If you're starting a new business or executing a new plan within your company, you’ll want to have a business plan. It’s a formal document that outlines your company, your project, funding options and your means of execution. There are many resources available to help you write your business plan, including countless templates you can follow depending on your goals. Below we’ve outlined some examples, including a sample plan.
[Read: How to Write a Business Plan During a Pandemic]
Business plan template examples
While business plans can be general, it’s helpful to gear yours toward your industry. Here are five business plan templates for specific industries or situations:
- For first-time entrepreneurs: The United States Small Business Administration (SBA).
- For getting your ideas down: $100 Startup.
- For law firms: Cilo.
- For established businesses: SCORE.
- For additional industries: LawDepot.
Sample business plan
A one-page business plan briefly states your opportunity and timeline. It’s often used as an introduction to your longer, more robust plan. Here is a brief overview of a business plan and the nine elements that should be included.
1. The business opportunity
At the top of your plan, state the endeavor you're looking to pursue. Are you a new startup or an existing company looking to grow? Describe your challenges and how you plan to work through them. This section should be a one- or two-sentence elevator pitch of your business opportunity.
[Read: How to Refine Your Business Plan for Every Stage of Your Business]
2. Your company description
When writing your company description, assume the reader knows nothing about your company. Briefly define who you are, identifying your values and why your company is necessary right now.
Outline your timeline for launching your business or project. Timelines are always subject to change, so make sure you account for alternative scenarios and setbacks.
3. Your talent description
In this section, you’ll want to introduce your team and demonstrate why they are the right fit for your business. Talk about their relevant skills, experience and background, getting as specific as possible. Providing their track record will reassure potential investors that your business is backed by reliable professionals.
4. The industry analysis
While writing your plan, it’s important to recognize your industry's outlook and your potential within it. This will also help you identify your competitors and analyze their offerings in comparison to yours, so you can focus on how you might stand out among them. This analysis is a great way to show investors that you’ve done your research and understand how you fit into your market.
[Read: Pivoting During the Pandemic? 16 Tools That Will Help Your Business Adapt]
5. Your target audience
In this section, you will identify your target audience, defining their demographic, location and other specific traits. Additionally, explain how your audience will benefit from your company or project, or how you will solve common problems they share.
6. The timeline
Outline your timeline for launching your business or project. Timelines are always subject to change, so make sure you account for alternative scenarios and setbacks. For your one-page business plan, talk about your general timeline, its phases and why it’s a realistic goal.
7. Your marketing plan
How will you get the word out about your new business or project? Identify the avenues you and your company will choose to explore and how you plan to meet your target audience there. For example, consider your social media efforts, digital marketing and other methods that you seek to execute.
8. The financial summary
Clearly define your cost structure and revenue streams, describing your sales methods and post-launch goals, as well as how you will achieve them. Be sure to include both your long- and short-term financial goals and benchmarks.
[Read: Smart Strategies for Presenting Your Business Plan]
9. Your funding requirements
One of the primary reasons you write a business plan is to help obtain funding. In this section, talk about the amount of funding you'll need from investors and where that funding will go. You should also be clear about how you plan to pay back your investors through your financial plan.
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