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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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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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1.1: Chapter 1 – Developing a Business Plan

• Last updated
• Save as PDF
• Page ID 21274

• Lee A. Swanson
• University of Saskatchewan

Learning Objectives

After completing this chapter, you will be able to

• Describe the purposes for business planning
• Describe common business planning principles
• Explain common business plan development guidelines and tools
• List and explain the elements of the business plan development process
• Explain the purposes of each element of the business plan development process
• Explain how applying the business plan development process can aid in developing a business plan that will meet entrepreneurs’ goals

This chapter describes the purposes, principles, and the general concepts and tools for business planning, and the process for developing a business plan.

Purposes for Developing Business Plans

Business plans are developed for both internal and external purposes. Internally, entrepreneurs develop business plans to help put the pieces of their business together. Externally, the most common purpose is to raise capital.

Internal Purposes

As the road map for a business’s development, the business plan

• Defines the vision for the company
• Establishes the company’s strategy
• Describes how the strategy will be implemented
• Provides a framework for analysis of key issues
• Provides a plan for the development of the business
• Helps the entrepreneur develop and measure critical success factors
• Helps the entrepreneur to be realistic and test theories

External Purposes

The business plan provides the most complete source of information for valuation of the business. Thus, it is often the main method of describing a company to external audiences such as potential sources for financing and key personnel being recruited. It should assist outside parties to understand the current status of the company, its opportunities, and its needs for resources such as capital and personnel.

Business Plan Development Principles

Hindle and Mainprize (2006) suggested that business plan writers must strive to effectively communicate their expectations about the nature of an uncertain future and to project credibility. The liabilities of newness make communicating the expected future of new ventures much more difficult than for existing businesses. Consequently, business plan writers should adhere to five specific communication principles .

First, business plans must be written to meet the expectations of targeted readers in terms of what they need to know to support the proposed business. They should also lay out the milestones that investors or other targeted readers need to know. Finally, writers must clearly outline the opportunity , the context within the proposed venture will operate (internal and external environment), and the business model (Hindle & Mainprize, 2006).

There are also five business plan credibility principles that writers should consider. Business plan writers should build and establish their credibility by highlighting important and relevant information about the venture team . Writers need to elaborate on the plans they outline in their document so that targeted readers have the information they need to assess the plan’s credibility. To build and establish credibility, they must integrate scenarios to show that the entrepreneur has made realistic assumptions and has effectively anticipated what the future holds for their proposed venture. Writers need to provide comprehensive and realistic financial links between all relevant components of the plan. Finally, they must outline the deal , or the value that targeted readers should expect to derive from their involvement with the venture (Hindle & Mainprize, 2006).

General Guidelines for Developing Business Plans

Many businesses must have a business plan to achieve their goals. Using a standard format helps the reader understand that the you have thought everything through, and that the returns justify the risk. The following are some basic guidelines for business plan development.

As You Write Your Business Plan

1. If appropriate, include nice, catchy, professional graphics on your title page to make it appealing to targeted readers, but don’t go overboard.

2. Bind your document so readers can go through it easily without it falling apart. You might use a three-ring binder, coil binding, or a similar method. Make sure the binding method you use does not obscure the information next to where it is bound.

3. Make certain all of your pages are ordered and numbered correctly.

4. The usual business plan convention is to number all major sections and subsections within your plan using the format as follows:

1. First main heading

1.1 First subheading under the first main heading

1.1.1. First sub-subheading under the first subheading

2. Second main heading

2.1 First subheading under the second main heading

Use the styles and references features in Word to automatically number and format your section titles and to generate your table of contents. Be sure that the last thing you do before printing your document is update your automatic numbering and automatically generated tables. If you fail to do this, your numbering may be incorrect.

5. Prior to submitting your plan, be 100% certain each of the following requirements are met:

• Everything must be completely integrated. The written part must say exactly the same thing as the financial part.
• All financial statements must be completely linked and valid. Make sure all of your balance sheets balance.
• Everything must be correct. There should be NO spelling, grammar, sentence structure, referencing, or calculation errors.
• Your document must be well organized and formatted. The layout you choose should make the document easy to read and comprehend. All of your diagrams, charts, statements, and other additions should be easy to find and be located in the parts of the plan best suited to them.
• In some cases it can strengthen your business plan to show some information in both text and table or figure formats. You should avoid unnecessary repetition , however, as it is usually unnecessary—and even damaging—to state the same thing more than once.
• You should include all the information necessary for readers to understand everything in your document.
• The terms you use in your plan should be clear and consistent. For example, the following statement in a business plan would leave a reader completely confused: “There is a shortage of 100,000 units with competitors currently producing 25,000. We can help fill this huge gap in demand with our capacity to produce 5,000 units.”

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Developing a Business Plan

This course will give you an in-depth look at what to consider when drafting your business plan. You'll learn how to put a business plan together, how to organize your departments and employees, and how to create a strategic financial plan.

Course Syllabus – 6 Lessons

• Lesson 1 Brainstorming Your Business Plan This article will teach you what you need to think about when determining your business goals and objectives.
• Lesson 2 Do's and Don'ts of Your Business Plan Learn the do's and don'ts of writing your business plan from experts who have been in your spot.
• Lesson 3 Writing Your Executive Summary There's a lot of items that go into an executive summary. Find out all about it in this lesson.
• Lesson 4 Creating Your Marketing Strategy In this video, experts share their thoughts on how to create a marketing strategy.
• Lesson 5 Organizing Your Management Team It's time to put your dream team together! Learn how to decide who you need to hire right away, and how to pay them.
• Lesson 6 Operations Plans This article will shed light on why it's important to have an operations plan and deadlines.
• Fireside Chat How to Create the Modern Business Plan for your Startup Successful entrepreneurs chat about how to write the modern business plan for your startup. Insight on determining projections, market research and more!
• Final Project One-Page Business Plan The final project will give you the chance to take all the activity worksheets in the section, and compile into a one-page business plan.

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LESSON #15: Creating a Business Plan

Two lessons ago we talked about the importance of having a vision , which is basically the big picture of where you want to go. And in the previous lesson we talked about goals , which are the specific milestones along the way toward your vision.

So today we’re going to talk about plans, because you need to have a plan of action to hit your goals…

(Watch this video…)

Main points:

For examples of how to make a typical business plan, you can see: – Small Business Association business plan info – Traditional business plan sample

– Name of business – Vision for the business – Who is the target market? – What will we sell? (be specific) – What makes us different from the competition? – Marketing strategies – Goals for building and growing the business – Plan of action to achieve goals

1) Make a business plan.

If you wish to use my template, you may download it here for free:

Click here to download the PDF file (do a right-click “save target as” to download it to your computer)

So now that you’ve got a plan, you’ll need to commit to it, and figure out how to stay motivated. I’ll be talking about those things in the next lesson.

As always, you are welcome to post your questions and comments below.

Have a great day!

236 thoughts on “ LESSON #15: Creating a Business Plan ”

Great information. Thanks!

Hi Eric and Hi everyone!

I like your lessons. They are clear, simple and easy to follow. I agree is very important building a business plan although I still feel like I could assess some of the points since I haven’t researched that well. But,,, one of the reasons why I bought your product is because I agree with you that a growing niche market are people like us: Bloggers that want to make money over the internet. So I am a bit confused here as to why are we doing these as if we were to develop our own original product because I think that is just a really long and bumpy road that I am not that keen on riding right now. I just want a product that I can resell and relabel. Anyway, I hope to gain more clarity on that as the lessons progress. Thank you.

Hi Suzette, that’s a good question. Indeed it is a good niche. Some people refer to this niche as the “bizop” or “how to make money” (HTMM) niche. It is a very competitive niche, and some people do not like the aspect of resellers selling to newbies who then become resellers, etc. For this reason and others, many people would prefer not to be in the HTMM niche.

Many people want to find their own niche, or pursue multiple niches, and I talk about niche selection in lesson 20-21.

For those who do want to pursue the HTMM niche, that’s great. You’ve got a shortcut, because you already know your niche. It’s a great niche because there will always be more propsects entering the market who want to make more money.

Regarding product development. You’re right, rebranding and reselling products is another big shortcut. It’s also a great way to get started. Ultimately, I do encourage information marketers to eventually develop some of their own products. But starting with PLR/Resale Rights material is great, and I do talk about that too in the product development lessons. In fact, I rebrand a PLR product as an example in the lesson.

That having been said, I also think it’s important to treat it like a real business. That’s why it’s still good to get a vision for your business, create a business plan, etc. EVEN if you’re just reselling products.

These are the missing steps that a lot of people don’t take, and that’s why they don’t make money as a reseller. They don’t treat it like a business. Hopefully that makes sense 🙂

Thank you Eric. I really appreciate your response.

I was doing your lessons and noticed that Edward had a website called Dbookworm.com so I clicked on it. Now I cant get rid of it. I tried to delete it and it said it was done by a third party. I am new at computers and after spending time and thought I had his site deleted, I logged in again today with internet explorer and he comes up automatically with his WP logo. In the link it has conduit. Can you please help me.

Hey Karen I don’t know when you posted this ,but conduit is a virus and hard to get rid of

Hey Edward, I took a look at your website and I had your logo saved to my computer, it said it was done by a third party. I did not want this on my computer, how come it is there, now I cannot get rid of it. I would like to know how to get it off.

Hi I cannot pay with my paypal account. They want a creditcard. but I dont have a credit Card. How do I pay? Signe

You can set up payments from a bank account as well. I did it and had a bit of a problem and called them and they were great at helping me. I would recommend them

FINALLY … someone that thinks the way I do.

After reading some of the comments I just couldn’t remain quiet.

This was a perfect lesson that all should take to heart. I personally have had multiple offline businesses from Sole Proprietorship to Corporation. I’ve also been doing business online for so long that I really don’t remember exactly the year to bookmark. (I do remember the bulletin boards prior to the Net as we know it now.) I point that out for one reason …

I LEARNED! A business plan is crucial for many reasons. It’s also one of the first things I cover with those I mentor.

A business plan for an online business is a lot less formal and a lot more fluid in allowing changes. After all, the internet changes all the time. BUT – It’s nothing to be afraid of.

The way I see it … it doesn’t matter to me if you spent $10,000 on a nice shiny object (program) … you STILL need a business plan.

Here’s another thing to consider. If you’ve been around the Net much, or purchased people’s programs, it becomes quite evident that a lot of the marketers want to sell you a nice shiny object to make you think it’s all you need to succeed. Why don’t you? If you did, they couldn’t sell you the next shiny object!

Eric, I’ve purposely never branded myself and never will. So, most don’t know me from a newbie. But, I’ve lurked in the shadows and kept tabs on marketers that I feel have merit.

Actually folks, I commend Eric for putting all this down in a form that he can share. I do it pretty much one-on-one as a free service and really don’t have the desire to take time to write it all out.

Don’t sweat the small stuff .. how to do this or that … it will come in time. No need for Eric to explain something you’re not even ready for.

Good luck everyone .. PAY ATTENTION .. you just might surprise yourself and accomplish something.

Again .. Kudo’s Eric. I like teaching others, but not to the point of writing out lesson plans. Two thumbs up brother.

Hello Karen,

Did you accidentally set that site as your homepage?

Here are quick instructions to change it to something else: http://browsers.about.com/od/internetexplorertutorials/ss/change-home-page-in-IE9.htm

Hello Signe,

What are you attempting to purchase?

I believe you and your approach to guiding/teaching the fundamentals for a new business venture in the area of online, internet marketing is unique. I have, over time, investigated a number of courses for various methods for conducting an online, internet marketing business. One of my initial questions in this process has been regarding a business plan for each course. This question has never been responded to. You are the first person to cover this important aspect for any business and provide guidelines for its generation. The same is true for for your coverage of the necessity for “Vision” and “Goals”. In doing these, in my opinion, you have further distanced yourself from 99% of all the other so called “gurus” who offer this type of course and who reportedly have made huge amounts of money from selling them.

This is like a ship in the night…steady as she goes…to the destination.

I really like what your teaching.

I like the idea of a business plan as bad as I want to get a site up and running I want to do it right so I can avoid failure

Thanks Eric!

Hi Eric, the link to the Memphis library has gone. The other one is good, though it deals with issues only relevant to Americans. Other countries have different business structures law etc. I can only answer for Australia, but some of your folk might like this one from my home-state, Western Australia, which is an easy word document. It is also country specific, but your Aussie subscribers will like it.

Hello Mark,

Thanks! I’m letting Eric know, so we can either remove/replace the link!

I will continue Eric;s Tips and complete the action steps immediately. I will continue with the action steps and complete each step when I get the information for each.

Hello Eric, Good lesson! When I clicked on “Traditional Business Plan” the result was “Page Not Found.” I would really like to have that. Thanks, Joseph.

Hello Joseph,

Thanks, we’re looking for some alternatives now.

You may use this link, to access the original information still: http://web.archive.org/web/20120805110205/http:/www.memphislibrary.org/ftsbc/sbp1.htm

Having majored in Business Admin.with a Comprehensive Finance degree I like the simplicity of the online business plan. Not that it’s simple, It’s what’s needed to be successful. I truly appreciate the step by step, even though I am so aware of writing plans, vision… The few sites i tried starting my learning curve, Admittedly I did not do any and failed. Thought I’d get a site and start raking it in. “WRONG!!!” So by making me look in the mirror .Eric, you woke me up.

I spent way too much up front, you make so simple. I won’t say how much I wasted. Lesson learned.

I have to tell you that I think your lessons are awesome. I, personally, hate the traditional approach to business plans because they’re too hard to understand and prepare. Your outline is so much easier. I’ve already chosen my niche too, but am not sure how to approach the product creation. I’m thinking, since I’m considering the natural health niche, I’d produce an informational product, and then later incorporate a physical product, or number of products. I know this will be a part of the business plan, which is why I thought I’d share this. I’d, of curse, welcome any feedback from anyone about this idea. Thanks again, Eric, and big time cudos.

Can you make the videos in MP4 so I can view them on my Iphone without any special apps installed? I am using my work phone.

Hello Steven,

We can certainly take it into consideration. It would be quite an undertaking at the moment, to re-render an upload so many videos. Perhaps changes will be coming to the videos in the future.

Online Business Plan Basic Outline

Name of business: Scott Enterprises (Registered sole proprietor business)

Vision for the business: Creation and distribution of Bible Study books for each of the 66 books of the Bible.

Who is the target market: Lay individuals of lower and medium social levels.

What will we sell: The Bible Study books will be sold through “www.ExploreRevelation.com”

What makes us different from the competition: These bible study books are easy to understand and follow the Bible closely. Each topic of the Bible will be examined and augmented with history/traditions and explanations of the subject.

Marketing strategies: The trinity blog will be used to drive traffic to http://www.explorerevelation.com . Other traffic generation methods to be taught in this course will be used to drive traffic to http://www.explorerevelation..com .

Goals for building and growing the business (specific events/milestones, including financial goals, with deadlines): My “Massive Income Machines” and online business generated from the information gained from Eric’s course will provide the funds for advertising and publishing the bible study books.

Plan of action to achieve goals: Eric’s course will teach me how to form an information products business. I will use my bible study e-books to generate sales through http://www.explorerevelation.com and when a purchase is made they will be sent a catalog of e-books that can be purchased for instant download.

First of many versions

Eric, I have been self employed since 1959 so although I am very much a “newby ” to the internet I have owned and used a computer sincr 1971 I am working through your “Tips ” and find them very helpful. For the fisrt time in many (very many ) years I am preparing a business plan and already this has brought results in that I can see the way forward for BillBasicBooks ( 1 of 3 or 4 ideas I have had) This would – NO will – be a membership site with a small monthly charge (small becasus it is intende for “newbies” both on and off line who usually need to keep the overheads down ) and followed by 2 further sites – BillsBetterBooks and BillsBestBooks I am struggling however with “Marketing Stratergies” Any advice, please Bill Jones

Hello Bill,

We recommend that you hang in there with Eric’s free video lessons at http://www.ericstips.com/ . Eric’s lessons have helped many people to go from beginners, to successful online business owners!

The lessons are presented in a sequence that starts at the very beginning, where the very first things you need to learn about online marketing are shown in the first few lessons!

If you’re interested to go even more in-depth with marketing, you might also want to take part in Eric’s coaching club: http://www.realguysrealmoney.com

Eric, Paul, and Jeff are expert marketers. They will be a great resource for you!

What is included in the Coaching Club: – 2 Live Coaching Webinars Per Month with Jeff Wellman, Paul Counts, and Eric Holmlund – Access to the Archive of All Coaching Calls – Monthly High Quality PLR Product – Massive Video Training Library – Community Forum (JV’s, Support, and More) – Articles, Bonuses, and More http://www.realguysrealmoney.com/go17/

hi eric First, i’d like to thank u for your awesome & simple way of teaching. I m a young moroccan, impassioned and motivated by your courses. My question is: may i develop niches like how to make passive income dedicated to arabs?if yes, can u show me some tips?

Hello Fertat,

Yes, you could certainly focus on that.

Here is the link to Eric’s lesson called, How to Choose a Niche (Part 1):

LESSON #19: How to Choose a Niche (Part 1)

The name of the business is “Teaching AutoLISP”.

The vision for the business is programming in AutoLISP and selling e-books about AutoLISP programming and dialog boxes for AutoLISP.

The target market is big AutoCAD users or users of AutoCAD alternatives. I’m also targeting people that want to learn AutoLISP programming.

Engineering firms and architects could form the target market for AutoLISP programming. Technical students are interested in learning AutoLISP.

I sell my AutoLISP programming expertise and I sell my e-books. That is how I’m going to make a lot of money.

Here in Malaysia I do not have competition. I haven’t found nay competition here. But I’m very good at AutoLISP programming.

I have been doing it for more than 25 years. I not only write AutoLISP programs. I also write AutoLISP programs with dialog boxes.

I don’t have marketing strategies. I tried something new. I have written six e-mails to professors of the Petronas university.

Petronas is a big AutoCAD user. I could do a lot of AutoLISP programming from them. But I did not get a reaction from them.

Now one professor has invited me to have a talk with him. That is what I’m going to do. Let’s see what happens.

Maybe I can do something for him. If that is so, he can do something for me. Maybe he can introduce me to Petronas engineers.

I know another big AutoCAD user. I will pay him a visit and talk with him about AutoLISP programming. He could be interested.

But there is more that I could do. I don’t have any idea yet. Having customers find work for me? Or introduce me?

My goal is to make a living with AutoLISP programming. Later I want to open my own office and work with fellow programmers.

Once I have my own business and it is making me a lot of money, I can sell it to the people that work for me.

After selling the business I will not retire. I will stay with the firm. But I’m no longer the director.

My plan of action is to:

– Start a blog 06.01.2015 – Start a newsletter 07.01.2015 – Learn about finding subscribers 06.01.2015 – Look for AutoLISP forums 06.01.2015 – Learn about social media 08.01.2015 – Finding customers for AutoLISP programming 05.20.2015 – Finding customers for my e-books 08.01.2015 – Finding fellow programmers 01.01.2017 – Opening an office 01.01.2018 – Finding a person for the administration 01.01.2018 – Selling the business 01.01.2020

This product was on Erics other website. Is it still relevant today ?

Thanks, Linda 😀

Oops. Here is the product website – http://www.instanttrafficshortcuts.com/eric.html .

Hello Linda,

Yes, this item is still available and useful for your business.

If you have any questions, you may submit a ticket at: http://ReplyToRichard.com

Name of business: MarcDemers.com

Vision of the business: Creation and distribution of Monthly new Digital Products.

Who is the target market: Make Money Online Industry, including Internet Marketers and Affiliate Marketers.

What will we sell: Digital Products as eBooks, Software, Plugins, Ready Made Membership Site, PLR Products, etc.

What makes us different from the competition: Selling products in multiple formats: Video, Audio and Writing format.

Marketing strategies: Selling through reputable Affiliate Marketers.

Goals for building and growing the business (specific events/milestones, including financial goals, with deadlines): My Economic goal is to earn consistently $10,000 monthly by December 31, 2018, the date of my full-time job retirement. My second goal is to launch 1 product per month, starting January 2018.

Plan of action to achieve goals: My first concert is to be followed by a Mentor of the Online Internet Marketing. I also need to improve my communication with my subscribers. My marketing skill is poor so great improvement is necessary to achieve my goal.

First version – Upgrade will come throughout the coming lessons.

Marc M. Demers

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6 Teaching Business English Lesson Plans for All Learner Levels

Krzl light nuñes.

• May 31, 2022

From learning corporate terms to mastering expressions for negotiating, Business English is brimming with topics on how students can thrive in the workplace. Teaching each concept, however, requires thorough planning and choosing the most effective materials and methods. Whether you’re new to teaching professionals or are a seasoned Business English teacher looking to design better classes, here are some teaching Business English lesson plans you can use for different types of learners.

Learn more about what teaching Business English entails.

Table of Contents

What are some tips for teaching Business English lessons?

Before you get started in mapping your Business English classes out, here are some pointers to keep in mind when specializing in this ELT niche :

• Make sure that you know your students’ backgrounds. Where do they work? What are they responsible for? How do they use English at work? Conduct a needs assessment before launching into your course.
• Get your learners comfortable before you start your lessons by using icebreakers , Business English games , and other warm-up activities .
• Provide vocabulary and practice activities that students will be able to use at their actual jobs. 
• Prioritize skills that your learners need at work. If they often meet with offshore clients, for example, business meeting phrases should be one of the first lessons you teach.
• Better define your lesson objectives and teaching strategies by making use of Bloom’s taxonomy , which classifies cognitive skills.

Consider these additional strategies, from the Bridge Specialized Certification in Teaching Business English course , when planning your overall curriculum, as well as your individual lesson plans:

Business English lessons for beginners

These free Business English lesson plans are great for professional students with a lower level of English. They can be used in both online and in-person classes.

Find out how to get a job teaching Business English.

Lesson plan #1: Types of companies

Lesson topic: Types of companies

Lesson objectives: By the end of the lesson, students will be able to describe different types of companies and say the products or services each one produces or provides.

• A physical or virtual whiteboard
• PowerPoint slides containing 10 logos of different companies and pictures of different types of companies

Lesson plan #2: Staying at a hotel

Lesson topic:  Staying at a hotel

Lesson objectives: By the end of the lesson, students will be able to make requests and ask for information in a hotel.

• PowerPoint slides containing a list of expressions for booking a room, checking in, and asking about hotel services
• An audio file or video of a hotel receptionist and guest ( like this one )

Business English lessons for intermediate learners

The following teaching Business English lesson plans are great for intermediate learners who already have a thorough understanding of basic English concepts.

Lesson plan #3: Modals of obligation, necessity, and prohibition

Lesson topic:  Modals of obligation, necessity, and prohibition

Lesson objectives: By the end of the lesson, students will be able to talk about the rules in their workplace using the modals of obligation, necessity, and prohibition.

• Handouts (or PowerPoint slides) of the some of the points from this article on company policies

Lesson plan #4: Making a request by email

Lesson topic:  Making a request by email

Lesson objectives : By the end of the lesson, students will be able to write a formal email to make a request.

• PowerPoint slides showing expressions for writing formal emails
• An example of a professional email chain

In a recent BridgeUniverse Expert Series webinar , panelists discussed how Business English teachers can tackle the topic of writing business emails with their students. For additional lesson plan ideas, check out what these experts had to say:

Business English lessons for advanced learners

Lastly, these teaching Business English lesson plans should ideally be used with advanced students who are looking to take their language skills to the ultimate level: fluency.

Lesson plan #5: Working with people from different cultures

Lesson topic: Working with people from different cultures

Lesson objectives : By the end of the lesson, students will be able to talk about their experiences working with people from other countries and give advice on cross-cultural work relationships.

• Handouts (or PowerPoint slides) of the article “10 Ways to Work Effectively Across Cultures”

If you’re struggling when it comes to incorporating classroom tasks like those outlined in these free Business English lesson plans, take a look at the following video from the Specialized Certification in Teaching Business English course . It offers tips for conducting task-based learning in a Business English classroom:

Lesson plan #6: Creative presentations

Lesson topic: Creative presentations

Lesson objectives: By the end of the lesson, students will be able to present a product, a service, or an idea creatively.

• Five different simple objects (a ball, a bag, etc.)
• Equipment to play a video

Teaching professional students is one of the most rewarding ELT niches to pursue, as these students are highly motivated individuals. With the right teaching Business English lesson plans, you can be sure you’re meeting stakeholder expectations and helping your students succeed.

Learn the 21st-century skills and tools you need to effectively teach English to professionals by earning Specialized Certification in Teaching Business English.

Back in her hometown in the Philippines, Krzl worked as a writer at a TV station before moving to Chile. After she completed her TESOL certification, she worked for language institutes and then decided to become an independent English teacher to business professionals. When she’s not giving classes, she’s either surfing along Chile’s long stretch of coastline, traveling, or practicing photography by the beach.

Category: Business

Discussing how business works

This lesson set lets students work on their Business English and provides useful vocabulary as well as plenty of activities to practise it. 

Company roles

Dive into the world of different job roles with this lesson! Students practise phrases related to the topic, discuss their personal experiences, watch a promo video for a company and imagine starting a business.

The digital Revolut(ion)

With this lesson, students talk about online services and learn vocabulary related to the topic. They also discuss their own experiences, watch a video about a successful neobank, and discuss the features of digital businesses.

Forming logical arguments

In the first lesson of this set, students learn and practise conjunctions while talking about argumentation. Then, they further practise the conjunctions while using arguments to discuss some moral dilemmas.

Prioritizing and to-do lists

With this insightful lesson, students practise vocabulary to talk about priorities, watch an explainer video about the Eisenhower Matrix and discuss time management. They also give advice on how to organize tasks.

Office, remote or hybrid?

With this up-to-date lesson, students discuss work life after lockdown and practise vocabulary to talk about workplace changes. They also watch a news video about companies changing the way they work and discuss different work models.

How to deal with misunderstandings

With this speaking lesson, students discuss situations that might cause misunderstandings, watch a short and funny ad and analyse tips on how to avoid miscommunication.

Phone communication skills

The lessons in the set cover the topics related to phone communication. In the first lesson students talk about things one should and shouldn’t do when on a business phone call, and in the second lesson they practise phone conversations and talk about challenges of talking on the phone.

Talking about work tasks and skills

The lessons in this set allow students to learn useful structures and vocabulary to be able to talk about their tasks, skills and motivation more fluently. The tasks in the lessons also let students apply previously learnt materials.

Talking about advantages and disadvantages

In the first lesson, students learn language to talk about advantages and disadvantages. In the second lesson, they practise the target language while talking about a topic of interest.

Getting to know new students (A2)

This lesson set is designed to give you an opportunity to learn more about your new beginner (A2) students: their work, hobbies, and experiences.

As you can see in the slide (giving presentations)

Step into the world of presentations with this handy lesson! Students explore vocabulary for structuring presentations, read the text of a presentation and watch a video on how to communicate ideas clearly.

When familial meets professional

In this lesson, students reflect deeply on work-family dynamics, explore nuances of nepotism, and enrich vocabulary through engaging discussions. Students also listen to excerpts from a podcast to spark critical thinking.

Would you invest in a franchise?

With this lesson, students master key collocations to talk about business and investment, analyze the franchise business model, and enhance listening skills with an informative video about McDonald’s.

Meeting people

Use this lesson set with your new students. First, students talk about the first week at a new job and about first impressions. Then, you can practise starting and maintaining conversations or talk about being good listeners and practise asking follow-up questions.

As per my last email…

Dive into the intriguing world of emailing and talk about what annoys people the most. With this lesson, students expand their vocabulary, express irritation, and analyze real-life situations.

Agreeing and disagreeing with others

This lesson set is designed not only to teach students how to agree and disagree with each other but also to have more practice while discussing a topic of your choice.

Is a degree worth it?

Engage your students in a discussion on the ins and outs of higher education. Explore education and career-related vocabulary and work on comprehension skills by watching a news report on the job market.

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Business Lesson Plans

Business skills bank, business top trumps.

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Practical materials from our expert authors, covering essential business skills such as emailing, meetings and presentations.

Business Top Trumps: An Introduction

Check out this original set of Business Top Trumps cards and twelve complete lesson plans and inject some fun into your Business English classes.

Business Top Trumps: Lesson 10—Setting personal goals

In this lesson, students can discuss setting and achieving work goals and what changes they can make to improve their performance.

Business Top Trumps: Lesson 11—Presentations

In this lesson, students learn different ways of starting and giving a presentation.

Business Top Trumps: Lesson 12—Making proposals

In this lesson, students learn about the language of corporate responsibility through future forms, conditionals, and modals.

All Business Top Trumps

Students gain an introduction to emailing and practise using the present continuous for arrangements.

Lesson Share: Business writing basics

Students review important elements of good business writing in English, especially for letters and emails.

Lesson Share: Henry Ford

A gap-fill activity to exchange information about the life of Henry Ford and to complete a text by asking questions.

All Business Skills Bank

Business Tasks

Business tasks: Success and failure

This lesson will equip students with some common expressions for talking about their successes and failures.

Work and responsibilities

A lesson to help students talk about jobs and what they involve and to talk about what people are responsible for in a company.

Adrian Doff introduces a new series of lesson plans specifically designed for teachers of English for business. This article provides an overview of the series, as well as hints and tips on how best to exploit it.

Progress and achievement

A lesson by Adrian Doff for students to practise using common expressions for talking about making progress and achieving something.

All Business Tasks

Live from London: Business

Professional Communication Skills: Leading Discussions

Use these interactive materials to deliver an online or face-to-face lesson on how to lead a discussion.

Live from London: Business — Meetings

Teach your students about the benefits of regular meetings while developing their Business English.

Live from London: Business—Negotiations

Watch authentic London office workers describe the ways to conduct successful negotiations and the skills good negotiators need. Now Interactive!

All Live from London: Business

Let's Talk Business

Let’s Talk Business: Management—Doing an MBA

Get your students talking about business qualifications and their value with this ready-to-go worksheet.

All Let's Talk Business

Business Basics

Business Basics: Socializing with clients

In this lesson by Rosemary Richey, students practise small talk about weather, hotels and travel. Exercises include: revising small talk vocabulary, ordering words to make questions, listening to small talk conversations in a business scenario and role-playing.

Business Basics: A job interview

In this lesson by Rosemary Richey, students practise basic language associated with job interviews. Exercises include: identifying vocabulary used in job adverts, listening to a job interview and completing the gaps, creating a CV and role-playing a job interview.

Business Basics: Office procedures

In this lesson by Rosemary Richey, students practise helping a new colleague with office procedures. Exercises include: identifying the correct modal verb, listening to an office conversation, giving advice and writing a set of office procedures.

All Business Basics

Business Spotlight

Business Spotlight: Your plan for 2020

By Karen Richardson

This lesson, based on an article from  Business Spotlight , offers 20 tips that can help everybody further their career. 

Business Spotlight: Your workplace’s best friend?

This lesson, based on an article from  Business Spotlight , is about taking pets into work.

Business Spotlight: Dress for success

This lesson, based on an article from  Business Spotlight , is about what we wear to work.

All Business Spotlight

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Pennsylvania Egg Farmer’s 40,000 Hens Saved from Culling by Plan Devised by Woman on Facebook

I n the heart of Pennsylvania Dutch Country, nestled among the rolling hills and lush farmlands, lies Wind Crest Farm, home to 80,000 laying hens.

Josh Zimmerman, the farm’s owner, has been in the egg business for years, supplying bulk eggs to institutions like schools, hospitals, and cruise ships. However, when the COVID-19 pandemic struck in early 2020, Zimmerman found himself facing an unprecedented crisis.

The Pandemic’s Devastating Impact on the Egg Industry

As the nation shut down to slow the spread of the virus, Zimmerman’s bulk-egg processor ran out of storage space and demand. Schools closed their doors, hospitals reduced elective procedures, and cruise ships sat idle in ports.

The once-thriving market for liquid eggs had vanished overnight, leaving Zimmerman with a staggering surplus of 60,000 eggs per day.

The egg industry was not alone in its struggle. Across the country, farmers faced similar challenges as supply chains were disrupted and demand patterns shifted dramatically.

Many were forced to dump milk, plow under crops, and euthanize livestock. The pandemic had exposed the fragility of our food system and the vulnerability of the farmers who form its backbone.

A Heartbreaking Decision

With no end to the pandemic in sight and mounting financial losses, Zimmerman was faced with a heartbreaking decision. He contemplated killing half his flock to cut his losses.

The thought of euthanizing 40,000 healthy, productive hens weighed heavily on his mind. These were not just units of production; they were living creatures that he had raised and cared for.

As word of Zimmerman’s plight spread, the community rallied around him. Local news outlets covered the story, and social media buzzed with concern for the farm and its hens.

People wanted to help, but in a time of social distancing and stay-at-home orders, traditional methods of support seemed out of reach.

A Facebook Plan Hatches

Enter Timi Bauscher, a local businesswoman who runs the Nesting Box Farm Market and Creamery. When she heard about Zimmerman’s situation, she knew she had to do something.

Bauscher took to Facebook ( ref ) with a plan: a contactless, drive-through egg sale. She would sell Zimmerman’s eggs for $2 per dozen, with all proceeds going directly to the farm.

The response was overwhelming. The first sale moved 18,000 dozen eggs and generated $36,000, enough to cover Zimmerman’s costs and keep his hens alive.

Customers drove from miles around to support the farm, some waiting in line for over an hour to buy eggs.

Community Support Saves the Day

In the weeks that followed, Bauscher organized additional sales, moving 22,000-25,000 dozen eggs per week. The community’s support provided a lifeline for Wind Crest Farm, allowing Zimmerman to weather the storm of the pandemic.

The story of Wind Crest Farm is a testament to the power of community in times of crisis. When faced with the unthinkable, people came together to support a local farmer and prevent the needless waste of food and life.

It’s a reminder that even in the darkest of times, there is hope to be found in the kindness and generosity of others.

Lessons for the Future

As we reflect on the challenges of the past year, it’s clear that our food system needs to be more resilient and adaptable. We must find ways to support farmers and ensure that the food they produce reaches those who need it, even in the face of disruptions like a global pandemic.

The story of Wind Crest Farm and the community that rallied around it offers valuable lessons for the future. It shows us that by working together, we can overcome even the most daunting of challenges.

Let us work towards a more sustainable, equitable, and resilient food system, one that values the hard work and dedication of farmers like Josh Zimmerman. For in their stories, we find hope for a better future.

There is a plethora of incredible chicken breeds ranging from cheap to expensive and somewhere in between.

• Don’t Miss: 10 Most Expensive Chicken Breeds in the World
• inquirer.com/news/coronavirus-eggs-farming-20200511.html

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For more audio journalism and storytelling, download New York Times Audio , a new iOS app available for news subscribers.

How One Family Lost $900,000 in a Timeshare Scam

A mexican drug cartel is targeting seniors and their timeshares..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

Hello, James.

Hey. How’s it going?

Yeah. I’m not having much luck. So the problem is funding. And all of my money is in Mexico, all of it.

From “The New York Times,” I’m Katrin Bennhold. This is “The Daily.” A massive scam targeting elderly Americans who own timeshare properties has resulted in hundreds of millions of dollars sent to Mexico.

Once you move forward and make your payment, if anything were to happen, he will directly pay you the full amount of what you’re entitled to, including the gains. He will pay you the full amount.

You’ve got all my money. It’s been sent. I sold a freaking house.

Listen to this. I sold a house that I grew up in so that I could come up with funds to send to Mexico.

I don’t even have anything from the sale, nothing.

My colleague Maria Abi-Habib on one victim who lost everything and the people on the other side of the phone.

That’s it. That’s it. There’s nothing —

You know what? That’s what has been said every freaking time. Every time, just pay this. That releases the funds.

But that’s why we won’t allow it to happen again. This is the last time, James.

It’s Friday, April 12.

Maria, you’ve been looking into this scam that’s targeting Americans. Where did your investigation start?

So several weeks ago, I received a phone call from a lawyer based in St. Petersburg, Florida, who had been contacted by a family who was very concerned that the father, this man named James, was in the middle of being scammed. He’d sent hundreds of thousands dollars to Mexico. And he was considering sending another $157,000 when his daughter decided to call up this law firm and try to get her father to stop, stop sending money to Mexico.

So I called him a few weeks ago as I was trying to understand what was going on.

Hi, James. How are you?

Good. Thank you.

He’s asked that his last name be withheld for privacy concerns because he’s quite embarrassed about the story that I’m about to tell you.

You’re retired now, but what were you doing for work? And if your wife was working, what was her job?

I was with the Highway Patrol.

James is a retired state trooper from California. And his wife Nikki is a former school nurse.

She was born in ‘51. So 71-ish.

Two. She’s just reminded me, 72.

And they’re both in their early 70s. And they own this timeshare that is in Lake Tahoe, California. And they bought it in the 1990s for about $8,000.

And for someone who did not grow up vacationing in a timeshare, remind me how exactly timeshares work.

Timeshares are essentially vacation properties. And they tend to be beach resorts. And multiple people can buy into this property. The ownership is a shared ownership. And this gives you the right to use the timeshare for one to two weeks out of every year.

And so James and Nikki used their timeshare every other year with their daughters. But as they hit retirement age and their daughters are growing up and starting their own families, they’re just not really using it that much anymore. And timeshares require the owners to pay off yearly maintenance fees. And so they’re starting to think about maybe letting go of their timeshare and selling it.

Then one day, in late 2022, James gets a phone call from a company that is purporting to be based out of Atlanta, Georgia called Worry Free Vacations.

Worry Free Vacations?

That sounds enticing.

Yeah. And they start off with a simple question, which is, do you want to buy a timeshare? And James says, I already have a timeshare. And then they say, great. Well, what about selling the timeshare? Do you want to sell? There’s this Mexican businessman, and he’s interested in your timeshare. And he’s willing to buy it for about $20,000.

So we figured, well, what the heck? If we can make a few bucks on it, we’ll go for it.

And James jumps at the opportunity.

And did he do anything to try and verify that this was real?

Yeah. So remember, James is former law enforcement. And he feels very confident in his abilities to sniff out untrustworthy people. So he goes online, and he googles this Mexican businessman and sees that, yeah, he is a real person.

He’s a very well-respected individual in Mexico, very well off. And —

And this makes James feel at ease, that he’s selling to a legitimate person, that Worry Free Vacations are who they claim to be and that he’s going to double his money overnight, essentially.

And what happens next?

Well, a couple of weeks after he makes the agreement with the buyer, he’s told that he needs to send a couple thousand dollars to facilitate the purchase.

What does that mean, facilitate?

[MUSIC PLAYING]

I can’t remember specifically whether it was supposed to be cross-border registration —

So he’s being told that there are these fees that are paid directly to the Mexican government.

Or SPID or some other fee that was Mexican government required or not.

A lot of these fees are the same types of fees that you would pay in the United States for a real estate transaction. So he begins wiring money to an account in Mexico.

After that —

— a few days later, we get a notification. Well, everything went well, except that we have to pay an additional fee.

Every time that he sends one fee, he’s being told that he’s got to send another fee right afterwards.

Does he get suspicious at any point?

His wife is suspicious. After the first couple of payments, she starts saying, this does not feel right.

But James is the former law enforcement officer, right? And he’s the one that basically handles the family finances. And he’s confident that all of this is going to work out because he’s being told that the buyer of the timeshare will reimburse James for all of these fees once the sale goes through.

Michael from the Worry Free Vacations was constantly reassuring me the money’s in that account. Check with the commercial escrow account. It’s there. It’s just these fees have to be paid, and you’re being reimbursed for all of this.

They’re sending James documents that show all of the reimbursements that he’s owed and how much money he’s going to get. And this just makes him feel like all of this is kosher.

We have this commercial escrow company that was involved out of New York. So there was an air of legitimacy that I was comfortable with.

Maybe OK, these guys just need one more fee and everything is going to finally be cleared.

But about a year in, James starts to get suspicious. He begins asking questions because he wants his money.

And every time I asked, hey, is there a way I can get a partial release of these funds, there was always no, these funds have to be paid from your account before they’re released.

But Worry Free Vacations, they pivot. And they tell him that, listen, there are all these complications. It’s going to be really hard to get your money out from this transaction.

I could pay about $30,000 and change to reinvest the $313,000 into an environmentally-conscious development in Loreto, Mexico.

Instead, we’ve got this other investment opportunity in Mexico.

And I’m sure you know where that is, over on the East Coast of Baja.

And that is going to make you a huge return, even more money than you had thought that you were going to make, much more than the $20,000.

I’m supposed to have 54 million pesos in a Mexican bank account.

So this is now no longer just about his timeshare. They are now partners in a real estate investment.

Right. And there’s this whole new round of fees and fines associated with that.

So how many payments would you say?

Quite a few. Couple dozen at least, maybe more.

When was your last payment?

It would have been 17 January.

Uh-huh. And what was that for?

Good question.

And all along, he believed it was necessary to pay these costs just to get the money that he’s owed.

The amount of money that I’ve sent to Mexico is just freaking exorbitant. And I mean, it is approaching $900,000 or more.

And at this point, he’s sent about $900,000 to Mexico over about a year and a half.

Nearly $1 million.

That was almost all the money that he and his wife had saved for their retirement.

It also included money from the sale of James’s childhood home and money that he had borrowed from his daughter and son-in-law, about $150,000 from them.

It’s awful. So they were completely cleaned out by these guys.

Yeah. And this is when his daughter asks a law firm to look into this, which is the point in the story when I meet James. And when we start talking, it was clear to me that he just did not know what to think, even after losing this much money.

So this started in 2022. When did it end?

We’re still in it.

And he’s still talking to the scammers.

And as a matter of fact, presently, there was a request for $157,000 and change to clear up this whole thing. It would clear the entire issue out. Now —

And James is even considering putting a second mortgage on his house to send that money that he’d been promised would finally clear all this up — one final payment of $157,000.

It really sounds like he’s still wanted to believe that this was somehow legit.

Yeah. It was pretty clear to me that he was being scammed. But I didn’t definitively know what was going on, so I asked him if he could start recording his phone calls with the scammers.

Would you be so kind as to do me a favor?

Would you be willing to give them a call and record them?

[LAUGHS]: I’ll let you in on a little secret. I’ve been recording them.

And it turns out he already had been.

Worry Free Vacations.

So he shared the recordings of these calls that he’d had with these scammers over the last year or so. And it was just remarkable. It gave me huge insight into how the scam worked and the way that it sounded over the phone.

Is this is Michael in? I think he’s trying to call me. I couldn’t get through pick up.

Yes, I believe he did try to call you, sir. Give me a second. I think he’s only going to be in for a couple of minutes. One second.

There are two main takeaways for me listening to these calls.

Good afternoon. Michael McCarthy.

Michael, I missed your call. I was trying to pick up.

Yeah, don’t worry. Yeah, I figured something was wrong with your phone. Everything OK?

The first is that these scammers had really gotten to know James so well, and they really made James believe that Worry Free was a company that was working for him.

That’s why we need to hurry up and get this money over to you. Because hey, I’m losing my mind too. I’m not even here to convince you, James. I’m not — I’m your broker, and —

One of the things they continuously say is, trust me.

Look, I’m doing everything I can in my power and will on my end. So James, just look — like I told you from the get-go, I’m going to resolve this. And we are doing it. I just need you to focus on the goal.

They would refocus the conversation on what James needed to do to get his money back.

Look, if you make your payment as a security deposit, right away they will release the funds to you. With these —

And the other thing —

I’ve been having so much trouble trying to reach you, and I have not been successful.

— is that the scammers had created this elaborate cast of characters.

Why don’t you answer my calls?

And some of them were really aggressive. James shared a recording of this one man who claimed to be an agent for the Mexican government. And he basically started yelling at James.

I don’t care if your wife is at the hospital. To be honest with you, I don’t give a damn! But you know where I do give a damn? It’s your money, and my name is written all over it! Do you understand?

And he even threatened James. If James didn’t pay off these fines, then he would lose all the money that he’d sent to Mexico already.

You could get the best lawyer you want. You could get whoever you want. And this is not a threat. This is facts. But anyways, who am I to convince you, right?

Well, thank you for the information. And — are you still there? Hello?

Wow. So these scammers were basically doing a good cop, bad cop routine to stop James from walking away and to squeeze every last penny out of him.

If you provide me your email, contact information, I will certainly be happy to forward all of the wire transfer information from my bank account to you so that you can see where those funds went.

Yeah, that would be great. I have your email.

James asks me, a reporter who’s based in Mexico, who speaks the language, if I could help him figure out where his money had gone to.

Thank you very much. I really appreciate your assistance.

I’m just doing my job. Thanks again, and we’ll talk soon.

And the only way that I could figure that out was to understand who was on the other side of the phone.

We’ll be right back.

So Maria, who was on the other side of that phone line?

So by the time that I’d met James, I’d already gotten a tip from US law enforcement agencies that they were seeing a new trend. Mexican drug cartels were getting involved in the timeshare scam industry.

Drug cartels?

Yeah. And not just any drug cartel. This is one of the most notorious, violent, bloody drug cartels that exists in Mexico and Latin America, the Jalisco New Generation cartel. And when I looked at James’s bank records, guess what? All the money that he was sending was going to various bank accounts that were all located in Jalisco state in Mexico.

Wow. So why would the drug cartels get into the timeshare scamming business?

It is a huge business. The FBI told me that it’s about $300 million in profits over the last five years.

But the thing is is that the potential for it to actually be multitudes more is huge. Because the FBI estimates that most of the scams are actually not even reported. In fact, only about 20 percent are. So that means the total timeshare scam business could actually be much larger than the $300 million that they have knowledge of over the last five years.

But wait. I thought the drug business was a pretty lucrative business in itself. So why get into the scamming of elderly people for their properties in Lake Tahoe?

Well, you have to remember that these drug cartels, they’re not just doing one thing. They’re doing multiple things. They’re essentially conglomerates. Because it’s really expensive to run a cartel. You need to pay off officials, both Mexican and American. You need to maintain basically an army in order to secure your routes up to the United States, ports of entry into Mexico from Colombia. And any big business, you need to diversify your income to make sure that you keep the money flowing. Because you never know when one business is going to be shut down by authorities or taken over by your rivals.

We’ve reported that they’re now in the avocado business and the construction business. And timeshare fraud is basically no different than any of those. So we’re seeing that the cartels have their fingers in many pies, the legitimate and the illegitimate economy here in Mexico.

It’s kind of fascinating to think of these drug cartels as like sprawling diversified business empires. But when did the cartels first get into the scamming business?

So Jalisco New Generation started about 15 years ago.

And when they started to consolidate their empire in Jalisco state, they found that there were all these scam timeshare call centers all over the state that were being run by various players, and that this was a huge, huge moneymaker. Because essentially, all you have to do is call up retired senior citizens in the US and Canada. It doesn’t take that much money to run that kind of a scheme. There’s no product you’re making.

So essentially, they conducted a hostile takeover of these call centers. They went in. They kicked down doors and dragged out the people who were managing these call centers by their hair and threatened to kill them unless they gave up the call centers or started handing over a cut of what they made. And slowly, slowly Jalisco New Generation cartel took over the entire timeshare fraud industry.

Interesting. Were you able to find any of these call centers?

So these call centers are pretty hard to find. They look like any other storefront. But I was able to visit two that were located in an upscale neighborhood in Guadalajara, which is the capital of Jalisco state. And it was just really perturbing because it was just so normal. Two villas about a mile away from each other outside. Outside of one villa, parents were walking by, holding their children’s hands as they did drop off at school.

It was right next to a park where people taking their morning exercise or their dogs for a walk. There was no real sign that the cartel was doing business there. But a few months before, Mexican law enforcement had found the bodies of eight young people who had used to work at one of these call centers and said that the Jalisco cartel had killed them.

Wow. What happened?

So I wasn’t able to talk directly to any of the victims’ families. They’re just too scared. But in general, this is usually how it starts.

The cartel seeks out English speakers to work for their call centers. Sometimes they don’t even tell them what exactly they are doing. They would tell the recruits that the job was adjacent to the hotel industry.

You have to remember, Jalisco is a huge, huge tourism magnet for Americans and Canadians and others. And the cartel would get their call lists from bribing hotel employees to give them the names of people who stayed at these hotels and also at the timeshare resorts. And the people who would work at the call centers are provided the names and a manual of what you need to do when you call, like a loose script of how to try to suck as much money as you can out of these people up North in Canada and the States.

So we don’t know for sure what exactly happened with the eight young Mexicans who were killed last year. But through an intermediary, one sibling told us that when their family member knew what their job actually was, they became extremely uncomfortable and tried to leave the call center and find another job maybe.

But the Jalisco New Generation cartel is known for being extremely brutal. They chop off heads, and they’ll put them on the gates of a playground, for instance. So that everybody in the neighborhood knows what went down. And in this case, it’s possible that they wanted to send a warning that there’s no defection from their timeshare call centers.

So basically making a very scary example of these guys, in case anyone else is thinking about quitting one of the call centers.

Exactly. And one man, who runs an organization who advocates for missing people and actually organizes search parties to comb the forests of Jalisco state looking for the missing, says that he knows of about 30 people who have disappeared from the call centers in Jalisco state since 2017. So while Americans and Canadians might be losing much of their life savings, in Mexico, this is actually deadly.

Are the authorities doing anything about this?

Not really, other than the fact that these two call centers were shut down. The authorities haven’t arrested others. They’re not putting pressure on Mexican banks, for instance, to look into these payments coming from senior citizens in the US or Canada. And you have to remember that people are really afraid. But you also have to remember that in Mexico things are not that clear. There is a lot of corruption and government collusion with organized crime and cartels.

And the tourism industry, it is huge in Mexico and particularly in Jalisco state. This is a multi-billion dollar industry. They don’t want Americans or Canadians or Europeans who are coming to Jalisco for its beautiful beaches and its mountains to hear about these stories regarding the cartels being involved in the tourism industry and think, I’m not going to send my family there for that beach vacation. It’s just simply too dangerous.

So everybody has an incentive to have the scam continue, whether because they’re too afraid and don’t want to speak out or because they’re in on it.

So in a way, local authorities have an interest in sweeping it under the carpet in order to just maintain this idea of a tourist destination.

Exactly. I mean, the spokeswoman for the prosecutor’s office was very responsive to me until I told her what I wanted to ask her questions about. And then she just simply never answered any of my texts or phone calls.

So Maria, based on everything you know, all the information you have, would you say that you’re confident that the cartels were the ones who scammed James?

Yes, 100 percent. Everything I’ve seen points in that direction.

What did James say when you told him this?

So it took him quite a while to really allow himself to believe it. On the advice of his lawyers, he stopped picking up the phone calls. And about a week ago, they stopped after the scammers kept trying to call him.

But you said he was in it for over a year. Why do you think it took him so long?

Can you tell me, after all of that had been presented to you, why do you think you weren’t willing to be entirely convinced?

Well, I actually asked him that question.

That’s a very good question. Why wasn’t I able to pick up on that right away? And I think in the back of my mind, I’m finding out that I’m a little more stubborn than I thought I was.

And for him, it was pretty complicated.

And I think that I didn’t want to believe that I had fallen for this. I didn’t feel I was that foolish and stupid when it came to this. You know? I guess I didn’t want to believe that I could be fooled.

To come to terms with the fact that he had lost so much money was to come to terms with the fact that he wasn’t the person that he thought that he was, that he wasn’t this kind of clever former law enforcement officer who was used to fighting the bad guys and winning.

I’m disappointed in myself. There’s a huge level of anger towards the perpetrators. And all of those things wrapped into one. And part of that, I think, contributes to not wanting to actually believe that I was wrong.

Hmm. Yeah, I hear you. I’m sorry. I can hear the pain in your voice.

[LAUGHS]: Yeah.

Some of it’s based on shame, right? That he lost all this money, everything that he’s worked for, and the fact that this was all supposed to be money that his children and his grandchildren were going to inherit. And now it’s gone.

And have you told your daughter that you think you’ve come to terms with the fact that this might have been a scam?

Oh, she’s been involved. Yeah. They know.

My daughter does.

I’m sorry. This is a tough time.

So I’ve got to make some sort of arrangement to compensate them for this on top of our regular debt. So yeah. It’s been a swell experience, all of it brought on by my — evidently, my stubbornness to believe that I couldn’t possibly be a victim.

How’s your wife doing throughout this whole process, with this new knowledge?

She’s not real happy, obviously, at all. I hear a lot of “I told you so.” And at this point, I’ve got no defense. She’s absolutely right. There’s no question about it.

Do you worry this is going to affect your marriage?

Yes, there has been an effect.

And do you think that at this point there’s any way for James and his family to get some kind of justice or at least find some kind of closure?

Ay. Justice? Unlikely.

At this point, I’m not necessarily expecting much in the way of restitution.

And as for closure, it’s a little bit too soon to tell. In a way, James has gone through several stages of acceptance for what happened. There’s fear. There’s shame. There’s resignation. And now he’s talking to me partly because he feels like it’s a public service, that he needs to be vocal so that other people don’t go through what he’s gone through and fall for the scam. And I think it also helps him feel a little bit empowered in a situation for over the last year and a half he was at the mercy of these people who were calling him multiple times a week.

I want to try to get as much information to as many of these official organizations as possible. I have a streak of anger through me now that I’ve developed to the point where I’m not going to let this go.

Well, Maria, thank you.

Thank you for having me.

Here’s what else you need to know today. OJ Simpson, the football star who was accused and later acquitted of murdering his former wife and her friend, died of cancer at his home in Las Vegas, his family said Thursday. He was 76.

Today’s episode was produced by Astha Chaturvedi and Will Reid, with help from Clare Toeniskoetter and Lindsay Garrison. It was edited by Brendan Klinkenberg and Michael Benoist, contains original music by Marion Lozano, Rowan Niemisto, Dan Powell, Pat McCusker, and Will Reid, and was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly.

[THEME MUSIC]

That’s it for “The Daily.” I’m Katrin Bennhold. See you on Monday.

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• April 12, 2024   •   34:23 How One Family Lost $900,000 in a Timeshare Scam
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Hosted by Katrin Bennhold

Produced by Asthaa Chaturvedi and Will Reid

With Clare Toeniskoetter and Lynsea Garrison

Edited by Brendan Klinkenberg and Michael Benoist

Original music by Marion Lozano ,  Rowan Niemisto ,  Dan Powell ,  Pat McCusker and Will Reid

Engineered by Chris Wood

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music

Warning: this episode contains descriptions of violence.

A massive scam targeting older Americans who own timeshare properties has resulted in hundreds of millions of dollars sent to Mexico.

Maria Abi-Habib, an investigative correspondent for The Times, tells the story of a victim who lost everything, and of the criminal group making the scam calls — Jalisco New Generation, one of Mexico’s most violent cartels.

On today’s episode

Maria Abi-Habib , an investigative correspondent for The New York Times based in Mexico City.

Background reading

How a brutal Mexican drug cartel came to target seniors and their timeshares .

There are a lot of ways to listen to The Daily. Here’s how.

We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.

The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Sofia Milan, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli, Maddy Masiello, Isabella Anderson and Nina Lassam.

Katrin Bennhold is the Berlin bureau chief. A former Nieman fellow at Harvard University, she previously reported from London and Paris, covering a range of topics from the rise of populism to gender. More about Katrin Bennhold

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Bringing immersive learning to life with tech-centric lesson plans

How verizon innovative learning hq helps a rhode island after-school program teach with ar, vr, and more..

According to Juan Rodriguez, Winner’s Circle XR Academy founder, the Verizon Innovative Learning Immersive Media lessons “serve as an excellent introduction for students to the design-thinking process and allows them to explore projects related to [sustainability].” Photo credit: Kieran Kesner

The after-school program is provided by  Winner’s Circle XR Academy , a nonprofit that aims to empower students in underserved communities through work with advanced technology and dynamic STEAM education. Juan Rodriguez, Winner’s Circle founder and executive director, incorporates Verizon Innovative Learning HQ’s free lesson plans into the nonprofit’s curriculum, providing STEM education to over 200 Rhode Island students every school year. These resources are part of Citizen Verizon’s goal to provide 10 million youth with digital skills by 2030, offering educators nationwide with free access to hundreds of tech-focused lessons across all subjects that innovate classroom learning.

Rodriguez, who is also a high school teacher, says the Verizon Innovative Learning HQ materials allow him to better tailor his lessons to the needs of his students. He is using Immersive Media VR-specific lessons in his curriculum, modifying to celebrate students’ identities and cultures. The lessons teach middle school students digital storytelling, interactive experience creation, and AR and VR design through four hands-on units.

“We have some students who might be engaging with this technology for the first time, and they’re not sure how to approach it. But after they [get started], they’re excited. Their eyes light up,” Rodriguez says. “We’re teaching students how to become content creators. We’re letting them know, ‘You can create your own story — you don’t have to let someone else tell your story.’”

Winner’s Circle XR Academy brings advanced technologies and STEAM topics to six middle schools across Providence, Rhode Island. Photo credit: Kieran Kesner

Rodriguez recalls a past student who, during the VR lesson, shared his story through an immersive experience based on a family trip to Cambodia.

“He added all these different elements — the animals he saw there, the temples — and he brought the characters to life,” Rodriguez explains. “He shared this with his peers, and now his peers are learning about Cambodia. They get to see what Cambodia looks like from his perspective, and it’s fully interactive.”

Being able to create using technology was one of the main draws for Winner’s Circle instructor and mentor Imani Dukes to participate in the nonprofit’s after-school program when she herself was in high school. Now, as a college junior studying computer science, Dukes is sharing her interest in STEM (she plans to go into gaming) with the students she mentors at Sophia Academy.

Imani Dukes, a former Winner’s Circle XR Academy participant, is now an instructor and mentor with the organization and aspires to have a career in the gaming industry after college. Photo credit: Kieran Kesner

“I was eager to become an instructor so I could spread the word about this technology, especially to girls of color,” Dukes says. “There are only a few who look like me in the gaming industry, so it is my goal to discuss how important and intriguing technology is to the younger generation. I love being able to mentor the students and see them grow and succeed in life.”

At Sophia Academy, Dukes says, “the students are ecstatic to be in the program, learning something new about AR and VR technology and applying that knowledge to their own experiences, all while having a safe space and non-judgement zone to talk and be themselves.”

One of these students is seventh grader Herianna Frias Garcia. She has been active in the program, also participating in the Winner’s Circle MindBlast XR Hackathon, a competition where middle school students in Rhode Island use XR technology to bring awareness to social justice issues.

Herianna Frias Garcia, a student at Sophia Academy, has been active within the after-school program, participating in the Winner’s Circle MindBlast XR Hackathon. Photo credit: Kieran Kesner

“My favorite part of the program is learning more about [the things] I’m interested in,” Frias Garcia says, highlighting her enthusiasm for 3-D modeling and the immersive world of VR. “I like seeing all the games people have made.” The prospect of using VR technology to bring her creations to life has also sparked a dream for her future. “I would like to design buildings using VR,” she says.

Through the use of innovative technology, Verizon Innovative Learning HQ lessons, and creative methods of engagement, these educators hope to both cultivate and diversify the future of STEM, ensuring that students like Frias Garcia are equipped with the skills and opportunities needed to thrive in the digital economy.

“It’s rewarding to see our efforts empower students, especially those from underrepresented backgrounds, to explore this industry and contribute to the next generation,” Rodriguez says. “At Sophia Academy, we're observing that the students feel empowered. Their mentor is helping them build confidence, fostering a belief that they can be successful in any STEM career they choose to pursue.”

To access free learning apps , lesson plans and professional development courses aligned to microcredentials , visit Verizon Innovative Learning HQ .

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FY2024 ラジオビジネス英語Lesson（６）

So, moving on to the next unit, screening. What do you think is important, when evaluating business models of startups?

When it comes to their business models, they're far from generic, so careful analysis into their viability and growth potential is essential.

Exactly, they're not run-of-the-mill ideas. What aspects do you think we should consider when accessing the team?

Team assessment. Well, the team's ability to execute the business plan?

A great response. Why do you think early traction is crucial?

Early what?

Early traction Oh, by traction, I mean how a new product or service gains popularity and expands its customer base. 

I understand, now. It's important because early traction sets the stage for business growth.

Business phrase of the day

Early traction sets the stage for business growth.

政府の新しい経済政策は雇用を生み出すことの基盤を整えることを目指しています。 The government's new economic policies aim to set the stage for job creation. 

チーム内の効果的なコミュニケーションは生産性の高い職場環境の土台となります。 Effective communication within a team sets the stage for a productive work environment.

Alternative expressions

Initial momentum paves the way for business expansion.

Early progress shapes the development of business.

Upgrade your communication skills

テーマ：　答えを考えるために時間稼ぎをする。

Assessing the team. Well, it's important for the team to share the vision and strategy.

Aspects to consider. Well, I believe it's important to have at least one person who is knowledgeable in finance.

That's an important question. Well, I think the key is whether they have an extensive network within the country's business community. 

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