business plan for service industry

Service Business Plan: Everything You Need to Know

A service business plan guides you through the complete operations of your service business. 3 min read updated on February 01, 2023

A service business plan guides you through the complete operations of your service business. It includes everything from service description through setup, marketing, management, and financial plans for your business.

According to a recent survey, less than 25 percent of business owners created a business plan for their new business. The topmost reason surveyed business owners gave for not having a business plan was that they didn't know how to create it.

Creating a Business Plan: An Opportunity in Itself

In the United States, more than half-a-million new businesses are set up every year. These new businesses create an enormous opportunity to start a service company to create business plans for new business owners. You can market your services using one or more of the following methods:

• Networking through business associations and meetings.
• Obtaining a list of applicants who have applied for a new business license.
• Partnering with business training schools to reach out to their students.

Benefits of Having a Business Plan

A business plan offers the following benefits among others:

• It gives you an opportunity to think through the whole process of your business.
• You can discover if there are any weaknesses in your ideas, identify the opportunities you might have missed earlier, and make a better plan to deal with potential challenges.
• A good business plan can help you get funds for your business by convincing investors or lenders.
• A business plan gives you a pathway to profit. A path with clear goals and actions helps you run your business smoothly.
• Others can judge your success potential on the basis of your business plan.
• You can use your business plan as a communication tool to orient your sales team, vendors, and others to your business goals and operations.
• A business plan helps you become a skillful manager. It makes you think about your competition, promotion, and advantageous situations. Over a period, it increases your ability to make adjustments.

What Does a Business Plan Include?

Your business plan should not be longer than 30 or 40 pages. It usually includes the following sections:

• Executive summary
• Business or company description
• Description about your products or services
• Marketing plan
• Operational Plan
• Business management and organization
• Setup expenses and funding
• Financial plan
• Refining your plan: This section provides for ways to modify your plan for certain specific purposes (for instance, for applying for a bank loan) or for certain industries (e.g., for retail).

Questions to Ask Yourself

To develop an effective business plan, ask yourself the following questions:

• What is the nature of your business?
• What services do you provide?
• Where is your market?
• Who are the buyers of your services?
• Who are your competitors?
• What will be your sales strategy ?
• How will you merchandise?
• How much money will you need to operate your business?
• How will you manage your work?
• How will you control the operations?
• When should you revise your plan?
• Where can you get help?

You should answer these questions yourself as you sit down to develop your service business plan.

Writing an Effective Business Plan: Products and Services

The Products and Services section should clearly describe your products and services. Based on the type of business, this section of your business plan can be long or short.

If you are into a product-focused business, you may want to describe your product in more detail. If you sell a product that is readily available in the market, you may want to focus more on your core strength (for example, competitive pricing) rather than the product itself. However, if you are producing a new commodity, it may be more important to explain the product and its uses thoroughly.

Avoid getting too detailed or technical. Keep it simple and avoid using industry jargons. You can list out the trademarks, patents, and copyrights you have obtained or applied for.

You should answer the following questions while writing the products and services section:

• Are your products in the development stage or they are already available on the market?
• When will you bring the new products to the market?
• How are your products different?
• How will pricing affect your profit margin?
• How will you purchase or manufacture the products?

If you need help with your service business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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How to write a business plan for your service provider business.

Starting a service provider business is a great way to leverage your skills and expertise to make money.

It can also provide you with the flexibility to choose the services you offer and the clients you work with.

Nevertheless, the first step is to develop a business plan.

A business plan is essential before starting a new project, such as a service provider business. It provides a roadmap for success, outlining goals, strategies, and resources. It also helps to identify potential risks and set realistic expectations for the project.

In short, a good business plan will help make sure your service provider business is profitable .

What should you include in the business plan for a service provider business? What is the recommended format? What are the important financial ratios to consider? What's the fastest way to outline a comprehensive business plan?

This article will address and answer all these questions.

One last thing, you don't have to start your business plan from scratch.

You can download our customizable business plan for a service provider business and modify it to meet your specifications.

How to build a business plan for a service provider business

Is it worth considering a business plan for your service provider business.

Yes, you should consider creating a business plan for your service provider business.

Designing a cohesive business plan will equip you to:

• learn about the service provider market
• stay updated on emerging trends and include them in your project
• highlight what makes a service provider business profitable
• understand the specific needs and preferences of clients seeking services
• find a great unique value proposition for your service-oriented enterprise
• investigate competitive differentiation
• uncover unique strengths for your service provider business
• find a business model that will lead you to profitability
• implement a comprehensive and tactical action plan to achieve success
• assess potential risks involved in operating a service provider business, such as client satisfaction, resource allocation, and professional liability

Our team has drafted a business plan for a service provider business that is designed to make it easier for you to achieve all the elements listed.

How to structure a business plan for a service provider business?

A business plan is abundant in facts, figures, and indicators. It should be arranged in a way that makes it simple to read and comprehend.

When we built our business plan for a service provider business , we made sure to structure it propertly.

This document has 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The opening section is labeled as "Market Opportunity."

This section presents a comprehensive report on the service provider business, including key data and metrics to guide your decision-making process.

The data here is always current; we update it twice a year.

2. Project Presentation

The second section is called "Project" and this is where you talk about your service provider business. In this section, you can outline the services you offer, target customer segments, service delivery approach, customer satisfaction initiatives, and the unique value proposition of your business.

Also, provide a self-introduction at the end of this section.

Discuss your commitment to providing essential services, your range of offerings, and how you plan to deliver reliable and professional solutions to clients. Highlight your experienced team, your prompt response times, and your dedication to meeting the unique needs and requirements of clients through your service provider business.

We created language in our business plan. Customize it to fit your idea perfectly.

3. Market Research

Following that, we have the "Market Research" section.

In this section, you will find a market segmentation analysis for your service provider business.

It includes a study of competing service providers in the industry and emphasizes your business's competitive advantages. A tailored SWOT analysis is also provided.

4. Strategy

In the "Strategy" section, a detailed 3-year action plan is provided, which highlights all the crucial steps and initiatives to transform your service provider business into a highly profitable venture.

Moreover, this section contains a comprehensive marketing plan, a strategy to manage risks, and a completed Business Model Canvas.

5. Finances

Lastly, the "Finances" section allows you to present a complete financial overview of your project.

How to make an Executive Summary for a service provider business?

The Executive Summary is a brief and condensed overview of the business plan for your service provider business.

It should be short, clear and concise. Only the key elements of your business plans should be reflected on this document.

When you bring your business plan to a financial institution, this is the part they will read at the beginning. It should grab their interest and make them want to read the rest of the plan.

In the Executive Summary of your service provider business, address the following queries: what services does your service provider business offer? who is your target audience? are there other service providers in the market? what sets you apart from them? what funding do you require?

How to do the market analysis for a service provider business?

The market study of your service provider business helps you understand external factors such as customer demands for specific services, competition within the service industry, and emerging trends in service delivery models.

By conducting a thorough market analysis, a service provider business can understand customer needs, offer reliable and professional services, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased service contracts, and a prominent position in the service industry.

Here is what you will find in the "Market Research" section of our business plan for a service provider business :

• current data and statistics on service provider businesses, including service industry trends, customer satisfaction ratings, and market demand
• a compilation of potential market segments for a service provider business
• the competitive analysis
• the potential competitive differentiators for a service provider business

The key points of the business plan for a service provider business

What's the business model of a service provider business, business model of a service provider business.

A service provider business offers a range of professional services such as consulting, marketing, IT support, or financial planning. Revenue is generated through service contracts, project-based fees, or retainer agreements with clients.

The business model focuses on identifying target markets, positioning the business as an expert in the field, delivering high-quality services, maintaining client relationships, and continually expanding service offerings to meet evolving client needs.

The success of the business relies on the expertise and reputation of the service providers, efficient project management, and strong customer relationships.

Business model vs Business plan

Make sure you don't mix up the terms "business plan" and "business model."

A business model outlines the way a company creates value, generates revenue, and operates.

In a business plan, you incorporate the Business Model Canvas as a clear-cut method to outline how your business generates value.

And, of course, there is a Business Model Canvas (already completed) in our business plan for a service provider business .

How do you identify the market segments of a service provider business?

Market segmentation for your salad bar establishment involves dividing your potential customers into different groups based on their dining preferences, dietary choices, and demographics.

These categories may include factors such as health-conscious individuals, vegetarians, office workers, or customers seeking specific salad ingredients or dressings.

By segmenting your market, you can offer a salad bar experience and menu that caters to each segment's specific requirements. For example, you might focus on health-conscious individuals and offer a variety of fresh and nutritious salad options with organic ingredients, cater to vegetarians and provide a wide selection of vegetable-based salads with protein-rich toppings and dressings, specialize in serving office workers with quick and customizable salad options for their lunch breaks, or focus on specific salad ingredients or dressings to accommodate different tastes or dietary restrictions.

Market segmentation allows you to effectively target your marketing efforts, create an inviting and well-stocked salad bar, and provide a satisfying and healthy dining experience that meets the unique needs and preferences of each customer segment.

In the business plan for a service provider business , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for a service provider business?

It's clear that you won't be the only service provider business in your industry. There are other companies offering a range of services, such as cleaning, repairs, and maintenance, to clients.

It's crucial to thoroughly study and understand your competitors' strengths and weaknesses as you develop your business plan.

Be aware of their weaknesses (such as inconsistent service quality, lack of customer satisfaction, or poor communication).

Why should you pay attention to these points? Because these weaknesses can impact the success of service provider businesses. By addressing these aspects, you can offer high-quality services, provide excellent customer support, and differentiate your business through reliability and professionalism, positioning your service provider business as a trusted and valued partner for clients' needs.

It's what we call competitive advantages—cultivate them to set your business apart.

Here are some examples of competitive advantages for a service provider business: wide range of services offered, skilled and experienced professionals, excellent customer service, competitive pricing, efficient project management, customizable solutions, strong industry partnerships, positive client testimonials.

How to draft a SWOT analysis for a vendor?

A SWOT analysis can help identify strengths, weaknesses, opportunities, and threats that can inform the development of a successful service provider business.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a service provider business

The strengths for a service provider business

The "S" in SWOT denotes Strengths, which are the project's competitive advantages or key strengths.

For a service provider business, potential strengths include customer service, technical expertise, competitive pricing, and timely completion of projects.

The weaknesses for a service provider business

When we say "W," we're referring to Weaknesses, which are the areas or aspects of the project that need to be developed further.

For a service provider business, potential weaknesses could include a lack of expertise in the services offered, inadequate customer service, insufficient resources to meet customer demands, and a lack of proper marketing strategies.

The opportunities for a service provider business

When we mention the "O" in SWOT, we're referring to Opportunities, which are the external prospects or beneficial factors that can support the project's goals.

In the case of a service provider business, potential opportunities include providing IT services, offering consulting services, providing event management services, and offering digital marketing services.

The threats for a service provider business

T stands for Threats in SWOT, indicating the external factors that can hinder or negatively affect the project.

How to elaborate a marketing strategy for a vendor?

Implementing a marketing strategy allows entrepreneurs to build brand awareness and establish a strong brand identity.

A vendor can gain visibility and attract customers by developing a well-crafted marketing plan that highlights the vendor's unique products, appealing display, and their presence at popular events or high-traffic locations.

Customers won't choose your vendor services without effective marketing; showcasing the variety of products, reliability, and exceptional customer service is necessary.

Are you utilizing marketing tactics to promote your vendor services? Consider showcasing your range of products or services at local markets or events, utilizing social media platforms to engage with potential customers and share updates about your offerings, and collaborating with complementary vendors for cross-promotion.

If you're lacking ideas for your project's marketing strategy, don't panic.

How to build financial projections for a vendor?

A solid business plan must include financial data to provide an accurate assessment of the business's potential success.

When creating your business plan, you must include anticipated revenue figures for your service provider business.

A relevant and credible revenue forecast is crucial to ensure your business plan appears solid when read by investors.

Our financial plan for a service provider business is designed to be user-friendly, incorporating automatic verifications that assist in identifying and correcting any assumptions. This ensures you can build credible projections with confidence.

Of course, you'll need to create a preliminary budget for the launch of your service provider business. Double-check that you haven't missed any expenses. If you have a doubt, we have listed them all in our financial plan!

Including the break-even analysis in your financial plan is important as it shows whether your service provider business will be profitable or not.

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Written by Dave Lavinsky

Navigate the complexities of entrepreneurial planning with our extensive array of business plan examples specifically tailored to the professional business services industry. Ideal for consultants, legal advisors, marketing agencies, and other service providers, these plans offer in-depth guidance on developing client-centered strategies, competitive market positioning, and effective operational models. Each example is carefully crafted to address the nuances of service delivery, emphasizing the importance of expertise, client relationships, and innovative solutions.

This resource is an essential tool for those aiming to establish or expand their presence in the professional services sector, ensuring a foundation built on strategic insight, financial acumen, and service excellence. Our detailed templates provide a solid foundation to start or grow any service business.

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145 New Service Business Ideas for 2022

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If you’re thinking about starting a business, more specifically a service business, you’re part of a growing workforce demographic. Experts disagree on the exact size of today’s gig economy, but research from Intuit suggests that the population of independent, service-based business owners made up as much as 34% of the total U.S. workforce in 2017. That’s a huge volume of individuals looking for new, independent ways of earning an income.

Service business ideas: The top 15

Personal fitness trainer

Grocery shopping and delivery

Makeup artist

Doula and birth coaching services

Private school application consultant

Elder companion and care provider

Pet sitting

Handyman service

Mobile car wash and detailing

Virtual assistant

Graphic designer

IT systems consultant

Mobile notary public

Rental property management

Corporate event planner

Whether you’ve been pushed into business ownership by a lack of steady employment, or you’re on a proactive search for a more flexible and self-directed way of earning a living, this wide-ranging list of 145 unique ideas for service businesses is a great resource to get you started.

How much do you need?

with Fundera by NerdWallet

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

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

Personal services

In a world full of people who are busier than ever before, convenience has become an utmost priority to US consumers. As a result, there is no shortage of ways that individuals can start businesses providing services for others. Whether you’re a staunch academic, love working with animals or children, or have a knack for fixing things, the realm of personal service business ideas has an option for nearly everyone.

Best of all? Most of these personal service businesses require little to no formal training or certification, and they can be offered on-site in people’s homes to avoid the high overhead of maintaining an office or retail shop.

You may need to acquire some basic supplies, but otherwise, the only barrier to getting started is finding clients who are willing to pay for your work.

Personal health and wellness services

Many of us set goals to become a bit healthier in some way, whether through our mental health, agility, or simple physical wellness—but without some form of assistance, guidance, or accountability, many people struggle to reach those goals. If you’re an avid runner, love cooking, or have training in alternative healing, one of these health and wellness service business ideas may be a perfect fit for you:

Meditation instructor

Private yoga instructor

In-home masseuse

Acupuncturist

Chiropractor

Nutrition consultant

Meal delivery service

Personal chef

Personal concierge services

From buying groceries to doing laundry and keeping our spaces tidy, who among us has time to get all of our chores done without becoming overwhelmed in the process? If you’re not bothered by running errands and cleaning up, friends and neighbors may your ideal clientele for these personal concierge business ideas.

Errand-runner

Dry-cleaning delivery and pick-up

Seamstress or tailor services

Window washing

Home cleaning service

Private car service

Beauty and lifestyle service business ideas

If you love all things beauty and personal style, your career options are no longer limited to traditional cosmetology school and hourly work in a salon. Consider whether these emerging lifestyle service business options—almost all of which you could provide in-home, or even virtually—might make a great gig for your interests.

In-home hair stylist

Personal wardrobe stylist

Online dating consultant / profile editor

Serving parents, babies, and small children

There is growing opportunity for service business ideas that meet the needs of new parents, particularly in major cities, where children are more likely to be born to older and more career-minded couples.

If you love the idea of working with small children and their parents, consider whether one of these unique service business ideas would be a good option for you.

Birth photographer

Overnight doula service

Lactation consultant

On-demand babysitter

Home baby proofing consultant

Nanny and au pair placement service

Private music teacher

Children’s party planner

Birthday party character appearances

Children’s entertainment services

Academic consulting services

As those babies and toddlers grow into young students, research has shown that their parents’ dollars are transitioning to an increased amount of spending on academic support services.

Consider yourself academically inclined? Perhaps your perfect idea for a service business is among these listed here:

Homeschool teacher

Academic tutoring

Online English tutor

SAT tutoring and preparation

GED test preparation

College application consultant

College essay editor

Cover letter and resume writer

Elder care services

Population shifts are trending toward dramatic growth in our nation’s number of older adults, so you can expect demand for elder care services to skyrocket in the coming years.

Could the growing need for home health aides, drivers, and other care providers direct your new career?

In-home physical therapist

Private nursing service

Animal care services

If you’ve always had a love of animals, consider channeling that passion into a full-time business in one of these popular specialties.

Pet Sitting

Dog walking

Mobile veterinary services

Mobile pet grooming

Home maintenance and repair services

Although you may be inclined to look to new, trendy, or virtual service business ideas for your next opportunity, don’t forget about traditional home maintenance and repair services, which are consistent needs among U.S. populations.

Are you naturally talented at fixing things? Do you enjoy collecting tools and home maintenance equipment? One of these ideas for service businesses may be your perfect choice.

Pool servicing and maintenance

Locksmith services

Home entertainment installation

Home-inspection services

Interior painting service

Wallpaper installation service

Power washing service

Carpet installation service

Air conditioning installation and maintenance

Plumbing service

Appliance repair

Porcelain repair

Home maintenance equipment rental

Automobile maintenance and repair

For much of America, owning a car is considered a necessary convenience for getting around from day to day. Even so, vehicle ownership can quickly become inconvenient when a need arises for cleaning, maintenance, or repair.

With just a bit of skills training, you can choose one of these lucrative, new service business ideas to help your fellow drivers get back on the road.

Mobile car wash and car detailing

Mobile car mechanic

Vehicle inspection service

Windshield repair service

Business services

As more and more Americans become independent business owners, it should come as no surprise that demand for business-to-business services is also growing. Generally, modern businesses have taken a leaner approach to growth, relying on outside consultants or contractors to provide services and expertise to avoid the high overhead of having many employees.

Instead of working directly for another business as an employee, your future career could fall within one of these B2B service business ideas.

B2B administrative services

Though the range of “business services” can span almost every industry and niche, let’s start with some of the most traditional, purely administrative services that you can provide to fellow business clients. These services can be conducted in person at a client’s office or retail location, but in many cases they can also be offered remotely from anywhere with a reliable internet connection.

Executive headhunting

Language translation

Project manager

Certified professional accountant

Payroll processing service

Financial auditor

Business plan consultant

Office support services

Data analysis

Messenger service

Online course consultant

Freelance researcher

Online business coach

Customer service phone operator

Live chat customer support service

Sales and marketing

For any business to succeed, it needs two basic things: a product or service to sell, and customers willing to pay for it. The good news for small business owners is that the internet has made connecting with and attracting those customers a more accessible process than ever before.

The good news for you , however? The world of online marketing—and content marketing in particular—requires a huge amount of human capital to be done effectively. Could providing one of these marketing services be the right opportunity for you?

Website designer

Marketing copywriter

Content writer

Editing and proofreading service

E-book ghostwriter

Facebook ads strategist

Instagram marketing strategist

Social media manager

Content marketing strategist

SEO strategist

Email marketing manager

Affiliate sales and marketing consultant

Brand photographer

Marketing video producer

Podcast producer

Presentation and proposal designer

Public relations consultant

Brand ambassador

Technology maintenance and repair services

As businesses across every industry rely more and more heavily on technology for their daily operations, the need for knowledgeable service providers has grown steadily. Within larger corporations, these roles are often filled by in-house employees. Small businesses, however, very often cannot afford to maintain full-time IT managers, meaning they must rely on third-party services to address technology needs.

If you have previous training or a natural affinity for computer programming and information technology, your service business idea might be on this list.

Computer repair service

Printer and copy machine maintenance

Software installation service

Mobile IT support service

App developer

Online network installation and maintenance

Online security consultant

Data management consultant

B2B legal services

From notarizing documents to reviewing contracts and investigating wrongdoing, a wide array of opportunities exist to create a service business in the law enforcement sector—even without a law degree. Here are a few examples worth considering.

Legal process server

Paralegal services

Private investigator

Contract drafting and review service

Travel and tourism service business ideas

Have you recently traveled to a resort destination, only to discover that you never want to leave—or do you simply want to share with visitors the unique charms of your own hometown?

Though major airlines and hotel chains dominate much of the $370 billion U.S. travel market , opportunities abound for the creation of unique cultural and adventurous experiences by small business service providers. Here are just a few of the many ways you can turn your passion for travel into a new opportunity.

Local tour guide

Adventure tours

Travel agent

Corporate retreat coordinator

Cruise booking agent

Travel concierge services

Ski or snowboarding instructor

SCUBA diving instructor

Beach equipment rentals

Event service business ideas

From family celebrations to corporate conferences and everything in between, hosting an event almost always requires many hands on deck. And with business-to-business events alone representing a multi-billion-dollar industry, it should come as no surprise that so many opportunities exist for new service businesses in this sector.

Do you thrive on the adrenaline and social interaction of live events? If so, you could find your calling in one of these ideas for service businesses.

Fundraising event coordinator

Trade show producer

Wedding planner

Conference marketing manager

Event photographer

Event videographer

Audio visual technician

Lighting designer

Live video producer

Bartending services

Event catering services

Custom baking

Photo booth rental service

Reunion coordinator

Valet parking service

Event furniture and equipment rental

You might assume that we’ve covered every option for a service business in 2022 with this list of 145 ideas. In reality though, this list only scratches the surface of possibilities. If you’re eager to start your own business, thinking about your individual passions, strengths, and skills is the first step to what could be a satisfying new career.

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Frequently asked questions

1. what is a service business.

A service business is one that provides an intangible product, performed by a team or an individual. Examples would be accounting, plumbing, landscaping, and banking.

2. How do you start a service business?

The basic first step to start a service business is to find a gap in services that exist in your area and create a business that fills the gap. Beyond that, it will depend entirely on the industry you choose. A good place to start is by writing a business plan. During that process, you will start to focus on many of the elements of starting a business, like your target audience and marketing strategy. You'll also need to think about how to fund your business idea .

3. How do you calculate the break-even point for service businesses?

Simply put, your break-even point is found by dividing your fixed costs by your selling price per unit minus the variable cost per unit. For a service business, you first need to figure out what your "unit" is. For example, accountants may charge by the hour, so one hour would be one unit. You could also charge by treatment, course (if you're a tutor or educator), or individual service (for example, a landscaper would charge different prices for just a lawn cut vs. cut and plant trim). Once you figure out your unit, the formula is pretty standard.

4. Do service businesses charge sales tax?

It is ultimately up to each individual state to decide which businesses are subject to sales tax. Be sure to check with your state and city agencies when establishing your service business to ensure that you're complying with the law.

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

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How to Write The Industry Section of a Business Plan

Writing a Business Plan: Section 2

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

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When writing a business plan, the Industry section is best organized as two parts: an overview of the industry and a summary of your business's position within the overall industry.

Before writing this section of the business plan, use these questions to focus your research:

• What is the size of your industry?
• What sectors does this industry include?
• Who are the major players in this industry?
• What are the markets and customers for this industry?
• What are the industry's estimated sales this year? Last year? The year before?
• What national and economic trends have affected this industry and how?
• What national and economic trends might affect it in the future and how?
• What is the long-term outlook for this industry?
• What products or services will your business be selling?
• What is your Unique Selling Proposition? (What is it about your business that makes it unique and sets it apart from competitors?)
• What are the barriers to entry in your industry?
• How will you overcome these barriers?
• Who are your competitors?
• What is the market share of your competitors?
• What is your business's competitive advantage (i.e., your market niche or estimated market share)?
• What is your target market?
• How are you protecting your product or process (i.e., patents, copyrights, trademarks, franchise rights that you either hold or plan to acquire)?

Once you have all this information, you'll write this section of the business plan in the form of several short paragraphs. (Remember, each of these paragraphs is a summary, not a detailed point-by-point explanation.) Use appropriate headings for each paragraph. 

Finding Information on Your Industry

But where do you find the information that you need for writing the Industry Overview section of your business plan?

United States Research

In the United States, you may want to start your research by reviewing information from the U.S. Census Bureau, Industry Statistics Portal. This site provides data for selected industries separated into categories using the North American Industry Classification System (NAICS). The Bureau of Labor Statistics also offers a large selection of information grouped by NAICS industry.

There are also other sources of information—some free and some paid sources—including IBIS World, Select USA, and the U.S. the Department of Commerce Bureau of Economic Analysis.

Canadian Research

When you're writing a business plan and looking for information on Canadian industries, Industry Canada is your logical first stop. Their Find Statistics by Industry  page lets you see key economic indicators for different sectors of the Canadian economy, access industry profiles, and analysis and research small businesses in Canada generally.

Another primary source for industry and economic information that you can easily access online when you're writing a business plan is Statistics Canada. From this homepage you can find a wealth of free statistical information; use this page, to search for Statistics Canada publications back to 1980.

There are also provincial statistics websites where you'll be able to find more economic, social, and demographic statistics relating to your industry and the business environment.

The Canada Business Service Centres located in each province also offer excellent collections of resources online, and telephone and email information services. You'll find a list of links to the Canada Business Service Centre in each province in my Provincial Programs and Services Resources.

The business sections of national newspapers and business magazines will also be helpful; these often carry features on the past and future business trends.

And don't forget your local sources of business information when you're researching your business plans, such as your Economic Development Centre, Chamber of Commerce, or Women's Enterprise Centre, or the business section of the local library.

Doing Business Plan Research

If your business is related to manufacturing when you're writing a business plan begin by determining the NAICS of your particular industry, and the sector and sub-sector if applicable. It will make it easier for you to find statistical information relating to your industry. If your business is a service, begin with Industry Canada's service industry profiles.

Refer to the list of questions earlier in this article on how to write a business plan as a research guide. Whenever you find a piece of information that you want:

• Check its date and determine whether or not the information is current enough to be valid;
• Write down the date and source of the information, as you'll need to cite your information sources in the business plan.

When you're writing a business plan, you want your research information to be as up-to-date as possible. After all, there's no point in starting a business if you don't want it to succeed.

Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

What is a business plan? 

Think of a business plan as a document that guides the journey to start-up and beyond. Business plans are written documents that define your business goals and the strategies you’ll use to achieve those goals. In addition to exploring the competitive environment in which the business will operate, a business plan also analyses a market and different customer segments, describes the products and services, lists business strategies for success, and outlines financial planning.  

How to write a business plan 

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description 

Products and services 

Competitor analysis 

Marketing plan and sales strategies 

Brand strategy

Financial planning

Explore each section to bring fresh inspiration and reveal new possibilities for developing your business. Depending on your format, you may adapt the sections, skip over some, or go deeper into others. Consider your first draft a foundation for your efforts and one you can revise, as needed, to account for changes in any area of your business.  

1. Executive summary 

This short section introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, development goals, and why it will succeed. If you are seeking funding, summarise the basics of the financial plan. 

2. Business description 

Use this section to provide detailed information about your company and how it will operate in the marketplace. 

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, and your customers? 

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, licence fees, and more. 

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.  

Legal structure: If you’ve incorporated your business, include the legal structure here and the rationale behind this choice. 

3. Competitor analysis 

This section will assess potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following: 

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each solve customer pain points and fulfill desires? What are the price points? 

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?  

Sales: What sales process or buyer’s journey does this brand lead customers through?

4. Products and services

Use this section to describe everything your business offers to its target market. For every product and service, list the following: 

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies 

In this section, you’ll draw from thorough market research to describe your target market and how you will reach it. 

Who are your ideal customers?   

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)? 

What are their daily lives like? 

What problems and challenges do they experience? 

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?  

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors? 

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

6. Brand strategy 

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience. 

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including tone, diction, and sentence-level stylistic choices? 

How will your brand look and sound throughout the customer journey? 

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand? 

7. Financial planning  

In this section, you will explore your business’s financial future. Suppose you are writing a traditional business plan to seek funding. In that case, this section is critical for demonstrating to lenders or investors you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a useful exercise for planning how to invest resources and generate revenue [ 1 ].  

To begin your financial planning, use past financials and other sections of this business plan, such as your price points or sales strategies. 

How many individual products or service packages do you plan to sell over a specific period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point or the amount you must sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may append supporting documents, such as licences, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. 

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as quarterly or annually, to update individual sections or explore new directions your business can take.

Make sure everyone on your team has a copy of the business plan, and welcome their input as they perform their roles. 

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success. 

Start your business with Coursera 

Ready to start your business? Watch this video on the Lean approach from the Entrepreneurship Specialisation on Coursera: 

Article sources

Inc. “ How to Write the Financial Section of a Business Plan ,   https://www.inc.com/guides/business-plan-financial-section.html.” Accessed April 15, 2024.

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Image Source

Tips for Writing Your Executive Summary

• Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
• Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

• Industry trends that other brands may not be utilizing
• Strengths in your competition that may be obstacles to handle
• Weaknesses in your competition that may help you develop selling points
• The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

• Your brand positioning vision and how you'll cultivate it
• The goal targets you aim to achieve
• The metrics you'll use to measure success
• The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Tips for Writing Your Marketing Strategy

• Include a section about how you believe your brand vision will appeal to customers.
• Add the budget and resources you'll need to put your plan in place.
• Outline strategies for specific marketing segments.
• Connect strategies to earlier sections like target audience and competitive analysis.
• Review how your marketing strategy will scale with the growth of your business.
• Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Tips for Writing Your Key Features and Benefits

• Emphasize why and how your product or service offers value to customers.
• Use metrics and testimonials to support the ideas in this section.
• Talk about how your products and services have the potential to scale.
• Think about including a product roadmap.
• Focus on customer needs, and how the features and benefits you are sharing meet those needs.
• Offer proof of concept for your ideas, like case studies or pilot program feedback.
• Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

• The specific pricing breakdowns per product or service
• Why your pricing is higher or lower than your competition's
• (If higher) Why customers would be willing to pay more
• (If lower) How you're able to offer your products or services at a lower cost
• When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Tips for Writing Your Pricing and Revenue Section

• Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
• If you are asking a premium price, share unique features or innovations that justify that price point.
• Show how you plan to communicate pricing to customers.
• Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
• Share plans to develop new revenue streams in the future.
• Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
• Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

• Profit/Loss Statement - This answers the question of whether your business is currently profitable.
• Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
• Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

• Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
• Include any data that supports your projections to assure investors of the credibility of your proposal.
• Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
• Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
• Triple-check all financial information in your plan for accuracy.
• Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

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

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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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

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Business plan template: There's an easier way to get your business plan done.

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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 plans 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 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 you're 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 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 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 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 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 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 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 remain stable through times of crisis.

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

Download a free sample business plan template

Ready to start writing your own 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 template 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 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 sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example 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 plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan 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 business plan word for word. It just won't be as helpful, since each business is unique. You want your 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 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 plan regularly to use it as a business management tool

Keep in mind that businesses that use their 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 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, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example 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 match for your business idea.

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On-the-go pos systems, a point-of-sale system for businesses that are going places.

For businesses and service providers like food trucks, landscaping service, independent contractors that are always on the move, U.S. Bank’s on-the-go POS system lets you run your business wherever you are, all from your own smartphone.

POS features designed for businesses on-the-go

Do business anywhere, anytime. .

The power to run your business is already in your pocket. With the U.S. Bank on-the-go POS package, use your own smartphone paired with our mobile app and card reader (provided at no additional cost 1 ) to accept major credit cards and tap-to-pay payments. 

Take care of transactions quickly and easily.

Taking card or tap-to-pay payments? The U.S. Bank on-the-go POS system moves processes transactions in seconds, so you can always keep up your influx of customers. Alternatively, create and send invoices to customers so they can pay later online or over the phone.

Run the numbers with reports and analytics.

Access daily, weekly, or monthly reports that show a full summary of your sales, with options to view data by payment type, product, employee on register, and more, giving you key insights to take your business to the next level.

Keep your inventory stocked.

Much like a fuel gauge tells you when it’s time to refill the gas tank, U.S. Bank on-the-go POS system’s inventory management gives you live visibility of your stock levels so you always know how much you have on hand, when inventory or stock items are sold, and when you need to reorder.

More reasons to choose U.S. Bank

Take your business on-the-go in just a matter of days.

The on-the-go POS system unites register activities and employee management features so you can manage employee schedules, validate time sheets, and track employees’ sales performance. 

Get the perfect POS package.

If you split time between doing business on-the-go and on-premises, we can build your perfect POS package complete with the hardware you’ll need to make sales wherever you’re doing business.

Get the most from your POS plan.

While a business like a full-service salon and spa needs a more powerful POS solution and equipment, service businesses like home repairs, personal training, legal services, may prefer a simpler POS solution. U.S. Bank offers a range of plans to fit your specific needs.

The support you need when you need it

24/7 support.

Never miss a beat with our industry-leading 24/7 customer support. A real person is always available to answer your questions at no additional cost.

Everyday Funding

Improve cash flow with industry-leading funding, available 7 days a week, with no daily funding limits. 2

Safe & secure payments

With EMV, contactless payment options, PCI-DSS , and end-to-end encryption, your customer payment data is protected by the latest authentication and security technology.

Find your on-the-go POS plan.

Simple pricing, no hidden fees, no commitments. Find the plan that’s right for you, priced for businesses of any size. 

HELPFUL KNOWLEDGE AND TIPS

Expand your knowledge about accepting payments for your business.

Payment industry trends that are the future of POS

Strengthen your brand with POS technology

Checklist: What you’ll need for your first retail pop-up shop

Frequently asked questions, what are on-the-go pos systems.

On-the-go or mobile point-of-sale (POS) systems for include specialized software and equipment that helps streamline operations, manage payments, analyze sales and more.

Key features of U.S. Bank’s on-the-go POS systems: 

• Order processing and management
• Menu management
• Payment processing
• Inventory management
• Basic customer tracking
• Reporting and analytics
• Card reader hardware

What is talech?

talech is a cloud-based POS suite from U.S. Bank tailored for businesses of all kinds that scales seamlessly across multiple locations to support business growth. 

How do I choose an on-the-go POS system for my business? 

Selecting the right POS system for your on-the-go business is a crucial decision that can impact your operations, customer service, and bottom line. Before you choose an on-the-go POS, you’ll need to:

• Consider equipment needs: Most on-the-go businesses can keep it simple and rely on a smart phone, card reader and our POS application to process sales and payments. However, if you split time on-the-go and on-premises you’ll most likely need additional equipment like a smart terminal, POS register, tablet(s), and receipt printer(s) .
• Determine your budget scale: It may be tempting to choose the cheapest option, but first, consider not just where your business is currently, but also where you hope to be and what you’ll need from your POS system to get there.
• Review core features:  Look for essential features like payment processing, inventory management, powerful security, reports and analytics, and more. The system should help streamline your on-the-go operations, not complicate it, so get only what you need.
• Prioritize payment processing:  Ensure the POS system supports a variety of payment methods, including credit cards, mobile payments, and cash.

How much does a good POS system cost? 

The cost of a good POS system depends on several factors, including the size of your business, number of employees, and the type and quantity of equipment you need. U.S. Bank offers POS plans starting at $0 a month with no long-term commitments. 

Do I really need an on-the-go POS system for my business?

If your business strictly operates out of your office or storefront, you may not need your POS system to go mobile. However if you split time, and take business on the road, it’s highly recommended to have an on-the-go POS system so sales don’t have to stop even if you’re not in your shop.

Ready to get started? 

This is a limited time promotional offer for the Ingenico Moby/5500 and is only available for customers applying for a new U.S. Bank Payment Solutions account through the online application. To qualify for the free card reader offer, you must apply online for a new U.S. Bank Payment Solutions account by May 11, 2024. Offer cannot be redeemed for any other hardware purchase or account credit. Offer is limited to one card reader per customer. U.S. Bank and/or Elavon reserves the right in its sole discretion to modify, suspend or terminate the promotion at any time.

Everyday Funding is available at no additional charge to U.S. Bank Payment Solutions merchants with a U.S. Bank checking account. Funding speeds will vary between weekdays and weekends and are dependent on batch times. Funding is based on batch and will be processed every day, including weekends. Activation may take between three to five business days from date of Everyday Funding service request. Once the file is activated, there will be a change in the description of the payment when it is posted to your bank account.

Deposit products are offered by U.S. Bank National Association. Member FDIC.

Services may be subject to credit approval. Eligibility requirements, restrictions and fees may apply. See a business banker for details.

Using these programs requires a merchant processing account. See a business banker for details.

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IRS delivers strong 2024 tax filing season; expands services for millions of people on phones, in-person and online with expanded funding

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IR-2024-109, April 15, 2024

WASHINGTON — With the April tax filing deadline here, the Internal Revenue Service highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during the 2024 filing season.

Through Inflation Reduction Act funding, the IRS continued to expand taxpayer service levels not seen in more than a decade with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered over 1 million more taxpayer phone calls this tax season, helped over 170,000 more people in-person and saw 75 million more IRS.gov visits fueled by a new and expanded Where’s My Refund? tool.

“Taxpayers continued to see major improvements from the IRS during the 2024 tax season,” said IRS Commissioner Danny Werfel. “A well-funded IRS is like night and day for taxpayers. With the help of more funding and added resources, service for taxpayers this filing season eclipsed levels seen during the past decade. This tax season meant real-world improvements for people looking for help, whether calling, visiting in-person or using IRS.gov.”

“We still have much more work to do, both to finish the 2024 tax season as well as put in place continued improvements made possible by Inflation Reduction Act funding,” Werfel said. “But this filing season marks another important chapter where we’ve improved service for taxpayers, continuing an accelerating trend in the story of transforming the IRS.”

Through April 6, the IRS processed more than 100 million individual tax returns. Tens of millions more will come in advance of the April deadline, the busiest time of the year for tax returns. The IRS also projects about 19 million taxpayers will file extensions, which will be due Oct. 15.

Since the start of the January tax season, the IRS has delivered more than $200 billion in refunds through early April. The average refund was $3,011, a 4.6% increase from last April’s average of $2,878.

Here are major filing season numbers in 10 key areas. These numbers, generally from late March and early April, reflect the historic 2024 tax season taking place at the IRS:

• Improved phone service . Continuing a trend seen last year following the addition of 5,000 new telephone assistors, the IRS level of service on its main phone lines reached more than 88%. That’s above the 84% level seen last year and more than a five-fold increase from the phone service levels seen during the pandemic era period, when the level of service was at just 15% in 2022.
• More calls answered. The IRS answered more taxpayer calls on its live assistor lines this year, a 16.8% increase from 2023. IRS assistors handled 7,608,000 calls, up from 6,513,000 the year before. IRS automated lines handled another approximately 7 million calls, 280,000 more than the previous year.
• Faster response times. Taxpayers waited, on average, just over three minutes for help on the IRS main phone lines. This is down from four minutes in 2023 and 28 minutes in filing season 2022.
• More callback options. The IRS offered callback options on 97% of the phone lines this filing season. The agency offered call back for over 4 million taxpayers this tax season, more than double the 1.8 million calls in 2023. This option, offered when phone lines were busy, saved taxpayers nearly 1.4 million hours of wait time on the phones.
• More in-person help. The IRS helped 170,000 more taxpayers in-person this filing season than in 2023. IRS employees at Taxpayer Assistance Centers (TACs) served 648,000 taxpayers this year, up from 474,000 in 2023, a 37% increase.
• Expanded in-person hours . The IRS added extended hours at 242 TAC locations across the nation, generating more than 11,000 extra service hours for taxpayers during the 2024 filing season. In addition to extended service hours, IRS also offered taxpayer assistance on Saturdays in more than 70 locations. These evening and Saturday hours made it more convenient for thousands of hard-working taxpayers to get help.
• Additional free help at volunteer sites. The IRS saw tax return preparation work at volunteer sites increase to more than 2.3 million returns this tax season, up 200,000 from last year following work at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites.
• More taxpayers file for free. In addition to volunteer sites, the IRS saw more taxpayers file for free this year; in all, there were over 450,000 more returns filed between volunteer sites, Direct File and Free File. The new Direct File pilot, offered on a limited basis in 12 states, generated more than 60,000 tax returns after opening widely in mid-March. At the same time, the IRS partnership with the Free File partners offering free private-sector software via IRS.gov saw growth with more than 2 million tax returns filed, an increase of 11.2% or more than 200,000 more Free File returns than 2023 .
• Higher usage of IRS.gov. Driven by increased use of the expanded information on the Where’s My Refund? for the 2024 filing season, IRS.gov saw large increases in traffic. The website had nearly 500 million visits, an 18% increase. And Where’s My Refund? accounted for more than 275 million of those visits, up 62 million from 2023 representing a 29% increase.
• More chatbot use. The IRS saw more use of its virtual assistant tool on key IRS.gov pages. There were 832,000 uses this filing season, up nearly 150% from 330,000 uses in 2023.

“These numbers illustrate the strength of this year’s filing season, but the IRS needs to continue working hard to make more improvements and continue transforming to serve taxpayers – not just through the April tax deadline but throughout the year and into the future,” Werfel said.

With the April deadline approaching, the IRS reminds taxpayers there are many ways to get last-minute help. They can visit the special free help page on IRS.gov.

For taxpayers who need an extension of time to file their taxes, there are several options to get an automatic extension through Oct. 15. Although an extension grants extra time to file, it does not extend the obligation to pay taxes due on April 15, 2024. To avoid penalties and late fees, taxpayers who owe should pay either their full tax bill or at least what they can afford to pay by the April 15 deadline.

The IRS estimates 19 million taxpayers will file for an automatic extension.

Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year. This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia.

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Financial Services Business Plan Templates

Written by Dave Lavinsky

The financial services sector, marked by its complexity and regulatory demands, necessitates a comprehensive business plan to navigate its intricacies effectively. A well-structured business plan is crucial in this industry, serving as a blueprint for operational efficiency, risk management, and strategic growth. It also plays a pivotal role in securing funding, attracting investors, and establishing credibility in a highly competitive market.

Explore our extensive array of financial services business plan examples, catering to various niches including banking, wealth management, fintech startups, and insurance companies. Each example is meticulously developed to encompass key elements such as market analysis, regulatory compliance, product and service innovation, and customer acquisition strategies. These plans provide invaluable guidance for professionals and entrepreneurs aiming to launch or expand their ventures in the financial services industry, highlighting the importance of a well-conceived business plan in achieving long-term success and resilience in this dynamic and challenging sector.  

Financial Services Business Plans