student business plan project sample

Business Plan Examples for Students

Ajay Jagtap

• December 29, 2023

26 Min Read

Do you know what’s the most common mistake students and rookie entrepreneurs make while preparing their first business plan?

Of course, it’s the first business plan we’re talking about; there’ll definitely be a few. However, overcomplicating things and failing to consider a business plan example still remain the most common one.

That’s why we decided to come up with a solution. We’ve curated this list of top business plan examples for students to help you get going.

So whether you need a business plan for a college project, start a side hustle, or win a business competition, these examples are just what you need to create business plans that stand out.

Ready to dive in? Let’s start by understanding the key elements of a business plan example:

Key Elements of a Business Plan Example

Business planning is not as complicated of a process as people think it is; they’re just overcomplicating things. (Don’t think so?)

Let’s simplify the key elements that make up a comprehensive business plan; you’ll understand it better that way.

• Executive Summary: A high-level overview or summary of your plan.
• Company Overview: A detailed description of your business idea, its fundamental elements, history, and future goals.
• Market Analysis: A study of your external business environment that includes details about your industry, competitors, and target market.
• Products and Services: Description of the products or services you intend to exchange for money.
• Sales and Marketing Strategies: A section outlining sales and marketing strategies your business will implement to achieve its financial goals.
• Operations Plan: A section outlining the business processes and daily activities involved in ensuring seamless business operations.
• Management Team: Introduction to your founders, key management, and their compensation plan.
• Financial Plan: Your financial plan is a detailed breakdown of your business’s financial projections and financing needs.

That’s pretty much it about the key elements of a business plan example. Next, let’s explore the best business plan examples for students.

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Top Business Plan Examples for Students

Now that you already know about the components of a business plan template, let’s review some of the best business plan examples for students.

1. Startup Business Plan Example

Upmetrics’ startup business plan example is the ideal solution for students planning to start up or participate in a business plan competition. This business plan template follows the SBA-approved business planning format used by thousands of successful entrepreneurs.

Whether your startup is about a new-age AI-based application, an online shopping site, or traditional IT consulting—this sample business plan is just what you need.

Unlike any traditional small business plan, this example of a startup business plan is lean and agile in approach, focuses on innovation, and emphasizes market validation.

2. Lean Business Plan Example

Since you’re transitioning from a student to an entrepreneur, you may not have enough time to spend on creating a detailed business plan. That’s where this lean business plan template can help.

It’s a condensed version of a traditional plan summarizing all its sections with a primary focus on covering only the critical aspects of the business.

This template is best for startups or businesses uncertain about business planning and student-turned-entrepreneurs with limited time and resources to prepare a business plan.

3. SBA Business Plan Example

Following an SBA-recommended business plan format is key to securing bank loans and business grants. Since it can be time-consuming to find a template that follows a similar outline as the SBA, this SBA-approved business plan example is the way to get started.

This SBA business plan template has nine primary sections, that include executive summary, company description, market analysis, organization, product description, marketing, funding request, and financial projections.

SBA business plan examples ensure you stay on track and don’t deviate from your funding needs.

4. One-Page Business Plan Example

As you may have already guessed, a one-page business plan is a one-page version of a traditional business plan. Since it’s a condensed version of a business plan, drafting it can be quite easy and quick compared to a lean or traditional plan.

Employees, partners, and vendors often use one-page business plans as a quick overview of your company and banks and investors as a summary of your operations.

While it may not be the ideal choice for entrepreneurs seeking investment or bank loans, students with side hustles and idea-stage startups can consider this option.

5. HBS Sample Business Plan

Harvard Business School’s new venture competition selected this sample business plan as a finalist in 2011.

This is a business plan of App Success, a collaborative web-based platform that connects low-income high school seniors with college students from top universities; this business will enable them to collaborate on college selection, college applications, and financial aid applications.

This example can be a great reference for those planning to start a mobile or web-based solution.

6. Kean University Sample Business Plan

Kean University organizes a business plan competition every year for its students where students prepare and present business plans to compete, and this is one of the sample business plans the University provides to participants to understand the format.

It’s a business plan of Blue Water Boatworks, Inc., a boat detailing and cleaning company specializing in servicing recreational fiberglass and aluminum watercraft.

This example can be a great reference for those planning to start a business related to housekeeping, cleaning, or maintenance.

7. UVM Sample Business Plan

If you are looking for a strategic business plan for a food business, the University of Vermont’s Fancy Foods Business Plan can be a guiding resource for you.

Despite the fact that it can be a good reference for detailed planning, it was written in 1998, so any statistics and numbers may not seem relevant to today’s market landscape. Make sure you keep that in mind.

You may closely follow this example as a reference if planning to start a food truck, restaurant, or any other business that serves food.

That was the list of best sample business plans for students. However, there’s more to talk about. You now have a business plan example, but what about pitching to investors? Let’s explore free pitch deck examples for students.

Free Pitch Deck Example for Students

Pitching to investors as a first-time founder can be exciting but also overwhelming at times. Worry not; we’ve got a solution—investor pitch templates. We’ve prepared a set of 8 investor pitch templates and examples for students and entrepreneurs to help create winning business pitches.

Whether you need a pitch to find an opportunity, ask for subject matter knowledge, or a problem-solving pitch, these investor pitch examples have got you covered. Download now.

How to write a winning plan for a business plan competition?

Creating a business plan is no different than creating one for a real business. Similar to how entrepreneurs prepare and present business plans to investors, Students in business plan competitions pitch to judges.

In short, the business planning process remains exactly the same. Let’s discuss how you can write a winning plan to help you win a business plan competition.

• Select a compelling business idea : everything starts with a compelling idea. Make sure you have a viable business idea to compete in the competition.
• Refer to winning business plan examples : Once you are sure about your business concept, refer to business plan examples from previous winners and how they planned the sections of their plan.
• Market Research & Industry Analysis : After referring to business plan examples, conduct industry research and market analysis to make your statistical and financial numbers accurate and realistic.
• Understand business model and revenue streams : Since you are preparing a business plan for a company that doesn’t exist, be sure about the business model and how the business will generate profit.
• Use AI business plan generator : Using an AI business plan generator like Upmetrics can be incredibly helpful in speeding up the business planning process. With industry-specific business plan templates and AI assistance to write your plan, you can write the first draft of your plan in literally no time.
• Presentation and visuals : Prepare visuals and graphs to make your business plan visually appealing and numbers digestible. You may not need to prepare these visuals if you use business plan software manually.
• Proofread and edit : Grammatical errors are the last thing judges want to see in a business plan. Make sure you proofread and edit your draft thoroughly before submitting it.

Easy as that, that’s the way to write a perfect business plan that can lead you to victory in any business plan competition on planet Earth. Let’s look at an example of a real-life business and financial plan.

Business and Financial Plan Example for Students

Having learned about business planning for students, let’s quickly discuss a coffee shop sample business plan and financial statements prepared using Upmetrics.

1. Executive Summary

The Cooper’s Cup will be a new cafe in Phoenix, Arizona. The 1,500 square foot café will be located in the newly constructed Market Square Plaza on the northeast corner of 135th Street and Mission Street. The anchor tenant, the Price Chopper grocery store, has already taken occupancy, and the excellent location brings more than 10,000 shoppers weekly.

The Cooper’s Cup, aptly named for the aromatic brown liquid that will fill the cup, fills the void of original cafes in the market and stands out from its corporate peers with its fast food concepts and prompt services. The Cooper’s Cup is the alternative to fast food/commercial/coffee shops and offers a much calmer, civilized gourmet coffee experience.

There are no televisions in the cafe, the background music is subtle, and work from local artists will hang on the walls. The restaurant is well-appointed, with overstuffed leather chairs and sofas in a library-like setting. The cafe is reminiscent of times gone by – yet is cutting edge technologically with WIFI and state-of-the-art espresso machines.

The Cooper’s Cup measures its financial success in terms of increased market share and earnings. This is a tremendous opportunity with a total local market of $54 million! The keys to success will be offering quality gourmet coffees, taking advantage of its small size, and relying on an outstanding barista staff.

To achieve these goals, the cafe will present some of the area’s finest gourmet beans from local distributors. Because of its small size, the restaurant can enjoy larger margins through lower overhead. The cafe will hand-select baristas and offer salaries comparable to the chains. The baristas will be trained to cross-sell and sell higher-margin products.

The primary objectives of the business plan for Cooper’s Cup are below:

• To increase revenues by $36,000 or 5% in Year 2 and $73,000 or 10% by Year 3
• Achieve a profit margin of 5.2% in Year 2 and 6.90% by Year 3
• Be the Cafe of Choice in the Phoenix area and the recipient of the Best Coffeehouse Award.

Guiding Principles

The Cooper’s Cup is committed to values such as excellence, passion, quality, integrity, and leadership, allowing them to navigate challenges and provide for future opportunities. These core beliefs start with their commitment to their products and their employees. Cooper’s Cup rewards excellence and cherishes loyalty. The cafe will work with its employees to build strong businesses and a secure future.

Mission statement

The Cooper’s Cup is committed to its products and employees, which they believe is the recipe for market success.

Key to success

The Cooper’s Cup stands out from the competition. Below are their Keys to Success:

• Great Products : providing exemplary products at market prices – will make customers want to return again and again.
• Hire Quality Baristas : Pay employees rates similar to the larger chains with opportunities for long-term careers and opportunities for advancement with long-term plans to open a second facility.
• Convert Customers to Connoisseurs : Only 40% of the nation’s coffee drinkers consume premium ground and whole bean coffee – this will aid in the continued growth.

Financial Summary

2. Business Overview

The Cooper’s Cup will be a coffee house/cafe located in Phoenix, Arizona. The cozy cafe will be located in the newly completed Market Square Plaza in the Arizona City area. The cafe will serve gourmet coffee, espresso, drip coffee, lattes, and smoothies. The simple pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls. All pastries will be supplied daily by a local bakery.

The cafe will be owned and operated by Owen Jones, a veteran restaurateur with several years of experience running and managing chain restaurants. The cafe will be open for business Monday – Thursday 7-10, Fridays and Saturdays, 7-11, and closed Sundays.

The Cooper’s Cup will be formed as an S-Corporation owned by Mr. Doe.

Start-Up Summary

The Cooper’s Cup will have seating for 40 patrons. The rent is $2,075 a month, with a three-five-year lease available. The site comprises 1500 square feet of leased space consisting of a dining room, a coffee bar, two restrooms, and a storage room in the back.

This storefront needs to be plumbed and wired appropriately to be used as a restaurant. Painting, new floors, and countertops are also needed. A custom coffee bar needs to be built. With materials bought on sale and volunteer labor, the cost to renovate will be $71,725.

The coffeehouse equipment will consist of two commercial espresso machines, air pots and urns, a commercial blender, a commercial brewer, top-loading coffee bins, barista syrups, cold drink dispenser, frothing equipment, a commercial refrigerator, microwave, and stainless steel prep bar.

The cost of the equipment is $38,275. The furniture will consist of leather couches and chairs (purchased at auction), coffee tables, bookcases, and window treatments. The artwork will come from local artists and be sold on a consignment basis. The books were secured via donations. The total cost to furnish is $14,000. Other startup expenses will be dishes, furniture, rent deposit, and marketing.

Location and Facilities

The new coffeehouse is located in the highly desirable Phoenix, Arizona, area at the northeastern intersection of 135th Street and Mission Street in the Newmarket Square Plaza. The property is situated in an excellent location, with an easy 6-minute drive time to I-435 and 69 Highway. 

The property is 95% leased with Price Chopper as the Anchor Tenant. Other tenants include LifeSpring Med Spa, Jane’s Canines (Pet Store & Boarding), Pride Cleaners Kahn Dental, and Swim U. 

Price Chopper brings more than 10,000 shoppers per week to the center. The location comprises a population of 9,420 within a one-mile radius, 61,102 within a 2-mile radius, and 149,550 within a 5-mile radius – with a median household income of $120,856. Sprint / Nextel’s corporate office is within 2 miles of the site.

3. Market Analysis

Phoenix, Arizona, is an award-winning place to live and work and is considered the leading business community in the Midwest. National publications and organizations recognize Phoenix for its business environment and livability. Here’s a sampling: 6th Place, America’s Best Places to Live Money, Top 50 Cities to Live and Play, National Geographic Adventure, 3rd Hottest Town in the U.S., Money, Among 20 Best Places to Live & Work Employment Review, One of only 72 Sterling Tree Cities in the U.S., National Arbor Day Foundation, Top 10 best Locations to Raise a Family, Southern Business and Development, 1st Place, Kid Friendly Report Card, Population Connection, 2nd Best City in America to Live Business Development Outlook.

Phoenix is at the core of one of the most dynamic local markets in the U.S. It offers easy access to the Arizona City region’s amenities, and, as part of the Arizona City metropolitan area, it is within the most centrally located major market in the nation. I-35, I-435, I-635, and U.S. Highway 69 all pass through Phoenix, and no point in the city is more than 3.5 miles from a freeway. The city maintains an excellent arterial street network and plans to construct additional lane-miles as the area grows. Three airports serve the region. Arizona City International Airport (MCI) is just 25 interstate highway miles north of Phoenix. Johnson County Executive Airport—the second busiest in Arizona—provides complete services for private business jets and general aviation. New Century AirCenter, just 12 miles southwest of the city, offers available aviation services and accommodates cargo or passenger jets of any size.

Phoenix supplies some of the most highly educated workers in the nation, with 97% of Phoenix adults over age 25 holding at least a high school diploma. Johnson County, where Phoenix is located, ranks first among the country’s 231 counties with populations greater than 250,000. The county ranks sixth in the percentage of adults with at least a bachelor’s degree and 16th with a graduate or professional degree.

The Phoenix area has a population of 175,265, based on the 2010 census. The median household income is $77,881, and the median age is 37.9. (2010 U.S. Census)

Industry Analysis

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Peet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. Coffee shops are part of the specialty eatery industry, including retail outlets specializing in bagels, donuts, frozen yogurt, and ice cream products. (First Research)

Competitive Landscape

Consumer taste and personal income drive demand. The profitability of individual companies depends on the ability to secure prime locations, drive store traffic, and deliver high-quality products. Large companies have advantages in purchasing, finance, and marketing. Small companies can compete effectively by offering specialized products, serving a local market, or providing superior customer service. Specialty eateries, which include coffee shops, are labor-intensive: average annual revenue per worker is about $50,000. Coffee shops compete with convenience stores, gas stations, quick service, fast food restaurants, gourmet food shops, and donut shops. (First Research)

Market Size

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Pet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. (First Research)

Target Market and Segment Strategy

Most adult coffee drinkers said their lifelong habits began during their teenage years. 54% said they began drinking coffee between 13 and 19. Another 22% reported their coffee cravings started between 20 and 24. This means that 76% of adult coffee drinkers began drinking coffee by the time they were 24. So, despite a large amount of marketing and advertising directed at the younger age groups, savvy coffee shop owners will remember to cater some of their offerings to the adult and senior market. (National Coffee Drinking Study).

The Cooper’s Cup will offer a unique experience for coffee enthusiasts by providing a quiet, cozy, yet sophisticated cafe and a sense of refinement and peace in an otherwise hectic and fast-paced world. While other coffee shops cater to convenience with drive-throughs or loud music venues late into the night, the Cooper’s Cup will stand apart from its competitors with its quiet yet soothing ambiance, capturing a truly unique (and much-needed) market niche.

• Unique products (specialized roasts, local ingredients, locally-themed or named drinks, custom drinks by the star barista, etc.)
• Games, puzzles, mind benders, and other activities that encourage customers to linger over their coffee
• Hosting or sponsoring local events (entertainment, readings, book clubs, etc.)
• Using technology to creatively compete in marketing with big chains — services like FourSquare, Yelp, and Google Places can increase visibility in the local market.
• Delivering amazing service from knowledgeable baristas — spend lots of time training staff and utilizing online services like the American Coffee & Barista School.
• Selling coffee-related items (and tracking down any co-marketing opportunities with a local community college or another student-related group in the area)

4. Products and Services

Product/services descriptions.

The Cooper’s Cup’s primary offering is gourmet roasted coffees with mocha, carmelicious, white mocha, candy bar latte, and brewed coffee. Complementing the coffee will be a smoothie line including wild berry, strawberry, peach, mango, and lemonade. Rounding out the simple menu line will be pastries obtained from an outside supplier, freshly made and delivered daily. The pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls.

Product/Service Sourcing

The Cooper’s Cup has negotiated supplier agreements with several local food-service wholesalers and coffee wholesalers in the Phoenix area that have a reputation for quality and reliability:

• Mean Beans Coffee Roasters
• Phoenix Brewers
• Healthy Harvest Bread Co.
• Mary’s Organics

If one of the abovementioned specialty suppliers cannot meet their needs, the following national suppliers can provide all the food-service products they require. In addition, the following wholesalers will supply the cafe with general restaurant supplies:

• Lawrence Food Products Corp.
• Gerry Food Supply Inc.

Future Products/Services

Young families, which comprise Phoenix’s third largest market share, are often overlooked in the coffee market. Coffeehouses traditionally have not been considered ‘kid’ friendly. To overcome this hurdle, Cooper’s Cup has long-term plans (5 years) to open a 2nd coffee shop: A combination indoor play area/coffee bar. This concept allows parents and caregivers to meet and relax with other adults while the children can enjoy the indoor playground amenities.

Additional future services will include in-store sales for home purchases and an online store.

The website will have the option to purchase a prepaid gift card program – Prepaid gift cards provide immediate cash, reduce credit card transaction charges, and draw new customers to the business.

5. Sales and Marketing Strategies

Swot analysis.

Unique Selling Proposition

The Cooper’s Cup stands out from a crowded sea of coffee chains and franchises. What sets it apart from the competition is primarily its smaller, cozier size combined with premium coffees served by knowledgeable baristas, providing so much energy and enthusiasm for its products.

Market Strategy and Positioning

The Cooper’s Cup utilizes a focus strategy on its Market. By specifically targeting three primary segments, they can cater specifically to their needs.

Senior Market (age 45+)

The Cooper’s Cup will target this Market simply by its well-selected location. Although this demographic group could readily drive downtown, they prefer a local cafe to unwind and relax and historically become some of the most loyal patrons.

Newly Hired Employees

The cafe will attract regular customers (weekly or more) – particularly the newly employed (first job) by providing free WIFI services and providing interesting games in the customer area.

Young Families

The third targeted Market, younger families, often find that coffeehouse is not ‘kid’ friendly. The company has long-term plans to create a combination coffee shop/play area so that parents and caregivers can meet with other adults while the children can enjoy the bounce houses, slides, and indoor playground equipment.

Pricing Strategy

The Cooper’s Cup primarily utilizes competition-based pricing. The cafe does not utilize coupons and discounts (other than opening promotions) because they believe that the most valuable customer demographic of daily coffee consumers is not influenced by discount programs or coupons.

Promotion and Advertising Strategy

• Online Advertising – The Cooper’s Cup will advertise regularly on popular social media sites like Facebook. Compared to traditional print advertising, this is a cost-effective tactic that will allow them to reach prospects in a highly targeted way (e.g., based on criteria such as age, gender, geography, etc.).
• Website – Cooper’s Cup will develop a simple Web site, which will provide basic information about the business, the menu, and links to their presence on the aforementioned social media channels.
• Radio Advertising – During the first six months of operation and the busy holiday shopping season, the business will advertise on local radio stations.

Sales Strategy

The Cooper’s Cup will use the following methods to increase sales revenue (as recommended by Andrew Hetzel on Better Coffee, Better Business):

• The menu will focus on the most profitable products sold. The cafe will always draw customer attention to the best products.
• As warranted, the cafe will raise prices to bolster its brand image. Prices communicate the perceived value of a product, so if set too low, the customers might assume that the beverages are inferior compared to the competition.
• Monitor flavoring inventory – Excess flavoring inventory ties up capital and valuable backroom space for storage. The cafe will utilize 4-6 varieties, including sugar-free offerings.
• Control waste and theft – audit sales and inventory reports to evaluate ingredient waste due to inefficient preparation, returned drinks, and employee consumption. Retail locations can easily waste 20% or more of their daily sales in these three key categories, which is a substantial and unnecessary loss.
• Monitor and evaluate hours of operation.
• Run employee sales contests – The baristas are the salespeople and have great influence over the customer ordering process. All baristas will have some form of sales and customer service training to make each transaction active rather than passive. Sales contests will emphasize high-margin items or cross-selling.

6. Operations Plan

Staffing and training.

An ongoing training and education program will ensure that each staff member learns and implements Cooper’s Cup’s exacting service and operational procedures standards. Staff meetings will reinforce service standards and principles. The Cafe will have detailed work descriptions and training programs for each position, from entry-level employees to the ongoing development of managers and owners. New employees will undergo an extensive training program. This ensures that each guest receives a quality experience from all employees, regardless of how long they have been employed. The Cafe embraces the concept of promoting from within. Excellence in one function typically leads to excellence in another. Regular staff evaluations and training will ensure motivation and address critical issues.

Inventory controls

The founder will be responsible for hiring and training managers who, in turn, will ensure that the day-to-day operations will comply with the standards set by Restaurant policy. Weekly management meetings will provide a forum to review and discuss financial and operational performance. Critical decisions related to purchasing, human resources, marketing, capital expenditures, and customer service will also be addressed.

Purchasing cost controls

Food preparation personnel will follow standardized recipes developed by the founders to control food costs and ensure consistency. The coffee shop will offer an innovative menu with nutritious food and beverages while achieving the most significant margin yield.

Customer Service

The hospitality business recognizes the client’s support experience is the critical driver to replicate business. The direction will Offer a superior degree of Professionalism by hiring individuals who deliver the ideal attitude to work and teaching them the skills required to accommodate guests. The restaurant will keep high levels of consumer satisfaction with talented, educated, and well-trained workers who understand and implement the fundamentals of fantastic service. Ongoing training will be provided to enable staff to perform their jobs with confidence and ability. Employees are well-spoken, well-versed, and trained to provide friendly, prompt, and professional service to each customer. This practice teaches employees who, by producing an exceptional customer experience, can optimize sales and raise their reimbursement. The team will have the knowledge and service required to create excellent daily service for every customer.

Technology & Software

While the quality of the cuisine and dining experience contributes significantly to a restaurant’s profitability, attention to business and financial details can transform small changes into significant returns. Critical sales, cost of sales, labor, inventory, marketing, and overhead metrics are monitored daily. Trends are evaluated, and constructive actions will be taken where improvement is needed. The management team will have access to the restaurant’s transactions and reports available in its real-time POS (point of sale) and accounting systems. Trends will be evaluated, and corrective action will be implemented as required.

7. Organization Structure

The Cooper’s Cup is formed as an S-Corporation wholly owned by John Doe.

Management Team

The Cooper’s Cup will be owned 100% by John Doe. Mr. Doe, a graduate of Arizona State University, has an undergraduate degree in business administration. During high school, he worked as a waiter in a local hospital coffee shop that purchased its beans from a local roaster. In addition to being an avid coffee drinker, this job allowed him to learn about the business first-hand. In college, Doe worked in a campus coffeehouse for four years, eventually becoming an assistant manager. Following graduation, Doe secured a business development position for a regional restaurant chain, which provided additional first-hand exposure to the food and beverage industry—especially the steps involved in establishing new locations.

Management Team Gaps

The Cooper’s Cup will rely on its POS (Point of Sale) system to generate daily accounting and cost activity reports. Mr. Doe will supply these to an outside bookkeeper for the preparation of annual income taxes.

Personnel Plan

Initially, the cafe will hire 1 manager, 5 baristas, and 2 part-time servers. In Year 2, the cafe plans to hire 1 additional full-time barista.

8. Financial Plan

Important assumptions.

• The sales forecast is conservative and assumes a 5% increase in Year 2 and a 10% in Year 3.
• The analysis accounts for economic seasonality – wherein some month’s revenues peak (such as holidays ) and wane in slower months.
• The analysis assumes the owner will not withdraw any salary till the 3rd year; at any time it is assumed that the owner’s withdrawal is available at his discretion.
• Sales are cash basis – nonaccrual accounting
• Moderate ramp-up in staff over the 5 years forecast
• Barista’s salary in the forecast is $36,000 in 2023.
• In general, most cafes have an 85% gross profit margin
• In general, most cafes have a 3% net profit margin

Projected Balance Sheet

Projected Cash-Flow Statement

Projected Profit & Loss Statement

Break Even Analysis

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Frequently Asked Questions

How do you write a business plan for a college project.

As mentioned earlier in the article, business planning for a college project or competition is no different than for a real business. You can write your business plan using these step-by-step instructions.

• Select a compelling business idea
• Refer to business plan examples
• Prepare a business plan outline
• Create a company description section
• Conduct market research and industry analysis
• Describe your product and services
• Outline sales and marketing strategies
• Create an operations plan
• Introduce management team
• Prepare financial projections
• Summarize your plan with an executive summary

What is a business plan for students?

A business plan is a necessary business document that highlights its purpose,  business goals, product/service offerings, go-to marketing strategies, operations and financial plan, key people involved in the business operations, and other necessary details.

As a student, consider a business plan example as a document that helps you better understand business and industry dynamics and learn how a business operates inside out.

What is a business plan competition for students?

Business plan competitions are competitions mostly organized by universities for students passionate about entrepreneurship and the business world. These competitions offer students a platform to showcase their entrepreneurial skills while also providing opportunities for mentorship and networking.

How can I increase my chances of winning a business plan competition?

There cannot be a straightforward answer to this question, but there’s surely a method that can increase your chances of winning a competition—Using AI-powered business plan software.

Why? An AI tool will make you 10X more productive while writing a business plan and preparing financial forecasts. So you can spend more time researching the market and brainstorming business ideas.

Where can I find more business plan examples for students?

Upmetrics’ library of 400+ business plan examples could be an incredible source for students to find more industry-specific business plan examples. There are examples for almost every small business category, including real estate, retail, entertainment and media, food & beverages, and more.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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10 business plan examples for students.

Are you thinking of starting a business? Let’s take a look at some business plan examples for students. 

Starting a business as a student is exciting. But, like anyone else, students need support when venturing into entrepreneurship. One of the most important things to start with is learning how to create a strong business plan.

A business plan helps you set clear goals, strategies, and the necessary steps to succeed in the business world. However, not all business plans are the same. There are different types to consider, and choosing the right one depends on your specific business and goals.

In this guide, we'll walk you through the process of creating a solid business plan and introduce you to different plan types. So, let's get started and explore the world of entrepreneurship with a well-structured plan for success.

Writing the Business Plan

Crafting a business plan is a crucial move when you're starting or expanding your business, whether you’re working on a business plan project for students or a fully-fledged business person. 

It helps you navigate your journey while also catching the attention of potential investors or lenders. In this guide, we'll break down every part of a business plan and share helpful tips.

What Goes in a Business Plan?

A good business plan typically has several important sections, each with its own job to do.

• Business Overview : Introduction and executive summary.
• Market Analysis : Understanding your target market and competition.
• Marketing and Sales : Strategies to reach and convert customers.
• Product/Service : Description of what you offer.
• Operations and Team : How your business operates and key team members.
• Financial Projection s: Future financial estimates and funding needs.
• Appendix : Supporting documents, if needed.

Now, let’s get into what these sections look like. 

Develop a Business Plan Worksheet

Before you start writing your business plan, it's a good idea to start with a business plan worksheet. Think of it as the foundation for your plan—a tool to gather information and get your thoughts organized. 

This worksheet will help you come up with your business vision, understand your target market better, and lay out your financial projections. It's the first step to building a solid plan that sets your business on the right track.

The Executive Summary

The executive summary is your business plan's attention-grabbing headline. It's a concise preview of your plan's most critical elements, designed to engage your reader. Here's what to include:

• Mission Statement : Clearly state your business's mission, describing the problem you solve and why your business exists. Define your core values and goals.
• Product/Service Description : Provide a brief, compelling description of your offering, emphasizing its unique features or benefits that set it apart.
• Leadership and Team : Introduce key team members and their qualifications, showcasing their expertise and their role in your business's success.
• Financial Information : Give an overview of your current financial status. Mention revenue and profits if your business is running. If you seek financing, explain how much you need and where you'll invest it.
• Growth Plans : Share your strategy for growth and long-term goals, outlining how you'll expand and achieve profitability.

The executive summary sets the stage for your business plan, making a strong first impression and sparking excitement for what follows.

The Products/Services 

In this part, we'll dig deeper into the heart of your business—your products or services. We're going beyond the basics to look at three crucial aspects:

• Benefits to Customers : Discuss how your products or services help your customers. Explain how they solve specific problems or fulfill the needs of your target market. What makes them stand out? What's the unique value they bring compared to what competitors offer?
• Product Lifecycle : Every product or service has a journey. Tell us about the expected lifecycle of yours. Are you planning updates, new versions, or related offerings in the future? Knowing this helps us understand how your business will evolve.
• Intellectual Property : If it applies to your products or services, include any intellectual property rights you have. This might include copyrights, trademarks, or patents. These rights protect your creations and can be valuable assets.

Remember, this section is all about offering the essence of what you're offering and why it's special.

Target Market

Knowing your target market is a cornerstone of business success. Let's simplify:

Who Are Your Customers?

• Demographics : Basic info like age, gender, income, and location helps you target effectively.

What Makes Them Tick?

• Psychographics : Understand their interests, lifestyle, and buying habits to connect personally and tailor your marketing.

Market Trends

• Stay Updated : Keep an eye on industry trends and market shifts. Adapt to capitalize on opportunities.

Why does it matter? Think of it like knowing the weather—it helps you plan. Understanding your target market is your key to getting ahead. 

The Marketing Strategy

Your marketing and sales strategies are crucial for attracting and retaining customers.

Marketing Mix

Here, we'll break down each element of your marketing mix—product, price, promotion, and place (distribution). 

• Product : Describe your product offerings in detail. What are their unique features and benefits? Why would your target customers choose your products over others in the market? Be clear about what sets you apart.
• Price : Explain your pricing strategy. Will you compete on price, offering lower costs than competitors? Or will you position your products as premium and charge a higher price? Detail any discounts, bundles, or special offers you plan to implement.
• Promotion : Outline your promotional tactics. How will you create awareness and interest in your products? This can include advertising, public relations, content marketing, social media campaigns, and more. Specify your marketing budget and the platforms you'll utilize.
• Place (Distribution) : Describe your distribution strategy. How will your products reach your customers? Will you sell directly to consumers, through retailers, or online? Highlight your distribution channels and logistics. Explain how you'll ensure your products are readily available where your customers want them.

Sales Process

Now it’s time to discuss how you plan to turn potential leads into paying customers.

• Direct Sales : If your strategy involves direct sales, explain how your sales team will engage with potential customers. Provide insights into your sales force, their training, and how they will approach prospects.
• Online Sales : If online sales are a significant part of your strategy, detail your e-commerce platform. Discuss the user experience, payment processing, security measures, and any online marketing tactics to drive traffic and conversions.
• Conversion Strategy : Highlight how you plan to convert leads into paying customers. Will you offer free trials, consultations, or samples? Describe your approach to closing deals and fostering customer loyalty.

By going beyond the surface and addressing these elements in detail, you'll have a marketing and sales strategy that can effectively attract and retain customers for your business.

Discuss Your Distribution Strategy

Your distribution strategy is how you get your products or services to your customers effectively:

• Distribution Channels : These are the paths your products or services take, like physical stores or online platforms.
• Logistics and Transportation : This is how your products move, whether you do it yourself or use other companies.
• Inventory Management : It's about keeping the right amount of stock without having too much or too little.
• Geographic Reach : It's where your customers are, whether nearby, across the country, or worldwide.
• Efficiency and Costs : It's about being fast and not spending too much money.
• Customer Convenience : It means making it easy for customers to buy from you.
• Technology and Automation : Using tools and systems to make things work smoother.
• Scaling and Adaptation : It's about being ready for more customers or changes in the market.

Having a good distribution strategy helps make sure your products or services reach the right customers the right way.

The Competition

It's essential to have a solid grasp of your competitors and strategically position your business to thrive. 

Competitive Analysis

To stay ahead of the game, make sure to conduct a thorough competitive analysis. This means rolling up your sleeves and diving deep into the strategies and operations of your rivals. 

• In-Depth Examination : Start by examining your competitors meticulously. Look into their products or services, pricing strategies, marketing tactics, and customer base. The goal is to gain a comprehensive understanding of what they do and how they do it.
• Strengths and Weaknesses : Highlight your competitors' strengths and weaknesses. What are they exceptionally good at, and where do they fall short? Identifying these aspects will help them identify opportunities to capitalize on their weaknesses and leverage their strengths.
• Success Insights : Share your insights into what makes your competitors successful. Understand their unique selling propositions, customer engagement strategies, and market positioning. This knowledge will provide you with a foundation for your own strategies.
• Outperforming Plans : Once you've dissected your competitors, outline your plan to outperform them. Whether it's through innovation, superior customer service, or better pricing, make it clear how you intend to gain a competitive edge.

Competitive Advantage

Every business has something that sets it apart from the rest – these are your competitive advantages. In this section, it's time to highlight why customers should choose you over the competition.

• Expert Team : If you have experts on your team, let people know. Customers trust businesses with knowledgeable professionals who offer excellent products or services. If you're new, focus on any relevant experience to build trust as your business grows.
• Unique Partnerships : If your business has forged unique partnerships or collaborations that give you an edge, make it known. These alliances can lead to exclusive offerings, cost advantages, or increased visibility in the market.
• Ideal Location : If your business benefits from an ideal location that attracts foot traffic or serves a specific target demographic, this can be a powerful competitive advantage. Explain how your location enhances your business prospects.

By underlining your competitive advantages, you're essentially telling your audience why you're not just another player in the market. 

The operations section is your day-to-day business plan. It helps your team understand how to make your business run smoothly. Here are the key parts:

• Objectives and Goals : State what you want to achieve, both short and long-term. Ensure they align with your overall plan.
• Procedures and Processes : Explain how things will get done, from making your product to customer service.
• Timeline and Milestones : Set dates and goals to track your progress.
• Resource Needs : List what you need to run your business, like equipment and people.
• Supply Chain : Describe how you'll get what you need and manage it.
• Quality Control : Detail how you'll ensure quality, whether through checks or testing.
• Regulations : Mention any rules you need to follow, like permits or licenses.
• Risk Planning : Identify potential problems and your backup plans.
• Growth Strategy : Explain how you'll handle growth, like hiring more people or expanding to new markets.
• Costs : Break down your expenses, both fixed and variable, and how you'll manage them.

By laying out these details, you'll be well-prepared to handle the challenges and growth opportunities that come your way.

The Management Team

In this section of your business plan, you'll want to cover a few key areas:

1. Personal Background : Start by introducing the key people in your management team, if there are any. If it’s just you—don't worry! Give some basic details like names, ages, where they live, their interests, and their educational background. Also, mention any special skills they bring to the table.

2. Business Experience : Talk about their history in the business world. Have they been involved in other businesses? Have they held important positions before? Share their past achievements and roles in previous companies.

3. Track Record : Highlight their successes, the responsibilities they've handled, and their capabilities. Show how their previous experiences have prepared them for the roles they'll play in your business.

4. Education : Mention their formal and informal education, like degrees, certifications, or courses they've taken that are relevant to your business.

5. Financial Standing : Include personal financial statements and supporting documents to demonstrate their financial stability and ability to contribute to the business if necessary.

6. Work History : Detail their direct experience in similar businesses and how it aligns with your current venture.

7. Roles and Responsibilities : Clearly define who does what on the management team. Explain why they're the right fit for their roles and who makes the final decisions.

8. Organization Chart : Create a simple chart that shows how your team is structured and lists each person's responsibilities.

9. Compensation and Benefits : Outline the pay and bonuses each management member will receive. Also, mention any benefits like health insurance or life insurance.

10. External Resources : Tell about any outside resources you can tap into, like lawyers, accountants, or support from organizations that help small businesses.

11. Board of Directors : If you have a board, introduce them and explain how they'll help guide your business.

12. Online Resources : Mention any useful internet resources you'll use for research and networking.

Including these details paints a picture of your team's qualifications and their role in making your business a success.

In this part of your business plan, focus on who will be working with you.

• Current and Future Needs : Start by saying how many people you have on your team right now, if any. Then, talk about how many team members you think you'll need in the near future (like the next year or two) and in the longer term (three to five years from now).
• Skills Required : Describe what skills your team members should have. Think about what makes them good at their jobs and what special skills might be needed for your business.
• Job Descriptions : Explain what each person on your team will be responsible for. This will help everyone better understand their roles. Keep in mind that your roles might change as your business grows.
• Finding People : Discuss how you plan to find and hire the right people. As students, you might use your school's resources and online job platforms or work with other students who have the skills you need.
• Pay and Benefits : Clarify if you'll be paying salaries, hourly wages, or both. You can also mention any extra rewards or bonuses based on performance. Since you're a student, you may not offer extensive benefits initially.
• Extras like Overtime : Say if you'll pay extra for overtime work and when that might happen. Being students, you'll want to manage your workload efficiently, especially during busy times.

By covering these points, you'll show that you've considered your team's needs and are ready to manage your business's human resources effectively, even as students.

Financial Analysis

Think of this section as the pulse of your business plan. It gives you a detailed look at your business's financial health and sustainability. This part is crucial for students because it helps them make informed decisions and attracts potential investors or lenders.

Balance Sheet

Get a certified public accountant (CPA) to help you create a balance sheet. This document paints a picture of your business's financial situation at a specific moment. It has three main parts:

• Assets : What your business owns ( cash, equipment, or inventory).
• Liabilities : What your business owes (such as loans or outstanding bills).
• Owner's Equity : The owner's stake in the business, which is assets minus liabilities. It's basically your business's net worth.

Break-Even Analysis

This is significant because it tells you when your business will start making money. It determines the minimum amount of sales revenue needed to cover both fixed costs (like rent and salaries) and variable costs (like materials and utilities). It's based on info from the income statement and cash flow projections.

Income Statement (Profit and Loss Statement)

The income statement gives you the lowdown on your business's financial performance over a specific time frame, usually monthly or annually. It shows how much money you made and how much you spent. Subtract the expenses from the income, and you've got your profit or loss. It's all about how well your business handles its cash.

Cash Flow Statement

Cash is king in business, and this statement forecasts how money will move in and out of your company. It predicts all cash coming in and going out, helping you ensure you have enough to cover day-to-day costs and investments and pay off any debts. A strong cash flow is crucial to keeping your business going.

As student entrepreneurs, having a CPA set up your accounting system is a smart move for accuracy. When you present these financial documents in your business plan, make sure they're clear and detailed. 

These numbers prove the worth and profitability of your business idea, which can be a big draw for potential investors or lenders. So, be thorough and get the figures right. 

Supporting Documentation 

You'll also want to include various documents that back up the information you've presented in the main part of your plan. Keep in mind that this list might change depending on how far along your business is. Here's what to include:

• Resumes : Put in resumes of the people who are key to your business. Show off their qualifications and experience to give confidence to potential investors or lenders.
• Credit Information (appendix) : If relevant, add credit reports for yourself or your team members. This will prove that you're financially responsible.
• Quotes or Estimates : Include any quotes or cost estimates you've received from suppliers or service providers. This helps prove that you've done your homework on expenses.
• Letters of Intent from Prospective Customers : If you have letters from potential customers saying they want to use your products or services, toss those in. It shows there's a demand.
• Letters of Support from Credible References : If you have supportive letters from mentors, professors, or industry experts, add those. They can vouch for your idea.
• Leases or Buy/Sell Agreements : If you're renting space or buying equipment, include the agreements. It proves you have the physical assets and responsibilities in place.
• Legal Documents Relevant to the Business : If there are any legal papers like incorporation documents, partnership agreements, or licenses, include them. It shows you're following the rules.
• Census/Demographic Data : If your business relies on specific data about people, include statistics or reports from trustworthy sources. This information will support your market analysis and target audience information.

Remember to keep these documents well-organized in the appendix. This list covers the basics, but tailor it to your specific student business plan's needs and stage of development.

Business Plan Program

Creating a strong business plan is essential for any entrepreneur, and with the help of business plan programs and tools, you can make it more effective.

• LivePlan : LivePlan is a user-friendly business planning software that guides users through creating business plans and offers financial forecasting.
• Bizplan : Bizplan focuses on startups and small businesses, providing step-by-step planning, financial tools, and pitch deck creation.
• Enloop : Enloop automates business plan writing using data inputs and offers financial projection tools.
• PlanGuru : PlanGuru is for in-depth financial analysis and creating detailed financial projections.
• Upmetrics : Upmetrics offers customizable templates, financial forecasting, and collaboration features for various business stages.
• Tarkenton GoSmallBiz : Tarkenton GoSmallBiz provides business planning tools, legal resources, and marketing guidance.
• Bplans : Bplans offers free business plan templates and samples for those starting from scratch.
• Canva : Canva provides pitch deck templates and design tools to enhance presentations.
• QuickBooks : QuickBooks aids in financial tracking and management, complementing business planning.

14 Types of Business Plans with Examples

In this section, we'll explore 10 types of business plan examples for student entrepreneurship.

1. Traditional Business Plans

These classic business plans , often prepared on paper, provide a comprehensive overview of the business, detailing its identity, goals, and strategies for success.

2. Standard Plans

Similar to traditional plans, standard business plans are created digitally, typically using software like Microsoft Word or Excel, making them easier to edit and share.

3. One-Page Business Plans

Incredibly concise, these plans condense all crucial information onto a single page, often using bullet points for clarity and brevity.

4. Annual Business Plans

Tailored for a specific year, these plans outline a business's objectives and actions for that particular period, providing a focused strategy. 

5. Lean Plans

Lean business plans are streamlined versions, intentionally omitting some details to protect confidential information while offering a concise yet informative summary.

6. Business Plans for Start-ups

Specifically designed for new ventures, these plans may incorporate surveys, customer insights, and visual aids to support their customized approach.

7. Feasibility Studies

These plans investigate the viability of new product or service ideas, helping businesses make informed decisions about their implementation by analyzing their potential success.

Understanding these various types of business plans is essential for your business management studies, as they serve different purposes and contexts within the business world.

8. Strategic Plans

Concentrating on marketing and branding strategies, these plans often involve extensive market research and prioritize effective brand promotion.

9. Operational Plans

Emphasizing practical steps, operational plans use data, charts, and graphs to guide a business's actions toward its goals, with a strong focus on execution.

10. Internal Plans

Highly detailed and meant exclusively for the company's internal team, these plans contain sensitive information and strategic insights for team members' use.

11. What-If plan

This type of plan explores various scenarios and their potential impact on the business. It helps a company prepare for unexpected situations by outlining strategies for different outcomes.

12. Expansion plan

An expansion plan outlines strategies for growing a business, whether through opening new locations, entering new markets, or diversifying product lines. It details the steps and resources needed for expansion.

14. Business Acquisition Plan

When a company intends to acquire another business, this plan outlines the acquisition strategy, financial considerations, and integration plans. It helps ensure a smooth transition and maximizes the value of the acquisition.

These plans cover a range of scenarios and goals, each serving a unique purpose in the world of business strategy. Hopefully, you can choose a business plan template for high school students that suits your needs. 

Final Thoughts

Starting and running a business as a student is a journey. A well-structured business plan is essential for success, helping you define your goals and strategies. To create one, feel free to use these business plan examples for students as a source of inspiration.

It’s your tool to guide your entrepreneurial journey and increase your chances of success. So, get started, create your plan, and get started on your path to entrepreneurship with confidence.

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10 Business Plan Examples for Students (2024)

Written by   Peter Keszegh

Starting a business isn’t just for the established entrepreneurs. If you’re a student with a great business idea, or if you’re just looking to earn extra money on the side, you can set up your own business with the right steps and preparation, too!

In this article, we’ll list some business plan examples for students and how you can turn your business ideas into reality.

What is a business plan?

In simple terms, a business plan is a detailed document that  explains everything you need to know about your business idea .  It includes your goals for your business and how exactly you plan to achieve them.

A business plan should be able to explain why your product or service is valuable, your target market for your business, and your future plans for the business.

Having a well-written business plan is important, especially if you’re looking at seeking external funding from investors. Even if you’re planning to use personal funds for your business, the business plan will help outline all your operational and management strategies.

Tailoring your plan to your business

While business plans have some standard sections used by all industries, it’s best to tailor your business plan depending on what your market is. For instance, if you’re planning to sell food products, you need to write sections on sourcing ingredients and quality control.

Think about what’s special about your business, and make sure to incorporate that in your business plan. Put yourselves in the shoes of an external investor – what would they want to know about your business? Don’t be afraid to think outside the box, too.

Parts of a business plan

You might be wondering – how should we structure a business plan? Here are some key sections you might want to include when writing your business plan:

Executive summary

An executive summary is exactly that – a summary of what your business is all about and your goals for the future. Make sure to include what your product or service plans to do, your target market, and key milestones you’d like to achieve. If you have plans to source external funding, mention this here, too.

Company description

You can use this section to expound on what you plan to achieve and what your business vision is . Use this section to highlight what makes your business unique , and why your product or service offers an innovative solution.

Market analysis

If you’re looking to start a business, you need to have a good understanding of the market and who your competitors are. Do the research to make sure there’s a real need for your product or service , and make sure you know what sets your business apart from competitors.

Organizational structure

If you’re working with a team and you all have different responsibilities, make sure to put that into writing. This doesn’t have to be too formal – all you have to do is make sure everyone’s tasks are clearly delineated so there’s no overstepping.

Product line or services offered

Talk about what you plan to sell or offer as a business. What exactly does your product or service do? What makes it so special, and what can your product or service do that isn’t already offered by your competitors?

Marketing and sales strategies

How do you plan to promote your business to attract customers and secure sales ? You can talk about where you plan to sell your products or offer your services, and how you plan to advertise your business.

Financial projections and funding requests

Set financial goals for your business and identify when your business will likely break even . If you need to secure external funding, make sure to mention this here, and mention how much money you’ll be needing and how you’ll be spending it.

Relevant documents that you mentioned earlier in your business plan should be included here. For instance, if you conducted market research via a survey, put your survey data here.

Of course, don’t be limited by the sections listed here. If there are other relevant details you’d like to talk about in your business plan, don’t be afraid to explore them. For instance, if you’re looking at using new technologies and tools for your product or service, you can write a relevant section in your business plan as well.

Why students need to master business plans

Businesses aren’t just for more seasoned entrepreneurs – starting a business can prove to be useful for students who want to hone their skills and become more business-minded.

Here’s how business plans can help students:

Enhancing strategic decision-making

You’ll have to make a lot of decisions when running a business, and business plans will force you to make smarter decisions. You don’t want to make things unnecessarily difficult for you and your team only to get mediocre results – you want to make sure you make the most out of your resources!

This kind of strategic decision-making isn’t something you learn in the classroom. Hands-on business experience will be useful for you to make wise decisions, even if it means learning from mistakes.

Improving market research and analysis skills

As students, you already do a lot of research for different school projects. When setting up a business, you’ll have to do research of your own to get a better understanding of the market your business plans to work in.

Having a good understanding of the market will also improve your analysis skills. For instance, doing enough research on the retail industry will give you a better idea of who the average retail customer is, allowing you to tweak your marketing and sales strategies to capture that target market.

Honing financial literacy and forecasting

Discussions about money and numbers can get pretty confusing. When you’re setting up a business and dealing with real, tangible figures, you’ll gain a better understanding of how finances work, how profitable your business might be, and what you’ll likely be spending money on.

Business plan examples for students

If you need a little help in thinking about the kind of business you want to set up, here are 10 business plan examples for students that you can use as inspiration:

Tu toring services

Some students will understand subjects better than others, which means there are a number of students who’ll need a little bit of help when it comes to their academic requirements and upcoming exams.

If you’re academically gifted and have a talent for teaching, you might want to consider offering tutoring services in your school.

• Executive summary : Mission, services offered, and target client demographic.
• Business description: Subjects covered, and technologies used (if applicable).
• Services provided: Individual tutoring, group workshops, and ongoing support options.
• Market analysis: Demographic trends, existing offerings, and unmet needs.
• Marketing strategy: Flyers, community center partnerships, and word-of-mouth referral programs .
• Operational plan: Scheduling system, session formats (in-person, online), and materials preparation.
• Management and organization: Tutor recruitment, training programs, and operational leadership.
• Financial summary: Basic costs, session pricing, financial goals, and sustainability plan.

Campus delivery service business

Especially during finals weeks, students can get pretty busy and can often forget to take care of themselves. How many all-nighters have you pulled as a student, and how many times have you skipped a meal to work on a deadline?

If this sounds like the kind of culture in your university, you might want to consider setting up a campus delivery service to cater to busy students. Here’s how you can set up your business plan:

• Executive summary: Service overview, mission, and objectives.
• Company description: Origins, campus focus, and service differentiation.
• Service offering: Types of delivery services offered (e.g., food, groceries).
• Market analysis: Campus demographics, needs assessment, and competitor analysis.
• Marketing strategy: Promotional tactics targeting students and staff, partnerships with local businesses.
• Operations plan: Delivery logistics, technology use (e.g., apps, GPS tracking), and hours of operation.
• Management and organization: Team roles, volunteer vs. paid staff, and management hierarchy.
• Financial plan: Start-up costs, pricing strategy, revenue projections, and break-even analysis.

Campus fitness and wellness programs

Another way you can help students in your school become healthier is to offer services that focus on fitness and wellness . If there’s a need for students in your school to become more physically active or to just take better care of their overall wellness, you could offer relevant programs on campus.

• Executive summary: Concept, target audience, and objectives of the fitness programs.
• Business description: Range of services (classes, personal training, wellness workshops).
• Market analysis: Campus health trends, competitor offerings, and student wellness needs.
• Services: Detailed look at program offerings, schedules, and customization options.
• Marketing plan: Engagement strategies, campus events, and partnership with student health services.
• Operational plan: Instructor qualifications, equipment needs, and location logistics.
• Management and organization: Structure of the team, roles, and experience in health and wellness.
• Financial overview: Initial setup costs, pricing strategy, revenue streams, and financial projections.

Student freelance platform

Freelancing is a popular way for students to earn extra income on the side, in the middle of their busy class schedules. If you have enough know-how when it comes to setting up websites or apps, you might want to consider launching a portal where student freelancers can conveniently find more freelance gigs.

• Executive summary: Platform purpose, target market, and value proposition.
• Business description: Niche focus (e.g., design, tutoring, programming), platform features.
• Market analysis: Demand for freelance work among students, analysis of existing platforms, gap identification.
• Service description: User interface, service categories, payment processing system.
• Marketing and sales strategy: Campus outreach, online presence, and user acquisition strategies.
• Technology plan: Website architecture, user security measures, and scalability.
• Operations plan: Customer support, dispute resolution process, and freelancer vetting process.
• Financial summary: Funding requirements, monetization strategy, and financial forecasts.

Mobile app for campus services and networking business

Maybe you’ve got an enormous campus that boasts a lot of helpful activities and services that most students might not already be aware of. If you want to promote these services in an innovative way, you could think about setting up a mobile app that students can use as a one-stop-shop for all their campus service needs.

• Executive summary: Introduction to the app, its core functionalities, and target user base.
• Business description: Insight into how the app facilitates campus life, services offered, and networking features.
• Market analysis: Current apps in the market, student needs analysis, and potential for growth.
• Product description: Detailed functionalities, user interface design, and privacy features.
• Marketing plan: Strategies for app launch, user acquisition, and partnerships with university departments.
• Technology plan: Development roadmap, platform compatibility, and maintenance plan.
• Management and operations: Team structure, developer roles, and operational milestones.
• Financial projections: Budget for app development, marketing costs, monetization strategies, and revenue forecasts.

Eco-friendly apparel brand

Everyone’s becoming more eco-conscious nowadays, and brands who often highlight their environmentally-friendly practices do get a good reputation. If you want to tap into that market and mix it with a bit of fashion design, you can choose to set up an eco-friendly apparel business.

• Executive summary: Brand mission, product range, and sustainability goals.
• Company background: Inspiration behind the brand, target demographic, and brand story.
• Products and services: Description of apparel line, materials used, and production process.
• Market analysis: Trends in sustainable fashion, target market behavior, and competitive landscape.
• Marketing strategy: Branding, social media campaigns, and collaborations with eco-conscious influencers.
• Operational plan: Supply chain management, ethical sourcing, and online versus physical sales approach.
• Management team: Roles, responsibilities, and background of team members.
• Financial plan: Initial investment, cost structure, sales forecast, and profitability analysis.

Sustainable campus living products

Maybe you’re not too keen on selling apparel, but you’d still like to tap into the market of students who prioritize sustainable brands and products. 

If you also share the same passion for sustainability and have ideas on how to cater to students’ needs, you might want to consider selling sustainable products instead that dormers and other students will find useful for everyday life.

• Executive summary: Mission statement, product line overview, and sustainability goals.
• Company overview: Background on the inspiration for eco-friendly products targeted at students.
• Market analysis: Trends in sustainability, potential campus markets, and niche opportunities.
• Products offered: Description of eco-friendly living products (reusable containers, biodegradable goods).
• Marketing and sales strategy: Campus-based initiatives, eco-friendly partnerships, and social media.
• Operations: Sourcing of materials, product manufacturing, and logistics.
• Management team: Founder’s background, operational management, and advisory board.
• Financial projections: Cost analysis, sales forecast, funding requirements, and profitability timeline.

Student event planning service

A big part of student life is all about events and getting to meet new people. Not only is event planning a big thing for official student organizations, it’s also helpful for smaller communities who want to organize events to meet like-minded people.

If events are a popular thing in your school, you might benefit from setting up a student event planning service.

• Executive summary: Overview of services, unique selling points, and business goals.
• Company description: Types of events covered (e.g., academic, social, sporting).
• Service offering: Full event planning, day-of coordination, and consultation services.
• Market analysis: Campus event culture, demand for event planning services, competitor overview.
• Marketing plan: Outreach strategies, partnerships with campus organizations, and promotional materials.
• Operational strategy: Event logistics, vendor relationships, and event execution checklist.
• Management structure: Leadership team, volunteer opportunities, and staffing needs.
• Financial projections: Pricing model, expected expenses, revenue estimates, and growth potential.

Campus event photography service

Every big event needs good documentation to go with it. Even if your school isn’t big on events, you can choose to offer photography services to groups of friends who want cute little photoshoots in the most Instagrammable parts of your campus.

If you have a knack for photography, here’s how you can start offering photography services on campus:

• Executive summary: Concept and goals for providing photography services for campus events and personal photoshoots.
• Company description: Insights into the types of events covered (e.g., graduations, parties, portraits).
• Services offered: Packages available, including event coverage, individual portraits, and group sessions.
• Market analysis: Demand for photography services on campus, existing offerings, and unique selling points.
• Marketing strategy: Portfolio development, social media presence, partnerships with event organizers.
• Operational plan: Booking process, event execution, post-processing, and delivery of images.
• Management team: Background of the photographer(s), roles in business management, marketing, and customer service.
• Financial plan: Pricing strategy, cost of equipment and travel, revenue projections, and growth potential.

Student art gallery and workshop space

Maybe you’re from an art school, or your campus boasts a rich and talented artistic community. If your school’s artists are looking for a space to display their art, setting up a gallery and workshop space might be a profitable and sustainable business opportunity.

• Executive summary: Vision, goals, and unique aspects of the art gallery and workshop space.
• Company overview: Concept behind promoting student art, workshop themes, and community benefits.
• Market analysis: Interest in local art, campus cultural activities, and potential for art sales.
• Services and products: Exhibition schedules, workshop offerings, and art sales.
• Marketing strategy: Promotions through campus channels, local art scenes, and social media.
• Operations: Gallery setup, workshop logistics, and artist collaboration processes.
• Management team: Backgrounds in art management, curation, and education.
• Financials: Start-up expenses, pricing for art and workshops, expected revenue, and growth potential.

Common mistakes to avoid for student businesses

Setting up a business is no walk in the park, especially for young and inexperienced students. Here are some common mistakes that you can avoid when planning your own business, so you can steer clear of bigger problems down the road:

Lack of a well-defined business plan

It should go without saying that insufficient planning will make it difficult to get your business off the ground. Make sure you put down all important details in writing , and consult experts and get insights from successful small businesses if you need to.

Underestimating the importance of market research

You’ll need more than just a cool idea to start a business. There needs to be a real need or demand for your product or service, and if there’s another business already offering the same thing, you need to make sure your product or service is different or unique.

Familiarize yourself with the existing market and what the market gaps are. Once you identify what that market needs, you can tailor your business plans to try to fill in that gap.

Overlooking legal and financial regulations

Being a student doesn’t exempt you from following standard business regulations. Double check with experts and do extra research to make sure your business complies with all necessary regulations. For instance, you may need to officially register your business, or secure necessary permits.

Inadequate financial planning and management

Your business needs to be on financially stable ground for it to stay sustainable. Make sure you know if you’re in good financial standing to launch your business , and make sure you aren’t spending more than what you can actually afford.

Ignoring the importance of a strong team

It’s tempting to do everything yourself, especially if you lack funds or the ability to delegate tasks. However, you might benefit from having a team of members with various skills. A strong team will bring in more ideas to the table , and will be helpful in managing heavy workloads.

Overlooking customer feedback

You need to listen to what your customers are saying to adapt to their needs and wants. Are your products too expensive? Are people looking for different colors of your products? Engage with your customers so they can let you know how you can improve your business.

Neglecting online marketing

Social media is everything in today’s digital age! You’ll be able to reach a wider audience if you set up social media accounts on different platforms to advertise your services or products.

Future steps for student business owners

So you’ve made your business plan – congratulations! But where do you go from here?

If you want to know whether or not your business is taking off and what future opportunities you can secure, here are some ideas:

Evaluating business performance

Regularly review how well your business is performing by checking product sales, total profits, and how wide your customer base is. If you’ve been earning a good amount of money and are selling popular products or services, that’s a great sign!

Make sure to listen to customer feedback , too, as your customers might give you helpful insights that you might not immediately be aware of. You can do this via informal chats with your customers, or via more formal means like customer surveys.

Exploring growth strategies

Once you’ve evaluated how well your business is performing, you might want to consider growing your business if there’s a demand for a product or service you aren’t already offering, or if there’s an adjacent market you can tap into.

For instance, if you’re offering tutoring services for basic algebra classes, you might want to offer sessions for more complicated math subjects if your tutees need them. If you’ve set up an art space that can also be used as a venue for student events, you can consider expanding your offerings.

Scaling the business

Maybe your business has really taken off and has hit a point that you can no longer meet the customer demand with your tiny team. If that’s the case, you might want to consider scaling.

You can scale your business by adding more people to your team , or ramping up your production efforts.

Building a brand

Don’t be afraid to make a name for yourself! Explore how you can create a brand for your business. This is where you can let your creative juices flow – do you want to appear like a sophisticated and professional brand, or are you going for a more quirky approach?

Takeaways for business plan examples for students

The opportunities are endless if you want to set up a business as a student. Let your imagination run wild and look through business plan examples for students if you want to start selling or offering something new to your school’s community.

Don’t be intimidated by your lack of expertise or resources just yet – with the right mindset and enough determination, you’ll be able to set up your business for success and start your journey as a solid business owner!

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Provide real–world business plan examples for your students, inspire confidence in future entrepreneurs and easily create your class syllabus using industry–best business plans., liveplan gives students access to actual business plans so they can practice business planning in and outside of the classroom., it's not just a classroom project. it's your students planning for their futures..

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With LivePlan you can simplify syllabus creation. LivePlan can also be used alongside classroom tools such as Blackboard and Canvas. LivePlan's optional instructional resources can enhance your syllabus with materials that introduce lean planning principles, growth metrics, financial forecasting, and more.

Instructors looking for a great tool to help students develop business plans need to look at Live Plan. The step–by–step process walks students through the entire process from Pitch to Financials. As the Instructor you can also have online access to their plan and provide feedback and comments as the plan develops.

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LivePlan's business plan examples help students turn ideas into top–notch business plans for class projects and startups. The tools, features, and instructional content allow you to focus on bringing out the best in your students for every plan and project.

Before using LivePlan, my students were intimidated by the business planning process. LivePlan breaks it down into manageable steps and takes the mystery out of developing a business plan.

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I used LivePlan to develop a business plan for a class project. Turns out, the project became part of a business plan competition where I placed second out of over 200 entries.

Sheila Austin Student

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No business operates in a vacuum. LivePlan incorporates real–world industry data, so students can better understand competitors, plan businesses around industry realities, and confidently execute data–driven strategies.

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With so much happening in the classroom, you need a tool that works with you, not one that makes you do extra work. Used by educators, consultants, entrepreneurs, and students all around the world, LivePlan has been regularly improved and streamlined so it's easy to use.

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The students very much appreciate the guidance the LivePlan program offers. I love the ability to act as a contributor to their plans. The help resources are phenomenal and easy to navigate.

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Business Plan Examples For Students Entrepreneurship To Inspire Your Journey

Venturing into the world of entrepreneurship as a student can be both exciting and challenging. One of the pivotal steps in turning a business idea into reality is creating a robust business plan. This foundational document helps in organizing the vision, setting clear objectives, and outlining the necessary steps to achieve entrepreneurial success. Whether you’re eyeing a new coffee shop or a cutting-edge tech start-up, a well-structured business plan is indispensable. This article delves into the critical components of a business plan and provides practical examples tailored for student entrepreneurs.

Understanding the intricacies of business planning can significantly elevate the chances of your venture’s success. Not only does a comprehensive business plan facilitate better decision-making, but it also helps in securing investments and managing resources effectively. For students, crafting this document might seem daunting, but with the right guidance, it becomes a manageable and enlightening process. By exploring various business plan examples for students entrepreneurship, you will learn how to construct a blueprint that resonates with your business goals and market needs. Let’s dive into the essential elements you need to include and see how to bring your entrepreneurial vision to life.

Business Plan Examples for Students Entrepreneurs: Key Components to Success

Creating a solid business plan is crucial for students venturing into entrepreneurship. A well-crafted business plan not only helps in outlining the business vision but also serves as a roadmap to guide the venture toward success. Here are some vital components to include in a business plan, along with illustrative examples to empower student entrepreneurs.

Understanding the Executive Summary

The executive summary encapsulates the entire business plan into a succinct overview. It should answer key questions: What is the business? What are its goals? Who are the target customers? For example, if a student wants to start a coffee shop targeting college students, the executive summary might outline how the shop will provide affordable, quality coffee in a cozy atmosphere conducive to studying.

Market Analysis: Know Your Audience

Conducting thorough market research is vital. This section should analyze the industry landscape, target market, competitors, and potential challenges. For instance, a student starting a clothing line should identify their target demographics (e.g., college-age students) and evaluate competitors like local boutiques and online shops. Including statistics, such as the percentage of students who regularly purchase new clothing, adds depth to the analysis.

Sample Market Analysis Points:

• Industry Overview
• Target Market Description
• Competitor Analysis
• Marketing Strategy

Defining the Business Model

Clearly defining how the business will operate is essential. This involves laying out the revenue streams, pricing strategies, and sales channels. If the student plans to launch a tutoring service, they need to specify whether they will charge per session, offer subscriptions, or partner with schools. Each option has distinct implications for revenue generation.

Marketing Strategy: Reaching Your Customers

A comprehensive marketing strategy outlines how a business will attract and retain customers. For students, this might mean using social media platforms to promote their products. For example, if presenting a startup focused on handmade jewelry, the marketing strategy could detail how platforms like Instagram and TikTok will be leveraged to share product images and testimonials, and how promotions will be structured to appeal to fellow students.

Key Elements of a Marketing Strategy:

• Brand Positioning
• Promotional Tactics
• Social Media Plans
• Partnership and Collaboration Ideas

Operations Plan: Day-to-Day Functionality

The operations plan covers the logistics of running the business. This includes the location, equipment, staff requirements, and any necessary licenses or permits. For example, a student opening a food truck needs to discuss the physical location of the food truck, any partnerships with local festivals for events, and the number of employees required to operate the truck successfully.

Financial Projections: Planning for Profit

Financial projections are critical in demonstrating the viability of the business. This section must include forecasts for income, expenses, and profitability. For a student looking to begin a tech service, projecting potential earnings based on market size and pricing strategy is essential. It’s beneficial to create a sales forecast that outlines expected revenue based on different scenarios, such as an average case where the service captures 10% of the market.

Essential Financial Projection Components:

• Start-Up Costs
• Projected Income Statement
• Cash Flow Statement
• Break-Even Analysis

Funding Requirements: Securing Investment

If the business will require external funding, detailing the funding requirements is necessary. Students should define how much capital is needed and outline where they expect to obtain it—whether through loans, investors, or personal savings. For instance, if launching an app, a student should clearly state how much investment they need to cover development and marketing expenses and what potential return they offer to investors.

Appendix: Supporting Documents

The appendix serves as a place for additional documents that support the business plan, such as resumes, reference letters, or detailed research findings. Including this information lends credibility to the plan and provides additional context for potential investors or mentors.

Learning to craft a compelling business plan can significantly benefit student entrepreneurs. By incorporating these core components, they can construct a roadmap for success and attract the necessary resources to bring their business ideas to fruition. Whether aspiring to manage a café, launch a tech startup, or create an online boutique, a carefully structured business plan is one of the first steps toward entrepreneurship.

The Importance of Market Research in Student Business Plans

In today’s competitive business landscape, aspiring entrepreneurs, particularly students, must grasp the significance of market research when crafting their business plans. Utilizing thorough market research not only enhances the quality of a student’s business plan but also establishes a solid foundation for their entrepreneurial journey. Understanding the target market, identifying competitors, and recognizing industry trends are crucial steps that students should take before launching their businesses.

Understanding the Target Market

Knowing the target market is essential for any business. It helps students to design products or services that cater specifically to their audience’s needs. Conducting market research allows students to:

• Identify demographics: Understanding age, gender, income levels, and preferences can guide students in tailoring their offerings.
• Gather customer feedback: Engaging with potential customers through surveys or focus groups can provide invaluable insights into their expectations and desires.
• Analyze purchasing behavior: Recognizing patterns in how and why customers make purchases can help students strategize their marketing efforts effectively.

Identifying Competitors

Another vital aspect of market research is competitor analysis. Students must understand who their competitors are, what they offer, and how they position themselves in the market. Familiarity with competitors allows students to:

• Differentiate their offerings: By analyzing competitors, students can identify gaps in the market and develop unique selling propositions that set them apart.
• Learn from competitors’ successes and failures: Understanding what works in the industry gives students insight into best practices and potential pitfalls.
• Adjust pricing strategies: Observing competitor pricing can help students set competitive prices while ensuring profitability.

Recognizing Industry Trends

Staying abreast of industry trends is equally crucial. The business environment is dynamic, and trends can significantly influence consumer behavior and market demand . Through diligent market research, students can:

• Spot emerging trends: Identifying shifts in consumer preferences, technology advancements, or economic changes can help students position their companies for future success.
• Assess market viability: Understanding current and future trends allows students to determine if their business ideas are sustainable in the long run.
• Adapt marketing strategies: With awareness of trending topics or interests within their market, students can align their marketing efforts to resonate with potential customers effectively.

Tools and Techniques for Market Research

Various tools and techniques can aid students in their market research endeavors. They should consider using:

• Online surveys: Platforms like SurveyMonkey or Google Forms enable students to create and distribute surveys easily.
• Social media polls: Utilizing social media channels can provide insights into consumer sentiment and preferences with immediate feedback.
• Industry reports: Many organizations publish valuable research data that can be accessed for free or at a reasonable cost.
• Competitor websites: Regularly analyzing competitors’ Websites and marketing materials can provide insights into their strategies.

Implementing Research Findings

After gathering relevant data, students must take action on their findings. This includes:

• Revising business plans: research findings can enhance and refine the business plan, making it more robust and convincing to potential investors.
• Tailoring marketing campaigns: Properly analyzing target marketing insights will enable students to craft campaigns that resonate with their audience effectively.
• Innovating products or services: Insights from market research can lead to improvements or iterations on offerings, better meeting customer needs.

Market research into student business plans is not merely an academic exercise; it serves as a practical foundation for entrepreneurial success. When students understand their market, analyze competitors, recognize trends, and actively implement their findings, they greatly increase their chances of building sustainable businesses. Thorough preparation using market insights paves the way for innovative ideas, successful launches, and thriving ventures.

How to Financially Forecast When Writing a Business Plan as a Student

When diving into the world of entrepreneurship, especially as a student, understanding how to financially forecast is crucial. A financial forecast provides a roadmap for potential investors and helps outline what the future holds for your business. It’s essential to approach this important component of your business plan with clarity and a sound strategy.

Define Your Financial Goals

The first step in effective financial forecasting is defining your financial goals. Knowing precisely what you aim to achieve will serve as the foundation for all your calculations. Consider these key factors:

• Revenue milestones: What sales figures do you wish to achieve within the first year?
• Profit margins: How much profit do you aim to make after expenses are deducted?
• Funding needs: Do you require external funding, and if so, how much?

Understanding these elements helps shape your forecast and prepares you for deeper insights into your business’s financial health.

Gather Historical Data

Even as a student, it’s possible to compile relevant data that can influence your forecast. If you’re launching a business similar to existing companies, use their financial data as references. Look into:

• Industry benchmarks: Find statistics that reflect average sales and growth rates in your sector.
• Competitor performance: Analyze the financial success of competitors to gauge realistic expectations for your projections.
• Market trends: Investigate whether the demand for your product or service is rising or falling.

Each data point will enhance the accuracy of your financial forecasts, positioning you for greater business success.

Estimate Income and Expenses

At the core of financial forecasting are your estimates of income and expenses. It’s vital to break down these elements in detail.

Estimating Income

Begin by predicting how much you will earn from sales. Use the following strategies:

• Pricing strategy: What price will you set for your product/service?
• Sales volume: Estimate how many units you expect to sell over a defined period.

By multiplying the price by the expected sales volume, you can arrive at your forecasted revenue.

Estimating Expenses

Expenses can range widely, so consider both fixed and variable costs:

• Fixed costs: These remain unchanged regardless of your sales volume, such as rent and salaries.
• Variable costs: These fluctuate based on sales, such as materials and shipping expenses.

Be thorough in your calculations, as underestimating costs can jeopardize your entire plan.

Cash Flow Projections

Maintaining positive cash flow is vital for a thriving business. Cash flow projections display your incoming and outgoing cash over time. Follow these steps:

• Create a cash flow statement : Outline your estimated cash inflows (from sales) and cash outflows (expenses).
• Forecast monthly : Project cash flow on a monthly basis to observe trends and adjust your strategy accordingly.

This level of detail will help you anticipate periods of surplus or shortfall in funds, making it easier to plan for unexpected costs.

Create a Break-Even Analysis

A break-even analysis determines when your business will become profitable. It’s critical for understanding how much you need to sell before generating a profit. To conduct this analysis:

• Calculate total fixed costs.
• Determine the contribution margin per unit (selling price minus variable costs).
• Divide total fixed costs by the contribution margin to find the break-even point.

This calculation not only guides your pricing strategy but also shapes your investment pitches.

Review and Revise Regularly

Forecasting is not a one-time task. Regularly review and revise your projections based on actual performance:

• Compare actual results to projections to identify discrepancies.
• Adjust assumptions according to market changes.

Feedback and adaptability are indispensable for refining your forecasting approach and ensuring continued growth.

By following these strategies, you can develop a comprehensive financial forecast for your business plan, positioning yourself as a credible entrepreneur despite being a student. Each component will contribute to a well-rounded, realistic view of your business’s potential, boosting your confidence as you embark on your entrepreneurial journey.

Creative Business Ideas for Student Entrepreneurs and Their Plans

Embarking on an entrepreneurial journey as a student can be both thrilling and daunting. With the right creative business ideas and well-structured plans, aspiring entrepreneurs can navigate this exciting phase with confidence. Here are some innovative concepts and essential elements that can form the foundation for your business venture.

Freelance Graphic Design

Students with a knack for creativity can consider offering freelance graphic design services. With the increasing demand for logos, promotional materials, and social media content, this field offers significant opportunities.

• Identify your niche—branding, social media graphics, or print design.
• Create a portfolio website to showcase your work.
• Utilize social media platforms to reach potential clients.
• Set competitive pricing based on market research.

E-commerce Store for Handmade Crafts

For students with crafting skills, starting an e-commerce website to sell handmade goods can be an excellent business model. Platforms like Etsy make it easy to reach a global audience.

• Source sustainable and quality materials for crafting.
• Develop a captivating brand story that resonates with customers.
• Implement an SEO strategy to enhance visibility on search engines.
• Market your products via social media campaigns and influencer collaborations.

Online Tutoring Services

With the rise of remote education, online tutoring remains a great option for student entrepreneurs who excel in academics. By offering tutoring services in subjects like math, science, or even languages, students can leverage their knowledge.

• Identify subject areas where you have expertise.
• Set up a website to schedule sessions and process payments.
• Build trust through testimonials and reviews from satisfied students.
• Offer free trial sessions to attract new clients.

Blogging or Vlogging

If you’re passionate about a specific topic—be it fashion, travel, or tech—consider blogging or vlogging as a way to monetize your interest. By building a personal brand, you can attract sponsorships and affiliate marketing opportunities.

• Choose a specific niche to focus on to establish authority.
• Develop a content calendar to maintain consistent postings.
• Engage with your audience through social media channels.
• Utilize analytics tools to track your audience’s interests and optimize content accordingly.

Mobile Car Wash and Detailing Services

This business idea caters to busy professionals who lack time for car maintenance. Offering a mobile car washing and detailing service can be both profitable and relatively low-cost to start.

• Invest in quality cleaning supplies and equipment.
• Market your services through local advertising and online platforms.
• Provide various packages to cater to different budgets.
• Use a scheduling tool to manage appointments easily.

Event Planning and Coordination

If you’re organized and enjoy planning parties or events, consider starting an event planning business. You can begin by coordinating student events and gradually expand to corporate ones.

• Network with local vendors to secure deals and discounts.
• Create a detailed checklist for each type of event to streamline the process.
• Leverage social media to showcase past events and gain new clients.
• Offer packages that include venue sourcing, décor, and logistics planning.

As student entrepreneurs explore these creative business ideas, they must remember that a solid business plan is the backbone of any successful venture. Tailor your strategies based on personal interests and market needs to enhance your chances of success. With dedication and a clear vision, the sky’s the limit!

Common Mistakes to Avoid in Student Business Plans

Creating a business plan is a crucial step for student entrepreneurs who aspire to turn their innovative ideas into successful ventures. However, there are common pitfalls that can undermine the effectiveness of these plans. Here are some mistakes students should avoid when crafting a business plan to enhance their chances of success.

Avoid Ambiguity

It’s essential to be precise about your business goals, target market, and the unique value proposition of your product or service. Vague statements can lead to confusion and may mislead potential investors or partners. Instead of writing, “We want to be the best in our market,” specify what that means—identify your metrics and how you plan to achieve them.

Neglecting Market Research

One of the biggest mistakes is skipping thorough market research. Failing to understand your target audience’s needs, preferences, and behaviors can be detrimental. Comprehensive market research aids in identifying opportunities and challenges. Consider these steps to ensure you are well-informed:

• Conduct surveys or interviews with potential customers.
• Analyze competitors and their market positioning.
• Utilize statistical data to grasp market trends.

Overly Optimistic Financial Projections

Many student entrepreneurs fall into the trap of presenting overly ambitious financial forecasts. While being optimistic is important, basing projections solely on hope can discredit the business plan. Aim to create realistic financial expectations by:

• Researching industry benchmarks to inform your projections.
• Including a break-even analysis to show when you expect to become profitable.
• Projecting conservative estimates of revenue growth and expenses.

Ignoring the Competition

Understanding your competitors is critical for positioning your business. Common mistakes include neglecting to analyze competitors or underestimating their impact. It’s important to:

• Identify main competitors in your niche.
• Examine their strengths and weaknesses.
• Describe how your business differs and the advantages you will have over them.

Failure to Secure Relevant Skills and Expertise

Another widespread error is trying to cover all aspects of the business without acknowledging personal limitations. Successful entrepreneurship often requires a team effort. Consider bringing in partners or advisors who possess skills you may lack. This can strengthen your business plan by:

• Highlighting diverse expertise in finance, marketing, and operations.
• Demonstrating a well-rounded team to potential investors.

Underestimating the Importance of an Executive Summary

Many overlook the significance of an impactful executive summary. It is often the first impression decision-makers will have of your business plan. This section should succinctly summarize your mission, market strategy, and financial outlook. Key elements to include are:

• A brief description of your business idea.
• Insights into your target market.
• An overview of your financial projections.

Forgetting to Outline Realistic Milestones

Milestones are essential for tracking progress and motivating your team. A business plan without clear, achievable milestones may appear unstructured and lessen its credibility. When defining your milestones:

• Set specific, measurable goals.
• Establish timelines for each milestone to maintain accountability.
• Regularly evaluate and adjust your milestones based on progress.

Neglecting to Revise the Plan Regularly

An effective business plan is not static. Many students make the mistake of treating it as a one-time task. As market conditions and business dynamics change, revising your plan regularly is necessary to stay aligned with your goals and strategies. Conduct regular reviews to:

• Evaluate your progress against set milestones.
• Revise your strategies based on feedback and new opportunities.

By steering clear of these common mistakes, student entrepreneurs can craft strong, persuasive business plans that attract support, investment, and guidance. Remember, the process of creating a business plan is just as important as the final document. Strive for clarity, research, collaboration, and adaptability, and you will put yourself on a path to entrepreneurial success.

The Role of Mentorship in Developing Effective Business Plans for Students

Mentorship has emerged as a powerful tool for students venturing into entrepreneurship, particularly in the context of developing effective business plans. The relationship between a mentor and a mentee can serve as a catalyst for growth, guiding students through the intricate process of business planning. There are several key aspects where mentorship significantly enhances the ability of students to create robust business plans.

Personalized Guidance and Insights

One of the most significant advantages of having a mentor is the personalized guidance they provide. Mentors often bring years of experience and practical knowledge to the table. This experience proves invaluable for students who may be new to entrepreneurship. With their insights, mentors can help students identify potential pitfalls and recognize opportunities specific to their business idea.

• Expert Consultation: Mentors can offer expertise in particular fields, whether it’s marketing, finance, or operations, allowing students to tailor their business plans effectively.
• Networking Opportunities: Mentors often have vast professional networks they can leverage, helping students connect with potential partners, investors, and customers.

Encouraging Critical Thinking and Creativity

Effective business plans are not just about numbers; they reflect creative thinking and strategic foresight. Mentors can challenge students to think critically about their business ideas, encouraging them to explore various avenues and possible outcomes. By posing thought-provoking questions, mentors assist students in considering multiple perspectives.

• Idea Generation: Mentors can facilitate brainstorming sessions that lead to innovative ideas and potential revenue streams.
• Problem-Solving: With the mentor’s guidance, students can develop their problem-solving skills, preparing them for potential challenges they may face in the business landscape.

Structuring the Business Plan

A well-structured business plan is vital for attracting investors and ensuring the viability of the business. Mentors help students identify essential components that should be included in their plans, such as:

• Executive Summary: A concise overview of the business and its goals.
• Market Analysis: Understanding the industry landscape and target audience.
• Marketing Strategy: Outlining how to reach and engage customers.
• Financial Projections: Estimating revenue, costs, and profitability.
• Operational Plan: Detailing the logistics of running the business.

By helping students structure their business plans effectively, mentors ensure that the plans meet the expectations of stakeholders and investors alike.

Providing Accountability and Motivation

Having a mentor inherently establishes a framework of accountability. When students know they need to report back to their mentors, they are more likely to stay committed to their objectives. Moreover, mentors can motivate students, especially during challenging times. The entrepreneurial journey often comes with ups and downs, and a mentor can provide reassurance, guidance, and the necessary nudge to keep pushing forward.

Fostering a Growth Mindset

With a mentor’s support, students can cultivate a growth mindset. They learn to view challenges as opportunities for learning and growth rather than insurmountable obstacles. This shift in perspective is crucial for entrepreneurship, where resilience and adaptability are key predictors of success.

• Encouraging Continuous Learning: Mentors instill the importance of ongoing education and self-improvement.
• Reflective Practice: Regular discussions with mentors encourage students to reflect on their experiences, leading to better decision-making in the future.

Ultimately, mentorship plays a pivotal role in developing effective business plans for students pursuing entrepreneurship. By providing guidance, fostering critical thinking, enhancing accountability, and encouraging a growth mindset, mentorship transforms students’ ideas into actionable, well-structured business plans. For aspiring entrepreneurs, finding the right mentor can be one of the most impactful steps they take in their journey.

Leveraging Technology to Streamline Business Plan Development for Students

In a world where technology shapes how we operate, students venturing into entrepreneurship can greatly benefit from leveraging various tools to develop their business plans. A well-crafted business plan not only serves as a roadmap for budding entrepreneurs but also enhances their chances of success. By using technological advancements, students can streamline this critical process and ensure they remain competitive in today’s fast-paced market.

Understanding the Importance of a Business Plan

Before exploring the technological tools available, it’s essential to grasp why a solid business plan is vital. A business plan acts as a blueprint that outlines the operational structure, market analysis, financial projections, and marketing strategies of a venture. For students, grasping the components and key performance indicators (KPIs) of their business is crucial. This understanding helps them secure funding from investors, manage resources effectively, and evaluate business performance over time.

Online Business Plan Tools

Several online platforms provide templates and tools to aid students in writing their business plans. These resources not only simplify the process but also offer guidance on how to present ideas effectively. Popular online tools include:

• LivePlan: This tool allows users to create business plans with ease. It provides step-by-step instructions and visual aids to help articulate each section clearly.
• BizPlan: BizPlan offers a visual planner that helps users develop their ideas intuitively. It allows for seamless collaboration if students wish to work in teams.
• Enloop: Enloop uses your input to create a draft business plan and automatically generates a performance score to evaluate the feasibility of your ideas.
• Canva: While primarily a graphic design tool, Canva offers stunning templates for business plans that can elevate any presentation. Students can easily combine text with visuals for a more impactful proposal.

Utilizing Financial Modeling Software

Financial projections are a necessary component of any business plan. Missing this crucial detail could lead to misunderstandings and miscalculations. Fortunately, technology offers robust financial modeling software tailored for students and entrepreneurs. Some noteworthy options include:

• Excel: A staple in any student’s toolkit, Excel allows for detailed financial modeling. With templates readily available, students can practice creating budgets, cash flow projections, and profit-loss statements.
• QuickBooks: This accounting software provides valuable insights into the financial health of a business and offers tools to create forecasts.

Collaboration Tools for Team Projects

For those working in groups, collaboration tools are indispensable. They enable seamless communication and project management. Here are a few tools to consider:

• Trello: This visual project management tool helps teams keep track of tasks and deadlines efficiently. Each member can update their progress and ensure everyone is aligned.
• Slack: A communication platform that allows for real-time discussions, file sharing, and organization within channels that can be tailored to specific project aspects.

Research and Market Analysis Tools

Accurate market analysis is integral to developing a successful business plan. Students can explore the following tools to gather data effectively:

• Google Trends: This tool allows students to analyze trending keywords in their industry. Understanding consumer interests can shape how they position their business.
• SurveyMonkey: Gathering insights directly from potential customers is essential. SurveyMonkey enables students to create surveys that yield valuable feedback.

Final Thoughts on Streamlining Your Plan

With technology rapidly changing the landscape of entrepreneurship, students have an unprecedented opportunity to refine their business plans efficiently. By utilizing online tools and software dedicated to business planning and market analysis, students can boost their confidence and structure their ideas more clearly. Moreover, these resources not only save time but also enhance creativity and reduce the stress associated with creating comprehensive business plans.

Ultimately, the integration of technology into business plan development equips students with essential skills and an edge in the competitive entrepreneurial world. They can confidently present their ideas, back them with data, and demonstrate the viability of their business concepts, paving the way for future success.

Crafting a business plan is not just essential for aspiring entrepreneurs; it is also a rite of passage that helps students visualize their entrepreneurial dreams and understand the intricacies of running a business. As we’ve explored, several key components contribute to the success of student business plans. By understanding these elements, students can create comprehensive and actionable plans that are tailored to their unique ideas and goals.

Market research stands out as a vital step in developing a business plan. It allows students to grasp their target audience’s needs, assess the competition, and identify market trends. With this information, they can make informed decisions that are crucial during the planning phase. Conducting thorough market research not only enhances a business idea’s viability but also showcases a student’s commitment and professionalism when presenting their plan to potential investors or mentors. The data gleaned from this research can serve as a powerful tool for justifying the feasibility of the proposed business, which is especially important in convincing stakeholders of its potential success.

When it comes to the financial aspect, students often encounter challenges in forecasting and budgeting. However, accurate financial projections are crucial in any business plan. Students must learn to create realistic forecasts that reflect potential revenue, operating costs, and profit margins. This section of the plan should be based on the market research findings and supported by concrete data. tools and software can simplify this process, allowing for more precise calculations and easier adjustments when needed. A sound financial plan not only guides the student’s actions but also establishes credibility among potential investors.

Creative business ideas flourish amongst students, inspired by their unique experiences and perspectives. However, the cultivation of these ideas must be underpinned by a concrete plan. Outlining the business concept, defining the target market, and detailing the operational strategy can transform a simple idea into a promising venture. Moreover, by highlighting their ingenuity and adaptability, students can develop distinct strategies that set them apart in the marketplace. Whether starting an innovative app or a niche product line, students can showcase their creativity by crafting plans that are as dynamic as their ideas.

Avoiding common mistakes in business plan development can significantly impact a student’s success. Many students overlook the importance of clarity and specificity. Failing to clearly outline objectives, strategies, and metrics can leave a plan feeling vague and unconvincing. Additionally, neglecting to address potential risks and challenges can lead to unrealistic expectations. By understanding and navigating these pitfalls, students can create robust plans that anticipate obstacles and outline contingency strategies. Educators and mentors can provide valuable feedback to help students refine their plans and better prepare them for future challenges.

Mentorship plays an instrumental role in shaping successful business plans. Engaging with experienced entrepreneurs allows students to gain insights that they may not have considered. Mentors can provide constructive criticism, offer guidance on best practices, and share their own experiences, all of which are invaluable to a student entrepreneur. Developing a relationship with a mentor enriches the planning process and can even open doors to networking opportunities that can elevate the student’s entrepreneurial journey.

Today’s digital landscape offers numerous tools and technologies to streamline the business plan development process. From agile project management applications to financial modeling software, students are better equipped than ever to craft comprehensive plans. Utilizing these resources can enhance collaboration, improve organization, and facilitate adjustments throughout the planning phase. Students should take advantage of these technological advancements to save time and focus more on the creative aspects of their business ideas.

As students embark on their entrepreneurial journeys, they must remember that a business plan is not merely a document but a living entity that evolves as their ideas develop. By integrating market research, financial forecasting, mentorship, creativity, and technology, students can build compelling business plans that inspire confidence and drive action. The entrepreneurial path is filled with uncertainties, but with a well-structured plan and a clear vision, student entrepreneurs can navigate these challenges and work towards turning their dreams into reality. Preparing a business plan is not just about generating a product or service; it is about establishing a foundation for a future filled with opportunities, personal growth, and, ultimately, success.

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How to write a simple business plan for students.

A business plan always has the same structure. Of course, if you plan to sell coffee, not to produce it, you will skip the “production” part, but other than that – you can’t skip anything.

Writing a business plan as a student , as a part of your college or university project, the best thing you can do is just to go into too many details. You have to save the structure, but you can describe your competitors in one abstract, not in five pages, with numbers and poll data.

Basic Business Plan Structure

Mostly, students are asked to make a marketing analysis and marketing plan more professionally than other parts, so we give more details about them.

Description of your business

Here is a brief overview of the experience of the entrepreneur, the date of creation of the company, the field of business, goals, and objectives of the work, available base, and resources.

Market analysis

List of competitors and their offers, estimation of demand, options of promotion and sale.

• Evaluation of the market. It is necessary to estimate the capacity of the market, the population, the number of potential customers. It is difficult to do this without complete marketing research. Therefore, you should look for the results of this assessment for your region. As a last resort, you can predict the estimated demand.
• Competitors. Make a list of your competitors who are already working in this market. Not only direct competitors that offer similar products and services but also those companies that produce alternative services should be considered. If you do not have a specialized tea boutique in your city, this does not mean that the market is free from competitors: you have to fight for customers with those department stores and supermarkets that also sell different types of tea.

Production plan

List of products (services provided) and their volumes, technological processes, necessary equipment and materials, cost calculation.

• Business processes. Write down the list of equipment, tools, raw materials, and materials needed to create your chosen range of products and services. Calculate the optimum production volumes your equipment can handle. Specify which employees and what kind of downloads you will need.
• Products. List the products, services, and work that you will offer your customers. Costs for the organization of business processes will allow you to find out the cost and to make a price list.
• Start-up investment. Calculate how much money it will take to start a project. Sum up the cost of all assets, fixed assets, repairs, materials, and other expenses that will be required to start production.

Organizational plan

List of necessary staff, organization of work, distribution of functions and tasks in the team, involvement of third-party organizations and specialists, personnel costs — calendar of activities for launching the project.

Marketing plan

Advertising channels and costs, ways to promote a company and its products (services), estimated marketing impact – sales volume, number of customers, and transactions.

• Promotion channels. Newspaper ads, radio and TV commercials, online advertising, creating your own site and group on social networks, advertising in local publics and forums, participating in trade shows .
• Target audience. Who to focus on when organizing sales. Who your client is by age, gender, occupation, income level. Where to find them and how to reach.
• Promotion cost. How much will it cost to find and engage? How often you will have to run ads, what are the appropriate options to choose?

Financial indicators

This is where the financial side of your business is reflected, namely: future costs (product purchases, rentals, hiring, etc.), revenue, net profit, profitability, and return on the project.

Risk assessment

A list of major issues that a company may face, their potential consequences, and a plan of measures to minimize them.

Project summary

The most important part is a compact presentation of the contents of the entire document on several pages, it is important here to place the accents correctly, taking into account the addressee and the purpose of preparing the business plan.

Even though it is only a business plan for students, not the one you would present to a real investor, try to make it look realistic.

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Business Plan Template for University Students

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

As a university student with big dreams of starting your own business, having a solid business plan is crucial to turning those dreams into reality. That's where ClickUp's Business Plan Template for University Students comes in handy!

With this template, you can:

• Outline and develop your business idea, strategy, and financial projections
• Create a comprehensive roadmap for your venture, ensuring you stay on track and meet your goals
• Collaborate with teammates and mentors to refine your plan and get valuable feedback

Whether you're majoring in business or simply have an entrepreneurial spirit, this template will help you take your ideas to the next level. Start planning your path to success today!

Business Plan Template for University Students Benefits

A business plan template for university students offers a range of benefits for aspiring entrepreneurs and business-minded students. Some of the key advantages include:

• Structured approach: Provides a clear and organized framework to develop a business idea from concept to execution.
• Strategic planning: Helps students define their goals, objectives, and strategies for their business venture.
• Financial projections: Allows students to create realistic financial forecasts and projections, ensuring they have a solid understanding of the financial aspects of their business.
• Investor readiness: Prepares students to present their business ideas confidently to potential investors or lenders.
• Risk assessment: Prompts students to identify and analyze potential risks associated with their business, enabling them to develop contingency plans.
• Professional documentation: Creates a professional and polished business plan that can be used to showcase their ideas to mentors, professors, and potential partners.
• Entrepreneurial mindset: Encourages students to think critically, problem-solve, and develop a mindset of innovation and entrepreneurship.

Main Elements of University Students Business Plan Template

ClickUp's Business Plan Template for University Students is the perfect tool to help aspiring entrepreneurs and business students outline and develop their ideas into a comprehensive business plan. Here are the main elements of this template:

• Custom Statuses: Track the progress of each section of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Include important details in your business plan using custom fields such as Reference, Approved, and Section to ensure all necessary information is captured.
• Custom Views: Access different perspectives of your business plan with five different views, including Topics, Status, Timeline, Business Plan, and Getting Started Guide, allowing you to easily navigate and visualize your plan.

With ClickUp's Business Plan Template, university students can efficiently organize and collaborate on their business ideas to create a solid roadmap for their ventures.

How To Use Business Plan Template for University Students

If you're a university student looking to start your own business venture, using the Business Plan Template in ClickUp can help you get started. Follow these four steps to create a comprehensive business plan:

1. Define your business concept

Begin by clearly defining your business concept. What products or services will you offer? Who is your target audience? What problem does your business solve? This step is crucial for setting the foundation of your business plan.

Use a Doc in ClickUp to outline your business concept and brainstorm ideas for your target audience and unique selling proposition.

2. Conduct market research

To ensure the success of your business, it's important to gather information about your target market, competitors, and industry trends. Conduct thorough market research to gain insights into customer needs, market demand, pricing strategies, and potential challenges you may face.

Create tasks in ClickUp to organize your market research activities, such as analyzing industry reports, conducting surveys, and studying competitor analysis.

3. Develop a marketing strategy

A strong marketing strategy is essential for reaching your target audience and attracting customers. Outline your marketing tactics, such as social media campaigns, content marketing strategies, and advertising plans. Consider how you will position your brand and communicate your unique value proposition.

Use the Board view in ClickUp to create a visual representation of your marketing strategy, with columns for different marketing channels and tasks for each tactic.

4. Financial planning and projections

The financial aspect of your business plan is crucial for demonstrating the viability and profitability of your venture. Create a detailed financial plan that includes projected revenue, expenses, and cash flow. Consider factors such as startup costs, pricing strategies, and sales forecasts.

Utilize custom fields in ClickUp to track and calculate financial data, such as revenue projections and expense breakdowns.

By following these four steps and utilizing the Business Plan Template in ClickUp, you can create a comprehensive plan that lays the groundwork for your university student business venture. Good luck!

Get Started with ClickUp’s Business Plan Template for University Students

University students who are aspiring entrepreneurs or are involved in business-related programs can use the Business Plan Template for University Students in ClickUp to create a comprehensive roadmap for their venture.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to develop your business plan:

• Use the Topics View to organize your business plan into different sections such as Executive Summary, Market Analysis, Marketing Strategy, Financial Projections, etc.
• The Status View will help you track the progress of each section, categorizing them as Complete, In Progress, Needs Revision, or To Do.
• The Timeline View will allow you to set deadlines and milestones for each section, ensuring you stay on track.
• Use the Business Plan View to get a comprehensive overview of your entire plan, including all sections and their statuses.
• The Getting Started Guide View will provide you with step-by-step instructions and tips on how to use the template effectively.
• Customize the template by adding custom fields like Reference, Approved, and Section to provide additional information and track important details.
• Update statuses and custom fields as you work on each section to keep track of progress and ensure all necessary information is included.
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Free forever with 100mb storage.

Free training & 24-hours support

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Highest levels of uptime the last 12 months

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To report a technical problem with this Web site, please contact the . 10 Business Plan Examples For University Students Business management courses include an extensive range of topics for students to cover. You learn about the basic tenants of establishing and sustaining your brand from scratch. A business plan is the first step in the process, wherein you pitch your brand to potential investors. Now, every business plan follows a certain structure and has specific elements. A quick Google search will give you readymade business plan layouts and examples to pick from. Read on to know more about formatting business plans for your next assignment. Types of business plans The structure of the business plan varies as per the sector and scalability of your brand. Students must learn how to tweak and pitch their ideas in an exciting way. And for that, you must analyze the market and customer base. Here is a list of some common business plan layouts that you’ll get for university projects. These layouts are generic and easy to adapt.   Traditional business plans The traditional business plan was relevant for business holdings that used hand-written reports, research studies and more. These reports are made on paper and follow a conventional structure. It starts with an overview, list of opportunities, risks, and budget. I recommend students to begin this plan with a short summary of your target market. Talk about the brand, the products/services offered and your core advertising strategies. Standard plans The standard business plan is quite similar to the traditional plan. The only point of difference between the two is the medium used to project the plan. While the conventional scheme is paper-bound, the standard plans can be digitally developed. There are several business plans templates, suitable for Microsoft Word, Excel, or Adobe reader available on the internet. Students can download any such layout they deem fit, add their content, and create a detailed business plan. Chat With Us Lean business plans are a compact, watered-down version of a standard business plan. Here some sections of the plan are deliberately omitted out. This is done to keep the plan secretive and secure from theft. Lean plans are also great for summarizing the key points of your business in a nutshell. You can send it to multiple clients who can then approach the company for more details. Begin the plan with a short introduction followed by an outline of your brand, its present status and potential growth rate. One-page business plans One-page business plans are short, compact and to the point. Here the students have to fit in all the elements of an average plan in a single sheet. This means that you cannot afford to ramble about the brand or the market space for long. Identify the core areas that need work, list down your resources, capital investment, risks, growth potential in bullet points. You can also divide the page into separate sections and sub-sections. Representing this information in a tabular format is also a good idea. Annual business plans The annual business plan , as the name suggests, is for a year. In this plan, the students have to outline the brand marketing strategy for a particular financial year. Ensure that you list the period and annual goals of the company clearly on the cover page. The entire plan must limit to the specific year only. You can devote a section to set the market background and another to talk about future prospects. But the advertising campaigns and promotional solutions must be relevant for the year. Business plans for start-ups Start-ups require a completely different approach as opposed to an established enterprise. Students must understand the subtle differences between the two and customize the business plans. Keep the plan small-scale, feasible and easy to implement Also, with start-ups , you have the flexibility to introduce new technologies and resources with greater ease. Students can include surveys, customer studies, graphs and charts to enforce these changes. Operational plans Operations plans are more action-oriented, unlike the others on the list. The students will have to stress on the execution more than the technical aspects of the enterprise. Discuss the fundamental goals of your brand and how you plan on accomplishing them. The operational plan also contains a lot of statistics and figures. You will need charts, graphs, and research studies to solidify your argument. Also, explain the details of your advertising campaigns, funding sources, risks, and profits as well. Strategic plans Strategic plans are those that focus solely on marketing the brand. This business plan is usually picked by enterprises that want to revamp or tweak their brand image. It might involve intensive market research, surveys, and studies to understand customer trends of your sector Strategic plans dive straightway into the advertising campaigns and branding solutions for the company. Students can pick any established brand and develop a strategic business plan to customize it to modern audiences. Internal plans Internal business plans are not meant for investors or any external parties. These plans include an in-house report, accessible only to the partners. The business plan is viewed by everyone on the team. The structure and format of this business plan are, therefore, more detailed and comprehensive. You can include confidential secrets and stats of your brand. Also, ensure that these sections are safe from online threats. Elements of a business plan Every business plan has a few common elements. You can, of course, have new features and sections in your plan provided you follow the basic format. Consult your peers and professors about the structuring of the plan. The business plan begins with a cover page and ends with a proper conclusion. The introduction and main body expand on the business strategies, stats, and future prospects of the industry. The cover page is the first thing the reader sees when they come across your business plan. This section is both informative and interesting enough to intrigue the reader. Anyone who glances at the cover should understand the essential purpose of the plan. Mention the brand name, the title of the plan and your business tagline. You can then add the contact details, a short overview and statement of purpose. I also suggest my students add a confidentiality statement towards the end of the cover page. This protects your plan from any intellectual theft and plagiarism. The cover page should be attractive, clutter-free, and eye-catching. Executive summary The executive summary is the first page of the business plan wherein you outline the key points of the plan. It is here that you inform the reader about your brand, the target market, and your unique strategies. A few basic questions addressed in this section can be about What is your brand all about? Where is your band located? What are your core strengths? What are your targets? How do you plan to achieve them? Here you can discuss a brief overview of the business plan to convince the reader about the credibility of your business. Marketing strategy After explaining the preliminary details of your business, you can move on to explain the points in great detail. Talk about your marketing strategy and how you plan to advertise your product/service. Most business plans deal with establishing the brand from scratch. This means you need a sound strategy to launch your product in the market. Here you can also mention your competitors and their advertising campaigns. Operations and management plan This is the part where you elaborate on the marketing strategy and operations of your business. Discuss the significant partners, sales locations, advertising collaborators and more. The management plan also gives out details about your core team members. Move on to provide a rough monetary estimate needed to execute your business plan into action. Give an accurate account of your expenses, risks, and assets. Also, state the capital investment and share value you can offer the investors in return. Citations and annotations End your plan with a proper conclusion and bibliography section. This is where you list all your sources, studies and journals referred to in the plan. You can also discuss the future prospects and potential of your business plan in the ending paragraphs. You can add extra annotation as well if you have exciting tidbits for the reader. I suggest my students follow either APA or Harvard style referencing as they’re most suitable for business assignments. Quick links and references Here are some quick links, external references and other reading material for students who want additional information on business plans. you can cite these sources towards the end of your plan, or simply use it Citation generator: Citethisforme Citations guidelines: Harvard Referencing Style by Sheffield University   Business plan examples: App Success Business Plan   Business plan cover page templates: Business plan cover page   Business plan samples: Sample business plan for small-scale food business by Oklahoma University Business plan guidelines: Business plan guidelines   The Bottom line Business plans are an essential part of your curriculum. It gives your ideas proper structure and order. Also, these plans cater to all sectors and industries. Formatting a business plan gives you a deeper understanding of the practical aspects of entrepreneurship. I hope that business plan examples and layouts were of any help to my readers. Good luck! Professional Business Plan Specialists News and articles, academic vs practice: business plan examples for students. Thommie Burger August 2, 2022 What you learn at varsity does not necessarily translate easily to what happens in practice. Business Plan Examples for Students will be worlds apart from Business Plan Examples used by Investors. Many successful entrepreneurs did badly at school or dropped out of university. The education system didn’t suit them or didn’t know how to handle them. As a result, many graduates move straight into a graduate job and stay employed until retiring in their sixties or seventies, never considering entrepreneurship for their journey. Instead, they choose to toe the line, do what is expected of them and walk a well-trodden path, deliberately turning down options with higher perceived risk in favour of security and certainty. Not every student wants to be an entrepreneur, but every student can benefit from entrepreneurial skills. No matter where a student ends up in their career, whether they start a company or join an existing company, entrepreneurial skills enable them to serve themselves by first serving others. A practice-based business plan is an essential part of your curriculum in business school. It’s not just another case study – it’s a detailed strategy that will help you evaluate your new business venture’s feasibility and potential success. However, many students find it tricky to balance their academic requirements with real-life plans for launching their new venture. This blog post will offer you two different perspectives: one from an academic advisor and another from an entrepreneur. Exploring Business Plan Examples for Students: The Academic Perspective on Business Plans Business plans are often viewed as a catch-all document that provides a checklist of everything you’ll need before you start a new venture. But, academic business plans are different. For an academic business plan, you don’t need to ask yourself, “How much money do I need to raise?” Instead, you’ll use the business plan to ask questions like, “How much time will it take to accomplish my goal?” Then, you’ll work backwards and estimate the time you need to achieve your goal. Then you’ll estimate the resources you’ll need to complete each step. And you’ll use the analysis to identify potential risks and mitigation strategies. Exploring Business Plan Examples for Students: The Practice-Based Entrepreneur’s Perspective on Business Plans For the practice-based entrepreneur, business plans are a strategic roadmap that guides you through the journey ahead. You’ll follow this roadmap while you’re building your business and while you’re building your business idea. As you explore different ideas, you’ll create a business plan for each one. You’ll use these business plans to discover the best business model and explore the market. You’ll also use them to test your assumptions, explore your weaknesses and identify your strengths. Looking at business plans from a practice-based entrepreneur’s perspective, you’ll see that a business plan isn’t a static document. Instead, it’s part of an ongoing process. As you can see, academic business plans and real-world business plans are very different. However, each type of plan has a very important purpose. Business plans can help you test your assumptions. They can also guide you financially. They can help ensure you’re focusing your limited resources in the right direction. Business plans can also help you communicate your ideas to potential investors, partners, employees and customers. And they can help you track your progress and stay accountable for meeting your goals. Exploring Business Plan Examples for Students: 5 Tips to make your Academic Business Plan more Real-World Ready! There is a difference between academic and real-world business plans. However, there are ways you can make your academic business plan more real-world-ready. These tips will help you apply the practice of writing a real-world business plan while still meeting the requirements of an academic business plan. They will also help you get the most value out of your business plan. Research the market you want to enter. Research your competitors. Research the demographic you want to target. Research the channels of distribution you want to use. Research the pricing strategy you want to use. Studying entrepreneurship can give early-stage entrepreneurs an edge if they continue learning beyond the classroom if they don’t expect entrepreneurship to be spoon-fed in the same way as other subjects. If their focus is self-guided learning and application and if they are self-motivated. Suppose the course is another tool in their toolbox. If, however, a startup founder relies on a teacher’s advice to run their business, parks problems until the next class, doesn’t expand their mind beyond the curriculum or works within the course parameters, it will only serve to make entrepreneurship another tick-box exercise, with no relevance to the real world of business which has little regard for neat lists and everything going to plan. Unlike history, sociology or anthropology, entrepreneurship creates what it studies. – Kauffman Foundation It can be argued that you do not need to go to university to start a successful business, but you need to hold a growth mindset, be open to learning, and be ready to capitalise on the resources around you. You can learn from books, join masterminds and accountability groups of entrepreneurs, and hire a coach or mentor. University entrepreneurship courses can add essential skills to everyone, but there are plenty of ways to pick up these skills as long as someone desires. Exploring Business Plan Examples for Students: 7 Tips for Launching Your Own New Venture While Completing Your Degree Studying entrepreneurship whilst starting a business means the theory has real-life application. Students can apply the models they learn to their businesses. There is no reliance on examples from companies in the news, past examples or fictitious entities, which hold no practical value. To grasp what entrepreneurship is about, students need to do it. Startups succeed based on their environment, peer support, access to resources, and plenty of inspiration around them. The concentration of these factors explains why Silicon Valley has been the tech startup capital of the world for so long. It’s no secret that great entrepreneurs are focused on growth and open to learning. Startup founders studying entrepreneurship become versed in processing information, assessing and planning. They can call upon guidance and coaching when they hit inevitable stumbling blocks. If you’re pursuing your business idea on the side while you finish your degree, you will face extra challenges that are unique to your situation. Here are a few tips that will help you succeed. Track your time. Find a group of people who are pursuing the same venture as you. Find an advisor who has experience in your industry. Be selective with what you spend your time on. Be selective with who you spend your time. Be selective with who you share your ideas with. Be selective with what you share on social media. Exploring Business Plan Examples for Students: A Realistic Guide for Students This guide offers a realistic look at how business plans can help you succeed in real-world ventures. But, if you want to succeed in your real-world ventures, you must have the right mindset. Be flexible. Be realistic. Be honest with yourself. Be honest with others. Be strategic. Be patient. Be persistent. Be thoughtful. Be resourceful. Need more advice on Business Planning? Connect with the Founder of JTB Consulting, Dr Thommie Burger (on LinkedIn) Recently published articles. How to Secure Working Capital Loans and Cash Advances in South Africa There are Various Startup Business Funding Options ― Here are JTB’s Top 10 How to Write a Business Plan Investors Love ― JTB’s Top 14 Tips! 18 Essential Questions to Ask Before Hiring a Business Plan Writer (2024 Edition) Why are Business Plan Companies in South Africa Vital to Startups in 2024? When you do a Feasibility Study, you Must Ask These 20 Questions 2024. JTB Consulting. All Rights Reserved Website by Pixelworks Business Funding Request a Quote Case Studies Testimonials Privacy Policy [email protected] Subscribe to our Newsletter Subscribe to our Newsletter. Stay informed and opt-in for our newsletter via email. We respect your privacy and we never spam. 550+ Business Plan Examples to Launch Your Business Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration. Find your business plan example Accounting, Insurance & Compliance Business Plans View All 25 Children & Pets Business Plans Children's Education & Recreation View All 33 Cleaning, Repairs & Maintenance Business Plans Auto Detail & Repair Cleaning Products View All 39 Clothing & Fashion Brand Business Plans Clothing & Fashion Design View All 26 Construction, Architecture & Engineering Business Plans Architecture Construction View All 46 Consulting, Advertising & Marketing Business Plans Advertising View All 54 Education Business Plans Education Consulting Education Products Business plan template: There's an easier way to get your business plan done. Entertainment & Recreation Business Plans Entertainment Film & Television View All 60 Events Business Plans Event Planning View All 17 Farm & Agriculture Business Plans Agri-tourism Agriculture Consulting View All 16 Finance & Investing Business Plans Financial Planning View All 10 Fine Art & Crafts Business Plans Fitness & Beauty Business Plans Salon & Spa View All 36 Food and Beverage Business Plans Bar & Brewery View All 77 Hotel & Lodging Business Plans Bed and Breakfast Brought to you by Create a professional business plan Using ai and step-by-step instructions. Secure funding Validate ideas Build a strategy IT, Staffing & Customer Service Business Plans Administrative Services Customer Service View All 22 Manufacturing & Wholesale Business Plans Cleaning & Cosmetics Manufacturing View All 68 Medical & Health Business Plans Dental Practice Health Administration View All 41 Nonprofit Business Plans Co-op Nonprofit Food & Housing Nonprofit View All 13 Real Estate & Rentals Business Plans Equipment Rental Retail & Ecommerce Business Plans Car Dealership View All 116 Technology Business Plans Apps & Software Communication Technology Transportation, Travel & Logistics Business Plans Airline, Taxi & Shuttle View All 62 View all sample business plans Example business plan format Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the business plan samples in this library and most investor-approved business plans will include the following sections: Executive summary The executive summary is an overview of your business and your plans. It comes first in your business plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan. Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money). Products & services The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified. This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers. Market analysis Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base. Competition Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture. To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how your business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition. Marketing & sales The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success. The operations section in our business plan examples covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place. Milestones & metrics The milestones section is where you lay out strategic milestones to reach your business goals. A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc. Company & team Use this section of your business plan to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running. Financial projections Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data. Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this business plan section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on. The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your business plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements. Types of business plans explained While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your business plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering. Traditional business plan The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual. Business model canvas The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea. The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations. One-page business plan The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business. By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan. Growth planning Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance. It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed business plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remains stable through times of crisis. It's faster, keeps your plan concise, and ensures that your business plan is always up-to-date. Download a free sample business plan template Ready to start writing your own business plan but aren't sure where to start? Download our free business plan template that's been updated for 2024. This simple, modern, investor-approved business plan sample is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks. How to use an example business plan to help you write your own How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at business plan examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a business plan sample. Choose a business plan example from a similar type of company You don't need to find an example of a business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the business plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a business plan sample that's related to the type of business you're starting. For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar. Use a business plan example as a guide Every startup and small business is unique, so you'll want to avoid copying an example of a business plan word for word. It just won't be as helpful, since each business is unique. You want your business plan to be a useful tool for starting a business —and getting funding if you need it. One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful. You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example of a business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business. If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template . Think of business planning as a process, instead of a document Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page. Adjust your business plan regularly to use it as a business management tool Keep in mind that businesses that use their business plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis. If things are going well, your business plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business. Prepare to pitch your business If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides. Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily we have a round-up of real-world pitch deck examples used by successful startups that you can review and reference as you build your pitch. For more resources, check out our full Business Pitch Guide . Ready to get started? Now that you know how to use an example of a business plan to help you write a plan for your business, it's time to find the right one. Use the search bar below to get started and find the right business plan example for your business idea. 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 Free Samples Premium Essays Editing Services Editing Proofreading Rewriting Extra Tools Essay Topic Generator Thesis Generator Citation Generator GPA Calculator Study Guides Donate Paper Essay Writing Help About Us About Us Testimonials FAQ Business Plan About Business Plan Samples List The academic year has different writing assignments. While most of them are met with inevitable cold and irritation, there is one exception. A business plan paper considers being one of the most anticipated assignments during the year that causes excitement among the students simply because it makes them feel like entrepreneurs. It is even a crucial first step for some last-year undergraduates as they begin to consider opening their own company or introducing new products to the market. Writing an essay about business that you want to launch is exhilarating. However, nothing is that simple because you need to overcome some obstacles. Let us consider them closely. Difficulties of Business Plan Paper Coming up with a strong business plan that will fetch investors and raise start capital is a true challenge. Let's consider the difficulties that you need to fight: Featuring unrealistic goals. Doctoring up the current situation with the company. Going for an overly optimistic plan. Not defining critical sections of the project. Not doing thorough research of the target audience, competition, and niche. Hiding your weaknesses. Display too much irrelevant information. Not using proper words, thereby sounding juvenile. Being inconsistent with goals, mission, and plan of action. Not addressing your financing plan. Not getting your vision on the paper. Not setting the right first target. Glazing over spelling mistakes and grammatical errors. Business Plan Examples for Students: Top 7 Elements to Include Business plan examples for students offer lots of benefits. They are a reliable source of inspiration that helps overcome writing blocks and gives undergraduates a much-needed boost to kick start their projects. They demonstrate how to structure the information by dividing it into bite-sized portions, forming a logical structure, and creating an enjoyable reading experience. On top of that, they serve as a background to build a strategic planning essay covering seven crucial elements that all investors are looking forward to hearing. Let us consider them closely since they should underlie every business plan essay: Company description. It provides in-depth information about your small local firm or brand-new digital startup. It should hint about the competitive advantage, potential customers, and potential marketplace spot you want to occupy. It should also feature the official company formation. Executive summary. It is all about creating the impression that counts and giving your future company a dramatic entrance. It is here where you need to impress your investors. It should reveal the strengths of your venture and hints about products or services that are going to meet the demands of the market. As a rule, this section of the essay example free  on strategic planning includes such components as the mission statement, ultimate goals, founders and their backgrounds, financial possibilities, product description, capital, and financial state. Note that it is highly recommended to put an executive summary at the beginning of the business plan narrative. However, it is not necessary. It goes perfectly fine after the company description. Company's organization. It reveals the company's organizational structure, including owners and their responsibilities. Use visual instruments like graphs and charts to represent this information. If you are going to hire employees, it is the section to reveal your tactics concerning a pool of talents as well. Market analysis. It goes into a depth description of the market. This section of your relatively small business essay should prove to potential investors that you are perfectly aware of the target audience's needs, preferences, and expectations. On top of that, you need to show your expertise in this niche. Why will your company get its place under the Sun? What demands are you planning to meet? Reveal your pricing formation and list the advantages of your company that help to fight the competition. Product or Service. It unveils the real beauty hidden inside your main product or service. It should describe the product's specific benefits and how it stands out from the crowd. Include critical features of your service and its competitive advantage. This section of the narrative business plan is all about strategic growth and how you will achieve your short and long-term goals. It should include tactics and a plan of action to branch out and prolong the company’s lifetime. If you want to franchise, you need to mention it here as well. Also, this section is excellent for sharing your thoughts about marketing campaigns across various distribution channels, including email marketing and social media. If you introduce "starting a business essay," it is normal to discuss only hypothetical numbers. However, if you are already running your local firm, you may give some exact numbers to demonstrate the progress towards the ultimate goal. This section should also reveal the prospective financial information that provides investors with food for thought. To sum up, the essential business essay format should look like this: Executive summary. Company introduction. Company's organization. Market analysis. Product/service description. Marketing plan. Finally, you might include such sections as business leadership, strategic partnership, legal form, distribution channels, chances and risks, and business coordination. How to Benefit from Business Essay Example? A business essay example is a great instrument to push your assignment forward. As we have already pointed out, it has much helpful information inside. For instance, it demonstrates the proper structure and format. It also serves as a business plans template that you can use as a foundation. In addition, while surfing through the library of marketing plan essays, you may get familiar with some popular and unique topics for a business plan that you might include to reinforce your presentation. For instance, consider these topics and questions: What will be a future trend in your niche? Who are your competitors, and how can you separate your business from them? What are potential packaging plans? What is a timeline for your solution? What is a deadline for your ultimate goal? What is your target market share? List the supportive evidence for the sales model of your company. Demonstrate the gap between the company's today and future situations. In a word, business essay example is beneficial in many respects. So, how to make the most out of it? Follow these steps: Step 1 – Locate business papers made in your and adjacent niches. Step 2- Choose two to three samples that meet your company's description, mission, and, most importantly, goals. Step 3 – Familiarize yourself with the papers to gather as much information as possible. Step 4 – Pick the one to use as a template. Step 5 – Populate it with your information to create a good outline. Step 6 – Use a business plan outline to create the first draft of your plan of action. Step 7 – Take this draft and revise it several times to make it fit your company's idea and vision. Studentshare Document Types Examples List on Business Plan TERMS & CONDITIONS PRIVACY POLICY COOKIES POLICY How to Write a Business Plan (Plus Examples & Templates) Have you ever wondered how to write a business plan step by step? Mike Andes, told us:  This guide will help you write a business plan to impress investors. Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans! We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey! What Is a Business Plan? A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including:  Finding customers Plans for developing a team  Competition Legal structures Key milestones you are pursuing If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide . Get a Business Idea Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills.  Mike told us, “The three things I suggest asking yourself when thinking about starting a business are: What am I good at? What would I enjoy doing? What can I get paid for?” If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it.  As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.” If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video Conduct Market Analysis Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make. Product and Service Demand A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options. With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services.  If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it. You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.  I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis. Identify Demographics of Target Market Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are: Other Interests Marital Status Do they have kids? Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,   “It helps you quickly evaluate what the best areas are for your business to be located.” How to Write a Business Plan Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan.  Each of the following should be a section of your business plan: Business Plan Cover Page Table of Contents Executive Summary Company Description Description of Products and Services SWOT Analysis Competitor Data Competitive Analysis Marketing Expenses Strategy  Pricing Strategy Distribution Channel Assessment Operational Plan Management and Organizational Strategy Financial Statements and/or Financial Projections We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go.  How to Write a Business Plan Step 1. Create a Cover Page The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page: Professionally designed logo Company name Mission or Vision Statement Contact Info Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed. How to Write a Business Plan Step 2. Create a Table of Contents Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them. A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly. Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans. How to Write a Business Plan Step 3. Write an Executive Summary An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read. Mike told us, How long should an executive summary bein an informal business plan? For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention. It consists of three basic parts: An introduction to you and your business. What your business is about. A call to action Example of an informal executive summary  One of the best elevator pitches I’ve used is: So far that pitch has achieved a 100% success rate in getting partnerships for the business. What should I include in an executive summary for investors? Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include: Introduction of yourself and company. An origin story (Recognition of a problem and how you came to solution) An introduction to your products or services. Your unique value proposition. Make sure to include intellectual property. Where you are in the business life cycle Request and why you need it. Successful business plan examples The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect. Here’s the interview with the owner of Urbanity: When to write an executive summary? Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan. What mistakes do people make when writing an executive summary? Business owners commonly go into too much detail about the following items in an executive summary: Marketing and sales processes Financial statements Organizational structure Market analysis These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal. How to Write a Business Plan Step 4. Company Description Every business plan should include a company description. A great business plan will include the following elements while describing the company: Mission statement Philosophy and vision Company goals Target market Legal structure Let’s take a look at what each section includes in a good business plan. Mission Statement A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements.  Company Philosophy and Vision The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up. What makes your company different? Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity.  Examples of core values One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:  Prioritize communication.  Never stop learning.  Be transparent.  Start small and grow incrementally. These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values . What is a vision statement? A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world. Example vision statements The Alzheimer’s Association is a great example of a vision statement: A world without Alzheimer’s Disease and other dementia. It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement. Business Goals You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy. Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work. How far in advance should a business plan? Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them. Example of great business goals My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals. If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk). You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources.  Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan. A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like: What is the industry outlook long-term and short-term? How will your business take advantage of projected industry changes and trends? What might happen to your competitors and how will your business successfully compete? Industry resources Some helpful resources to help you establish more about your industry are: Trade Associations Federal Reserve Bureau of Labor Statistics Legal Structure There are five basic types of legal structures that most people will utilize: Sole proprietorships Limited Liability Companies (LLC) Partnerships Corporations. Franchises. Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner. You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier. Sole Proprietorship A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home. To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance . Limited Liability Company (LLC) An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement. Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC. Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC. Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here . There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch. How to Write a Business Plan Step 5. Products and Services This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include: Unique features that differentiate your business products from competitors Intellectual property Your supply chain Cost and pricing structure  Questions to answer about your products and services Mike gave us a list  of the most important questions to answer about your product and services: How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)? How do you let them know they need a product? How do you communicate the message? How will you do transactions? How much will you be selling it for? How many do you think you’ll sell and why? Make sure to use the worksheet on our business plan template . How to Write a Business Plan Step 6. Sales and Marketing Plan The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections: SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them. Business owners need to do a thorough job documenting how their service or product stacks up against the competition. If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank . SWOT Examples Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times. Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes: Adding offerings that fit with your current small business Increase sales to current customers Reducing costs through bulk ordering Finding ways to reduce inventory  And other areas you can improve Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events. The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing.  Include Competitor Data in Your Business Plan When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry. For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website . What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business. Marketing Strategy The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them. If you haven’t already included it, Mike recommends: “They’ll want to know about Demographics, ages, and wealth of your target market.” Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market. Advertising Strategy You’ll explain what formats of advertising you’ll be using. Some possibilities are: Online: Facebook and Google are the big names to work with here. Print : Print can be used to reach broad groups or targeted markets. Check out this for tips . Radio : iHeartMedia is one of the best ways to advertise on the radio Cable television : High priced, hard to measure ROI, but here’s an explanation of the process Billboards: Attracting customers with billboards can be beneficial in high traffic areas. You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets. Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.” Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines . This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run. Some common pricing strategies are: Value-based pricing – Commonly used with home buying and selling or other products that are status symbols. Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time. Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations. Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality. HubSpot has a great calculator and blog on pricing strategies. Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow. Distribution Plan This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when. Supply Chain Examples For instance, lawn care companies  would need to cover aspects such as: Suppliers for lawn care equipment and tools Any chemicals or treatments needed Repair parts for sprinkler systems Vehicles to transport equipment and employees Insurance to protect the company vehicles and people. Examples of Supply Chains These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain: Raw materials Shipping of raw materials Converting of raw materials to thread Shipping thread to produce garments Garment producer Shipping to company Company storage Shipping to retail stores There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions. The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process. According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer. How to Write a Business Plan Step 7. Company Organization and Operational Plan This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects: Quality Control Legal environment Let’s look at each for some insight. Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan. If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business. Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations. Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer. There are a variety of organizations that help define quality control including: International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity AICPA – Standard defined for accounting. The Joint Commission – Healthcare ASHRAE – HVAC best practices You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan. For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation. The size of your location The type of building (retail, industrial, commercial, etc.) Zoning restrictions – Urban Wire has a good map on how zoning works in each state Accessibility – Does it meet ADA requirements? Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs Utilities – b.e.f. has a good energy calculator . Legal Environment The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following: Any licenses and/or permits that are needed and whether you’ve obtained them Any trademarks, copyrights, or patents that you have or are in the process of applying for The insurance coverage your business requires and how much it costs Any environmental, health, or workplace regulations affecting your business Any special regulations affecting your industry Bonding requirements, if applicable Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource. Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions: What is the current leadership structure and what will it look like in the future? What types of employees will you have? Are there any licensing or educational requirements? How many employees will you need? Will you ever hire freelancers or independent contractors? What is each position’s job description? What is the pay structure (hourly, salaried, base plus commission, etc.)? How do you plan to find qualified employees and contractors? One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this: Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan. How to Write a Business Plan Step 8. Financial Statements  No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each. Provide All Financial Income from an Existing Business An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years. You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal. If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following: Higher Revenue if expanding business Lower Cost of Goods Sold if purchasing inventory with bulk discounts Adding interest if utilizing financing (not equity deal) Changes in expenses Addition of financing information to the cash flow statement Changes in Earnings per Share on the balance sheet Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them. Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research. Financial Projections For A Startup Business Plan Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages. Mike gave the following advice in his interview: Financial Forecasting Mistakes One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples. Let’s use custom t-shirts as an example. Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate. With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue. Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market. Here’s a table for easier viewing of that information. The point here is to make sure your business proposal examples make sense. You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates. Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal. How to Write a Business Plan Step 9. Business Plan Example of Funding Requests What is a business plan without a plan on how to obtain funding? The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month. In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months. Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop. Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion. Ways to get funding for a small business There are a variety of ways to cover this. the most common are: Bootstrapping – Using your savings without external funding. Taking out debt – loans, credit cards Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds Crowdsourcing – Promising a good for funding to create the product Keep reading for more tips on how to write a business plan. How funding will be used When asking for business financing make sure to include: How much to get started? What is the minimum viable product and how soon can you make money? How will the money be spent? Mike emphasized two aspects that should be included in every plan,  How to Write a Business Plan Resources Here are some links to a business plan sample and business plan outline.  Sample plan It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list: Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company. Optimus Business Plans –  Another business plan writing company. Venture Capital – A venture capital thread that can help give you ideas. How to Write a Business Plan: What’s Next? We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered: The definition of a business plan Coming up with a business idea Performing market research The critical components of a business plan An example business plan In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success. Don’t forget to check out the rest of our business hub . Have you written a business plan before? How did it impact your ability to achieve your goals? 80% of businesses fail... Learn how not to. Learn from business failures and successes in 5 min or less. The stories, frameworks, and tactics that will make you a 10x better founder. Brandon Boushy Related articles Monday.com Review: Pros & Cons, Ratings & More How to Resell Shoes (And Make $350K/Month) How to Register a Business (in 5 Easy Steps) nice work https://binarychemist.com/ My Name is PRETTY NGOMANE. A south African female. Aspiring to do farming. And finding a home away from home for the differently abled persons in their daily needs. Become a business owner in less than 90 days Start your 10-day free trial of the UpFlip Academy and learn how to start your own business from scratch. Get business advice straight to your   Inbox  UConn Library Topic: Entrepreneurship & Business Plan Guide Business Plan (How to & Samples) Topic: Entrepreneurship & Business Plan Guide — Business Plan (How to & Samples) Idea Generation Industry Information Competitors Market Research Financial Data Advertising & Promotion Small Business Advisors Products, R&D, Strategy Patents and Trademarks Grants, Loans, and Financing Franchises & Franchising Celebrating Connecticut What is a Business Plan? A business plan is "a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals."--Tim Berry from Bplans site. An Introduction to Business Plans Introduction to a tutorial on business plans written by the staff at Entrepreneur magazine. Business Planning Guide Step-by-Step guide to write a Business Plan by Bplans site. Create Your Business Plan, from the U.S. Small Business Administration (SBA) The SBA has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. What is included in a Business Plan? The following components make up a business plan: Table of Contents Executive Summary : Appears first, written last. Provides a snapshot of your company explaining who you are, what you do, and why. Mission & Vision: Here you define the purpose of your business (Mission) and a statement about your perception of the company's growth and potential (Vision). Include specific goals and objectives of the business Business Description: Provide background information about the company including brief history of the business and list of key company principals. Define Your Market: Describe the industry within which your business will operate, identify your target market, provide a general profile of your targeted clients, and describe what share of the market your currently have and/or anticipate. For this section of the business plan, your will undertake following types of research: Industry Analysis : how is the industry structured, trends and statistics, key players, segmentation, sales and distribution channels etc. Competitive Analysis : major competitors, strengths and weaknesses, how would you position yourself against the competition, market niche, product/service comparison Customers: who are the customers (demographic data), what do they want, customer buying habits, market share/market size, consumer preferences Advertising and Promotion : How will you reach out to potential customers? Where do they currently shop for product/service? Where will you advertise and how will you measure the effectiveness of your advertising and promotion efforts? Pricing : strategy, policies, price list, break-even analysis Location : Where is your business located? (home-based; retail; commercial, etc….), is the location of your business important? Any special zoning, land or building improvements needed to accommodate your operation? If location is important, what are the features of your location? Products & Services:   Describe all your products and services; explain how your products and services are competitive including unique features, benefits of the product or service, niche served, stage of product/service development, production, future growth. Organization & Management: Describe how your company is organized including legal structure(sole proprietorship, partnership, corporation etc); identify any special licenses and/or permists your business operates with; provide brief bio of key managers within the company; include an organization chart if available. Marketing & Sales Strategy: Identify and describe your maket -- who are your customers and what's the demand for your products and services; channels of dsitribution you will use; your sales strategy specific to pricing, promotion, products, and place. Financial Management: For new business include: estimate of start-up costs (all one-time expenses such as equipment, deposits, fees, etc.); projected balance sheet, income statement, cash flow statement (1 year forward) For existing business include: balance sheets (last 3 years), income statements (last 3 years), cash flow statements (12 months) If applying for a loan: current personal financial statement on each principal; federal tax return for prior year Appendices: This section may include company brochures, resumes of key employees, list of business equipment, copies of press articles and advertisements (if available), pictures of your business location and products, any applicable information about your industry and /or products, key business agreements such as lease, contracts etc.   (Adapted from: SBA's Business Plan Template ) Finding Sample Business Plans Business Plans Handbook/ Lynn M. Pearce, ed. Vol 13. Includes sample plans on numerous topics such as advertising, fitness center, landscaping, and technology solutions provider and more. Business Plans Handbook/ Lynn M. Pearce, ed. Vol. 19. Includes business plans for assisted living facility, auto dealing, bowling alley, commodities trading firm, digital presentations, farm, furniture store, gas station, laundry mat, web design, and more. Business Plans Handbook (via Reference for Business) Earlier volumes of the Business Plans Handbook are available at the above sites for free. BPlans.com Includes samples of business plans as well as advice and tips on writing a business plan, starting and running a business. Why You Need a Business Plan? You need a business plan: To see if you have a viable business idea To identify your (and your company's) strengths and weaknesses To assess the market for your product or service To size up the competition To determine your financial needs To attract investors To set up milestones and monitor your business << Previous: Idea Generation Next: Industry Information >> Last Updated: Aug 29, 2024 11:41 AM URL: https://guides.lib.uconn.edu/entrepreneurship You are using an outdated browser. Please upgrade your browser to improve your experience. 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Sponsored School(s) If the answer is yes, then you need a business plan . This seems like an extremely daunting task, but if you understand your business, it won’t be hard at all. It’s simply a matter of organizing the information in a clear, concise manner. The following article discusses how to write the perfect business plan, including the types of business plans most commonly used, top 10 do’s and don’ts, what goes into a business plan, the structure of your business, marketing and sales, your organizational and operational plan and much more. What is a Business Plan? To help you write the perfect business plan, we’ll provide you with an exact outline of everything you’ll need to include, so even if you think you’re too young, you’ll have no problem starting out. The reason many business owners first decide to put together a business plan is that they simply have to. If you want to apply for a business loan, attract investors, or obtain any necessary licensing, business plans are a prerequisite. Even if you don’t need financing or licensing, however, it’s still a good idea to have a well-thought-out business plan. If you need to hire any key employees, a strong business plan will help attract strong talent. Whenever you need to deal with professionals, such as a consultant or an accountant, your business plan gives them invaluable insight. Finally, it’s a good idea to put a business plan together for your own sake . As you put the business plan together, you’ll have the chance to really conceptualize and evaluate your strategy. You’ll build proof that your idea makes both financial and logistic sense. Once you start working to get your business off of the ground, a strong business plan guides and helps you stay on-track. Types of Business Plans Business plans come in all shapes and sizes, but you can generally whittle them down to three key versions. Shortened Business Plan This is an easily digestible, much shorter version of your normal business plan. Typically, it will be between three and five pages. You should include your executive summary, financials, and any information pertinent to the person/s to whom you are presenting the plan. A shortened business plan is usually made with a specific purpose or recipient in mind, so it will be easy to figure out exactly what is and isn’t important enough to make the cut. In-depth Business Plan Your standard business plan, and the one we will be teaching you to write . Again, these come in handy when seeking to fund your business, attract employees or work with professionals, or simply to act as a guide. Operational Business Plan Unlike the other two business plans we have discussed, an operational business plan is meant for internal use only. This will not be distributed to anybody except for employees or professionals working on your company’s behalf. An operational business plan focuses on the company’s overarching goals, mission, and vision so that all department stay aligned. Your Marketing and Sales, Operational Plan, and Financial sections will be key here. What Language Should I Use? Top 10 Do’s and Don’ts Before we dive into our business plan outline and describe each section, let’s go over some general do’s and don’ts you’ll want to keep in mind as you write your business plan: Do: Provide Examples Don’t: Overload the Reader An in-depth business plan will contain lots of useful information and will likely end up being much more than ten pages. Because it’s so long by nature, you need to make sure to only include the most useful information in each section. Format everything carefully and correctly. Don’t use language that confuses or intimidates readers outside of your industry. The easier it is for the reader to absorb everything you’re presenting them, the more effective your business plan is. Do: Proper Research Don’t: Leave Any Stone Uncovered Somebody who reads your business plan shouldn’t have any major questions left unanswered. Include complete information about what you are aiming to do, how you are going to do it, how much money is needed, etc. Use our full outline below to ensure everything is covered. Do: Be Honest Don’t: Hustle Just to ‘Get it Done’ Writing a business plan isn’t a task you’re completing and checking off your to-do list. Everything must be accurate, thoughtful, and well-articulated. Keep in mind: this will guide you as you operate your business and is the key to obtaining financing and/or pitching your business. Do: Make it a Living Document Don’t: Focus Solely on Your Product You might think your business revolves around your particular product/s or service/s, but there’s so much more to it than that. Your business plan talks about how the actual business is run, so you might want to leave the technical specifications and granular details for another time. Do: Show Your Passion In the end, your business plan and your business are about you. While it’s important to maintain a professional tone, don’t be afraid to let your enthusiasm about your business seep through every page. Don’t: Write Alone How to Write a Business Plan Keep it concise. Know your audience. Perfect your executive summary. Focus and refine constantly. Gather and check all of your data. Be confident, but don’t go overboard. Be as clear and in-depth as possible. Enhance with graphics. Share and gather feedback from trusted advisors. What Goes into a Business Plan? When writing your business plan, you will need to put in a lot of time and research. Luckily, we’re here to walk you through all of that. A winning business plan contains the below sections, and you can use our sidebar to navigate to each of these: Introduction Executive Summary Information About Your Business Industry Analysis Marketing and Sales Operational Plan Your Business Plan Introduction Cover Letter A cover letter is essential whenever you are presenting the business plan to somebody for a specific reason and should be tailored to each individual. Like any other letter, it should include names, dates, and a cordial greeting. In the first paragraph, explain exactly why you are presenting the business plan to the recipient. Take one or two paragraphs to discuss your business (an even more condensed executive summary, as we will cover in the next section). Finally, let the reader know you appreciate their consideration and would be happy to address any questions or concerns. Include any necessary contact information below your name and signature. Your title page should be clean and simple. Here’s what to include in it: The title of the document (i.e. Business Plan, Business Proposal, Summary Business Plan). The name of your company. A sub-heading, if necessary (i.e. ‘Presented to ABC Investing Company’). Who the business plan was prepared by. The name of any other owners or key partners. Basic contact information. Table of Contents A table of contents is essential to make your business plan transparent and easy to navigate. It is unlikely that a serious potential partner or investor will read through your plan once and toss it aside, so you want to make it easy for them to return and pick up where they left off or revisit any key bits of information. If you are providing a digital copy, include clickable links to each section for the reader’s benefit. The executive summary is exactly what it sounds like – a brief summary that describes the essence of what your business is and what it aims to do. Here’s how to write a winning executive summary: Begin with a single sentence that sums your business up. This is otherwise known as your value proposition. Describe what niche or problem your business fills or solves. Explain exactly how your business solves this problem in a way that the rest of the competition does not or cannot. A very brief (one or two sentences) summary of any other information from the following sections that would be critical to your business’ success. Your Business / Company Structure of Your Business First and foremost, you’ll need to discuss the legal structure of your business: Sole-proprietorship: simple to set-up, but the owner is fully liable for any debts or obligations. Partnership: a general partnership is also simple to set-up, but all partners would be liable. Limited partnerships, or LPs, are a bit more complicated. Corporation: a corporation is owned by stockholders, so it is unlikely you will either want or need to structure as one. There are two types of corporations, which vary in terms of shareholder limitations and tax liabilities: S corporations and C corporations. Limited liability corporation (LLC): an LLC is generally the best of both worlds for small businesses. The owner’s’ liability is limited, and taxation is that of a partnership, which provides better flexibility over a corporation. Once the legal structure is determined, you’ll need to break down the ownership of the business. Are you the sole owner? Do you have business partners? Has anybody purchased a share of the business in exchange for funding? Provide a brief introduction to any key executives or owners, outlining what strengths they have and how they will impact the business. Finally, include a brief history (if any) of your business, and any pertinent location details. Business Vision, Mission, and Values This is one of the most important sections of your business plan. Here, you need to impart your passion for the business and really describe what you’re trying to achieve. Business Vision Your vision statement is all about the company’s goals. It serves as a template for exactly what you’re trying to achieve, both short-term and long-term. Don’t hold back when it comes to your vision: if your goal is to eventually dominate the Northeastern coffee shop scene, say that. A vision statement is your chance to think big. Where a vision statement thinks big, a mission statement is more practical. Your mission statement should discuss your company’s purpose. Why does it even exist in the first place? This mission statement will act to provide organizational direction and help you achieve your vision. The values are all about how you plan to operate your business in relation to the stakeholders. This includes investors, customers, and members of the local community. How do you plan to treat them? What are you doing to make their lives and the world they live in better? Analyzing the Industry Market Size Here, you’ll describe exactly how large the market is. You should be able to find national figures with relatively little research. If you’re not serving a national or international market, discuss how large the population you plan to serve is. Extrapolating from the national information, how big do you expect your actual market size to be? In addition, you should discuss any important trends. Is your market growing or retracting? If your market is growing, discuss how you project to fit into that growth and seize your market share. If your market is shrinking, discuss why you think entering the marketplace is worthwhile, and whether or not you project growth in the future. Industry Focus and Trends First, you’ll want to talk about the industry in general. This includes looping back to the market size and discussing whether it is growing, stagnant, or shrinking. Are there any overarching trends or cycles that will affect your business? This is also a good opportunity to discuss pricing. What type of money does your average customer spend in your industry? What price point are you aiming for, and why is that a good strategy? If you aren’t competing on price, what reasons do you have to believe that somebody will be willing to spend more on your business? Below, we will discuss two valuable business models you can and should use to discuss your industry further. PEST Analysis Political: what impact could the government have on your business. Is there any pending legislation that could change how you operate? Would tax changes or tariffs cause a financial strain? Economic: would an economic downturn cause sales to tumble, or is your business relatively immune to economic factors? Furthermore, what do current economic trends (inflation, consumer demand, etc.) say about your short-term potential? Social: are there any relevant social or cultural trends that are shaping the industry? Is there a distinct seasonality to your business? Consider, for example, the impact of the Christmas season to retailers in the United States. Technological: how has technology shaped your industry over the past decade? Take a look at the future and make an educated guess on where the industry is headed, and how you’ll fit into that future. Sometimes PEST is lengthened to PESTLE to include any legal or environmental factors as well. If you believe either will have a significant impact on your business, make sure to include it as well. Porter’s 5 Forces Analysis Competition: we will go into this in more detail next, but for this model you should discuss how much competition there is, and how profitable they might be. Threat of new entrants: how easy is it for somebody to enter your industry? For a casino, it would be quite difficult (extensive significant licensing and upfront costs), but for a food truck, it would be quite minimal. The easier it is to enter your industry, the greater the threat is of somebody else entering and stealing your market share. Power of suppliers : if your industry has a low number of suppliers or suppliers that are dominated by much larger companies, you will have a problem sourcing on-budget and on-time. If you aren’t reliant on very specific suppliers, however, or if there is competition among suppliers, you can find yourself in an advantageous position. Power of customers: specifically, do your customers have the ability to drive prices down? If you expect to have a large number of small customers, your price will remain relatively stable. However, if you plan on having a small number of very important customers, they maintain the power to dramatically impact your pricing and profitability. Threat of substitutes: how likely is it that somebody will forego your offering for a comparable substitute. If you’re a restaurant, for example, Amazon’s grocery delivery business would be a substitute, since people may decide to stay home and cook for themselves. Competition It’s just as important to discuss how your competition is navigating the industry you plan on dominating. With a strong idea of where your competition is positioned and the strategic decisions they are making you will be able to determine where your own business fits in. To begin, discuss what your competition looks like. Are there many small businesses vying for the same customers or are you competing against a couple of whales? List your most important competitors and summarize them. Discuss their location, products, pricing, market share, and any important strategic decisions they have made. Use this information to create a list of their strengths and weaknesses. After discussing the competition, it’s time to think about where you fit among them. SWOT Analysis is the perfect model to do just that. SWOT Analysis Here is what a complete SWOT Analysis looks like: Strengths:  Exactly as it sounds. What do you do best? What do you do that the competition absolutely cannot? Weaknesses:  Be honest. Are there any resources you lack? Any skillsets that are missing? What isn’t as efficient as it could be? Opportunities:  Improving any of your weaknesses is a major opportunity. In addition to that, consider internal or external factors that might change and present a new business opportunity. Finally, are there any complementary products or services that you could consider offering to your customers? Threats:  What potential is there for your business to be damaged? Are there any industry or economic trends? Could your competition change strategies and harm you? Do any obstacles to success stand in your way? Once you have completed the SWOT analysis, wrap this section up by talking about your own competitive strategy. Given your industry, the competition, and your own SWOT analysis, what decisions are you making to position the company to succeed? Readers of your business plan definitely need to know how you’ll be marketing and selling your product or service.There are going to be three key elements of your marketing plan. Customer Segmentation Demographic information – age, gender. Psychographic profile – what do they care about? What motivates them? What do they value? Where do they get their information? Socioeconomic profile – income, lifestyle preference. Describe your target audience in great detail. The more you know about your customer, the easier it will be to market to them. Advertising and Promotion Plan After building a strong customer profile of your target audience, you should know what your customer cares about. Think about how your business fits into that, and strategize how you’re going to market to them. Use their demographic and behavioral information to determine the most appropriate channels to focus on. Your brand should seep into all aspects of your business – the website, advertisements, and even the tone of communications with customers. Whatever strategies you have for these elements, make sure to lay them out. Finally, include your company logo and slogan, if they already exist. If not, you should begin to think about them and use the rest of this section as a guide. Sales Distribution Plan How exactly do you plan on getting your goods or services into somebody’s hands? Do you plan on hiring a sales staff or will you handle it all yourself initially? Do you plan on doing inbound or outbound sales? What does the sales process look at each step of the marketing funnel? You’ll also need to think about and discuss pricing. Discuss your pricing strategy and why it’s a good value for your customers. If you are going low or moderately priced, discuss how you can stay profitable and remain differentiated from the competition. If you are a luxury brand, discuss why somebody will be willing to pay more for your business than the competition. Lastly, consider distribution. Are you going to allow customers to purchase directly from you? Will they have to go through distributors? Do you have any retail partnerships to leverage? These are important decisions that have a profound impact on a business. Organizational and Operational Plan Production Process Here are some ideas of what you’ll need to outline: Raw materials – how much do they cost? Do prices fluctuate? Is supply limited in quantity or how quickly it can be obtained in a pinch? What machines, technologies, etc., do you use for production? What costs are involved in these? Are you renting or do you own them? What is your estimated daily output? How easy is it to scale up or down as necessary? How does this impact the cost per unit? Which methods of quality control do you employ, both pre- and post-production? If you’re a service business, you might not have any physical inventory, but your employees should be considered as your supply. After all, without them, you won’t be able to provide your services to your customers. What strategies do you have to recruit and retain the best talent possible? Can you scale quickly through recruiting and training, overtime, or an increase in part-time help? You should also look back at your sales distribution plan and consider the logistics of shipping any physical products. How often will orders be fulfilled? Do you have the ability to rush orders if necessary? How will returns or incorrect shipments be handled in a way that keeps everybody happy? Here are the components you must include in your business plan’s financial information: Forecasted Sales Use all of the marketing data you’ve put together to determine what a reasonable sales forecast looks like. Project your sales for a period of two or three years, going one month at a time. Include seasonality whenever applicable. As you forecast sales, include exactly how much revenue you expect to earn from those sales, and the total direct cost of those sales. You’ll be able to use these figures to determine revenue and gross margin, which you should use to compare to industry and competitive standards. Projected Expenses Fixed costs are going to stay the same whether you sell one widget or twenty. For example, rent, electricity, insurance, marketing costs, and payroll (with the exception of commission and bonuses), will mostly stay the same no matter what sales look like. Variable costs, on the other hand, will vary by each unit sold. This includes the cost of materials, shipping, coupons, taxes, etc. Most of this should already be covered in your forecasted sales report, but make sure that nothing is overlooked. Make sure to consider that as you scale, some fixed costs may become variable. As sales increase, you may have to hire more employees, or move into a bigger office. Keep this in mind by always referring back to your forecasted sales and estimating your business needs as best you can. Balance Sheet Everything comes together on your balance sheet. This includes your projected sales and expenses, but also deals with assets and liabilities.For example, if you take out a loan, you’ll need to include the capital in your assets and the repayments, including interest, in your liabilities. Non-monetary assets, such as the property and machinery must also be included. You can find a sample balance sheet here . Cash Flow Statement Month by month, you’ll track exactly how much cash you expect to leave your hands and how much will come in. Keep in mind that not all sales are paid fully right away. Consider how many sales will be paid in full at the time of sale, how many will be paid in 30 days, 60 days, or go completely delinquent. Once you have your cash flow statement completed, run some quick analysis. Compare your projected expenses each month to the projected cash coming in each month. For any months that project to have a negative cash flow, ensure you have enough money on hand to cover the difference. You may find two examples of completed cash flow statements here and here . Customer Lifetime Value Customer Lifetime Value is an estimate of exactly how much each customer you acquire will be worth total. A simple way to calculate this is by determining how many purchases a customer makes before churning, and multiplying it by the average amount of their purchase. In other words, how many purchases will they make before moving on from your business, and how much will those purchases be worth? Let’s take a look at a real-world example. Let’s assume you’re running an oil change business, and you know your average customer gets three oil changes per year. With premium options and add-ons, your average sale is $38.50. Each customer spends an average of three years with you before churning (perhaps they have moved away or found another service they prefer). In this example, your expected CLV would be $346.50. You know each average customer will make 3 purchases per year, for 3 years, at $38.50 each. 3 x 3 x $38.50 = $346.50, which is your CLV. Why is CLV so important? Let’s take a look at unit economics. Unit Economics The formula for cost of acquisition is simple. Divide your total marketing spend by the number of customers you have acquired through all marketing channels. If you spend $25,000 across all marketing channels and acquire 1,000 customers, your average cost per acquisition is $25.00. Tracking your marketing expenses isn’t the tricky part. Attributing each user to a specific campaign, however, can be. If somebody walks into your store after seeing a TV ad, for example, it can be hard to properly attribute them. Digital campaigns are a bit easier, as there are typically tracking links that make everything easy to calculate. You’ll have to do your due diligence and make your best-educated guesses here, using industry standards whenever necessary and possible. You should also take the time to break out your unit economics into each marketing channel. This allows you to track which channels are performing well and which ones aren’t. If Facebook is attracting lots of customers but you’re spending so much that your cost of acquisition is higher than expected CLV, you might actually need to stop spending money there. It’s important to be very clear about exactly how your business has been funded so far. This includes what you have received through investments, series rounds, or personal loans. You will also need to mention any personal funds that you have put into the business, and how much you have saved that you are willing to put into it in the future. Once you have discussed the funding your business has received, it is appropriate to lay out exactly how much you’ll need. Make sure to also discuss exactly what any loans or investments will be used for and how that spending will be tracked. Business Plan Resources Business plan samples. To reinforce everything we’ve discussed above, let’s take a look at some sample business plans that have already been put together for your review. We’ll discuss some key takeaways from each plan, helping you consider how your business is unique and what you’ll need to emphasize. Coffee Shop Business Plan A coffee shop is a nice, simple business to start our samples with. A coffee shop requires a small storefront, and the location is critical. Most people will gladly stop in for a nice cup of coffee but are unlikely to drive miles out of their way for one. Notice that because of this, the sales forecast is relatively stagnant, even after several years. Click here for the sample business plan. Restaurant Business Plan A restaurant business plan will be similar to a coffee shop, but is a little more involved. Start-up costs are higher as it requires a larger storefront and a larger variety of equipment. Variable costs are higher as a quality meal costs much more than a cup of coffee. The sales forecast shows more growth, as people are more willing to travel for a good meal than they are a simple cup of coffee. Food Truck Business Plan Let’s consider a third food-based business to really drive home how businesses that appear similar will have important differences. Food trucks have a much different fixed cost structure than a coffee shop or restaurant, as they don’t have a physical location. Seasonality and location will have a huge impact on salespeople won’t want to stand outside for a burrito when it’s cold and snowy outside. With a much smaller staff, a food truck is also more likely to be open for lunch only, or closed a couple days per week. Startup Business Plan It’s good to take a look at a general startup business plan to get an idea of how to estimate costs, sales, etc. This sample plan is a take-out pizza joint. Notice that trends are important, as the business plan notes their market is a growing area and they are aiming to fill a niche for low to middle-income families, which comprise the majority of residents in their service area. They use a mixture of studies and geographic data to make conservative estimates, giving potential investors confidence that the business can be profitable if the strategies are successfully executed. Photography Business Plan A photography business is a great example of a company that is minimal to the extreme. Mostly, you will be relying on your own skills and experience. Minus initial equipment and the cost of your own time, expenses are minimal. Still, you see that it’s important to have a strong plan in place so that you understand how to position your services and who exactly you’re aiming to serve. Business Plan Tools Here are a variety of tools that make both writing a business plan and getting your business off the ground much easier: If you want to quickly build your idea into a business plan to validate its value or just to get started, LivePlan is perfect. The business planning process is made simple, as you simply need to answer questions and are given plenty of examples, videos, and tutorials along the way. You can even use LivePlan to collaborate with partners or investors, testing ideas on the fly and seeing its impact on your business’ health. Click here to take a look at LivePlan. Rocket Lawyer When you’re starting a business, it’s extremely likely you’ll need quick legal help. You might need advice on licensing, permits, or zoning. Or perhaps you want to discuss how to structure your business as an LLC. Rocket Lawyer can help. You’ll have access to their services for a monthly fee that’s less than a cup of coffee each day. There’s an even option to help incorporate your business by filling out a couple of quick forms. Click here to take a look at Rocket Lawyer. Like LivePlan, StratPad offers a cloud-based chance to build your business plan and strategy on the fly. StratPad offers a demo for their services and if you’re looking for funding will even match you up automatically with a financial institution that makes sense for your business. Our suggestion is to take a look at both LivePlan and StratPad and select the one that you like best. Click here to take a look at StratPad. If you’re looking for a simple way to create a professional business plan without all the bells and whistles, BizPlan is perfect for you. You’ll be able to create a stylish, professional business plan using intuitive drag-and-drop templates. Financials are easy to create using a user-friendly dashboard. Click here to take a look at BizPlan. A typo can derail your business plan and make you look sloppy and unprepared, no matter how much effort you put into it. Grammarly is a world-class spell checker that also checks for many of the most common grammatical error for free. There’s even a browser-based version that you can use no matter where you are. For a fee, you can subscribe to Grammarly Premium, which provides an even more granular check. Click here to take a look at Grammarly. Business Plan Templates Now that we have an idea of everything you need to include in your business plan and which tools you’ll need to get started, it’s time to get started. Here are some websites with sample business plan templates you may use to make writing the perfect business plan a bit easier: Score.org has a variety of business plan and financial statement templates, including ones for both start-ups and established businesses. Microsoft Office’s website has many valuable business plan templates, including a checklist and PowerPoint Presentation templates for pitching your business plan. The S. Small Business Administration allows you to create a business plan with a free account that you can download and distribute as a PDF. Santa Clara University provides a 15-section business plan that can be downloaded one section at a time or all at once. Law Depot offers a business plan template tailored for you. Simply answer some quick questions and your template is instantly ready to download. How to Write a Business Plan Conclusion In the end, a business plan is a highly unique and personalized document. A business plan that is right for your business won’t be right for any other business in the world. By closely following the outline and strategies above, however, you’ll have a great base to begin crafting your own perfect business plan. Bibliography: Berry, T. 15 Reasons You Need a Business Plan. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/83818. CBM Group. What Is The Right Tone And Writing Style For A Business Plan? Retrieved from http://www.cbmgroup.co.uk/blog/business-plan-writing/what-is-the-right-tone-and-writing-style-for-a-business-plan. Discover Business. How to Write a Business Plan. Retrieved from https://www.discoverbusiness.us/business-plans/. Fontinelle, A.How To Write A Business Plan. Investopedia. Retrieved from http://www.investopedia.com/university/business-plan/. Franklin, B. The Three General Types of Business Plans. Business Power Tools. Retrieved from http://www.businesspowertools.com/2016/06/management-2/the-three-general-types-of-business-plans/. Gregory, A. Comprehensive Business Plan Outline for Small Business. The Balance. Retrieved from https://www.thebalance.com/a-comprehensive-business-plan-outline-for-small-business-2951557. Gregory, A. How to Conduct a SWOT Analysis for Your Small Business. The Balance. Retrieved from https://www.thebalance.com/swot-analysis-for-small-business-2951706. Hazlett, M. Basics of Unit Economics. Medium. Retrieved from https://medium.com/@markhazlett/basic-of-unit-economics-79f1d6cae085. Investopedia. Porter’s 5 Forces. Retrieved from http://www.investopedia.com/terms/p/porter.asp. Johnson, J. How to Write a Cover Letter for a Business Plan. Small Business Chronicle. Retrieved from http://smallbusiness.chron.com/write-cover-letter-business-plan-43209.html. Katz, A. Determining the Best Legal Structure for Your Business. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/236450. Kolowich, A. How to Write a Business Plan: A Bookmarkable Guide (With Examples). HubSpot. Retrieved from https://blog.hubspot.com/marketing/how-to-write-a-business-plan. Lavinsky, D. Marketing Plan Template: Exactly What To Include. Forbes. Retrieved from https://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/#1ddaeeb43503. My Own Business Institute. Session 2: The Business Plan. Retrieved from https://www.scu.edu/mobi/business-courses/starting-a-business/session-2-the-business-plan/. Parsons, N. How to Write a Business Plan [Updated for 2017]. Bplans. Retrieved from http://articles.bplans.com/how-to-write-a-business-plan/. PESTLE Analysis. What is PESTLE Analysis? A Tool for Business Analysis. Retrieved from http://pestleanalysis.com/what-is-pestle-analysis/, Robbins, S. Why You Must Have a Business Plan. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/74194. Ronick, D. 10 Business Plan Dos and Don’ts. Inc. Retrieved from https://www.inc.com/articles/201104/business-plan-dos-and-donts.html. Ronick, D. 10 Things A Business Pitch Absolutely Does (And Does Not) Need. Business Insider. Retrieved from http://www.businessinsider.com/10-survival-tactics-for-a-successful-business-plan-pitch-2011-4/. Shopify. The Ultimate Guide to Business Plans, Chapter 3: The Company. Retrieved from https://www.shopify.com/guides/businessplan/the-company. Wasserman, E. How to Write the Financial Section of a Business Plan. Inc. Retrieved from https://www.inc.com/guides/business-plan-financial-section.html FEATURED ARTICLES How AI Will Continue to Disrupt and Drive Business Do You Need a Business Degree to Get Your MBA? 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Student Loans and Code Section 127 Educational Assistance Programs: A Reminder from the IRS, FAQs, and a Sample Plan Document They can be used to help reimburse the costs of or pay for employees’ student loans through December 31, 2025; They must be established in writing and cannot discriminate in favor of highly compensated employees; In most cases, benefits under such programs are excluded from federal income tax withholding, Social Security tax, Medicare tax, and federal unemployment (FUTA) tax; and Tax-free educational benefits are limited to $5,250 per employee per year. Earlier this summer, the IRS also issued Fact Sheet 2024-22 with FAQs regarding educational assistance programs. Of note, the FAQs include a sample plan document that employers can modify to establish an educational assistance program, and they provide protection from penalties based on reasonable, good faith reliance on the FAQs. This post focuses on the student loan aspects of the FAQs and provides actionable steps for employers who offer, or intend to offer, an educational assistance program. For many years, employers have offered educational assistance programs to assist employees with the cost of tuition, fees, books, equipment, and supplies on a tax-free basis. In 2020, the Coronavirus Aid, Relief, and Economic Security Act amended Code Section 127 to add certain student loan payments to the types of eligible educational assistance available. The FAQs restate the IRS’s prior guidance on educational assistance programs and, for the first time, provide guidance regarding the treatment of student loans. With respect to student loans, the FAQs state that: the loans must be incurred by the employee for the education of the employee only, not a spouse or a child of the employee; when the loan was incurred does not matter; only loans for education at an “eligible educational institution” qualify, and “eligible educational institutions” include: any college, university, vocational school, or other postsecondary educational institution as defined in Code Sections 221(d)(2) and 25A(f)(2); [1] an institution conducting an internship or residency program leading to a degree or certificate awarded by an institution of higher education, a hospital, or a health care facility that offers postgraduate training; [2] only student loan debt incurred for tuition, fees, books, equipment, and supplies qualifies; loan payments paid or reimbursed by the employer must be made during the period beginning March 28, 2020 and ending December 31, 2025 (unless extended by future legislation) and may be paid directly to a third party such as an educational provider or a loan servicer, or directly to the employee; if an employee seeks reimbursement for student loan payments, the payments must be paid by the employee while an employee and in the same calendar year for which reimbursement is made by the employer; the total amount that the employee can exclude from gross income for payments of principal or interest on student loans and other educational assistance under Code Section 127 is $5,250 per calendar year; and “unused” amounts of the $5,250 annual limit cannot be carried forward to subsequent years. For example, an employer may reimburse an employee in 2025 for the payments made in 2025 on student debt incurred by the employee in 2015 prior to employment if the other requirements described above are satisfied, but an employer cannot reimburse the employee after 2025 for any student loan payments. Reliance on FAQs The IRS expressly states in Fact Sheet 2024-22 that: taxpayers who rely in good faith on the FAQs will satisfy the reasonable cause standard for penalty relief, and if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer’s case, the law will control the taxpayer’s tax liability, not the FAQs. What should employers do? Employers who offer, or intend to offer, an educational assistance program should: maintain a written plan and provide reasonable notice of the availability of the program to employees; if providing student loan assistance as part of the program, ensure the terms of the plan reflect that; and review the IRS sample plan , which includes: (1) optional provisions that allow the employer to choose whether or not to include student loans as an educational assistance benefit under the plan; and (2) mandatory provisions describing non-discrimination and substantiation requirements. As a design matter, employers may also want to consider limiting eligibility for the program to employees who are not highly compensated as defined by Code Section 414(q). [3] This will dramatically simplify administration of the program because the program would automatically pass required non-discrimination testing. [4] Overall, the reminder, the FAQs, and the sample plan document are valuable tools for employers that have established, or are looking to establish, educational assistance programs. Anything else about student loans? For plan years beginning after December 31, 2024, SECURE 2.0 allows employers to make matching contributions to certain retirement plans based on qualified student loan payments by employees. Our August post describes in detail the IRS guidance on this change in the law. [1] The Department of Education determines whether an organization is an eligible education institution. A loan, however, does not have to be issued or guaranteed under a Federal postsecondary education loan program to be a qualified education loan. [2] Code Section 221(d)(2)(B). [3] Generally, an employee who: (1) during the current plan year or the preceding plan year was at any time a more than 5% owner of the employer; or (2) received compensation from the employer for the preceding plan year in excess of $150,000 (for 2024) is a highly compensated employee for the current plan year. [4] Note, there is an additional limit relating to more than 5% owners of the employer: not more than 5% of the amounts paid or incurred by the employer for educational assistance during the year may be provided for such individuals (or their spouses or dependents), considered together as a group. 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"My best business intelligence, in one easy email…" 429 IMAGES 10 Business Plan Examples For University Students Business Project Plan 1 STUDENT BUSINESS PLAN PROJECT TEMPLATE Chapter 1 30+ Student Project Proposal Templates Business Project Plan Business Plan Project Report VIDEO Business Plan Project Business plan , project assessment question 4 CBSE Class 12 eship project Moot Corp Reunion Panel Discussion on startups and entrepreneurship Smartsheet vs Airtable Business Plan Software (2024) COMMENTS 7 Best Business Plan Examples for Students (Updated 2024) Objectives. The primary objectives of the business plan for Cooper's Cup are below: To increase revenues by $36,000 or 5% in Year 2 and $73,000 or 10% by Year 3. Achieve a profit margin of 5.2% in Year 2 and 6.90% by Year 3. Be the Cafe of Choice in the Phoenix area and the recipient of the Best Coffeehouse Award. 10 Business Plan Examples for Students In this section, we'll explore 10 types of business plan examples for student entrepreneurship. 1. Traditional Business Plans. These classic business plans, often prepared on paper, provide a comprehensive overview of the business, detailing its identity, goals, and strategies for success. 2. 10 business plan examples for students to make an impact Takeaways for business plan examples for students. The opportunities are endless if you want to set up a business as a student. Let your imagination run wild and look through business plan examples for students if you want to start selling or offering something new to your school's community. Sample Business Plan for Students: A Comprehensive Guide Here are the key components students should consider: Executive Summary: This is a snapshot of the business plan, summarizing the key details. It should be engaging and clearly explain the business goals and objectives. Business Description: This section provides an overview of your business. Get 550+ Business Plan Examples for Students in LivePlan Create a plan that fits their needs. Whether small or big, LivePlan can build out the right-sized business plan for your classroom projects. In LivePlan, students can develop a simple lean plan that focuses their ideas, or create a full business plan with all the details and steps necessary to persuade investors, attract partners, and turn their idea into a profitable reality. 20+ SAMPLE College Business Plan in PDF 4. Marketing Strategy. A college business plan should also come with a good marketing strategy. A marketing strategy is perhaps the most important of a business plan. It is the strategic part where plans are made on how to achieve a college's goal, especially when it comes to the number of its enrollees. Business Plan Examples For Students Entrepreneurship To Inspire Your BizPlan: BizPlan offers a visual planner that helps users develop their ideas intuitively. It allows for seamless collaboration if students wish to work in teams. Enloop: Enloop uses your input to create a draft business plan and automatically generates a performance score to evaluate the feasibility of your ideas. Business Plan Template for College Students ClickUp's Business Plan Template for College Students is here to guide you every step of the way! With this template, you can: Clearly define your business goals and strategies for success. Create a comprehensive financial plan and projections to attract investors. Identify potential obstacles and develop contingency plans. Business Plan Template for Students Creating a business plan as a student can be a daunting task, but with the help of ClickUp's Business Plan Template, you can break it down into manageable steps. Follow these six steps to create a comprehensive business plan that sets you up for success: 1. Define your business idea. Start by clearly defining your business idea. How to Write a Simple Business Plan for Students A business plan always has the same structure. Of course, if you plan to sell coffee, not to produce it, you will skip the "production" part, but other than that - you can't skip anything. Writing a business plan as a student, as a part of your college or university project, the best thing you can do is just to go into too many details ... Business Plan Template for University Students If you're a university student looking to start your own business venture, using the Business Plan Template in ClickUp can help you get started. Follow these four steps to create a comprehensive business plan: 1. Define your business concept. Begin by clearly defining your business concept. Sample Business Plans The following business plans were written by high school students. Each plan has won awards in DECA competitive events on Entrepreneurship. (2.0K) Creative Designs (2.0K) Juice Stop (2.0K) EntreeDine, Inc. ... Business Plan Project Template; Sample Business Plans; Links to Business Plan Resources; Study-To-Go; 10 Business Plan Examples For University Students Discuss the significant partners, sales locations, advertising collaborators and more. The management plan also gives out details about your core team members. Move on to provide a rough monetary estimate needed to execute your business plan into action. Give an accurate account of your expenses, risks, and assets. Business Plan Examples For Students: The Truth In 2022 Thommie Burger. August 2, 2022. What you learn at varsity does not necessarily translate easily to what happens in practice. Business Plan Examples for Students will be worlds apart from Business Plan Examples used by Investors. Many successful entrepreneurs did badly at school or dropped out of university. The education system didn't suit ... 90 Business Ideas for Student Projects in 2024 10 Easy Business Ideas for Student Projects. Starting a business as a student project doesn't have to be overly complex. Here are ten easy business ideas that can be executed with relative ease: Customized merchandise: Create and sell personalized merchandise, such as t-shirts, mugs, or stickers, through an online store. Business Plan Template For Students Business Plan Template for Students - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. Business Plan Guide For Students 550+ Sample Business Plan Examples to Inspire Your Own The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea. The structure ditches a linear format in favor of a cell-based template. Free Business Plan Examples and Topics Business Plan Examples for Students: Top 7 Elements to Include. Business plan examples for students offer lots of benefits. They are a reliable source of inspiration that helps overcome writing blocks and gives undergraduates a much-needed boost to kick start their projects. How to Write a Business Plan (Plus Examples & Templates) How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page: Business Plan (How to & Samples) Topic: Entrepreneurship & Business Plan Guide — Business Plan (How to & Samples) Supports any student entrepreneur interested in starting a new business or developing a product, as well as participants in the Entrepreneurship Bootcamp for Veterans (EBV) program. How to Write the Perfect Business Plan Click here for the sample business plan. Restaurant Business Plan. A restaurant business plan will be similar to a coffee shop, but is a little more involved. Start-up costs are higher as it requires a larger storefront and a larger variety of equipment. Variable costs are higher as a quality meal costs much more than a cup of coffee. Business Plan Example and Sample For Students Business Plan Example and Sample for Students - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. This business plan is for BambooS Sdn. Bhd., a company started by 10 students at University Putra Malaysia to produce and sell bamboo straws. Their products are bamboo straws that are reusable, customizable in size, affordable, and eco-friendly. Sample- Business-PLAN AP8 Q1 SEPT-18-2023 - aaaa. AP9-Q1 August-15-20241. AP9-Q1 August-15-20241. Pdfcoffee - aaaaaaaaaaa. AP9-Q1 August-15-2024-1. Sample Business Plan mindanao state university iligan institute of technology college of business administration and accountancy department of marketing alibata. Student Loans and Code Section 127 Educational Assistance Programs: A review the IRS sample plan, which includes: (1) optional provisions that allow the employer to choose whether or not to include student loans as an educational assistance benefit under the plan ... assignment essay homework paper phd report resume review speech thesis