Business Insurance/ Liability Insurance

• Business General Liability Insurance - For when costly damage occurs to a person or their property.
• Professional Liability Insurance - If you do the structural analysis for a home and then the structure collapses you might need this type of business insurance.
• Cybersecurity insurance - if your woodworking business handles sensitive data like credit cards, social security numbers, and other information hackers might want you might want this type of business insurance.

Step 8: How to Start a Woodworking Business

• Find a Location
• Purchasing tools and equipment
• Materials costs
• Implementing the business systems
• Following safety and ethical business practices
• Establishing a pricing structure

Find a Location for your Woodworking Business

Acquire tools and materials for woodworkers, orbital sander, circular saw, dust collector.

Measuring Tape

Thickness planer, material costs.

• The cost of wood
• The cost of dowels
• The cost of wood glue
• The cost of screws and nails
• Cost of stain/paint and other types of wood coloring
• Cost of sealants
• Other wood materials and accessories

Hire Woodworkers and Other Employees

Pay the employees of your woodworking business., get an ein for your workshop, maintain tax filing requirements for your woodworking business.

Follow Federal Employment and Labor Laws

Other requirements.

• The  Federal Unemployment Tax Act  (FUTA) requires any business with employees to pay a payroll tax.
• Employment Eligibility Verification (Form I-9) allows business owners to verify the identity and employment clearance of every person they hire.
• Meeting Occupational Health and Safety Administration ( OSHA ) standards enforce workplace safety and are necessary for any business (and highly relevant in an industry as physical as woodworking).
• Worker’s Compensation Insurance is a must in woodworking, as it helps businesses avoid the cost of an employee’s medical bills and lost wages following a workplace injury.

Implementing the Business Systems for A Woodworking Business

Sell your products (typically a website), manage customers information, accept payments, keep track of inventory.

• Manage human resources.

Marketing Systems

Ecommerce: sell products online, websites to maintain a web presence.

• Through website
• Through a Point-of-Sale System (POS)
• Through a mobile card reader
• Purchased materials
• Scrap that will go to waste (Unless you are running a business like John that lets other craftsmen use the scraps in exchange for their membership dues).
• Finished products.
• Hand counting
• Using scales to detect changes in weight
• Connection to POS so that every time a sale is made changes are counted.

Manage human resources

• Google My Business - Shows a listing on Google Search and Google Maps for your business
• Google Analytics - Data analytics that you can connect to all your web assets. ( Make sure to exclude your network IPs from the tracking)
• Facebook Pixel - Facebook's data tracking. If you are good with development, you can include a separate pixel for each product or service your woodworking business offers to have more detailed analytics.
• Open Broadcaster Software - Great software for creating videos, podcasts, and live streams.
• Social Media - Facebook, LinkedIn, YouTube, Instagram, Tiktok, Pinterest

Follow Safety and Ethical Guidelines for Woodworking Businesses

• Severed fingers
• Skin and respiratory diseases (from wood dust and chemical exposure for finishing)
• The development and implementation of written safety and emergency response procedures
• Providing thorough worker orientation, training, and supervision
• Executing a process for identifying, evaluating, and controlling any workplace safety hazards
• Regularly inspect your workplace, all equipment, and work procedures to help identify any potential hazards
• Investigating accidents (or close calls) to pinpoint causes and prevent recurrences
• Holding regular health and safety meetings for your workers
• Keeping useful records related to workplace health and safety (training processes, safety discussions and inspections, and incident investigations)
• Determining the extent of on-hand first aid required for your shop

Establish a Pricing Structure

Competitors, cost and labor, step 9: have a solid brand and marketing strategy.

• Create a social media following (Facebook, Twitter, LinkedIn, maybe even Instagram). Start a woodworking blog and invite those in your network to read it. Advertise it to your target audience.
• Design a showroom in your shop, even if your shop is your own home. Build some of your key pieces and display them in a way that showcases their utility to customers.
• Send direct mail with shop information to new homeowners in your area. Invest in creating a booklet with samples of your best work to send out.
• Rent space at trade shows, and make sure to choose those that your target audience is most likely to attend (e.g. home remodeling shows).
• Brand Identity – Develop a strong brand identity by defining your brand, establishing clear company values to humanize your business, and differentiating yourself from other woodworking shops.
• Brand Strategy – Perform a  SWOT analysis  of your business to better understand yourself and identify industry threats, produce a clear narrative (where your business is at now versus where it’s headed), and construct a strong visual brand.
• Brand Loyalty – Be transparent with your customers; provide authentic customer service, listen to and engage with them regularly (on social media and in-person), and always deliver high-quality products.

Step 10: Make Your Business Stand Out

Find a niche, help others, what’s next.

• Do I have the required skills to start a woodworking business?
• Do I understand the basics of this process?
• Do I know how to create a business plan?
• Will I be able to acquire funding to make a profit/make this business lucrative?
• What are the costs?
• Where will my business be located?
• Will I be able to acquire the tools and materials needed?
• Will I be comfortable communicating with clients?
• Can I afford to hire employees when necessary?
• Why am I starting a woodworking business?
• Do I need any additional help or advice?
• How can I develop a working brand and marketing strategy?
• What exactly must I do to be successful?
• Buy a business through our Businesses for Sale
• Learn about starting a food truck
• Consider starting a screen printing shop .

How to Start a $420K/Year Consulting Business

What Is a Consulting Business?

Defining Consulting Business Ideas

• Types of consultants
• Different business models
• Industry outlook
• Major players

Types of Consulting Businesses

• IT Consultant: Focuses on improving the use of software and hardware so companies can achieve more profitable business goals. (NAICS code 54151)
• Real Estate Asset Management & Consulting: Helps people and businesses make better decisions involving real estate investments. (NAICS code 53139)
• Business Management Consulting: Advises businesses to better manage company resources including people, money, and supply chains. Typically broken down into smaller segments. (NAICS code 54161)
• Human Resource Consulting: Focuses on advising companies regarding hiring, meeting employment law, payroll management, and navigating the job market. (NAICS code 54161b)
• Marketing Consulting: Focuses on helping people attract clients through marketing campaigns, writing services, social media marketing, and brand consulting.
• Environmental Consulting: Consults on the environmental impact decisions have. These are especially common in the oil & gas industry, as well as in construction near protected habitats. (NAICS code 54162)
• Economic Consultant: Advises business owners on the industry outlook and other micro- or macro-economic issues. (NAICS code 54169)
• Sales Consultant: Helps businesses improve their sales strategy or improve the sales team’s performance.
• Tax Consultant or Financial Consultant: Helps businesses find ways to improve their financial results through accounting practices. Will normally be a Certified Financial Planner.

Which Business Model Is Best for a Consulting Business?

• Solo Consultant Model
• Productized Consulting Model
• Consulting Firm Model
• Hybrid Consulting Model

What is a Solo Consultant?

• A small number of clients
• High-value clients
• Building personal relationships
• Clients that need unique solutions

What is a Productized Consulting Model?

• Build sheet

What is a Consulting Firm Model?

Have you considered a Hybridized Model?

What is the industry outlook, who are the major players in the consulting business.

• Accenture PLC : Market leader in most types of business consulting
• IBM : IT Consulting
• Jacobs Engineering Group : Environmental cleanup and construction
• Omnicom Group : Marketing and PR
• Kirkland & Ellis : Law firm

• OnStrategy : $6 million annual revenue Strategy Consultant
• Kristin Cutura : Former Google Employee turned Google Ads Consultant
• Libby Gill : Brand and Leadership

How to Start a Consulting Business

• Writing a plan for your consulting company
• Funding your consulting
• Naming your consulting practice
• Meeting the legal requirements for a consulting business
• Market your consulting business
• Submit client proposals
• Perform business consultation

Write a Consulting Business Plan

• What consulting services you will provide: HR Consultant, Accounting consultant, management consultant, marketing consultant, IT consultant, brand consultant?
• Target market for your consultant business: What size companies will you target? What industry will they be in?
• How most consultants in your industry operate: Do they use affiliate links, provide implementation, or just advise?
• Your Business Model: Will you be solo, productized, firm, or hybrid?
• A Marketing Plan: How will you market your consulting company?
• Other Expenses: What other business expenses do you expect and how will you cover them?

Funding Your Consulting Business

How much profit can a successful consultant make, how much does it cost to start a successful consulting business.

• Business Formation : Free to $1,000 annually
• Internet : $30 to $200 monthly
• Website, Domain, Hosting : $100 to $25,000+ monthly for lower end or one-time plus upkeep for higher end
• Computer : $600 to $3,000
• Software and Other Equipmen t: $250+ per month
• Marketing Budget : 8% of the revenue you want to make

How to start a consulting business with no money?

Naming your own consulting business, get a domain name.

• Google Domains

Meeting the Legal Requirements for Consulting Services

Sole proprietor, limited liability corporation (llc).

Partnerships and Corporations

Apply for an ein, tax filing and withholding.

Federal employment and labor law posters

• A state’s New Hire Program
• Employment Eligibility Verification (Form I-9)
• Worker’s Compensation Insurance
• Occupational Safety and Health Administration (OSHA)
• Disability Insurance—each state is different

Grow through Marketing

• Market research
• Marketing plan
• Launch a website
• Marketing on social media
• Growing your email list
• Tapping into and growing your network

Market Research

• Defining the industries you want to service
• Identify the size of companies you want to service
• Establishing the best way to reach these companies
• Finding common requirements for the industry you’ll provide services.
• Identifying industry trends
• Recognizing gaps are in the market

Create a marketing plan and use it

• Create meaningful content on my YouTube channel.
• Link to a free resource list or a free book to collect emails.
• Share new content through emails.
• Future clients can reach out for advice on their own business efforts.
• Social media marketing
• Business writing (Blogs and White Papers)
• Working with editorial services
• Hiring a Public Relations Consultant

Build a website

Marketing with social media, grow your email list.

Tap into Your Network

Running your consulting business.

• Hiring employees and payroll
• Submitting client proposals
• Helping customers

Hiring Employees and Payroll

• Post job openings
• Conduct interviews
• Decide fair pay
• Manage tax filings and withholdings
• Obey labor laws

Job Posting 

• Examples of previous work: Understand that many will be protected under a Non-Disclosure Agreement (NDA). Be willing to accept reviews.
• Availability: Most professionals will be remote. If you want someone who is available between specific hours specify that in the job post.
• Experience with software: You need people who know how to use the tools you use.
• Employee values: Every company values specific traits that vary. One might be focused on growth, while another is focused on cost cutting. It doesn’t help to put people who are focused on growth in a company trying to cut costs, they won’t fit.

Compensation

Fixed price or commission.

• Screenshot Monitor : Captures screenshots, time tracking, plus manual entry
• Upwork time tracker : Only for billing on Upwork
• ClickUp time tracke r: Built into ClickUp features (I don’t love it.)

Submit Client Proposals

• A questionnaire to establish what challenges new clients are experiencing.
• A proposal that outlines what you will and will not be doing in the process.
• Contract templates that should be filled out and sent with the proposal.
• Invoicing and payment system for current and new clients to pay for their consulting.

How to Retain Customers for Your Consulting Business

• Reducing inventory
• Reducing transportation costs
• Sourcing locally

Top Consulting Influencers

• Gary Vaynerchuk takes risks and shows new ways to market a business. He is a one to follow!
• Tony Robbins has helped ShakeShack, Airbnb, Salesforce, Serena Williams, and Aerosmith improve their brands.
• McKinsey & Co is considered the most prestigious consulting company by consultants.

nice work https://binarychemist.com/

My Name is PRETTY NGOMANE. A south African female. Aspiring to do farming. And finding a home away from home for the differently abled persons in their daily needs.

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What is a business plan? Definition, Purpose, and Types

In the world of business, a well-thought-out plan is often the key to success. This plan, known as a business plan, is a comprehensive document that outlines a company’s goals, strategies , and financial projections. Whether you’re starting a new business or looking to expand an existing one, a business plan is an essential tool.

As a business plan writer and consultant , I’ve crafted over 15,000 plans for a diverse range of businesses. In this article, I’ll be sharing my wealth of experience about what a business plan is, its purpose, and the step-by-step process of creating one. By the end, you’ll have a thorough understanding of how to develop a robust business plan that can drive your business to success.

What is a business plan?

Purposes of a business plan, what are the essential components of a business plan, executive summary, business description or overview, product and price, competitive analysis, target market, marketing plan, financial plan, funding requirements, types of business plan, lean startup business plans, traditional business plans, how often should a business plan be reviewed and revised, what are the key elements of a lean startup business plan.

• What are some of the reasons why business plans don't succeed?

A business plan is a roadmap for your business. It outlines your goals, strategies, and how you plan to achieve them. It’s a living document that you can update as your business grows and changes.

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These are the following purpose of business plan:

• Attract investors and lenders: If you’re seeking funding for your business , a business plan is a must-have. Investors and lenders want to see that you have a clear plan for how you’ll use their money to grow your business and generate revenue.
• Get organized and stay on track: Writing a business plan forces you to think through all aspects of your business, from your target market to your marketing strategy. This can help you identify any potential challenges and opportunities early on, so you can develop a plan to address them.
• Make better decisions: A business plan can help you make better decisions about your business by providing you with a framework to evaluate different options. For example, if you’re considering launching a new product, your business plan can help you assess the potential market demand, costs, and profitability.

The executive summary is the most important part of your business plan, even though it’s the last one you’ll write. It’s the first section that potential investors or lenders will read, and it may be the only one they read. The executive summary sets the stage for the rest of the document by introducing your company’s mission or vision statement, value proposition, and long-term goals.

The business description section of your business plan should introduce your business to the reader in a compelling and concise way. It should include your business name, years in operation, key offerings, positioning statement, and core values (if applicable). You may also want to include a short history of your company.

In this section, the company should describe its products or services , including pricing, product lifespan, and unique benefits to the consumer. Other relevant information could include production and manufacturing processes, patents, and proprietary technology.

Every industry has competitors, even if your business is the first of its kind or has the majority of the market share. In the competitive analysis section of your business plan, you’ll objectively assess the industry landscape to understand your business’s competitive position. A SWOT analysis is a structured way to organize this section.

Your target market section explains the core customers of your business and why they are your ideal customers. It should include demographic, psychographic, behavioral, and geographic information about your target market.

Marketing plan describes how the company will attract and retain customers, including any planned advertising and marketing campaigns . It also describes how the company will distribute its products or services to consumers.

After outlining your goals, validating your business opportunity, and assessing the industry landscape, the team section of your business plan identifies who will be responsible for achieving your goals. Even if you don’t have your full team in place yet, investors will be impressed by your clear understanding of the roles that need to be filled.

In the financial plan section,established businesses should provide financial statements , balance sheets , and other financial data. New businesses should provide financial targets and estimates for the first few years, and may also request funding.

Since one goal of a business plan is to secure funding from investors , you should include the amount of funding you need, why you need it, and how long you need it for.

• Tip: Use bullet points and numbered lists to make your plan easy to read and scannable.

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Business plans can come in many different formats, but they are often divided into two main types: traditional and lean startup. The U.S. Small Business Administration (SBA) says that the traditional business plan is the more common of the two.

Lean startup business plans are short (as short as one page) and focus on the most important elements. They are easy to create, but companies may need to provide more information if requested by investors or lenders.

Traditional business plans are longer and more detailed than lean startup business plans, which makes them more time-consuming to create but more persuasive to potential investors. Lean startup business plans are shorter and less detailed, but companies should be prepared to provide more information if requested.

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A business plan should be reviewed and revised at least annually, or more often if the business is experiencing significant changes. This is because the business landscape is constantly changing, and your business plan needs to reflect those changes in order to remain relevant and effective.

Here are some specific situations in which you should review and revise your business plan:

• You have launched a new product or service line.
• You have entered a new market.
• You have experienced significant changes in your customer base or competitive landscape.
• You have made changes to your management team or organizational structure.
• You have raised new funding.

A lean startup business plan is a short and simple way for a company to explain its business, especially if it is new and does not have a lot of information yet. It can include sections on the company’s value proposition, major activities and advantages, resources, partnerships, customer segments, and revenue sources.

What are some of the reasons why business plans don't succeed?

• Unrealistic assumptions: Business plans are often based on assumptions about the market, the competition, and the company’s own capabilities. If these assumptions are unrealistic, the plan is doomed to fail.
• Lack of focus: A good business plan should be focused on a specific goal and how the company will achieve it. If the plan is too broad or tries to do too much, it is unlikely to be successful.
• Poor execution: Even the best business plan is useless if it is not executed properly. This means having the right team in place, the necessary resources, and the ability to adapt to changing circumstances.
• Unforeseen challenges:  Every business faces challenges that could not be predicted or planned for. These challenges can be anything from a natural disaster to a new competitor to a change in government regulations.

What are the benefits of having a business plan?

• It helps you to clarify your business goals and strategies.
• It can help you to attract investors and lenders.
• It can serve as a roadmap for your business as it grows and changes.
• It can help you to make better business decisions.

How to write a business plan?

There are many different ways to write a business plan, but most follow the same basic structure. Here is a step-by-step guide:

• Executive summary.
• Company description.
• Management and organization description.
• Financial projections.

How to write a business plan step by step?

Start with an executive summary, then describe your business, analyze the market, outline your products or services, detail your marketing and sales strategies, introduce your team, and provide financial projections.

Why do I need a business plan for my startup?

A business plan helps define your startup’s direction, attract investors, secure funding, and make informed decisions crucial for success.

What are the key components of a business plan?

Key components include an executive summary, business description, market analysis, products or services, marketing and sales strategy, management and team, financial projections, and funding requirements.

Can a business plan help secure funding for my business?

Yes, a well-crafted business plan demonstrates your business’s viability, the use of investment, and potential returns, making it a valuable tool for attracting investors and lenders.

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70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Published: March 19, 2024

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

To help get you started, here's a list of small business ideas separated into a few sections:

• What makes a good small business?

Best Small Business Ideas

Best businesses to start with little money, home business ideas.

• Online Businesses Ideas

Easy Businesses to Start

Business ideas for students, creative small business ideas, how to start a small business at home, starting a small business: faq.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

What makes a good small business idea?

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

• Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
• Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
• Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
• Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
• Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

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Airbnb Co-founder, Brian Chesky, said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

8. Life/Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker) or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements for freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While certification may be beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

• New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course .

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business. Still, we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

• Cornell’s Digital Photography Certificate Program
• New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

Some consulting industries are more competitive than others, so be sure to complete your research before starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or is already dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

If there’s room for you to enter the market, the next step is to land your first clients. Be sure to participate in local networking events covering your niche and reach out to potential prospects through cold calling and emailing. Investing in dedicated sales software can also help measure and improve your emailing strategy, as well as keep track of worthwhile leads.  

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not an easily automated job, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

7. Sell downloadable digital products.

Downloadable journals, templates, art prints, designs… Some people would simply prefer to print these at home, instead of paying for the full price of the paper and the design. Downloadable digital products can be a profitable small business idea for those who are already design-savvy or who are willing to learn how to use an online design tool .

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts. Although finding the right topic ideas and outlining your posts may seem challenging at first, especially if you’re new to writing, you can let a blog ideas generator do most of the grunt work for you.

These tools leverage Artificial Intelligence to help you brainstorm ideas and set up your content structure. That way, you can kickstart your creative juices and begin writing about what you love right away. 

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

• Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
• Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
• Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
• Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

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63 Small Business Ideas to Start in 2024 We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

By The Staff of Entrepreneur Media, Inc. • Mar 15, 2024

Many people dream of starting their own business. Running an enterprise in your home, garage or on the go means you can take more control over your professional goals, set more ambitious financial targets and achieve a more desirable work-life balance.

But what if you're ready to start a business but don't know what type of services to provide? You've come to the right place if you need profitable business ideas. Below, find a detailed breakdown of 63 small business ideas — from financial services to physical labor and creative contracting — to help you chart a path forward.

Some of these opportunities require more experience or credentials than others. Some can be started from home for cheap, while others require dedicated office space and capital investment. To ensure you choose the right business venture for yourself, it's crucial to consider a few factors before you pursue a sole proprietorship.

How do you determine the best small business idea?

Consider your current skill set and credentials..

For instance, if you already have a CPA license, venturing out as a freelance accountant (as detailed below) would be a natural avenue to explore. If you have experience as a writer, you might consider editorial services, or if you've spent years working in the food and beverage industry, you could explore catering or becoming a personal chef.

As you explore your options, consider if you'll need to secure special licenses (for example, hairstylists and electricians) or if the work requires additional education and credentialing.

Determine the goals of your small business.

For some people, starting a small business means leaving their full-time gig and committing to the new endeavor. For others, a part-time business provides meaningful supplemental income and can be managed in addition to other work. Consider how much money you're hoping to earn from the business, how many clients or customers you'll need to be profitable and how many hours you'll need to work each week to make it feasible.

Think about capital costs, as well as growth: Will launching the business require the purchase of equipment or other serious financial investment? Do you plan to hire employees? Will you expand to multiple locations? At the outset, it's a good idea to create a formal business plan .

Study your location and identify what's most feasible there.

Finding customers and clients is essential to any small business, so conduct a market analysis before you open shop. For instance, your boat cleaning business will be significantly more successful if you live near a coast, and your side hustle as an interpreter will likely be more profitable if you live in a diverse community.

You should also research what businesses already exist. Is there a dearth of dependable landscapers in your market? Is there a glut of professional photographers in your town? Answering these questions will help you determine the viability of your idea.

Decide if you want to run a business online or in person.

The digital age has created many opportunities for entrepreneurs to run a business from behind a laptop, meaning their enterprise can go wherever they choose. That's not for everyone, though. If you want to run a brick-and-mortar shop at the heart of your community or are more comfortable interacting with customers and clients in person, launch a business that will allow you to achieve those goals.

Related: TV Shows All Entrepreneurs Should Be Watching

Financial and Business Service Ideas

1. accounting and tax services.

Experience, training or licensing may be needed

At some point, most people seek the advice of a good bookkeeper or accountant, whether to prepare for tax season, get advice for starting a business or simply plan for the future. If you're already a Certified Public Accountant, you can earn good money by going out on your own.

If you're not already trained as an accountant or licensed by the state you live in, you'll want to explore the recommended educational prerequisites and plan to obtain the appropriate credentials. Most tax preparation franchises offer courses, seminars and training to get you ready to work for them.

You'll also want to think about the types of services you'll provide:

• Do you want to simply do bookkeeping for small businesses?
• Or do you also want to prepare balance sheets, income statements and other financial reports?

Other specializations can include tax accounting — a huge area of potential work.

2. Business Consulting

Has expansion possibilities

With a consulting business, you can work with a wide range of businesses on a variety of business problems. You could help new entities get off the ground by creating business plans , conducting market research and organizing a management structure.

Depending on your level of experience, you could also help large organizations through difficult transitions and periods of restructuring or outline a successful exit strategy by providing executive-level advice and guidance on an array of matters core to the business' mission.

A good calendar app will likely come in handy as time-tracking is crucial to accurate billing.

3. Financial Planning and Advising

Financial advisors help millions of Americans save for things like retirement and college funds while also helping them grow their wealth through various investments. If your goal is to become a Certified Financial Planner (CFP), you'll have to complete coursework and ultimately pass an exam. This will earn you a certificate that shows potential clients you have expertise and credibility. Once you're certified, working as an independent financial advisor can provide a steady income.

4. Buying a Franchise

Some business experience needed

The benefits of buying a franchise are many: You'll have a proven business model, the market research is already done and the brand typically provides support to franchisees as part of the purchase. Plus, many franchises can be launched for less than $10,000, including:

• Dream Vacations
• Cruise Planners
• Jazzercise Inc.

To learn more about how to buy and launch a franchise, read Entrepreneur's basics of buying a franchise business .

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

5. Notary Public Services

In most states, a notary public is a state officer who is authorized to witness and attest to the legalities of certain documents by stamping a seal and signing. Most states require that you pass an exam and a background check, but it costs very little to become a notary. You can generate significant income from notary work by charging fees for services such as loan-signing notarizations.

Manual Labor Business Ideas

6. general construction.

If you have experience working in construction, you may be ready to start your own handyman business and take on projects of your own. From building a fence to hanging drywall or framing an addition, many people need skilled laborers who can do quality work on time.

If you have a network of skilled people whose work you trust, you could also subcontract some of the construction and spend more time finding clients and growing your business. Check with your state to determine what permits and licenses you need to get started.

7. Landscaping

Put your green thumb to work. Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, their shrubs trimmed and their trees cared for. Your landscaping business could also offer irrigation services, including the installation and repair of sprinkler lines, as well as blowing them out before winter.

Garden work, such as planting annuals and perennials and vegetable garden preparation, can also be a lucrative business. There is plenty to do in the yard that has nothing to do with plants: stone wall restoration, fencing, artificial turf installation and more.

Read This: Start Your Own Lawn Care or Landscaping Business by The Staff of Entrepreneur Media and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

8. House Painting

Regardless of the season, you can make good money with a residential painting business — inside and out. Before you begin offering services, you'll want to work with professional painters and learn the basics:

• Masking a house
• Laying a drop cloth
• Choosing the appropriate paints and brushes for various indoor and outdoor climates

You'll also need to invest in some basic equipment — ladders, brushes, trays and more. Once you're set up, you can begin marketing your services to customers through a variety of online platforms with relatively low upfront costs.

9. Carpentry

Woodworking is in high demand these days, and if you're a talented carpenter, there are a variety of ways you can make money. Residential projects like cabinets, tables and shelves are often high on homeowners' lists and typically pay well. You can also make good money with boutique projects like gallery frames, hand-carved figurines and other work. In some cases, you can work for general contractors to frame doorways and support larger construction projects.

10. Electrical Work

Becoming an electrician is not easy — you must take classes, work as an apprentice and pass licensing exams before you can start your own business — but there's no shortage of work for electricians. Master electricians are always in demand for small and large projects, and you'll have the ability to hire apprentices, build a team and scale your business offerings.

11. Moving Services

When people move, they often want to hire someone to do the heavy lifting for them — literally. You can focus your work on local moves across town or to the town next door. As your business ramps up, you may also offer large-scale, long-distance moving services if you have the personnel and equipment to accommodate it. Advertise around town to convince the locals to let you take care of their move, provide excellent customer service and watch your business grow.

Read This: Start Your Own Freelance Writing Business and More by Entrepreneur Press and George Sheldon | Amazon | eBooks.com | Barnes & Noble

Creative Work Business Ideas

12. content and editorial contracting.

Almost every business or organization needs good writers and editors, and if you have the skills to go out on your own, you'll likely find a bevy of work. From copyediting to developmental editing, ghostwriting and digital content production, freelance writers and editors can find clients in a host of industries, including marketing, communications, journalism and book publishing. To get started, you'll need to create a portfolio of work that exemplifies your skills for writing, content creation and/or editing–this will help you build relationships with potential clients.

13. Graphic Design

Have an eye for design? Logos, fliers, newsletters, information sheets and advertisements are just a few of the types of design materials that businesses hire independent designers to create for them. Websites and online advertising need graphic design services as well. You can offer clients a suite of services to take their project from beginning to end, including coordinating with content creators and print shops and getting products ready to mail and present.

Read This: Start Your Own Graphic Design Business by Entrepreneur Press and George Sheldon | Amazon | eBooks.com | Barnes & Noble

14. Web Development

Many in-person and online courses exist to teach you the language of coding and website creation. With some specialized training, you can master the basics of building a website from scratch — a service you can offer to many small businesses, whether they're looking for an ecommerce platform or just a landing page to describe their services. You may also find clients who will hire you to not only design their website but manage their online presence on a day-to-day basis.

15. Marketing or Public Relations Agency

Every business has a story to tell, but not everyone has the know-how to get their message into the world. With your marketing or public relations agency, you can help businesses identify new audiences, craft messages that resonate with new customers and produce newsletters and other products — potentially winning the media's interest along the way. You'll want experience working in this field before you set out on your own, as potential clients will want to hire someone who understands the world of marketing and public relations.

Read This: Start Your Own Consulting Business by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

16. Photography

Independent photographers can run successful businesses with one or more specialties. You can offer:

• Portraits or senior pictures
• Wedding photography
• Editorial shots for newspapers or magazines

To get your photography business off the ground, you'll want to create an online portfolio of your work so potential clients can see your style and inquire with you. Being active on social media platforms is also a great strategy for growing your brand.

Read This: Start Your Own Photography Business by Entrepreneur Press and Charlene Davis | Amazon | eBooks.com | Barnes & Noble

17. Videography

If you can do quality work behind a camera and edit footage well, there are plenty of opportunities for videography work, from creating brand videos for organizations to filming events, weddings and interviews. Your clients could include outdoor brands, small nonprofits and big corporations, but you'll want to have some filming and editing training and experience creating quality content before you launch your business.

18. Audio Editing

Audio storytelling is a growing industry, with countless podcasts being streamed daily by listeners all over the world. If you have experience recording and editing audio, you could shop your services to media brands, businesses or individuals who might want to launch their own podcasts. And who knows? Maybe you can use your skills to launch and monetize a podcast of your own.

19. Social Media Management

Some experience needed

Although many businesses want to enhance their social media presence, they often don't have the skills or internal bandwidth to grow their following and post engaging content.

If you're skilled at brainstorming content plans and writing snappy copy — and you already spend many hours on social media — it might be worth launching your own social media marketing enterprise. Clients might have you create a content marketing plan, monitor and reply to comments and report growth statistics monthly.

If making art is already your hobby, you might be able to turn it into a profitable business. You can sell your work on sites like Etsy, enter your work in shows or ink contracts with clients who need illustrators or custom art as part of their brand assets. Other potential art business offerings include creating portraits, painting murals and teaching art classes.

21. Music Lessons

Turn down the volume and listen up: Your music skills could be in high demand. There are a few ways to approach running your own music business. You can be mobile and teach in your clients' homes or run it out of your own space (a separate building or designated area of your home).

Some people teach music lessons online by recording lessons on YouTube and offering subscriptions. To get started, try connecting with local music schools for part-time gigs. This will allow you to see if you like it and help you build a reputation with potential clients.

Related: 10 Essential Tips For a Long and Lucrative Music Career

Repair and Maintenance Business Ideas

22. mechanic shop.

If you've spent years working on your vehicles and know your way around an engine, it could be time to offer your services to customers. Depending on where you live, you may not need to obtain a mechanics license, but taking some formal classes and earning a certification will help build trust with customers.

Many shops require licensing before hiring mechanics, so if you're looking to get some experience before launching your own business, you'll likely want to take some classes.

23. Appliance Repair

Every household has several appliances — from refrigerators to dishwashers to dryers — and appliances tend to break down, so appliance repair is one of the best business ideas for any area. You can work on your own or contract with appliance stores to cover their warranty service calls — or some of each.

Start slow and build your customer base on recommendations and referrals from work well done. You could also develop relationships with contractors to be the go-to person to install appliances in newly constructed houses.

24. Bicycle Repair

Almost every bike needs a good tune-up. This business tends to be seasonal in many parts of the country, but you can find ways around that. If you have the space, you could offer to store people's bicycles during the winter after you do a tune-up and any needed repairs on them.

And if you keep Saturday shop hours, you could make your shop a meeting place for cycling enthusiasts. If you live in a bike-oriented place, you may be able to purchase and sell used bikes, making some money as a retailer on top of your repair business.

25. Boat Cleaning

Boats hauled out of the water for the winter or even just for mid-season repairs will need their hulls cleaned. Depending on the type of boat, it might also be time for a major cleaning of everything else—the decks, the sleeping quarters, the head and the holds.

Start by advertising on Nextdoor, Craigslist or Facebook Marketplace, reaching out to homes with boats sitting in their yard, or marketing your services to a local marina.

26. Car Cleaning & Detailing

Making a car shine inside and out isn't easy work, which is why many people don't want to do it themselves. Plus, because drive-thru car washes don't clean every corner, there's a market for car cleaning and detailing across the country. With a little investment in materials (soaps, scrubs, hoses, vacuums, etc.), you could make house calls or rent a garage space where customers can drop off their vehicles.

27. Electronics Repair

Whether it's a laptop, a television, a tablet or a specialized radio, if you're handy with circuit boards, you could run a profitable business for customers whose electronics are on the fritz. You'll want to run the business out of your home or a storefront so people can bring equipment directly to you. Not unlike other repair shops, your business may evolve to the point where you're buying used electronics and selling them to your customers.

28. Furniture Restoration

If you have a knack for sewing and woodwork, upholstery and restoration might be a natural business idea. Many books and online videos can be helpful as you learn the trade, but nothing will be as helpful as finding some discarded furniture and tearing it apart before restuffing and constructing it.

Often, furniture in need of upholstering will also require repairs—sanding, staining, or reinforcing damaged areas. Much of this work is relatively minor (you don't have to be a carpenter) and can add significant upsell value to your services.

Read This: Spruce: A Step-by-Step Guide to Upholstery and Design by Amanda Brown | Amazon | eBooks.com | Barnes & Noble

29. Rug Cleaning

Most people don't have the time or space to do more for their rugs than a basic vacuum. As a rug cleaner, you will need to learn how to work with all kinds of carpet fabrics, from synthetic to wool. You should also decide whether you will take on valuable antique rugs and family heirlooms. If you do, you should consider getting specialized training in handling and properly cleaning these carpets.

Learn how to get tough stains and odors out of carpets — such as dog and cat odors — and customers will seek your services out. You'll need a dedicated space for people to drop off their rugs, so plan for that as you set up your business.

30. Jewelry Making and Repair

There are many different ways of getting into the jewelry business and different types of materials you can work with. Manipulating metal will require specific tools since you need to heat the metal and use tools to cut and engrave, but you'll likely also work with glass, gemstones, and maybe even wood. The wider the variety of materials you can work with, , the broader the range of repair services you can provide to your customers, including stone polishing and setting.

Read This: Start Your Own Fashion Accessories Business by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

Property and Real Estate Business Ideas

31. real estate.

Every community needs trusted real estate agents. Whether your clients are buying or selling property — or just seeking real estate advice — there are many opportunities to launch your own business. But, first, you'll need to become a licensed agent, and the requirements vary by state. Typically, you'll have to complete coursework and pass an exam. Once you've done that, you can start offering services and building your business from scratch.

32. Property Management

Many people manage properties as a side hustle. Maybe you have a vacation home that you use for short-term rentals or perhaps you have an additional property with a long-term lease. If you want to dive in full-time, you can acquire multiple properties and be a full-time landlord. In the case of rental units, your job will be to make sure the property is running smoothly, ensure tenants are paying rent and honoring their lease terms, and be available in case of any issues. You can also contract with individual property owners to serve as their property manager, lightening their load by taking care of the landlord duties for them.

33. Cleaning Service

No experience needed

There are many directions you can take this small business idea. If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can provide cleaning services to retail businesses and keep your customers within one or two blocks. Restaurants need daily thorough cleaning and can also be a great source of steady clients. But, if you're more interested in house cleaning, you can start with a small number of clients, and new customers will likely emerge via word of mouth.

Read This: Start Your Own Cleaning Service by Entrepreneur Press and Jacquelyn Lynn | Amazon | eBooks.com | Barnes & Noble

34. Professional Organizing

Spatial planning is not everyone's strength. If it's yours, you can make good money as a professional organizer for individuals and businesses. For individuals, you can choose either to do the organizing work — maybe a kids' playroom or a cluttered garage — or consult with the homeowner to help them better organize themselves.

Businesses, too, don't always know how to organize their office and maximize the efficiency of their spaces. You can consult on ways to better arrange furniture, desks, conference areas, stockrooms and more.

35. Home Inspection

To be a successful inspector, first establish contacts with real estate agents who can recommend your services to customers. Home inspection can be an incredibly competitive market so you will need to constantly update your education and knowledge. For instance, Builders are constantly introducing new materials. If you only know about wood decks, you will not know how to inspect and assess the new materials on the market, such as composites that look like real wood. Also, stay apprised of all safety updates regarding materials and problems with things like off-gassing, carbon monoxide production and other chemical hazards.

Read This: Start Your Own Home Inspection Service by Entrepreneur Press | Amazon | eBooks.com | Barnes & Noble

36. Home Energy Auditing

Homeowners are always looking for ways to save on their utility bills. With some specialized training, you can help by conducting an audit of their homes and calculating how much they might save on heating, cooling and electrical use by implementing new technology or upgraded appliances.

To grow your business, you can work directly with vendors to refer upgrades or gain a certification and learn how to do electrical work like installing solar panels and heat pumps yourself.

Read This: Toward a Zero Energy Home: A Complete Guide to Energy Self-Sufficiency at Home by David Johnston and Scott Gibson | Amazon | Barnes & Noble

37. Interior Decorating and Design

If you have an eye for design, market your interior decorating talents to building contractors. People purchasing new homes can often be overwhelmed with choices and possibilities. Create questionnaires for each major element and room in the house:

• How will the homeowner use the home?
• Are there children?

Depending on how involved your client wants to be, you can also help them purchase furniture, art, plants and more. You can also work with businesses, such as hotels and restaurants, to design their spaces.

Planning, Training and Coaching Business Ideas

38. event planning.

There are a variety of ways to launch an event-planning business, particularly if you have a professional background in planning large gatherings. First, you'll want to hone in on your niche, some of which include:

• Private parties at people's homes
• Kids birthday parties
• Corporate events

If you work with businesses, you must visit every potential event location you plan to work with. Tour each site and learn what's available, including capacity, AV equipment, chairs and tables and more. If you can nail a big party as an event planner, new clients will seek you out.

Read This: Start Your Own Event Planning Business by The Staff at Entrepreneur Media and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

39. Wedding Planning

You will need to be up-to-date on wedding trends, dress styles, popular colors — and almost every other facet of the wedding industry. Offer your customers an à la carte menu of services, from helping them choose flowers, a wedding gown and bridesmaid dresses to picking the venue and hiring the caterer.

Before you open your business, visit area wedding shops and see what kinds of services they provide. Wedding planners need to know every business detail to assure couples that they are in the right hands.

40. Vacation Planning

Some people take great joy in planning their vacations. However, if you're an experienced traveler and know how to save people money, you can still be very much in demand as a vacation planner for individuals or large groups. You can coordinate hotel and flight bookings, arrange transportation, provide daily itineraries and help your clients re-book in case of unforeseen travel crises. There's typically no required certification for this work, but there are courses you can take that will put you and your clients at ease.

41. Private Coaching

Active children and adults alike often seek athletic instruction beyond what they've learned in group formats. If you're highly skilled in an athletic discipline, you can help take athletes to the next level.

Common business options include:

• Baseball pitching

In terms of qualifications, you should already have some coaching experience and be able to offer high-level instruction. Depending on the community where you're coaching, you may need to have a license to run your business or a certification to use public amenities, like tennis courts, for profit.

42. Personal Training

Many people are looking to improve their overall fitness, and working with a personal trainer is one way to achieve their goals. To get started, you'll need to obtain a certification — especially if you're working with a gym — which will help your clients trust that you know what you're doing and can help them avoid injury. You can advertise your business at gyms and other public places, and having a strong social media and web presence is always helpful.

43. Nutritional Advising

With so many different dieting trends and supplements in the world, a nutritionist can help people better understand the landscape of healthy eating and living. Although nutritionists don't offer medical nutritional counseling or treat illnesses (as a dietitian does), there is still a wide market for the work.

First, determine what kind of nutrition service you want to provide — pediatric, sports, holistic or something else — and then work toward credentialing. At a minimum, you'll need to research the laws for becoming certified in your state and begin taking prerequisite courses to help you become licensed.

44. Life Coaching

Life coaching has exploded in popularity over the past decade, as many people are looking to recreate or realign their personal goals. Life coaches do not provide clinical mental healthcare (a therapist does), but they help people create and use tools to move closer to their ultimate goals. To become a life coach, you'll first want to determine what kind of client you're looking for:

• People with professional hurdles to clear
• Folks struggling with romantic endeavors
• Busy entrepreneurs looking to reclaim work/life balance

You don't technically need certification, though many practitioners take courses and have credentials.

45. Career Coaching

Career coaches help people navigate professional transitions, establish business goals and make the most of their skills. As a career coach, you might help people write cover letters and resumes, find new opportunities, establish business plans and success strategies or hone their niche in a crowded market.

Your background and specialty will determine what clientele you should work with:

• Recent graduates
• People looking to start second careers
• Someone who has been out of the workforce for years

Although there is no standard license or certification, many career coaches have earned credentials or successful careers of their own.

46. Tutoring

If you have a background in education, you can make significant supplemental income — or launch a full-fledged business — by offering tutoring services. Start by choosing the subject area that best fits your strengths. For instance, if you're a professional writer or English teacher, you could offer essay writing help. If you're skilled in math and sciences, you could help high schoolers with algebra or precalculus.

You don't have to be a licensed teacher to offer tutoring services, but being a subject matter expert will make it easier to sell your services to potential customers.

Hospitality Business Ideas

47. private chef service.

If you have experience working in restaurants or other areas of the food and beverage industry, you could tap into the growing private chef market. Whether potential customers are looking to accommodate specific dietary needs or an intimate event with friends, a positive experience should lead to client testimonials and referrals to help you grow your business.

You'll want to make sure you have proper training — either via work experience or formal courses — because your reputation is on the line with every dish you create.

48. Bed and Breakfast / Airbnb

Do you have a room that has its own bathroom and is private from the rest of the living space? Or do you own a property that could function as a small lodging establishment near a tourist area, sports stadium or large venue? Maybe you own a charming home in the country. If so, turn your property into a bed and breakfast or Airbnb rental and welcome guests into a home away from home.

Read This: Start Your Own Bed and Breakfast by Entrepreneur Press and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

49. Catering

Are you experienced with managing large-scale food operations? Consider branching out into catering to serve large events like weddings and corporate banquets. You'll need to make sure you have strong project- and personnel-management skills, because catering requires you to lead a team and deliver exceptional service for clients. You'll also need to obtain the proper licensing from the state in which you operate, similar to the requirements for opening a restaurant.

50. Food Truck

Do you want to deliver a specific type of cuisine to the masses without running an entire restaurant? Build (or purchase) a food truck and take your product on the go. You'll have to obtain appropriate operating licenses, but once you've checked those boxes, you can start working at festivals, breweries and other community events. As your reputation grows, you'll likely book business by word-of-mouth.

51. Brewery

Have you always wanted to run your own brewery? Maybe you've already been experimenting with brewing at home.? If so, opening a brewery could be an option. But first, you'll want to pursue training in brewing sciences and work as an apprentice to someone who knows the craft well. From there, you'll need to conduct a competitive market analysis to make sure there's room for another brewery in your area.

Other Small Business Ideas

52. dog walking.

If you have a flexible schedule and can make multiple house calls, you can generate significant revenue as a dog walker. Dog walkers take pooches out for their daily constitutional one or more times a day, individually or in small groups.

In some cities, like New York, dog walking alone can be a booming business. But, it's more common for dog walkers to offer additional services, including playing with and feeding pets, bringing in newspapers and mail and turning lights on and off.

Read This: Start Your Own Pet Business and More by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

53. Pet Sitting or Boarding

Most people leave behind their pets when they travel. Although big daycare shelters exist, you can make decent money by offering a more personal pet-sitting service — either by staying at someone's house while they're out of town or by hosting their animal at your place.

Starting a pet-sitting service requires almost nothing in startup costs. Your list of credentials should probably include personal pet ownership — if not currently, at least in the past — and other pet-related experience, including referrals from pet owners whose pets you have taken care of before.

Read This: Start Your Own Pet Sitting Business and More by Entrepreneur Press and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

54. Pet Grooming

Most animals need a bath or fresh cut from time to time. Most pet owners aren't equipped to do a full grooming themselves. This means there's a target market for professional groomers who do house calls or have a space where people can drop their pets for a few hours.

There are no required certifications, but most groomers begin by taking courses, which are widely available in most states.

55. At-Home Daycare

Childcare needs continue to soar in the United States, and many people prefer for their child to be cared for in a home environment as opposed to a more institutional setting. These factors make the market ripe for a home-based childcare business. The regulations for a home-based child care vary by state, so you'll need to pursue appropriate certifications and training depending on where you live.

Read This: Start Your Own Child-Care Service by The Staff of Entrepreneur Media and Jacquelyn Lynn | Amazon | eBooks.com | Barnes & Noble

56. Making Gift Baskets

Finding a niche is the best way to start out in the gift basket business. Are you a dog-lover, horse enthusiast or exercise guru who could put together baskets that hold the things that people with this interest would like?

Do you already create a product that a gift basket could be built around?

You could create custom, place-based gift baskets that could be shipped across the country or sold in a local store, or you can collaborate with local makers to get your business idea off the ground.

57. Hair Styling / Barber Shop

Styling hair or working as a barber is a popular business idea that can be lucrative if you have the right skills and online presence. Typically, a home-based hairstylist business or barber shop would be started by someone with a cosmetology career who wants to go out on their own. If you don't have experience, you can take courses and sharpen your skills by working in someone else's shop. You'll need to obtain the appropriate licenses before you can launch your own business.

58. Nail Technician

If you'd like to offer professional nail styling to clients, most states require that you complete cosmetology school — the number of hours varies depending on where you live. It can be smart to work with someone else before opening your own shop so you learn the skills and techniques you need to be successful.

Once you've completed these steps, you can run your own small business from home or a dedicated storefront.

59. Massage Therapist

Massage therapy can be a successful business, but you must have the proper education and training to not cause injury to your clients. At a minimum, you will want to become certified, which will help you practice safely and ultimately market your qualifications.

Certification courses cover not only human anatomy and physiology and the ways massage affects both, but also how to establish your own successful massage business.

60. Storage Facility

People tend to acquire more things than they can reasonably store in their homes. If you have land, you could make meaningful income by storing large items like recreational vehicles, boats, trailers and campers. Or, if you want to dive deeper into the self-storage business, you could consider opening a storage facility, which would require an increase in overhead costs, appropriate licensing and market analysis.

61. Independent Car Service / Ride-Sharing Driver

Driving experience needed

If you drive for companies like Uber and Lyft, you lose a percentage of your wage to the company. However, there are still market demands for private drivers. If you have a reliable vehicle — or can afford to manage a fleet and other drivers — you can cater to high-end clients not interested in using ride-share apps for their transportation needs.

Newer peer-to-peer car rental services like Turo (think Airbnb for cars) also allow potential business owners to rent out their vehicles to generate incremental income when not in use.

62. Online Reselling Business

Do you have items lurking around your household that you could sell? Or are you scouring Craigslist, eBay, Facebook Marketplace and thrift stores for deals on items you could flip?Here's a relatively straightforward online business idea: Auction or sell the items you find on one of online marketplaces.

Reselling products online can provide a major source of supplemental income, especially if you're willing to refurbish items and sell them at a higher rate. Anyone can get into this type of business as long as they're willing to hustle.

63. Interpreting or Translating Services

In communities with international populations, dependable interpreters and translators are extremely valuable. If you already speak multiple languages, you could earn extra income as an interpreter if you pursue a certification, which typically involves about 40 hours of training.

From there, you can determine what type of translation service clients you're seeking: business professionals, government officials, folks who need documents translated and more.

How to Get Started

Addressing these foundational "business checklist" elements early on can set a strong course for growth and operational efficiency for your entrepreneurial endeavor.

1. Create a Business Plan

Create a detailed business plan outlining your business goals, strategies for achieving them, market analysis, operational structure and financial projections. This document is crucial for guiding your strategy and securing business loans.

2. Decide on Legal Structure

Choose the appropriate legal structure for your business (e.g., sole proprietorship, LLC, partnership, corporation), and register your business according to local laws.

Your chosen business structure affects your taxes, liability and business operations, so consult an attorney and a certified accountant before finalizing your decision.

3. Keep Finances Separate

Set up a robust system for managing your finances, including budgeting, bookkeeping and financial forecasting. Consider your startup costs, ongoing expenses and how you will fund your business idea.

Keeping personal and business finances separate is also highly advisable.

• Open a business bank account and use it for all business-related transactions.
• Obtain a business credit card for company expenses.
• Pay yourself a salary from your business account, which then goes into your personal account, rather than directly using business funds for personal expenses.
• Keep all receipts and document all financial transactions meticulously.

4. Plan Operational Needs

Outline your business' operational needs, including staffing, location, equipment, technology and software needs. Consider how you will efficiently manage the production of goods or delivery of services.

5. Develop a Brand and Marketing Strategy

If through social media platforms, affiliate marketing or search engine optimization, consider how you will establish a strong brand identity and develop a marketing plan to reach your target audience.

This should include your branding elements (logo, color scheme) and your strategies for content creation, promotion and advertising.

6. Operate Within the Law

Ensure you know and comply with all relevant city and state laws, regulations and industry standards. This includes obtaining necessary licenses and permits, understanding labor laws if hiring employees and ensuring data protection and privacy.

7. Build a Support Network

Support networks can provide invaluable advice, feedback and connections. Build a network of mentors, advisors and fellow entrepreneurs.

This network might be close friends, former colleagues or paid mastermind groups.

Entrepreneur Staff

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63 small business ideas to start in 2024.

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

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• The Workstream
• Project management
• Process Flow Chart

Process flow chart: what it is & how to create one

Browse topics.

Keeping your business organized can be a tall order — especially as it grows. Process flow charts are one way to organize business processes by visualizing the steps of a process or workflow . As you dive deeper into the individual steps of a process, you can discover opportunities to improve teamwork and productivity.

Visualizing processes with a flowchart can help you organize important details and improve your operations. As you develop your process flow chart, you can discover non-value-added processes and optimize your workflow.

In this guide, we’ll discuss what a process flow chart is and how you can create one for your business. Keep reading to learn more.

What is a process flow chart?

Process flow charts are a way of visually organizing your workflow. They use different shapes connected by lines, each representing an individual step.

A process flow chart aids in project management by helping you outline and visualize your workflows. An example could be a chart showing how you process and fulfill customer orders from the moment an order is placed to delivery.

Importance of process flow charts

Visualizing your workflow allows you to understand your project scope better so you can plan your project based on your goals and deadlines.

Having a clear visual representation of your processes helps improve teamwork and keep everyone on the same page. This way, everyone can understand your business processes from start to finish and the role they play in those processes.

Creating a flow process chart can improve productivity by weeding out non-value-added activities. You have ample room to grow and improve if you’re not wasting precious time on unnecessary steps.

Types of flow charts

There are several types of flow charts, each serving a different purpose. You can learn more about some of the different flow charts below:

• Basic flow chart: Simple flow charts are ideal for visualizing basic steps without many complexities or details.
• System flow chart: System flow charts show how every part of a system interacts with the other parts.
• Workflow diagram: Workflow diagrams visualize steps or processes required to complete a project, which can help you minimize waste.
• Data flow chart: Data flow charts show how data moves throughout your system and other connected systems.
• Decision flow chart: These flow charts play a vital role in the decision-making process , answering simple questions to arrive at a final decision.
• Swimlane flow chart: Swimlane flow charts allow you to visualize who’s responsible for each part of a process or project, whether that’s an individual or a group.

Components of a process flow chart

Process flow charts have a few key symbols used to contextualize the information in the chart. Different symbols are used for different steps within a process flow chart with connecting lines in between.

Different shapes and symbols—including diamonds and rectangles—are used for each process or step, with lines connecting the symbols. Different types of lines denote the beginning and end of the flow chart, and directional arrows indicate the flow direction of the chart.

Visualizing information with flow charts can play a crucial role in project planning , and it’s easy once you understand what the symbols represent.

Steps to create a process flow chart

Creating a process flow chart isn’t rocket science, but there are some basic guidelines you need to follow. Below is a step-by-step guide to help you create your next process flow chart.

Identify the process

Start by clearly defining the process or workflow you’re going to outline. Choosing which projects to visualize and optimize is critical to strategic planning . Once you have a good idea of what you want your flow chart to represent, you can start building it out.

Define boundaries

When it comes to process flow charts for businesses, you can always add more details or break a process down further by adding more steps. However, when creating a flow chart, you only want to include the necessary details.

Figure out the scope and boundaries of your flow chart before you start fleshing it out. That way, you’ll avoid wasting time adding information that complicates the main objective. Details are good, but you don’t want to go overboard.

Gather information

This is where knowledge sharing comes into play. Now, it’s time to collect detailed information about the steps, inputs, and outputs contributing to the process. Ensure you track the process from start to finish to avoid missing crucial steps.

Identify the sequence of steps

Now that you know the steps involved in the process you’re outlining, you can put them in the correct sequence to start organizing your flow chart. Your flow chart should move in one consistent direction from beginning to end, with each step bringing you closer to completing the process.

Draw the flow chart

With process flow charts, the individual steps only tell part of the story—you need to connect them to tell the whole story. Complete your flow chart by using symbols and connectors to connect individual steps and create an accurate visual representation of the process from start to finish.

Review and revise

Once you’ve organized and drawn everything out, review your flow chart to ensure it’s accurate, complete, and clear. If there are any issues, you can revise your flow chart.

Reviewing and revising is a never-ending battle. Even after completing a flow chart, you must review and update it regularly to ensure accuracy. Make sure to reflect any changes in your flow charts as they occur.

Uses of process flow charts

A good process flow chart can provide several benefits for businesses. Here are some of the common uses of process flow charts:

• Process improvement: Visualizing processes helps you understand how to optimize them, saving you time and money.
• Training and onboarding: When you clearly understand your training and onboarding process, you can streamline it and ensure everyone receives the same training.
• Communication: Flow charts can help you identify communication gaps in different project stages to keep everyone on the same page.
• Documentation: Using visuals helps everyone follow documentation best practices — from project documentation to team documentation.
• Compliance and quality assurance: Creating a step-by-step visual representation of a process helps you identify potential compliance or quality assurance issues before it’s too late.

Best practices for creating effective process flow charts

An effective flow chart can help you optimize business processes and improve productivity and project collaboration . Here are some guidelines to follow to ensure you’re doing it right.

Keep your process flow chart simple. Focus on adding key steps and information only.

Using consistent symbols and connecting lines adds clarity to your process flow charts, making it easier to collaborate with your team and boost productivity. You can even involve stakeholders in the process.

Once your flow chart is complete, there’s still work to do. Updating and maintaining flow charts helps you keep a constant visualization of the processes that your business relies on.

Create process flow charts with Confluence Whiteboards

Process flow charts can offer several benefits for businesses, improving productivity and teamwork while eliminating unnecessary steps. With Confluence Whiteboards, you can visualize and turn ideas into tasks.

Confluence brings everyone together in a connected workspace to move projects forward. Teams can create, edit, and share project plans in a connected workspace so everyone is on the same page.

Confluence flow chart templates make it easy to create effective flow charts quickly, plus you can convert stickies into Jira issues with a few clicks.

Use Confluence Whiteboards to visualize your workflow and optimize your business with process flow charts.

Process flow chart: Frequently Asked Questions

What is an example of a process flow chart.

A great process flow chart example is product delivery. You can use a process flow chart to visualize the delivery of a product from the moment the customer contacts you to the moment you finish the job. The first step may be the customer contacting you (or vice versa), eventually leading to the point where you fulfill the order, and the customer receives an email letting them know their order arrived.

You can use process flow charts for almost anything, including manufacturing, service delivery, product delivery, and project management processes.

What tools can you use to create process flow charts?

Confluence allows you to create process flow charts that visualize your business processes accurately. Confluence is easy to use, and you can start with a flow chart template so you don’t have to do all the work. Once you’ve chosen a template, you can add individual steps and symbols to clarify the chart. Confluence also integrates seamlessly with Jira and various third-party tools.

How often should process flow charts be updated?

If you modify a workflow or process outlined in a flow chart, update the chart accordingly. Flow charts don’t provide much value if they’re inaccurate, and you probably add or remove steps from various processes and workflows more than you think. You should regularly review and update your process flow charts to ensure they continuously add value to your business.

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• Top SaaS Business Ideas to Explore in 2024

If you’re on a mission to conquer the tech industry, you’ll need fresh and innovative SaaS business ideas to beat your competitors and disrupt the already saturated market. As a SaaS entrepreneur, executive, or startup founder, you need innovation to launch a unique venture that will become the next big thing in tech. 

Though the SaaS market brings many lucrative opportunities, numerous business challenges require capital, grit, and immense commitment to overcome. Thankfully, the SaaS business model gives you access to the cloud-based software market, allowing you to establish viable ventures and scale your operations efficiently. 

According to the latest forecasts , the SaaS business market is booming and expected to grow in the coming time. Since the software business industry is overwhelmingly competitive and increasingly more regulated, picking the right market and target audience is critical to your success. 

With that in mind, here are the best SaaS business ideas you should keep on your radar to help you navigate the murky waters of the software business industry and evaluate the viability of your SaaS entrepreneurship.

What is a SaaS business? 

SaaS stands for Software as a Service. This business model is the most popular way to launch digital services in 2024. Since the cloud-based software market is rapidly expanding, starting a SaaS business today allows you to tap into a thriving industry and harness the full potential of innovative software products, such as digital apps, software tools, project management systems, etc. 

Now, a SaaS business organization hosts a software system or an application to make it readily available to the target audience over the internet. The clients pay a subscription to access the online service remotely. There are two established ways to start a SaaS business. Firstly, you can start a SaaS company and launch a certain type of software-based product for your customers. 

The second option is to white-label an already established SaaS company. This is by far the quickest, easiest, and cheapest way to get into the SaaS business. In this article we’re primarily focusing on starting your own SaaS company.  We’ll briefly touch on white-label SaaS options a little later on and more in depth in future content.

When you start a SaaS company, you are in charge of maintaining the software and its databases and servers to enable your clients to access the service over the web using their web browsers, mobile devices, or any other device they prefer. In return, your clients pay a subscription fee on a monthly or annual basis to ensure steady access to the service. 

You can use different pricing methods to charge your clients for the subscription. For example, you can charge by the level of tech support your customers require or the number of users who will have access to the service. Additional options include basing your subscription plans on the amount of data a client requires or just a flat fee for software access.

If you have any concerns about the profitability of the SaaS industry, here are some stats to help you get a better understanding of this thriving market:

• By 2024, the SaaS industry will have grown from $197 to $232 billion ;
• At the moment, the SaaS market counts over 59 billion SaaS clients worldwide;
• The market shows the potential for steady growth over the next six years .

As you can see, you’re dealing with a highly profitable business niche here. Hence, the emphasized importance of tapping into the best, most profitable, and most market-distrupting SaaS business ideas in 2024. 

Basic requirements of starting a SaaS business 

Before we outline the basic requirements of starting a SaaS company, let’s quickly explain why you should consider venturing into such a business endeavor:

• Worldwide market – the SaaS business market gives you global access to target audiences. With such a high demand, you won’t have to worry about reaching the right customers. In addition, the cloud-based software service makes your business accessible to anyone, anywhere, at any time.
• Streamlined software maintenance – software startups have the advantage of leaving the software maintenance to the software provider. Since establishing the right maintenance system for your services is one of the biggest challenges in the industry, this streamlined software maintenance can help you focus on the core mission while avoiding additional expenses. 
• Scalable operation – thanks to the available automation solutions, you can streamline the process of upscaling your SaaS software products to ensure your business can cope with the ever-increasing amounts of data and customer demand. This scaling ability also gives you a competitive advantage over other companies in your niche.
• Pre-calculated development and low entry costs – with the pre-calculated costs of developing SaaS products and no hardware costs involved, it will be much easier to develop and launch your SaaS products to enter the industry without breaking the bank.

Let’s briefly review the essentials you’ll need to start a SaaS business in 2024.  

Your startup name

The first step to starting a SaaS business is to choose a simple and memorable name. You need a name that will stand out and convey the company profile memorably and attractively. Check your competitors to come up with something similar but better.

Product requirements

Once you have a catchy name figured out, think about the SaaS product you want to develop. Think about its strengths, advantages, benefits, etc. Your product should offer a solution to common pain points of your target audience. 

Break down the basic product requirements, such as:

• Design features;
• Advantages of the product;
• How the product benefits users in real life;
• How it solves real-life problems;
• Customer testimonials and examples of use by clients.

Understanding all these points will help you a lot when developing your product as well as knowing exactly how to position it in the market. 

Hire the right SaaS developer

Now, it’s time to get on with the software development lifecycle. We recommend outsourcing your software needs to a development team as per your software’s requirements. 

Creating a modern, innovative, and user-friendly UI/UX design is paramount to launching a market-disturbing SaaS product and attracting the right target audience. 

Find a software development team that can go about your development and design needs.

This process has gotten increasingly easier with the advent of online freelance services like Fiverr , Upwork, and Toptal .

Build the product

With the right team on your side, building your SaaS product should be straightforward. At this point, time is of the essence. 

So, talk to your developers about how much it will take to develop your product or service and understand the implementation requirements. They should inform you of the project status throughout the development cycle.

Follow the legal rules and regulations

Every industry is subject to strict state and federal legal regulations. Understanding these formalities can help you avoid unnecessary risks and complications associated with implementing a SaaS business. Register your business by following the niche-specific regulations. 

Explore the law regarding starting a SaaS business in your state or country.  In addition, do your due diligence regarding data privacy, business insurance, industry compliance standards, and all the permits and licenses your type of business entails.

If you haven’t already, it’s wise to also start a Limited Liability Company (LLC) for your SaaS business to protect yourself and your personal assets. You can do this yourself or hire a service to start an LLC on your behalf for a small fee. 

Don’t forget about advertising

While you should focus your investment capital on development, design, and other essential SaaS startup processes, don’t forget to allocate some of your budget to a proper advertising campaign. 

Promotion helps your target audience learn about your brand, product, and business in general. Thankfully, you have multiple communication channels for promoting your business these days. A website, email marketing service , and social media networks are just the tip of the iceberg.

Building a website doesn’t have to be intimidating, check out our website step-by-step guide .

Track your progress

Once you have everything up and ready, track your progress to quickly identify obstacles, mitigate cart abandonment, monitor monthly income, and ascertain average revenue per client.

Common challenges of starting a SaaS business and opportunities

Let’s delve deeper into common SaaS business startup challenges and how to overcome them. 

How to overcome common SaaS challenges 

Below are the common challenges and the best ways to beat them.

Data privacy and security concerns

Though cloud-based apps offer high-end security measures, they aren’t immune to increasing data privacy and security concerns. Your clients must be able to rely on you to comply with the latest data privacy compliance regulations and safeguard sensitive data. 

Prioritize security measures such as the latest encryption, blockchain-enabled cybersecurity, AI-powered security systems, two-step authentication, etc. 

Service reliability

All SaaS services depend on internet connectivity. This is more of a concern if you’re running a SaaS business in a country with unreliable internet services, you could face service disruptions and downtime. 

You can solve this by outsourcing your internet connectivity needs to countries with reliable providers to avoid hindering your operations. 

Limited customization

Avoid the common mistake of offering limited customization options, as you could lose clients with specific needs. Adding new options could expose you to new challenges like vendor lock-in, data migration issues, and additional costs. 

Make sure you introduce a healthy number of customization options in the development phase as per your clients’ needs but know as well that you can always roll out more options once your SaaS is launched and producing revenue.

Pricing model restrictions

Though the subscription-based pricing model may be cost-effective, it can incur long-term expenses. Therefore, you need a flexible pricing structure to accommodate the ever-changing client needs. Such pricing models should also be scalable enough to fit the needs of different clients.

Finding scalability and growth opportunities 

Though no one can guarantee that your SaaS business idea will work, you should build a business around the possibility of future expansion. The ability to scale your operations on demand gives you a huge competitive advantage and ensures your company identifies lucrative and feasible growth opportunities. 

One of the best ways to make your SaaS company scalable is to consider migrating your software architecture to a multi-tenant database environment . In simple words, you can share a single software instance with multiple SaaS businesses to seamlessly scale your SaaS services by dynamically allocating the resources according to your needs.

Navigating competition and staying on top

Aside from identifying challenges, faulty systems, and scaling problems, you should also work on staying ahead of the competition by learning to navigate the market and industry trends. Remember, the SaaS market is still evolving. 

Staying ahead of the ongoing and coming trends is paramount to beating your competitors to the best, most profitable business concepts. However, you’ll need to find your expertise first to get ahead of the curve and stay on top of the current and future market trends. 

Learn from your competitors and take their ideas as creative suggestions. Keep researching the market, leading companies, and everything else related to the industry to get the best SaaS startup ideas you can work with.

Different SaaS business idea models for 2024 

Now that you have a basic understanding of the SaaS business market, let’s tap into the top SaaS business idea models for 2024.

White-label SaaS

As we mentioned earlier, the white-label SaaS business model allows you to invest in an existing SaaS product, rebrand it as your own, and market it to your target audience for a subscription fee. 

Your clients pay a fee to get online access to your product on a recurring basis. Top white-label SaaS products include email marketing, SEO, chatbots, social media automation, etc.

One white-label SaaS company that has been growing quickly in popularity over the last several years is GoHighLevel , which is an all-in-one marketing platform, but there are plenty of other options if marketing software isn’t interesting to you.

Micro SaaS 

Micro SaaS is a SaaS subcategory that revolves around developing custom-tailored software solutions for a specific target audience or business niche. This business idea involves building performance-oriented solutions for addressing specific real-life problems at more affordable prices than broad-based SaaS business models. 

The main differences between SaaS and micro SaaS are the size and scope of the business operation, with the latter catering to smaller and more specialized business organizations or very specific niches. 

For example, developing a lead generation platform specifically for dentists would be a micro SaaS example compared to a general lead generation platform, or even a lead generation platform for healthcare providers.

Freemium SaaS model 

The freemium SaaS model involves offering free trials or free versions of a particular product to convince the target audience a service is worth paying for. Freemium is a term for combining premium quality products with a free subscription model. 

By allowing your clients to test your product for free, you get a chance to beat your competitors and stay relevant in a saturated market. MailChimp, WebFlow, and Zoom are all excellent examples of freemium SaaS products.

Subscription SaaS 

The subscription SaaS model involves purchasing an online software product for a monthly or yearly subscription fee. The subscriber makes a periodic payment to access the product via a one-time download, application, or web browser. The most common types of SaaS subscription models include freemium, custom, hybrid, pay-as-you-go, fixed fee, tier fixed fee, etc.

Usage-based SaaS model 

This SaaS model lets you charge for your SaaS service per usage. In other words, it allows your clients to pay for a service according to how much they use it. Great examples of this would be Zapier or the SMS service Twilio which charges per execution. 

Retail sales SaaS model 

This software delivery strategy allows SaaS business organizations to increase operational efficiency, enhance business performance, and streamline operations by offering custom-tailored subscription packages to their target audiences. 

By paying subscription fees, clients get access to the SaaS service. The retail sales SaaS model either lets SaaS companies charge per service or user.

Types of SaaS businesses to consider in 2024

Now let’s explore the popular SaaS business types, or verticals, in 2024. 

Collaboration tools 

Teamwork is vital to keeping a business organization relevant and competitive. However, staying on top of team collaboration can be challenging when you have to use multiple tools to manage scattered communication and data sets across multiple verticals of your company. 

SaaS collaboration tools help corporate teams of all sizes and shapes (in-house, remote, distributed, or hybrid) streamline collaboration through automated and centralized interactions. 

Businesses get a centralized communication and collaboration platform to bring all their communications under one roof and consolidate project tracking, task management, time orchestration, file sharing, etc.

Asana, ClickUp , Notion, Slack, and Monday are all great examples of established collaboration or project management tools.

Cybersecurity solutions 

In an internet-driven world, data is the new currency. Naturally, every internet user makes their data privacy and security their primary concern. With cyber threats evolving and becoming more sophisticated every day, data breaches have become a real threat to every individual and business on the internet. 

Hence, there is an ever-increasing demand for top-grade cybersecurity solutions. The cybersecurity SaaS business model empowers clients to safeguard their data and digital assets from all sorts of cyber attacks, including hacking , malware and virus infections, ransomware, DDoS attacks, and more. 

Cybersecurity software tools help business organizations optimize security, reduce the risk of attacks, reduce costs, and increase their overall credibility in their respective industries, markets, and niches.

Business intelligence and data analytics 

Data analytics and business intelligence are the lifeblood of modern-day digital business. Why? Because they help enterprises gather, process, and analyze industry, market, competitor, and customer data to optimize operations, discover new opportunities, and take their decision-making processes to the next level. 

Using BI and data analytics software solutions, companies can collect data from multiple sources and turn it into actionable insights into business performance, competitor activity, market trends, customer behavior, and more.

E-commerce tools 

E-commerce SaaS businesses offer automated and centralized online sales platforms with streamlined features and functionalities to empower clients to build and manage all sorts of online stores and digital interfaces with payment processing, shopping cart technology, and website hosting.

Marketing automation 

In the current data-driven era, social media platforms, and other similar communication channels dominate every industry and market. Conquering as many of these channels as possible is the most effective way to stay ahead of the competition. 

Automated online marketing is the most efficient method to accomplish that goal. This type of SaaS business allows you to reap increased ROI by thoroughly integrating your sales with online marketing campaigns through a centralized marketing platform.

The marketing automation SaaS automatically gathers, processes, and analyzes the online marketing data and stats to give you actionable insights into the best marketing strategies for your company.

Conclusion 

Starting a profitable SaaS business is all about coming up with a solid, innovative, and viable idea. Aside from helping you validate your SaaS concept, it can also help you assess your market share, potential customer demand, competition, and everything else you need to start building a lucrative cloud-based software solution to help your target audience solve real-life problems. 

This article shed some light on what a SaaS business is, its concepts and challenges, and gave you insights on the most viable SaaS business ideas and types you should know about in 2024.

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4 Common Types of Team Conflict — and How to Resolve Them

• Randall S. Peterson,
• Priti Pradhan Shah,
• Amanda J. Ferguson,
• Stephen L. Jones

Advice backed by three decades of research into thousands of team conflicts around the world.

Managers spend 20% of their time on average managing team conflict. Over the past three decades, the authors have studied thousands of team conflicts around the world and have identified four common patterns of team conflict. The first occurs when conflict revolves around a single member of a team (20-25% of team conflicts). The second is when two members of a team disagree (the most common team conflict at 35%). The third is when two subgroups in a team are at odds (20-25%). The fourth is when all members of a team are disagreeing in a whole-team conflict (less than 15%). The authors suggest strategies to tailor a conflict resolution approach for each type, so that managers can address conflict as close to its origin as possible.

If you have ever managed a team or worked on one, you know that conflict within a team is as inevitable as it is distracting. Many managers avoid dealing with conflict in their team where possible, hoping reasonable people can work it out. Despite this, research shows that managers spend upwards of 20% of their time on average managing conflict.

• Randall S. Peterson is the academic director of the Leadership Institute and a professor of organizational behavior at London Business School. He teaches leadership on the School’s Senior Executive and Accelerated Development Program.
• PS Priti Pradhan Shah is a professor in the Department of Work and Organization at the Carlson School of Management at the University of Minnesota. She teaches negotiation in the School’s Executive Education and MBA Programs.
• AF Amanda J. Ferguson  is an associate professor of Management at Northern Illinois University. She teaches Organizational Behavior and Leading Teams in the School’s MBA programs.
• SJ Stephen L. Jones is an associate professor of Management at the University of Washington Bothell. He teaches Organizational and Strategic Management at the MBA level.

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550+ Business Plan Examples to Launch Your Business

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

Find your business plan example

Accounting, Insurance & Compliance Business Plans

• View All 25

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• View All 33

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• View All 26

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• Architecture
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• View All 46

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• Advertising
• View All 54

Education Business Plans

• Education Consulting
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Business plan template: There's an easier way to get your business plan done.

Entertainment & Recreation Business Plans

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• View All 60

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• Event Planning
• View All 17

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Manufacturing & Wholesale Business Plans

• Cleaning & Cosmetics Manufacturing
• View All 68

Medical & Health Business Plans

• Dental Practice
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• View All 41

Nonprofit Business Plans

• Co-op Nonprofit
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• View All 13

Real Estate & Rentals Business Plans

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Technology Business Plans

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Transportation, Travel & Logistics Business Plans

• Airline, Taxi & Shuttle
• View All 62

View all sample business plans

Example business plan format

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

Executive summary

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

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

Products & services

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

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

Market analysis

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

Competition

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

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

Marketing & sales

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

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

Milestones & metrics

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

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

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

Company & team

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

Financial projections

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

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

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

Types of business plans explained

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

Traditional business plan

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

Business model canvas

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

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

One-page business plan

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

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

Growth planning

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

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

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

Download a free sample business plan template

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

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

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

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

Choose a business plan example from a similar type of company

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

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

Use a business plan example as a guide

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

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

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

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

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

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

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

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

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

Prepare to pitch your business

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

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily we have a round-up of real-world pitch deck examples used by successful startups that you can review and reference as you build your pitch.

For more resources, check out our full Business Pitch Guide .

Ready to get started?

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

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'Not supplying the weapons' to Israel if there's a major Gaza offensive, Biden says

President Joe Biden acknowledged on Wednesday the role American bombs had played in civilian deaths since Israel’s war in Gaza began seven months ago - and for the first time said he was prepared to put conditions on American weapons if Israeli Prime Minister Benjamin Netanyahu goes ahead with a major invasion of Rafah .

“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centers,” Biden told CNN’s Erin Burnett in an exclusive interview on “Erin Burnett OutFront,” referring to 2,000-pound bombs that Biden paused shipments of last week.

“I made it clear that if they go into Rafah – they haven’t gone in Rafah yet – if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities – that deal with that problem,” Biden said. “It's just wrong. We're not going to supply the weapons and the artillery shells that have been used (there)."

The Biden administration has paused the shipment of bombs  to Israel  over concerns they could be used in a major  military operation in Rafah , where more than 1 million refugees have been sheltering, Defense Secretary Lloyd Austin  confirmed at a Senate hearing earlier on Wednesday.

Exclusive: Bernie Sanders worries young people are underestimating the threat from Trump

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Exclusive Concern over Biden's stance on Israel-Hamas war rattles high-profile campaign donors

The administration began a review of some weapons transfers to Israel last month, a senior U.S. official said. The president then paused a shipment of 1,800 2,000-lb bombs and 1,700 500-lb bombs last week, as Israel ramped up plans for a ground invasion of the southern Gaza city. Hamas fighters and Israeli troops battled on Wednesday on the outskirts of Rafah.

On Oct. 7, Hamas killed about 1,200 people in southern Israel and took about 250 more as hostages. In the seven months since , Israel's retaliatory attacks have killed more than 34,000 Palestinians , according to the Hamas-run Gaza Health Ministry.

The war has also unleashed a humanitarian crisis. About 1.1 million people in Gaza – half of the population – have completely exhausted their food supplies and coping capacities and are struggling with catastrophic hunger and starvation, according to the U.N’ s World Food Program.

"I worked pretty hard to make sure we have a relationship and help, I made it clear to Bibi and the work cabinet, we're not gonna get our support if in fact they're going to these population centers," he said.

In a  letter to Biden  last Friday, House Armed Services Committee member Rep. Chris Deluzio, D-Pa., and House Foreign Affairs Committee member Rep. Jason Crow, D-Colo., wrote that the "security assistance included in the recently passed security supplemental should not be interpreted as a blank check or as implicit approval of the Netanyahu government’s actions." The letter was signed by an additional 86 Democratic members of Congress.

The review, meanwhile, prompted a wave of complaints from Republican lawmakers, including House Speaker Mike Johnson, R-La., and Senate Minority Leader Mitch McConnell, R-Ky.

Republican Sen. Mitt Romney of Utah, offered an immediate rebuke following Biden's interview.

"We stand by allies, we don’t second guess them. Biden’s dithering on Israel weapons is bad policy and a terrible message to Israel, our allies, and the world," he wrote on X.

Meanwhile, Democratic Congresswoman Alexandria Ocasio-Cortez, who was one of 88 members of Congress who signed the letter to Biden Friday expressing "alarm at the deepening humanitarian catastrophe in the Gaza Strip" called his decision a "just thing to do."

"President Biden enforcing conditions on US military aid and holding the Israeli gov to the same bar we hold all our allies to is the responsible, secure, and just thing to do," she wrote on X. " @POTUS ’s historic shift to include Israel in US standards makes the world safer and our values clear."

In recent weeks, protests over Israel’s war on Gaza have engulfed college campuses with  "Gaza Solidarity Encampments" springing up coast-to-coast demanding an immediate cease-fire.  

A  Gallup survey released March 27 , showed 55% of all Americans disapprove of Israel’s military action. That includes 75% of Democrats, which is up from the 63% who said the same last November.

S wapna Venugopal Ramaswamy is a White House correspondent for USA TODAY.   You can follow her on X, formerly Twitter, @SwapnaVenugopal