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How to write a business plan in 12 steps (2024 edition)

Updated 18 April 2024 • 12 min read

This guide breaks down how to write a business plan, step-by-step, detailing what your document needs to include and what you need to think about to make your business plan as persuasive as possible.

What is a business plan?

A business plan is an essential document that can provide immense value for new and existing companies of all sizes. It is an overview that includes an outline of your business, its key objectives and plan for achieving important goals.

This information can be used to communicate strategic actions to internal teams and also attract interest from potential partners and investors . However, writing a business plan can be a lengthy and involved process. For many, using a business plan template can be a good way to get started.

For best results, you’ll need to do a lot of thinking and planning before you start writing your business plan. This way you have all the information and resources you need at your fingertips and won’t be under time pressure to come up with something at the last minute. After all, a well-thought-out business plan can help you avoid generic information and set your company up for success.

Download your free business plan template .

Why write a business plan?

Writing your business plan helps to get your strategy nailed down and onto the page. A plan that stays in your head is probably going to be full of unrealistic assumptions and biases, whereas a strategically thought-out and organised approach forces you to notice your blind spots and find a way forward.

If you’re looking for financing, a bank or investor needs to be persuaded by your business proposal and the opportunity to work with you. Therefore, a well-written business plan can help provide potential financial partners with the confidence that your business can become profitable. Your business plan gives them a comprehensive view of all aspects of your business and details your strategy for achieving your goals.

What are the main sections of a business plan?

Whatever your line of work, your business plan will generally need to provide the following:

An executive summary

A business overview

The market opportunity

Your products/services

How to write a business plan

Make sure you cover each of the following steps when preparing your document:

1. Write an executive summary

This section of your business plan should be 1–2 pages in length and enables potential financiers or partners to get an overview of what your business does and – most importantly — what the opportunity is for them. If they’re interested in the opportunity, they’ll conduct their own due diligence - and this will start with going through your business plan and financials.

It’s a good idea to write your executive summary last, when you’ve clarified your thinking around every section of the document. As an overview section, you don’t want to add any new content that isn’t in your business plan. Aim to keep this summary succinct and engaging by using simple, plain language, as this is much more persuasive than complicated or academic wording.

Use sub-headings and bullet points to help your most important information stand out, especially as busy executives may simply scan your executive summary and use this to decide whether they want to find out more.

What to include in an executive summary?

Make sure you include details on:

What your business does

What the opportunity is

What your unique selling points / differentiators are

How much funding you’re looking for

What the funding will be used for

How you'll succeed

Remember, you’re providing the big picture overview of your business - the detail is in the rest of the document and in the appendices.

2. Write your business overview

This section of your business plan needs to be more than just a list of what your business does. Its purpose is to excite those you’re hoping will work with you or help to fund your business.

Information to address includes:

What's the purpose of your business?

What problem does your business’ product or service solve?

What niche could it fill?

What’s different about your offering?

How are you better than anyone else at what you do?

Consider what your customer value proposition is by deciding what you want to achieve and what your number 1 benefit is for your customer.

3. Identify your USP

Think about what your unique selling points (USP) or differentiators are, and what proof-points you can provide to back them up.

For example, you can use terms like “market-leading” but if you don’t provide any evidence to back up your claims, your reader will take them with a big pinch of salt!

You should certainly reference any awards or endorsements that position you as the best person to provide your product or service, as well as any client testimonials. Make sure you include any education or experience that makes you an expert in your field as well.

4. Describe the market opportunity

Show you understand your industry, market and where you fit in it. While no-one can predict the future, offer up where you think the opportunity is for your business and make sales projections based on that. 

For example, imagine your business is selling personalised cookies - there's little competition in your area and you see your market opportunity to create designs for all calendar and holiday events. You expect to increase sales by 30% in one year and 50% in three years, driven primarily by word-of-mouth referrals.

Make sure you also consider macro trends that may create opportunities for you, such as social, environmental, or technological changes that may affect buying behaviour.

5. Include a SWOT analysis

Whatever your business strengths or opportunities, they’ll always be known and unknown weaknesses and threats; there’s no such thing as certainty in business or in life!

However, you can demonstrate that you’ve examined your business through different lenses and have a thorough understanding of it by doing a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Don’t worry about drawing attention to your business’ shortcomings - every opportunity has them and it’ll give investors and partners confidence in you that you won't bury your head in the sand. Naturally, it's important that you specify what you’re going to do to address these weaknesses and counter these threats.

Here are some areas you can think about to get started: reputation, technology, location, experience, staff, overheads, competition, suppliers and price.

6. Present a competitor analysis

Let’s face it, no matter what industry you’re in, or what you’re selling, there’s going to be other businesses offering the same thing. But instead of worrying about the competition, use this as a positive opportunity to up your game and work out the unique advantages you have that will keep you competitive.

Identify your top 3 competitors and analyse what they're doing well and where they’re coming up short. Try to be as objective as possible and identify how to differentiate yourself from them.

You should also look into who the industry leaders are and what the benchmarks are for your industry so that you can set yourself targets for continuous improvement.

7. Create a customer persona

A customer persona is a fictional person who represents your company's ideal customer. Naturally, the persona can be based on a real person - the more you get to know your ideal customer, the more targeted and successful your marketing efforts will be.

To create a customer persona, you need to conduct research into your ideal customer’s age, sex, income, employment, daily activities, interests and hobbies. If you’re feeling unsure about your customer persona, you may need to give your ideal customer further thought and download the customer persona template to get started.

8. Write your marketing strategy

When you’ve created your customer persona, you need to work out how you’re going to reach them. Do they hang out on social media apps, like Facebook, Instagram, Pinterest, Twitter or LinkedIn? Or are they more used to local, traditional marketing like free local papers or high foot traffic areas?

Once you’ve figured where your audience is likely to hang out, you can outline your strategies for promoting and advertising your products or services in the next 12 months.

Make a list of the marketing channels you’ll use to achieve your advertising strategy and be sure to include your budget. How much can you set aside for advertising? And where are you most likely to see a return on your efforts? Paid ads on Facebook? Half or full paid spreads in an industry magazine? Or even a direct mail out? 

For more structured help around this, check out free course: Business 101 | Get social with your business on Facebook . 

9. Design your customer retention strategy

Business success relies heavily on the relationship you’re able to build with your customers. What techniques will you use to keep them coming back? Consider the following:

What can your business do to increase the number of repeat customers? 

Does your business have a referral or loyalty program? 

Do you have a post-purchase follow up in place?

Will you use surveys to track customer satisfaction?

What ways can you continue delivering outstanding service?

Is there a way to continue educating and adding value to your customers?

10. Present your financials

Most people who are looking at investing their time and/or money in your business will want to see your financial statements - your performance to date and your projections over the short and medium term. They'll also want to know how much you’ve received in funding to date and what these other sources of funding are - including your own investment.

Current finances

You need to show how your business has performed financially over the last year, highlighting metrics such as positive cashflow , net profit and assets.

Financial forecasts

You should also provide a balance forecast projecting total assets, total liabilities and net assets over 1, 2 and 3 years, and a profit and loss forecast for the same periods detailing gross profit /net sales, total expenses and net profit/loss. Finally, you should also provide a cash flow forecast month by month over the next year.

It’s also a good idea to speak to an expert like an accountant or bookkeeper about your finances and get advice on how best to present them in this all-important section of your business plan.

11. Detail how much funding is needed

Naturally, you also need to be very clear about how much money you’re looking for and what you plan to do with it. If you’re looking for a loan , you need to detail what it’s for, over what period it’ll be repaid, and what collateral you have to secure it.

12. Propose an exit strategy

Any financial stakeholder in your business will want a return on investment. If you’re pursuing this type of funding, you should include some detail on your proposed exit strategy . For example, do you want to sell the company at some point or go public?

Similarly, you should outline your succession plan so the business can continue to operate if you decide to step away from it. Likewise, you need a plan for what happens if the business loses money and can’t sustain itself. Documenting this means that everyone is on the same page and potential investors have this information upfront.

Frequently asked questions about writing a business plan:

When to write a business plan.

Typically, entrepreneurs write their business plans within the first year of operations. A business plan is a tool that helps business owners refine their strategy, attract partners and financiers, and grow their business.

If a business plan is written too soon, it may lack the substance that comes with time in the market. However, it’s important to note that a business plan isn't a static document - it can and should change as the business evolves.

How long should your business plan be?

There are no hard and fast rules around how long your business plan should be - it just needs to include all the relevant information. Aim for clear, concise sections and build a business plan that is as easy to read and navigate as possible.

Using a business plan template can help you make sure you have everything covered off, while also having a document that looks as professional as possible. Make sure you run a spelling and grammar check too - any sloppy errors can undermine your credibility.

What’s a business plan on a page?

It’s important to write your business plan as it helps to embed your strategy - as well as communicate what you’re about to potential partners or investors. When you have a comprehensive business plan you can easily adapt it to suit different audiences. For example, a full business plan is essential for raising capital but a business plan on a page may be enough for potential partners or employees.

What do venture capitalists look for in a business plan?

Venture capitalists invest money into businesses with the goal of achieving a return on their investment within the short to medium term. As a result, they’re looking for an attractive market opportunity, a clear point of differentiation, a strong management team, a proven track record, solid financials and, importantly, an exit opportunity.

Where to go for help or more information?

There are many great resources out there to help you fine-tune your business strategy and write your business plan. The Australian Government has a comprehensive website dedicated to supporting businesses at all stages of their journey.

You can also get help from Business Enterprise Centres , business advisors, accountants and fellow business owners. MYOB also has a list of business advisors who can give you feedback on your business plan, so your venture has the very best chance of success. 

Related Guides

How to get a business loan arrow right, how to find investors: a guide for startups arrow right, business models: definitions, types and key components arrow right.

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Writing a business plan

A business plan documents your objectives and the strategies and structures you have in place for achieving them.

Your business plan should explain how you will manage all the important aspects of your business, from products and services to operational plans and finances.

Video: Writing a business plan

Watch our video on why you should write a business plan for your new or current business.

Topics include:

• why it's important to create and review a business plan
• the information to include in your business plan
• using a business plan to achieve your business goals
• downloading and completing our business plan template.

Use a business plan to:

• help you start a new business
• help you improve the performance of an existing business
• attract funding for an investment
• communicate business progress to stakeholders
• communicate business goals and objectives to internal staff members
• attract potential buyers for the business.

A business plan is a 'living' document, so it should evolve and change—think of it as an operating guide for your business throughout the start-up, operations and succession phases.

Download and write a full business plan

Download our free full business plan template and use the guidelines below to write a plan for your business.

There are also other templates available that may better meet your needs—visit business.gov.au .

You should customise your chosen template to suit your business and industry.

We explain below how you can start with a 1-page business plan to ease you into the process of completing the full business plan.

Business plan elements

The elements of your business plan will vary depending on:

• what phase your business is in (starting, running, selling)
• the industry your business is in
• how you choose to use the plan (e.g. for internal development purposes).

Every business plan will be different, but they will generally include similar elements. The sections of our business plan template are listed below—use these as a guide when completing it or as a reference when creating your own.

At the start of your business plan, include the following business details:

• business name
• date registered
• Australian Business Number (ABN)
• Australian Company Number (ACN) – if applicable
• tax file number (TFN)
• business address
• contact details
• website details
• social media details.

Read about choosing a business structure and getting the right licences and registrations .

This section provides an overview of the business concept. It should be attention-grabbing and succinct—the content will be covered in more detail in future sections.

While this is the first section of the plan, it can often help to write it last after the other sections have been finalised.

This helps to ensure that the executive summary covers all the key information within the plan.

It should define:

• what your business vision is
• what your legal structure is
• what products and services you offer
• who your customers are
• what sets you apart from your competitors
• how you will create a market for your products and services
• how you will operate
• what your financial projections are
• how your business or industry will evolve
• who owns or manages your business
• what your short-term and long-term goals are.

Refer to the corresponding sections in our free business plan template:

• 2.1 Products and services
• 2.2 Market analysis
• 2.3 Industry description and outlook
• 2.4 SWOT analysis

In this section, you should highlight your business products and services and describe what makes them unique, such as their:

• limitations
• cost and sale price.

You can also include details of any plans your business has to introduce new products and services.

Your market analysis should describe your target market (e.g. local, international) and target customers.

Add in the research you have done about your industry and the market trends.

In this section, you will also complete a SWOT analysis (strengths, weaknesses, opportunities, threats).

Find out more about researching your market:

• planning and conducting market and customer research
• market research kit .
• 3.1 Current situation
• 3.2 Marketing objectives
• 3.3 Target segments
• 3.4 Competitor analysis
• 3.5 Brand positioning
• 3.6 Marketing programs
• 3.7 Marketing tactics
• 3.8 Key actions
• 3.9 Business controls

A business plan should include a high-level summary of your market research and analysis.

Starting with your current situation, complete your marketing objectives and analysis around your target market and your competitiveness.

Complete your customer and competitor profiles and develop a 1-page brand strategy .

These will help you prepare your marketing plan in section 3 of the template.

Your plan will include marketing tactics and an action plan. You will identify how you will set KPIs and report on your marketing effectiveness.

Learn about:

• branding your business
• writing a marketing strategy and plan .
• 4.1 Sales strategies
• 4.2 Sales analysis and forecast
• 4.3 Customer management

Explain your sales forecasts and targets in this section, and how you will manage customer records and payments. You should understand what sales strategies will work for you and the best channels to market your products or services .

You will also need to know what your current sales, volume and market share are and what you expect them to be for the next 2 years.

Learn about cash flow, invoices and payments and how to collect and store customer information for help with managing customers.

Regardless of your business or industry, you will need to prepare for operating some of your business online.

Note your digital and customer and data-protection strategies in your business plan. You could also include:

• the digital tools and resources that will be used in your business
• the people responsible for overseeing the digital strategy within the business
• details of any security considerations.

Complete a digital health check and learn how to create a digital strategy for your business .

• 6.1 Business structure
• 6.2 Contracts, licences and agreements
• 6.3 Intellectual property
• 6.4 Insurance
• 6.6 Employees
• 6.7 Financial
• 6.8 Legal and ethical trading
• 6.9 Risk management
• 6.10 Business continuity

In this section, record the legal and risk management considerations for your business.

Describe your business structure and the contracts you have now or could have in the future.

If you have a lease or are considering leasing premises, add the terms and conditions of the lease and any actions you need to take to your plan.

To complete the other legal section, learn about:

• legal requirements for businesses
• selecting the right business location
• business insurance
• intellectual property: the basics
• legal and ethical selling
• your responsibilities as an employer .

Search the Australian Business Licence and Information Service (ABLIS) if you need information about licences that relate to your business.

To identify the risks to your business, your business plan should also:

• outline and demonstrate that you have considered the risks to your business (a business risk analysis) and the possible consequences
• summarise the plans you have in place for overcoming these risks.

A risk matrix tool or risk management plan can be developed to help you analyse your business risks—read more about identifying and managing business risk .

You will also need to consider business continuity planning to prepare for unexpected situations.

• 7.1 Location
• 7.2 Production
• 7.3 Current performance
• 7.4 Plant and equipment
• 7.6 List of major suppliers
• 7.7 Stock and inventory

This section will cover all you know about how you do things in your business—for example, your standard operating procedures and how to ensure the quality of your products and services.

To better understand your business operations, read about:

• business processes, procedures and standards
• choosing the right business location
• stock control: the basics .
• 8.1 Management and key personnel
• 8.3 Training
• 8.4 Recruitment
• 8.5 Succession planning

This section helps you note your current workforce structure and plan for the workforce you will have in the future as you grow, and for potentially passing the business to a successor.

Your business plan will detail your business's organisational structure (proposed or actual)—this is often shown as a diagram representing the business hierarchy, different roles within the business and how they relate to one another.

You should also consider succession planning, even if you haven't thought about how you would sell or pass on the business.

• workforce planning for small business
• training and developing staff
• passing a business to a successor .
• 9.1 Start-up costs
• 9.2 Profit and loss forecast
• 9.3 Cash flow forecast
• 9.4 Balance sheet
• 9.5 Financial ratios

Your business plan should include your business finance details—there is a separate business finance template you can also complete.

Summarise your key financial details, including:

• costs for establishing or operating the business
• sales needed to break even
• projected cash flow
• funding arrangements
• payment plans.

You can assess the financial performance of your business using financial ratios .

• 10.1 Review and update business goals
• 10.2 Make a schedule to review your actions

The final section of the business plan should include a set of actions to take before you review your business plan next, and check your progress. This should be over a 6–12 month period, based on the business goals outlined in your plan.

Set a regular review date for the actions and the business plan. Assess which actions have been completed, which remain outstanding and which require updating to help your business plan remain relevant.

Read about skills for running a business to consider ways to improve your time management and leadership.

Optional business plan elements

While not essential, the following can supplement your business plan.

Business vision statement and business values

A comprehensive business vision statement defines what your business does and why it is important.

This could be added in more detail in your business plan and referred to in your executive summary. Find out how to create a business vision .

Business values are the principles, beliefs, and standards of behaviour that guide your business. Including this in your plan will better reflect your goals for the business.

Customer journey strategy

This section could include details of your business's key customer service strategies.

Consider mapping out the intended customer journey—the intended path customers will follow when interacting with your business.

Start with a short business plan

A 1-page business plan can be a good place to start your business planning.

It can cover only high-level information about your business value proposition (i.e. why a customer would want to buy your products and services) and business model.

A one-page plan can include details about:

• your business vision and values
• projected income and expenses
• identified business risks
• the customer segments you intend to target
• the value proposition of your business
• channels that could be used to reach your target customers (e.g. direct or online marketing)
• your customer service plan
• how you will receive payment for products and services
• the activities needed to achieve your outcomes
• the resources you will need
• details of any partners you will use to provide goods and services
• the cost structure for your products and services (based on all items as listed in the plan).

You can search online for tools that can help you create this plan—for example, a value proposition canvas or business model canvas .

Once you are satisfied with this short business plan, you can use it as the basis for your full business plan.

Communicating your business plan

Communicating your business plan to your staff and stakeholders is essential for implementing it and achieving your business goals, even when starting out with a small team.

Some practical tips for communicating the plan include:

• being mindful of your audience—different communication styles will suit different audiences (e.g. you may be able to communicate more informally with your staff than with your stakeholders, board members or investors)
• choosing an appropriate format, time and place—you could hold a staff meeting, schedule a business plan review session and invite all staff and stakeholders to attend, or create an online presentation
• using clear, concise and simple language
• making time to get feedback from your staff and stakeholders.

Read about skills for running a business for tips on developing your communication skills.

Learn about managing people through change .

Review and update your business plan

You will need to regularly review your business plan to ensure that it is relevant, achievable and up to date with any changes in your business.

Consider reviewing your business plan:

• at regular intervals (e.g. quarterly or annually)
• after a business SWOT analysis has been completed
• when raising capital (e.g. approaching the bank for a loan or pitching to an investor)
• before implementing growth strategies or new products
• when new staff members are added to the team
• when implementing a new organisational structure
• before changes in the industry or to legislation
• when preparing to sell the business .

To help you review your own plan, ask yourself the following questions:

• What will the review schedule be?
• Is the plan up to date?
• Have the business goals changed?
• Is the plan still matched to the business goals?
• Are market trends changing?
• Have there been major political, environmental, social or technological changes that affect your business?
• Have there been significant changes in your finances or need for capital?
• Is the plan still 'fit for purpose'?

Business planning resources and tools

The following planning resources and tools below can help you compile and update your business plan to ensure your business is on track to meet its goals.

• Small business planning webinar recording
• Writing a marketing strategy and plan
• Identifying and managing business risk
• Business processes, procedures and standards
• Plan your business finances
• Market and customer research
• Choosing and working with business advisers
• Networking in business
• Ask a mentor – business planning

Learn more about business planning with free, online courses .

Resources for finding licences, permits and codes of conduct

Use the Business Launchpad to discover all your licensing needs, compiled in your own customised guide.

You can also search for licences, permits and codes of practice using the Australian Business Licence and Information Service (ABLIS).

Learn about codes of conduct and codes of practices from:

• the Australian Competition and Consumer Commission
• WorkCover Queensland .
• Last reviewed: 8 Dec 2022
• Last updated: 1 Jun 2023

About the writing a business plan guide

Whether your business is just starting out, you're looking to sustain or you're looking to grow, our guide to writing a business plan can help you clarify your goals, figure out your barriers and come up with a plan of action.

Get more information on the benefits writing and maintaining a plan on our Write a business plan page .

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Business plan template

Create a comprehensive business plan with this easy to use business plan template.

Businesses need a strong plan that outlines what you aim to achieve and gives you a roadmap to get there. Creating your own business plan doesn’t have to be difficult, simply set aside some time to work through the various elements.

What to consider when writing a business plan

The template walks you through each stage of a business plan. It will help ensure that nothing gets missed, including essential elements such as:

• your profile
• your marketing strategy
• your business structure.

When you’re  writing your business plan , it’s important to: 

• avoid  long words or sentences
• use clear and concise language and avoid jargon
• identify your audience and keep them in mind when writing
• show why you care and let your passion for the business shine through
• highlight your unique value proposition
• include a realistic detailed financial plan
• think carefully through every step of your business start-up
• pinpoint weaknesses, identify your strengths and spot opportunities.

Why you should use a business plan template

A business plan template is an essential tool to help you  create a clear, concise and comprehensive business plan. It can help you:

• secure funding and  attract investors
• set goals and prioritise
• better control  your business
• helps you seek finance.

Writing a plan can be enjoyable. It will help you highlight the ideas and activities at the core of your business, and force you to get your priorities in order too. It could also show you what success will look like, so you can begin measuring it. Each section of the template comes with brief instructions, so that you get the structure right.

When you’re finished, one of our small business bankers will be happy to go over the plan and provide advice and guidance. You can request a call back online to discuss this further.

Download our  business plan template (DOC, 158KB) , opens in new window  and read our detailed article on writing your business plan to get started.

Use our business plan template to guide you through writing your business plan.

Other business moments

Find out if you’re suited to running a business

Use our checklist to help you determine if you have what it takes.

How to write a business plan

Follow our helpful guide to writing a comprehensive plan.

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Boost profitability by identifying your key business drivers.

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How to write a business plan

October 25, 2022

Thinking about striking out on your own and starting your own company? Here's how to create an effective business plan. 

A business plan tells you more than where you are right now—it also future proofs your success. Without a plan in place, it’s impossible to know how you’re really performing, whether your targets are being met, or which goals to set. 

Creating one doesn’t have to be difficult, but it can be daunting. Let’s break down the steps to help you write a great business plan.

What is a business plan?

At a practical level, a business plan is a document that contains everything you think is important to include. It can be long and detailed, or it can touch briefly on different aspects of your business. 

A business plan can include anything and everything that relates to how you run your business. The specifics will depend on the kind of business, what stage you’re at, your goals and how you’ll measure success.

Usually, it covers topics like your overarching vision for the business, contact and registration details, who’s involved, market analysis, financials, goals for the future and succession planning. But there are no right or wrong answers—include the details most critical to you.

Why should I have a business plan?

Simply put: sometimes, the unexpected happens. With a plan in place, you’ll find it easier to shift focus and adapt to change in real-time.

When you’re clear about your goals and how you expect to meet them, you can tweak it as you go. A plan gives you a direction in which to head and helps to identify potential roadblocks. In this ever-changing economy, it can help you to spot risks and create strategies to manage them.

Then, as you look back, you can measure success against your plan and see where you could improve.

Creating a business plan

Developing your business plan requires asking plenty of questions. Start thinking about things like:

• What business structure will work best—sole tradership, partnership, incorporated company?
• Who are your competitors and what are they doing?
• Where does your business fit in the market?
• What products or services will you sell?
• How will you attract clients or customers?
• What budget is required at each stage of your business development?
• Do you need a website, logo and social media accounts?
• What policies or guidelines should you have in place?
• Where might you need help from third parties?

You might know some of the answers already, but don’t be afraid to ask for independent advice from the experts.

Then, you can start bringing it together into one file. Don’t worry too much about getting it exactly right from the beginning—this is a flexible, living document that will change over time.

The structure of a business plan

So, how do you structure a business plan? Again, there are no right or wrong ways to do this. What’s most important is that it’s easy for you to understand and refer to later. 

Here’s a proposed structure to get you started:

1. Business purpose

An overview of your business, sometimes called an “executive summary”. The bigger purpose behind your business, including your ambitions, objectives, goals, milestones and mission statement. Basically, what are we doing here?

• Vision / Mission
• Short-term goals
• Long-term goals
• Registration details and business structure

2. Your place in the market

An analysis of where your business fits among others in the market and how you plan to differentiate it.

• The problem you’re solving
• Your target market/audience
• Competitor analysis
• SWOT analysis
• Marketing strategy
• Risk analysis

3. Goals and activities

Your ambition for the business over the short- and long-term, expanding on your answers in part 1.

• Goals for the next year, 3 years, 5 years
• How you propose to meet those goals
• Details of your products and/or services
• How to measure your success

4. Financials

An outline of the cost of running your business, funding sources and forecasting.

• How much you need to get started
• Where the money will come from
• How much revenue you expect to generate
• Profit and loss forecast

The Australian Government’s business website also has tips for structuring and creating your business plan document , including a business plan template.

What to do next

Be prepared to revise your plan over time. Things are always in flux, from the external factors like technology, economies and the environment, to internal shifts with people, products, customers and even overarching goals. The best business plans are those that evolve to meet the current market.

Still feeling unsure? Studying business can help fill in the gaps. Whether you’re just starting out or have been up and running for a while, there are online business courses to suit you. 

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How to write a business plan

6-minute read

You've got a great idea and you're keen to get started. But for the best chance of success it's important to put together a detailed business plan that describes and establishes key aspects of your new enterprise.

What we'll cover

• Why you should write a business plan  
• The key elements of a strong business plan
• Where to get a business plan template
• How to take payments in your business.  

Key take-outs

• A good business plan helps you prioritise efforts, control outcomes, and establish business credibility
• Include details about your products or services, market, business structure, ownership, marketing, operations and finance
• Use your business plan to list and monitor ongoing action items as your business develops
• Review and refine your business plan regularly.

Why do I need a business plan?

Every business owner knows that part of the challenge is juggling all the elements and demands that have to be considered, as well as regulatory requirements. You have to become an instant expert on areas that may be outside your expertise, such as commercial property, business insurance, advertising, marketing and employment law, plus much more.  

A good business plan helps you separate out each aspect of your business, so you can focus on one factor at a time, rather than all at once. Other reasons to engage in this type of planning process are:  

• Helps you prioritise your efforts Stepping back from the granular details of starting and running a new business gives you time to reflect on the big picture, considering the things that will really matter to your future customers. That in turn will inform the priorities you need to focus on.  
• Gives you more control of outcomes The discipline of working through a plan – and constantly refining it over time – will encourage you to think about the factors that’ll most influence your likelihood of success. What’s working? And what isn’t?
• Supports you if you’re seeking finance Banks and other lenders – or potential investors – will expect to see a solid business plan to reassure them that your new enterprise is well run.

What needs to go into a business plan?

Every business is different, so there’s no definitive business plan structure – but here are some key elements you should consider for inclusion. It’s important to think of your plan as a living, breathing document that evolves over time as you build your business and gain knowledge, insights and experience along the way.

1. Executive Summary

Leave drafting this brief overview until last. It should summarise and define all other elements of the business plan, and cover:

• Your business vision and mission statement
• Differentiation from similar businesses
• Target market
• Company description and operating model
• Business ownership and management
• Expansion plans
• Short-term and long-term goals.  

2. Business and market analysis

Here’s where you talk about what type of business you’re starting and how it’ll fit into the local and broader market. Include things such as:  

• Style of business and the products and services you plan to offer
• Any competitive advantage you have
• Market research and competitor analysis
• Industry trends
• SWOT (strengths, weaknesses, opportunities and threats) analysis of your business idea.  

3. Marketing strategy

However great your business idea is, you can’t just start trading and hope for the best. In this section of your business plan give some thought to:  

• Marketing budgets – launch and ongoing
• Marketing objectives – what you hope to achieve in the short and long term
• Target markets – there may be different sectors you can target
• Brand position – the name and personality of your business
• Value proposition – such as competitively priced or prestige
• Digital optimisation – website and social media marketing
• Key marketing mediums – from leaflet drops to broadcast.  

4. Business structure and legal

You’ll need to choose a business structure (e.g., sole trader, partnership, company), which will generally reflect ownership and your desired level of liability. Other aspects to refer to in your business plan include:  

• Any licences you’ll need in order to operate
• Your responsibilities as an employer.  

5. Operating plan

Here you can detail how you plan to operate on a day-to-day basis, covering areas such as:  

• Sales channels (how and where you’ll be operating)
• Suppliers (how and where you’ll source any supplies or products you need)
• Vehicles and equipment (buy or lease)
• How you’ll take payments (see a section on this later)
• Management team (day-to-day)
• Roles and staffing levels (full-time versus part-time and casual)
• Contingency plans (for downturn periods, staff issues, weather, etc.).  

6. Financial plan

If you need a business loan to support your business, lenders will want to see your business plan, including details of:

• Start-up costs
• Operating expenses including labour costs
• Profit and loss forecast
• Cash flow statement and forecast
• Financial projections and ratios
• Results and balance sheets (once you’re trading).  

7. Action plan

This will likely be the most dynamic section of your business plan. It’s where you review and update business goals and note lessons learned and actions required in response to trading activity and market fluctuations.  

List the actions you plan to take before you review your business plan next; and note down any ongoing actions that have yet to be completed.

Where can I get a business plan template?

A search online will reveal numerous downloadable business plan templates. Accounting software services such as MYOB and Xero publish templates online too.

To save you looking further, the Australian Government’s Business website has a free business plan template you can download in Microsoft Word format. Or you could simply create your own template using the headings listed in this article.

How should I take payments in my new business?

The methods you’ll use to take payments should be detailed in your operating plan. Will you be getting paid remotely, face to face, or online? Or any combination of those? One of the keys to getting paid fast is to make it as simple as possible for customers to pay you. So, it’s a good idea to choose options that help them pay you the way they want to.

• Getting paid on invoice: I f your customers will be making bank-to-bank payments, you can just give them the BSB and account number of your bank account. However, if you’d rather not share your bank account details, you can ask customers to pay into your account using PayID ®, meaning you’ll only need to provide the unique number you’ve registered for the service – which could be your mobile number or ABN.
• Face-to-face payments: Depending on the nature of your business, you may want to take credit card and digital wallet payments with an  EFTPOS machine ; in which case you’ll need to decide if you want an  EFTPOS terminal that integrates with your point of sale (POS) system . Or for ultimate flexibility and portability, you can download and apply for the  EFTPOS Air  app to your compatible smartphone, which once finalised would allow you to take secure payments using your mobile alone. EFTPOS Air also features point of sale capabilities, so you can build menus of products or services on it.
• Online payments: If you’re building an eCommerce website using an off-the-shelf platform, it may already incorporate a payment gateway. But if you’re looking for your own way of accepting card payments online or by phone, you may wish to consider one of the eCommerce solutions provided by Westpac.  

The prospect of launching a new business is exciting and you’ll be keen to get started as soon as possible. It pays to invest time in detailing the mechanics of your business. A comprehensive business plan will set you off on a solid path to a successful enterprise, well prepared for the challenges ahead.

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Things you should know

The information in this article is general in nature; does not take your objectives, financial situation or needs into account; and does not constitute financial or taxation advice. Consider its appropriateness to these factors; and we recommend you seek independent professional advice about your specific circumstances before making any decisions.

PayID is a registered trademark of NPP Australia Limited.

Free business plan template

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Download a business plan template and start bringing your ideas to life. Choose a one-pager, or multi-pager. Or try Xero accounting software for free.

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Fill in the form to get a free business plan template as an editable PDF. We’ll send a one-pager and a multi-pager to choose from.

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Getting started with the business plan template

We’ll send you two types of business plan template – a one-pager and a multi-pager. Choose the one that’s right for you. They come with instructions to help fill them out.

Doing a business plan will improve your idea. It helps you think about your business from different points of view. The process will flag up unseen risks, but also new opportunities. Aside from helping refine your idea, a business plan will move it forward. It’ll give you a concrete set of steps to go from ‘I should’ to ‘I did’.

One-page business plan template

Great for making a start

Helps you pin down the main idea

Easy to update as things evolve

Multi-page business plan template

Ideal for nailing down the details

Required by most investors and lenders

Good if you face big startup costs

Tips to help with your business plan

Don’t obsess over every detail to start with. That will make the plan long and hard to change. Keep it short and concise initially.

Financing your business

Need cash to get going? Check out our finance guide.

How to finance your business

Starting a business

Check out our guide for information about getting started.

How to start a business

Find a bookkeeper or accountant

Accoutnants and bookkeepers can help build financial resilience into your business budgets.

Find a financial advisor near you

Plan on making business fun

Are you looking forward to the bookkeeping and accounting that comes with a new business? Na, we didn’t think so. Xero can automate a lot of that stuff away for you.

Xero does not provide accounting, tax, business or legal advice. This template has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business.

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Access Xero features for 30 days, then decide which plan best suits your business.

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Write a business plan

Write down your ideas.

A business plan explains your business's goals and outlines how they will be achieved.

If you're applying for a grant or finance, you must have a business plan as part of the application.

When to do a plan

You should write a business plan before you start operating.

It can be tricky to do if you're still in the planning stages. But you can amend your plan as your business grows and changes.

Review your plan regularly and update it as needed.

Even existing businesses may benefit from putting a business plan together.

What to include

In general, a plan would usually include:

• an executive summary
• description of your business
• information about your business structure
• market research
• marketing and sales strategy
• financial plan - such as your  start-up costs and funding , expected cash flow and sales plan
• staffing requirements, including how you will attract, select and recruit workers .

Get a business plan template from the Australian Government's Business website .

For assistance putting together your plan, talk to:

• small business champions
• a business coach or consultant (fees may apply)
• government funded services like the Business Enterprise Centre NT .

Existing businesses may be eligible for the Business Growth Program . This program provides funding for existing businesses to work with business consultants.

Contact a Territory Business Centre to find out what help you might be eligible for.

On this page

Research your business idea.

Look into your idea before deciding to make it a business.

Create a sales plan

Set realistic sales goals.

Contact a Territory Business Centre

Territory Business Centres can give you information about starting a business, licensing requirements and government assistance programs.

Call us today! 1300 171 534

[email protected]

Business plans by business owners.

Nail your business plan every time with The Business Plan Company, highly respected business plan writers in Australia. The Business Plan Company writes thousands of business plans, tenders, grants, proposals and pitches for small and medium businesses. Start-up businesses are a speciality for our skilled business plan consultants.

We work with banks, migration agents, investors, NDIS, aged care and lots of start-ups, so we know what works. Our business plans are accurate, insightful and tailored to your business. We understand the complexities and best practices across several industries, from manufacturing to healthcare, education and more. Our business plan consultants can ensure your ideas, goals and ambitions are conveyed with the utmost professionalism.

At The Business Plan Company, the best expertise starts with plans from $1250+GST. Contact us for free, no-obligation 10-minute consultation.

Work with talented business plan writers in Australia

Welcome to The Business Plan Company. For over 10 years, we’ve been helping small to medium-sized businesses craft persuasive and professional business plans. We understand that not every business owner has the time or expertise to develop a compelling business plan. Most of the time, they’re brimming with ideas, but need help to put them together in an effective way. That’s where The Business Plan Company comes in.

Whether you’re a major bank or a budding start-up, our business plan consultants have the knowledge and skills to help you look and sound your best. When you work with The Business Plan Company, you can trust that you’re working with the brightest entrepreneurial minds around. Our business plans are informative and will ensure your message is heard loud and clear.

Our business plans are put together from scratch by esteemed business plan writers in Australia with real-life experience and knowledge. The Business Plan Company manages the entire process, from asking questions to gather information about your objectives to getting your application over the line. All you need to do is prepare to take your business to the next level.

Explore our business plan services below and get in touch with The Business Plan Company today.

Our Services

Over the years, our Australian business plan writers have developed a comprehensive understanding of various Australian markets and industries to ensure they deliver professional and accurate business plans every time. Some areas we can help with include:

Small Business Plan

If you’re preparing to grow your small business, our business plan consultants will put together a solid business plan that tells major players within your company what the future of your business looks like.

Start-up and New Business Plan

Starting a new business is exciting and challenging for any business owner, only to be made more difficult when bogged down with foreign processes and terminology. Let our business plan consultants prepare a business plan that gets your ideas off the ground with a bang.

Migration Business Plan

Have your migration business plan ready to go with The Business Plan Company. We have a strong network of migration agencies across Australia and Asia, giving our business plan consultants unmatched knowledge across local markets and regulations.

NDIS and Aged Care Business Plan

If your business operates within the National Disability Insurance Scheme (NDIS) and Aged Care sector, there’s no overstating the professional standpoint your business plan requires to inspire change. Our business plan consultants will work alongside you to thoroughly understand your goals and market to create a business plan tailored to your goals.

Bank, Finance & Investor Business Plan

Approaching a bank or lending institution for a loan can be daunting. But with The Business Plan Company, we can take your business needs and draft a persuasive document that gets your business the finance solution it needs.

Our Free Templates & Resources

Checkout our video series, How to Write a Business Plan.

Check out our free templates and examples, to help guide you create your own business plan.

Download a free eBook, Business Planning for Small Business.

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How to Write an Online Business Plan in 2024

Written by Vanessa Petersen on July 26, 2023 Blog , Sell Online .

You’ve committed to turning your ecommerce or online business idea into something real. You want your small business to produce revenue and change the course of your life, but what’s your first step in realizing your dream? Developing a plan. If you’re not sure about how to write an online business plan, you’ve come to the right place.

One of the most essential tasks involved in starting any kind of business is to write a business plan. An online business plan won’t look that different from a traditional business plan and will include many of the same elements.

In this post, we’ll show you how to write an online business plan, including all the components and sections. We’ll also walk through how WooCommerce can help you put your plan to action and achieve your business goals.

Why write a business plan? 

Starting your own business is a great experience and something that will shape your life, fill you with self-confidence and independence, and inspire other people around you. A new business is also a serious endeavor that will take time, money, sweat, lots of decisions, and a degree of risk.

A traditional business plan template helps you document and keep track of your business goals, challenges, opportunities, and all the steps and processes involved with making your idea work. It will help you conduct thorough market research and set you up for success.

When you write a business plan, it can confirm that you’ve found the best online business to start , or provide clarity about the need to pivot.

It details all the things you will need to do in order to successfully launch and grow your business, and may include revenue projections, timelines for specific goals, concept art for products, and architectural drawings for any brick and mortar aspects of your business. 

Business plans help create a structure for your company’s development and keep you grounded in reality, focused, and not distracted by less important matters. 

If you have more than one person helping run the business, the business plan also keeps everyone unified around the same set of goals and objectives. 

Another reason to write a business plan is for situations where you are presenting your idea to someone else and asking them to invest. In that scenario, your business plan is also a sort of sales document. It makes the argument for why your business idea is so good and well-considered that an investor should want to be a part of it. 

But even if you’re self-funding your entire business — which is more common with online businesses — you still want to write the plan for the reasons given earlier.

The benefits of running an online business

Starting an online business or ecommerce store offers many of the same great benefits as any other business, but without as much risk. If you’re thinking of starting a business, here’s why an online one is a great option:

It has low startup costs

Without a storefront, you eliminate so many costs of running a business. With all the bills that come with having property — like rent, parking, furnishings and decor, etc. — there’s a much higher investment required to start a brick-and-mortar-based business. Online businesses still have startup costs, but they are much lower. 

It gives you freedom over your schedule

With an online business, you have more freedom to set your own hours, because you don’t always have to be open during the usual times. You can build your business to suit the lifestyle you want. Rearrange your time to get things done in the fastest possible way and take time off when you need it. 

You can start small

Once you have a location, it’s yours, and you have to make it work. With an online business, you can start very small, offering just a few products or even just a single service. You can more easily test the waters without making huge commitments with inventory, and other physical investments.

You can more easily pivot

If your online or ecommerce business doesn’t do as well as you expected, it’s easier to pivot and adapt to something new because you haven’t committed so much to making your original idea work. There are many business success stories where the business owner adjusted their idea after gaining some experience, and then it took off. It’s a lot easier to do that when you aren’t tied to a physical location.

But, there’s one thing online businesses have in common with every other type of business: You need a robust business plan to help guide your idea from concept to a successful reality that makes money and fulfills your dreams and goals. 

So, let’s get into business planning. 

How do I write my own online business plan?

Most formal business plans and business plan templates include seven sections, plus an executive summary. You’ll need to keep in mind who you’re writing your business plan for. If you are taking this to potential investors or will be seeking a business loan, your business plan needs to sell the idea of your business as a great investment opportunity and communicate the skills, expertise, and commitment you personally bring to the table. 

Here are the key sections of a traditional business plan format:

• Executive summary
• Company description
• Market analysis
• Organization and management
• Service and product line
• Sales and marketing plans
• Financial projections
• Funding request (if working with investors or partners)

Here’s a brief look at each step of creating an online business plan:

Draft an executive summary

In the executive summary, the first section of almost every business plan template, you’ll present your vision and focus on building excitement. If the business plan is a sales document, the executive summary is the lead. It gets the reader engaged and excited to hear more. 

Your executive summary should achieve two goals:

• Deliver the basic facts about your business
• Motivate the reader to keep going and get them excited about your idea

What facts should you include? Whatever helps the reader understand your business idea. Describe the industry and niche. Mention the target market. Briefly state the needs or problems your products and services will be solving. Touch on the potential for growth in terms of revenue and customers. 

For motivation, describe your mission statement and company values. What will set you apart from the competition? What is your value proposition as a business owner? What makes you different? Again — keep this brief. You’ll elaborate later. 

It might be a good move to write all the other sections first, then finish with the executive summary so it will be the most concise and best version of how you describe your business.

Write a company description

Here, you’ll give a brief overview of your company. What are your strengths, skills, and areas of expertise as a business owner that will position you for success? If you have a compelling story behind why you’re starting your business, you can include that too.

Conduct a SWOT analysis 

If you’re not sure where to start, consider doing a SWOT analysis , which is a diagram outlining your strengths, weaknesses, opportunities, and threats. 

It’s a common part of many business plans and will help paint a realistic picture of what your business can achieve, and what stands in the way. You won’t include all of this in the company description, but your strengths and opportunities may fit here. 

Create a mission and vision statement

The company description is also the place to create a mission statement and a vision statement. What’s the difference between these? 

The vision is where you’re going, the mission is how you’ll get there. A vision statement paints a picture of a future reality for your customers and perhaps the world at large, as a result of your company’s influence. A mission statement expresses how you will achieve that.

The company description can elaborate on your vision and mission beyond just a single sentence, and later you can fine-tune what you write into a succinct pair of statements. Feeling some writer’s block? See company description templates by industry for some inspiration.

Include any unique attributes

If your company will involve particular attributes such as manufacturing, supply chains, dropshipping, affiliates, coaching or advising, online courses, or other relevant particulars, include that in your company description, too. 

State your business location, industry, niche, and other details

Also, state the location of your business, even though it’s online. Name your industry and niche target market again, and describe the nature of your company. For example, is it an ecommerce business, a consulting firm, delivery service, wholesale, or ad-based website? These are just some of many types of online business structures. 

You may also want to include whether your business is in any special class of business that might position it for special loan or grant opportunities like women-owned businesses or veteran-owned businesses.

After reading your description, readers should have a good understanding of what your business is about, why it exists, and how it works. Here’s a detailed look at company descriptions , with an example.

Perform a market analysis

A market analysis uses industry research to assess the scope of your business’s target market and describe the current competition in your industry. It can help you estimate the potential for success and prepare for the challenges you may face when you launch your online business or ecommerce shop.

Doing this research, and including it your business plan, can also help you:

• Identify industry trends
• Pinpoint opportunities 
• Diminish risks and reduce costs
• Generate new ideas for products and services
• Learn from the failures and shortcomings of your competitors
• Find ways to stand out from your competitors
• Discover new markets
• Refine your marketing plans

Now let’s dig into the elements involved in a thorough market analysis.

Understand your audience

Here, you will explain in detail who your target customers are and why they want or need what you’ll be selling. What problems or needs does your product solve? What will motivate people to buy from you? And why can’t they get it somewhere else just as easily? An ecommerce business competes against other ecommerce businesses as well as brick-and-mortar stores and shopping malls. Stores with omnichannel strategies compete with both. Why would someone choose you?

Share your key customer demographics, psychographics, and interests. Who will you be serving? What drives them? 

What are their values? If your product, service, or personal brand will appeal to a customer segment that also shares particular values, that’s a strength, not a weakness, and you can use that to win them over. 

Perform customer segmentation

Break down different categories of target customers your business plans to serve. One category could be age. Another might be life situations such as retirees, parents, divorcees, or living with older relatives. You could create a segment of people with particular health conditions, or who live certain lifestyles. 

But you can also get way more specific than that. Runners are different from hikers, who are different from bikers, yoga enthusiasts, and gym enthusiasts. Different supplements, philosophies about food, motivations for eating various foods — all of these present near endless possibilities for more narrowly defining your customer segments, all under the broad category of ‘health.’ And you might serve multiple segments. 

The more customer segments you know, the more effectively you can market to them. In an online store, good product descriptions call out the various customer segments that product is designed for.

Also, give a sense of the potential size of your target market. How many people need what you’re selling? Show how this market is large enough to justify your business and drive revenue. You might do this by studying revenue reports from other companies in your industry. Or look at specific products related to yours and research their sales and revenue performance. 

You may also perform a survey of some kind, or an online quiz, and use that to express the needs your potential customers have that aren’t currently being met.

Perform a competitive analysis

Study your competition. What are they doing well? What areas are they underserving? Where are they underperforming? Make note of what other companies in your industry are struggling with or failing at so that you can deliver something more valuable and gain a competitive advantage.

It could be product quality, customer service, or selection. Maybe their ecommerce store is badly designed and hard to use. Perhaps there’s a huge industry serving the masses, but customers who have more particular tastes or needs aren’t being well-served by the big companies. Those customers might spend more on something that delivers what they really want. 

Maybe your key competition has been rocked by scandal. Maybe a company went out of business, was sold, or closed down due to retirement and there’s an opening in the market you want to leverage. 

The main point of the competitive analysis is to persuade investors that there’s an underserved market that your business plans to cater to. You must be able to promise something that no one else is currently delivering. Otherwise, why should your business exist? Put them at ease by demonstrating proper market research.

Refer to your SWOT analysis and present any potential threats from the competition here, too.

Outline management and organizational structure

Next, present your management and legal structure. Is your company an LLC, sole proprietorship, S corporation, partnership, or some other arrangement? Who’s in charge of what? If you have different departments, list out the leadership for each one. If relevant, you might even include some information about the expertise of your leaders concerning the areas under their charge and the tasks they’ll be performing.

Remember — if your business plan will be used to persuade investors to help fund your business idea, this sort of information will reassure them that your company has strong and competent leadership. 

If there’s a chain of command, use a diagram or other method for laying out who reports to whom. 

List your products and services

What are you selling? You’ll touch on this briefly in the earlier sections, but here is where you’ll expand on the details. If you have an array of similar products, such as food flavors or clothing variations, list as many as seem relevant. But focus on the spirit of the business plan — you’re simply communicating what your business is about, not listing every SKU in your projected inventory. 

Also, include information about your products such as quality, durability, expirations, patents, and whatever else will give a clear picture of what you’re selling.

For service businesses and memberships that may include multiple packages, bundles, or tiers, describe each of these so your readers get a sense of how you’ll appeal to different types of customers and price points. 

Develop a sales and marketing strategy

Having products is great, but how do you intend to sell them? How will people find your business? How will anyone know you exist? And once they know, what will motivate them to buy from you and not from your competition? What is your unique value proposition — the thing that sets you apart from your direct competitors?

You’ll need to develop an initial marketing plan to help promote your business, products, and services to your target customers.

And remember, competition isn’t limited just to other businesses. Sometimes, competition is against the customer’s time, or their budget, or mere indifference — the conflict between doing something and doing nothing. Your SWOT analysis should touch on several of these potential barriers to the success of your online business.

Your marketing plan will obviously change over time, but give your readers and potential investors a sense of how you plan to launch and grow your business. 

Discuss media channels you plan to use, such as pay-per-click (PPC) ads , social media , email marketing , affiliate marketing , direct mail, referrals, joint ventures, search engine optimization (SEO), webinars, influencer marketing , and live events. Describe the ones you actually plan to use, and explain the core strategy you’ll begin with and how you will measure success. 

Also, include a sense of your marketing budget. If you will have a dedicated marketing team, or actual sales professionals using a particular process or sales script, discuss that as well. 

For ecommerce businesses, include a discussion of how you plan to leverage platforms like WooCommerce, which features a host of extensions that can help manage your business , engage customers, save money, and promote growth .

Make financial projections

You’ve made a lot of claims in your business plan, but how will your investors be convinced of your future success? At some point, you have to show them the money. 

If this is a brand new business with no income, where will your finances come from for the first year? Give realistic financial projections for anticipated profits and losses, as well as growth expectations for the first five years. Include financial documents if you have them, including profit and loss statements, balance sheets, and cash flow statements. Include costs of employment, manufacturing, and other investments both one-time and ongoing.

Your financial projections should reference your:

• market analysis 
• anticipated sales volume 

Investors will feel more confident when they can see your business plan does not rely entirely on just one or two ‘wins.’ For example, if your entire plan hinges on selling on eBay or Amazon , what happens if Amazon suspends your store, changes the terms, or you struggle to get noticed there? 

If your plan depends on winning over a few Instagram influencers, what if they don’t come through? It’s really easy to say what you hope will happen. But actually making it happen is another thing. Business success happens more easily when you apply a multi-channel marketing and sales approach. 

Your financial projections will feel based in reality, when you can demonstrate some prior successes, either in other businesses you’ve already launched, test audiences, local sales you made, prior experience, or data from other businesses. 

Explain your funding request — if applicable

If you intend to ask investors to help fund your business idea, present your request in the final main section of your business plan. If you’ve already secured funding from other sources, include that here as well. An investor will feel better knowing they are not the only one who believes in the potential of your business. 

Will your funding request be for a one-time payment, monthly, annually, or at some other interval? How do you plan to repay their investment? Will you allow them to charge interest? How much ROI can you promise them? 

How WooCommerce can help

WooCommerce can help you build a scalable online business that supports your business plan. No matter what you’re selling, WooCommerce offers a suite of flexible tools that allows you to customize your store to meet your needs and goals. 

Here are just some of the benefits your business will enjoy when you choose to build your store with WooCommerce:

• Sell absolutely anything you can imagine . From physical items and digital downloads to subscriptions, memberships, bookings, courses, and affiliate products, WooCommerce provides everything you need. Want to run a wholesale store? You can do that, too!
• Harness the power of WordPress . Since WooCommerce is a plugin specifically for WordPress, you can take advantage of powerful features like the block editor and blogging capabilities. 
• Capture payments securely. Choose from a large number of payment gateways, from popular options like PayPal and Stripe, to more niche processors for specific locations and types of regulated products. And with tools like WooPayments , you can keep customers on-site, capture a variety of currencies, and even accept digital wallets like Apple Pay and Google Pay.
• Customize your shipping options. Offer free shipping, charge based on weight, set fixed prices, or calculate shipping costs based on real-time carrier rates. You can even use extensions like Table Rate Shipping to create complicated shipping rules based on conditions that you set. And with WooCommerce Shipping , you benefit from discounted shipping labels and the ability to print right from your dashboard. 
• Connect to your social media channels. Use extensions to sync your store with social media platforms like Facebook, Instagram, and Pinterest. You can even sell on those platforms alongside your store without having to update inventory and information manually.
• Integrate with marketing tools. Quickly connect your store to any number of marketing tools, from email platforms like MailPoet to CRMs like Jetpack CRM . You can also implement a number of marketing strategies, from abandoned cart emails to loyalty programs.
• Keep track of your numbers. Ecommerce accounting is a big part of running an online business. While you can easily view data in your dashboard, you can also sync with tools like QuickBooks to make your accountant’s life a little bit easier.
• Manage inventory. Update your inventory levels manually or connect to tools like Scanventory to sync with your warehouse. Running low or out of stock? Add a wishlist option so customers get an alert as soon as it’s available.

As you can see, WooCommerce is well-equipped to handle any type of online store and support you as you grow. Here are a few more reasons that WooCommerce should be your go-to choice for implementing the ecommerce side of your online business plan:

WooCommerce itself is free! Many extensions for WooCommerce can also be found for free in the WordPress.org plugins library or on the Woo Marketplace . If you need to start your website with a limited budget, but want to build on a platform that can grow to support a thriving, high-traffic store, WooCommerce is an excellent option.

You have full control over your store

Unlike other ecommerce solutions that are tied to the platform’s own web hosting, WooCommerce is designed to be used with WordPress along with any hosting provider of your choice. You are also free to use whatever payment processor you want without any additional fees from WooCommerce. You can also customize your site’s appearance and functionality more extensively than you can with other ecommerce platforms and with less (or no) coding knowledge.

Thousands of free and premium extensions

There are over 800 free and premium extensions for WooCommerce on WooCommerce.com alone and over 1,000 in the WordPress.org plugins library . There are also hundreds of independent developers and agencies that offer premium and custom extensions for WooCommerce so that you can customize your store with the exact features you need. 

Excellent support and large community of users

WooCommerce is used by over 3.9 million stores — 23% of all online stores worldwide . The support team is available to answer questions and the documentation library is extensive and thorough. There are also plenty of independent resources for learning how to use WordPress and WooCommerce.

Dedicate time and resources to put your online business plan in action

A successful business plan is one that empowers and guides the business owner to launch their online or ecommerce business, and possibly secure funding. But it only works if you use it.

One advantage of starting an ecommerce store or online business is that you aren’t as locked down by deadlines. With a physical location, once you start paying the rent, you better have your business plan ready to put into action. 

But the beauty of being online is that you have more flexibility on the front end. Despite having more wiggle room with your timelines, you still need to keep your momentum going forward. Staying on track with your business projects and goals is one of the keys to reaching profitability sooner and turning your business plan into reality. A few quick tips:

• Schedule your time. Block out hours and specific days to work on your business.
• Treat it like a job, not a hobby. Build on your momentum week after week.
• Always keep learning. Research your industry, competition, target audience, and potential customers. Learn marketing — you can never know too much.
• Try stuff! Take risks, make calls, create campaigns, write content.

Your business plan template should give you a concrete list of tasks and business objectives. Once you write a business plan, then you can implement it.

Frequently asked questions about writing an online business plan

What are the seven steps of a business plan.

The seven key elements of a business plan are the executive summary, company description, market analysis, organization and management, services and products, marketing plan, and financial projections. If you’re making a funding request, that would be an eighth section.

Where can I find business plan templates?

You can find a free business plan template online, for general business plans as well as for specific industries. However, since each business is different and your plan must be authentic and specific to your company — a business plan template can only get you so far. 

If you need design inspiration for your own custom business plan template or want to start with a pre-designed template that you can customize, you can purchase one for a relatively low cost through a stock resources site like Envato Market or Creative Market .

Do I need a business plan if I am already running an online business or ecommerce shop?

Business plans aren’t only for people who are launching new businesses. You can create a business plan at any time to help you maintain or change the direction of your store or just to get a better picture of the health of your business. Below are a few different types of business plans that you might want to consider for your established online business:

• Operational business plan. Outlines the structure of your business operations, staffing, and logistics.
• Feasibility plan. Feasibility plans are like mini business plans that cover new business ideas and outline steps for implementation.
• Growth business plan. This plan is for businesses that want to demonstrate opportunities and plans for growth to attract investors.
• Maturing business plan. This plan is for businesses looking to merge with or acquire other companies, significantly expand, or go public.
• Strategic business plan. Any time your business wants to shift strategies regarding products or marketing or any other major changes to your previous business plan, you’ll want to create a new strategic business plan to address your new goals and the steps involved in achieving them.

What software should I use for my online business plan?

Your business plan should include some images, graphs, and graphic elements in the layout, so you’ll want to at least use word processing software to put your business plan together. If you have access to Google Workspace, Microsoft 365, Canva, or Adobe Creative Cloud, you’ll have some other options that might lead to a more professional layout.

Here’s a list of free and paid software that can help you put together your online business plan outline:

What do investors want to see in a business plan?

The most important piece of information to show investors in your business plan is potential for profitability. Investors don’t want to throw money at a sinking ship, no matter how cool and exciting the business sounds. 

Most investors also want to make sure that they’ll see a decent return on their investment in a relatively short time period — probably around 5-7 years. How much of a return they’ll expect will depend on your industry and what kind of investor they are. 

Investors will also want to see that you clearly understand your business, your industry, and that you have concrete, actionable steps for achieving, maintaining, and growing profitability. They’ll want to make sure that the key people on your team also understand your business and the roles they play and they’ll want to see that each person has a good amount of experience in their field and the required skill sets to fulfill their job duties, if not go above and beyond. 

Any details you can include that highlight unique aspects of your business will also be important. Any area where you have a competitive edge, are offering a unique or proprietary solution, have established any celebrity endorsements, have the backing of other investors, or have secured special grants will be of special interest to investors.

Create your plan for success

Now that you understand what goes into creating a formal business plan, it’s time to write one! Take the time to think through and consider each aspect of the list included in this article, and you’ll be well on your way to finding success.

And WooCommerce is here to support your business every step of the way, with powerful and flexible tools that help your business grow. Start selling online today !

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Thames Water has six weeks to agree survival plan with Ofwat

While the company believes it has cash to last 15 months, it will have to move fast to stave off insolvency

• Analysis: Thames Water is everyone’s problem and time is running out to fix it

Thames Water has just six weeks to convince its regulator that it has a viable survival plan for its business, the Guardian can reveal.

While the company believes it has enough cash to survive for about 15 months, insiders and investors fear that it must move quickly to strike a deal with its watchdog to stave off insolvency.

The UK’s largest water monopoly must present a new turnaround strategy and business plan before 23 May – Ofwat’s final board meeting before it issues a verdict on how much water companies will be allowed to charge consumers.

Thames, which has 16 million customers across London and the Thames valley, has been thrown into crisis after its shareholders last month pulled the plug on a plan to inject £500m into the business , amid a deepening battle with the watchdog.

This has forced Thames’s holding company, Kemble Water Finance, to admit it will not be able to repay a £190m loan due by the end of April.

Thames holds cash reserves which should fund its operations for 15 months without a substantial increase in bills, but investors, including bondholders in the operating company, are understood to believe it may struggle to meet debt obligations if a deal is not struck by May.

Ofwat is understood to be sceptical that Thames’s current business plan for the next two years or its longer turnaround plan – aimed at revamping its management and infrastructure – are viable or fair on consumers.

Sources have claimed that Ofwat is concerned about bills rising without there being a clear strategy to overhaul how the business is managed, since this would risk the burden of poor business decisions being pushed on to customers.

Thames’s operating company, which is ringfenced by the regulator so it can continue even if Kemble collapses, is labouring under debts of almost £15bn, making it Britain’s most indebted water company. It was privatised in 1989 with no debt .

Investors in Thames backed out of providing £500m of emergency funding in March, after the regulator refused the company’s demands for a 40% increase in bills.

Investors, which include UK university pension scheme USS, Canadian investor Omers and China’s sovereign wealth fund, said Ofwat’s current position – to limit bill increases, levy fines and restrict payment of dividends – rendered the company “uninvestible” .

Ofwat reviews water companies’ business plans and holds a price review in order to set the amount the utility firms can raise their bills over the next five-year period.

Despite its rejection of Thames’s plan, it is understood that bills are still expected to rise by as much as 35%, on average, over the next five years .

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Thames’s owners are running out of time because the regulator must issue its so-called draft determination on bill increases for each regional monopoly company in June. Those plans will govern how much water investors can earn and how much they must invest over the next five years.

If Thames and Ofwat cannot agree on a new financial plan and a fresh strategy for how to run the company by then, it will ramp up the likelihood of nationalisation.

Bondholders in the operating company have said they may be forced to write down their investment. A likely knock-on effect would be to increase borrowing costs for Thames, and bring forward possible nationalisation of the company via a so-called special administration.

Lenders to Thames argue that forcing them to incur losses on their debts would also drive up the cost of borrowing for all UK water companies, and potentially other utilities such as gas and electricity.

An Ofwat spokesperson said: “We do not comment on speculation. Ofwat is continuing to work on draft determinations that will be published in June.

“We will continue to monitor Thames Water as it seeks to turn around its performance for customers and the environment.”

Thames Water declined to comment on the record. Its board in March agreed a turnaround plan that it believes is “well under way” .

• Thames Water
• Water industry
• Water bills

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Tory duty on Ofwat protects profits over reducing sewage pollution, experts say

Thames Water could raise bills to £627 a year to help fix leaks

Thames Water-linked firm paid £14m in dividends despite concerns over group

‘No dividing line’: consultants advising private water companies also work for their regulator, Ofwat

Today in Focus Profits over pipes: who should own our water?

‘Dirty secret’: insiders say UK water firms knowingly break sewage laws

Thames Water nationalisation plan could move bulk of £15bn debt to state

Thames Water to add to debt mountain in bid for survival

Thames Water funding crisis: the key players in the row over its future

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