Outline your business strategy: Business Plan
What is a Business Plan?
A Business Plan outlines the financial, marketing and operational strategies a business will use to achieve its goals. Business Plans, when starting a business, especially when launching a startup with high growth expectations, can be critical to success.
Essentially, a Business Plan documents what your business is all about and how you’re going to make it grow. With a clear plan in writing, it’s easier to pitch your ideas to potential partners and investors, and to communicate your mission to your customers, clients, employees and leaders.
It does not need to be a laborious task. Using our Business Plan template you can build a professional plan, specific to your state, with minimal effort if you know your business well. You can even customize this Business Plan sample to include details about the company, product, or service, and provide information on the market, forecasts, and financial analyses.
When to use a Business Plan:
- You want to start a new business and want to set out the blueprint for the new venture.
- You will present your plan to potential investors to clearly outline the business goals, financials, and strategies.
- You are a business owner who wants all your employees and leaders to know the mission and goals for your business.
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Sample Business Plan
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CONFIDENTIAL BUSINESS PLAN
| This __ day of ____________, ______. | ____________________________________ |
. EXECUTIVE SUMMARY
, (hereinafter "Business") is intended to be formed as a located at , , , poised for rapid growth in the industry. The Business seeks funding to take advantage of a window of opportunity for introducing a new productservice, which has the potential to dominate the market.
Business Description. The Business is to be organized as a formed and authorized under the laws of the State of Commonwealth of , and will be led by , who will serve as .
New Product. New Service. The Business has developed a product service which has the following specifications:
The Business has a window of opportunity to introduce its products services and gain a significant piece of the market share.
. BUSINESS SUMMARY
The business is a start-up business, providing clients with .
Industry Overview. The industry in the United States currently generates in annual sales. Annual revenue for the regional market where the business is located is estimated at .
Position in the Industry.
Legal Issues. The promoters have secured the required patents and trademarks for the products services and processes of the business in accordance with the statutory requirements.
. MARKETING SUMMARY
Target Markets. The main target markets for the business include:
| - |
| - | __________________________________________________ |
It is estimated that there are potential customers within the Business defined trading area that are estimated to spend . To seek the most profitable market segments in the target markets overall, the Business will focus on the following areas within the target market:
| - |
| - | __________________________________________________ |
Competition. Customer choice of services in this industry is based on
Services. The Business intends to provide exceptional, personalized service, which will be the crucial factor in building and protecting the Business's brand within the community. The Business intends to handle customer concerns and issues with a customer oriented focus with the intent of providing timely resolution and preventing the loss of customers.
. STRATEGY AND IMPLEMENTATION SUMMARY
The Business plans the following tactics as part of sales promotion:
| - | Develop a list of businesses in the neighborhood and send brochures by direct mail to the list. |
| - | Advertising through press releases to industry publications and local newspapers. |
| - | Internet marketing |
| - | Direct sales |
| - | Posting signage and flyers about the new business on bulletin boards in stores and public places. |
In addition, the Business will also engage in the following marketing campaigns:
| - |
| - | ______________________________________________________ |
| - | Sale of Equity |
| - | Public Offering |
| - | Strategic Sale/Merger with other similar enterprise |
| - | Management Buyout |
| - | Liquidate Assets |
. FINANCIAL PLAN
The Funding Request in this Business Plan outlines the major start-up costs associated with this business. Other costs include repair and maintenance, sales and production expenses. Regular monthly expenses are estimated at for paying the employee salaries and other regular business expenses. The Business is expected to generate in the first year, and gross profit is expected to be .
Business Plan Checklist
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Business Plan FAQs
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How do I know if I should make a Business Plan?
You may want to make a Business Plan if:
- You are starting a business and want to outline your goals and strategies.
- You need to communicate your business concept to potential investors.
- You want to test your business idea for viability.
- You and your partners want to build a plan together.
Our Business Plan builder is suitable for most types of businesses from small to large, including online companies, service providers, nonprofits, side hustles and home-based businesses. Making a Business Plan helps you, and others, see the potential of your business.
Learn more about How to make a Business Plan or start your Business Plan now!
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What is included in a Business Plan?
A Business Plan is not simply a description of your business. It includes market analysis, marketing strategies, financial goals, funding and liability information, and company structure details. What this means is that you'll need to do a bit of work before writing to be able to create a comprehensive plan.
The key areas you'll need to concentrate on include:
Product or service
You'll need to be able to tell others, in a few words, exactly what you are offering as products or services. If the product is highly technical or new to the market, you'll want to figure out the best language to use to explain the concept to those who may not be familiar with industry jargon. You should also be able to explain what need this fills for potential customers. You can include images in plan attachments if that helps.Company structure
You need to define who is part of the business and what their roles are. For investors, you'll also want to show how each member is qualified to fulfill their duties. For example, you'll get more investor confidence if your key members have a proven track record in running a business or working in the industry.Market
It is critical that you identify your potential market. If there is a lot of competition, what will you offer that is better than your competitors? If you want to open a coffee shop across the street from another coffee shop, you'll need to be able to explain why that makes sense. You should be able to describe your market in quantifiable terms, like how many potential customers are in the market and what you expect them to spend.Marketing
How exactly do you plan on reaching your new customers? If it is a small local company, are you going to put up signage and attend local events? If your business is online, will you pay for ads or hire an online marketing or SEO company? Do you have strategic relationships with already established businesses? You'll also want to map out your marketing schedule and how you plan to pay for everything.Financial plans
You'll need to map out how you plan to finance your business. Do you have a business loan? Are you going to take an income from the business? How much of the seed money will be from your own savings? Investors will also want to know if you plan to take on additional debt or if other investors are involved. You'll also want to show how you plan to pay back debt and when you expect to be profitable. They may also want to see a tentative budget.Funding needs
If you are looking for investors, how much do you need and how exactly are you going to use the funds? How do you plan to pay back investors and when? Do you have collateral you are willing to put up? Are you prepared to give up equity? What other funding options have you tried? How long can you operate without funding?Once you have done your research and have a solid plan for moving forward, you can sit down and create your Business Plan easily using our online document builder.
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Who should review my Business Plan?
Looking at your business like an outsider is difficult for many small business owners. But your investors, unless they are family or friends, are going to look at it objectively. This is one of the reasons you need a Business Plan capable of surviving intense scrutiny. Once you have your Business Plan made, try to look at it as if you were a stranger to your business. Have a few respected colleagues read through it as well and tell them not to be nice, but to find as many weak areas as they can. If you need to keep your business information private, you can ask those reviewing your plan to sign a Non-disclosure Agreement. If you find information you need to change, you can easily edit your plan. In fact, a Business Plan is an evolving, working document, so change it as often as you need.
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What should I do if I am stuck?
Sometimes it is hard to complete all the parts of your Business Plan in a way that is impenetrable. Again, you may have to look at your business objectively to evaluate whether it makes sense or not. Is the market already saturated? Is there a market at all? Is there a way to test the market? Is there a certain segment of the market more suitable for your product? Do you have the time to run your business properly? Can you realistically afford to meet your objectives? Do you have the right partners? Is it the best time for your product or service to be launched? Are your goals realistic?
If you cannot answer these questions, it may be time to reevaluate your business idea and market. Perhaps somehow you are missing the mark. You may also benefit from reading through our How to Start a Business Guide. Also, try not to overthink it to the point of road-blocking yourself. While it is important, it is better to have a Business Plan that needs work rather than no plan at all.
A good Business Plan is not fabricated around your pie-in-the-sky dreams for your company to "trick" investors into buying into your vision. A good plan is a working document that proves you have a product or service that can be viable in the real market. Even if you are not seeking funding, creating a functional Business Plan is an excellent tool for proving your business idea is a good one.
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