how to write a business plan in 2022

How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated May 7, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

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 use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

Brought to you by

Create a professional business plan

Using ai and step-by-step instructions.

Secure funding

Validate ideas

Build a strategy

• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

Download Template

One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

View Sample Plans

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. 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 when applying for funding or pitching to investors. 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.

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.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most 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.

Lean Plan: The Lean Plan 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’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

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

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

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

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

Related Articles

1 Min. Read

How to Calculate Return on Investment (ROI)

7 Min. Read

How to Write a Bakery Business Plan + Sample

5 Min. Read

How To Write a Business Plan for a Life Coaching Business + Free Example

3 Min. Read

What to Include in Your Business Plan Appendix

The Bplans Newsletter

The Bplans Weekly

Subscribe now for weekly advice and free downloadable resources to help start and grow your business.

We care about your privacy. See our privacy policy .

The quickest way to turn a business idea into a business plan

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

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

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

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

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.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

Don't forget to share this post!

Related articles.

How to Calculate Your Lead Generation Goals [Free Calculator]

What Are Direct Costs & How Do They Differ From Indirect Costs?

How to Write a Business Plan: A Step-by-Step Guide [Examples + Template]

9 Handy Business Calculators That’ll Make Your Life Easier

The Definition of CAC [In Under 100 Words]

How to Calculate Next Month's Lead Gen Goal [Quick Tip]

How to Calculate the Value of Your Social Media Followers [CALCULATOR]

A Simple Calculator to Determine Your Monthly Traffic & Leads Goals [Template]

How to Calculate & Track a Leads Goal That Sales Supports

2 Essential Templates For Starting Your Business

Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform

🎉 Celebrate Small Business Month:

25% Off Annual Plans! SAVE NOW

0 results have been found for “”

 Return to blog home

How to Write a Detailed Business Plan, Step-by-Step (Free Templates)

Posted november 14, 2022 by noah parsons.

Writing a business plan is one of the most valuable things you can do for your business. Study after study proves that business planning significantly improves your chances of success by up to 30 percent . That’s because the planning process helps you think about all aspects of your business and how your business will operate and grow.

In fact, writing a business plan is one of the only free things you can do to greatly impact the success and growth of your business. Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.

Before you write a detailed business plan, start with a one-page business plan

Despite the benefit of planning, it’s easy to procrastinate writing a business plan. Most people would prefer to work hands-on in their business rather than think about business strategy. That’s why, to make things easier, we recommend you start with a simpler and shorter one-page business plan .

With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works. A one-page plan should cover:

• Value proposition
• Market need
• Your solution

Competition

Target market.

• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.

If you’re ready to work on your one-page plan, check out our guide to writing a one-page business plan . It has detailed instructions, examples, and even a free downloadable template .

When do you need a more detailed business plan?

A one-page plan doesn’t always capture all the information that you need, however. If that’s the case, then it may be time to expand into a more detailed business plan.

There are several reasons for putting together a detailed business plan:

Flesh out the details 

A one-page business plan is just a summary of your business. If you want to document additional details such as market research, marketing and sales strategies, or product direction—you should expand your plan into a longer, more detailed plan. 

Build a more detailed financial forecast

A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement , balance sheet , and cash flow forecast —one of the most important forecasts for any business.

Be prepared for lenders and investors

While investors might not ask to actually read your business plan, they will certainly ask detailed questions about your business. Planning is the only way to be well-prepared for these investor meetings.

Selling your business

If you’re selling your business, a detailed business plan presentation will be part of your sales kit. Potential buyers will want to know the details of how your business works, from marketing details to your product roadmap.

How to write a detailed business plan

When you do need to write a detailed business plan, focus on the parts most important to you and your business. If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.

For example, if you’re struggling with marketing, spend time working on your target market section and marketing strategy and skip the sections covering the company organization.

Let’s go step-by-step through the sections you should include in your business plan:

1. Executive summary

Yes, the executive summary comes first in your plan, but you should write it last, once you know all the details of your business plan. It is truly just a summary of all the details in your plan, so be careful not to be too repetitive—just summarize and try to keep it to one or two pages at most. If you’ve already put together a one-page business plan, you can use that here instead of writing a new executive summary.

Your executive summary should be able to stand alone as a document because it’s often useful to share just the summary with potential investors. When they’re ready for more detail, they’ll ask for the full business plan.

For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know and just hit the highlights.

The key parts of your plan that you’ll want to highlight in your executive summary are:

• Your opportunity: This is a summary of what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
• Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
• Financials: What are the highlights of your financial forecast ? Summarize your sales goals , when you plan to be profitable, and how much money you need to get your business off the ground.

2. Opportunity

The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:

Mission statement

A mission statement is a short summary of your overall goals. It’s a short summary of how you hope to improve customers’ lives with your products and services. It’s a summary of the aspirations of your business and the guiding north star for you and your team. 

Problem & solution

Most successful businesses solve a problem for their customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace. In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.

In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors). Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.

Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving. Explain how your approach is different and better than your competitors, whether it’s better features, better pricing, or a better location. Explain why a customer would come to you instead of going to another company. 

3. Execution

This section of your business plan dives into how you’re going to accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you’re going to do it.

Marketing & sales

What marketing tactics do you plan to use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses that have a sales force, explain how the sales team gets leads and what the process is like for closing a sale.

Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business you’ll want to cover how you source your products and how fulfillment will work .

If you’re building a manufacturing business, explain the manufacturing process and the facilities you need to use. This is where you’ll talk about how your business “works,” meaning, you should explain what day-to-day functions and processes are needed to make your business successful.

Milestones & metrics

Until now, your business plan has mostly discussed what you’re doing and how you’re going to do it. The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. You should also discuss key metrics: the numbers you will track to determine your success.

Use the Company section of your business plan to explain the overall structure of your business and the team behind it.

Organizational structure

Describe your location, facilities, and anything else about your physical location that is relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?

Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build. 

It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.

5. Financial plan and projections

Your business plan has now covered the “what”, the “how”, and the “when” for your business. Now it’s time to talk about money. What revenue do you plan on bringing in and when? What kind of expenses will you have?

Financial Forecasts

Your sales forecast should cover at least the first 12 months of your business and ideally contain educated guesses at the following two years in annual totals. Some investors and lenders might want to see a five-year forecast, but three years is usually enough.

You’ll want to cover sales, expenses, personnel costs, asset purchases, and more. You’ll end up with three key financial statements: An Income Statement (also called Profit and Loss), a Cash Flow Statement , and a Balance Sheet .

If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what you need, and when you need it. Ideally, you’ll also want to summarize the specific ways that you’ll use the cash once you have it in hand.

6. Appendix 

The final section of your business plan is the appendix. Include detailed financial forecasts here as well as any other key documentation for your business. If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.

Download a business plan template

Are you ready to write your business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.

If you want to elevate your ability to build a healthy, growing business, you may want to consider LivePlan.

It’s a product that makes planning easy and 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.

Using your plan to grow your business

Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process . 

With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.  So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning. 

Ready to try it for yourself? Learn how LivePlan can help you use this modern business planning method to write your plan and consistently grow your business.

Like this post? Share with a friend!

Noah Parsons

Posted in business plan writing, join over 1 million entrepreneurs who found success with liveplan, like this content sign up to receive more.

Subscribe for tips and guidance to help you grow a better, smarter business.

You're all set!

Exciting business insights and growth strategies will be coming your way each month.

We care about your privacy. See our privacy policy .

• Starting a Business
• Growing a Business
• Small Business Guide
• Business News
• Science & Technology
• Money & Finance
• For Subscribers
• Write for Entrepreneur
• Entrepreneur Store
• United States
• Asia Pacific
• Middle East
• South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

The Right Way to Build Your 2022 Business Plan As the last couple months of 2021 approach, it's time to start thinking about how to reach even greater heights next year.

By David Partain Edited by Ryan Droste Oct 22, 2021

Opinions expressed by Entrepreneur contributors are their own.

One thing that never changes is the fact that having a great plan for your organization is essential. Even after you open your doors, you'll continue to analyze, tweak and perfect that plan in order to improve operations. With the pandemic creating so much uncertainty, building a plan for 2022 may feel more difficult than in the past.

However, there's some good news. Sticking to a few key points will take some of the edge off.

1. Identify your assumptions and biases

Most business plans are built around at least a few assumptions. For example, you might assume that you have to follow a specific set of regulations or that you're the right person to run the organization. One thing I've learned in the investment world is that even though cycles repeat, nothing ever goes strictly to plan. What you assumed will happen can be very different from what actually happens.

Take a look at your assumptions from the previous year. What held up? What didn't? More importantly, why didn't they hold up? If you can answer that question, then you can avoid repeating the same mistakes. If you've never built a plan before, then try to identify the biases that could create problems. In either case, give yourself some breathing room and remember that life happens.

Related: How to Build Your 2021 Business Strategy in the Face of Uncertainty

2. Look at your results

Sometimes, your results are very different from expected. This is not necessarily because you did something right or wrong, but it can be because there are so many moving parts involved. Look at what you ended up with, and let those results give the business some direction. For example, if you find that people bought twice as much of a product as you thought they would — and market conditions and attitudes haven't changed — then it would make sense to invest more into that product for the upcoming year. Be discerning about what actually caused your results to know whether they're anomalies or real, long-term trends for the company. But don't start blind.

3. Create some projections

Projections tell people what you're committed to. For instance, you might say you're going to spend $500,000 on advertising or $1 million on Project A. That's very attractive to investors and shareholders who want to know that you know where you're going. In one of the companies that I started, these kinds of projections helped me find partners. If you're both honest and bold enough, your projections can mold your circumstances and influence the support you get.

Projections also acknowledge foreseen issues and anticipate circumstances to keep you prepared. To demonstrate this point, when I started a small business in the FinTech sector, I didn't project that I'd need more funding. I didn't look at what would happen if the stock market really took a dive. I just assumed that everything would work. When venture capitalists asked how it would work financially under different scenarios, I didn't really have an answer for them. When trouble hit, I had no plan for how to survive and the business went under. If I would have outlined what to do in different scenarios, then I might have been able to keep my doors open.

Always look at your best and worst-case scenarios, work with different people across departments, and create projections that paint a realistic picture of the company.

Related: How to Have Meaningful End-of-Year Vendor Meetings — Virtually

Business plans have to be somewhat fluid because both the market and the world change incredibly quickly. Be ready to respond and pivot. You can apply these same three points every time you need to create a plan for your organization. Just start early, define who you are, and make your commitments. The sooner you can clarify your identity and intentions, the faster great things can happen.

Entrepreneur Leadership Network® Contributor

CMO of FlexShares

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick Red Arrow

• Lock Want to Start a Simple Business That Helps the Planet? After 'One Night's Worth of Research,' He Started an Eco-Friendly Gig and Now Makes $200,000 a Year
• I've Negotiated High-Pressure, Multi-Million-Dollar Deals for Artists Like Bruno Mars and Enrique Iglesias — Here's the Strategy That Always Helps Me Win
• Lock This Toxic Money Habit Is Becoming More Common — If You've Picked It Up, Your Finances Are at Serious Risk , Expert Warns
• 'This Year Almost Broke Me': Tom Schwartz Reveals 'Scandoval' Almost Shut Down His Restaurant After Losing 80% of His Business
• 'Not What Anybody Signed Up For': A Legal Expert Weighs in on the Labor Rule That Could Destroy Franchising
• Lock Anyone Can Try the Simple Strategy That One Billionaire Investor Used to Make His First Million Dollars Tax-Free

Most Popular Red Arrow

These coworkers-turned-friends started a side hustle on amazon — now it's a 'full hustle' earning over $20 million a year: 'jump in with both feet'.

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

An Iconic Las Vegas Casino Is Shuttering This Summer After 34 Years

The Mirage will close on July 17.

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.

This Couple Turned Their Startup Into a $150 Million Food Delivery Company. Here's What They Did Early On to Make It Happen.

Selling only online to your customers has many perks. But the founders of Little Spoon want you to know four things if you want to see accelerated growth.

Successfully copied link

SMB Technology

• Mobile Productivity
• Mobile Security
• Computing & Monitors
• Memory & Storage
• Digital Signage
• Trending Tech
• Hospitality
• Manufacturing
• Transportation
• Food & Beverage
• Live Events & Sports
• Spectaculars & DOOH
• Gaming & Esports
• White Papers
• Infographics
• Assessments & Calculators
• Case Studies
• About Samsung Insights
• Our Experts

Subscribe to Insights

Get the latest insights from Samsung delivered right to your inbox.

See our Privacy Policy

Samsung Business Insights

Featured posts in

4 tips for SMBs to get maximum value from mobile

The hidden costs of not being a mobile-first business

3 small business financial trends for 2023

How to write a business plan: a step-by-step guide and template.

Download our editable business plan template that you can fill out with your own information as you follow along with this guide.

No matter what kind of business you’re starting, it will benefit from great planning. Creating a detailed business plan puts you, the entrepreneur, in forward-thinking mode, which increases the likelihood of your success. You can use this plan to help you navigate your market and grow your small business, or share your plan with external stakeholders such as your major customers, leasing agents or lenders.

Creating a detailed business plan puts you, the entrepreneur, in forward-thinking mode, which increases the likelihood of your success.

For your plan to be effective, you’ll need to keep it specific and succinct. In this post, I’ll outline the nine key elements of a business plan step by step:

• Background and executive summary
• Products and services
• Industry or market overview
• Competitive position
• Go-to-market strategy
• Technology and operations
• Financial plan

1. Background and executive summary

This section provides basic information about your company. In 100 to 200 words, include the following information:

• Your business plan’s purpose (e.g., to help you clarify your business, obtain funding or secure a lease
• Your primary business goals and their projected time frame
• Your business’s ownership, including owners’ names and their percent of ownership
• Your legal business name and when it was formed
• Your business’s location and operating area

If you have a vision or mission statement for your business, include them in this section.

2. Products and services

In 100 to 500 words, depending on the complexity and breadth of your offerings, summarize the types of products and services your company offers, as well as the industry, market or consumer audience you serve.

• Example: Our company specializes in exterior concrete landscape services. We provide walkways, paths, driveways, curbs and garden forms.

If you offer multiple products or services, organize them into categories as applicable. Explain these categories and describe the products and services within.

3. Industry or market overview

This section will convey the market opportunity in 200 to 500 words. If your chosen market is too small, you may need to shift to a different niche or broaden your market pursuit. You will need to research the market to ensure you fully understand the opportunity and size of the total addressable market (TAM).

If your chosen market is too small, you may need to shift to a different niche or broaden your market pursuit.

Once you’ve finished your research, create an overview of your industry or market:

• Summarize the research you conducted on your industry’s size, growth rates and important trends. Focus on proving that the TAM is large enough for your new business to be successful.
• Reference credible reports on industry research from sources such as IBISWorld, Deloitte and PwC, or sources such as Hoover’s, the Bureau of Labor Statistics (BLS) or 10Ks. Sometimes, research reports are free, or you can glean sufficient information from the report’s press release. A 10K is essentially a highly detailed annual report provided by publicly traded companies in a Security and Exchange Commission (SEC)-mandated format. With valuable insights in their industry and risks section, these reports are available online from the SEC’s Edgar database .
• Provide a brief overview of your business’s local or regional market, as applicable. If you were opening a bakery, for example, your competition would be other bakeries, caterers or restaurants with in-house bakeries within a certain radius.

4. Competitive position

Understanding your competitors is key to optimally positioning yourself in your market.

• Describe three of your competitors (50 to 75 words each, in separate paragraphs) that most closely match your business’s profile. Provide each business’s name, location, service area, products and services as well as any of your competitive advantages.
• Summarize your ideal customer in two sentences, including the applicable industries and demographics.
• Specify the advantages that set you apart from your competitors and allow you to charge more. In two sentences, include examples such as stellar customer service, rapid response rate, after-hours service or a strong distribution network.

5. Go-to-market strategy

The objective here is to succinctly lay out the strategy you’ll use to pursue your market, in under 500 words.

• First define your goals (sales and otherwise) for the next year, the next three years and the next five years, if you know them.
• How will you deliver your offerings to your market? If you’re a baker, for example, will you deliver your offerings through a retail bakery, a commercial bakery or a catering service? Choose the option that best leverages your resources and strengths.
• Will you use direct sales, partnerships, distributors or a combination? How do your customers want to be served?
• What business technology tools do you need to operate efficiently?

How will you deliver your offerings to your market? Choose the option that best leverages your resources and strengths.

• If they hang out on social media, do they interact with groups, ads or influencers?
• If they attend workshops or read blogs, can you speak at relevant events or write articles?
• Will time-tested strategies like cold calling or flyers work best?

6. Management

Since your small business is brand new, your major customers, suppliers and investors will put significant emphasis on your management team. Regardless of your background or experience, you’ll want to position your management team to convey strength.

• Provide a three-to-five-sentence summary of each founder and executive team member. If there’s only you but you intend to hire someone in the next six months, summarize this upcoming role and use a placeholder such as “TBD, General Manager.”
• Advisory board: Add a brief bulleted list of people who’ll assist your business in areas outside your expertise, such as marketing, legal or accounting. Provide these people’s names, titles and existing roles.

7. Technology and operations

In this section, describe the basic operational structure of your business in 100 to 200 words.

• Staffing: Describe the roles you will need help with and why, as applicable. Will you hire employees to fill these roles, or will you outsource?
• Technology: Describe the technology you need to support your business and why. Business smartphones , for example, might be necessary for tracking product delivery or service personnel, and you might need accounting software to track financial performance.

8. Financial plan

Provide an overview of how you will generate money, how much you will generate, what your startup and capital expenses (CapEx) will be and what your ongoing operating expenses (OpEx) will be in 300 to 500 words.

• Revenue model: Briefly describe how you’ll generate revenue. For example, will you sell your services on an hourly basis or as value-driven packages?
• COGS: Direct labor, fuel, raw material, inventory, shipping or delivery, commissions
• SG&A: Marketing, legal, indirect labor (support personnel)
• Startup expenses: List out the one-time expenses for legal formation, research, insurance, asset purchases and more that you need to get your business up and running. Total the amount.

Check your pricing against your competitors and adjust if needed, focusing on the overall value you deliver.

• Capital expenses: These are investments in assets such as vehicles, equipment or office build-out that you will periodically incur as your firm grows. What are your expansion plans, what assets will be needed, and what is the timing? Since CapEx is not part of ordinary OpEx, forecast these out separately.
• Pricing: What is your pricing? Have you built in enough of a profit margin for your business to be sustainable? Using your annual operating expense total, determine your break-even point, which is how many products or services you need to sell to make $0 profit. Does this seem reasonable? Check your pricing against your competitors and adjust if needed, focusing on the overall value you deliver.
• Forecast: Project out your revenue and operating expenses for three or five years on a monthly basis. Include all your startup expenses in the first month. This will serve as your forecasted income statement. What are your assumptions? Write those down. Project out your capital expenditures for the same period.

9. Financing

Provide an overview (in 100 to 200 words) of your funding status and where you obtained or will obtain the money.

• When you map out funding sources, remember the matching principle. You want short-term capital for short-term items such as inventory and long-term capital for equipment or hiring long-term personnel.
• Clearly state your financing objectives, including specifically what you need the money for.
• If your forecast allows it, do you intend to grow by reinvesting profits? If so, state that here.
• For outside financing, include a table outlining sources and uses of funds.
• Finally, attach the income statement and CapEx forecasts at the back of this business plan.

Remember, your business plan is a living document. The market could shift at any time, and your predictions could prove incorrect. It’s critical to check your plan against what’s actually happening so you can identify trends as they’re unfolding. If you have a succinct plan, it will be easier to revisit at least semi-annually and adjust as needed to achieve your goals.

Don’t forget to download our business plan template for you to edit, retain and modify as your business grows.

To help entrepreneurs and their startups thrive, Samsung offers exclusive volume discounts, financing and other deals on the full range of Galaxy devices through Samsung Business Direct . 

Tiffany C. Wright

Tiffany C. Wright is a former business owner and results-driven COO currently working as an SMB consultant helping owners drive major changes in their businesses and perspectives to achieve their objectives. Her clients have experienced cash flow improvement of 2 to 4 times, 20% to 250% increases in profitability, drastic increases in employee morale, transformation into salable businesses, and high owner satisfaction.

• managing it
• SMB Productivity Tips

Related Posts

Integrated solutions empower productivity for SMBs

Integrated solutions for SMBs are the best way to power up greater productivity. Learn how Samsung can help.

3 small business financial trends for 2024

Small and medium-sized business (SMB) owners are constantly dealing with unique challenges on a number of fronts. Understanding the source of the issues as

The benefits of using a uniform set of devices for SMBs

The newest Samsung Galaxy FE family of devices could help small businesses address some of their most critical challenges today.

Featured Posts

How can your SMB get the most out of each mobile device you invest in? Here are four tips to help you get the most value.

Modern work is mobile work. If you're not putting mobile technology first, your business may encounter significant drawbacks.

Rising labor and energy costs and softening demand are 2023 financial trends adversely impacting SMBs. Here are some solutions.

How can we help you?

Shop special offers.

Find out about offers on the latest Samsung technology.

Speak to a solutions expert

Get expert advice from a solutions consultant.

Who are you buying for?

I'm buying for myself

I'm buying for a small business

I'm buying for a large enterprise

Our solutions architects are ready to collaborate with you to address your biggest business challenges.

• Mobile Phones
• Laptops/2-in-1
• Business Services
• Displays & Digital Signage
• Hospitality TVs
• Wireless Networks
• Public Safety

A member of our solutions architect team will be in touch with you soon.

How to Write a Business Plan in 2023: The Ultimate Guide for Every Entrepreneur

Are you starting a new business or trying to get a loan for your existing venture? If so, you’re going to need to know how to write a business plan. Business plans give entrepreneurs the opportunity to formally analyze and define every aspect of their business idea .

In this post, you’ll learn how to put together a business plan and find the best resources to help you along the way.

Start selling online now with Shopify

What is a Business Plan? 

A business plan is a formal document that outlines your business’s goals and how you will achieve those goals. Entrepreneurs who start out with business plans are 16 percent more likely to build successful companies , according to the Harvard Business Review.  Developing a business plan ensures sustainable success, guiding you as you grow your business, legitimizing your venture, and helping you secure funding (among countless other benefits). 

What Are the Main Purposes of a Business Plan?

Most financial institutions and service providers require you to submit a detailed business plan to obtain funding for your business. Online businesses will likely have a low overhead to start, so they may not need funding and therefore may not feel the need to write a business plan. That said, writing a business plan is still a good idea as it can help you secure a drastic increase limit on your credit card as your business grows or open a business account. This varies per bank.

If you’re growing your business, use it to help you raise expansion capital, create a growth strategy, find opportunities, and mitigate risks.Palo Alto software found that companies who make business plans are twice as likely to secure funding . .

→ Click Here to Launch Your Online Business with Shopify

If you’re just starting your business, making a business plan can help you  identify your strengths and weaknesses, communicate your vision to others, and develop accurate forecasts.

How to Make a Business Plan: The Prerequisites 

Here are the prerequisites to creating a solid business plan:

• Establish goals
• Understand your audience
• Determine your business plan format
• Get to writing! 

Establish Goals

There are two key questions to ask here: 

• What are you hoping to accomplish with your business?
• What are you hoping to accomplish with your business plan?

Approaching your business plan through that lens will help you focus on the end goal throughout the writing process. These also provide metrics to measure success against. 

Before writing your business plan, gather the content and data needed to inform what goes in it. This includes researching your market and industry – spanning everything from customer research to legalities you’ll need to consider. It’s a lot easier to start with the information already in front of you instead of researching each section individually as you go. 

Turn to guides, samples, and small business plan templates to help. Many countries have an official administration or service dedicated to providing information, resources, and tools to help entrepreneurs and store owners plan, launch, manage, and grow their businesses. 

The following will take you to online business plan guides and templates for specific countries.

• United States Small Business Administration (SBA) – The “write your business plan page” includes traditional and lean startup business plan formats, three downloadable sample business plans, a template, and a step-by-step build a business plan tool.
• Australian Government – The “business plan template” page includes a downloadable template, guide, and business plan creation app.
• UK Government Business and Self-Employed – The “write a business plan” page includes links to a downloadable business plan template and resources from trusted UK businesses. .
• Canada Business Network – The “writing your business plan” page includes a detailed guide to writing your business plan and links to business plan templates from Canadian business development organizations and banks.

These business resource sites also offer a wealth of valuable information for entrepreneurs including local and regional regulations, structuring, tax obligations, funding programs, market research data, and much more. Visit the sites above or do the following Google searches to find official local business resources in your area:

• your country government business services
• your state/province government business services
• your city government business services

Some Chamber of Commerce websites offer resources for business owners, including business plan guides and templates. Check your local chapter to see if they have any.

Banks that offer business funding also often have a resource section for entrepreneurs. Do a Google search to find banks that offer business funding as well as business plan advice to see the business plans that get funding. If your bank doesn’t offer any advice, search for the largest banks in your area:

• business plan guide bank name
• business plan samples bank name
• business plan template bank name

If you’re looking for more sample business plans, Bplans has over 500 free business plan samples organized by business type as well as a business plan template. Their collection includes 116 business plans for retail and online stores. Shopify also offers business plan templates intended to help small business owners and aspiring entrepreneurs identify functional areas of a business they may not have considered.

Understand Your Audience

Because business plans serve different purposes, you’re not always presenting it to the same audience. It’s important to understand who’s going to be reading your business plan, what you’re trying to convince them to do, and what hesitations they might have. 

That way, you can adapt your business plan accordingly. As such, your audience also determines which type of business plan format you use. Which brings us to our next point…

Which Business Plan Format Should You Use? 

The United States Small Business Administration (SBA) presents two business plan formats: 

• The traditional business plan format is for entrepreneurs who want to create a detailed plan for themselves or for business funding. 
• The lean startup business plan format, on the other hand, is for business owners that want to create a condensed, single-page business plan.

If the business plan is just for you and internal folks, draft a lean startup business plan or a customized version of the traditional business plan with only the sections you need. If you need it for business funding or other official purposes, choose the formal business plan and thoroughly complete the required sections while paying extra attention to financial projections.

If your business operates outside the U.S., clarify the preferred format with your bank.

How to Create a Business Plan: Questions to Ask Yourself

As you write a business plan, take time to not only analyze your business idea, but yourself as well. Ask the following questions to help you analyze your business idea along the way:

• Why do I want to start or expand my business?
• Do my goals (personal and professional) and values align with my business idea?
• What income do I need to generate for myself?
• What education, experience, and skills do I bring to my business?

How to Write a Business Plan Step by Step

According to the business plan template created by SCORE, Deluxe, and the SBA , a traditional business plan encompasses the following sections. 

• Executive summary
• Company description
• Products & services
• Market analysis
• Marketing & sales
• Management & organization
• Funding request
• Financial projections
• SWOT analysis

Since not everyone is aware of the key details to include in each section, we’ve listed information you can copy to fill in your business plan outline. Here’s how to build a business plan step by step.  

Executive Summary

The Executive Summary is the first part of your business plan, so this is where you need to hook readers in. Every business plan starts this way — even a simple business plan template should kick off with the Executive Summary. Summarize your entire business plan in a single page, highlighting details about your business that will excite potential investors and lenders. 

Explain what your business has to offer, your target market , what separates you from the competition, a little bit about yourself and the core people behind your business, and realistic projections about your business’ success.

While this is the first section of your business plan, write it after you’ve completed the rest of your business plan. It’s a lot easier because you can pull from the sections you’ve already written, and it’s easier to identify the best parts of your business plan to include on the first page.

Company Description

In the Company Description, share 411 about your business. Include basic details like: 

• Legal structure (sole proprietor, partnership, corporation, etc.)
• Business and tax ID numbers
• When the business started
• Ownership information
• Number of employees

Your mission statement , philosophy and values, vision, short- and long-term goals, and milestones along with a brief overview of your industry, market, outlook, and competitors should also be in the Company Description.

Pro tip: These are the details you’ll use each time you create a business profile, whether that's on social media, business directories, or other networks. Keep your information consistent to reduce confusion and instill more confidence in potential customers. 

Products & Services

The Products & Services section details what you plan to sell to customers. For a dropshipping business , this section should explain which trending products you’re going to sell, the pain points your products solve for customers, how you’ll price your products compared to your competitors, expected profit margin, and production and delivery details.

Remember to include any unique selling points for specific products or product groupings, such as low overhead, exclusive agreements with vendors, the ability to obtain products that are in short supply / high demand based on your connections, personalized customer service, or other advantages.

For dropshipping businesses selling hundreds or even thousands of products, detail the main categories of products and the number of products you plan to offer within each category. By doing this, it’s easier to visualize your business offerings as a whole to determine if you need more products in one category to fully flesh out your online store.

Market Analysis

The Market Analysis section of your business plan allows you to share the research you have done to learn about your target audience — the potential buyers of your products. People requesting a business plan will want to know that you have a solid understanding of your industry, the competitive landscape, who’s most likely to become your customers. It’s important to demonstrate that  there’s a large enough market for your product to make it profitable and/or to make a strong return on investment .

To complete the Market Analysis component of your business plan, check out the following resources for industry, market, and local economic research:

• U.S. Embassy websites in most countries have a business section with information for people who want to sell abroad. Business sections include a basic “getting started” guide, links to economic and data reports, trade events, and additional useful business links for a particular region.
• IBISWorld is a provider of free and paid industry research and procurement research reports for the United States , United Kingdom , Australia , and New Zealand .  
• Statista offers free and paid statistics and studies from over 18,000 sources including industry reports, country reports, market studies, outlook reports, and consumer market reports.   

Use these websites and others to learn about the projected growth of your industry and your potential profitability. You can also use social media tools like Facebook Audience Insights to estimate the size of your target market on the largest social network

Another way to research your market and products is through Google Trends . This free tool will allow you to see how often people search for the products your business offers over time. Be sure to explain how your business plans to capitalize on increasing and decreasing search trends accordingly.

Marketing & Sales

Knowing your target market is half the battle. In the Marketing & Sales section, share how you plan to reach and sell products to your target market. Outline the marketing and advertising strategies you intend to use to market your product to potential customers – search marketing , social media marketing , email marketing , and influencer marketing methods .

If you’re unsure how to market your business’ products, analyze your competitors for some inspiration. Discovering your competition’s marketing tactics will help you customize your own strategy for building a customer base and ultimately taking your business to the next level. 

Do a Google search for your competitor’s business name to find the websites, social accounts, and content they’ve created to market their products. Look at the ways your competitor uses each online entity to drive new customers to their website and product pages.

Then come up with a plan to convert a similar audience with your marketing and advertising messages. For dropshipping businesses, conversions will typically take place on your website as people purchase your products and/or by phone if you take orders over the phone. 

Management & Organization

In the Management & Organization piece of your business plan, describe the structure of your business. In terms of legal structure and incorporation, most businesses are classified as sole proprietorships (one owner), partnerships (two or more owners), corporations, or S corporations.

Draft a condensed resume for each of the key members of your business. If you’re a solopreneur , include how your past education and work experience will help you run each aspect of your business. If you have one or more partner(s) and employee(s), include their relevant education and experience as well.

Think of this as a great way to evaluate the strengths of each individual running your business. When self-evaluating, you’ll be able to identify the aspects of your business that’ll be easier to manage and which ones to delegate to freelancers, contractors, employees, and third-party services. This also makes it easier to find the best way to utilize their strengths for business growth.

Funding Request

Chances are, you don’t have a funding request for a startup dropshipping business since the appeal to dropshipping is the low upfront investment . If you’re looking for a loan, however, this would be the section where you outline the dollar amount you need, what you plan to invest in, and how you see the return on your investment.

Another way to use this section is to analyze the investment you have or plan to make when starting or growing your business. This should include everything from the computer you use to run your website to the monthly fee for business services.

Financial Projections

In Financial Projections, share your projected revenue and expenses for the first or next five years of your business. The idea here is to demonstrate that the revenue you’re anticipating will easily lead to a return on any investment, whether from your personal finances or a capital lending service.

If you’re looking for funding, you’ll need to go into detail with projected income statements, balance sheets, cash flow statements, and capital expenditure budgets. If you aren’t looking for funding, it won’t hurt to create these types of financial projections so you can realistically plan for the future of your business.

The Appendix of your business plan includes any supplemental documents needed throughout the sections of your business plan. These may include, but are not limited to: 

• Credit histories
• Product brochures
• Legal forms
• Supplier contracts

If you’re submitting your business plan for funding, contact the lender to see what documentation they want included with your funding request.

SWOT Analysis

In addition to the above sections, some business plans also include a SWOT Analysis. This is a one-page summary of your business’s strengths, weaknesses, opportunities, and threats. The strengths and weaknesses you include will be internal, whereas opportunities and threats you include will be external. 

Depending on the revelations of this section, you may or may not want to make a SWOT analysis when submitting your business plan formally unless it is requested.

Summary: How to Create a Business Plan

As you can see, creating a business plan for your dropshipping business is a great way to validate your business idea , discover your business’s strengths and weaknesses, and make a blueprint for your business's future.

In summary, here are the sections you will need to write for your business plan, step by step:

• SWOT analysis (Optional)

If you haven’t already, take the time to create a business plan to launch or grow your business in 2023!

Want to Learn More?

• How to Start a Dropshipping Business
• How to Register a Business in the USA
• How to Launch Your Ecommerce Store in Less Than 30 Minutes Flat
• 30+ Amazing Startup Business Ideas That’ll Make You Money

15 Top Print-On-Demand Companies (And How To Choose One) in 2024

There are so many print-on-demand companies to choose from — what do you need to consider to choose the best one for yo…

Google Trends Products: Top Items To Sell in 2024

Learn how to use Google Trends to find trending products, plus discover the list of top-selling items based on recent d…

How to Create an Online Course: 10 Easy Steps

Learn how to create your own online course in 10 easy steps. Start teaching and sharing your knowledge with people worl…

Oberlo uses cookies to provide necessary site functionality and improve your experience. By using our website, you agree to our privacy policy.

Business Plan Templates

Free Download

2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

• Write a company description that sells your story
• Plan for the future: lay out goals and metrics for success
• Describe your product line in detail and plan for how to stand out from competitors
• Consider any legal formalities that require attention when starting your business
• Put together necessary financial projections to make a strong start
• Create your buyer persona and determine your product/marketing fit

Build A Business Plan That Works

Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

Why do I need to fill out the information requested?

We will always keep your personal information safe..

We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .

Where can I get a free business plan template?

HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.

Is this really free?

Absolutely.

Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!

What are the basic format of a business plan?

A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

What is needed to start a business?

If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

Set yourself up for success with this business plan template

Download the free business plan template.

All fields are required.

Easily create great, effective landing pages for free

• Why crowdspring Trust and Security Guarantee Case Studies
• How it Works
• Notifications
• What's New
• Why crowdspring
• How to write a business plan

How to Write a Business Plan [2024]

• How to Write a Business Plan (2024)

What is a business plan?

A business plan is a business planning tool that outlines operational business goals, strategies to achieve those goals, and financial projections.

Frequently Asked Questions on How to Write a Business Plan

How do i write a business plan.

To write a great business plan, you need to finalize your business idea, research your target market, determine whether you need a traditional business plan or a lean business plan, document your business, build a strategic marketing and sales plan, identity your target audience, and fill in the other relevant details. This definitive step-by-step guide on how to write a business plan will help you to get started with great insights, free templates for each stage of your business plan, and an actionable step-by-step process.

What are the three main purposes of a business plan?

A business plan identifies, describes, and analyzes a business opportunity by examining the technical, economic, and financial feasibility for a business. The business plan can help you anticipate important issues and possible challenges before you start your business . Studies show that entrepreneurs who take the time to write a business plan are 2.5 times more likely to follow through and get their business off the ground.

What is a simple business plan

A simple business plan is a short, written document that describes in detail how a business will achieve its goals. Typically, a simple business plan is no more than two to three pages in length.

How can I start my own business with no money?

Here’s a video with 5 tips on how you can bootstrap your new business , even if you don’t have money to start it right away.

How can I start my own small business?

The difference between a business owner succeeding or failing is the foundation you build when you first start your business. That’s because you should prepare thoroughly before starting a business. And you should know how to adapt to changing situations – as often happens when you run your own business. Here's a complete guide on how to start your business and grow it into a sustainable and profitable business.

Can I start a business with 500 dollars?

Most small businesses can be started and operated without a big team. Other than salaries, the biggest expense for many new businesses is the marketing budget. But there are ways you can stretch that budget. For example, here are 21 ways to market your small business on a shoestring budget .

What are the most successful small businesses?

According to the most recent analysis by Sageworks, accounting, tax preparation, bookkeeping, and financial planning where the most profitable types of small businesses, returning an average profit margin of 18.4%. Real estate leasing, legal services, outpatient clinics, property managers, and appraisers, dental practices, offices of real estate agents and brokers, other health care practitioners, management, scientific and technical consulting services, and warehousing and storage rounded out the top 10 industries.

What is the best business for beginners?

There is not a single path to entrepreneurship. Some start a company in high school, or even earlier. Others start something in college and sometimes drop out of college to pursue their dream. And others start in their 40s or 50s. Each person has a unique path. Here are some great ideas for beginners: home cleaning, blogging, photography, freelancing, child-care services, and running errands. Each entrepreneur, whether a beginner or an experienced business owner, starts with an idea and then executes that idea.

But, coming up with a viable, profitable business idea can be tough. Here’s a guide to brainstorming and evaluating business ideas .

What are the easiest businesses to start?

There are many businesses that are relatively easy to start. These include event planning, gardening and lanscape services, painting, yoga or other exercise instruction, local tour guides, tutoring, and many others.

What is a good business to start in 2022?

With the global pandemic that started in 2020, people have been forced to get creative when starting businesses. Many look to start businesses that can be operated online. These include online courses and coaching, graphic design, web development, instagram influencer, affiliate marketing, and many others.

What business can I do from home?

There are many businesses you can run from your own home. These include affiliate businesses, selling on Ebay or Etsy, baking, freelance writing, freelancer design, freelance coding, helping businesses as a social media influencer, and many more.

• Customer Reviews
• Net 30 Account
• Wise Services
• Steps & Timeline
• Work at a Glance
• Market Research at a Glance
• Business Plan Writing Services
• Bank Business Plan
• Investor Business Plan
• Franchise Business Plan
• Cannabis Business Plan
• Strategic Business Plan
• Corporate Business Plan
• Merge and Acquisition Business Plan (M&A)
• Private Placement Memorandums (PPM)
• Sample Business Plans
• Professional Feasibility Study
• PowerPoint Presentations
• Pitch Deck Presentation Services
• Business Plan Printing
• Market Research
• L-1 Business Plan
• E-2 Business Plan
• EB-5 Business Plan
• EB-5 Regional Centers
• Immigration Attorneys
• Nonprofit Business Plan
• Exit Business Planning
• Business Planning
• Business Formation
• Business License
• Business Website
• Business Branding
• Business Bank Account
• Digital Marketing
• Business Funding Resources
• Small Business Loans
• Venture Capital
• Net 30 Apply

How To Write A Business Plan In Just 9 Simple Steps

A good business plan should have information about what your company wants to achieve, what it sells or does, and how it manages money.

In the world of entrepreneurship, a well-written business plan serves as your North Star, guiding your startup from conception to success. Whether you’re seeking investors or simply aiming to align your team’s efforts, a solid business plan is essential. In this comprehensive guide, we will walk you through the process of writing a business plan that not only impresses but also drives your venture forward.

What is a business plan?

Click to view real business plan samples or examples, the importance of a business plan, types of business plan, one page business plan template, lean business plan template, how to write a business plan, step by step, 1. crafting the perfect executive summary, 2. painting a vivid business picture, 3. mastering market analysis, 4. presenting your products or services, 5. the road to sales and marketing success, 6. building a winning team, 7. funding request (if applicable), 8. navigating financial projections, 9.supporting documents in the appendix, how to write a business plan (2024 guide), how to write a winning business plan, tips for success, leveraging a business planner: your path to a strong business plan.

A business plan is a comprehensive document that outlines a company’s goals, strategies, financial projections, and other key details to guide its operations and attract investors or lenders.

Thinking of writing a business plan? Hire our professional business plan writers now!

Before we delve into the specifics, let’s first understand why a business plan is so crucial for any business endeavor. A business plan is more than just a document; it’s a strategic tool that helps you define your business goals, chart your course of action, and secure the resources necessary for success. It serves as a communication tool, providing clarity to stakeholders, from potential investors to your internal team.

• One Page Business Plans .
• Start-ups Business Plans.
• Strategic Business Plans.
• Feasibility Business Plans.
• Internal Business Plans.

Before we start learning how to make a business plan, let’s see what a business plan template looks like.

Check out our collection of various business plan templates now!

• Crafting the Perfect Executive Summary
•  Painting a Vivid Business Picture
• Mastering Market Analysis
• presenting your products and services
• The Road to Sales and Marketing Success
• Building a Winning Team
•  Funding request
•  Navigating Financial Projections
• Supporting Documents in the Appendix

Consider this as the opening page of your business plan, akin to your elevator pitch . It should encompass a mission statement, a concise portrayal of your products or services, and a general overview of your financial expansion strategies.

While the executive summary serves as the initial point of engagement for your investors, crafting it towards the end of your business plan may prove more effective. This approach allows you to spotlight insights and details uncovered while working on other sections, resulting in a more comprehensive and compelling summary.

Here’s what should be encompassed in the executive summary of your business plan:

• Business purpose. What are the core activities of your business?
• Business objectives and vision. What are your business’s aspirations and goals?
• Product or service description and distinctiveness. What are you offering, and what sets it apart?
• Target audience. Who is your customer base?
• Marketing approach. How do you plan to connect with your customers?
• Current financial position. What is your current revenue?
• Projected financial position. What revenue do you anticipate in the future?
• Funding request. How much capital are you seeking?
• Team composition. Who are the individuals involved in the business?

Read more: Executive summary examples

In the Business Description section, you have the opportunity to paint a vivid picture of your business. Here’s what to include:

• Define your business concept and mission. What problem are you solving, and why does it matter?
• Introduce your industry and market. Who are your target customers, and what trends are shaping your field?
• Showcase what makes your business unique and how it stands out in the marketplace.

Read more: How to write company overview or description and its  examples

Market analysis is all about understanding your target market and competition. Your goal is to demonstrate that you’ve done your homework. Here’s how:

• Conduct thorough market research to identify opportunities and threats.
• Analyze your target demographics, market size, and trends.
• Identify and assess your competitors’ strengths and weaknesses.

Here are some general guidelines to kickstart your research:

Define your ideal customer profile. Seek government data for insights into your target market’s size, demographics, geographic locations, online behaviors, and purchasing patterns.

Investigate industry trends. Explore consumer and product trends within your industry using resources like Google Trends, trade publications, and insights from industry influencers.

Form educated assumptions. Recognize that you may not have access to perfect, comprehensive data about your entire potential market. Aim to base your estimates on a solid foundation of verifiable data points.

In this section, delve into the specifics of the products or services you provide or intend to provide. Include the following details:

• A comprehensive explanation of how your product or service functions. Your pricing model for the product or service.
• An overview of the typical customers you cater to.
• Insights into your supply chain and approach to order fulfillment.
• Details about your sales strategy.
• Your distribution strategy.

Looking for someone to write a Business Plan?

Hire our professional business plan consultants now!

Your marketing and sales strategy outlines how you’ll reach and persuade customers to choose your products or services be sure to:

• Describe your pricing strategy, distribution channels, and promotional efforts.
• Explain how your marketing and sales plan aligns with your broader business goals.

Read more: how to do market research.

These are the following points you must need to write in the building a winning team section.

• Leadership Team: Introduce key members of your leadership team, including their names, roles, and a brief description of their professional backgrounds. Highlight their expertise and how it aligns with your business’s goals.
• Roles and Responsibilities: Specify the responsibilities and functions of each leadership team member. Clearly define who is responsible for what within the organization.
• Biographical Profiles: Provide concise biographical profiles or resumes for top executives, showcasing their relevant qualifications, experiences, and achievements.
• Advisory Board (if applicable): If you have an advisory board, describe its composition and the expertise each member brings. Explain how the advisory board contributes to strategic decision-making.
• Organizational Structure: Present an organizational chart to illustrate the hierarchy and reporting relationships within your company.
• Succession Planning: Discuss your plans for leadership succession and how you intend to ensure continuity in case of key personnel changes.
• Team Development: Mention your strategies for team development, including training, mentorship programs, and ongoing skill enhancement initiatives.
• Cultural Values: Describe the cultural values and principles that guide your organization’s behavior, fostering a positive work environment and alignment with your mission.
• Ethical Standards: Highlight your commitment to ethical business practices, including integrity, transparency, and adherence to industry regulations.

These are the following points you must need to write in the funding section.

• Capital Needs: Clearly state the amount of funding you are seeking and the purpose for which you need it. Whether it’s for startup costs, expansion, working capital, or specific projects, provide a detailed breakdown.
• Use of Funds: Specify how you plan to utilize the funds you’re requesting. Describe the allocation of funds for various purposes, such as equipment purchase, marketing campaigns, staffing, or research and development.
• Financial Projections: Align your funding request with your financial projections. Explain how the injection of capital will impact your revenue, profitability, and growth. Back your projections with realistic and data-backed assumptions.
• Timeline: Outline the timeline for when you need the funding and when you expect to achieve specific milestones or goals with the injected capital.
• Repayment Plan (if applicable): If the funding request involves loans or investments with repayment terms, provide details on your repayment plan, including interest rates, repayment schedules, and collateral if applicable.
• Exit Strategy (if applicable): If investors are involved, discuss your exit strategy. Explain how they can expect to realize a return on their investment, whether through acquisition, IPO, or other means.
• Investor Benefits: Describe any additional benefits or perks that investors might receive, such as equity ownership, voting rights, or participation in decision-making processes.
• Risks and Mitigations: Acknowledge potential risks associated with the funding request and explain how you plan to mitigate these risks, providing reassurance to potential investors.
• Supporting Documents: Include any supporting documents, such as financial statements, pro forma financials, or valuations, to substantiate your funding request and the financial health of your business.

Read more: ways to find investors for your business

If you’re a startup, you might have limited financial data available. However, for established businesses, it’s essential to provide financial documentation, including income or profit-and-loss statements, a balance sheet detailing assets and liabilities, and a cash flow statement illustrating cash inflows and outflows.

You can also incorporate key financial metrics such as:

• Net profit margin: representing the percentage of revenue retained as net income.
• Current ratio: assessing your liquidity and debt repayment capacity.
• Accounts receivable turnover ratio: measuring the frequency of receivables collection annually.

Consider using charts and graphs in this section to visually convey your business’s financial status, making it easier for readers to grasp.

The appendix is where you can include any additional information that supports your plan. This may include:

• Resumes of key team members.
• Detailed market research data.
• Any other documents that add credibility to your plan.

Checkout our free business plan examples now!

Writing a business plan is a crucial step in shaping the future of your venture. To get started, begin with brainstorming an executive summary that succinctly captures your business’s essence. Then, create a company description that paints a vivid picture of your organization. Moving forward, articulate your business goals, ensuring they are specific, measurable, and attainable. Conduct thorough market research to understand your target audience and industry landscape. Next, delve into the financial plan, projecting revenue, expenses, and funding needs. Ultimately, it’s all about the bottom line – your plan should culminate in a clear strategy for financial success. Brainstorming an Executive Summary sets the stage, followed by Creating a Company Description to provide context. Articulating Your Business Goals defines your vision, and Conducting Market Research equips you with essential insights. Building a Financial Plan lays out the financial roadmap, and ultimately, it’s all about the Bottom Line – summarizing your strategy for financial success.

A solid plan provides clarity of vision, outlines strategic goals, and attracts investors. Key components include a compelling executive summary, detailed market research, product/service descriptions, marketing strategies, financial projections, and funding requirements. By incorporating these elements, you’ll be well-prepared to outrank competitors and achieve your entrepreneurial goals.

• Keep your plan concise and focused on the most important details.
• Back up your claims with data and market research.
• Seek feedback from mentors, advisors, or industry experts.
• Regularly review and update your plan to reflect changing circumstances.

While writing a business plan independently is commendable, seeking the guidance of a skilled business planner can be a game-changer. A business planner or advisor brings expertise, objectivity, and a fresh perspective to your planning process. Here, we explore how collaborating with a business planner can enhance your business plan’s quality and increase your chances of success:

• Expert Insights: A seasoned business planner possesses a deep understanding of market dynamics, industry trends, and successful business strategies. They can provide valuable insights and knowledge to refine your plan.
• Objective Evaluation: An external business planner can offer an unbiased assessment of your ideas and strategies, helping you identify weaknesses and refine your approach.
• Customized Solutions: Business planners tailor their advice to your specific business needs, helping you create a business plan that aligns perfectly with your goals and resources.
• Financial Expertise: Many business planners excel in financial analysis, ensuring that your financial projections are realistic and well-supported.
• Network and Resources: A business planner may have an extensive network and access to resources that can benefit your business, from potential investors to industry connections.

To draft an effective business plan, start with a clear executive summary that outlines your business’s purpose and potential. Conduct thorough market research to understand your industry and target audience. Then, detail your strategies, financial projections, and risk mitigation plans, providing a comprehensive roadmap for your business’s success.

A business plan is a detailed document that outlines your business goals, strategies, and financial projections. It’s essential for securing funding, guiding your business’s growth, and attracting investors.

Business justification is vital as it provides solid reasoning and evidence behind key decisions, enhancing plan credibility and showcasing strategic thinking.

A typical business plan includes sections on the executive summary, company description, market analysis, product/service details, marketing strategy, management team, financial projections, and an appendix.

While the length can vary, a typical business plan is around 20-30 pages. However, it’s essential to prioritize clarity and conciseness over length.

The executive summary should provide a concise overview of your business, highlighting its unique selling points, goals, and financial needs. It’s often the first section investors read.

You can gather market data through online research, surveys, interviews, and industry reports. It’s crucial to understand your target audience, competition, and industry trends.

Begin with an executive summary summarizing your business idea. Conduct market research to understand your industry and competition. Outline your business strategies, financial projections, and goals for a comprehensive plan.

Financial projections should include income statements, cash flow forecasts, and balance sheets. They should be based on realistic assumptions, such as sales forecasts, expenses, and funding needs.

While it’s possible to write a business plan independently, many entrepreneurs seek help from business plan writers, consultants, or mentors for expertise and guidance.

Common mistakes include overestimating sales, neglecting market research, not addressing potential risks, and lacking a clear marketing strategy. Proofreading is also crucial to avoid errors.

It’s a good practice to review and update your business plan annually or when significant changes occur in your business, such as expansion, new products, or financial shifts.

Quick Links

• Investor Business Plans
• M&A Business Plan
• Private Placement
• Feasibility Study
• Hire a Business Plan Writer
• Business Valuation Calculator
• Business Plan Examples
• Real Estate Business Plan
• Business Plan Template
• Business Plan Pricing Guide
• Business Plan Makeover
• SBA Loans, Bank Funding & Business Credit
• Finding & Qualifying for Business Grants
• Leadership for the New Manager
• Content Marketing for Beginners
• All About Crowdfunding
• EB-5 Regional Centers, A Step-By-Step Guide
• Logo Designer
• Landing Page
• PPC Advertising

• Business Entity
• Business Licensing
• Virtual Assistant
• Business Phone
• Business Address
• E-1 Visa Business Plan
• EB1-A Visa Business Plan
• EB1-C Visa Business Plan
• EB2-NIW Business Plan
• H1B Visa Business Plan
• O1 Visa Business Plan
• Business Brokers
• Merger & Acquisition Advisors
• Franchisors

Proud Sponsor of

• 1-800-496-1056

• (613) 800-0227

• +44 (1549) 409190

• +61 (2) 72510077

Business Planning

How to Write a Business Plan That Encompasses Your Vision

Date Updated: Mar 16 2023

Read Time: 5 min

TABLE OF CONTENTS

What Is a Business Plan?

How to write a business plan, 1. executive summary, 2. business description/overview, 3. market analysis, 4. products & services, 5. marketing strategy, 6. operations & management, 7. financial planning, business plan examples, make your business a success story.

Learning how to write a business plan is a major step for any budding entrepreneur. Business plans can be a great way to track and predict your growth. In fact, business owners that create and use a business plan experience an average of 33.4% more growth than those who don’t. Perhaps you’ve heard of this type of document before but never looked into exactly how to write a business plan. However, it’s a vital component of success, and the benefits of creating one before you start a business and revisiting it each year are invaluable. Read on to learn more about how to create a business plan outline and see examples.

A business plan is the foundation of your business, and it serves as a guide to how to structure, run, and grow your entity. This document will often end up being more than 20 pages by the end of your research. However, business plans allow owners, stakeholders, and investors to discover whether the venture idea is likely to succeed, predict profits, and much more.

The purpose of business planning

As Benjamin Franklin once said, “If you fail to plan, then you plan to fail.” Business planning is an essential tool that will allow you to make sound decisions, help you identify potential weaknesses, communicate your ideas with key people, and meet your business goals.

By going through this process, you will save time, money, and resources. With a business plan, you will quickly find out if your idea is strong enough to survive the market or requires more resources.

Writing a business plan is easier than you may think. You can follow a business plan outline (traditional format) that will make this process simple and effective. It will ensure no stone is left unturned. By reading through all of the possible sections to include in this document, you can quickly decide which are applicable to your business.

Read on to see business plan outline examples that contain only the parts that apply to the business type. For now, let’s begin by analyzing the first part of any plan, the Executive Summary.

When business planning, the first section should be the executive summary. This section clearly describes what your business is and explains why it will be successful. It should illustrate to the people reading the document how and why you’ll find success.

Each executive summary should also include:

• Your mission statement
• A description of your product or service
• Information about the leadership team
• An explanation of ideal employees
• Information about the location and why it was chosen

Include financial information and any growth plans you may have as well, in case if you plan on acquiring financing for the business.

After reading the executive summary, your business overview will provide more context. Here you have the opportunity to explain what problems your company solves, who your audience/consumer is, and how you fulfill their needs.

You will also want to explain in detail:

• Your competitive advantages
• All of the strengths your entity possesses (List your location, team member expertise, unique position, etc.)

This is the section to truly convey to others why your idea is sure to be a success.

You won’t be able to write a business plan without a target market analysis . This step will allow you to obtain data that will identify trends and themes. Some of the items you will need to complete are:

• Competitor Analysis: What are your competitors doing, and how can you deliver more value?
• Industry Analysis: What is the industry outlook?
• Audience Research: What is your target market?

After this vital step, you should have a clear idea of who is likely to buy the type of product or service you offer, how you can add more value within your industry, and what you’ll need to do to beat your competitors.

Without a winning product or service, you’ll lose time and money and the business can collapse. In this section, describe what the product or service you offer is and how it will directly benefit its intended customer. If you plan to patent a product or copyright work, it’s important to include that information in this section too. It’s beneficial to align your business plan with the type of work your business will be doing. For instance, consider your product sourcing strategy for your industry ahead of time.

Without sales, a company won’t be able to earn revenue. The marketing strategy helps business owners describe how they intend to reach their potential clients and how to retain them. It is important to truly understand your audience. This will help you create a marketing plan to get the most success from a given budget.

Explain who will run your company and how it will be structured. The legal structure of the entity will be important in describing why various key roles/positions are needed and how each person’s experience will contribute to the overall success of your venture.

Feel free to include resumes of key personnel in this section. You will also want to brush up on great ways to improve operational strategy and select what you feel would work best for your company.

Proper business planning requires accurate forecasting. Financial planning will be a necessary component to success, particularly in the first few years of a business.

Ideally, you want to forecast what the next five years will look like financially. A few items to include or discuss projections about are:

• Balance sheets
• Cash flow statements
• Income statements
• Capital expenditure budgets

This is the perfect time to include graphs and charts for clarity. Finances can make or break an organization so it’s best to sort out the financial planning early on. You can do this by consulting with an independent accounting firm or by performing a cash flow analysis for your own projections.

There are thousands of business plan examples online. If you want to get a feel for how this looks and comes together, one of the best resources to use is HubSpot. The samples are unique and offer great design ideas to spruce up your plan once the research is finalized.

Now that you have learned how to write a business plan, it’s time to get started. There is no time to waste! Create a business plan outline using the sections above and start backing your idea up with hard data. Various studies show that business owners who plan often achieve a much higher rate of success. Feel confident that your idea can not only survive but thrive in the market by conducting the research necessary to identify all of its strengths and weaknesses. Good luck!

Brontë Fyke

Brontë is a UX/UI designer and marketer based in Los Angeles, CA. She's been creating and promoting content for over 4 years, covering a range of topics in the payment processing industry. Brontë is currently the Director of Marketing at PaymentCloud, a merchant services provider that offers business solutions for companies in all industries - no matter the risk.

Brontë Fyke 5 min read

SHARE THIS ON:

By submitting this form, you consent to our terms

Your information will not be distributed

Accept Payments for Your New Business

• SUGGESTED TOPICS
• The Magazine
• Newsletters
• Managing Yourself
• Managing Teams
• Work-life Balance
• The Big Idea
• Data & Visuals
• Reading Lists
• Case Selections
• HBR Learning
• Topic Feeds
• Account Settings
• Email Preferences

Business plans

• Entrepreneurship
• Entrepreneurial business strategy
• Entrepreneurial exit strategy
• Entrepreneurial finance
• Entrepreneurial financing

How to Write a Winning Business Plan

• Stanley R. Rich
• David E. Gumpert
• From the May 1985 Issue

Making Your Ideas Credible

• Prashant Pundrik
• March 06, 2011

Keeping Your Business Plan Flexible

• September 02, 2010

Why the Best CEOs Are Already Thinking About Their Exits

• Stanislav Shekshnia
• October 31, 2019

Starting Up in High Gear: An Interview with Venture Capitalist Vinod Khosla

• Vinod Khosla
• David Champion
• Nicholas G. Carr
• From the July–August 2000 Issue

Business Plans and Other Works of Fiction

• Scott D. Anthony
• November 06, 2013

Forget Business Plans; Here’s How to Really Size Up a Startup

• Jim Dougherty
• October 17, 2013

Introduction to Business Plan Development

• Harvard Business Publishing
• Steven S. Rogers
• March 12, 2014

Crap Circles

• Gardiner Morse
• From the November 2005 Issue

Build a Flexible Business Plan

• Anthony K. Tjan
• February 28, 2012

Deviating from the Business Plan

• June 22, 2015

When Your Business Needs a Second Growth Engine

• James Allen
• From the May–June 2022 Issue

How to Figure Out What Your Side Hustle Should Be

• Dorie Clark
• January 05, 2018

Fix Their Problem, Win the Deal

• Bill Taylor

To Succeed in the Long Term, Focus on the Middle Term

• Geoffrey A. Moore
• From the July–August 2007 Issue

Experiment to Learn About Your Market

• Robyn Bolton
• June 25, 2015

Making Social Ventures Work

• James D. Thompson
• Ian C. MacMillan
• From the September 2010 Issue

How to Write a Great Business Plan

• William A. Sahlman
• From the July–August 1997 Issue

Crossing the River

• Lynda M. Applegate
• March 07, 2011

How to Write a Winning Business Plan (HBR OnPoint Enhanced Edition)

• January 01, 2001

Rick Surpin (C)

• Enterprise Business
• Kirk O. Hanson
• David Bollier
• Penelope Rowlands
• January 01, 1992

Developing a Business Case

• Harvard Business Press
• December 02, 2010

Note on Market Research

• Robert Chess
• June 18, 2004

Starting a Student-Run Business at Loyola University Chicago

• Jonathan Ferrera
• March 31, 2022

Diamond Foods

• David E. Bell
• Mary Shelman
• December 15, 2009

SEWA Trade Facilitation Center: Changing the Spool

• Mukti Khaire
• Kathleen L. McGinn
• February 01, 2010

Farm to School of Park County: A Journey from Program to Nonprofit (D)

• Karen L Cates
• Liz Livingston Howard
• January 10, 2019

Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care

• Trevor Fetter
• Kira Seiger
• November 12, 2020

Golden Baseball League (B): Final Standings, Season One

• George Foster
• Mike Harkey
• July 21, 2006

Zipcar: Refining the Business Model

• Myra M. Hart
• Michael J. Roberts
• Julia D. Stevens
• January 13, 2003

Flying the Coop: TeleSign's Incubator Exit

• Thomas Knapp
• Zephyr James
• May 20, 2018

Hong Kong Broadband Network: An Integrated Approach to Talent Management

• Shlomo Ben-Hur
• November 29, 2016

On the Bubble: Startup Bootstrapping

• Jeffrey J. Bussgang
• Annelena Lobb
• September 21, 2021

Kapila Krishi Udyog Limited

• Kunwar Milind Singh
• Sukhpal Singh
• May 30, 2021

Business Plan Development: Harvard ManageMentor

• October 01, 2017

South Dakota Wheat Growers

• January 03, 2008

Pallotta TeamWorks

• Allen S. Grossman
• April 12, 2002

Business Plan Development: Research Request Form (HANDOUT)

• Gregory B Fairchild
• Jacqueline Temkin
• Buzz Becker
• September 11, 2022

Lee Kum Kee's Five Generations of Growth (Abridged)

• Denise H. Kenyon-Rouvinez
• Philip Whiteley
• August 30, 2019

Visualfy: Improving the Quality of Life of an Invisible Community

• Inigo Gallo Martinez
• Jose A. Segarra
• April 13, 2018

Am I an Entrepreneur? How Imposter Fears Hinder Women Entrepreneurs' Business Growth

• Jamie Ladge
• Kimberly A Eddleston
• Keimei Sugiyama
• September 15, 2019

Soofa: Displaying the Right Path?, Teaching Plan

• Amy Klopfenstein
• February 17, 2021

Sy Friedland and JF&CS, Teaching Note

• Jesseca Timmons
• April 01, 2017

Popular Topics

Partner center.

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

5 Best Business Plan Software in 2022

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

Looking for tools to help grow your business?

Tell us where you're at in your business journey, and we'll direct you to the experience that fits.

on NerdWallet's secure site

The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

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.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

Order Write Your Own Business Plan Now and Get 1 Month of Free Access to Business Planning Software Liveplan Premium

• Easy step-by-step business plan generator
• Built-in financial calculators
• 500+ sample plans and templates

4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

• 400+ Features
• Website Templates
• Website Designs
• WordPress Themes
• Joomla Templates
• HTML Templates
• HTML Website Builder
• WordPress Website Builder
• Joomla Page Builder
• Video Tutorials
• Documentation
• Contact Support

15,000+ Free Templates 2024

Popular template categories.

Choose the best templates and use our visual template editor to add and modify the content with no coding. The design of any page template looks great on all modern devices.

Featured Block Categories

You can choose templates from our latest responsive templates and then customize them with the code-free drag-and-drop template editor.

Favorite Block Designs

Meet our unique multi-purpose block templates hand-picked by the professional design team. Modify the design of block templates with our powerful editor.

15,000+ Awesome Templates Of 2024

Select from over 15,000 templates from the portfolio, business, fashion, technology, education, blog, and other trending themes. All templates are fully responsive and available for free.

• Create your own Website Download

• Free Website Builder Software Download

• Build Website with no Coding Download

• Customize Any Template Download

Templates with Nicepage

Many people want to have an online presence besides email, Facebook, Instagram, YouTube, and other social media. They need a website, personal blog, portfolio, landing pages for a store, online stores, email marketing template, a business website for a real estate agency, marketing company, etc. Most of them are afraid even to think about such things as a website, blog, web design, maps, templates, media, brand, eCommerce templates, responsive templates website, etc. People do not know how to start, what to create and tools to use, what design tools and features are best, what are best practices in general, whether they need a website builder or website design apps, have cover letters, logo or logo maker. It depends on the fact that beautiful websites require graphic design and coding made by professional web designers and web developers. Nobody thinks of a responsive website with a free design.

Engaging Customers

What do you get if you start with a template? Intuitive drag and drop editor. You can inspire your friends and surprise any community with a new website featured with professional graphic design. Browse and choose from thousands of new and popular design templates popular to fulfill any plans and resources, regardless if you need website for business, online store, product, support, social, terms, privacy, policy, pricing, contact, log, and service pages. Today, you can use a site template as a home page or dashboard engaging customers. Templates can be useful for presentation stories, press card brochures, resume covers for careers, schedule events, certificates, in general, to sell or present anything online. For example, decor artists can publish designs as photo galleries, agencies can show and plan achievements, affiliates can learn about the process, and students can provide resumes in English and other languages. There are featured templates popular for small sites about life, winter, and summer, in white and dark, to tell a story, review. All you need is text and photo content.

Responsive Templates

However, responsive website templates by Nicepage make this work easy, beautiful, and creative. Our high-quality free design templates help anyone build a professional free website without learning, education, books, teachers, and need to be students of graphic design online courses. Each template comes with media graphics, which you can later use for social media graphics, Twitter and Instagram posts, and ads. It can also be suitable for other products, like a media kit, posters, flyers, cards, postcards, business cards, gift cards, video posters, channel art, youtube thumbnails, etc. Anyone from novice users to blogging professionals of a high level can use Nicepage for their top projects and affiliate collaboration.

You can create an account and profile and access the platform's center assets, including various videos and tutorials to learn how to use Nicepage for enterprise businesses, small business and services, customize and manage ready themes, find ideas, check data and content. Suppose you have Facebook and Linkedin skills and have some experience with Wix, Squarespace, WordPress, cms, cookies, domain, and hosting, and you want to know anything like HTML, code, webinars. In that case, this information may be a good share. At that, you can pick from all feature collections, items, and perfect with year updates.

Template Categories

You can easily choose themes templates designed for various categories to create a site for an event, travel, holiday, family, health, wedding, studio, fitness, restaurant, food, Christmas, legal, industry, photography, nonprofit, consulting, and invitation. Add multiple photos, documents, visual infographics, and other digital materials, or get started from blank. All solutions are customizable. You can use stock images and other items, like logos, background, headers, even for something specific like a custom sitemap, shopping cart, greeting flyer, news, accessibility calendars, shop invitations, music charts, text, bar and chart reports, or eye-catching infographic presentations. Starting a page in the app or plugin, you have the full functionality to edit each mobile view, having it ready in minutes and saving much time.

Using free templates professionally designed with Nicepage, you get everything you need to create any modern web project in clicks for free, becoming a web designer. You do not need to have premium training, to hire pro designers, expert developer, or management teams. You can create beautiful pages based on free online templates website design templates. It's a huge step ahead of the market competition and a sign of hundreds in sale figures. Follow us on social networks and our forum or help center.

You may also be interested in Template Design

• Terms of Use
• Privacy Policy
• License Agreement

Themes & Templates

• CSS Templates
• HTML5 Templates
• One Page Templates
• Website Builder
• WYSIWYG HTML Editor
• Static Site Generator
• HTML Code Generator
• Web Page Designs
• eCommerce Designs
• Landing Pages
• Homepage Designs
• Website Mockup

• United States - English
• United Kingdom - English
• Canada - English
• Australia - English
• Other Europe - English
• Germany - Deutsch

2024 Solar Tax Incentives

Do you own a home that rolls, floats, or is stationery?  Regardless of whether it’s a first or second home, the 2022 U.S. Inflation Reduction Act provides tax incentives to help alleviate the initial upfront installation cost of a solar installation – whether you do it yourself or hire a professional.  

Additionally, this legislation has reinvigorated the renewables market in the United States, leading to a wave of new projects. It has been estimated to reduce U.S. emissions by about 40% by 2030 (compared with 2005 levels), bringing the U.S. closer to President Biden’s goal of cutting emissions in half by the end of this decade.

Homeowners choose solar power for a variety of reasons – to save money on utility bills, have a back-up power source when the grid goes down, and live more sustainably by powering their life with the sun.  If you live in the U.S. and are considering taking the solar plunge, you can save a bundle through both federal and state tax credit programs!  

Need some inspiration?  Check out our recent blogs to learn about families across the U.S. who made the switch to solar on their homes and RVs .  As solar educators, we’ve helped thousands make the switch to solar power by providing resources to help people calculate their daily energy demand s and DIY their own system.

How Does the Federal Solar Tax Credit Work?

As defined by the IRS, a home includes a “house, houseboat, mobile home, apartment cooperative, condominium, or manufactured home.”  So, yes, the solar powered system you put on your RV/van, off-grid cabin, or boat qualifies for the program, whether you hire a professional installer or do it yourself!  The federal solar tax credit not only applies to your primary residence, but also to a vacation or secondary home.  If you rent out your second home as a business, you can apply for the commercial investment incentive program . There are some special circumstances that apply if you rent it out for part of the year while also using it for personal use – see this article to be certain that this tax credit will work for you.

Am I Eligible for the Federal Solar Tax Credit?

You can apply the credit if you meet the following 3 criteria: 

• Your solar powered system was installed between January 1, 2017, and December 31, 2034.
• The solar system is located at your residence in the United States. AND 

You own the solar powered system (i.e., you purchased it with cash or through financing. Neither leasing the equipment nor paying a solar company for the energy produced by the system on your house qualifies for the tax credit.)

You invested in an interest in an off-site community solar project. Check out this link for more details.

• The solar powered system is new or being used for the first time.  The credit can only be applied to the “original installation,” (i.e., if you bought a home / RV / boat with a solar powered system already installed, you cannot take the credit.)

What Type of System Qualifies & How Much Can I Claim?

The federal solar tax credit applies to any complete solar system (of any size) installed and operational between January 1, 2017 and December 31, 2034.  Both on-grid or off-grid systems are included in the program, as well as any shared systems of which you might be a partial owner, referred to as Community Solar .  

If the system is (or was) installed and operational during the following years, your credit will be:

• 2017 - 2019* = 30%
• 2020 - 2021* = 26% (per the laws that were in place at that time)
• 2022 - 2032* = 30% 
• 2035 = 0% (tax credit expires)

*If you have already installed your system and didn’t file for the tax credit with that year’s tax return, all you need to do is file an amended claim for the tax year or years that are affected by your installation.  

It is important to note that if your federal solar tax credit ends up being more than your total tax owed on this year’s return, you can carry the remainder over on future returns until you’ve met the total credit allowed. Bonus!

How Much Can I Save with Solar Power?

If you plan to install a complete system for your home , it may cost approximately $25,000 depending on the size of your home, energy usage, and location.  With the current tax credit, you’ll save a whopping $7500, so ultimately the entire system will only cost you $17,500. Depending upon how your utility company reimburses you for the excess power that is generated and sent back to the grid, the time it will take for your system to repay you can be greatly reduced!

Or, maybe you have frequent power outages in your area and need a reliable whole home solar generator like the Renogy LYCAN 5000 Power Box in order to run your major home appliances until the power grid returns to normal?  You may spend up to $10,000 on this system (including a maximum of 4800W of solar panels), and can write off over $3000 of it with the 30% federal solar tax credit . 

If you are an RVer, boat owner, or have an off-grid cabin, you may spend anywhere from $2000 to $10,000 on a complete solar powered system – depending on your energy needs, where you travel & live, the type of battery bank you choose, and the size of your rig/cabin.  

Let’s use our own rig as an example. Our simple yet robust $2700 system has allowed us to travel and work from the road wherever we want to be.  Need something bigger?  Our friends in the Pacific Northwest recently installed a larger Renogy REGO system in their Forest River “Wolf Pup” travel trailer.  Their total system, including panels, components, and all additional wiring, etc. cost about $8,500, allowing them to write off $2550 – bringing the total cost of their installation to under $6000 with the federal solar tax credit.  This system allows them to run numerous household appliances (including their RV air conditioner for a few hours per day).  

Compare this investment with the average electrical hook-up campsite at around $50 per night (nationwide) for just 6 months. In half a year, campers who chose electrical sites will spend upwards of $9000 just for camping fees alone!  By investing in a robust solar powered system, you can get away from powerlines, traffic, and city noise and enjoy the thousands of gorgeous, off-grid campgrounds (~$20 per night) and public lands (free) all across the continent.  Combine these camping options with a 30% federal tax savings on a complete solar powered system, and your investment will have paid for itself within the first couple of months. Using grade school math, it suddenly becomes a no-brainer to go solar…right?

If you are at the beginning stages of planning your off-grid system check out the many solar resources we provide with special attention given to solar newbies, including an updated 2024 downloadable Solar System Sizing Spreadsheet (Excel document). 

What are the Long Term Savings with Solar?

In addition to saving thousands of dollars via tax credits, homeowners can greatly reduce their energy bills over the long term.  Many of the families we interviewed were realizing serious savings on their homes within the first few years.

Check out the chart below for some real numbers from southern California homeowners. A solar investment is estimated to break even at just 4 years after the installation (using just the federal tax credit!).  The system will offer an additional saving of $112,000 over a 25-year period on electric utility bills!

If you plan to go full-time in your RV like we do, the long-term savings are truly astounding!  By boondocking and choosing off-grid campgrounds without electrical hook-ups, we typically spend about $1,250 per year on camping fees.  In the past 11.5 years, we’ve spent just over $14,000.  If we had paid for campsites with electrical hook-ups over the same period of time (averaging $50 per night depending on the region), we would have spent nearly $210,000 to date!  Again, our complete solar powered system cost around $2700, so $14,000 in camping fees + $2700 for our solar powered system = $16,700…vs. $210,000!

When you combine the solar tax credit with everyday savings, it is truly a no-brainer when amortized over the long haul – whether you live in a “sticks and bricks” home, one that floats, or one on wheels!

What Costs Can I Include?

You can include all the costs, such as: materials, products, and labor for installing your solar system.  This specifically includes panels that you install directly on the roof, or solar roofing tiles which perform double duty as energy producers and roofing surface.  It does not, however, include any improvements that you might need to make to the roof of your house, support reinforcements, etc. which allows your roof to handle the weight of the panels.  Even if you have to reinforce your roof, it’s still a roof and cannot be included in the tax credit.  Anything specific to the panels, brackets, cables, inverters, and more can be included in the total investment cost.  

What IRS Forms Do I File To Report My Expenses?

• Residential Systems: IRS Form 5695
• Commercial Systems: IRS Form 3468

What Records Do I Need to Keep?

Simply retain any receipts for solar equipment and installation fees.  You do not need to submit these receipts with your return, but save them with your tax information.

How Do I Find State Solar Incentives?

In addition to the federal solar tax credit extension bill that was passed as part of the 2022 Inflation Reduction Act , many U.S. states also have tax incentives or programs to help homeowners reduce the overall cost of a solar power system, significantly shortening the payback time on your investment.  

While the federal solar tax credit is pretty straightforward, state incentives are more varied and complex.  For example, Massachusetts offers a solar loan reduction plan based upon income, North Carolina allows any solar investment on your home to be excluded from the property tax evaluation, which is also just 1 of the 5 California state solar tax credit incentives available to residents of the Golden State.  To learn about your state’s programs and incentives, visit the Database of State Incentives for Renewables & Efficiency .   And if you need help navigating the complexity of your state’s programs, finding a local installer might help cut through the confusion.

When’s the Best Time to Go Solar?

Solar installations start saving their owners money as soon as they are installed, so the sooner you start the process, the quicker you’ll see your investment start paying you back. Imagine the vacations you’ll take or the colleges you’ll be able to afford if you aren’t pouring money into high utility bills?  While the federal commitment to personal solar and a cleaner energy future is clear for the next 10 years, don’t wait until it’s too late to take advantage of the excellent state and local programs that are helping people make the switch.  Solar is here...and it’s designed for all!

In 2012, Shari Galiardi & David Hutchison left behind careers and a comfortable home in North Carolina to travel with the vintage camper trailer they lovingly restored, outfitted with solar, and named "Hamlet." What began as a short break from careers and responsibility quickly turned into a love affair with roadlife. They have parlayed their higher education backgrounds, desire for life-long learning, and thirst for adventure travel into writing, photography, video production, and public speaking gigs from coast to coast. Known to their friends as simply Shari & Hutch, you can learn more about their full-time, solar-powered adventures on their website at freedominacan.com . Or, follow them on Facebook , Instagram , and YouTube as “Freedom in a Can, LLC.”

Be the first to receive our latest news and exclusive deals!

• Solar Panels
• Off Grid Solar Kits
• Charge Controllers
• IoT Monitoring
• Deep Cycle Batteries
• Battery Chargers
• Accessories & Wiring
• Renogy Gear
• Troubleshooting
• Shipping/Warranty/Return
• Service Center
• Learning Center
• Success Stories
• Renogy Power Plus
• Renogy Discord Group
• Become a Dealer

• Accessibility |
• Privacy Policy |
• 4G App Privacy Policy |
• Do Not Sell My Personal Information

Create an account with us and you'll be able to:

• Join Renogy Power Plus and earn Rays
• Get exclusive rewards
• Track new orders
• Access your order history
• Save multiple shipping addresses

Create Account

• Free Tools for Students
• Harvard Referencing Generator

Free Harvard Referencing Generator

Generate accurate Harvard reference lists quickly and for FREE, with MyBib!

🤔 What is a Harvard Referencing Generator?

A Harvard Referencing Generator is a tool that automatically generates formatted academic references in the Harvard style.

It takes in relevant details about a source -- usually critical information like author names, article titles, publish dates, and URLs -- and adds the correct punctuation and formatting required by the Harvard referencing style.

The generated references can be copied into a reference list or bibliography, and then collectively appended to the end of an academic assignment. This is the standard way to give credit to sources used in the main body of an assignment.

👩‍🎓 Who uses a Harvard Referencing Generator?

Harvard is the main referencing style at colleges and universities in the United Kingdom and Australia. It is also very popular in other English-speaking countries such as South Africa, Hong Kong, and New Zealand. University-level students in these countries are most likely to use a Harvard generator to aid them with their undergraduate assignments (and often post-graduate too).

🙌 Why should I use a Harvard Referencing Generator?

A Harvard Referencing Generator solves two problems:

• It provides a way to organise and keep track of the sources referenced in the content of an academic paper.
• It ensures that references are formatted correctly -- inline with the Harvard referencing style -- and it does so considerably faster than writing them out manually.

A well-formatted and broad bibliography can account for up to 20% of the total grade for an undergraduate-level project, and using a generator tool can contribute significantly towards earning them.

⚙️ How do I use MyBib's Harvard Referencing Generator?

Here's how to use our reference generator:

• If citing a book, website, journal, or video: enter the URL or title into the search bar at the top of the page and press the search button.
• Choose the most relevant results from the list of search results.
• Our generator will automatically locate the source details and format them in the correct Harvard format. You can make further changes if required.
• Then either copy the formatted reference directly into your reference list by clicking the 'copy' button, or save it to your MyBib account for later.

MyBib supports the following for Harvard style:

🍏 What other versions of Harvard referencing exist?

There isn't "one true way" to do Harvard referencing, and many universities have their own slightly different guidelines for the style. Our generator can adapt to handle the following list of different Harvard styles:

• Cite Them Right
• Manchester Metropolitan University (MMU)
• University of the West of England (UWE)

Daniel is a qualified librarian, former teacher, and citation expert. He has been contributing to MyBib since 2018.