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What Must an Entrepreneur Do After Creating a Business Plan?

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Congratulations! You’ve taken the monumental first step in your entrepreneurial journey by crafting a comprehensive business plan. This to-do list represents the culmination of your dreams, strategies, and aspirations. It’s a roadmap to guide you through the labyrinth of the business world. But, as you stand on the precipice of this exciting endeavor, What’s the next chapter for a dynamic entrepreneur like you? What must an entrepreneur do after creating a business plan?

In this article, we’ll explore the critical steps an entrepreneur must follow to bring that plan to life and turn their vision into a thriving reality.

what must an entrepreneur do after creating a business plan

The entrepreneur’s roadmap after crafting a business plan.

After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances. They should also prioritize goals, manage finances, build mental resilience, and celebrate milestones to achieve success.

1- Execute the Plan

Securing Funding : The initial step after creating a business plan is to secure the necessary funding. Your business plan likely outlines the financial resources required to kickstart and sustain your venture. Whether you seek funding through loans, investments, grants, or crowdfunding, this is the time to put your financial strategy into action.

Acquiring Resources : Once you have secured the funds, it’s essential to acquire the resources outlined in your business plan. This could include physical assets such as equipment, real estate, or technology. Ensure that you have everything in place to launch your business successfully.

Infrastructure Setup : The infrastructure of your business, whether it’s a physical office or a digital platform, needs to be established according to your plan. A well-organized infrastructure is the backbone of your operations and supports your growth.

2- Advertising and Marketing

Develop a Marketing Strategy: An effective marketing strategy is essential to reach your target audience. Identify your unique selling propositions, select appropriate marketing channels, and create compelling campaigns. When it comes to promoting your business, consider leveraging Kolleqtive’s Advertising and Marketing services.

Engage in Advertising: Execute your marketing strategy through advertising campaigns, whether online, print, or broadcast. Effective advertising can build brand awareness and attract customers.

Leverage Digital Marketing: In today’s digital age, online marketing is vital. Utilize social media, email marketing, content marketing, and SEO to expand your online presence and connect with a broader audience.

3-Monitor Progress and Adapt

Stay on Course : With your plan in motion, it’s vital to continuously assess whether you are moving in the right direction per your business plan. Monitor your progress by tracking your goals and milestones and comparing them against your actual achievements.

Adjust Strategies : Business landscapes are dynamic, and entrepreneurs must be agile. Be open to changing your strategies if market conditions or new opportunities arise. Adaptability is a key trait that can make your business more resilient.

4-Manage Finances

Budgeting : Effective financial management is fundamental for the sustainability of your business. Create a budget that outlines your projected income and expenses. Regularly revisit and adjust your budget as needed to manage your finances effectively, recognizing that a new business should be based on an entrepreneur’s sound financial principles.

Cash Flow : A healthy cash flow is the lifeblood of any business. Monitor and manage your cash flow to ensure the business remains financially stable. Keep an eye on your receivables and payables to avoid cash flow hiccups.

5-Build Mental Resilience

Challenges and setbacks are part of the journey, and an entrepreneur must build mental resilience to navigate them with grace.

Set Realistic Expectations : Entrepreneurship is a rollercoaster ride with ups and downs. Understand that challenges and setbacks are part of the journey. Setting realistic expectations can help you handle these situations with grace.

Seek Support : Running a business can be mentally challenging, and seeking support is vital. Connect with mentors, advisors, and fellow entrepreneurs who can offer guidance and emotional support. Having a supportive network can provide valuable insights and encouragement .

Learn from Failure : Failure is not the end; it’s a stepping stone to success. Embrace failures as opportunities for growth and learning. Analyze what went wrong and use these insights to improve your strategies. Remember, an entrepreneur must learn from failure, treating it as an opportunity for growth.

Practice Self-Care : Mental resilience is closely tied to self-care. Entrepreneurs often work tirelessly, but neglecting self-care can lead to burnout. Make time for relaxation, exercise, and activities that contribute to your well-being.

6-Goal Achievement and Productivity

Prioritize Goals : Not all goals are created equal. Determine which objectives are critical to your business’s success and focus your efforts on them. Identify key performance indicators (KPIs) that can measure progress.

Create a Plan of Action : Each goal requires a detailed plan of action. Break down large, daunting objectives into smaller, manageable tasks. Assign responsibilities and set deadlines to keep everyone on track.

Stay Organized : Use tools and resources that help you stay organized. Whether it’s project management software, calendars, or task lists, staying organized is crucial for productivity .

Measure Progress : Regularly review your progress toward your goals. Analyze data and feedback to understand what’s working and where adjustments are needed. This analytical approach allows for informed decision-making.

Celebrate Milestones : Remember to celebrate your achievements along the way. Recognizing your progress can boost motivation and keep your team engaged. Kolleqtive offers a range of resources and support to help you stay on track, reach your objectives, and celebrate your successes. These services include interactive tools, a supportive community, and opportunities for personal and professional growth.

In conclusion, creating a business plan is the foundational step in entrepreneurship, but it’s only the beginning. An entrepreneur would most likely be visionary, risk-takers, and an innovator, but they must also be an executor, a financial manager, and resilient problem-solvers. What an entrepreneur must do after creating a business plan is to execute it with dedication, adapt to change, manage finances effectively, build mental resilience, and focus on achieving their goals. By following these steps, entrepreneurs can bring their business plans to life and work toward success.

The business plan does not solely define the journey of entrepreneurship; the actions, adaptability, and determination of the entrepreneur shape it. Embrace the path, stay open to change, and with the right mindset and continuous learning, you can achieve the positive change and success you aspire to in entrepreneurship.

Unlock your full entrepreneurial potential with Kolleqtive . Join our community of like-minded individuals and embark on a journey towards success and positive change. Take the first step today!

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What must an entrepreneur do after creating a business plan?

Learn what steps an entrepreneur must take after creating a business plan, including securing funding, hiring a team, and launching the business.

Creating a business plan is only one step to complete when it comes to running a successful business.

If you’re working on your business plan now or you’ve just completed it, you’re probably looking toward the future.

Read on to discover what an entrepreneur must do after creating a business plan so that you can make sure you have all of your essential bases covered.

The Foundation of Having a Business Plan and Its Importance

A well-constructed business plan organizes your business ideas and supports the process you have in mind through the research you conduct.

A typical business plan should cover the following points:

Executive Summary: A short summary listing the goals your business aims to achieve
Description of the Business: Details about your company, the industry in which you operate, and the service you plan to provide
Market Research: Research-backed information about your target audience or market
Market Analysis: Plans that cover how you plan to succeed as a company when it comes to approaching and converting customers in your target market
Marketing Plans: A description of the efforts you plan to take in order to promote your business to the right market (ex: PPC ads, social media content, blogging, etc.)
Sales Strategies: Business launch information, steps for conducting and promoting sales, how you plan to make profits, etc.
Management Information: A list of the key individuals in charge of managing your company, information about the structure of your business, the projected number of employees you’re going to need, salary information, and various department information
Financial Planning: Expenses and revenue information
Requests for Funding: Information about where you plan to seek funding and how you plan to secure it

Now That I Have a Business Plan, What’s Next?

Creating a business plan that works can take a significant amount of time to accomplish, so don’t rush through it in an effort to get to the more exciting elements of running your business.

Take your time, review your work, and have an experienced mentor take a look at your plan as well. This way, you’ll have a fresh set of eyes on your project and if you’ve missed any important details, you’ll be able to remedy the situation before you launch.

If you’ve completed the construction of your plan, there are a few things you need to do in order to get the ball rolling and ensure your success.

File Necessary Legal Documents to Make It Official

Start your business journey on the right foot by ensuring that you’re compliant with state and federal business laws.

File your business forms with the IRS and any local government bodies you need to register with. When constructing your business plan, you should have planned out how you’re going to structure your business, which will make filing legal documents a lot easier. Whether you’re operating as a nonprofit, an LLC, or something else, you’ll want to make sure you’re legally protecting yourself and your company through proper legal filings. This might include trademarking, copywriting, or patenting your intellectual property.

Start Looking for Funding / Budget the Funding You Have

If you need funding during the start-up phase, this is the time to look for it. Seek out investors, crowdsourcing options, and any avenue that might be available to you. With a complete business plan, you’ll have a greater chance of securing funding.

Furthermore, if you already have funding and you want to make sure you’re putting it to its best use, create a strict budget to follow .

Start Advertising and Marketing Your Business

Once you’ve legally established your company, you need to start promoting your brand and making sure that people are aware of your presence. Marketing efforts can take place before your official launch, during, and afterward.

Again, your business plan should have an outline you can use to begin planning your marketing campaigns. Your strategy may not be perfect at first, but as you find ways to get the word out about your services and products, you’ll discover what works best for you.

Create a Team of Professionals

Running a successful business is rarely something that one person can or should do alone. If you’re by yourself at this point, it’s about time to form a team of professionals. When you hire the right people, you can delegate tasks to teammates with the most experience and free up your own time in order to focus on entrepreneurial tasks.

Review Business Performance Regularly and Improve Processes

After you’ve officially launched your business, it’s hardly the time to take a step back. As a business owner and team leader, you’ll want to keep track of your production schedule, sales records, and marketing analytics. This way, you can build momentum, make adjustments to your procedures, and play an active role in fostering your company’s growth.

It’s also important to review your current operations from time to time, especially during the first year or two of running your business. Some business owners review their data monthly while others do it quarterly. By reviewing your business performance on a regular basis, you’ll be able to create snapshots that you can use to compare with other time periods. Doing so allows you to discover how well you’re reaching your goals, any metrics you need to improve, and much more.

Building, launching, and growing a business is far from easy, which is why so many budding companies never make it off the ground. Take your time during the planning phase and take every possible step you can when it comes to organizing your ideas and resources. Take advantage of online business templates , educational webinars, and mentorship opportunities so that you can expand your knowledge while you bring your ideas to life.

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I’m an Entrepreneur, and I Have a Business Plan: Now What?

Creating a business plan is crucial for anyone wishing to start a business. For an entrepreneur, the business plan is the first major hurdle to clear. But the job isn’t finished once the business plan is complete. It’s not uncommon for entrepreneurs to say to themselves, “I have a business plan; now what?”

So, what must an entrepreneur do after creating a business plan? If you’re uncertain about the next steps in starting a business, this entrepreneur planning guide is for you.

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Entrepreneur Business Plan Overview

First, let’s briefly review what should be included in a business plan. Read our guide to writing a business plan for a more detailed breakdown of this document. The fundamental elements to include in a business plan include:

Summary of the company’s structures and goals
Market research, customer profiles, etc.
Marketing strategies
Financial overview and budget

The business plan should serve as the roadmap to keep you and your company focused daily. But knowing which steps to take after writing the business plan is also crucial. Here are some of the most important things to do after creating your business plan.

What Must an Entrepreneur Do After Creating a Business Plan

File any necessary legal documents.

Let’s start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any trademarks , contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images.

Identifying your business structure (LLC, corporation, etc.) should be part of your business plan. However, filing the necessary paperwork to classify your business accordingly is often the first step afterward.

Conduct more market research

Your business plan should include some market research and initial marketing strategies . But the market, and your competitors, don’t stop changing the instant your business plan is complete.

One of the essential steps to set your business up for success is to continue conducting market research at all times. This enables you to stay on top of the latest trends and identify the strengths and weaknesses of your competitors. Doing this can help you find your niche or strengthen your areas of weakness.

Conducting additional research is also crucial for the evolution and growth of your brand. You will need more research to devise your post-launch marketing plan and advertising campaigns.

Fill out your team

You may have had a few critical positions within the company filled while writing your business plan. But there are likely other roles that need to be filled. Identify which areas require the most help, then search for the ideal candidates to fill those roles .

Assembling a team with diverse perspectives and backgrounds can be very helpful. If you are not experienced with any aspects of running your business, hiring experienced team members in those positions is also a good idea. This allows you to focus on your strengths while receiving guidance from those who have done it before.

Produce marketing content

Your business plan should outline branding and marketing strategies. Once that step is out of the way, it’s time to execute those strategies. Ecommerce has drastically changed how companies reach and connect with their target audiences.

Traditional marketing streams are far from the only options these days. Modern companies can use social media to interact with customers directly. Content marketing and SEO are also great ways to attract organic traffic to your website.

Whatever your marketing plan is, focusing on creating engaging content for your brand is an excellent thing to focus on after creating your business plan. This keeps you focused and engaged while actively helping to grow the business early on.

Relationships and connections with other professionals will be a big part of your company’s success. It’s never too soon to get into the networking habit to build new relationships and encounter new ideas.

Connecting with partners like retailers, distributors, and manufacturers can also build trust, which will be crucial later on. Networking is simply a good habit to get into for entrepreneurs.

Gather tools

Do you have everything you need to run your business successfully? The answer to that question is usually “no.” Once your business plan is complete, you should take some time to identify all the tools and resources you’ll need. This could be anything from marketing analytics and website-building tools to basic office supplies and business cards.

On the technical side, one of the most essential tools you can choose from is your ecommerce platform . An ecommerce platform can help you build your online store, manage your business, and facilitate good customer relationships. For ecommerce entrepreneurs, ecommerce platforms are a central hub for everything related to your business.

Launch your business

The most significant step to take after creating a business plan is launching your business. Having a good launch day checklist is vital. But every entrepreneur should have a clear launch schedule and work hard to stick to it. This is the most exciting day for any entrepreneur, as it’s the first opportunity to put ideas into practice.

While launch day can be a day of celebration, it’s also the beginning of a long journey. This is your first chance to begin assessing your business plan and make necessary adjustments.

Continue to refine marketing plans, merchandising, etc.

As mentioned, launching your business is the first step in a long, difficult progress. Creating a business plan and launching a business is hard work. But running your business successfully is even more demanding. Remember that this long process requires focus, concentration, and consistency.

Stay focused on your company’s goals while assessing the market and your strengths and weaknesses. All of your entrepreneur planning steps should have prepared you for a successful launch. But maintaining success requires careful execution of your business strategies.

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About the author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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What Must an Entrepreneur Do After Creating a Business Plan?

Last Updated October 5, 2022

Many successful entrepreneurs started with a solid business plan detailing factors of their business such as marketing, funding, legal considerations, and operations. But then what must an entrepreneur do to turn their vision into reality?

What’s Included in a Business Plan?

A business plan is a formal document that justifies the idea with research, defines the steps to starting the business, and details the growth and management of the business after launch. A strong business plan typically includes:

Executive Summary and Company Description: Key terms and summary of the business and its goals.
Market Research and Analysis: The findings of market research and projection of success in the target market.
Marketing and Sales: A strategy to optimize the business for the market, based on market research analysis: Who is the target audience? What products and strategies should be the focus for sales? The likely includes the go-to-market strategy for pre-launch and launch as well as sales operations and infrastructure.
Organization and Management: A plan for the organization of departments and management, as well as the number of employees needed. Includes budgeting for salaries and benefits, as applicable.
Financial Projections and Funding Requests: The projected revenue of the company versus costs, as well as any plans for necessary funding like investments.

What Are the Steps to Take After the Business Plan?

1. Build the Initial Team

Few entrepreneurs can manage every aspect of a new business alone. They should focus on what they can do well and delegate other tasks to a strong team. For example, that might mean hiring a web designer or financial consultant.

2. File Necessary Legal Documents

To legally protect a business and make sure taxes are in order, it’s necessary to file proper forms with the IRS and other applicable governing bodies. Some business owners may choose to form a limited liability company (LLC) , while others may incorporate their business. Choosing the right business structure requires quite a bit of thought and should be completed in the business plan.

3. Protect Intellectual Property

Without proper legal protection, business owners have no formal recourse if someone else uses their designs or branding. Understanding the differences between trademarking, copyrighting , and patenting is critical, as each protects different types of intellectual property . For example, trademarking can protect branding assets, copyrighting can protect creative content such as books, and patents can protect product design. Ideally, this step would be completed prior to any launch.

4. Advertising and Marketing

Part of the business plan is a go-to-market strategy, which includes pre-launch, launch, and, often, post-launch marketing plans. Once the business is legally established and the initial intellectual property has been protected, it’s time to implement the pre-launch marketing. This may include social media marketing, the establishment of a blog, or more traditional print marketing such as fliers. The goal? Get the word out to your prospective customers so they can buy at launch.

5. Official Business Launch

This is an exciting time for any entrepreneur—the moment their hard work takes center stage and their product goes public for purchase. Ideally, the necessary production and marketing stay on the launch schedule established in the business plan. Many business owners start tracking marketing and sales data immediately so they can pivot quickly if something isn’t working properly.

6. Review Business Performance and Progress

Many business owners benefit from frequent reviews of their sales and marketing data. For a younger business, it’s common to conduct monthly or quarterly reviews to adjust quickly. As the business matures, frequency may decrease to annual reviews with smaller quarterly reports. Either way, setting goals and metrics based on the business plan keeps a business on track and focused.

The Next Step: Scaling the Business

With the initial business plan implemented successfully, business owners often ask themselves what comes next. Plans for growth and scaling the business may have been outlined in the initial plan, but have the plans changed? Possibly, which is why consistently measuring performance and aligning goals is critical.

Often, the end of the initial business plan is just the beginning of an entrepreneur’s journey. Understanding how to legally protect the business you’re building is key to keeping momentum and stability as you grow from launch to scaling.

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What Must An Entrepreneur Do After Creating a Business Plan

What Are the Steps to Take After the Business Plan?

Evaluate and refine the business plan:, establish clear objectives and milestones:, allocate resources effectively:, finish your business plan today, build a competent team:, develop a robust marketing strategy:, monitor and adjust financial plans:, cultivate a culture of innovation:, establish strong partnerships and networks:, embrace technology and automation:, seek feedback and adapt:.

In conclusion, the creation of a business plan marks the beginning of an entrepreneurial journey. However, the success of a business depends on the effective execution and implementation of the plan. By evaluating and refining the business plan, setting clear objectives, allocating resources effectively, building a competent team, and embracing innovation and technology, entrepreneurs can position their businesses for sustainable growth and success in the dynamic and competitive business landscape. It is the continued commitment to these actions that sets the foundation for a thriving and resilient business.

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What Must an Entrepreneur Do After Creating a Business Plan?

After creating the business plan, the real challenge begins. Here’s the 9 step guide on starting and growing your business that will help you get your first customers and retain them.

Creating a business plan is an important step for an entrepreneur or business development executive. It not only marks the formal beginning of a project, but also charges you up to do more, simulate the challenges, execute the strategy and have the business up and running.

Having a bad plan is better than having no plan.

9 steps for entrepreneurs after creating a business plan.

As one goes about making a business plan, lots of ideas emerge in the mind of an entrepreneur that make him or her ready to execute their vision. Creating a business plan on paper or presentation means you have begun your entrepreneurial journey, and once begun is half done.

Also read: How to Create the Best Business Plan for Your Idea

So what’s next? While you may want to do everything at once, you may end up doing nothing. So let’s discuss how to prioritize your work and create your business step-by-step.

1. Work Out the Finer Details and Consider the Challenges

The first step right after creating the business plan would be to work out the finer details of the plan. You need to refine your plan and make it executable. Work on every detail, and make sure you define what the first steps are.

These details may be related to every aspect of your business plan, like scaling up and growth strategy, product design, marketing strategy, hiring plan, etc. The idea is to have clarity on how everything will be executed.

Like at the beginning of any sporting activity, you would feel rusty in the beginning, however, when you work out the finer details of your business plan, it will mentally prepare you to start your execution.

Having a plan helps you mentally simulate the different stages and challenges that you may encounter on your journey, and work on possible solutions for overcoming the same.

2. Create Small Executable Steps

Executing a business plan may seem like a daunting task in the beginning. In order to make it more manageable, you should break your project into smaller tasks, and further break them down into steps, and set deadlines for these, depending on your priorities.

This may vary according to your business. E.g. for setting up an eCommerce store, you may need to start making product samples, creating an inventory and product catalogue, creating your website, and setting up logistics.

3. Raise Capital from Friends & Family Before You Scout Venture Capitalists

A lot of people believe that you need to get funding from venture capitalists to execute a business idea. However, you should find a way to execute your business idea on a smaller scale with your personal funds. Since you have a business plan ready, also show it to your family and friends, take feedback and try to raise capital within your circle.

Having taken money from your friends and family also makes you more responsible, as you now have investors who believe in your plan, and your business needs to succeed to pay them back. A lot of businesses may not need big funding initially, so you shouldn’t be desperate to take on debt.

For most businesses, the angel investor is someone from their personal or professional circle. Research more about how to negotiate a funding agreement before you agree to the terms. Once you think you can generate good returns, you should raise more capital to scale up your business.

4. Prioritize Your Core Operations

Setting priorities is not an easy thing to do but it is crucial in business. If everything is a priority, then nothing is a priority. A good entrepreneur needs to understand how the business will deliver value to its customers, and what are the core business operations. If the core business operations are not strong, everything else will fail too.

Prioritizing tasks and communicating with your whole team helps your team members stay focused and aligned with the business plan. Prioritizing is something that comes with experience. Initially, you would try to consciously put high priority on every task, and gradually you will understand the benefits of prioritizing, and it will eventually turn you into a strategic thinker and decision-maker.

5. Plan Your Resources

As an entrepreneur you would always be scarce on resources, thus you need to use them wisely. Before you execute your plans, you will need to calculate the resources you would need in terms of manpower, money, time, effort, etc. to execute your plan. You then need to figure out how many resources you have at your disposal. Once you are aware of the resources, you need to deploy them strategically.

Strategically means that you need to deploy your resources in such a manner that the task can be accomplished. As an entrepreneur, you need to deploy resources while leading to the closure of tasks and activities, rather than tasks being a work in progress for an indefinite period of time. Your priorities need to be clear from the very beginning, only then you would be able to effectively deploy your resources. So consider avoiding those tasks in which no considerable output can be achieved.

6. Hire Talent

It is imperative to have the right manpower to execute your plan. If you yourself are busy doing everything, you are not managing your operations well. Make sure you spend more time in management than doing jobs yourself.

As an entrepreneur, one of your most important jobs is to find, attract and motivate talent. Unless you can do that, it would not be possible for you to execute your business plan. After creating a business plan, you’ll be able to execute it only with a talented pool of team members.

Once you have attracted talent, you would also need to motivate and retain talent. Having clear job descriptions will help your employees learn what their role is within the organization, and this will motivate them. Great entrepreneurs are very accomplished in identifying, attracting and retaining talent. It’s one of the most essential traits of a successful entrepreneur.

7. Create Your Company’s Vision & Mission Statement

This will help you define the company’s ideas and goals clearly, and it’ll help you create a path to stick to. Even if your business plan evolves, chances are your vision will still be the same. Creating a vision and mission statement is an iterative thing, you should keep coming back to look at your vision and mission statements.

Vision is a long-term, ideal utopia-like situation that you want to achieve for the greater good of our civilizations. It’s something that can be shared with the world so that they believe in your cause. For example, Tesla’s vision according to Elon Musk is to accelerate the adoption of EVs (electric vehicles) for a clear and better environment. Note Mr. Musk doesn’t talk about becoming the largest EV manufacturer here, his vision is noble and would appeal to the masses. His company being an innovative leader and market leader is a by product of the vision.

The mission of a company, on the other hand, is more short-term. Like where you would like your company to be in 5 to 7 years of time. This could have numbers like sales and profitability and could be internal to the company.

8. Stick to Your Plan but Keep Evolving It

It’s very easy to deviate from your own plan once you get into execution. No business plan goes according to its “plan”, but that does not mean you should panic. Every business evolves after creating a business plan, and you may find the need to even modify the plan to keep the costs low, profits high, etc., so that’s completely fine. You change your goal post as markets are constantly evolving, and you need to keep up with the times. You may also need to change your priorities at times, but not on an everyday basis.

Some say business management is a science, but I believe it’s more of an art. What business schools teach about business is a theory, but implementing those concepts in a real-world scenario is a different ball game altogether. In the real world, people say you need to think out of the box, what they really mean to say is you need to break conventional rules to execute, grow and survive your business idea.

Peter Thiel once told this to Mark Zuckerberg and we fully agree, “In a world that’s changing so quickly, the biggest risk you can take is not taking any risk.”

9. Stop Researching and Start Testing Your Idea

It’s one thing to create a plan but a completely different thing to actually sell something, generate your first revenue, find your first real client and gain that experience. After all, that’s what you’ve been really creating a business plan for. So don’t wait for your product or service to be completely “ready” for a formal “launch”.

The best businesses are started not with a bang, but with small sales that help them understand the market and customer needs. And those help them improve the product over time. If you have a good product, you’ll have your first customers, people will know about your company through word of mouth and you’ll be in business before you know it!

So what are you waiting for, it’s time to stop taking management lessons and advice, get your hands dirty, and start realizing your business idea.

Hope this guide will help you prioritize your next steps after creating a business plan. This is just a tip of the iceberg, and each of these steps needs a lot more brainstorming, but that’s for another article! Good luck!

Also, we would like to hear your ideas, read about your journey and your success stories, so do share those. Let me know if this guide was helpful by commenting below or by tagging us in your LinkedIn stories @businesstenet .

Abhishek Sareen is a sales & marketing professional with over 16 years of experience. He started his career as a management consultant at Kurt Salmon Associates and has worked in marketing & brand management, international business in sectors like precision steel tubes for automotive industry, consumer goods and retail.

He’s is a passionate cyclist and participated in several endurance competitive events. His interests are in behavioral psychology, economics and chess. He is a graduate in Computer Science and an MBA in Marketing. He completed his executive education from IIM-A in 2016 focusing on business strategy.

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How to Write a Business Plan, Step by Step

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What is a business plan?

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

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

ZenBusiness

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

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

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

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

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

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

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

Your business’s registered name.

Address of your business location .

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

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

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

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

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

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

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

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

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

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

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

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

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

Licenses and permits.

Equipment leases.

Bank statements.

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

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

How much do you need?

with Fundera by NerdWallet

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

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

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

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

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

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

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Business Planning

I Have Created a Business Plan: Now What?

A business strategy is a fundamental tactic or combination of tactics to hit goals such as growing the business, gaining a competitive edge or turning around an ailing business. Your business strategy is brought to life by creating a business plan. Business strategies are essential for your long-term

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The Power of a One Page Business Plan
Do You Need an Accountant to Help Write Your Business Plan?
Why You Really Need A Business Plan
If you've been in the business world for a while, then you definitely know the importance of creating a business plan before starting out.
However, simply writing down a beautiful business plan is not enough to get your business up, running, and gaining sales.
There's loads of information out there about how to write a business plan, but once it's finished you may be thinking... now what do I do?
Read on to find out the top 5 things you should do after you write your business plan to make it actionable.

You’ve written out your business plan. Congratulations!

Maybe it’s really detailed. It could be full of optimistic financial forecasts for the next two years. Or perhaps you’ve used the Lean Canvas method and intend to fly by the seat of your pants.

Regardless, at this point, your business plan is all theory and pie in the sky. The onus is now on you to make it actionable .

Your business plan should not be static. Your business plan should be a working document that you can follow, edit, and change as required.

What comes next after writing a business plan?

Here are the 5 key things you should do next after you write your business plan:

Make sure it connects to your purpose
Begin to test and measure
Use the 80/20 rule
Learn something new (quickly)

1. Get help

It sounds like simple advice. I guarantee that you won’t be able to do everything on the list. If you lack the knowledge and experience to understand your sales numbers or have no idea how to advertise, find someone who does. You need to employ the experience of other professionals who can offer advice and guidance.

Not only that, if you need technical work done (like building a website or an email funnel) or creative work (like logo design and copywriting), you’re going to need to hire someone to do those things for you.

Unless you plan to tackle all of them yourself, these things cost money. If you don’t have a lot of funds or are bootstrapping , you may need to get creative. Can you offer your services in exchange for someone else’s expertise? Contra deals are a great way to get things done for free . It’s like the 2018 version of bartering. Whether you need to hire someone to get some work done or ask someone for advice, there are a lot of platforms like this one to help you get some work done on a limited budget.

2. Make sure it connects to your purpose

Why do you want to do what you do? If you cannot answer that question each and every time someone asks, that’s an issue. There will be times when you get stuck on something difficult. Your WHY is a way to keep you focused when things seem to be at their worst. You should get in the habit of connecting everything back to your WHY.

Your WHY is the reason for your business . It’s the driving motivation behind everything that you do. Do you know what your WHY is? If not, you should start thinking about it. Your WHY should be the foundation for everything that you do. It can help you get through the tough times and keep you grounded during adversity. It’s what sets you apart from your competition.

You may be in the same industry, but your WHY is what makes your business special.

3. Begin to test and measure

Begin to test and measure your assumptions. Your plan is untested and still just a concept. Now you need to see how effective your business plan functions in reality. Start looking for actionable things that you can measure. These will help you gauge your progress.

One of the easiest things to measure is sales. However, sales are the end result of all the work you have done. If you are using Google Adwords , what is your conversion rate? How many interactions do you need to make a sale? Once you start becoming familiar with these numbers and ideas, you can get smarter about understanding them. The more measurements you make, the better off you will be.

Testing the success of your business plan from multiple angles will help you see the big picture. For example, considering your sales information alongside your advertising will help you make informed decisions when you decide where to allocate your marketing budget. This brings us to the next point...

4. Use the 80/20 rule

The 80/20 rule, or Pareto’s Principle, states that there is always an uneven divide between the amount of work that we do and the reward that’s earned for that work. For example, you might find that 80 percent of your business comes from 20 percent of your advertising .

Conversely, that means that 80 percent of your advertising is only responsible for 20 percent of your business. Once you’ve identified this trend, you’ll want to direct more funds toward the part that’s working and reduce your spending on the less effective areas.

When you are searching for evidence of this principle, you want to look in 4 key areas:

Daily habits

After you’ve collected your data, look for any places that have unbalanced spending and returns. Make adjustments as you see fit. Analyse your results and repeat the process. If you fail to look out for the 80/20 rule, you may unknowingly be spending money in all the wrong places and missing opportunities for a higher return on your time and money.

5. Learn something new (quickly)

Most people go into business using a skill they already know. Plumbers, accountants, fitness instructors, and web designers who go into business for themselves usually pick the industry because it is what they do best. The problem is that they quickly discover that they don’t know much about anything else. After a short time, they have accumulated some clients and then suddenly find themselves stuck.

They struggle when faced with a technical task like marketing, copywriting, or SEO . If you find yourself in a situation like this, your first instinct might be to hire someone to do it for you. However, you need to consider how limited your knowledge is of the task required. Will you be able to tell if the person you hire does a good job? You should always try to at least understand the work being done.

If you are thinking of hiring someone, consider whether or not you could quickly learn to do the work yourself. Being able to learn quickly is a skill that needs practice, too. If you are unable to learn quickly, you might find yourself working in your business and never on your business.

Now that you’ve got your business plan written, you need to be sure to take these 5 steps. How you manage your time and direct your energy will make or break your business. At this point, your business plan is just an idea, a theory. It is up to you to prove that it has the potential to be a successful, profitable business. Until that time, you should be making constant adjustments to fine-tune your business plan. The ideas outlined above provide the steps that are necessary to build, develop, and maintain your business through its infancy.

What are YOUR tips after writing a business plan?

Why is it important to have a business plan?

A business plan helps you establish a strong ground on which to start and grow your business. A business plan gives you a much clearer sense of direction..sure you might take a few detours and may still get lost along the way, but your business plan will help you get back on track. The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details:

1. Identify and understand your goals 2. Research the competitor market 3. Define your brand and what makes your business unique 4. Understand your audience 5. Identify any roadblocks and how you'll navigate through them

How do you make a business plan?

A typical business plan contains all or a combination of the following sections:

Executive summary
Description of the business
Market research analysis
Description of organisation and management
A description of service or product line
Sales and marketing strategy
Funding requirements

Do you need help with business planning?

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Ronan Leonard

Founder at Eccountability

To challenge, inspire and support entrepreneurs. We've created a global community of accountability. Ronan Leonard is a Mastermind facilitator, connecting entrepreneurs and small business owners together to create the perfect virtual Mastermind group. Small business owners are often overwhelmed with to-do lists and need impartial advice to get the right support to help them achieve their goals. Ronan believes that 99% of your business problems are already solved and will connect you to a tribe that has the answers and to help you accelerate your learning. He believes that there is more value in making real peer-to-peer connections than paying for external contractors who have no vested interest in your success Passionate about helping others he is committed to giving away 1 in 6 spots on the platform to social enterprises and entrepreneurs from developing countries to create a global community. Ronan loves seeing the benefits that Mastermind groups have on each person who participates and has helped 100’s of business owners increase clarity, confidence and productivity by creating the support network for them to achieve their true potential. 9 Million YouTube Views! Ronan was just 23 he helped rescue passengers and fellow staff when the cruise ship he worked on sank off the wild coast of South Africa. For 9 years he continued to work on cruise ships sailing the world as a casino manager. His 1st business (a casino party company) grew from just 2 casino tables to over 50 and the largest gaming events company in Australia. With a casino background he understands risk vs reward and where the true value lies in where you put your time and money into (hint: it’s not gambling!). In his spare time he enjoys red wine and playing poker (but not at the same time) You can find some of his musing and thoughts here: https://www.linkedin.com/in/ronan-leonard/ https://twitter.com/eccountability https://medium.com/@ronan_leonard/

Phil Khor , Founder at SavvySME

Good read. I might just add that hiring a business coach or consultant is another option to consider if you have written or plan to write a business plan. After all, you want to start on the right footing and working with a good business coach can help steer you in the best direction and get a solid review of your business plan. Investing in sound advice before you execute your business plan is not a cost but an investment because it saves you money from making terrible mistakes. Thanks for sharing Ronan.

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Question: how does a business plan, work with not so good with credit good or bad, or does it work with bad credit?

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What Is a Business Plan?

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

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

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

Key Takeaways

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

Investopedia / Ryan Oakley

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

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

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

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

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

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

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

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

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

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

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

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

2 Types of Business Plans

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

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

Why Do Business Plans Fail?

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

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

What Does a Lean Startup Business Plan Include?

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

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

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

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

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

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What Must an Entrepreneur Do After Creating a Business Plan?: Next Steps

By: Author Selena Marc

Posted on Last updated: October 13, 2021

What Must an Entrepreneur Do After Creating a Business Plan?: Next Steps

As new entrepreneurs, launching a business is exciting, right? We yearn for the thrill of financial freedom. Being our bosses, and, of course, the profits we expect to kick in.

Well, all that remains a dream if we have no concrete business plan.

We have to prepare for the steps that come before, and then once we have sat on it and confirmed that our business template is solid, prepare for the next steps.

This article discusses what writing a business plan entails and the next steps after writing a business plan.

What Does the Process of Writing a Business Plan Entail?

Writing a business plan for an entrepreneur involves two steps:

1. Research

The research step is the most important. It arguably takes a significant amount of time, but we can derive some information that serves as a foundation for our business idea and plan with good overall intent.

This is what to research for:

Target Customers

Let’s say you have a product to sell to a specific age group. The aim here should be to understand the group of potential customers to whom the product is most appealing.

The advantage lies in knowing how urgently our potential customers need our product, how much it will cost, and if the product will stay relevant in the long term.

Identifying Customer Channels

Now that we know who our target customers will be, how do we talk to them? The next step is to identify customer channels .

These channels can vary depending on what we have discovered from our target audience and their preference. They include phone, email, text, social media, online communities, and even in-person.

Customer Relationships

How we interact with our customers determines whether we keep or lose them. We must give customers the best experience when interacting with us.

The advantage of a good customer relationship is having more demographic information on our target audience. It can also help you begin setting up a solid marketing plan.

Identifying Key Resources

Key resources include assets, staff, finances, brand, and so on. They help create value for our customers and plan for our capital and labor requirements. Make sure you take time to figure out how to keep your finances in line because your future self will be grateful.

2. Organization

After research, the next step is organization. It entails drafting the blueprint for the final take-off of your company. Organization is a key component in any business and is a well-known aspect of personal development in general.

Key Partners

We should determine who our manufacturers, suppliers, and subcontractors are.

The information on our key partners is essential for drafting trade terms and conditions. It also helps determine our next step.

Key Activities

The key activities are what our business is involved in. They enable our business to identify new ways to gain a competitive edge over our rivals.

Knowing our competition makes it easier for our business to determine its sales and marketing strategy .

Value Proposition

Our research and organization all come down to this aspect. It is where we explain our unique value and why we should be funded.

We need to write down our edge over competitors and our strengths and weaknesses. We can prepare a budget that includes a projected cash flow statement.

The following are the next steps to take after writing a business plan:

Testing the Idea

We have deliberated on our idea and put it down on paper (business plan). Now we need to see how it works.

Some actual fieldwork with live customer interactions is necessary here. That means testing the feasibility while collecting live feedback on possible locations to set up your business.

After gathering information from the test, it’s time to review our approach to the market depending on the feedback generated, whether positive or negative.

Reviewing our approach allows for an evolution of the business.

Funding

After live testing our idea and reviewing the changes, the next big step is to raise funds.

Now that we have all the necessary information for our investors, once it’s approved, we can move on to the final step—the launch.

As exciting as it is, launching a business is not always a bed of roses. That’s because starting a business is not simple.

Let’s look at what must an entrepreneur must assume when starting a business:

Failing several times
Often needing money
We won’t work alone. We need help
An uncertain future

As entrepreneurs, when we assume the above, we can learn and take corrective actions. In correlation to the assumptions, entrepreneurs also have daily stress, which begs the following questions:

The Main Reasons Entrepreneurs Experience Stress Daily

The main reason we can attribute to the daily stress entrepreneurs experience is competition.

We will be constantly concerned with what our rivals are doing, what innovations they are coming up with, and how we can always be at an advantage.

The competition also comes as a form of risk to an entrepreneur. And there is a solution to that.

One Way an Entrepreneur Can Decrease Risk

As entrepreneurs, we are risk-takers. One way to minimize risk is by analyzing and investing in risk management.

Risk management comprises building reputation, getting insurance, hiring qualified employees, and having emergency funds.

Final Thoughts

In summary, we have learned about writing a business plan and the next steps after writing a business plan. We hope you find this information useful as you prepare to launch your business.

As entrepreneurs, we should always have a proper plan and prepare well before undertaking any venture. In fact, We can sum it up by saying that failing to plan is planning to fail.

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What Is a Business Plan? Definition and Planning Essentials Explained

Posted february 21, 2022 by kody wirth.

What is a business plan? It’s the roadmap for your business. The outline of your goals, objectives, and the steps you’ll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance.

A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It’s more than just a stack of paper and can be one of your most effective tools as a business owner.

Let’s explore the basics of business planning, the structure of a traditional plan, your planning options, and how you can use your plan to succeed.

What is a business plan?

A business plan is a document that explains how your business operates. It summarizes your business structure, objectives, milestones, and financial performance. Again, it’s a guide that helps you, and anyone else, better understand how your business will succeed.

Why do you need a business plan?

The primary purpose of a business plan is to help you understand the direction of your business and the steps it will take to get there. Having a solid business plan can help you grow up to 30% faster and according to our own 2021 Small Business research working on a business plan increases confidence regarding business health—even in the midst of a crisis.

These benefits are directly connected to how writing a business plan makes you more informed and better prepares you for entrepreneurship. It helps you reduce risk and avoid pursuing potentially poor ideas. You’ll also be able to more easily uncover your business’s potential. By regularly returning to your plan you can understand what parts of your strategy are working and those that are not.

That just scratches the surface for why having a plan is valuable. Check out our full write-up for fifteen more reasons why you need a business plan .

What can you do with your plan?

So what can you do with a business plan once you’ve created it? It can be all too easy to write a plan and just let it be. Here are just a few ways you can leverage your plan to benefit your business.

Test an idea

Writing a plan isn’t just for those that are ready to start a business. It’s just as valuable for those that have an idea and want to determine if it’s actually possible or not. By writing a plan to explore the validity of an idea, you are working through the process of understanding what it would take to be successful.

The market and competitive research alone can tell you a lot about your idea. Is the marketplace too crowded? Is the solution you have in mind not really needed? Add in the exploration of milestones, potential expenses, and the sales needed to attain profitability and you can paint a pretty clear picture of the potential of your business.

Document your strategy and goals

For those starting or managing a business understanding where you’re going and how you’re going to get there are vital. Writing your plan helps you do that. It ensures that you are considering all aspects of your business, know what milestones you need to hit, and can effectively make adjustments if that doesn’t happen.

With a plan in place, you’ll have an idea of where you want your business to go as well as how you’ve performed in the past. This alone better prepares you to take on challenges, review what you’ve done before, and make the right adjustments.

Pursue funding

Even if you do not intend to pursue funding right away, having a business plan will prepare you for it. It will ensure that you have all of the information necessary to submit a loan application and pitch to investors. So, rather than scrambling to gather documentation and write a cohesive plan once it’s relevant, you can instead keep your plan up-to-date and attempt to attain funding. Just add a use of funds report to your financial plan and you’ll be ready to go.

The benefits of having a plan don’t stop there. You can then use your business plan to help you manage the funding you receive. You’ll not only be able to easily track and forecast how you’ll use your funds but easily report on how it’s been used.

Better manage your business

A solid business plan isn’t meant to be something you do once and forget about. Instead, it should be a useful tool that you can regularly use to analyze performance, make strategic decisions, and anticipate future scenarios. It’s a document that you should regularly update and adjust as you go to better fit the actual state of your business.

Doing so makes it easier to understand what’s working and what’s not. It helps you understand if you’re truly reaching your goals or if you need to make further adjustments. Having your plan in place makes that process quicker, more informative, and leaves you with far more time to actually spend running your business.

What should your business plan include?

The content and structure of your business plan should include anything that will help you use it effectively. That being said, there are some key elements that you should cover and that investors will expect to see.

Executive summary

The executive summary is a simple overview of your business and your overall plan. It should serve as a standalone document that provides enough detail for anyone—including yourself, team members, or investors—to fully understand your business strategy. Make sure to cover the problem you’re solving, a description of your product or service, your target market, organizational structure, a financial summary, and any necessary funding requirements.

This will be the first part of your plan but it’s easiest to write it after you’ve created your full plan.

Products & Services

When describing your products or services, you need to start by outlining the problem you’re solving and why what you offer is valuable. This is where you’ll also address current competition in the market and any competitive advantages your products or services bring to the table. Lastly, be sure to outline the steps or milestones that you’ll need to hit to successfully launch your business. If you’ve already hit some initial milestones, like taking pre-orders or early funding, be sure to include it here to further prove the validity of your business.

Market analysis

A market analysis is a qualitative and quantitative assessment of the current market you’re entering or competing in. It helps you understand the overall state and potential of the industry, who your ideal customers are, the positioning of your competition, and how you intend to position your own business. This helps you better explore the long-term trends of the market, what challenges to expect, and how you will need to initially introduce and even price your products or services.

Check out our full guide for how to conduct a market analysis in just four easy steps .

Marketing & sales

Here you detail how you intend to reach your target market. This includes your sales activities, general pricing plan, and the beginnings of your marketing strategy. If you have any branding elements, sample marketing campaigns, or messaging available—this is the place to add it.

Additionally, it may be wise to include a SWOT analysis that demonstrates your business or specific product/service position. This will showcase how you intend to leverage sales and marketing channels to deal with competitive threats and take advantage of any opportunities.

Check out our full write-up to learn how to create a cohesive marketing strategy for your business.

Organization & management

This section addresses the legal structure of your business, your current team, and any gaps that need to be filled. Depending on your business type and longevity, you’ll also need to include your location, ownership information, and business history. Basically, add any information that helps explain your organizational structure and how you operate. This section is particularly important for pitching to investors but should be included even if attempted funding is not in your immediate future.

Financial projections

Possibly the most important piece of your plan, your financials section is vital for showcasing the viability of your business. It also helps you establish a baseline to measure against and makes it easier to make ongoing strategic decisions as your business grows. This may seem complex on the surface, but it can be far easier than you think.

Focus on building solid forecasts, keep your categories simple, and lean on assumptions. You can always return to this section to add more details and refine your financial statements as you operate.

Here are the statements you should include in your financial plan:

Sales and revenue projections
Profit and loss statement
Cash flow statement
Balance sheet

The appendix is where you add additional detail, documentation, or extended notes that support the other sections of your plan. Don’t worry about adding this section at first and only add documentation that you think will be beneficial for anyone reading your plan.

Types of business plans explained

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

Traditional business plan

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

This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix. We recommend only starting with this business plan format if you plan to immediately pursue funding and already have a solid handle on your business information.

Business model canvas

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

The structure ditches a linear structure in favor of a cell-based template. It encourages you to build connections between every element of your business. It’s faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations. This is really best for those exploring their business idea for the first time, but keep in mind that it can be difficult to actually validate your idea this way as well as adapt it into a full plan.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan. This format is a simplified version of the traditional plan that focuses on the core aspects of your business. It basically serves as a beefed-up pitch document and can be finished as quickly as the business model canvas.

By starting with a one-page plan, you give yourself a minimal document to build from. You’ll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan. This plan type is useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Now, the option that we here at LivePlan recommend is the Lean Plan . This is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.

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

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

Try the LivePlan Method for Lean Business Planning

Now that you know the basics of business planning, it’s time to get started. Again we recommend leveraging a Lean Plan for a faster, easier, and far more useful planning process.

To get familiar with the Lean Plan format, you can download our free Lean Plan template . However, if you want to elevate your ability to create and use your lean plan even further, you may want to explore LivePlan.

It features step-by-step guidance that ensures you cover everything necessary while reducing the time spent on formatting and presenting. You’ll also gain access to financial forecasting tools that propel you through the process. Finally, it will transform your plan into a management tool that will help you easily compare your forecasts to your actual results.

Check out how LivePlan streamlines Lean Planning by downloading our Kickstart Your Business ebook .

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How to Write a Five-Year Business Plan

Male entrepreneur looking out into the distance considering the future and deciding if he needs a long-term plan.

Noah Parsons

15 min. read

Updated October 27, 2023

Learn why the traditional way of writing a five-year business plan is often a waste of time and how to use a one-page plan instead for smarter, easier strategic planning to establish your long-term vision.

In business, it can sometimes seem hard enough to predict what’s going to happen next month, let alone three or even five years from now. But, that doesn’t mean that you shouldn’t plan for the long term. After all, your vision for the future is what gets you out of bed in the morning and motivates your team. It’s those aspirations that drive you to keep innovating and figuring out how to grow.

What is a long-term plan?

A long-term or long-range business plan looks beyond the traditional 3-year planning window, focusing on what a business might look like 5 or even 10 years from now. A traditional 5-year business plan includes financial projections, business strategy, and roadmaps that stretch far into the future.

I’ll be honest with you, though—for most businesses, long-range business plans that stretch 5 and 10 years into the future are a waste of time. Anyone who’s seriously asking you for one doesn’t know what they’re doing and is wasting your time. Sorry if that offends some people, but it’s true.

However, there is still real value in looking at the long term. Just don’t invest the time in creating a lengthy version of your business plan with overly detailed metrics and milestones for the next five-plus years. No one knows the future and, more than likely, anything you write down now could be obsolete in the next year, next month, or even next week.

That’s where long-term strategic planning comes in. A long-term business plan like this is different from a traditional business plan in that it’s lighter on the details and more focused on your strategic direction. It has less focus on financial forecasting and a greater focus on the big picture.

Think of your long-term strategic plan as your aspirational vision for your business. It defines the ideal direction you’re aiming for but it’s not influencing your day-to-day or, potentially, even your monthly decision making.

Are long-term business plans a waste of time?

No one knows the future. We’re all just taking the information that we have available today and making our best guesses about the future. Sometimes trends in a market are pretty clear and your guesses will be well-founded. Other times, you’re trying to look around a corner and hoping that your intuition about what comes next is correct.

Now, I’m not saying that thinking about the future is a waste of time. Entrepreneurs are always thinking about the future. They have to have some degree of faith and certainty about what customers are going to want in the future. Successful entrepreneurs do actually predict the future — they know what customers are going to want and when they’re going to want it.

Entrepreneurship is unpredictable

Successful entrepreneurs are also often wrong. They make mistakes just like the rest of us. The difference between successful entrepreneurs and everyone else is that they don’t let mistakes slow them down. They learn from mistakes, adjust and try again. And again. And again. It’s not about being right all the time; it’s about having the perseverance to keep trying until you get it right. For example, James Dyson, inventor of the iconic vacuum cleaner, tried out 5,126 prototypes of his invention before he found a design that worked.

So, if thinking about the future isn’t a waste of time, why are 5-year business plans a waste of time? They’re a waste of time because they typically follow the same format as a traditional business plan, where you are asked to project sales, expenses, and cash flow 5 and 10 years into the future.

Let’s be real. Sales and expense projections that far into the future are just wild guesses, especially for startups and new businesses. They’re guaranteed to be wrong and can’t be used for anything. You can’t (and shouldn’t) make decisions based on these guesses. They’re just fantasy. You hope you achieve massive year-over-year growth in sales, but there’s no guarantee that’s going to happen. And, you shouldn’t make significant spending decisions today based on the hope of massive sales 10 years from now.

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Why write a long-term business plan?

So, what is the purpose of outlining a long-term plan? Here are a few key reasons why it’s still valuable to consider the future of your business without getting bogged down by the details.

Showcase your vision for investors

First, and especially important if you are raising money from investors, is your vision. Investors will want to know not only where you plan on being in a year, but where the business will be in five years. Do you anticipate launching new products or services? Will you expand internationally? Or will you find new markets to grow into?

Set long-term goals for your business

Second, you’ll want to establish goals for yourself and your team. What kinds of high-level sales targets do you hope to achieve? How big is your company going to get overtime? These goals can be used to motivate your team and even help in the hiring process as you get up and running.

That said, you don’t want to overinvest in fleshing out all the details of a long-range plan. You don’t need to figure out exactly how your expansion will work years from now or exactly how much you’ll spend on office supplies five years from now. That’s really just a waste of time.

Instead, for long-range planning, think in broad terms. A good planning process means that you’re constantly revising and refining your business plan. You’ll add more specifics as you go, creating a detailed plan for the next 6-12 months and a broader, vague plan for the long term.

You have a long development time

Businesses with extremely long research and development timelines do make spending decisions now based on the hope of results years from now. For example, the pharmaceutical industry and medical device industry have to make these bets all the time. The R&D required to take a concept from idea to proven product with regulatory approval can take years for these industries, so long-range planning in these cases is a must. A handful of other industries also have similar development timelines, but these are the exceptions, not the rule.

Your business is well-established and predictable

Long-term, detailed planning can make more sense for businesses that are extremely well established and have long histories of consistent sales and expenses with predictable growth. But, even for those businesses, predictability means quite the opposite of stability. The chances that you’ll be disrupted in the marketplace by a new company, or the changing needs and desires of your customers, is extremely high. So, most likely, those long-range predictions of sales and profits are pretty useless.

What a 5-year plan should look like

With the exception of R&D-heavy businesses, most 5-year business plans should be more like vision statements than traditional business plans. They should explain your vision for the future, but skip the details of detailed sales projections and expense budgets.

Your vision for your business should explain the types of products and services that you hope to offer in the future and the types of customers that you hope to serve. Your plan should outline who you plan to serve now and how you plan to expand if you are successful.

This kind of future vision creates a strategic roadmap. It’s not a fully detailed plan with sales forecasts and expense budgets, but a plan for getting started and then growing over time to reach your final destination.

For example, here’s a short-form version of what a long-term plan for Nike might have looked like if one had been written in the 1960s:

Nike will start by developing high-end track shoes for elite athletes. We’ll start with a focus on the North West of the US, but expand nationally as we develop brand recognition among track and field athletes. We will use sponsored athletes to spread the word about the quality and performance of our shoes. Once we have success in the track & field market segment, we believe that we will be able to successfully expand both beyond the US market and also branch out into other sports, with an initial focus on basketball.

Leadership and brand awareness in a sport such as basketball will enable us to cross over from the athlete market into the consumer market. This will lead to significant business growth in the consumer segment and allow for expansion into additional sports, fashion, and casual markets in addition to building a strong apparel brand.

Interestingly enough, Nike (to my knowledge) never wrote out a long-range business plan. They developed their plans as they grew, building the proverbial airplane as it took off.

But, if you have this kind of vision for your business, it’s useful to articulate it. Your employees will want to know what your vision is and your investors will want to know as well. They want to know that you, as an entrepreneur, are looking beyond tomorrow and into the future months and years ahead.

How to write a five-year business plan

Writing out your long-term vision for your business is a useful exercise. It can bring a sense of stability and solidify key performance indicators and broad milestones that drive your business.

Developing a long-range business plan is really just an extension of your regular business planning process. A typical business plan covers the next one to three years, documenting your target market, marketing strategy, and product or service offerings for that time period.

A five-year plan expands off of that initial strategy and discusses what your business might do in the years to come. However, as I’ve mentioned before, creating a fully detailed five-year business plan will be a waste of time.

Here’s a quick guide to writing a business plan that looks further into the future without wasting your time:

1. Develop your one-page plan

As with all business planning, we recommend that you start with a one-page business plan. It provides a snapshot of what you’re hoping to achieve in the immediate term by outlining your core business strategy, target market, and business model.

A one-page plan is the foundation of all other planning because it’s the document that you’ll keep the most current. It’s also the easiest to update and share with business partners. You will typically highlight up to three years of revenue and profit goals as well as milestones that you hope to achieve in the near term.

Check out our guide to building your one-page plan and download a free template to get started.

2. Determine if you need a traditional business plan

Unlike a one-page business plan, a traditional business plan is more detailed and is typically written in long-form prose. A traditional business plan is usually 10-20 pages long and contains details about your product or service, summaries of the market research that you’ve conducted, and details about your competition. Read our complete guide to writing a business plan .

Companies that write traditional business plans typically have a “business plan event” where a complete business plan is required. Business plan events are usually part of the fundraising process. During fundraising, lenders and investors may ask to see a detailed plan and it’s important to be ready if that request comes up.

But there are other good reasons to write a detailed business plan. A detailed plan forces you to think through the details of your business and how, exactly, you’re going to build your business. Detailed plans encourage you to think through your business strategy, your target market, and your competition carefully. A good business plan ensures that your strategy is complete and fleshed out, not just a collection of vague ideas.

A traditional business plan is also a good foundation for a long-term business plan and I recommend that you expand your lean business plan into a complete business plan if you intend to create plans for more than three years into the future.

3. Develop long-term goals and growth targets

As you work on your business plan, you’ll need to think about where you want to be in 5+ years. A good exercise is to envision what your business will look like. How many employees will you have? How many locations will you serve? Will you introduce new products and services?

When you’ve envisioned where you want your business to be, it’s time to turn that vision into a set of goals that you’ll document in your business plan. Each section of your business plan will be expanded to highlight where you want to be in the future. For example, in your target market section, you will start by describing your initial target market. Then you’ll proceed to describe the markets that you hope to reach in 3-5 years.

To accompany your long-term goals, you’ll also need to establish revenue targets that you think you’ll need to meet to achieve your goals. It’s important to also think about the expenses you’re going to incur in order to grow your business.

For long-range planning, I recommend thinking about your expenses in broad buckets such as “marketing” and “product development” without getting bogged down in too much detail. Think about what percentage of your sales you’ll spend on each of these broad buckets. For example, marketing spending might be 20% of sales.

4. Develop a 3-5 year strategic plan

Your goals and growth targets are “what” you want to achieve. Your strategy is “how” you’re going to achieve it.

Use your business plan to document your strategy for growth. You might be expanding your product offering, expanding your market, or some combination of the two. You’ll need to think about exactly how this process will happen over the next 3-5 years.

A good way to document your strategy is to use milestones. These are interim goals that you’ll set to mark your progress along the way to your larger goal. For example, you may have a goal to expand your business nationally from your initial regional presence. You probably won’t expand across the country all at once, though. Most likely, you’ll expand into certain regions one at a time and grow to have a national presence over time. Your strategy will be the order of the regions that you plan on expanding into and why you pick certain regions over others.

Your 3-5 year strategy may also include what’s called an “exit strategy”. This part of a business plan is often required if you’re raising money from investors. They’ll want to know how they’ll eventually get their money back. An “exit” can be the sale of your business or potentially going public. A typical exit strategy will identify potential acquirers for your business and will show that you’ve thought about how your business might be an attractive purchase.

5. Tie your long-term plan to your one-page plan

As your business grows, you can use your long-term business plan as your north star. Your guide for where you want to end up. Use those goals to steer your business in the right direction, making small course corrections as you need to.

You’ll reflect those smaller course corrections in your one-page plan. Because it is a simple document and looks at the shorter term, it’s easier to update. The best way to do this is to set aside a small amount of time to review your plan once a month. You’ll review your financial forecast, your milestones, and your overall strategy. If things need to change, you can make those adjustments. Nothing ever goes exactly to plan, so it’s OK to make corrections as you go.

You may find that your long-term plan may also need corrections as you grow your business. You may learn things about your market that change your initial assumptions and impacts your long-range plan. This is perfectly normal. Once a quarter or so, zoom out and review your long-range plan. If you need to make corrections to your strategy and goals, that’s fine. Just keep your plan alive so that it gives you the guidance that you need over time.

Vision setting is the purpose of long-term planning

Part of what makes entrepreneurs special is that they have a vision. They have dreams for where they want their business to go. A 5-year business plan should be about documenting that vision for the future and how your business will capitalize on that vision.

So, if someone asks you for your 5-year business plan. Don’t scramble to put together a sales forecast and budget for 5 years from now. Your best guess today will be obsolete tomorrow. Instead, focus on your vision and communicate that.

Explain where you think your business is going and what you think the market is going to be like 5 years from now. Explain what you think customers are going to want and where trends are headed and how you’re going to be there to sell the solution to the problems that exist in 5 and 10 years. Just skip the invented forecasts and fantasy budgets.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

13 Min. Read

How to Write a Nonprofit Business Plan

8 Min. Read

What Type of Business Plan Do You Need?

5 Min. Read

How to Write a Growth-Oriented Business Plan

6 Min. Read

Differences Between Single-Use and Standing Plans Explained

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

Describe the different purposes of a business plan
Describe and develop the components of a brief business plan
Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
Would you have started the Laughing Man Foundation?
What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

What steps should the new restaurant take to create a new business plan?
Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
54 Foodstart. http://foodstart.com
55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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BUSINESS STRATEGIES

Free business plan template for small businesses

Cecilia Lazzaro Blasbalg
Dec 7, 2023

Free business plan template for your new business

Creating a successful business is about more than launching a business website or hanging a shingle on your front door. It requires a well-crafted plan that keeps you on track, anticipates obstacles and acts as a concrete roadmap for launching or improving your small business.

Business planning allows you to clarify your vision while providing information to both intrigue and reassure potential investors. The process may seem daunting, but creating a business plan isn’t difficult—and templates like the one below can help simplify the process even further.

Ready to launch your business? Create a website today.

What is a business plan?

A business plan is used by small business owners and entrepreneurs when starting a new business venture. It’s a strategic document that outlines the goals, objectives and strategies of your new or expanding business, including the company's vision, target market, financial projections and operational plans.

A business plan can attract potential partners, convince investors and banks to help you raise capital, and serve as a resource for future growth. Most importantly, you’ll be able to use your business plan as a roadmap for how to structure, operate and manage your new venture, whether it’s a sole proprietorship, a partnership or something larger.

Who needs a business plan?

Every business owner needs a business plan. They’re an essential tool for any person or entity interested in starting a business . There are many benefits, including:

Defining your business idea

Clarifying the market and competitive landscape

Outlining your marketing strategy

Stating your value proposition

Identifying/anticipating potential risks

Seeking investments from banks and other sources

Setting benchmarks, goals and key performance indicators (KPIs)

A business plan also gives you a way to assess the viability of a business before investing too much time or money into it. While all business involves risk, taking the time to create a plan can help mitigate fallout and avoid potentially costly mistakes.

When creating a business plan, it's important to establish your business goals up front and be prepared to spend time researching the market, performing a competitor analysis and understanding your target market .

Download Wix’s free business plan template

Creating a successful business plan is no easy feat. That’s why we’ve put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.

Download your free Wix business plan template

Lean startup versus traditional business plan formats

In terms of types of business plans , there are two main formats to choose from: traditional and lean.

Traditional business plan format

A traditional business plan includes every detail and component that defines a business and contributes to its success. It's typically a sizable document of about 30 to 50 pages that includes:

Executive summary: The executive summary contains a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch ). Many authors like to write this section last after fleshing out the sections below.

Company description: A company description should include essential details like your business name, the names of your founders, your locations and your company’s mission statement . Briefly describe your core services (or products if you’re writing an eCommerce business plan ), but don't go into too much detail since you’ll elaborate on this in the service/product section. Wix offers some helpful mission statement examples if you get stuck. It’s also a good idea to create a vision statement . While your mission statement clarifies your company’s purpose, a vision statement outlines what you want your company to achieve over time.

Market analysis: One of the most extensive sections of the business plan, this section requires that you conduct market research and write your conclusions. Include findings for the following: industry background, a SWOT analysis , barriers/obstacles, target market and your business differentiators.

Organization and management: This is where you outline how your business is structured and who's in charge, including founders, executive team members, board members, employees and key stakeholders. To this end, it can be helpful to create a visual layout (e.g., org chart) to illustrate your company structure.

Service or product line: Create a detailed list of your current and future products and services. If you’re still working on your idea, create a concept statement to describe your idea or product. You should also include a proof of concept (POC), which demonstrates the feasibility of your idea. Wherever applicable, include diagrams, product images and other visual components to illustrate the product life cycle.

Marketing and sales: Detail how your business idea translates into selling and delivering your offerings to potential customers. You can start by outlining your brand identity, which includes the colors and fonts you plan to use, your marketing and advertising strategy, and details about planned consumer touchpoints (like your website, mobile app or physical storefront).

Financial projections and funding requests: Include financial statements, such as a balance sheet, profit-and-loss statement (P&L), cash flow statement and break-even analysis. It's not uncommon for a business plan to include multiple pages of financial projections and information. You’ll also want to mention how much funding you seek and what you plan to do with it. If you’ve already secured funding, provide details about your investments.

Lean startup business plan format

A lean startup business plan—also referred to as a “lean canvas”—is presented as a problem/solution framework that provides a high-level description of your business idea. A lean plan is a single-page document that provides a basic overview of the most essential aspects of your business. It’s a good way to dip a toe into business planning since it doesn't require the same level of detail as a traditional plan. This includes:

Problem: What problem does your product or service solve, or what need does it fulfill?

Solution: How do you intend to solve it?

Unique value proposition (UVP): Why should people use your product or service versus someone else’s?

Unfair advantage: What do you have that other companies don’t?

Customers: Who are your ideal customers?

Channels: How will those customers find you?

Key metrics: How do you define success? How will you track and measure it?

Revenue streams: How will your business make money?

Cost structure: What will you spend money on (fixed and variable costs)?

Benefits of a business plan template

Business plan templates offer numerous benefits for entrepreneurs and aspiring business owners. Here are some key advantages:

1. Save time and effort: Templates provide a pre-defined structure, eliminating the need to start from scratch. This frees up valuable time and effort that can be invested in other crucial aspects of business development.

2. Improve structure: Templates ensure a consistent and organized approach to presenting your business plan. This makes it easier for potential investors, lenders and advisors to understand your vision and evaluate the feasibility of your business. 3. Enhance professionalism: Using a well-designed template demonstrates professionalism and seriousness to external stakeholders. This can significantly impact their perception of your business and increase their confidence in your venture. 4. Guide your thought process: Templates act as a helpful framework, prompting you to consider all the key elements of your business plan and ensuring you haven't overlooked any critical areas. 5. Ensure completeness: Templates often include checklists and prompts to ensure you cover all essential information, minimizing the risk of missing crucial details. 6. Standardize formatting: Templates ensure a consistent and uniform appearance throughout your business plan, contributing to a more polished and professional presentation. 7. Access to expert knowledge: Many templates are developed by experienced business professionals or organizations, incorporating best practices and insights gained from successful ventures. 8. Adaptability and customization: While templates offer a basic structure, they can be easily customized to reflect the unique characteristics and needs of your specific business. 9. Cost-effectiveness: Templates are generally available for free or at a low cost, making them an accessible and budget-friendly option for entrepreneurs. 10. Increased success rate: Studies have shown that businesses with well-developed plans are more likely to succeed. Templates can help you create a comprehensive and persuasive plan, increasing your chances of securing funding and achieving your business goals.

Tips for filling out your business plan template

The hardest part of a journey is always the first step, or so the saying goes. Filling out your business plan template can be daunting, but the template itself is meant to get you over that crucial first hurdle—getting started. We’ve provided some tips aimed at helping you get the most from our template.

These are best practices—they’re not rules. Do what works for you. The main thing to remember is that these tips can help you move more easily through the planning process, so that you can advance onto the next (exciting) step, which is launching your business.

Consider your goals: What is the purpose of your business? Are you looking to expand, launch a new product line or fund a specific project? Identifying your goals helps you prioritize important information in your business plan.

Fill out what you can: You may already have a vague—or specific—idea of what you want your business to achieve. Go through each section of the template and fill out what you can. We suggest leaving the executive summary blank for now, since it'll be the last thing you write.

Be realistic: Even though this document is meant to serve as a marketing tool for potential investors, don't exaggerate any numbers or make any false promises.

Dig into the research: Nothing's more motivating than getting some intel about your competitors and your market. If you're truly stuck, a little research can help motivate you and provide valuable insight about what direction to take your business. For example, if you plan to start a landscaping business, learn about the specific pricing offered in your area so that you can differentiate your services and potentially offer better options.

Get help from others: Bouncing your ideas off a friend, mentor or advisor is a great way to get feedback and discover approaches or products to incorporate into your plan. Your network can also give you valuable insight about the industry or even about potential customers. Plus, it's nice to be able to talk through the challenges with someone who understands you and your vision.

Revise and review: Once complete, step back from your plan and let it "cook." In a day or two, review your plan and make sure that everything is current. Have other people review it too, since having another set of eyes can help identify areas that may be lacking detail or need further explanation.

Once you’ve completed your business plan template, it can become a meaningful resource for developing your mission statement, writing business proposals and planning how to move forward with the marketing, distribution and growth of your products and services.

After launch, you can also analyze your value chain to identify key factors that create value for your customers and maximum profitability for you. This can help you develop a more effective business plan that considers the entire value chain, from research and development to sales and customer support.

Business plan template FAQ

What is the easiest way to write a business plan.

The easiest way to write a business plan is to utilize a template. Templates provide a structured format and guide you through each section, simplifying the process of creating a comprehensive plan.

Is there a template for how to write a business plan?

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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:

business plan sample: Executive Summary Example

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.

Business plans examples: Executive Summary

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.

Business plans examples: Market Opportunity

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.

Business plans examples: Competitive Landscape

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.

Business plans examples: Target 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.

Business plans examples: Marketing Strategy

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.

Business plans examples: Key Features and Benefits

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.

Business plans examples: Pricing and Revenue

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

Sample business plan: hubspot free editable pdf

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

sample business plan: Small Business Administration

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

business plan example: Vesta executive summary

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

business plan examples: 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)

business plan examples: curriculum companion suites

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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After-School Program Business Plan

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

Fill in the blanks – Outline
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How to Write an After-School Program Business Plan?

Writing an after-school program business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section of the business plan intended to provide an overview of the whole business plan. Generally, it is written after the entire business plan is ready. Here are some components to add to your summary:

Start with a brief introduction:

Market opportunity:, mention your services:, management team:, financial highlights:, call to action:.

Ensure you keep your executive summary concise and clear, use simple language, and avoid jargon.

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2. Business Overview

Depending on what details of your business are important, you’ll need different elements in your business overview. Still, there are some foundational elements like business name, legal structure, location, history, and mission statement that every business overview should include:

About the business:

Home-based childcare:, child care center:, preschool child care:, school-age child care:.

Company structure of your after-school program business whether it is LLC, partnership firm, or others.
Location of your after-school program and the reason why you selected that place.

Mission statement:

Business history:, future goals:.

This section should provide an in-depth understanding of your after-school program business. Also, the business overview section should be engaging and precise.

3. Market Analysis

Market analysis provides a clear understanding of the market in which your after-school program business will run along with the target market, competitors, and growth opportunities. Your market analysis should contain the following essential components:

Target market:

Market size and growth potential:, competitive analysis:, market trends:, regulatory environment:.

Some additional tips for writing the market analysis section of your business plan:

Use a variety of sources to gather data, including industry reports, market research studies, and surveys.
Be specific and provide detailed information wherever possible.
Include charts and graphs to help illustrate your key points.
Keep your target audience in mind while writing the business plan.

4. Products And Services

The product and services section of an after-school program business plan should describe the specific services and products that will be offered to customers. To write this section should include the following:

List the services:

Give a thorough explanation of the after-school program services provided in this section. The particular activities that will be offered, such as:

Help with homework,
Extracurricular activities,
Enrichment activities,
Social & emotional support, and
Other potential programs

Describe each service: For each service, provide a detailed description of what it entails, the time required, and the qualifications of the professionals who will provide the service.

Provide information on staff and facilities:

Give a succinct description of your staff’s credentials, mentioning both their training and pertinent work experience. Additionally, give details about the program’s facilities, along with any tools or materials that will be required.

Overall, a business plan’s product and services section should be detailed, informative, and customer-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Develop your unique selling proposition (USP):

Determine your pricing strategy:, marketing strategies:, sales strategies:, customer retention:.

Overall, the sales and marketing strategies section of your business plan should outline your plans to attract and retain customers and generate revenue. Be specific, realistic, and data-driven in your approach, and be prepared to adjust your strategies based on feedback and results.

6. Operations Plan

When writing the operations plan section, it’s important to consider the various aspects of your business processes and procedures involved in operating a business. Here are the components to include in an operations plan:

Hiring plan:

Operational process:, curriculum:.

By including these key elements in your operations plan section, you can create a comprehensive plan that outlines how you will run your after-school program business.

7. Management Team

The management team section provides an overview of the individuals responsible for running the after-school program business. This section should provide a detailed description of the experience and qualifications of each manager, as well as their responsibilities and roles.

Key managers:

Organizational structure:, compensation plan:, board of advisors:.

Describe the key personnel of your company and highlight why your business has the fittest team.

8. Financial Plan

When writing the financial plan section of a business plan, it’s important to provide a comprehensive overview of your financial projections for the first few years of your business.

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:, financing needs:.

Remember to be realistic with your financial projections, and to provide supporting evidence for all of your estimates.

9. Appendix

When writing the appendix section, you should include any additional information that supports the main content of your plan. This may include financial statements, market research data, legal documents, and other relevant information.

Include a table of contents for the appendix section to make it easy for readers to find specific information.
Include financial statements such as income statements, balance sheets, and cash flow statements. These should be up-to-date and show your financial projections for at least the first three years of your business.
Provide market research data, such as statistics on the size of the industry, consumer demographics, and trends in the industry.
Include any legal documents such as permits, licenses, and contracts.
Provide any additional documentation related to your business plans, such as marketing materials, product brochures, and operational procedures.
Use clear headings and labels for each section of the appendix so that readers can easily find the information they need.

Remember, the appendix section of your business should only include relevant and important information that supports the main content of your plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This after-school program business plan sample will provide an idea for writing a successful plan, including all the essential components of your business.

After this, if you are still confused about how to write an investment-ready business plan to impress your audience, then download our after-school program business plan pdf .

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Frequently asked questions, why do you need an after-school program business plan.

A business plan is an essential tool for anyone looking to start or run a successful after-school program. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your business.

How to get funding for your after-school program business?

There are several ways to get funding for your after-school program business, but one of the most efficient and speedy funding options is self-funding. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your after-school program business?

There are many business plan writers available, but no one knows your business and idea better than you, so we recommend you write your after-school program business plan and outline your vision as you have in your mind.

What is the easiest way to write your after-school program business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any after-school program business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Opposition raises concerns about Nova Scotia Health's missing business plans

Government gave health authority the ok not to produce a plan for 2022-23.

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NDP Leader Claudia Chender says there's a lack of public accountability at the provincial health authority after revealing the organization was given permission not to produce a business plan for 2022-23 and noting that no subsequent plans have been posted online.

During question period at the legislature on Thursday, Chender said an access to information request for the business plan generated a response saying Nova Scotia Health was given the OK not to produce the document.

The Health Authorities Act requires that the document be produced and submitted to the health minister each year and that it include annual operating expenses, coordination with community health boards and a public engagement plan.

Chender told reporters that not having a plan available for the public to see means people cannot gauge progress by Nova Scotia Health. No plan has ben posted yet for 2023-24 or 2024-25, either.

"All we can do is hear the premier refute every negative question and then tell us that things are getting better when they clearly aren't," she said.

"The premier can say the sky is green, that doesn't make it true."

A woman with glasses stands in front of microphones.

Health Minister Michelle Thompson said that as far as she knows, all legislative and policy requirements were met, despite the 2022-23 business plan not being produced.

Thompson said officials faced a lot of work related to the government's action for health plan at the time, as well as navigating the Omicron variant of COVID-19.

"I would say that '22-23 was a bit of an anomaly," she told reporters.

Thompson said she wasn't sure why the two most recent business plans have yet to be posted online, but that they have been submitted to her department and signed off on.

A spokesperson for Nova Scotia Health said the 2022-23 business plan was not delivered to the minister until April of last year.

"[G]iven the timing in the business planning cycle, it was agreed that there was no longer a need for that year's plan to be finalized as work had turned to the next fiscal year," Jennifer Lewandowski said in a statement.

Lewandowski said the 2023-24 business plan should be published online within 30 days, but the 2024-25 plan is not yet finalized.

"July would be a good estimate of timing for this and you can contact us to obtain the link."

'It's not improving'

But Chender said it seems to be in the government's interest not to publish plans in a timely way, if at all. She noted that at a time when the government is making record spending on health care, it's not seeing the kind of results the public would hope for.

"Health care is getting precipitously worse. We have fewer people attached to primary care, we have emergency rooms closed more often; whatever the metric is, it's not improving."

Thompson said she's confident the health authority is operating in a transparent manner. Data about the health-care system is posted online and Thompson and other senior officials have travelled the province meeting with the public to answer questions, she said.

When the Tories formed government, they removed the health authority's board and fired the CEO, replacing him with a political appointee.

"We did say the day after we formed government that we, for a period of time, would have a health leadership team," said Thompson.

A system in transition

That team includes interim CEO Karen Oldfield, who has retained that tag since being appointed more than two years ago. Thompson said there are no plans at this point to change that designation.

"I would say that that position has not been made permanent and I would say, arguably, any of us in these roles currently are interim. I'm probably the interim health minister, if you look at it that way."

The system is in a time of transition and Thompson said what's important to her is that Oldfield is doing the work the government needs her to do "in order to move the health system forward."

"She's an important and competent member of the health team."

Province shuts down plan for Antigonish amalgamation
Nova Scotia government ends decades-long subsidy for disused Cape Breton rail line
Video Mi'kmaq-led centre offers hands-on learning opportunities for all
Video Her son has autism. She doesn't want others to feel hopeless

ABOUT THE AUTHOR

Michael Gorman is a reporter in Nova Scotia whose coverage areas include Province House, rural communities, and health care. Contact him with story ideas at [email protected]

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Free electronic filing options

Taxpayers with income of $79,000 or less in 2023 can use IRS Free File guided tax software now through Oct 15. IRS Free Fillable forms , a part of this program, is available at no cost to taxpayers of any income level and provides electronic forms for people to fill out and e-file themselves.

IRS Direct File is now open to all eligible taxpayers in 12 pilot states to decide if it is the right option for them to file their 2023 federal tax returns online, for free, directly with the IRS. Go to the Direct File website for more information about Direct File pilot eligibility and the 12 participating states.

Through a network of community partnerships, the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free tax return preparation to eligible people in the community by IRS certified volunteers.

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Use Where's My Refund? to check refund status

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Taxpayers that owe on their tax return

IRS reminds people they can avoid paying interest and some penalties by filing their tax return and, if they have a balance due, paying the total amount due by the tax deadline of Monday, April 15. For residents of Maine or Massachusetts, the tax deadline is Wednesday, April 17, due to Patriot’s Day and Emancipation Day holidays.

Payment options for individuals to pay in full

The IRS offers various options for taxpayers who are making tax payments :

Direct Pay – Make a payment directly from a checking or savings account without any fees or registration.
Pay with debit card, credit card or digital wallet – Make a payment directly from a debit card, credit card or digital wallet. Processing fees are paid to the payment processors. The IRS doesn’t receive any fees for these payments. Authorized card processors and phone numbers are available at IRS.gov/payments .
Electronic Federal Tax Payment System (EFTPS) – This free service gives taxpayers a safe, convenient way to pay individual and business taxes by phone or online. To enroll and for more information, taxpayers can call 800-555-4477 or visit eftps.gov .
Electronic funds withdrawal – Taxpayers can file and pay electronically from their bank account when using tax preparation software or a tax professional. This option is free and only available when electronically filing a tax return.
Check or money order – Payments made by check or money order should be made payable to the “United States Treasury.”
Cash – Make a cash payment through a retail partner and other methods. The IRS urges taxpayers choosing this option to start early because it involves a four-step process. Details, including answers to frequently asked questions, are at IRS.gov/paywithcash .

Payment options for individuals unable to pay their taxes in full

Taxpayers that are unable to pay in full by the tax deadline, should pay what they can now and apply for an online payment plan . They can receive an immediate response of payment plan acceptance or denial without calling or writing to the IRS. Online payment plan options include:

Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional information on payment plans webpage.

Unable to file by the April 15 deadline?

Individuals unable to file their tax return by the tax deadline can apply for a tax-filing extension in the following ways:

Individual tax filers, regardless of income, can electronically request an automatic tax-filing extension through IRS Free File by filing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return PDF .
Make an electronic payment using Direct Pay, debit card, credit card or digital wallet and indicate the payment is for an extension.
Mail Form 4868 by the tax deadline.

Things people should know when requesting a tax-filing extension:

Tax-filing extension requests are due by the tax deadline date, and it does not give an extension of time to pay the taxes.
Avoid some penalties by estimating and paying the tax due by the tax deadline.
Special rules for tax deadlines and automatic tax-filing extensions may apply for taxpayers serving in a combat zone or qualified hazardous duty areas , living outside the United States , and people living in certain disaster areas . They may not need to submit a tax-filing extension; however, people should check to see if they qualify before the tax deadline.

Use IRS.gov for the quickest and easiest information

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Nine states plan to ban gas-powered car sales by 2035

Advanced clean cars ii rules look to phase out sales of new gas-powered cars in next decade.

Electric vehicles can't be imposed on middle America: Sen. Cynthia Lummis

Sen. Cynthia Lummis, R-Wy., says the Biden administration doesn't have regard for the law on 'Kudlow.'

Nine states are planning to ban new gasoline-powered vehicle sales by 2035 as part of an initiative to cut climate-warming emissions.

The Advanced Clean Cars II rules originated in California with the state Air Resources Board. The regulations in California look to phase out the sale of new gas vehicles beginning with the 2026 model year, scaling back over time until 2035 – when a total ban on the sales will go into effect.

Since the rules were first adopted in California in 2022, eight other states have followed suit, with several others considering the plan.

So far, the other states that have implemented the plan to hit the goal of selling zero new gas-powered vehicles by 2035 include Washington, Oregon, New York, New Jersey, Rhode Island, Massachusetts, Delaware and Maryland.

BIDEN ADMIN SET TO FINALIZE MAJOR GAS CAR CRACKDOWN OVER WARNINGS FROM AUTOMAKERS, ENERGY INDUSTRY

US map with highlighted states that are planning to ban gas-powered cars

Nine states have undertaken a plan to scale back the sales of new gas-powered vehicles over the next decade, with the goal of completely eliminating the sales by 2035. (Fox News / Fox News)

The rules do not stop residents in these states from owning or using gas-powered cars, nor do they force consumers to buy electric vehicles (EVs). Dealerships can still sell used cars powered by gas, and consumers in these states can purchase the gas-powered vehicles in other states – as long as they meet certain emissions standards.

Not everyone, however, supports this effort.

The New Jersey Business and Industry Association (NJBIA) led a campaign last year to try and stop New Jersey's adoption of the Advanced Clean Cars II rule.

Ray Cantor, the chief deputy government affairs officer at the NJBIA, told Fox News Digital in a statement that the plan ignores the cost to consumers and lack of current infrastructure.

"The ban on new gas-powered cars in such an expedited time does not take costs or feasibility into account," Cantor said. "It does not take the lack of local and highway infrastructure into account. It does not take grid capacity into account. It ignores consumer choice. It doesn’t take New Jersey residents into account, especially low- and moderate-income families. And it doesn’t take the lack of actual environmental benefit into account."

Under the action, residents can still own and drive gas-powered vehicles and purchase new gas-powered cars in other states. (iStock / iStock)

Cantor urged New Jersey to "apply the brakes" to what he called an obvious "bureaucratic overreach" before the mandate starts to affect consumers.

"There's nothing wrong with working to reduce carbon emissions," Cantor said. "And the marketplace would have likely seen a natural increase of EV users with an organic time frame to build appropriate capacities. But the near-term, targeted mandates will increase the prices of both new and used gas-powered cars."

VIRGINIA DEMOCRATS UPHOLD STATE'S EV MANDATE DESPITE GROWING OPPOSITION: 'DEFY COMMON SENSE'

In support of the action, Rhode Island Department of Environmental Management Director Terry Gray has called the rules a "major step" in the fight against climate change in the transportation sector.

"In terms of economic impact, states joining together to send a clear signal to the market will result in greater economies of scale, driving down the prices of ZEVs (zero-emission vehicles), and ensuring that Rhode Island dealers and customers have full access to electric vehicles," Gray said.

The rules come as the Biden administration has sought to push the transportation sector from gas-powered vehicles to EVs as part of its climate agenda.

Last year, the Environmental Protection Agency (EPA) unveiled its own plan to increase vehicle pollution standards that will impact car model years 2027 through 2032.

If the EPA’s regulations are finalized, a staggering 67% of new sedan, crossover, SUV and light truck purchases could be electric by 2032, the White House projected. In addition, up to 50% of bus and garbage truck, 35% of short-haul freight tractor and 25% of long-haul freight tractor purchases could be electric by then.

Hybrid cars 'are the future' of the auto industry: Mike Caudill

Auto expert Mike Caudill explains data proving consumers 'aren't ready yet' for a full transition to electric vehicles.

However, the push toward EVs has faced multiple setbacks in the industry.

Earlier this month, Hertz CEO Stephen Scherr resigned after the car rental company's big bet on EVs went bust due to its struggles to keep up with the higher repair cost and lower demand for EV rentals.

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Ford's EV division, Ford Model e, posted a net loss of $4.7 billion last year — with $1.6 billion of that in the last quarter — and Ford's chief financial officer John Lawler explained during the company’s earnings call last month that both "the quarter and year were impacted by challenging market dynamics and investments in next-generation vehicles."

Fox News' Thomas Catenacci and Eric Revell contributed to this report.

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Tell Us Your Stories About Retirement

If you’ve reinvented your life after retiring from a career, we want to hear how it’s going and any advice you have for others.

An older couple walks down a street with their arms around each other. One person has a bag and the other has a backpack.

By The New York Times

Have you retired? Or at least left your full-time, traditional job and embarked on a new chapter? For a special section on retirement and longevity to be published in June, The New York Times wants to hear from readers who have reinvented their lives after jobs or careers.

Retirement can take on many different forms depending on a variety of factors. Maybe you moved. Maybe you started exercising. Maybe you started a new hobby or pursued a fresh passion for pay. We want to hear from people who used retirement as an opportunity to chart a new path.

Here are some prompts to help you tell your story:

What challenges did you have to overcome as you entered this phase — and how did you do it?

What joys — or disappointments — have you derived from this chapter that surprised you?

If you were making the move all over again, what would you change? And what advice do you have for others contemplating it: financial, emotional, social or lifestyle?

We would love your thoughts (in, say, 200 words or less). We will not publish any part of your submission without contacting you first. We will not share your contact information outside the Times newsroom, and we will use it only to reach out to you.

Life After Retirement

Let us help you plan for retirement, the good news is that we’re living longer. the bad news is you need to save for all those future retirement years. we’re here to help..

For a growing number of older Americans, signing up for a mortgage that is most likely to outlive them makes good economic sense. But there are risks to consider .

If you’re on Medicare, you could save money on prescription drugs this year — in many cases, by thousands of dollars. Here’s why .

Entering your 40s can throw you into an emotional tailspin — one that may lead you to spend more and jeopardize your nest egg. Here is how to avoid that .

It’s difficult to know when to get help managing finances after you retire . Communicating with loved ones, even when you don’t want to, is the first step.

These days, many Americans thinking about retiring feel the stakes are higher than ever. We sought the advice of financial planners on some of the most pressing questions.

Retirement plan administrators are noting an uptick in 401(k) hardship withdrawals . But taking that money out can harm your future financial security.

Goldman's CEO is under fire from an influential investor advisor after a string of personnel and business missteps

Goldman Sachs CEO David Solomon faces a challenge from a big investor advisor.
The advisor recommended separating the CEO and chairman roles for more independent oversight.
The annual-meeting vote comes amid scrutiny of Goldman's consumer business and personnel issues.

Goldman Sachs' CEO is facing a fresh challenge to his leadership from an advisor to some of the bank's biggest investors.

The proxy advisor Institutional Shareholder Services wants Goldman to separate the CEO and chairman roles. David Solomon has been CEO since October 2018 and took on the chairman title months later.

In a report sent on Wednesday before the bank's April shareholder meeting, ISS asked for more "independent oversight" of the company, according to Reuters . ISS, which recommends how investors vote at company meetings, gave "cautionary support" for Goldman's executive pay.

Watch: How Twitter panic took down Silicon Valley Bank

Main content

Thai officials unveil plan to control Lopburi's macaque population after tourists injured by animals

Three macaques climb on a couple trying to take a selfie, with one monkey covering the eyes of the woman

A Thai city battling an out-of-control monkey population that has knocked motorcyclists off bikes and dragged tourists to the ground has unveiled a plan for peace.

After at least a decade of human-monkey conflict, Thai wildlife officials have announced a plan to rein in the macaque population in Lopburi.

The macaques that roam the city are a cultural symbol and a major tourist draw but recent encounters between the animals and visitors have sparked calls for change from locals.

The monkeys frequently try to snatch food from humans, sometimes resulting in tussles that can leave people with scratches and other injuries.

In March, local outrage grew when a woman dislocated her knee after a monkey pulled her off her feet to grab food, and another man was knocked off a motorcycle by a hungry monkey.

Plan to enclose 2,500 monkeys

The director-general of the Department of National Parks, Wildlife and Plant Conservation, Athapol Charoenshunsa, said that authorities hope to round up some 2,500 urban monkeys and place them in massive enclosures.

He said efforts will also be focused on allowing a limited number of monkeys to stay at liberty in the city.

"I don't want humans to have to hurt monkeys, and I don't want monkeys to have to hurt humans," he told reporters during a news conference in Bangkok.

Macaques clamber over a man while eating fruit

An official monkey-catching campaign launched last week, prioritising more aggressive alpha males, has nabbed 37 monkeys so far.

Most of those caught have been placed under the care of wildlife authorities in the neighbouring province of Saraburi, while others were sent to the Lopburi Zoo.

Officials said they plan to capture the rest of the monkeys once the enclosures are complete, especially those in the residential areas. Separate cages will be prepared for different troops of monkeys to prevent them from fighting.

Macaques sit amongst monkey statues and tourists walk between them as they eat

Mr Charoenshunsa said he expects the first phase of the operation to start within weeks, and believes the huge cages will be able to contain thousands of them and "will solve the problem very quickly".

He said work is also underway in other areas of Thailand that are also facing problems with monkeys, such as Prajuab Kiri Khan and Phetchaburi. He said 52 of the country's 77 provinces report frequent problems from monkeys.

The monkeys are a symbol of the province, about 140 kilometres north of Bangkok, where the ancient Three Pagodas temple celebrates an annual "Monkey Buffet" festival, and they're commonly seen throughout the city.

A macaque eats fruit sitting on a statue of a monkey surrounded by other monkeys

Macaques are classified as a protected species under Thailand's wildlife conservation law.

Local officials began threatening fines for feeding monkeys outside a few designated areas around the main tourist attractions in recent years.

Previous control measures have fallen short. From 2014 to 2023, the wildlife authorities neutered about 2,600 Lopburi monkeys.

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Tourism and Leisure Industry

Rate cuts are coming: Gold prices hit a record high

Gold prices surged Monday to a record high of $2,265.73 an ounce.
The Fed's preferred gauge of underlying inflation came in as expected Friday, affirming 2024 rate-cut hopes.
The yellow metal is generally seen as an inflation hedge, and it trades inversely to consumer prices.

The price of gold rallied to another record high on Monday, following fresh inflation data from Friday that boosted rate-cut hopes .

The yellow metal climbed as much as 1.6% to a new high of $2,265.73 an ounce.

The year-over-year index of personal consumption expenditures rose 2.5% in February, in line with economist expectations. Core PCE, which excludes food and energy prices, rose 2.8% for the month, also in line with estimates. The results have fueled anticipation that the central bank's first rate cut will come in June.

Typically, a lower-rate environment makes holding gold more alluring compared with other assets such as bonds, which yield lower returns when interest rates drop.

Federal Reserve Chair Jerome Powell also applauded the latest US inflation data, saying it's "along the lines of what we would like to see" during his speech on Friday, which echoed his reiteration in last month's policy meeting of a rate cut for this year .

The surging bullion price was also pushed up by its robust overseas demand, as global central banks are shifting away from dollar reserves because of geopolitical risks.

On the other hand, China's struggling stock and real-estate markets have forced many investors to pivot to the "safe haven." In February, the People's Bank of China acquired about 390,000 troy ounces of the precious metal. Overall, China's central bank now holds about 72.58 million troy ounces of gold, equivalent to about 2,257 tons.

Get the latest Gold price here.

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A Complete Guide On Small Business Plan Examples (2022)
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My Business Plan Is Finished—Now What?
The easier your dashboard is to read, the more it helps you keep up the habit of monthly strategic reviews. If you used LivePlan to create your business plan, then you're halfway to having a complete dashboard. You can connect your accounting software to the LivePlan Dashboard in as little as 90 seconds if you're using QuickBooks or Xero.
How To Write A Business Plan (2024 Guide)
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
What Must an Entrepreneur Do After Creating a Business Plan?
After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances. They should also prioritize goals, manage finances, build mental resilience, and celebrate milestones to ...
What must an entrepreneur do after creating a business plan?
Learn what steps an entrepreneur must take after creating a business plan, including securing funding, hiring a team, and launching the business. Updated: August 10, 2023. in Strategy. Author: Craft Team. Creating a business plan is only one step to complete when it comes to running a successful business. If you're working on your business ...
I'm an Entrepreneur, and I Have a Business Plan: Now What?
Here are some of the most important things to do after creating your business plan. What Must an Entrepreneur Do After Creating a Business Plan File any necessary legal documents. Let's start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any trademarks, contracts, etc.) is a prudent thing to do ...
What Must an Entrepreneur Do After Creating a Business Plan?
A business plan is a formal document that justifies the idea with research, defines the steps to starting the business, and details the growth and management of the business after launch. A strong business plan typically includes:
What Must An Entrepreneur Do After Creating a Business Plan
After creating a business plan, entrepreneurs must strategically allocate resources such as finances, manpower, and technology to various business functions. Ensuring that resources are optimally utilized and aligned with the business goals is essential for maximizing efficiency and productivity. Efficient resource allocation also minimizes ...
What Must an Entrepreneur Do After Creating a Business Plan?
1. Work Out the Finer Details and Consider the Challenges. The first step right after creating the business plan would be to work out the finer details of the plan. You need to refine your plan and make it executable. Work on every detail, and make sure you define what the first steps are.
Business Plan: What it Is, How to Write One
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
How to Write a Business Plan: Guide + Examples
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
5 Things to Do After Writing a Business Plan
The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details: 1. Identify and understand your goals. 2. Research the competitor market. 3. Define your brand and what makes your business unique. 4.
Business Plan: What It Is, What's Included, and How to Write One
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
How to Write a Business Plan: Beginner's Guide (& Templates)
Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
What Must an Entrepreneur Do After Creating a Business Plan ...
Writing a business plan for an entrepreneur involves two steps: 1. Research. The research step is the most important. It arguably takes a significant amount of time, but we can derive some information that serves as a foundation for our business idea and plan with good overall intent. This is what to research for:
13 Key Business Plan Components
10. Traction. Many investors see hundreds of deals every year. If you want to stand a chance of making any sort of meaningful impression, it's important to show them that your business is more than just an idea and that you've already got some irons in the fire. Traction is a huge part of making that case.
What Is a Business Plan? Definition and Essentials Explained
It's the roadmap for your business. The outline of your goals, objectives, and the steps you'll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance. A business plan can help you explore ideas, successfully start a business, manage operations, and ...
How To Write a Business Plan: A Step-by-Step Guide
A business plan is a formal document (about 15-25 pages in length) that precisely defines a company's objectives in fine detail. It also describes how the company plans to achieve its goals. All companies — including startups and established institutions — create and use business plans.
5 Steps to Write a 5-Year Business Plan[2023 Guide]
5. Tie your long-term plan to your one-page plan. As your business grows, you can use your long-term business plan as your north star. Your guide for where you want to end up. Use those goals to steer your business in the right direction, making small course corrections as you need to.
11.4 The Business Plan
A business plan can be an organizational roadmap, that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and ...
Free Business Plan Template For Small Businesses
Download Wix's free business plan template. Creating a successful business plan is no easy feat. That's why we've put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.
24 of My Favorite Sample Business Plans & Examples For Your Inspiration
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.
After School Program Business Plan Template (2024)
Here are the key steps to consider when writing a business plan: 1. Executive Summary. An executive summary is the first section of the business plan intended to provide an overview of the whole business plan. Generally, it is written after the entire business plan is ready. Here are some components to add to your summary:
Opposition raises concerns about Nova Scotia Health's missing business
NDP Leader Claudia Chender says there's a lack of public accountability at the provincial health authority after revealing the organization was given permission not to produce a business plan for ...
Get ahead of the tax deadline; act now to file, pay or request an
Online payment plan options include: Short-term payment plan - The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full. Long-term payment plan - The total balance owed is less than $50,000 in combined tax, penalties and interest.
Nine states plan to ban gas-powered car sales by 2035
Nine states have undertaken a plan to scale back the sales of new gas-powered vehicles over the next decade, with the goal of completely eliminating the sales by 2035. (Fox News / Fox News)
Plan to buy a home in the next year or two? Here are 5 steps to take
Next, order your credit score. The scores most commonly used by mortgage lenders come from FICO. You can get a free FICO score based off your Equifax report; or, for $29.95, you can get FICO ...
Tell Us Your Stories About Retirement
These days, many Americans thinking about retiring feel the stakes are higher than ever. We sought the advice of financial planners on some of the most pressing questions. Retirement plan ...
Goldman's CEO is under fire from an influential investor advisor after
Goldman Sachs' CEO is facing a fresh challenge to his leadership from an advisor to some of the bank's biggest investors. Proxy advisor Institutional Shareholder Services, or ISS, wants Goldman to ...
Thai officials unveil plan to control Lopburi's macaque population
A Thai city battling an out-of-control monkey population that has knocked motorcyclists off bikes and dragged tourists to the ground has unveiled a plan for peace. After at least a decade of human ...
Gold Price Soars to Record After Inflation Data Stokes Rate-Cut Hopes
Apr 1, 2024, 7:35 AM PDT. Scotland's Charity Air Ambulance. Gold prices surged Monday to a record high of $2,265.73 an ounce. The Fed's preferred gauge of underlying inflation came in as expected ...

What Must an Entrepreneur Do After Creating a Business Plan?

Table of Contents

1- Execute the Plan

2- Advertising and Marketing

3-Monitor Progress and Adapt

4-Manage Finances

5-Build Mental Resilience

6-Goal Achievement and Productivity

Motivation, Productivity, & Self-Empowerment

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What must an entrepreneur do after creating a business plan?

The Foundation of Having a Business Plan and Its Importance

Now That I Have a Business Plan, What’s Next?

File Necessary Legal Documents to Make It Official

Start Looking for Funding / Budget the Funding You Have

Start Advertising and Marketing Your Business

Create a Team of Professionals

Review Business Performance Regularly and Improve Processes

Entrepreneur Business Plan Overview

What Must an Entrepreneur Do After Creating a Business Plan

Conduct more market research

Fill out your team

Produce marketing content

Gather tools

Launch your business

Continue to refine marketing plans, merchandising, etc.

Want to Reach Customers Online?

Sell online

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What Must an Entrepreneur Do After Creating a Business Plan?

What’s Included in a Business Plan?

What Are the Steps to Take After the Business Plan?

The Next Step: Scaling the Business

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What Must An Entrepreneur Do After Creating a Business Plan

What Are the Steps to Take After the Business Plan?

How to Finish Your Business Plan in 1 Day!

Other Helpful Business Plan Articles & Templates

What Must an Entrepreneur Do After Creating a Business Plan?

Having a bad plan is better than having no plan.

1. Work Out the Finer Details and Consider the Challenges

2. Create Small Executable Steps

3. Raise Capital from Friends & Family Before You Scout Venture Capitalists

4. Prioritize Your Core Operations

5. Plan Your Resources

6. Hire Talent

7. Create Your Company’s Vision & Mission Statement

8. Stick to Your Plan but Keep Evolving It

9. Stop Researching and Start Testing Your Idea

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How to Write a Business Plan, Step by Step

What is a business plan?

How much do you need?

Would you like some support with starting your business?

Business Planning

What comes next after writing a business plan?

1. Get help

2. Make sure it connects to your purpose

3. Begin to test and measure

4. Use the 80/20 rule

5. Learn something new (quickly)

Why is it important to have a business plan?

How do you make a business plan?

Do you need help with business planning?

What Is a Business Plan?

Key Takeaways

2 Types of Business Plans

Why Do Business Plans Fail?

What Does a Lean Startup Business Plan Include?

What Must an Entrepreneur Do After Creating a Business Plan?: Next Steps

What Does the Process of Writing a Business Plan Entail?

1. Research

Target Customers

Identifying Customer Channels

Customer Relationships

Identifying Key Resources