sample of a simple business plan

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

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

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

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

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

Let’s get started.

What Do You Need A Business Plan For?

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

1. Secure Funds

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

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

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

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

2. Monitor Business Growth

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

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

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

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

3. Measure Business Success

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

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

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

4. Document Your Marketing Strategies

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

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

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

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

How to Write a Business Plan Step-by-Step

1. create your executive summary.

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

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

A good executive summary should do the following:

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

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

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

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

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

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

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

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

2. Add Your Company Overview

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

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

Your company overview should contain the following:

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

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

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

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

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

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

• Mission Statement

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

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

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

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

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

Business Objectives

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

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

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

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

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

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

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

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

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

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

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

Market Analysis

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

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

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

• Market Research

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

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

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

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

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

How to Quantify Your Target Market

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

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

What Does a Good Market Analysis Entail?

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

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

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

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

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

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

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

Competitive Analysis

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

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

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

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

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

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

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

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

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

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

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

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

Direct vs Indirect Competition

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

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

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

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

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

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

Factors that Differentiate Your Business from the Competition

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

1. Cost Leadership

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

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

2. Product Differentiation

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

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

3. Market Segmentation

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

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

4. Define Your Business and Management Structure

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

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

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

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

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

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

Management Team

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

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

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

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

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

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

Key Questions to Answer When Structuring Your Management Team

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

Additional Tips for Writing the Management Structure Section

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

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

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

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

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

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

Organizational Chart

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

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

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

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

5. Describe Your Product and Service Offering

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Avoid Technical Descriptions and Industry Buzzwords

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

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

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

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

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

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

3. Long or Short Products or Services Section

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

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

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

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

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

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

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

4. Describe Your Relationships with Vendors or Suppliers

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

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

5. Your Primary Goal Is to Convince Your Readers

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

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

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

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

Key Questions to Answer When Writing your Products and Services Section

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

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

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

6. Show and Explain Your Marketing and Sales Plan

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

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

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

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

Outline Your Business’ Unique Selling Proposition (USP)

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

Target Market and Target Audience

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

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

Creating a Smart Marketing and Sales Plan

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

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

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

Your Positioning Statement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Basic Rules to Follow When Pricing Your Offering

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

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

Pricing Strategy

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

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

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

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

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

Advertising

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

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

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

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

Public Relations

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

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

Content Marketing

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

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

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

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

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

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

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

Social Media

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

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

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

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

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

Strategic Alliances

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

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

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

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

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

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

2. Evaluate Your Competition

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

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

These questions can help you know your competition.

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

3. Consider Your Brand

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

4. Focus on Benefits

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

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

5. Focus on Differentiation

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

Key Questions to Answer When Writing Your Marketing and Sales Plan

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

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

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

7. Clearly Show Your Funding Request

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

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

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

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

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

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

Funding Request: Debt or Equity?

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

Case for Equity

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

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

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

Case for Debt

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

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

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

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

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

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

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

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

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

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

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

8. Detail Your Financial Plan, Metrics, and Projections

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

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

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

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

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

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

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

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

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

Use Graphs and Charts

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

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

Address the Risk Factors and Show Realistic Financial Projections

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

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

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

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

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

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

1. Sales Forecast

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

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

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

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

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

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

2. Personnel Plan

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

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

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

3. Income Statement

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

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

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

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

4. Cash Flow Statement

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

5. Balance Sheet

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

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

6. Exit Strategy

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

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

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

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

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

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

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

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

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

9. Add an Appendix to Your Business Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

Tips and Strategies for Writing a Convincing Business Plan

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

1. Know Your Audience

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

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

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

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

2. Get Inspiration from People

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

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

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

3. Avoid Being Over Optimistic

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

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

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

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

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

4. Keep it Simple and Short

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

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

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

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

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

5. Make an Outline and Follow Through

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

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

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

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

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

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

6. Ask a Professional to Proofread

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

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

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

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

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

1. hubspot's one-page business plan.

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

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

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

2. Bplan’s Free Business Plan Template

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

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

3. HubSpot's Downloadable Business Plan Template

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

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

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

4. Business Plan by My Own Business Institute

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

The comprehensive template consists of a whopping 15 sections.

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

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

5. Score's Business Plan Template for Startups

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

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

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

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

6. Minimalist Architecture Business Plan Template by Venngage

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

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

7. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

9. PandaDoc’s Free Business Plan Template

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

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

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

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

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

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

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

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

Alternatives to the Traditional Business Plan

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

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

Business Model Canvas (BMC)

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

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

Segments of the Business Model Canvas

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

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

Lean Canvas

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

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

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

Startup Pitch Deck

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

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

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

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

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

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

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

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

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

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

Business Plan FAQ

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

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

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

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

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

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

Exlore Further

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

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Martin luenendonk.

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

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

24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

Free Business Plan Template

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

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

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Image Source

Tips for Writing Your Executive Summary

• Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
• Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

• Industry trends that other brands may not be utilizing
• Strengths in your competition that may be obstacles to handle
• Weaknesses in your competition that may help you develop selling points
• The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

• Your brand positioning vision and how you'll cultivate it
• The goal targets you aim to achieve
• The metrics you'll use to measure success
• The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Tips for Writing Your Marketing Strategy

• Include a section about how you believe your brand vision will appeal to customers.
• Add the budget and resources you'll need to put your plan in place.
• Outline strategies for specific marketing segments.
• Connect strategies to earlier sections like target audience and competitive analysis.
• Review how your marketing strategy will scale with the growth of your business.
• Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Tips for Writing Your Key Features and Benefits

• Emphasize why and how your product or service offers value to customers.
• Use metrics and testimonials to support the ideas in this section.
• Talk about how your products and services have the potential to scale.
• Think about including a product roadmap.
• Focus on customer needs, and how the features and benefits you are sharing meet those needs.
• Offer proof of concept for your ideas, like case studies or pilot program feedback.
• Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

• The specific pricing breakdowns per product or service
• Why your pricing is higher or lower than your competition's
• (If higher) Why customers would be willing to pay more
• (If lower) How you're able to offer your products or services at a lower cost
• When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Tips for Writing Your Pricing and Revenue Section

• Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
• If you are asking a premium price, share unique features or innovations that justify that price point.
• Show how you plan to communicate pricing to customers.
• Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
• Share plans to develop new revenue streams in the future.
• Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
• Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

• Profit/Loss Statement - This answers the question of whether your business is currently profitable.
• Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
• Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

• Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
• Include any data that supports your projections to assure investors of the credibility of your proposal.
• Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
• Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
• Triple-check all financial information in your plan for accuracy.
• Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

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

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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2 Essential Templates For Starting Your Business

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Template Highlights

• Ten sections: Company description, Opportunity, Industry Analysis, Target Market, Management Team, Marketing Strategy, Timeline, Financial Plan, Conclusion. Bonus Appendices section, if you want to get fancy
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Simple business plan template.

Business Plan Template

Executive Summary

Begin with a brief description of your company to give background and context. Tell the reader why you have embarked on this new venture.

Then, move into a description of the opportunity. Explain your project from the broadest to most narrow context. Tell readers what product or service you plan to offer, how it fits into the industry you’ll operate within, who your target customers are, and what you expect from the market in the future. Explain your value proposition, and give an overview of the market.

Briefly describe your management team to help potential investors understand the skills and experience your company brings to the table. Next, move into a description of how your business will operate on a day-to-day basis.

Then, describe how you will promote your new product/service. You don’t need to go into detail here, but you should provide enough information to illustrate the marketing methods you will use and how you will attract new customers.

Describe the cost structure and financial aspects of the business. You’ll need to explain the kind and amount of investment that you need, what you will use the money for, and how you envision your business becoming profitable.

Next, you should move into a description of how you will implement your business plan. How will you roll out your new business? What is the expected timeline?

Finally, close this section with a clear, pithy explanation of your project, why it is needed, and how it will benefit future customers and investors.

HubSpot Tip: Write this section last, after you have written all of the other sections. It should summarize your entire business plan in a page or two (at most).

Company Description

Provide a description of your organization. Include the company’s name, what type of entity it is, who owns it, and note any significant assets.

This is a good place to talk about why you do what you do. What is your company’s mission statement? What are your goals and objectives?

What product or service do you provide? Who are your customers? Do you have a geographic focus? If so, where?

Briefly describe the industry, the opportunities it offers, and the growth it is experiencing.

Note some of your company’s main strengths and briefly explain where you fit into the industry. You will delve more deeply into this later.

HubSpot Tip: Keep this section brief. You will have plenty of time to talk about the details of your company and the business opportunity later in the document.

The Opportunity

Describe the need in the market that your business idea will fill. How did this need arise and why has it not been filled yet?

Explain how you identified the need and how your product/service will meet it.

Describe your products/services here. You can include diagrams or pictures to help illustrate your offering.

You should also include a description of the features and benefits of your product/service to your customer. Consider capturing this in a simple table like the one below.

Product/Service Feature

Benefit to the Customer

HubSpot Tip: Be sure to include your value proposition in this section – describe how your service/product is attractive to customers.

Industry Analysis

In this section, you’ll want to talk about the key environmental trends in your industry. What are the barriers to entry (e.g., high production or marketing costs, tariff barriers, regulatory challenges, extensive training)? How is the industry progressing? What is changing?

Then think about your business’ competitive advantage. Are there other companies providing the same good/service that you will be offering? If so, are customers likely to switch to your product/service? How do you compare with your competitors?

HubSpot Tip: Note the key factors for success in this industry, and show that your company has them.

Target Market Research and Definition

Based on the market research that you previously conducted, provide an explanation of the market in which your business will reside. How big is the market? How fast is it growing? Will your product/service be a major factor in the market?

Define your target customers. Who do you expect to buy your product/service?

You should identify and describe your major competitors in this section, as well.

Identify what defines your product/service in the marketplace. What distinctive competencies or offerings do you offer that other companies do not?

HubSpot Tip: Though you want to mention some competitors, make sure the focus is on your business and how it will serve your target customers.

Management Team & Organization

Your readers will want to know that your team has the skills and qualifications to implement what you have outlined in the business plan. Include brief biographical sketches of your leadership, including the board of directors (if you have one) and any high-level external advisors that your company uses.

Include their educational credentials and a description of the relevant work they have done and accomplishments they have achieved. You can also personalize this section with headshots of your staff to help put faces to the names.

If you have a complicated management structure, consider including an organizational chart like the one shown below. Tailor it to include the names and roles of your leadership team.

HubSpot Tip: You don’t need to include descriptions of every position in the company, just high-level management.

Operations Plan

In this section, describe how you will manage your business and what daily operations will look like. You should cover at least the following topics, and any other relevant information that might be unique to your industry:

• Staffing – How many employees will you have? Where will they be located? What kinds of skills and certifications do they need?

• Infrastructure – What kind of physical space will your company occupy? Describe your business locations. What kinds of technologies will you require?

• Legal Structure – Legal issues are important in every industry. Describe the unique aspects of yours and how you will address them.

• Regulatory – Regulations also play a key role in most businesses. Include a discussion of the regulatory issues faced in your industry and how you will handle them.

• Certifications or Accreditations - Does your company require any special documentation to do business? If so, describe how you’ll attain the required certification or accreditation.

• Product/Service Delivery Process – Describe your business processes. These might include inventory, supply chain, and accounts payable and receivable.

HubSpot Tip: This list is not exhaustive, so be sure to include enough information to help potential investors understand how your business will operate.

Marketing Strategy

Marketing is a crucial to the success of any business. Building on what you described in the Target Market Research and Definition section, define the components of your strategy to market your product/service.

Describe any challenges, including barriers to entering the market. What potential problems do you foresee? How will you address them?

Explain why you have chosen to operate your business in the selected location. Are there cost savings involved in choosing this location? Does it bring you closer to your customer base?

What is your pricing strategy? Explain and provide clear evidence for why the pricing structure you selected will lead customers to buy your products/services and will, at the same time, result in a profit for your business and investors.

Describe your plan for promoting your new business, product, or service. Will you use print, radio, television, or social media? Will you hire a marketing manager?

Be sure to indicate the budget for your marketing strategy and where you will obtain the funding for this important aspect of your business. You may need to employ consultants or an advertising agency – be sure to include these costs.

HubSpot Tip: Consider including a few mockups of your logos, packaging, and even advertisements to give potential investors a preview of your company’s marketing materials.

Implementation Plan And Timeline

Describe the phases in which your business will be rolled out. Indicate which phase you are in currently, and how long it will take to bring your product/service to market.

Consider including a timeline like the one below to illustrate the steps in the process. Customize it with your dates and the specific steps for your business.

HubSpot Tip: While aiming to please potential investors, be sure to set reasonable deadlines that you are able to meet.

Financial Plan

Tell your potential investors the amount of funds you have received thus far and who provided them. How much more funding do you require?

Describe how you will use each part of the funding you are requesting. Investors often feel more comfortable if they know exactly how their money will be used.

Give readers a peek into your company’s projected financial future. Include the following as appendices, but describe them in this section:

• Cash flow projection – An estimate of how much money you expect to flow in and out of your business.

• Capitalization plan – Lists the sources and uses of capital that your business plans to amass.

• Break-even analysis – A determination of what you need to sell in order to cover the costs of doing business.

In addition to the above, you’ll need to include an income statement and balance sheet. Since these could be long and were likely developed in Excel or an accounting software, you should reference them here and include them in an appendix.

You will also want to explain any assumptions that you have made that affect your financial information. Later you will be able to point to these to explain why something may have turned out differently than expected.

HubSpot Tip: This is one of the most important sections of your business proposal. If you are not an expert in finance, be sure to seek assistance from someone who is.

In a few sentences, summarize the main point that you would like the reader to understand about your business. Aim to convince them that they should invest!

Describe the next steps, and give detailed contact information so that they can get in touch with you easily.

HubSpot Tip: This section should incite the reader to act. Make it easy for your potential investors by including in this section all of the information they need to move forward.

Include any supporting documents for the previous sections here. You can reference them in the text and use them to provide additional detail without breaking up the flow of your business plan text.

HubSpot Tip: Some items you could include are: marketing materials, maps of the business location, background research, articles that have been written about the company, and financial documents.

Frequently Asked Questions

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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 Much to Charge for House Cleaning in 2024

Professional house cleaning is a major industry. The global cleaning industry is currently valued at over $55 billion, and that’s expected to double by 2030. That means it's a great market for new entrants, but you'll need a house cleaning pricing guide to make sure you charge properly, which is exactly what we provide here.

[su_note note_color="#dbeafc"] Read from start to finish or click any of the links below to jump to the section you need right now.

Case study: Queen Bee Cleaning

How much to charge for cleaning a house, what kind of house cleaning services should i provide, ways to charge for professional house cleaning.

• Sign up for our exclusive 7-Figure Cleaning Business Blueprint [/su_note]

Chris Mondragon’s wife started cleaning houses in 2015 to make some extra money. Their company, Queen Bee Cleaning, took off so quickly Chris quit his job and helped build it into a $1.5 million empire. Today, Queen Bee is also top-rated on Nextdoor, Yelp, Houzz, Thumbtack, HomeAdvisor, and Porch.

We'll share Chris’s insights to help you create a cleaning pricing guide that will allow you to make a great living in the house cleaning services industry. We'll cover the types of services and different ways to charge—and share a pricing list.

Keep reading for a rare opportunity to learn Chris's unique pricing strategies from his UpFlip-exclusive course . You'll discover exactly how he prices his cleaning services, which skyrocketed the growth of his business to $4.5M in record time.

House cleaning prices for a home should be between $100 and $800, but each house cleaning service will have different prices depending on the size of the home, the type of cleaning, and where you live.

There are three typical ways house cleaning prices are calculated by a house cleaner:

• Hourly: $25 to $90 per hour, per cleaner
• Flat fee : $100 to $800 weekly or biweekly for standard cleaning of a single-family home
• Room rate: $100 for 1 bed/1 bath + $10 to $20 for each additional bedroom and bathroom
• Per square foot: $0.05 to $0.10 per square foot

Now that you know how much to clean a home, let’s discuss the different kinds of house cleaning services.

A housecleaning service will normally offer other services besides just cleaning homes for people who live in them. They may also provide services for Airbnbs, moving, apartments, and commercial spaces. For instance, Queen Bee also offers:

• Airbnb cleaning
• Carpet cleaning
• Disinfecting services
• Home cleaning
• Move-in cleaning
• Deep cleaning
• Move-out cleaning
• Office and commercial cleaning

Chris told us:

[su_quote] If I was to start today, I would probably focus on Airbnb cleaning because it has a higher profit margin. [/su_quote]

For standard house cleaning services, Queen Bee includes:

• Dusting all furniture, walls, fans, counters, and other hard surfaces
• Vacuuming all floors
• Mopping wood, marble, tile, and linoleum floors
• Mirror and window cleaning with a glass cleaner
• Cleaning and sanitizing all bathroom surfaces including toilets, sinks, tubs, and showers
• Sanitizing all kitchen surfaces including inside the microwave and the front of the fridge
• Spot-cleaning cabinets
• Changing linens (if fresh linens are left out) and making beds
• Emptying the trash and relining the trash can before exiting each room

These are just some of the house cleaning services Queen Bee offers. You can find Chris’s complete cleaning services checklist, including 11 add-ons, in our Cleaning Business Master Course .

Let's look at what you might offer as the owner of your own house cleaning business, starting with Airbnb cleaning.

What should I include in Airbnb cleaning services?

In addition to your standard offerings as a house cleaning service, Chris suggests maintaining an inventory of your own supplies to replace toiletries, kitchen essentials, and linens. For the laundry portion, you'll need to have someone do laundry or partner with a laundry service.

He also told us:

[su_quote] I charge extra for the toiletries and linens, but it basically takes me the same time as a normal home clean. [/su_quote]

Check out our interview with Chris below:

[su_youtube url="https://www.youtube.com/watch?v=d4Iip7BHXwg"]

What should I include in carpet cleaning services?

Carpet cleaning services focus only on rugs, carpets, and other floorings. You'll need to assess your time differently from other services and have the special cleaning equipment to do the job best.

Chris shared his cleaning pricing guide for carpet cleaning, and it includes five main cleaning points with time and price for:

It's typical for a carpet cleaning business to have a minimum amount, such as $99 for two bedrooms.

What should I include in disinfecting services?

Disinfecting services are focused on cleaning surfaces with medical-grade cleaning products. The goal here is on keeping the space particularly clean in a way that helps to minimize germs. I would imagine this is popular for businesses or households that have had a COVID outbreak.

Christ told us:

[su_quote] Eliminating germs & pathogens requires more than just a wipe of a towel with bleach. We use an electrostatic sprayer to apply the disinfectant. The sprayer ‘loads’ the mist with a positive charge, making the disinfectant stick to all surfaces killing 99% of the pathogens. Our hospital-grade disinfectant is an EPA-certified product safe to use around children and pets [that’s] safe on all surfaces. [/su_quote]

What should I include in deep cleaning services?

Deep cleaning services should include everything you do in standard house cleaning, plus baseboards and behind furniture. Chris also includes dishes in his standard deep clean service and offers a variety of additional offerings.

How much does a deep clean cost?

Deep cleaning services are normally charged at a premium compared to a standard cleaning price. For Queen Bee clients, deep house cleaning costs between $199 and $319 above the standard house cleaning prices.

So, once you know how much you'll charge for regular services, it's easy to decide how much to charge for deep cleaning a house.

What should I include in a move-out cleaning service?

Move-out cleaning is a service offered to renters to help them save time and money by helping them get their deposits back. These services include:

• Thoroughly cleaning all counters, cabinets, and appliances
• Cleaning bathrooms, including toilets, sinks, and showers
• Cleaning floors and carpets
• Wiping down light switches, walls, and doorknobs
• Disposing of any expired food items
• Deep-cleaning the oven

Chris recommends using the move-out checklist provided by the client's landlord as the basis for bidding on the cleaning job and told us:

[su_quote] I charge $279 to $479 more for move-out cleaning costs than my standard cleaning rates. [/su_quote]

Want more great tips like this? Check out all of our UpFlip courses .

What should I include in office and commercial cleaning?

Offices and commercial cleaning jobs are different for every building. Chris recommends touring the property and establishing the following:

• Square footage
• Number of desks
• Percent of floors that are carpet and tile
• Number of windows
• Number of toilets and sinks
• Square footage of counters
• Kitchens in the building
• Parking lots
• Special requirements

These jobs can be more complex, but businesses need more routine cleaning services, which could be a win for you. Commercial buildings also tend to be better suited for pricing per square foot because you can assign a price per square foot to each task and then just multiply quantities. It might look like the table below. (Note that sqft = square feet.)

House cleaning prices vs. operating costs

Every cleaning company will have costs associated with operating. One powerful difference between a successful cleaning business and other cleaning companies is how well the business owner manages their cleaning costs. Your house cleaning prices need to cover the following expenses:

Payroll expenses, taxes

• Marketing costs

Cleaning supplies

Professional fees.

Based on Queen Bee Cleaning Service's annual expenses, you might expect your total overhead costs to be approximately 87% of the amount that you make if you have employees. If you are a single-person house cleaner, the total overhead will be between 30% and 50%.

In the following sections, we share a few examples. You can use similar math regardless of what type of cleaning business you run. Queen Bee is primarily house cleaning, so I refer to house cleaners in these sections.

Let's look at each of these to give you an idea of what they are for Queen Bee and what you can expect to pay when you start to charge for housecleaning.

How labor impacts house cleaning prices

Labor typically accounts for approximately 50% of the costs of running a house cleaning company. Whether this amount is going to you or your employees will vary. If you have employees, you'll typically need to pay them either an hourly rate or billable hours.

Just make sure you don't try to consider them independent contractors. Chris told us:

[su_quote] I was misclassifying the maids and got a hefty fine. [/su_quote]

To help establish an hourly rate, check what house cleaning companies in your area pay their housekeepers. The Bureau of Labor Statistics has a lot of data on the hourly rate of the house cleaning industry, too. In most places, a house cleaner will be paid an hourly rate of $15 or more.

Remember to train your staff well because employee efficiency can impact both quality and overhead.

Assuming the following:

• Employee pay: $15 per hour
• Employee hourly rate, revenue: 50%
• Number of people on cleaning crew: Two

You'll want to charge the customer no less than $60 per hour . That is far lower than the cleaning rates for many house cleaning companies. The reason is that a house cleaner has other costs that go into the standard cleaning fees.

On top of employee pay, your house cleaning price will also need to cover the costs of payroll expenses and taxes. The government requires employers to collect:

• Income taxes: You'll need to withhold these for all employees using the information in Publication 15-T .
• Payroll taxes: The employee pays 7.65%, and the employer pays 7.65%.
• State taxes: There are seven states without income taxes . You'll have to collect these from employee pay unless you live in Alaska, Florida, Nevada, South Dakota, Texas, Washington, or Wyoming.
• Other deductions: Insurance, 401K, etc., will be deducted if you offer them.

There are a lot of tasks associated with compliance, so you may want to outsource your human resources . Most of these services start around $39 per month plus $6 per month for each employee.

The 7.65% tax increases the $60 per hour fee to $65 per hour, which is starting to get closer to the cleaning rates of industry leader Molly Maid, which charges $75 to $96 per hour for a basic cleaning package.

Your revenue will also need to cover other costs such as cleaning supplies, which we'll discuss next.

Based on standard cleaning services, you'll probably need to spend an average of $3 to $5 per hour on cleaning supplies. You'll be buying these in bulk to save money, but Chris estimates that the supply list for many cleaning companies will be around $900 for startup costs.

That means a rate of $70 per hour, which gets us even closer to the price your house cleaning service needs to charge.

Vehicle, fuel, insurance, and repairs

Local businesses will have to drive to provide weekly cleaning to residential and commercial clients. That means you'll need to maintain the vehicle and meet insurance requirements. At Queen Bee, these costs are approximately 17% of the revenue.

This is why your credit score is so important to businesses. Bankrate estimates that insurance costs 25% more for an average credit score than excellent credit, and those with poor credit spend twice as much as any other group.

If you add 17% to the $70 cleaning crew rate, that brings you to $81.9 per hour—without any administrative costs, marketing costs, rent, or other utilities.

Marketing and administration costs

The Small Business Administration advises spending 5% to 15% of your desired revenue on marketing your cleaning business (or any other business). Chris doesn't think you need to spend that much, though

If you have good software, you can automate many of your tasks and reduce the final cost of operating. Chris runs his marketing for between 2.4% and 6.2% of revenue per month, with the lower percentages during the holidays.

Pro Tip: To learn some of the ways Chris uses marketing, check out our blog on getting clients , and don’t miss our original report on small business marketing budget statistics that will help you make the most of your marketing spend.

Chris’s rent and utilities are based on running a home-based business. These are marvelous because they are mostly legal accounting maneuvers. If you store supplies in your home or do office work out of it, you can claim the space you use and the energy associated with it on your taxes.

There are a lot of rules governing this, but if you choose the simplified method of claiming, you get an allowance of up to $1,500 a year. If use your the actual expenses, it can go higher (but may increase the chances of an audit). You'll want to measure the square footage of the space used.

You don't have to include the costs of operating from home in your house cleaning cost, but if you do, it will raise the hourly rate by about $1 per hour.

If you have a home-based business, you'll be using the energy associated with work as a write-off, but if you have a separate location where you store everything, you'll need to cover those costs.

Utilities shouldn't be too much unless your cleaning business does a lot of laundry or manufacturing in-house. To give you an idea, Chris only spends about $300 per month on utilities.

Local companies will often need a lawyer and an accountant to help them structure their domestic services correctly. You'll want to budget for these. Chris assumes approximately $1,000 per month for his cleaning company, but different cleaning services will have different needs.

There are a variety of ways to charge for a cleaning service. We'll cover the most common pricing strategies cleaning businesses use, including:

• Charging by the hour
• Pricing per square foot
• Pricing per room
• Comparing house cleaning prices in your area
• Offering weekly cleaning subscriptions with discounts
• Proposing household chores as add-ons
• Giving free estimates

How much to charge for house cleaning per hour

The hourly rate for house cleaning is the easiest pricing structure to use, but it can create fluctuations in costs based on how long it takes to clean the property. This works best if the client provides all the cleaning supplies and just needs someone to help. You might want to do this if a client wants specific eco-friendly or other specific cleaning supplies.

You'll probably want to charge higher for the first hour. I typically assume that it will cost me $50 just to drive somewhere. Based on Queen Bee's pricing guide, Chris has established that cleaning services prices should be approximately $70 for the travel costs and booking fees.

To calculate how much you want to charge, assume:

• 2,000 hours per year
• 65% profit margin when you are the worker or 15% when someone else is doing the work
• Your income goals (let's say $100K per year to start)

Divide your income goal by the hours in a year to get an hourly rate. See the example below:

$100,000 / 2,000 = $50 per hour

$50 per hour would be revenue, though. To calculate the profit, you'd need to divide the hourly by .65.

$50 / .65 = $76.92 per hour

Let's make it a nice even number, so it's easy to multiply and make it a straight $80 per hour. You need to add your first-hour fee, though. Let's use the $70 Chris uses, and that will make the first hour $150, and each additional hour $80.

That means you need five hourly cleaners to make the same $100K profit you would if you were doing all the cleaning yourself. Now, if you have five employees plus yourself, you can make $200K per year after paying your employees their house cleaning rates per hour.

How to calculate cleaning cost per square foot pricing

The price per square foot is straightforward to estimate. Given that almost every address has a public record, you can look it up to see how many square feet their house is. Then to charge by the square foot, multiply the square feet by 20 cents (or divide by five).

Example: How much should I charge to clean a 2,000 sq ft house?

2,000 x $.20 = $400

2,000 / 5 = $400

Example: How much should I charge to clean a 3,000 sq ft house?

You can make it more complicated and separate it by carpet and tile, where the carpet is 20 cents and tile is 25 (examples for easy math).

(2,000*$0.20) + (1,000*$0.25) = $650

As you can see, the square foot billing can change based on the type of cleaning.

How much does it cost to clean a house per room?

Another easy way is to price by the room or by the fixture. Chris charges a fee per room plus fees for other specific tasks. For instance, he has a table that details:

• 1- to 10-room pricing
• Full restroom pricing
• Half bath pricing
• Add-ons like full window cleaning

Each has a specific price, so he can quickly estimate based on the number of rooms, restrooms, and add-ons. You should really check out how he does it on the Queen Bee Cleaning Service booking page .

Pro Tip: Chris uses Booking Koala to automate the whole booking process. Check it out, and let us know what you think!

How much do other cleaning services charge?

Professional cleaners have plenty of sites to help evaluate the average house cleaning cost in their areas. Many of the sites are the same ones you'll use to find customers for your house cleaning service.

For instance, Thumbtack makes it easy to establish the rates house cleaners charge in a particular area. While you're on the site, you might want to sign up to provide cleaning services.

Offer weekly cleaning service discounts

Whether you are a residential cleaning business or offer commercial cleaning services, your cleaning company can benefit tremendously by offering regular cleaning services at a discount to loyal customers.

House cleaners benefit from offering discounts for routine cleaning in the following ways:

• Increased efficiency: Less travel time, more cleaning jobs completed per day, reduced house cleaning costs.
• Better forecasting: Order your own cleaning supplies with more accurate forecasts.
• Better scheduling: You can schedule house cleaners working each day more effectively.
• Better cash flow: The more of your cleaning jobs that occur on a recurring basis, the better your cash flow will be.
• Reduces churn: CB Insights says that subscription models change the customer retention dynamic from mostly churning to mostly retention.
• Increases lifetime value: The value of a customer increases consistently over time.
• Reduced marketing costs: Your cleaning company will be able to spend less on marketing when you have higher retention rates.
• Lower overhead-to-revenue ratio: As a cleaning company's recurring jobs grow, the overhead stays the same until you have to invest in more equipment or administration.
• Happier customers: Everyone (except maybe hoarders) loves a clean home! Someone coming in each week and cleaning their home will delight customers.

When you have long-term relationships you may want to have a commercial cleaning contract . Chris doesn't use them, but a lot of his suggestions still work for contracts.

We used the pricing from Queen Bee Cleaning Service to show how their subscription model increases the revenue over the course of a year. As you can see, offering a 10% monthly, 15% bi-weekly, and 20% weekly discount can dramatically increase the revenue of a house cleaning business.

How much do house cleaners charge for add-ons?

Customers might want you to offer other services like appliance cleaning. Anticipate this and have easy ways to calculate cleaning cost estimates. Some of the most common add-ons are:

• Deep house cleaning
• Appliance cleaning
• Indoor and outdoor window washing

You can add each of these to the house cleaning cost to help improve your revenue per cleaning job. A $200 cleaning job easily turns into a full day if someone wants all the add-ons. It will increase the cleaning rate to potentially as high as $1,000 and make it so your cleaning crew only has to clean one house that day.

That's great for reducing expenses!

How much do house cleaners make for estimates?

Whether you are doing a deep clean, home cleaning, or post-construction cleaning, people love free stuff, and businesses should, too!

[su_quote] Most people don't know the square footage of their house. [/su_quote]

A free estimate gives you a chance to view the property, manage the risk of underestimating with a flat rate, and establish the square footage and whether it needs a deep clean. Plus, it gives you a chance to develop a relationship, ask questions, and help your customer develop a plan. This may increase overhead costs, but it builds loyalty.

Sign up for our exclusive 7-Figure Cleaning Business Blueprint

Knowing how to correctly price your cleaning services determines if your business will grow and prosper, or fail before it even gets off the ground. Chris will show you the best pricing strategies so you can start earning $10,000 a month in just three months as you launch your business! Sign up for our exclusive seven-figure cleaning course today by clicking here .

What type of pricing do you plan to adopt with your cleaning business?

59 Business Ideas for Couples (2024)

Have you ever considered starting a business with your spouse? If so, check out these fantastic business ideas tailor-made for couples!

The concept of husband and wife business ideas has been around for a long time, and the prospect of building your dream life together is undoubtedly appealing. Let's explore some great business ideas for couples!

[su_note note_color="#dbeafc"]Click a link below to skip to the idea that interests you (and your partner!) most.

Tips for Getting Started With a Business Idea for Couples

Strategies for couples to start a successful business, best online businesses for couples, part-time business ideas for couples, two-person team start-ups: profitable business ideas for couples, small businesses for couples to start.

• Which Business for Couples Will You Choose? [/su_note]

There are numerous considerations when couples decide to start a small business together. You’ll want to:

• Consider the initial time and financial investment required.
• Identify activities that you both enjoy doing consistently.
• Decide if you want immediate returns or are willing to invest in a more passive venture.
• Combine your skills as a couple to find synergies in the business.
• Follow your shared passions and interests.
• Determine your preference for a location-based or online business.

You’ll also want to find ways to make sure that both partners feel fulfilled by the business. That means you should:

• Ensure the business idea suits both partners' needs and interests.
• Practice effective communication and maintain a balance between work and personal life.
• Consider the roles you can play within the business to complement each other.

1. Blogging: Start a blog and monetize it over time

• Average Annual Revenue: $46K • Average Profit Margins: 14.6% • Startup Costs: Under $100-$200 • Time To Revenue: 1 month to 3 Years • Annual Market Growth Rate: -1.50% • Best for: Couples with writing, graphic design, and other content creation skills, strong marketers

A blog can be a great business venture on its own or in combination with other business ideas like a podcast, vlog, or online education business. It’s easy to get started but can take a while to build an audience and generate regular and recurring income.

One of you can write, while the other does design, or work together on everything.

Kevin Espiritu used a blog to turn his passion for gardening into a $7.3 million-a-year business. Hear his story in this podcast interview:

2. Sell Stock Photos: Create and sell unique stock photography

• Average Annual Revenue: $50K • Average Profit Margins: 7.3% • Startup Costs: $1K-$10K • Time To Revenue: 1-6 months • Annual Market Growth Rate: 0.3% • Best for: Photographers, visual artists, people who want flexibility and passive income

A photography business can be a highly profitable business, and it is among the best couple business ideas to run from the side at home. There are tons of sites to sell stock photographs, including:

• iStock Photos by Getty Images
• Shutterstock

3. Freelance Writing: Offer content writing services

• Average Annual Revenue: $46K • Average Profit Margins: 14.6% • Startup Costs: $100-$200 • Time To Revenue: 1 month to 3 Years • Annual Market Growth Rate: -1.50% • Best for: Writers, editors, SEO and digital marketing experts

Writing content is a great business idea for couples who want to start their own business quickly out of their home . Just set up a profile on a freelance platform like Upwork or Fiverr and you can begin accepting clients in minutes.

4 . Cleaning Service: Offer residential or commercial cleaning

• Average Annual Revenue: $61K+ • Average Profit Margins: 10.8% • Startup Cost: $300-$5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 2.4% • Best for: Detail-oriented people with strong customer service skills, people who like physical work and don’t mind getting their hands dirty

The low investment to start a cleaning business is one thing that draws people to this niche. Demand is also strong and growing, at a rate of 6.6% each year for the last decade.

Chris Mondragon grew Queen Bee Cleaning Services to $120,000 a month in revenue from an initial investment of just $5,000. He teaches how to follow his model in his 7-Figure Cleaning Business Blueprint . You can also watch this interview with Chris to hear how he started:

You can even start a remote cleaning business .

5. Printables: Design and sell customizable printed products

• Average Annual Revenue: $1.6M • Average Profit Margins: 4.3% • Startup Cost: $500-$250K • Time To Revenue: 3+ months • Annual Market Growth Rate: -5.6% • Best for: Graphic designers and visual artists, marketing experts

An online store selling custom-printed items is among the best business ideas for creative entrepreneurs who want a passive income stream.

People buy customizable printables for a lot of reasons, from marketing swag and business gifts to favors for weddings and parties. All of those niches mean lots of potential customers for your eCommerce business.

[su_youtube url="https://youtu.be/BmYCYMAsQ8Y"]

6. Web Design: Create and manage websites for clients

• Average Annual Revenue: $239K+ • Average Profit Margins: 5.3% • Startup Cost: $100-$1K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.4% • Best for: Web developers, programmers, graphic designers, SEO experts

Every business needs a website but not all business owners can make one. If graphic design, visual layout, or coding are among your or your partner’s interests, website design is a good business idea with a low investment up-front and a lot of growth potential.

7. Virtual Assistant: Provide a wide range of online assistance

• Average Annual Revenue: $35K-$50K • Average Profit Margins: 10.5% • Startup Costs: $100-$200 • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.9% • Best for: Highly-organized people, excellent communicators with strong time management and problem-solving skills

Virtual assistants (VA) help busy professionals take care of day-to-day tasks, like scheduling appointments, booking travel, and similar administrative things.

Being a VA is a great online business idea because it has a low investment to start and doesn’t require any special skills. The hours are usually flexible, too, making it ideal for parents looking for business opportunities they can fit around other commitments.

8. Ads: Offer ad writing and design services for various platforms

• Average Annual Revenue: $817K • Average Profit Margins: 6.9% • Startup Costs: $1.8K-$16K • Time To Revenue: 1-6 months • Annual Market Growth Rate: 1.3% • Best for: Marketing experts, writers, visual artists, graphic designers, people skilled in SEO, SEM, and other digital marketing techniques

Similar to web design, creating compelling advertisements requires a unique set of skills that not all business owners have. This makes it a profitable business idea with a lot of growth potential, especially for a two-person team.

9. Vending Machine Owners: Establish or buy vending machine routes

• Average Annual Revenue: $182K+ • Average Profit Margins: 4.3% • Startup Cost: $2K-$10K • Time To Revenue: 3+ months • Annual Market Growth Rate: 0.5% • Best for: People who want flexibility and passive income potential, system-driven entrepreneurs

Do you ever wonder who makes money from the vending machines in workplaces, schools, and other businesses? It could be you if you start a vending business!

Vending has a high profit potential without needing a huge time investment. UpFlip’s Vending Bootcamp teaches you how to get started step-by-step. You can also watch this interview with Hill Vending founder Adam Hill to learn how he got started:

[su_youtube url="https://www.youtube.com/watch?v=-s_Y-O1nosw"]

10. Online Educational Resources: Create and sell online courses together

• Average Annual Revenue: $234K+ • Average Profit Margins: 5.8% • Startup Cost: $100-$1K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.1% • Best for: Teachers and educators, people with in-demand skills and knowledge, writers and content creators

Selling online courses lets you make a living sharing your knowledge. Creating the course takes the most work. Once you’ve made online educational resources, you can run a profitable business with little time investment.

It’s also a cheap business to start. Jacques Hopkins started his online course business with a $ 150-a-month budget, and he’s grown it to more than $40,000 a month in revenue. Hear his advice in this interview:

11. Tutoring: Offer virtual tutoring sessions in various subjects

• Average Annual Revenue: $18K+ • Average Profit Margins: 13.10% • Startup Cost: $100-$1K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 8.5% • Best for: Teachers and educators, excellent communicators and motivators, experts in academic subjects or test prep

Speaking of an online education business, tutoring is another of the best business ideas for couples who are educators. You can run a completely online business with virtual tutoring sessions or set up an online portal to connect with in-person students.

There are a number of tutoring platforms where you can begin accepting clients to get your business up and running. Some of the most popular include:

• Strive Academics

12. Stock Market: Manage other people’s investments

• Average Annual Revenue: $1.8M+ • Average Profit Margins: 36.1% • Startup Cost: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 8.2% • Best for: financial advisors and money experts, investors and stock traders

For business partners with a background in finance, investment management is a highly profitable business idea. The people who have investments to manage tend to be high-earners, so you can easily build a client list of people willing to pay top dollar.

Bear in mind that investment advisors need to be registered with the Securities and Exchange Commission (SEC) and may also need to register with their state in order to operate legally. The SEC explains how to register on its website.

13. Consultancy business: Provide expert advice and recommendations

• Average Annual Revenue: $364K • Average Profit Margins: 6.4% • Startup Costs: $1K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 2.2% • Best for: Creative problem solvers, excellent communicators and motivators, experts in in-demand areas like marketing, human resources, and leadership

Entrepreneurs will pay top dollar for business development advice that helps them grow revenue, become better leaders, master their digital marketing, or hone other necessary skills. A couple with that expertise can make excellent business partners for a consultancy business.

The key to success is finding the right niche market. For example, Ryan Gromfin turned his experience managing five-star restaurants into a $ 35,000-a-month restaurant consulting business. Hear his advice here:

14. Coaching: Become life, business, or mindset coaches

• Average Annual Revenue: $63K+ • Average Profit Margins: 10.5% • Startup Costs: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.5% • Best for: Empathetic entrepreneurs, active listeners and great communicators, people with strong organization, time management, and creative problem-solving skills

Coaching can be a very profitable business to start with a business partner because you can accelerate your growth and build your client list twice as fast. You can be a coach in any area where you’re an expert, from personal organization to parenting to being a landscape and gardening consultant.

15. Digital Marketing: Offer online marketing services

• Average Annual Revenue: $817K • Average Profit Margins: 6.9% • Startup Costs: $100-$10K • Time To Revenue: 1-6 months • Annual Market Growth Rate: 1.3% • Best for: social media experts, designers and content creators, data analysts, people with SEM, SEO, and similar digital marketing skills

A digital marketing agency is one of the top business ideas for couples who want high-profit potential as well as schedule flexibility. Most businesses today need an online presence, and that puts digital marketing skills in high demand.

The digital marketing firm Socialistics has grown to $500,000 a year in revenue by attracting big-name clients like the Air Force and Habitat for Humanity. Find out how they got started in this interview:

[su_youtube url="https://www.youtube.com/watch?v=kb1czTEK8f8"]

16. E-books: Write and sell e-books

• Average Annual Revenue: $712K • Average Profit Margins: 14.6% • Startup Costs: $100-$200 • Time To Revenue: 1 month to 3 years • Annual Market Growth Rate: -1.5% • Best for: Writers and editors, strong online marketers, couples seeking a passive income stream

Selling e-books is a very flexible business. You create the books on your own schedule then list them in an online store, which you can manage any time and from anywhere.

The tricky part about starting an e-book business is that there are a lot of them out there, so you’ll need strategies to get customer attention in a crowded market. It can help to focus on a niche market, or if you have other ways to build an audience, like through a podcast , YouTube channel, or large social media following.

17. T-Shirt Business: Design and sell custom t-shirts online

• Average Annual Revenue: $147K • Average Profit Margins: 3.2% • Startup Costs: $1K-$200K • Time To Revenue: 30-90 days • Annual Market Growth Rate: 3.3% • Best for: Artists and graphic designers, strong marketers and networkers

One particularly popular custom printables niche is a print-on-demand t-shirt business. This is among the best business ideas for couples who are creative and need flexibility.

Artem Ionitsa makes $2,000,000 a year with his Logo Unlimited that prints clothing for major businesses . Find out how he started and grew his business in this interview:

[su_youtube url="https://www.youtube.com/watch?v=CJRWc1ZPCpQ"]

18. eCommerce: Sell products through a website

• Average Annual Revenue: $60K-$120K • Average Profit Margins: 5-15% • Startup Costs: $100-$1K • Time To Revenue: 30-90 days • Annual Market Growth Rate: -9.3% • Best for: Makers, designers, and crafters, artists and creators, fashion and shopping lovers

You can sell just about anything with an eCommerce business. Vlad Kuksenko started TagPup with a low investment of just $500 and in two years made more than $1 million in sales. Hear how he became the #1 pet products store on Etsy in this interview:

[su_youtube url="https://www.youtube.com/watch?v=7dqHBHA4AmU"]

19. Website Flipping: Buy, enhance, and sell websites

• Average Annual Revenue: $239K • Average Profit Margins: 5.30% • Startup Costs: $100-$1K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.40% • Best for: Web designers and developers, experts in SEO, web traffic, data analysis, or automation

Domain flipping is like a digital version of a real estate business. You purchase a website at a low price, then improve its design, functionality, and search rankings to increase its value and sell it for a profit.

After starting OneHourProfessor.com in 2014, Ron Stefanski has built a portfolio of websites that bring in $30,000 a month in revenue on average. Hear his advice on how to start a website business in this interview:

20. Podcasting: Create and monetize a podcast

• Average Annual Revenue: $4M+ • Average Profit Margins: 27.1% • Startup Costs: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 6.4% • Best for: Entertainers, skilled communicators, teachers, presenters, and content creators

Podcasting was an $18.5 billion industry in 2022, and it’s expected to grow another 27.6% by 2030. Like a blog, podcasting can be a successful business idea on its own or in tandem with other online educational resources.

Building an audience is the most challenging part of starting a podcast. Listen to this interview to learn how Entrepreneurs on Fire became one of the top business podcasts with more than 142 million listeners:

21. Junk Removal: Help clear out people’s homes and offices

• Average Annual Revenue: $5.7M+ • Average Profit Margins: 2.9% • Startup Costs: $100K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 1.9% • Best for: Construction pros, couples who like physical work

Many people don’t know how to dispose of large junk like appliances and construction trash—and they don’t want to deal with it even if they do. That’s what makes junk removal a $10 billion-a-year industry and a profitable, unique business idea for couples.

22. Dog Walking: Provide pet walking services

• Average Annual Revenue: $34K+ • Average Profit Margins: 16% • Startup Costs: $500-$5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.7% • Best for: Pet owners, animal lovers, people with high physical stamina who like working outdoors

Nearly 20% of American households adopted a dog during the pandemic. Now that people are being called back to the office, dog walkers are in increasingly high demand.

That demand has driven up prices. In large markets like New York, dog walkers can charge $600 or more a month per client. This gives it potential to be a highly profitable business even as a part-time venture.

Starting with a partner makes it where you can walk twice as many dogs.

23. Catering: Start your own catering business for events

• Average Annual Revenue: $124K+ • Average Profit Margins: 5.5% • Startup Costs: $1K-$100K • Time To Revenue: 6-18 months • Annual Market Growth Rate: 1.0% • Best for: Cooks, bakers, and foodies with strong customer service and time management skills

One drawback to most food industry businesses is the high startup cost. Starting your own catering business is one way around this issue. You can rent a commercial kitchen when you need it instead of buying your own equipment, and that means a much lower up-front investment.

A catering company also gives you more scheduling flexibility than a restaurant. You can book events only during the times you’re available, and how much work you take on is completely in your court, too.

24. Personal Training: Offer fitness coaching services

• Average Annual Revenue: $16K+ • Average Profit Margins: 10.9% • Startup Costs: $500-$5K • Time To Revenue: 1-6 months • Annual Market Growth Rate: 0.6% • Best for: Health and fitness experts, great motivators with strong communication skills and empathy

A personal trainer helps their clients meet their fitness goals, and you don’t need your own gym to open a fitness business. You could offer sessions from your home, at clients’ homes, or partner with a local athletics and fitness association to use their facilities.

There are also affordable opportunities to become a franchise business partner as a personal trainer or fitness business. Jazzercise franchises start at $2,500, for example, and Anytime Fitness franchises have a similarly low investment.

25. Car Wash and Detailing: Provide car washing and detailing services

• Average Annual Revenue: $73K+ • Average Profit Margins: 16.1% • Startup Cost: $500-$5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.0% • Best for: Car lovers, detail-oriented entrepreneurs who like working with their hands

More than 91% of households in the United States own a car, and about 22% own three or more. This makes businesses related to car maintenance a smart move.

A mobile business is often a better side hustle than a brick-and-mortar, with both a lower upfront cost and more schedule flexibility. Seattle Mobile Detailing was started by business partners with just $300 and now grosses $40,000 a month. Learn how they got started in this interview:

[su_youtube url="https://www.youtube.com/watch?v=Rk4L1O2b84Q"]

26. Horticulture: Grow plants for nurseries

• Average Annual Revenue: $262K+ • Average Profit Margins: 5.4% • Startup Costs: $100K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 2.8% • Best for: Gardeners and plant experts, people who love working outside

You don’t need a huge plot of land to start a flower or herb farm. A rose, sunflower, or lavender farming business are outstanding couple business ideas for those with unused yard space and green thumbs.

27. Resume Writing: Write professional resumes and LinkedIn profiles

• Average Annual Revenue: $46K • Average Profit Margins: 5.8% • Startup Cost: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.1% • Best for: Human resources professionals, writers and editors, people with recruiting or hiring experience

A well-written resume is key to a successful job search, and a strong LinkedIn profile can be just as important. It’s typical to charge $200-$400 for a mid-career resume, while executive resumes command prices of $700 or more.

That’s not bad for a one-to-two-page document and makes a very lucrative part-time business for a couple with career expertise.

28. Personal Shopping: Assist clients with personal shopping needs

• Average Annual Revenue: $37K+ • Average Profit Margins: 1.9% • Startup Cost: $100-$1K • Time To Revenue: 3+ months • Annual Market Growth Rate: 10.5% • Best for: Strong communicators, people who are patient, organized, and empathetic with a sharp eye for detail and good decision-making skills

As a personal shopper, you get clients the things they need—even when they’re not quite sure what those are. The guidance personal shoppers give is what differentiates them from a virtual assistant or delivery service and makes it a more profitable business.

29. Handyperson: Offer general handyman services

• Average Annual Revenue: $204K+ • Average Profit Margins: 5.4% • Startup Costs: $500-$5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 0.7% • Best for: Contractors and skilled trade workers, people who like working with their hands and have good communication and customer service skills

Every homeowner needs repairs now and then, and they don’t always have the time or skills to make them. This is a great business idea for a two-person team because you can do more work faster, making for happy customers and higher profits.

It doesn’t take much to start a handyperson business. Find out how Caleb Ingraham started his $ 25,000-a-month business in this interview:

[su_youtube url="https://www.youtube.com/watch?v=leUta_q_MPQ"]

30. Interior Painting and Wallpapering: Provide interior painting and wallpapering services

• Average Annual Revenue: $76K+ • Average Profit Margins: 7.2% • Startup Costs: $1K-$100K • Time To Revenue: 6-18 months • Annual Market Growth Rate: -2% • Best for: Construction and home repair professionals, painters and designers, people who like physical work, detail-oriented and process-driven entrepreneurs

Painting and wallpapering are among the best business ideas for couples who want to stay active and make money together. The mess and labor involved in painting houses is why many customers pay for a service.

It takes a surprisingly low investment to start a house painting business. Joshua Douglass only invested about $6,000 to start A Painter’s Touch, and today it makes around $25,000 a month. Hear his story in this interview:

31. Party Planner: Plan and coordinate events for clients

• Average Annual Revenue: $34K+ • Average Profit Margins: 12.2% • Startup Costs: $500-$5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1% • Best for: Organized and outgoing people with strong creative problem-solving, time management, and customer service skills

A wedding planning business is the best-known niche in event planning, but that’s far from the only option. From family reunions and celebrations to corporate events, there are a lot of ways to profit from your party planning skills.

32. Paint Wall Murals: Create artistic murals for customers

• Average Annual Revenue: $76K+ • Average Profit Margins: 7.20% • Startup Costs: $1K-$100K • Time To Revenue: 6-18 months • Annual Market Growth Rate: -2.00% • Best for: Painters and visual artists, designers, creative people who like physical work

An eye-catching mural can be a great draw for customers to a business, or bring a unique touch to a home. Mural artists typically charge $10-$20 per square foot, which can put this among the most profitable business ideas for a creative side hustle.

With the right equipment, you don’t need to be an artist to make money from murals. Paul Baron started a business in vertical printing with The Wall Printer. Find out more in his podcast interview.

33. Pinterest Account Manager: Manage Pinterest accounts for businesses

• Average Annual Revenue: $42K to $208K • Average Profit Margins: 6.9% • Startup Costs: $1.8K-$16K • Time To Revenue: 1-6 months • Annual Market Growth Rate: 1.3% • Best for: Social media experts, photographers and graphic designers, organized and creative entrepreneurs

Pinterest is a popular platform for anyone running a food business, clothing shop, or cosmetic line as well as others who have visually compelling products to sell. The average Pinterest Virtual Assistant makes about $500 a month per client or up to $100 per hour, but you can certainly make more than that as a skilled Pinterest manager.

One of you can find clients while the other one manages the Pinterest accounts.

34. Subscription Box Service: Curate niche subscription boxes

• Average Annual Revenue: $60K to $120K • Average Profit Margins: 5-15% • Startup Costs: $100-$10K • Time To Revenue: 30-90 days • Annual Market Growth Rate: 16.5% • Best for: Data experts, people tuned in to trends, strong marketers and salespeople, people with specialized product niche expertise

A subscription business is a fantastic business model because you earn regular and recurring income by default.

Any type of consumable product can be part of a subscription box, from healthy snacks to on-trend clothes, shoes, or makeup. Whatever your or your partner’s interests, you can start a successful business curating monthly goodie boxes for other fans of that niche.

35. Local Guides: Offer guided tours and experiences in your area

• Average Annual Revenue: $995K+ • Average Profit Margins: 6.6% • Startup Cost: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 3.5% • Best for: Friendly, outgoing couples with excellent communication skills, actors and performers, people with niche knowledge about their local area

This is a fantastic business idea for couples who are active in their local community or have unique expertise in the history, culture, wildlife, or other aspects of their region.

You could give general tours or niche down. If you’re plugged into the local food scene, for instance, you can market to tourists and food lovers who flock to food truck tours and brewery crawls.

36. Adventure Tourism: Get people out and exploring

• Average Annual Revenue: $995K+ • Average Profit Margins: 6.6% • Startup Cost: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 3.5% • Best for: Adventurous and outgoing entrepreneurs with strong marketing and communication skills

People love experiencing new things, and you can offer that as business partners in the adventure tourism niche.

Jonathan Newar started Captain Experiences in 2020 to do just that and has already grown the business to $100,000 a month in revenue. Hear his story in this interview:

37. Eco-Friendly and Chemical-Free Makeup and Beauty Products: Produce natural cosmetics and self-care products

• Average Annual Revenue: $11.5M+ • Average Profit Margins: 5.7% • Startup Costs: $500-$250K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.2% • Best for: Makeup artists, stylists, and other fashion and beauty experts with strong sales and creative problem-solving skills

Cosmetics is the third-largest segment of the U.S. beauty industry, projected to bring in $20.13 billion in revenue in 2024. Natural and chemical-free products are a growing niche within this sector and can be very profitable as either a brick-and-mortar store or eCommerce business.

38. Meal Prep Business: Prepare and deliver healthy meals

• Average Annual Revenue: $41K+ • Average Profit Margins: 6.4% • Startup Cost: $1K-$100K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.2% • Best for: Cooks, chefs, and other restaurant industry pros with strong time management and organization skills

Meal delivery services spiked in popularity during the pandemic and that trend shows no signs of reversing. You can offer meal delivery services as a subscription business for recurring revenue, too, or home in on a niche like office food delivery.

39. Food or Grocery Delivery Business: Deliver prepared food or groceries

• Average Annual Revenue: $31K • Average Profit Margins: 3.6% • Startup Cost: $100-$9.5K • Time To Revenue: 3+ months • Annual Market Growth Rate: 6.7% • Best for: Organized and system-focused entrepreneurs with strong sales, marketing, and customer service skills

If you like the idea of a meal delivery service business but aren’t much of a cook, you can start your own business delivering groceries or food from other restaurants. While these services are in demand, you will be competing with heavy hitters like Uber Eats and DoorDash, which is the main challenge of getting started.

Adam Haber started Trellus Local Delivery to help small businesses. While Trellus delivers more than just food, you can follow a similar model for meal delivery services. Hear his story in this interview:

40. Interior Design for Small Businesses: Provide interior design for office or retail spaces

• Average Annual Revenue: $168K+ • Average Profit Margins: 10.6% • Startup Costs: $1K-$100K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.2% • Best for: Designers and artists who are excellent communicators, networkers, and salespeople

If you’re looking for business ideas for couples with a low investment, service-based niches like a design business can be a perfect fit.

Building a client base is often the hardest part of getting started. One option is to provide free services in exchange for referrals or reviews and to establish portfolio of past work to show potential customers.

41. Organizing Business: Help clients declutter and organize their spaces

• Average Annual Revenue: $168K+ • Average Profit Margins: 10.6% • Startup Cost: $1K-$100K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.2% • Best for: Organized, system-driven, and empathetic entrepreneurs who are good communicators and motivators

Another low-investment service business, professional organizing services work with clients to bring order to the chaos of life. This can range from decluttering a home to helping busy professionals organize their workspaces, and it’s among the top business ideas for couples who thrive on systems and order.

42. Travel Photography: Sell beautiful photos of your favorite places

• Average Annual Revenue: $44K • Average Profit Margins: 7.30% • Startup Cost: $5K-$15K • Time To Revenue: 3+ months • Annual Market Growth Rate: 0.3% • Best for: Artists, photographers, and creative couples

A photography business in the travel niche lets you take your business on the road wherever you want to go. You can sell your images as prints in an online store, sell them as stock photos, or work with clients like news sources and travel guides.

43. Translator: Leverage your bilingual- or multilingualism

• Average Annual Revenue: $75K-$200K • Average Profit Margins: 12.4% • Startup Cost: $100-$200 • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.2% • Best for: People who speak multiple languages, excellent communicators with strong problem-solving skills

While AI-driven translation apps are functional for travelers, there is still a high need for professional translators in the global economy. The most in-demand languages include Spanish, German, Russian, and Mandarin (and bonus points if you speak three or more).

44. Handmade Jewelry, Candles, or Soap: Craft and sell handmade products

• Average Annual Revenue: $60K-$120K • Average Profit Margins: 5-15% • Startup Costs: $100-$10K • Time To Revenue: 30-90 days • Annual Market Growth Rate: -9.3% • Best for: Artisans, crafters, and artists with strong sales, marketing, and customer service skills

There are lots of ways to start a handcrafted soap, artisanal candle, or handmade jewelry business. While it’s fastest to start as an eCommerce business, you can supplement those sales with a festival or farmers market stall, or even get your own storefront as the business grows.

Check out this interview with Blk Sunflower to learn how Jazmin Richards made $300,000 in 18 months selling handmade candles:

[su_youtube url="https://www.youtube.com/watch?v=UzZ5aTbiLh0"]

45. Coffee Shop or Coffee Industry Business

• Average Annual Revenue: $865K+ (Starbucks makes this number sky high) • Average Profit Margins: 5.8% • Startup Costs: $1K-$100K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.2% • Best for: Baristas and coffee experts who excel at customer service

A coffee shop provides more than a caffeine fix. It’s also a gathering place for the community, making it a great business idea for couples who love meeting and talking to new people (and, of course, love coffee).

Starting a coffee shop can require a big startup investment. One way to get into the coffee industry for a lower price is with a coffee stand. You can expand that into a sit-down coffee shop as the business grows. Learn how Sandy Edin started a $24,000-a-month coffee stand in this interview:

[su_youtube url="https://www.youtube.com/watch?v=HvQt2wbj7DE"]

46. Childcare

• Average Annual Revenue: $143K+ • Average Profit Margins: 0.9% • Startup Costs: $0-$1K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 51.7% • Best for: Parents, babysitters, people who love kids and are outgoing, patient, and good multi-taskers

A childcare business is among the best business ideas for couples who are parents themselves. You already have the skills to take care of kids—and this is one way to make a profit from them!

That’s what led Kristy Bickmeyer to start Twinkle Toes Nanny Agency, and she’s now grown it to 20 locations across five states. Hear how she got started here:

47. Bakery or Cake Shop

• Average Annual Revenue: $1.95M • Average Profit Margins: 5.4% • Startup Costs: $100-$3M • Time To Revenue: 1-6 months • Annual Market Growth Rate: 1.1% • Best for: Cooks, chefs, bakers, or foodies with customer service, leadership, and marketing skills

Bakeries are among the most popular types of food retail business—who doesn’t love tasty cookies, cakes, and pastries?

While bakeries often have a high startup cost, they don’t have to. One option is to start as a bakery catering business, then expand into a storefront as the business grows. That’s how Mignon Francois turned $5 into a $10 million cupcake business. Hear her story in this interview:

[su_youtube url="https://www.youtube.com/watch?v=jmviDvmh5js"]

48. Boat, Bike, or Car Rentals

• Average Annual Revenue: $285K+ • Average Profit Margins: 6.8% • Startup Costs: $100K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 2.0% • Best for: Mechanics and vehicle repair pros with excellent sales, marketing, and customer service skills

Vehicle rental services are fantastic couples business ideas for people with a passion for cars, boats, or bikes. While it helps to have some repair or maintenance skills, all you really need to get started is an inventory of vehicles and a way to connect with customers.

Legends Car Rentals makes $175,000 a month, so you can definitely make a lot of profit in this niche. Hear how they started in this interview:

[su_youtube url="https://www.youtube.com/watch?v=W_01eckETe0"]

49. Doggy Daycare

• Average Annual Revenue: $73K+ • Average Profit Margins: 11.5% • Startup Costs: $1K-$100K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.1% • Best for: Animal lovers and owners, patient and personable entrepreneurs with strong customer service skills

Busy professionals and families sometimes need a hand watching their pets. You can solve that problem by opening a kennel or doggy daycare. If you love the idea of spending your days caring for dogs, this could be the perfect business for you!

50. Food Truck

• Average Annual Revenue: $41K+ • Average Profit Margins: 6.4% • Startup Cost: $1K-$100K • Time To Revenue: 3+ months • Annual Market Growth Rate: 1.2 • Best for: Cooks and food industry professionals who are excellent at marketing and customer service

It takes a lot to keep an entire restaurant afloat. The comparatively low investment and greater schedule flexibility are why food trucks are a popular alternative.

The food truck industry is crowded in some markets, which can make it challenging to attract customers. Learn how Aybla Grill started and grew their food truck business in this interview:

[su_youtube url="https://www.youtube.com/watch?v=Qi_RBWualJ8"]

51. Bookkeeping and Accounting

• Average Annual Revenue: $206K+ • Average Profit Margins: 13.9% • Startup Costs: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.6% • Best for: Accounting, math, and business professionals, detail-oriented entrepreneurs

While you need to be licensed to operate as a CPA, you don’t need that credential to start a bookkeeping service. For math and accounting pros, this is a solid business idea with a low investment to start. That said, this is another area you may need to provide free services to build a reputation and client trust.

52. Rental or Airbnb Property Management

• Average Annual Revenue: $372K+ • Average Profit Margins: 10.1% • Startup Cost: $100K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 1.3% • Best for: Real estate and construction professionals who are organized and strong customer service skills

A property management business is among the best low-investment business opportunities in real estate.

One niche market with especially high demand is Airbnb management. NICASA makes $3 million a year as an Airbnb business, and a lot of that comes from managing other people’s properties. Hear founders Sid and Eva’s advice and story in this interview:

[su_youtube url="https://www.youtube.com/watch?v=6m-MosXlpOE"]

53. Consignment Shop

• Average Annual Revenue: $60K-$120K • Average Profit Margins: 5-15% • Startup Costs: $100-$10K • Time To Revenue: 30-90 days • Annual Market Growth Rate: -9.3% • Best for: Fashion and style experts who are excellent negotiators and communicators

Starting a consignment shop lets you open a retail business without worrying about providing your own inventory. Instead, you earn a commission selling other people’s products, saving you lots of hassle, cost, and risk.

Clothing and art are among the most popular niches for consignment, but you can start this kind of business with any type of products.

54. Boutique Retail Business

• Average Annual Revenue: $114K+ • Average Profit Margins: 10.3% • Startup Costs: $500-$250K • Time To Revenue: 3+ months • Annual Market Growth Rate: 2.0% • Best for: Designers, artists, and fashion experts with strong marketing and customer service skills

If you’d rather make and sell your own clothes, a boutique retail business could be your perfect fit. Learn how Urbanity grew to $102,000 in monthly revenue in this interview:

[su_youtube url="https://www.youtube.com/watch?v=_wUc28d8KkE"]

55. IT Support

• Average Annual Revenue: $35K-$50K • Average Profit Margins: 10.5% • Startup Costs: $100-$200 • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.9% • Best for: Tech-savvy couples who are patient and have excellent communication skills

Sometimes, it’s not the device that needs to be repaired—it’s the user who needs help using it. Online businesses in IT support are especially great for business partners since it doubles how many customers you can help (and people who need IT support are likely internet users already).

56. eBay Selling Business

• Average Annual Revenue: $60K-$120K • Average Profit Margins: 5-15% • Startup Cost: $100-$10K • Time To Revenue: 30-90 days • Annual Market Growth Rate: -9.3% • Best for: Shoppers, thrifters, and antiquers who are good marketers, negotiators, and salespeople

An eCommerce business as a reseller is among the easiest online businesses to start. If you’re strapped for cash, you can even take your initial inventory from things you already own.

Mike Wilson started with about $1,000 in inventory and has grown to a revenue of $30,000 a month selling on eBay. Hear his story here:

57. Electronics Repair

• Average Annual Revenue: $560K+ • Average Profit Margins: 5.7% • Startup Costs: $500-$5K • Time To Revenue: 1-3 months • Annual Market Growth Rate: 1.4% • Best for: Tech and repair professionals with a sharp eye for details

Electronics repair is among the most profitable business ideas for couples who are tech-savvy. You can get started for cheap, too. Joe’s Electronics Repair is a seven-figure business that was started with just $45. Find out how in this interview:

[su_youtube url="https://www.youtube.com/watch?v=Rqce8NAZWYw"]

58. Flower Shop

• Average Annual Revenue: $262K+ • Average Profit Margins: 5.4% • Startup Costs: $100K-$3.5M • Time To Revenue: 6-18 months • Annual Market Growth Rate: 2.8% • Best for: Designers, artists, and creative people with a green thumb and excellent customer service

Flowers are a go-to gift for just about any situation. If you don’t want the costs of a brick-and-mortar, you can open a business stand, sell at a local farmers market, or open an online store.

Stemistry started online and grew into a brick-and-mortar—and the owner’s still a teenager! Find out how it started in this interview:

59. Auto Repair

• Average Annual Revenue: $268K+ • Average Profit Margins: 6.1% • Startup Costs: $1K-$100K • Time To Revenue: 1-3 months • Annual Market Growth Rate: -0.8% • Best for: Mechanics and repair pros, car experts who are good communicators

People rely on their cars and they’re keeping their cars longer , too. That means more demand for businesses related to car maintenance and repair.

A repair shop will need a fairly high investment. Lucky’s Auto Repair cost about $20,000 to start. Find out how they grew that investment into a lucrative business in this interview:

[su_youtube url="https://www.youtube.com/watch?v=chhmCdYt0iQ"]

Which Business for Couples Will You Choose?

There are plenty of small businesses to start as a couple. Consider both of your skills and interest and choose the one that works for you. Which will you start?

How to Create a Marketing Budget (for 2024)

Are you struggling to find the right balance for your marketing budget? Maybe you don’t know which marketing strategy to use. We have the information you need to improve your overall marketing performance.

We surveyed business owners to understand how small businesses approach marketing. More than 1,800 people responded, and we’ve used their insights, as well as data gathered for our average marketing budget report to provide a guide for creating marketing budgets.

We’ll explain what a marketing budget is, how much experts suggest spending, and how much marketing teams spend, then we'll discuss how to create a marketing plan. We’ll even show you how to promote a company on a tight budget so you can become a marketing leader without spending thousands on ads.

[su_note note_color="#dbeafc"]Click on any of the links below to jump ahead.

What is a marketing budget?

What is the average marketing budget for a small business, how does having a budget help you avoid the traps of digital marketing, how to create a marketing budget, why you need an integrated marketing strategy, how to promote your business on a limited marketing budget.

• What is your experience with marketing budgets? [/su_note]

A marketing budget outlines the costs a company spends on marketing its products or services. Your marketing budget should cover a specific duration, usually a quarter or a year. Your budget may also have periods for particular marketing campaigns.

Your marketing budget should include all expenses related to spreading the word about your business. Your marketing budget allocation will estimate costs for various line items, including:

• Marketing team
• Paid advertisements
• Marketing software
• Outsourced marketing services

Expect your company marketing spending to be approximately equal in all four categories.

We asked how much business owners spend on marketing strategies. We found that two-thirds spend less than $1,000 per year marketing their small business, while 15% spend over $10K and another 19% spend between $1K and $10K.

Meanwhile, the Small Business Administration suggests a marketing budget allocation of 8% of company revenue. That means two-thirds of businesses are only marketing enough to make $12,500 in revenue annually.

To make $100K in revenue, you should be spending around $8,000. Meanwhile, if you want $100K in after-tax profit, you’ll want to spend $32K to $400K on marketing each year, based on 2% to 25% profit margins .

A digital marketing budget makes tracking performance against goals and industry benchmarks easier when comparing marketing channels. The budgets for each channel can also be set in most advertisers’ software, preventing marketing from running rampant.

You can also limit wasted expenses on Google Ads by narrowing your spending to only high-performing keywords.

You can also use the high-performing keywords to guide other marketing team efforts by focusing social media ads, video marketing, and search engine optimization on subjects that actually contribute to your company’s success.

Author’s No-Nonsense Note About Marketing Budgets

There are two ways to go about marketing: Spending time or spending money. Every hour you spend marketing is one you can’t spend providing services or creating custom products. Of course, eCommerce stores, content creators, and marketing agencies are marketing during all work hours.

If you have virtually no marketing budget or want to do it all yourself, I suggest assuming you will spend 20 hours per week promoting your business and 20 billable hours per week serving customers. You’ll need to calculate your service rates (or product prices) based on these reduced weekly hours.

Creating a marketing budget involves careful planning, analysis, and allocation of resources to ensure that marketing activities align with business goals. Here's a step-by-step guide to help you create a marketing budget:

• Understand customer needs.
• Examine your business goals.
• Review past marketing budget management.
• Measure the average cost per lead.
• Calculate the average conversion rate.
• Establish how many leads you need.
• Define your marketing objectives.
• Create your marketing budget.
• Regularly monitor and adjust your marketing spend.

Understand customer needs

Your marketing strategies should focus on showing you understand your target customers. To succeed, you’ll want to use research and marketing analytics data to gain deeper insights into what existing and potential customers want and need.

Without market research, marketing teams may have a difficult time identifying the marketing channels to reach their target audience best.

Explore demographic and psychographic factors like age, gender, income level, location, and brand loyalty to learn more about what your target audience cares about.

Examine your business goals

You’ll want to consider the overlying business strategy and goals before you create a marketing plan and budget. You might need to talk to executives, investors, and other team members to establish what the business goals are, then create a marketing plan that helps you achieve those goals.

Your business strategy will also impact the marketing team's goals because the marketing budget needs to be high enough to accomplish the business goals.

Throughout this piece, we’ll assume you are trying to make $250K across 1,000 customers. We’ll use these numbers to help illustrate some of the concepts you’ll use to avoid common marketing budget mistakes.

Review past marketing budget management

Before you create a marketing budget plan, review previous years’ marketing budgets and marketing campaigns. Identify what worked well and what didn't. Look for indicators like:

• Which marketing channels were under budget or over budget?
• Which marketing campaigns had a higher or lower return on ad spend?
• Did you overestimate or underestimate the previous year’s marketing budget?
• Did you add new products or services that impacted marketing costs?
• How does your cost per lead, cost per click, clickthrough rate, and conversion rate compare to industry averages?

This data will help you make more informed decisions for the upcoming budget.

Wordstream is a good source for these metrics if you do not have information from previous marketing campaigns. It will provide you with a good benchmark to compare your performance.

This is Wordstream’s data regarding cost per click, cost per lead, click-through rate, and conversion rate for Google Ads.

Measure the average cost per lead

Cost per lead (CPL) is a marketing metric that compares what you spend on lead generation to the actual number of leads you generate. This helps you understand how much it will cost for a marketing campaign.

The CPL formula is:

CPL = Amount spent on leads / Number of leads

Ideally, marketing investments would use your current numbers, but for those just implementing marketing tactics, use the benchmarks in the table above.

Calculate the average conversion rate

Conversion rate (CVR) measures the percentage of leads you turn into paying customers. Use the formula below to calculate the average conversion rate:

CVR = Number of Sales / Number of Leads

Establish how many leads you need

Now that you're familiar with some of the terms used in a digital marketing strategy, you’ll want to calculate the number of leads you need to hit $250K in gross revenue.

You’ll need to use the formula:

Desired Customers / CVR = Leads to Meet Goal

Let’s assume you’re in the home improvement field, which has a 10.22% CVR. That means you’ll divide:

1,000 Customers / 10.22% = 9,785 leads

Taking it a step further, your marketing plan needs to calculate how much marketing projects cost by multiplying the leads needed by the CPL ($66.02) .

9,785 x $66.02 = $646,005.70

As you can see, this is way higher than the $250K revenue you’re hoping to make. That’s because marketing leaders like Google and Facebook tend to charge based on an estimated lifetime customer value. Effectively, you’re paying a percentage of the revenue that you expect to make over the life of the customer relationship.

This is why a marketing budget includes a budget allocated to increasing the earnings from each paying customer through remarketing, loyalty programs, and other strategies that are less costly than paid advertising.

Define your marketing objectives

Next, you’ll want to define your marketing goals and align them with your business goals. Let’s look at some business goals and corresponding goals to include in your marketing budget.

You could tie marketing goals to other business goals, like:

• Raise brand awareness by X%
• Limit discounting current customers' bills to under Y%

These are just a few examples of how your business goals should impact your marketing strategy. Want to know more about tying marketing goals to business goals? Check out this blog .

Create your marketing budget

First, you’ll want to establish the total funds available for marketing. This may be based on a percentage of revenue, a fixed amount set by the company, or other financial considerations.

We suggest using the marketing budget of 12.3% that was mentioned in this CMO study . A startup marketing budget may need to be even higher. MaidThis CEO Neel Parekh told us:

[su_quote]When you first start a business, you may need to spend 20% to get clients faster.[/su_quote]

Check out our interview with him below.

Use a marketing budget template

Whether you’re a small business owner or work with them, you can use the information in this report and our marketing budget template to create a balanced small business budget.

The template lets you choose your industry and your revenue goal. Then it suggests a sample marketing budget amount.

Once you know how much your marketing budget should be, you can use the other tabs to set the budgets for specific aspects of your marketing strategy. Then add the actual expenses for an entirely new way of budgeting.

Pro Tip: Seriously, this marketing budget template is probably the tool I am most proud of during my seven years of consulting.

Allocate budget by channel

Decide how much of your budget will be allocated to the marketing channels outlined below.

As you go, you’ll notice that some budget-based initiatives make advertising small business products and services easier than others do. Start limiting your marketing spend on the ineffective channels and transfer it to the ones that are performing better.

Marketing spending as a percentage of revenue ranges from 0% to as high as 38.57%, with an average of 12.3% and a median of 10%. In addition, the average marketing budget dedicates 53.4% of its marketing dollars to its digital marketing budget, while the rest is spent on traditional advertising.

Marketing Budget Distribution

Once you’ve decided how much to spend on marketing, you’ll want to break your marketing budget down to the costs for all marketing campaigns. Marketing costs for small businesses will include:

• Content marketing budget: Expect to spend a minimum of $29 per piece, but some of the best content creators have content marketing budgets that cost up to $1,000 per piece. You may also find content creators that charge $.05 to $1 per word.
• Paid digital advertising budget: Small businesses should expect to spend $2.59 per click, $3.12 per 1,000 impressions, $.66 to $1.23 on remarketing, $15 to $800 on tools, and a minimum of $350 per month for the monthly ad budget, according to WebFX .
• Ad monitoring budget: To pay someone to monitor ads for your small business, include a marketing spend of $350 to $5K per month or 12-30% of monthly ad spend—whichever is more.
• Email marketing budget: Your email marketing budget will vary based on the number of email addresses on your list and the features you need, but you should expect to spend around $18 per month for up to 1,000 people on your email list. As you grow, costs may increase up to $540 per month, plus related labor costs.
• Social media marketing budget: Social media marketing in 2023 is expected to reach $72.33B in spending, or $2,178.62 per business (calculated by dividing $72.33B by the number of U.S. businesses).
• Sales funnel automation budget: Automation systems might be included in your email marketing, social media marketing, or other marketing channel budgets.
• Marketing tools and software: You might include these costs in other categories or put them in a dedicated category. On average, 25.5% of marketing budgets are spent on tech. Depending on the size of your company and the number of customers, necessary tools and software could be free or cost thousands per month.
• Outsourced marketing expenses: Some companies will outsource all or part of their marketing. As you’ll see in the chart below, approximately 23.5% of marketing costs go to marketing services and agencies.
• Traditional advertising budget: Traditional marketing budgets are expected to decrease by 2.6%, according to the CMO report. This includes print ads, outdoor advertising, radio spots, and more.

For social media, paid ads, and traditional advertising, you may want to break the promotional budget into specific marketing channels. We recommend utilizing this marketing budget template .

Small Business Allocation: How It’s Different

Professional marketers who responded to the CMO Survey said they spend approximately equal portions of their marketing budgets on marketing labor, paid media, technology, and outsourcing.

Meanwhile, our surveys show that small business owners think about their marketing efforts and spend their marketing budgets differently. The primary form of marketing most small business owners use is social media (60%), followed by Google Ads (17%), SEO (10%), print (7%), and content marketing (6%).

In addition, 44% of small business owners state that print advertising has not worked for their business, while just 24% did not find social media effective. Google Ads and SEO were tied at 13% for perceived ineffectiveness, while content marketing is the channel small business owners find most effective.

Interestingly, small business owners focus least on the strategy that has the most perceived effectiveness. If you’re looking for ways to grow your business, consider creating more content.

Include a contingency

However you think you’ll allocate your marketing dollars, it’s always best to give yourself some wiggle room when creating a marketing budget plan. Most budgets for marketing tend to be approximately 20% higher than companies actually spend.

Make sure you include a contingency in your budget that is up to 10% so you have some extra room if you need it as you manage your small business.

Regularly monitor and adjust your marketing spend

Continuously monitor the performance of your marketing activities against your budget. Make adjustments as needed to optimize performance and maximize return on investment (ROI).

The most commonly used marketing analytics software is Google Analytics . The most common metrics to measure marketing performance are:

• Sales, revenues: 69.9%
• Digital, web, and mobile performance: 55.6%
• Content engagement: 43.4%
• Lead generation: 40.3%
• Lead conversion: 36.9%
• Campaign costs, efficiency (e.g., production, content reuse): 34.8%
• Campaign effectiveness (e.g., gross rating points, reach, frequency): 34.7%
• Customer satisfaction: 32.7%
• Campaign ROI: 30.7%
• Customer churn, retention rate, loyalty: 28.6%

When a company integrates its marketing strategy, it makes sure every marketing channel pulls from the same playbook.

An integrated marketing strategy is crucial for businesses and organizations for several key reasons:

• Consistency: An integrated marketing strategy ensures that your brand messaging and visuals are consistent across all channels. This consistency helps you create a cohesive brand identity that earns trust and credibility with your audience.
• Maximized Reach and Exposure: Different people consume information through different channels. By integrating various marketing channels (such as social media, email, content marketing, traditional advertising, etc.), you can increase your audience and visibility.
• Improved Customer Experience: An integrated approach allows for a seamless and unified customer experience. When customers encounter a consistent message and experience across different touchpoints, it makes for a smoother and more enjoyable interaction with your brand.
• Increased Efficiency: Coordinating different marketing efforts can lead to increased efficiency. For example, when your social media efforts align with your content marketing strategy, you can repurpose content for both channels, saving time and resources.
• Better Data and Analytics: Integrating different channels will help you get a better picture of your audience and their preferences. This allows for better tracking, measurement, and analysis of marketing efforts, leading to better-informed decision-making.
• Adaptability and Agility: An integrated strategy enables you to pivot when market conditions or consumer preferences change. If one channel isn't performing as expected, you can adjust your approach across multiple channels more easily.
• Competitive Advantage: Companies that successfully integrate their marketing efforts often gain a competitive edge. This is because they're able to deliver a more cohesive and compelling message than competitors with a disjointed or inconsistent approach.
• Alignment with Business Goals: An integrated strategy ensures that all marketing efforts are aligned with overall business goals and objectives. This means that every campaign and initiative is contributing to the broader mission of the company.
• Optimized Budget Allocation: Integrated marketing allows for better allocation of resources. By understanding which channels are most effective for your specific audience, you can allocate your budget and staff to maximize return on investment.
• Long-term Growth and Sustainability: An integrated approach sets the foundation for sustainable growth. By building a strong and consistent brand presence, you're more likely to retain customers and attract new ones, leading to long-term success.

In today's highly competitive and fast-paced business environment, having a well-thought-out and unified marketing plan is essential for staying relevant, reaching your target audience, and achieving your business objectives.

Promoting your business on a limited budget requires creativity, strategic planning, and a focus on cost-effective methods. Here are some practical steps to help you get started:

• Define your target audience.
• Leverage social media.
• Optimize your website.
• Invest in content marketing.
• Be consistent with email marketing.
• Collaborate with influencers or partners.
• Utilize free marketing tools.
• Network in your industry.
• Offer referral incentives.
• Leverage user-generated content.
• Do your own graphic design.
• Perform local SEO.
• Run giveaways and contests.
• Measure and adjust.

Keep reading to learn more about small business marketing methods on a small budget.

Define your target audience

You need to understand your target market to tailor your marketing efforts toward the people who are most likely to be interested in your products or services. Your target market should be as narrowly defined as is reasonable.

Some of the demographics and data points you can use to narrow your target market and reduce your online advertising expenditures include:

• Other demographics

The more narrow your budget, the less cost involved.

Leverage social media

Most small businesses that are operating on a small marketing budget will focus on social media posts. You can get a lot of free marketing when you:

• Choose the Right Platforms: Focus on the social media platforms where your target audience is most active.
• Join Facebook Groups: There are groups for everything on Facebook. Join your local groups to network and attract customers.
• Post Regularly: Regular and engaging content can help build a community around your brand.
• Utilize Hashtags: They can expand the reach of your posts to a wider audience.
• Engage with Your Audience: Respond to comments, answer questions, and foster a sense of community.

Optimize your website

Try using a free website builder to start. Ensure your site is user-friendly and responsive on mobile. Once you’ve set up your website, use SEO techniques to improve your site’s visibility on search engines.

As you grow, you’ll gain more functionality from a paid website.

Invest in content marketing

As we mentioned earlier, content marketing is one of the least used but most effective types of marketing small businesses can do. Businesses should create valuable, relevant, and informative content that resonates with their target audiences. Blog posts, videos, infographics, and e-books are all great options.

Be consistent with email marketing

Collect email addresses through your website and social media. Then send out regular newsletters with updates, promotions, and valuable content.

Collaborate with influencers or partners

Partnering with influencers in your niche can expose your business to a broader audience. You can also collaborate with complementary businesses for joint promotions or events.

Utilize free marketing tools

Free tools, like Google Analytics, Google Business Profile, and onsite social media analytics, help you monitor performance and make data-driven decisions. There are many other free apps to use as a small business, too.

Network in your industry

Attend industry seminars, conferences, and other events to make connections and spread the word about your business. These are great places to meet potential customers and people who can refer you to customers.

Offer referral incentives

Encourage your existing customers to refer friends and family by offering discounts or special deals. It doesn’t have to be much—people will appreciate 5% to 10% discounts.

Leverage user-generated content

Encourage customers to share their experiences with your products or services on social media. You can feature their content on your platforms and share them with your followers on social.

Do your own graphic design

Use free or low-cost tools, like Canva , to create eye-catching visuals for your marketing materials. Canva makes it easy to create content and doesn’t require design experience.

Perform local SEO

Optimize your business for local searches so people in your area can easily find you. To do this, you need to:

• Make sure your name, phone number, and address are consistent across the internet.
• Sign up for Google Business Profile.
• Improve your online listings.
• Share updates, like new locations or hours, with Google.
• Request Google reviews.
• Optimize URLs, title tags, headers, meta descriptions, and content on your website.
• Add a Google map with your location in your site’s footer.
• Create localized content.
• Improve your site’s mobile friendliness.
• Participate in the community. When people see your company interacting with the local community, it builds trust, and search engines may take notice.

Run contests and giveaways

Engage your audience by offering prizes in exchange for social media engagement or email sign-ups. The point here is to get more followers and more emails to contact. You’ll want to:

• Establish your goals.
• Choose a contest to run.
• Build the contest.
• Promote the contest.
• Track the results.
• Follow up after the contest.
• Improve the next contest.

Check out Wishpond’s blog for a more extensive guide on hosting contests .

Measure and adjust

Keep track of what works and what doesn't. Focus on the strategies that give you the best ROI. This will help you avoid falling into the category of small business owners unsatisfied with their marketing results.

These small business marketing statistics can help you create an informed marketing budget, especially when you remember that online marketing is steadily gaining traction over traditional marketing channels, like print and radio.

What is your experience with marketing budgets?

We’ve discussed the importance of creating a marketing budget, provided you with marketing budget allocation best practices, and shared tips on how to use marketing budget templates whether you have an established business or are just starting one.

Whether you have a marketing department or not, take the time to make a marketing budget. It will help increase sales and reduce wasted spending.

Based on years’ worth of UpFlip interviews, I can tell you that marketing automation software and content marketing have some of the best returns.

Have you ever created a marketing budget? What was the biggest pain point in creating it, and what new marketing strategy will you try next?

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550+ Business Plan Samples To Inspire Your Plan

Inspire your own plan with 550+ business plan samples

Use real business plan examples to jump-start your own plan!

Don’t start from scratch — get a headstart with 550 real business plan examples

How do you know what elements to include in your business plan, if you’ve never written one before? Looking at real business plan samples can help you visualize what a successful plan looks like, so you know what you’re aiming for before you get started. With LivePlan you’ll have access to over 550 free example business plans to use as a starting point.

Access our full library and browse real sample content for a broad range of businesses. You’ll see how others have written effective executive summaries, planned marketing activities, created financial forecasts , and more. Plus we’ll be right there to walk you through it .

Whether you run a dentist office or dog walking service, you’ll find examples of a business plan for every type of business.

Whether you’re a small- or mid-sized business, freelancer, nonprofit, or still figuring that out, we’ve got you covered.

LivePlan’s library of business plan samples has real business plans from 150 industries and growing. You can see the complete list here .

It’s OK if you can’t find an exact match to your business. You don’t need an exact match for a sample plan to be helpful. Instead, look for a plan that’s closely related to the type of business you’re starting. For example, if you want to start a vegetarian restaurant, a plan for a steakhouse will still be a great match.

While the specifics of your actual business will differ, the elements you’ll want to include in your restaurant’s business plan are similar—and they’re all included in LivePlan .

Real business plan examples to save you time

Read through as many sample business plans as you like to see how it’s done and get inspired. And if you really want to, you can even copy and paste sections to use in your own plan.

We’ve collected sample plans over more than 20 years, most through generous donations from happy customers who used our software and wanted to share their successful business plan samples with others.

Get LivePlan in your classroom

Are you an educator looking for real–world business plan examples for your students? With LivePlan, you give your students access to industry–best business plan samples, and help them set goals and track metrics with spreadsheet–free financial forecasts. All of this within a single tool that includes additional instructional resources to work seamlessly alongside your current classroom setup.

With LivePlan, it’s not just a classroom project. It’s your students planning for their futures. Click here to learn more about business planning for students.

Built-in examples and step-by-step help so you won’t get stuck

In addition to complete sample plans, LivePlan includes specific examples for each part of your business plan. Browse through a few examples to get an idea of how other businesses have worded their executive summary, for instance, or other key sections of the business plan. Find an example that works for you and personalize it to fit your business.

You’ll be confident that your numbers are right

In addition to sample business plans, LivePlan includes current industry benchmarks so you can see what the numbers look like for businesses just like yours. Knowing your industry standards helps ensure that your plan is both competitive and realistic.

Download a free sample business plan

Download a free business plan today. You can use it as a template for your own business plan and to see an example of what you’ll find in LivePlan. Download my free business plan .

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Didn't find what you are looking for.

The answer is simple.

It’s an informal business plan that can convince you that your idea makes sense to the outside world because you are investing your time, money, and everything into that idea.

To write a business plan, maybe you think you don’t need a step-by-step guide or a sample business plan . After all, some entrepreneurs achieved success without writing a business plan. With great timing, past business experiences, entrepreneurial ambitions, and a little luck, some entrepreneurs build successful businesses without even writing an informal business plan.

But the odds are greater than those entrepreneurs fail.

And that’s why writing a business plan will help you succeed .

The easiest way to simplify the work of writing a business plan is to start with sample business plans.

What is business plan sample?

Why you should refer a business plan example, who should use business plan examples, how to use sample business plans.

What is Business Plan Sample?

That’s why we created business plan examples to help you get started.

Use our 400+ business plan examples written for all industries and write your business plan in half of the time with twice the impact.

• Guidance on what to include in each section.  If you’ve never attended business school, you might never have created a  SWOT analysis   or a balance sheet before. Business templates that give guidance — in plain language — about what to include and how to fill in each section and create a complete and effective plan.
• A business plan is vital to get an investment.  If you’re seeking investment for your business, you’ll need to convince banks and investors why they should invest in your business . Lenders and investors will only risk their time and money if they’re certain that your business will be successful and profitable and they will get a great return on their investment.
• A business plan can help you prioritize.  A complete, well-balanced business plan is one of the most valuable tools in assisting you to reach your long-term goals. It gives your business direction, defines your goals, outlines out strategies to reach your goals, and helps you to manage possible bumps in the way.

Who should use Business Plan Examples?

Well Everyone, who wants to write a business plan should use these sample business plans. These plans apply to almost all industries.

We have created a library of professional sample business plans from a wide variety of industries to help you start writing your business plan with minimum effort.

Use our Upmetrics — business plan software that offers step by step guide to start writing your business plan , especially if you’re writing an informal business plan to get a bank loan or outside investment.

Our extensive sample business plans library includes  business plan templates  and  business plan examples  for almost all business industries.

Make your plan in half the time & twice the impact with Upmetrics.

How to use Business Plan Examples to write your own?

Having real-life and industry-specific business plan examples by your side can be incredibly resourceful to help you write a business plan from scratch. 

A well-planned structure helps you outline your plan, while content inspiration helps you set the tone for your business document. 

Let’s dive deep and understand how to use these examples effectively to write your business plan.

1. Use examples as a guide

2. understanding the structure.

Traditional business plans generally follow a similar structure. 

It starts with an executive summary followed by a company description, market analysis, product and services, sales and marketing strategies, operational plan, management team, financial plan, and appendix.

Using an example business plan is the best way to understand the structure and outline your plan. 

3. Gaining Inspiration

Reading industry-specific business plan examples can help you gain inspiration for your plan. You can gain insights on presenting your business idea, vision, mission, and values and persuade investors to invest in your idea.

4. Learning Industry-Specific Language

There’s no universal template for business planning that fits all. An industry-specific template can help you learn and understand the business language for your industry and the best way to communicate your message to your investors.

5. Identifying Key Elements

Reading business plan examples of similar businesses can help you identify the key elements and information to include in your plan. You can keep note of these and ensure everything necessary for investors to consider is present in your final draft.

6. Crafting Financial Projections

A financial plan is a critical component of your business plan, and a good business plan example can help you better understand how they project their financials which can be incredibly helpful while forecasting yours.

7. Refining Your Executive Summary

As mentioned earlier, your executive summary is a key factor influencing potential investors and lenders to invest or lend you money. Analyzing free business plan templates can help you optimize your executive summary to make it more brief, persuasive, and attention-grabbing.

8. Realizing What Works and What Doesn’t

Analyzing industry-specific and real-life examples can help you determine what works best and what doesn’t within your industry. Understanding these factors can help you avoid many significant pitfalls.

While business plan examples can be incredibly helpful in writing a plan from scratch, ensure your plan is customized for your business and sends out a unique message. Your business plan must reflect its unique idea, vision, and target market.

Using your Business Plan as a Management Tool

It’s essential to have a business plan, but it’s also crucial to keep it up to date as your business progresses. A business plan is not merely a document that you write once and forget after you get started. It’s a business road map and vision that you should develop as your business progresses and evolves. It’s also important to update your business plan regularly as your business situation and position change.

How Business Plan Software can help you?

We have created Upmetrics — business plan software to simplify the process of business planning.

Our financial forecasting module will create all the essential reports automatically. You just need to enter numbers and the application will do all the math to generate your financial reports. Later you can embed those reports into your business plan.

After completing your business plan, you can download your business plan in PDF or DOC file using Upmetrics. Also, you can share it online with investors or with other important people just by a quick link.

Ready to take the next step?

Now that you have a business idea and you know how to write a business plan, it’s time to go for it . Our business plan software will take you through each step outlined above in more detail so there are no surprises on your journey.

Simplifying Business Planning through AI-Powered Insights.

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After trying Upmetrics, I wish to highly recommend this app to anyone who needs to write a business plan flexibly and to a high standard.

Frequently Asked Questions

What is sample business plan, how do i write a business plan.

In business plan writing you will need to write the following sections into your business plan. These sections include an Executive Summary, Company Overview, Problem Analysis, The Solution, Market Analysis, Customer Analysis, Competitive Analysis, SWOT Analysis, Marketing Plan, Operations Plan, and Financial Plan.

Check out our article to learn how you can write these sections in detail for your business plan.

How long should my business plan be?

The length of your business plan depends on the type of plan you choose. There are one-page business plans that offer easy and practical planning. Then you have traditional business plans that usually vary from 20 to 50 pages. It’s worth noting that the quality of your business plan matters more than its length.

Should I hire someone to write my business plan for me?

Absolutely No, You as a business owner know all about your business idea, your business goals, target market and audience, and what you want to achieve by writing your plan. Don’t hire someone who doesn’t know what your readers will want, the reason is that, if you intend to raise funds, you are the best person that understands what investors will look out for in your business plan.

Consultants or  business plan writers  definitely can write a business plan but not better than you.

Looking for a faster way to finish your business plan?

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

Order Write Your Own Business Plan Now and Get 1 Month of Free Access to Business Planning Software Liveplan Premium

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• Built-in financial calculators
• 500+ sample plans and templates

4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

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The Basics Done Right: Creating a Simple Yet Effective Business Plan

13 Minutes Read

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2024 Small Business Startup Made Easy: Free Simple Basic Business Plan Template

Kristal Sepulveda, CPA

May 10, 2024

Using a business plan template , you bring the distant vision of your business into the immediate, actionable present. This process clarifies your business objectives and provides a clear roadmap for achieving them. In this article, discover how a simple, basic business plan template can transform a budding idea into a thriving enterprise, guiding you through each step with precision and focus.

Further reading: 5 Benefits of Using a Business Plan Templates to Launch Your Dream in 2024

Key Components Every Basic Business Plan Must Have

Executive summary.

This section of your business plan summarizes your business idea, business needs, and goals. It should quickly captivate potential investors' interest, encouraging them to read more about your unique value proposition and the future direction of your startup business .

Market Analysis

A critical part of your business plan, the market analysis helps you determine your target market, understand customer needs, and conduct competitive analysis. This section is foundational in developing a robust marketing plan and setting your business up for success.

Financial Projections

Every effective business plan includes detailed financial projections. This section should outline your expected revenue streams, balance sheet, cash flow statements, and other financial forecasts that demonstrate your business's viability to investors. Using a simple template or tools like Microsoft Word, you can create clear and professional financial statements that are easily updated as your financials are subject to change.

Tailoring to Specific Business Needs

It's a good idea to customize your free business plan template to reflect the specific type of business you’re looking to start. Whether you’re opening an ecommerce shop with Shopify, a local service business, or a tech startup, your plan should reflect the unique aspects of your market and operational needs.

Tips for Effective Financial Management in Your Business Plan

Realistic budgeting and financial advice.

Budgeting is a fundamental step in the planning process, helping build the foundation of your financial plan. Spend time forecasting your costs and revenue to ensure you have sufficient cash to cover upcoming expenses. Financial advice from experienced advisors can also help you understand how to manage your business’s money more effectively.

Comprehensive Financial Forecasts

Include a step-by-step guide to your startup business’s financial health through projections, break-even analysis, and other financial forecasts. These elements are vital for planning your business’ growth and securing funding .

Utilizing Financial Management Tools

Tools like QuickBooks or Xero can simplify managing your business' financials by providing comprehensive features for monitoring cash flow, creating balance sheets, and preparing other financial statements. These tools are particularly useful in updating your business plan as your company grows and your financial situation evolves.

Further reading: Startup Funding: Strategies for Securing Startup Capital

Leveraging market research to strengthen your business plan, utilize free resources.

Numerous free resources are available that can provide valuable market insights. Websites like the U.S. Census Bureau and industry associations offer free data that can be pivotal for understanding market trends and consumer behavior. Platforms like Google Trends and social media sites can also offer free, real-time data on consumer interests and market dynamics, enhancing your written business plan without needing a costly investment.

Conduct Surveys and Polls

Using tools like Google Forms or SurveyMonkey, create simple surveys to collect data directly from your target audience. This direct feedback can be invaluable in understanding what features of your products or services are most appealing, which can be emphasized in your marketing and sales strategies.

Interviews and Focus Groups

Another low-cost way to gather market data is through interviews and focus groups. Contact potential customers, industry experts, or competitors for one-on-one discussions. These conversations can provide deep insights into the industry and help refine your business’ elevator pitch.

Analyze Competitors

Competitive analysis doesn’t have to be expensive. Review your competitors’ websites, marketing materials, and customer reviews. This can help you identify their strengths and weaknesses and position your business to take advantage of gaps in the market, thereby enhancing your competitive advantage.

Using Market Data to Inform Business Strategy and Competitive Positioning

Swot analysis.

Conduct a SWOT analysis using the data you’ve gathered. This will help you understand where your business stands in the broader market context and what strategic steps you need to take to achieve success. You would write this section last in your business plan examples.

Tailor Marketing and Sales Strategies

Use insights from your market research to tailor your marketing strategies. Understanding customer preferences and market demand can help you create targeted marketing campaigns that speak directly to your potential customers’ needs.

Develop or Refine Your Business’ Value Proposition

Based on what you learn about your target market and competitive landscape, you may find opportunities to tweak your business model or value proposition to meet your market's needs better. This could involve emphasizing certain features of your products, adjusting pricing, or altering your service delivery methods.

Create an Elevator Pitch

Once you clearly understand your competitive advantage and value proposition, distill this into a concise elevator pitch. This should summarize the unique benefits of your business in a way that resonates with potential customers and investors.

Streamlining Your Business Plan for Clarity and Impact

Keep it concise.

The best business plans, especially a lean business model or a one-page business plan, are concise and to the point. These formats encourage you to focus on the essentials and avoid overloading with unnecessary detail that could dilute the key messages about your products and services.

Focus on Key Elements

Every business plan section should contribute directly to the reader's understanding of your business. Essential elements to highlight include your company description, the unique aspects of your products and services, and your strategic marketing plans. This focus is particularly vital if the free business plan template includes sections that might not be directly relevant to your specific business model.

Use Clear and Simple Language

Your business plan should use straightforward, jargon-free language, ensuring it is accessible to readers outside your industry. This clarity is vital, as your plan often serves as an introduction to potential investors who need a business overview quickly and clearly.

Effective Formatting

Use effective formatting tools like bullet points, bold text, and subheadings to organize information and make your document easier to scan. A well-formatted business plan enhances readability and helps maintain the reader's attention on your critical points.

Visual Elements

Enhance your financials and analytical data with graphs, charts , and images. Visual aids can help summarize complex information quickly and are especially effective in sections like financial forecasts and competitive analysis.

Consistency in Design

A consistent design across your business plan reinforces your brand and contributes to a professional appearance. Ensure that the document's layout, color scheme, and typography are uniform to provide a seamless reading experience.

Review and Revise

Revising your business plan is necessary. After you write it, review it for any content that can be condensed or simplified. Also, consider having someone else review it to catch errors or areas where the business strategy might not be clear. Feedback is invaluable when you are creating a business plan to secure funding .

Achieving Clarity Through Language, Format, and Design

Clarity in your business plan is critical. It ensures that readers, particularly potential investors, can quickly grasp the essence of your business and its strategy. A clear, logical presentation builds investor confidence and shows that you have a deliberate and considered approach to launching and growing your business.

Achieving clarity involves more than just the words you choose. It extends to how information is visually presented. Use a one-page format if brevity is essential or provide detailed annexes if deeper dives are necessary. Every content in your business plan should serve a clear purpose and support the business objectives contained herein.

Common Business Plan Mistakes to Avoid

Neglecting emotional connection in your simple business plan.

Business plans often prioritize numbers and strategies, but overlooking the emotional connection with your target audience is a significant oversight. Briefly outline how your product or service, detailed in your simple business plan template, will enhance lives, evoke positive emotions, or address deeper needs. This connection is essential for resonating with investors and customers alike, especially for new business owners.

Failing to Future-Proof Technology

Technology evolves rapidly, making it essential for new business owners to write an effective plan considering future advancement. While your simple business plan covers current solutions, including a section on staying ahead of the curve is essential. Mention adapting your tech stack using your free template for potential advancements or industry trends.

Omitting Your "Why"

Investors seek businesses with a strong purpose beyond profit. As a business owner, showcasing your company's mission in your business plan is essential. Explain core values and demonstrate a commitment to making a positive impact. This effective plan is beneficial for starting a new business and resonating with investors.

Underestimating Storytelling

Facts are indispensable, but a compelling narrative in your sample business plan can be powerful. Share how your business idea originated, the challenges you've overcome, and your vision for the future. Humanize the plan to foster a deeper connection with readers and make your business more successful.

Ignoring Cyber Threats

Cybersecurity is vital for new business owners. Briefly outline your data security plan in your business plan template, showing awareness of potential threats. This understanding builds investor confidence in your ability to safeguard information and manage risks effectively.

Key Takeaways

• Structure: Templates offer a clear layout, simplifying the process of writing a business plan.
• Simplification: They break down complex ideas into manageable sections, ensuring you'll need not to start from scratch.
• Guidance: Templates provide direction on what to include in each section, aiding in creating a comprehensive plan.
• Customization: Versatile templates can be tailored to different businesses, ensuring they meet your specific needs.
• Foundation: They establish a solid groundwork for a successful business strategy, demonstrating how a template can help you get started effectively.

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500+ business plans and financial models

Manufacturing Business Plan PDF Example

• May 7, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful manufacturing business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your manufacturing business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a manufacturing business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the manufacturing industry, this guide, complete with a business plan example, lays the groundwork for turning your manufacturing business concept into reality. Let’s dive in!

Our manufacturing business plan covers all essential aspects necessary for a comprehensive strategy. It details operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Provides an overview of the manufacturing company’s business concept, market analysis , management, and financial strategy.
• Facilities & Equipment: Describes the facility’s capabilities, machinery, and technological advancements.
• Operations & Supply: Outlines the production processes, supply chain logistics, and inventory management.
• Key Stats: Offers data on industry size , growth trends, and market positioning.
• Key Trends: Highlights significant trends impacting the industry, such as automation and localization.
• Key Competitors : Analyzes primary competitors and differentiates the company from these rivals.
• SWOT: Analyzes strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Outlines tactics for attracting new contracts and maintaining client relationships.
• Timeline : Sets out key milestones from inception through the first year of operations.
• Management: Information on the management team and their roles within the company.
• Financial Plan: Projects the company’s financial performance over the next five years, detailing revenue, profits, and anticipated expenses.

Manufacturing Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your manufacturing business plan, offering a concise overview of your manufacturing facility and its products. It should detail your market positioning, the range of products manufactured, the production process, its location, size, and an outline of day-to-day operations.

This section should also explore how your manufacturing business will integrate into the local and broader markets, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

Facilities & equipment.

Describe your manufacturing facility. Highlight its design, capacity, and technology. Mention the location, emphasizing accessibility to transport routes. Discuss advantages for efficiency and cost management. Detail essential equipment and its capabilities.

Operations & Supply Chain

Detail product range. Outline your operations strategy for efficiency and scalability. Discuss supply chain management. Highlight sourcing of materials, inventory control, and logistics. Emphasize strong partnerships with suppliers and distributors.

Make sure to cover here _ Facilities & Equipment _ Operations & Supplies

Market Overview

Industry size & growth.

Start by examining the size of the manufacturing industry relevant to your products and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing demand for sustainable manufacturing processes, automation, and advanced materials. For example, highlight the demand for products that utilize eco-friendly materials or energy-efficient production techniques, alongside the rising popularity of smart manufacturing.

Key Competitors

Then, consider the competitive landscape, which includes a range of manufacturers from large-scale enterprises to niche firms. For example, emphasize what makes your business distinctive, whether it’s through advanced technology, superior product quality, or specialization in certain manufacturing niches. This section will help articulate the demand for your products, the competitive environment, and how your business is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for your manufacturing business. Highlight Strengths such as advanced production technology and a skilled workforce. Address Weaknesses, including potential supply chain vulnerabilities or high production costs. Identify Opportunities like emerging markets for your products or potential for innovation in production processes. Consider Threats such as global competition or economic downturns that may impact demand for your products.

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, trade shows, digital marketing, and strategic partnerships. Emphasize the importance of showcasing product quality and technological advantages to differentiate your business in the market.

Finally, create a detailed timeline that outlines critical milestones for your manufacturing business’s launch, marketing initiatives, customer acquisition, and expansion goals. Ensure the business progresses with clear direction and purpose, setting specific dates for achieving key operational and sales targets.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the manufacturing business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the manufacturing business toward its financial and operational goals.

For your manufacturing business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your manufacturing business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your manufacturing business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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PESTLE Analysis

Insights and resources on business analysis tools

PEST Analysis: Examples and Meaning in Business

Last Updated: Apr 8, 2024 by Jim Makos Filed Under: PEST Analysis

What is a PEST analysis, and what are its four parts? What is the difference between PESTLE analysis and PEST, and why is it important for every business? As a business student, analyst, manager or owner, you are called to conduct a PEST analysis sooner or later. In the next 10 minutes, I’ll go through everything you need to know about PEST analysis and how you can do a PEST analysis of an organization starting from scratch. I promise you’ll know more about PEST analysis than 99% of people out there, as I’m explaining everything as concisely as possible. Let’s start with the PEST analysis definition.

What is a PEST Analysis?

PEST analysis is a strategic tool for organizations to identify and assess how Political, Economic, Social, and Technological external factors impact operations so that they can gain a competitive edge. A PEST analysis helps you determine how these factors will affect a business’s performance and strategy in the long term. It is often used in collaboration with other analytical business tools. For example:

• A combination of PEST and SWOT analysis usually gives a clearer understanding of a situation with related internal and external factors
• PESTLE analysis is an extension of PEST analysis that covers legal and environmental factors

I’m going to explain the PEST analysis as simply as possible with examples and a template for better understanding. I will also show how to do a PEST analysis starting from scratch, even for people without any business education like me!

Why Do a PEST Analysis

It’s simple: to succeed. For a business to be successful, they need a few things:

• A solid product
• Marketing plan
• Identifiable brand
• Happy customers
• Thorough budget
• An investor or two
• Unique selling position
• And a whole lot of research

Throughout the endless market research, customer acquisition costs, and project risk assessments, business managers could forget about outside influences ( we call these external factors in this type of analysis). Aside from the company’s internal resources and industry factors, PEST’s macroeconomic factors can impact a company’s performance in a big way.

By being aware of external factors, managers can aid their business. But if they don’t know them, they can cripple their business before it begins. That’s how advantageous PEST analysis is .

What are the four parts of PEST analysis?

Now, let me explain each of the four parts of a PEST analysis more thoroughly. You’ll better understand what each of these external factors in this analysis is all about.

• Political – Here, government regulations and legal factors are assessed in terms of their ability to affect the business environment and trade markets. The main issues addressed in this section include political stability, tax guidelines, trade regulations, safety regulations, and employment laws.
• Economic – Next, businesses examine the economic issues that have an impact on the company. This would include factors like inflation, interest rates, economic growth, the unemployment rate and policies, and the business cycle followed in the country.
• Social – At this stage, businesses focus on the society and people. Elements like customer demographics, cultural limitations, lifestyle attitudes, and education come into play here. This part allows a business to understand how consumer needs are shaped.
• Technological – This may come as a surprise, but technology may not always be an ally for businesses. Depending on the product, technology may affect the organization positively but also negatively. In PEST’s last section we find technological advancements, the role of the Internet, and how an industry’s innovation creates winners and losers.

Every business is different. Some factors may not affect a firm or industry as they would with others. But it’s beneficial to have a well-rounded view of the many factors that could affect them. Along with the ones that will affect them.

This is why we do PEST analysis for a business — to be aware of risks, opportunities, influences, and limitations. Let’s go deeper into these external factors that impact the success of a business. I’ll also briefly mention a specific example for each of them.

Political Factors

Political factors in PEST analysis refer to the extent to which the government and political actions in a country influence the business climate. Here are some examples that will occasionally make it into the (P) of my PEST analysis:

• Tax policies
• Tax incentives
• Political tensions
• Employment laws
• Import restrictions
• Health and safety laws
• Consumer protection laws
• Tariff and Trade restrictions
• Regulation and deregulation

For instance, a country’s foreign policy often plays an important role in determining trade regulations. This can either result in trade restrictions or trade incentives and can affect an organization’s operations. Read my dedicated page on political factors with more examples here .

Economic Factors

In the (E) part of PEST Analysis, we run into how the economy affects the organization. I consider the following economic factors when doing a PEST analysis:

• Interest rate
• Inflation rates
• Exchange rates
• Unemployment rate

For instance, exchange rates affect a global organization by influencing the cost of imported and exported goods. Furthermore, interest rates influence the cost of capital available to the organization. Thus they are significant in the expansion and growth of a business. Find more economic factors and examples of how they affect businesses here .

Social Factors

Social factors include different cultural and demographic aspects of society. These can affect the macro-environment in which the organization operates.

In the ‘S’ part of the PEST analysis I usually examine:

• Age distribution
• Cultural diversity
• Demographics shifts
• Population growth rate
• Health consciousness and trends
• Changing consumer lifestyles and preferences

A study of these factors can help organizations understand the dynamics of existing and emerging potential markets along with future customer needs.

Social factors are more unpredictable than economic and political factors, simply because people are unpredictable. But every business needs customers. And what and how they buy has an immediate effect on an organization’s profitability.

Based on these social factors, marketers create buyer personas. These avatars are necessary for businesses to target the ideal customer.

For example, if you’re selling whey powder, you go after fitness enthusiasts and bodybuilders. You are looking for people that follow an active lifestyle. Hence, a declining trend in health consciousness doesn’t seem encouraging.

That’s the tip of the iceberg. Learn more about social factors here .

Technological Factors

Technological factors aren’t important only for tech-related businesses. The (T) part in PEST analysis may affect even the most old-school organization that’s been operating for a century.

Technology is evolving at a rapid pace and consumers are becoming extremely tech-savvy. With the advent of new technology, older technology gets outdated and obsolete. If an organization does not look out for technological changes, it can lag behind its competitors.

I often include the following technological factors when conducting a PEST analysis:

• Cybersecurity Threats
• Emerging Technologies
• Big data and computing
• AI and Machine Learning
• Supply Chain Automation

Let’s consider the advancements in computing; more specifically, networking.

If a business offers the latest and fastest Wi-Fi in their store, it’s an added luxury. It’s annoying if it still operates on 3G speeds, but won’t ruin sales. However, if they handle all receipts in an online database and that goes offline because they didn’t keep their network infrastucture up-to-date then they have a major problem. Especially in big holidays like Black Friday.

Again, this is about impact on the business operation. How will ‘X’ technology affect the business in the long and short term? That’s what we’re trying to figure out with PEST analysis.

A ton more technological factors can be found here .

PEST Analysis Examples

Here is a hypothetical PEST analysis example that can give you a clear understanding of how this works:

Here at PESTLEanalysis.com I rarely limit myself to PEST analysis. I almost always go the extra mile and include the Legal and Environmental factors when I initiate a PEST analysis. This leads to a more detailed analysis called PESTLE.

PESTLE Analysis: An extension of PEST Analysis

PESTLE analysis is an extension of PEST that is used to assess two additional macroeconomic factors. These factors are the  Legal and Environmental conditions that can have an impact on a organization. Examples of PESTLE analysis are similar to those of a PEST analysis, but they will include factors such as these:

• Discrimination laws
• Copyright and patent laws

Environment:

• Waste management
• Changes in weather and climate
• Laws regarding pollution and recycling
• Use of green or eco-friendly products and practices

So, if you want to assess a business situation comprehensively, a PESTLE analysis is a definite must. You can find more about that analysis here .

Why PEST Analysis Is Important For Every Business

So, now that we did a PEST analysis, how’s that going to help the business?

What does a five-year business plan look like? Or a ten-year plan? It likely involves growth.

Whether it’s the expansion of a product line or opening stores in new locations, business changes need proper preparation. And that’s where the PEST analysis comes in.

PEST analysis is the foolproof plan for business expansion !

Both new business owners and veterans should include PEST analysis in their business plan. By breaking down the critical influences in the P.E.S.T. categories, businesses get a better understanding of whether their next business move is strategic or doesn’t make sense.

For example, politics isn’t just about political tensions, unrest and elections. Politics are also about trade policies, regulations and taxation. Companies doing business worldwide have to consider laws in the countries they operate, as well. Even if they aren’t doing international trade yet, it could be a possibility in the future, and going in blind is a good way to toss success out the window.

PEST analysis helps people become aware.

Aware of how political parties and regulations can impact a business. And how the economy (past, present, and future) affects an industry. It allows people to understand consumers — who they are, what they buy, and why they don’t buy. And finally, it identifies what technology is necessary for the development and success of a product, business, or industry.

It’s almost like an outline. It shows people what influences impact the quality, success, or devastation of businesses and industries. You can’t stop the four influences, but if you’re aware of them and their impact, you can plan around, against, or with them.

PEST analysis is often used by business analysts, marketers, students, and business owners, since it’s super important for every business!

All you need to do a proper PEST analysis is time. And the payoff is worth every second.

How PEST analysis works

PEST analysis requires research and data, sometimes ten years old, sometimes only a couple. The more information I have to go through, the more accurate my final results will be. By looking into the past and the present, I can make predictions for the future.

By studying these recent developments through a PEST analysis lens, organizations are deciding whether to jump into this for the long haul or for the time being.

You want to look at your industry in a similar light. Ten years ago, did it exist? Has it slowed down within the last two years or are more companies diving in? More competition can be a strong sign an industry is booming, but it could also be the first sign of oversaturation.

Break down your assessment into the four categories of PEST analysis. Start with politics and work your way through the remaining factors. Or start from the bottom. Whatever gets the job done and makes the analysis enjoyable.

How to Do a PEST Analysis From Scratch

I’ve written dozens of PEST analyses over the last couple of years. Below I document my process on how to do a PEST analysis , even when you’ve never written one before.

You should have a topic in mind. Most PEST analyses are about a specific business, industry, or product. However, they can also be applied to countries, too. You can’t start without a topic, though, so have it ready.

Where to find information for your PEST analysis

It’ll be easier to find and segment information if you break your analysis down into four sections, like the acronym implies:

• Technological

Each section will require its own information. However, some of this information will overlap.

For instance, the economy is often closely tied to political (in)stability. And the state of the economy always affects consumers (social). You don’t need to look for these patterns specifically— it’ll become apparent as you discover new information.

Start with the history

You should be familiar with your topic. If you’re not, read about its history. Learn how it was established, how long it has been around, and who founded it. Read about any major achievements on the organization in question over the last few years. Jot down notes whenever something that seems relevant or important pops up.

After this informational primer, it’s time to start on the four sections. I do my PEST analysis in order of the acronym because the information often bleeds into the next section.

Finding Political Information

Political information is easier to find than in other sections of the analysis (social and technological, specifically). Here, you’ll want to investigate the current political climate.

For instance, if the organization originates from America, you’ll research the current political parties. Who is in charge? Has this affected business operations in any way?

If your topic (business, product, industry) was established years ago, what was the political climate like then? Are different parties in power now? If this is the case, then you’ll want to compare how things have changed for your topic from then to now.

This is also the section where you’ll look into laws and regulations affecting business. Remember the list we went through in the beginning.

I find this information with a simple Google search. Such as “tariff laws USA” (plug in the country you’re searching for if it’s not the United States).

It’s best to get this information from a government site. These sites end in .gov. You may also find information from organizations (websites ending in .org) but not all of these sites are legitimate organizations. Be wary while you research.

Honestly, most of the information you’ll find is dense. But it’s easier if you have a goal. Look for signs of:

• Government (in)stability
• Possible political corruption
• New bills/regulations that may impact your topic
• Any issues your topic has had with current/former regulations or political parties

If your topic is a company, finding the right information may be easier. Search for “company name + political issues” or “company name + policies” and see what comes up. Avoid any information from untrustworthy sites and sites with no legitimate source.

Finding Economic Information

While you’re researching political information, you may come across connections to the current economy. For instance, political instability often leads to economic instability. This causes unemployment rates to rise and employee strikes. This affects how much disposable income people have.

You may have already found information in your political section that confirms economic problems. But if you haven’t, search government sites for current tax rates, interest rates (if your topic involves international business), and the current state of the economy. Is it good? Thriving? Or bad and declining?

Again, use government websites. Search for economic statistics over the last few years. If your topic is an industry, see how many companies (startups) have started within the last few years.

If your topic is a business that has international stores, look into the relationship between the country of origin and each country the company does business. If the relationship is good, it’s often a good outlook for the company. But if it’s bad, it may lead to problems. What problems? Do a bit of digging online.

Also, if your PEST analysis is for a company, you may look into stocks . Have they been declining? On the rise? Because if it’s the former, then the business may not be looking good. And you’ll want to find out why .

If my topic is a business, I sometimes check out the competition. I’ll look into how that other company has been fairing economically, specifically how its sales have risen or fallen over the last couple of years. If it’s dropped products, shifted marketing efforts, etc., I want to know why . A competitor analysis isn’t always necessary , but it can shed light on possible problems your topic may face.

Finding Social Information

This section is a bit trickier. Political and economic sectors rely heavily on data and evidence. You can find this information on government websites. News sites too, even. And although you can find databases about demographics and population growth for this section — all applicable in a PEST analysis — I wouldn’t stop there.

In the social section, I often examine how consumers are impacted by political and economic factors. You can draw conclusions based on the information you’ve already gathered from your political and economic segments.

For instance, if there is political instability and the economy is on the fritz, then consumers may feel uneasy. They may have fewer job options. And that means they’re less likely to spend frivolously. If your topic is a luxury product, it may mean the company that makes it may have lower sales this year.

But you also want to learn about how consumers feel about your topic. If it’s a company, do consumers generally like it? Or is public opinion souring? There should be a reason for why.

Consider Facebook. The company’s CEO, Mark Zuckerberg, has consistently been in hot water over the years. If not for data breaches affecting millions of users, but for their shady involvement with fake news and political tampering.

This has led many consumers to shy away from using Facebook. And this affects businesses that use Facebook to reach new customers.

In this section of the PEST analysis, I’m more likely to search for my topic on news sites and publications. The more popular the topic, the easier it’ll be to find articles written about it. But if the topic has ever been in the news, you’ll likely find it online.

Websites to search include :

• Consumer Reports
• Local news websites
• Other reputable sources

If you know your topic has been in the news for something bad, you can search the topic + the problem.

Although the information may overlap, take keynotes here. See how the problem is affecting consumer opinion. You may even want to take a look at the comments (if there are any) and see what people are saying. It’s coming straight from the lion’s mouth (consumers).

I think many PEST analyses favor numbers too much. We live in a world where anyone with an opinion can be heard, thanks to the internet. And enough of those voices can cause a business to change its policies and products. It can even cause the company to collapse.

So it’s important to search for how consumers feel about your topic too.

Finding Technological Information

This section of the PEST analysis is a bit abstract as well. You’re looking into how new technological advancements has affected your topic positively or negatively. You should also look into what technology your topic uses (currently). And what technology they may want to incorporate.

You may want to look at competitors if your topic is a product or business. See what others are using. And think about why they are.

Press releases

It may be beneficial to search for press releases involving your topic, if possible. If your company is using new technology, they may have announced it through a press release. You can search “company name + press release” or search through these press release websites:

• PR NewsWire
• NPR: National Public Radio

You may also find other information here for the other sections of the PEST analysis. Which is just an overall bonus. If all else fails, check if your topic has a website (unless it’s an industry or country). Discuss how they use social media (if they don’t, then… discuss that too!). In this section, you’re assessing what your topic uses, what it doesn’t, and why.

Putting it all together in a final PEST analysis

You’ll likely have heaps of information at hand. For some it’ll feel like too much — but that’s never the case for a PEST analysis. As you begin to read through each section’s notes, incorporate the most interesting, pressing, or surprising information. If anything overlaps with other sections, include that too.

I write each section of a PEST analysis at a time. I take my notes and create coherent sentences. Sometimes I make a list of the most important points and include them that way. If the section is long, I’ll use subheadings to break up the information.

Work on each section separately. And then if there are overlapping themes, incorporate those in. You may want to use those at the end of each section to connect to the next.

Once you’ve done this, you’ve completed your PEST analysis! Most of the work is in finding the information and making it coherent. The last 10-20 percent is putting it all together. So, once the research phase is done, you’re basically done too!

Understanding PEST Analysis: Taking Action

In conclusion, developing an understanding of what is PEST analysis becomes even more important when a company is about to launch a new business or a new product. In general, when they are about to change something drastically. That’s when all these factors play an important role in determining the feasibility and profitability of the new venture.

Therefore, developing an understanding of PEST analysis is useful for organizations for analyzing and understanding the ground realities of the environment they have to operate in.

Realizing what is PEST and knowing how to take this analysis into consideration, the organization can be in a better position to analyze the challenges, environment, factors, opportunities, restrictions and incentives it faces. In case an organization fails to take into account any one of these factors, it may fail to plan and operate properly.

But don’t PEST analysis stop you. Here are some variations that may come in handy when assessing how the external environment affects an organization:

• STEEP Analysis
• STEEPLED Analysis
• SWOT Analysis

Free Marketing Plan Examples: Real-World Samples & Templates

By Joe Weller | April 27, 2024

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A  marketing plan  is a comprehensive document that outlines a company’s marketing strategy and tactics, and ensures that its marketing goals align with its overall objectives. Effective marketing plans include detailed analysis of the market along with roadmaps for upcoming campaigns. Inside this article, you’ll find the  elements of a marketing plan , 10 real-world examples of marketing plans with commentary from experienced marketing professionals, free marketing plan templates and samples , and a  chart to help you determine which template suits your needs .

Marketing Plan Elements

Typical marketing plans begin with an executive summary and include audience demographics, company objectives, situational analysis of the business, and marketing strategies and tactics. Market research and analysis provide campaign direction, and the budget and timeline offer practical parameters. A marketing plan can provide an overview of all strategies and campaigns to be executed in a certain time frame, or it can focus on a specific product, channel, or strategy. The level of detail and the sections included might vary, depending on the organization’s needs. The nine main elements of a marketing plan are:  

Executive Summary and Mission Statement:  A concise, high-level summary conveys the purpose of your marketing plan, introduces key strategies and research insights, and highlights the most important takeaways for stakeholders. For example, an executive summary might outline your brand’s identity, its place within the competitive landscape, and the major opportunities that upcoming marketing campaigns will target. Longer plans might include a separate mission statement or vision statement to align marketing efforts with your company’s larger goals. Discover more  examples of executive summaries with templates to help you write one effectively.  

Situational Analysis:  One of the most crucial elements of your marketing plan, a situational analysis is an assessment of the internal and external factors affecting a business’s performance. It should include research-based insights into market trends and dynamics, customer demographics and pain points, and internal resources.  A strong situational analysis often includes a SWOT (strengths, weaknesses, opportunities, threats) analysis, which provides a foundation for an effective marketing strategy. Learn more about  how to perform a SWOT analysis .  

Competitive Analysis:  Understanding the competition is key to developing a compelling marketing plan. This analysis should consider recent marketing campaigns from similar brands to identify successful ways to reach a shared target audience. Being aware of the competitive landscape can also help your business develop a unique selling proposition and stand out in the market. The competitive analysis might be included in the larger situational analysis, or it might be a stand-alone section. For example, a marketing plan could include data on how competitors rank on keywords, or it could evaluate the performance of competitors’ recent social media campaigns. One common framework for understanding market dynamics is a Porter’s five forces analysis, which identifies the forces that contribute to industry rivals. Learn how to evaluate the competitive landscape with  free industry analysis templates .  

Target Audience: In order to implement marketing strategies that engage consumers and drive conversions, businesses need to know who their audience is, what they want, and how they behave. A marketing plan should define a specific, segmented target audience with demographic, geographical, psychographic, and behavioral data.  This section often includes customer profiles or buyer personas — fictionalized representations of ideal customers or audience segments — which help marketers typify consumer behaviors. These profiles should include media habits and most-used platforms to ensure that your marketing plan selects the right channels for each campaign. Learn how to analyze your target market with  free customer profile templates .  

Goals and Objectives:  Marketing plans typically include both long-term goals, which provide broad direction for the company’s marketing strategy, and short-term objectives, which focus on more immediate tactics and campaigns. Goals should be SMART (specific, measurable, achievable, relevant, time-bound) and include corresponding key performance indicators (KPIs).  The goals and objectives in a marketing plan often focus on conversions, market share, brand awareness, or engagement. Clearly defined goals ensure strategically aligned marketing initiatives with measurable results. Take a look at  real-world examples of SMART goals for more insights.  

Marketing Strategy:  This section of a marketing plan details the business’s unique value proposition and the channels that will communicate it. A robust marketing strategy addresses the touchpoints in a consumer’s buying cycle and breaks down the 4 Ps (product, price, place, promotion) of the marketing mix. Channels might include digital marketing, advertisements, social media, and influencer partnerships. To develop an overarching marketing strategy, consider using a  marketing strategy template . To learn more about the 4 Ps, read this  product marketing guide .  

Tactics and Action Plan:  A marketing plan is not an abstract strategy document, but a concrete roadmap for executing specific campaigns with specific tactics. Your plan should detail the messaging for each campaign and the corresponding methods for communication — such as email newsletters, social content, targeted ads, and public relations.  This section provides KPIs and actionable steps such as resource allocation, deliverables, and distribution plans. It might also include the expected outcome for each campaign. To plan individual campaigns, consider using a  marketing project plan template .  

Budget:  Marketing expenses might include the cost of advertising, content creation, website maintenance, or promotional materials; no marketing plan is complete without a budget that breaks down the costs of such initiatives. A clear, comprehensive budget ensures that marketing efforts are financially feasible and resources can be allocated for maximum impact. The budget also enables the marketing team to track the return on investment (ROI) of each campaign. To create a comprehensive budget, try our  free marketing budget templates .    

Timeline:  Finally, a marketing plan includes a clear schedule for implementing its initiatives and tactics. This timeline details the start and end dates of each campaign, deadlines for deliverables, and key events or milestones. It keeps the marketing team aligned and initiatives on track, ensuring that marketing objectives can be achieved within the set time frame. Organize dates and deadlines with the help of a  marketing timeline template .  

Marketing Plan Examples

Real-world marketing plans show how businesses utilize effective planning documents. These 10 examples from various industries exhibit unique strengths and weaknesses. With insightful commentary from marketing experts, these plans offer practical takeaways any marketer can use.  

Delmarva and the Ground for Change This  in-depth marketing plan for a documentary produced by the USDA Northeast Climate Hub includes audience profiles, competitive analysis, and a distribution plan. Along with a detailed breakdown of its digital marketing strategy, it considers how different tactics will affect the viewer’s content journey.   

John Dinsmore , a marketing consultant and professor at Wright State University, praises this plan for its attractive design and thoughtful, thorough content: “They do a nice job of extrapolating on who the target market is and tying their tactics to achieving specific goals.”  He appreciates the inclusion of a SWOT analysis, but feels it could be done more effectively. “‘Opportunities’ is not a place for business ideas. It’s a place to identify external, positive trends that can help your initiative. In this context, an opportunity could be ‘Rising concern for and awareness of climate issues.’ Similarly, ‘threats’ is not a place to list things that are difficult. It’s for negative external trends such as ‘Increased skepticism over ability to combat climate change.’” 

Dekker Fraser , former Global Marketing Manager at Sony PlayStation, adds that this plan includes a strong focus on collaborations with media and influencers: “Many marketing plans place too much emphasis on target customers and not enough on target collaborators.”  

Minnesota Tourism This  marketing plan by Explore Minnesota , the state’s Department of Tourism, showcases Minnesota’s beauty with vivid imagery. It uses a variety of demographic information to identify priority audience segments and includes well-designed infographics that analyze audience and competition. As a result, the campaigns are clearly targeted at specific audiences and objectives. 

John Rarrick , Head of Marketing at Movius Corp., admires the strength of the message behind the strategy. “This plan has a very well-developed ‘why,’” he says. “You’ll see that often when the plan is to repair or save something that has undergone a time of great loss — such as a loss of revenue or reputation. The audience personas, goals, tactics, and budget are all detailed and measurable.” 

Gold Coast Transit District  

A  short, high-level marketing plan for Gold Coast Transit highlights key campaigns and includes the most important details, such as timelines, budgets, and tactics. It begins with a bulleted overview of the most important takeaways and takes into account general marketing efforts that don’t fit under a specific campaign umbrella. Fraser notes that this plan includes year-round marketing initiatives, with an effective “emphasis on strong offers, such as youth-free fares.” However, he points out that its brand awareness goals could be more specific. “Instead, use context-specific awareness goals such as ‘When commuting to work, residents first think of Gold Coast Transit’ or ‘When coming home from the library at night, I think of taking the bus,’” he says. “In other words, peg awareness to specific category-entry points.”  

University of Arizona College of Engineering This  marketing, branding, and communications plan for the University of Arizona College of Engineering sets out a long-term vision, high-level goals, and strategies for achieving these goals. It has a section for methodology — including promotional videos and email newsletters — and segments its audience to align with its strategies. This plan “demonstrates a clearly defined audience,” according to Rarrick. That said, not every section of the plan includes the same level of specificity. “The KPIs are vague,” he adds. “I would expect to see something more measurable, rather than ‘increase’ or ‘improve.’” 

Timberland Regional Library This  library's two-year marketing plan sets initiatives in motion with a clear schedule for action. It includes both promotional and production calendars for effective planning, which is especially important for campaigns pegged to external events.  Dinsmore cites this plan’s “professional and elegant graphic design” as a strength. It also offers a roadmap for tackling several marketing campaigns on different timelines. However, he suggests that the plan needs more measurable goals and defined strategies. “There’s no overarching strategy that ties all of these tactics and initiatives together,” he says. “It’s just a laundry list of dates and actions.” 

Safe Haven Family Shelter Nonprofit organizations need creative marketing strategies to reach their targets and use funds efficiently. With specific objectives and actionable steps, this  marketing plan for Safe Haven Family Shelter delineates high-level goals and details the path to achieving them. It identifies the roles and responsibilities of individual team members to ensure alignment. Rarrick commends this plan for its “clearly defined audience and very clearly defined goals.” The plan showcases the differences between strategic business goals and measurable marketing objectives.  

Visit Myrtle Beach This  destination marketing plan by the Myrtle Beach, South Carolina Chamber of Commerce  incorporates detailed information about target markets, audience personas, and key behaviors. It includes an infographic that illuminates the touchpoints in a traveler’s journey and shows the marketing team how each tactic contributes to conversions.  Overall, Dinsmore praises this plan as a “very smart and thoughtful presentation.” It outlines a distinct media mix for each target audience, defines its objectives clearly, and ties these objectives to success metrics. He continues, “I want to thank the Myrtle Beach folks for planning to measure their efforts. Measurement is often anathema to marketing people, but if you’re not measuring, you don’t know how to improve.”  With so much information to cover, the plan would benefit from an executive summary to introduce key takeaways. “The bigger the scope, the harder it is to make everything feel connected, and that’s a bit of an issue with this plan,” Dinsmore adds.  

Tropical Avocados This  example of a no-frills plan was commissioned by the nonprofit Improving Economies for Stronger Communities (IESC) to help brand and launch tropical avocados in the U.S. market. It shows the importance of making branding decisions backed by market and consumer research. A detailed SWOT analysis and competitive analysis provide essential insights that enable the company to determine the best unique selling proposition.  A key strength of this plan is its detailed research into its audience. Fraser cites its “excellent identification of consumer objections — e.g., concern over how natural the avocado size is — and consumer behavior.” As a result, the brand can adopt effective messaging in its marketing campaigns. As with USDA Northeast Climate Hub’s Delmarva and the Ground for Change documentary, “target collaborators — e.g., food writers, organizations, and chefs — are included in the target audience. Collaborators are often more critical to the marketing plan than the consumers themselves,” Fraser adds.  

Rochelle Community Hospital This  case study of Rochelle Community Hospital in Rochelle, Illinois, shows how a targeted marketing plan can be used to achieve significant results. The report by Legato Healthcare Marketing showcases the importance of reevaluating an existing marketing strategy — in this case, shifting the emphasis from print to digital. External marketing agencies often have more tools at their disposal, particularly if the business has not had a strong digital presence. With targeted ads and website updates, the agency employed tactics with direct metrics in order to track its impact.   

Visit Concord This  example from the Concord Tourism Improvement District marketing plan is concise and includes streamlined insights on the audience and market. It details each marketing channel with specific tactics and measurable KPIs.  The overall strategy, according to Fraser, offers “an excellent emphasis on social proof and word-of-mouth marketing,” as well as a “good balance of awareness and activation marketing.” In order to improve, he suggests, “the plan should factor in the following critical quantitative factors to help drive the media strategy: reach, frequency, and the total-addressable market.” 

Marketing Plan Templates

Using a template takes the guesswork out of organizing a marketing plan document. These customizable templates include essential elements and options for specific industries or marketing channels, and they range from one-page plans to comprehensive, presentation-ready reports.

Microsoft Word Simple Marketing Plan Template

Download the Simple Marketing Plan Example Template for Microsoft Word Download the Blank Simple Marketing Plan Template for Microsoft Word

This example of a simple, customizable plan focuses on key strategies and prioritizes readability. This one-page marketing plan template includes space to summarize marketing strategy and overarching business objectives, along with an action plan to highlight responsibilities and deadlines.

Microsoft Word Annual Marketing Plan Template

Download the Annual Marketing Plan Example Template for Microsoft Word Download the Blank Annual Marketing Plan Template for Microsoft Word  

This comprehensive marketing plan template includes a number of key sections — such as goals, target market, marketing channels, and performance standards — that can be customized to suit a variety of businesses. In the situational analysis, you can find space for both a 5C (company, collaborators, customers, competitors, climate) analysis and a SWOT analysis. The blank template begins with a table of contents, a business summary, and a mission statement to allow for easy readability. The sample focuses on marketing strategies for one fiscal year, but you can modify this plan for any time period. 

Microsoft Word Small Business Marketing Plan Template

Download the Small Business Marketing Plan Example Template for Microsoft Word Download the Blank Small Business Marketing Plan Template for Microsoft Word

A strong marketing plan is essential for small businesses looking to stand out from larger competitors. This small business marketing plan template provides an outline for a detailed marketing strategy, including a unique selling proposition, the 4Ps marketing mix, and marketing channels. It builds its strategy on situational analysis and identification of the business’s core capabilities. Find  more marketing plan templates  for different industries.

Microsoft Word Nonprofit Marketing Plan Template

Download the Nonprofit Marketing Plan Example Template for Microsoft Word Download the Blank Nonprofit Marketing Plan Template for Microsoft Word

This example marketing plan for a nonprofit incorporates information on the funding climate into its situational analysis, as well as a detailed organizational summary. With sections for short- and long-term goals, marketing strategies and channels, and stakeholder profiles, the template is comprehensive and customizable. Find  more nonprofit marketing plan templates here .

Excel Product Marketing Plan Template

Download the Product Marketing Plan Example Template for Excel Download the Blank Product Marketing Plan Template for Excel

When integrating a new product into existing marketing strategies, it’s important to take into account all the elements of the marketing mix. This product marketing plan template is organized by product, price, place, promotion, process, people, and physical evidence. In these sections, you can find space to consider market research, consumer behaviors, and marketing channels.

Excel Social Media Marketing Plan Template

Download the Social Media Marketing Plan Example Template for Excel Download the Blank Social Media Marketing Plan Template for Excel

For planning specific campaigns, this social media marketing action plan template begins with the campaign goal, highlights important promo dates, and separates actions by platform. It’s useful for executing targeted social media campaigns within a larger marketing strategy. Find  more marketing action plan templates here .

Excel Digital Marketing Plan Template

Download the Digital Marketing Plan Example Template for Excel Download the Blank Digital Marketing Plan Template for Excel

Focusing on digital marketing channels is an effective way to organize strategies into a streamlined and actionable plan. This strategic digital marketing template highlights important audience behaviors and access channels to ensure messaging reaches consumers. Customizable for a variety of digital marketing projects, the template includes space for keywords, goals, and tasks. Find  more digital marketing plan templates here .

Which Marketing Plan Format Is Right for You?

To choose the right marketing plan format for your needs, consider the plan’s role in your marketing strategy. Do you need a comprehensive plan to provide an overview of tactics that will take place over a long period of time? Or are you looking for a plan to focus on specific channels, campaigns, or product launches? 

Each template in this article offers space to detail market research, strategies, and access channels. The longer plans include more sections for in-depth situational analysis and audience demographics, while the shorter plans focus on the marketing mix and action plan. This chart highlights the key elements of each marketing plan:  

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Preparing to cash a money order

Where to cash a money order, steps to cash a money order.

• Tips for cashing a money order

How to Cash a Money Order: A Step-by-Step Guide

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• A money order is a method of sending money that's more secure than a personal check or cash.
• To cash a money order, verify its authenticity and find a bank, credit union, or check-cashing store.
• Bring photo ID when you cash a money order, and expect to pay a fee in most cases.

If you're receiving a payment from someone you don't know — especially through the mail — you might want to consider a money order instead of a personal check or cash payment.

"A money order is a method of sending a prepaid amount of money to somebody," explains Chane Steiner, CEO of Crediful. "It's considered very secure and is an excellent way to send money quickly in situations where a personal check is not appropriate. In some instances, money orders are even preferred to cash in hand."

Here's how to cash a money order quickly and securely.

The first thing to do when you receive a money order is to review the document and make sure the money order was filled out correctly. Double-check its value to make sure the amount is correct; money orders are prepaid, so you should know in advance how much you're receiving. Also, make sure the name on the money order matches the name on your ID.

You'll also want to verify that the money order is legitimate. If you know the sender, this might not be a concern, but if you aren't familiar with the person sending it — maybe you sold an item on Facebook Marketplace, for example — you'll want to confirm the amount is what it's supposed to be.

Banks and credit unions

Going directly to the issuer is also a way to verify the money order. If you're cashing with a bank or credit union  where you're an account holder, you should be able to avoid fees.

Grocery stores and check-cashing businesses

Many retail locations have a money-transfer outlet like Moneygram or Western Union counter to make the process convenient. 

If you go directly to the place that issued your money order — that could be a place like Western Union, Moneygram, or Walmart — you might be able to minimize your fees.

Postal services for postal money orders

Many consumers send money orders from the United States Post Office, and a local post office will cash USPS money orders. If you receive a USPS money order , you can cash it for free.

Plan to cash your money order in a timely fashion

The longer you hold on to the money order, there's a chance it can be lost, damaged, or misplaced.

Plus, cashing a money order quickly is a way to protect yourself against possible fraud, since the sender can cancel their money order. If you've already cashed it with the issuer, the sender won't be able to cancel.

Present valid identification

You will need to provide a photo ID, such as a driver's license, passport, or other government-issued ID, to cash a money order.

Endorse the money order

Don't sign the money order in advance; add a signature to the back of the money order when you are at the counter in front of a bank teller or other customer service representative.

"Sign your money order only once you are handing it over to be cashed. Signing it beforehand can be risky if it is stolen," says Steiner.

Pay associated fees

Fees vary by financial institution or retailer. If you're worried about overpaying, call and ask about fees before you go. Some banks also have a Schedule of Fees online, which is a document with all common bank fees .

Receive your cash

Count the money that you receive, and make sure to save your receipt. Put the cash away securely before leaving the location.

Tips for safely cashing a money order

Avoiding scams and fraudulent money orders.

The easiest way to avoid a money order scam is to call the money order issuer, or visit its website, to verify the funds. Every money order includes a serial number for verification.

For Postal Service money orders, visit this webpage to learn more about how to spot a fake.

What to do if a money order is lost or stolen

If you need to cancel a money order because it was lost or stolen, contact the issuer immediately. You will likely be asked to fill out a request form and pay a cancelation fee.

Postal money orders cannot be canceled, but they can be replaced for a fee of $18. It may take up to 60 days.

Cashing a money order FAQs

The best banks will cash money orders for free for customers. Non-customers may have to pay a fee.

You will need a valid photo ID to cash a money order.

Retail and check-cashing stores usually charge a fee to cash a money order. You can avoid this fee by visiting your bank or credit union instead.

A bank where you are not a customer may charge a fee to cash a Postal Service money order. The Post Office will cash it for free if you present a valid photo ID.

Alert your bank and the money order issuer, and do not attempt to cash it.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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