Startup Business Plan Template for Word, PDF
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Template Highlights
- There are ten sections, including the executive summary, introduction to your company, a market analysis, the problem you want to solve, your innovative/disruptive/other -ive word solution, who's on your team, the sales & marketing strategy, your financial plan, your implementation plan, a conclusion, and any additional resources
- The instructions are specific and easy to follow, so all you have to do is fill in the blanks. Bonus: thinking about these things will prepare you for meetings with potential investors, customers, and employees as well
- Some of the sections don't apply to your startup? Delete 'em. Want to add a section that's not there? Add it. You can even customize the branding and color scheme
- Download it as a PDF or Word file
- Print it, email it, send it to your parents so they can frame it
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Startup Business Plan Template
The term “startup” has become a familiar part of the business lexicon and is often used to describe fast-growing, entrepreneur-led companies in the technology sector. Actually, a startup is any business enterprise that has recently been established. If you are in the early stages of starting a business, one of the first steps you will need to take is to create a business plan.
This simple template was designed to help someone new to the business world to easily put together a professional plan describing a new venture. Keep your startup plan short. As your business matures, you can adapt the plan to include additional detail.
You can create different iterations of it for different audiences. The bank will want more financial information, but a new employee might be more interested in your company’s mission statement and your plan for selling the product or service.
Executive Summary
An executive summary is a crucial part of any business plan. It should come first in your document. The executive summary gives the reader, who may be a very busy bank executive, a chance to understand your business in a quick, one-page read.
In no more than a short paragraph for each point, summarize the sections of your business plan:
• Give your elevator pitch and briefly describe your company
• Summarize the market research you have done
• Present the problem you are aiming to solve
• Describe how your product or service solves the problem
• Introduce key management
• Provide a synopsis of your sales and marketing plan
• Explain your financial plan
Close your executive summary with a clear explanation of your project, why it is needed, and how it will benefit future customers and investors.
HubSpot Tip: Write this section last, after you have written all of the other sections. It should summarize your entire business plan in about a page.
About the Company
Describe what makes your company different. This section should convince readers that your business idea is important and that the product or service that you will offer is needed.
Present your company’s name, location, type of business, ownership, and significant assets.
Describe your company’s mission: What is your reason for existence? Describe the values on which you are founding the company.
List the company’s goals and objectives and explain how you fit into the industry.
HubSpot Tip: Keep this section brief. The remainder of the document allows space for you to go into more detail about your business.
Market Analysis
Before writing your business plan, you need to conduct research on the market and industry you are planning to enter. Based on that research, you should describe your industry, the opportunities it offers, and the growth it is experiencing.
Describe the key environmental trends in your industry. What are the barriers to entry (e.g., high production or marketing costs, tariff barriers, regulatory challenges, extensive training)? How is the industry progressing? What is changing?
You should also define your target customers. Who will buy your product or service?
Who are your major competitors? Identify and describe them.
Identify what defines your product or service in the marketplace. What distinctive competencies or offerings do you provide that other companies do not?
HubSpot Tip: Note the key factors for success in this industry, and focus on proving that your company has them.
The Problem
Describe the need in the market that your business idea will fill. How did this need arise and why has it not been filled yet? Explain how you identified the need and how your product or service will meet it.
HubSpot Tip: Keep this section short, as the focus should be on your solution, which you will describe in the next part of the business plan.
Our Solution
Describe the products or services your business will provide. Include your value proposition - describe how your service/product is attractive to customers.
You should also include a description of the features and benefits of your product or service to your customer. Consider capturing this in a simple table like the one below.
Product/Service Feature
Benefit to the Customer
HubSpot Tip: You can include photos or brochures of your products, but consider putting them in an appendix so that they do not interrupt the message in your narrative.
Organizational Structure
Since your company is just starting, it is likely that you do not have many people on your staff. Describe the key operations and management roles in your company, and provide brief biographical sketches of your leadership. The aim is to show to readers that your team has the skills and qualifications to implement what you have outlined in the business plan.
If you receive advice from a board of directors or any high-level external advisors, mention them in this section.
HubSpot Tip: The biographical sketches should include the educational credentials, relevant experience, and related accomplishments of your leaders. Consider personalizing your plan by including headshots of your staff.
Sales and Marketing Strategy
In this section, you should describe how you will promote your new product or service. Begin by identifying challenges with entering the market and explain how you will overcome them. You can use a table like the one below to outline the barriers and your solutions.
Market Barrier/Challenge
Justify the following choices you have made:
• Location – Does it bring cost savings? Is it close to your customer base?
• Pricing Strategy – How will it entice customers to buy your products or services? How will it lead to profits for your business and investors?
• Promotion Plan - Will you use print, radio, television, or social media? Will you hire a marketing manager?
Note the budget for your marketing strategy and tell the reader how you will obtain the funding for this important aspect of your business. If you plan to use consultants or an advertising agency, include these costs in your budget.
HubSpot Tip: Consider including a few mockups of your company’s logos, branding, or marketing materials in an appendix.
Financial Plan
Describe the cost structure and financial aspects of the business. Explain the kind and amount of investment that you need, what you will use the money for, and how you envision your business becoming profitable.
To give readers a peek into your company’s projected financial future, you should include as much of the following financial information as possible. Remember, your business plan is a living document, so even if you do not have all of this information at the startup stage, you can add it as your business matures.
• Cash flow projection – An estimate of how much money you expect to flow in and out of your business.
• Capitalization plan – Lists the sources and uses of capital that your business plans to amass.
• Break-even analysis – A determination of what you need to sell in order to cover the costs of doing business.
• Income statement – Also known as a profit and loss statement (P&L), it shows the company’s revenues and expenses over a period of time.
• Balance sheet – A statement of the assets, liabilities, and capital of a business at a point in time.
Financial documentation is often long, so you should reference them here and include copies in an appendix.
HubSpot Tip: Not everyone is an expert in finance, but it plays an important role in starting a business. Unless you have an accounting background, consider seeking assistance on this section of your plan.
Implementation Plan
Tell the reader how you will implement your business plan. Consider including a timeline like the one below to illustrate the steps in the process to getting your business up and running. Customize it with your dates and the specific steps you will take.
HubSpot Tip: Set reasonable deadlines that you are able to meet, but that show your initiative and eagerness to realize your new venture.
In a few sentences, summarize the main point that you would like the reader to understand about your business. This can vary based on the target audience. For example, if you are presenting your plan to a bank to ask for a loan, this section should focus on your financial viability and why the bank should choose to finance your business.
Describe the next steps, and provide detailed contact information so that the reader can get in touch with you easily.
HubSpot Tip: Your conclusion should incite the reader to act. Make it easy for them by including all of the information they need to move forward.
Want to provide additional detail but need to avoid making your business plan too long? You can insert documents in the Appendices and reference them in the text. In this way, you can provide more information without breaking up the flow of your business plan text.
HubSpot Tip: Consider including examples of your marketing materials, a map of the business location, background research, images of your products, resumes of company leaders, or financial documents in the appendices of your business plan.
Frequently Asked Questions
How do i write a startup business plan, is this template free, can i edit this template, related tags:.
- Business Plans
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Business Plan Templates
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2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.
With this business plan template, you'll be able to:
- Write a company description that sells your story
- Plan for the future: lay out goals and metrics for success
- Describe your product line in detail and plan for how to stand out from competitors
- Consider any legal formalities that require attention when starting your business
- Put together necessary financial projections to make a strong start
- Create your buyer persona and determine your product/marketing fit
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Build A Business Plan That Works
Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!
Whether you’re starting a business or drafting a formalized document with your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.
When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.
In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a plain text, designed , and completed example version of this template.
Frequently Asked Questions (FAQs)
How do you write a business plan.
A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.
Why do I need to fill out the information requested?
We will always keep your personal information safe..
We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .
Where can I get a free business plan template?
HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.
Is this really free?
Absolutely.
Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!
What are the basic format of a business plan?
A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.
What is the best business plan template?
A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.
What is needed to start a business?
If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!
Set yourself up for success with this business plan template
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Use our template to make an investment-worthy business plan.
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Updated December 8, 2023 Written by Sara Hostelley | Reviewed by Brooke Davis
A business plan is a document outlining a company’s operations, strategies, goals, and objectives. It’s crucial to guide you through each stage of starting and growing your business.
Templates (8)
What is a business plan, why is a business plan essential, components of a business plan, how to write a business plan, business plan sample.
Below, you can find free business plan templates for specific business types. You can also find more in-depth information on writing a plan for your business, whether it’s a food truck, restaurant, real estate business, or another entity:
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Create a detailed plan that lays out the details of how your business will achieve it's objectives.
Traditional Business Plan
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Create a simplified version of a traditional business plan.
One-Page Business Plan
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Create a Non-Profit Business Plan and learn how to write one.
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Create a Restaurant Business Plan and learn how to write one.
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Real Estate
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Create a Food Truck Business Plan and learn how to write one.
A business plan is a document detailing how a business, whether it’s a new or existing company, will achieve its goals and objectives. It guides you through every step of starting and running a company.
A business plan can be the foundation of your business, serving as a written roadmap that covers all aspects of how to structure, run, and grow your business. You can also refer back to it as your business progresses to track its growth and success.
In addition to being a helpful document internally, a business plan is also vital for a company to communicate its success to external parties that may influence its future success.
Consider some of the main reasons why large and small business owners alike use business plans:
1. Use As a Roadmap
A business plan sets specific, measurable, and time-bound goals. Having these goals helps you track progress, evaluate performance, and adjust as necessary.
By laying out goals, you have a clear and attainable plan of action with the ability to see and monitor your progress.
2. Plan Strategies For Potential Challenges
A business plan can help you think objectively about your business’s key elements and inform your decision-making as you move forward.
A detailed plan can provide a semblance of control over a potentially cumbersome process. Formulating a plan can improve your ability to make choices and decisions for yourself and the business. This approach is much better than suddenly making a critical decision without time to evaluate or haphazardly letting others decide for you.
3. Get Funding or Bring on New Business Partners
An accurate business plan is essential whether or not you need to secure a business loan. Investors and lenders often require a business plan before they commit capital. A solid plan demonstrates your commitment, viability, and potential return on investment.
Create a business plan that grabs the attention of potential investors and provides them with enough structure and confidence that they will move forward and grant funding and support to your business.
You can use your business plan to highlight how the proposed business will be successful and profitable.
4. Discover Any Weaknesses
A business plan includes a strengths, weaknesses, opportunities, and threats (SWOT) analysis that helps identify potential risks and challenges. It is essential to allocate resources and demonstrate monthly profit or loss. By recognizing these elements early, you can develop strategies to mitigate or address them.
5. Analyze the Market and Competition
Market research within the plan helps you better understand your target audience, competition, and industry trends. This knowledge is crucial for making informed business decisions.
By learning about your competition, you can help make your goods or services stand out and help validate your business idea.
You should update a business plan as you go, altering your goals as necessary and being mindful of any changes of direction in your business.
A typical business plan includes the following sections:
- Executive Summary
- Management Team
- Products and Services
- Customers and Marketing
- SWOT Analysis
Our business plan template includes all of the above, so you won’t have to worry about missing out on essential sections.
Step 1 – Create an Executive Summary
An executive summary is the first section of a traditional business plan, serving as the first impression of your business. Please give a brief overview of your company, including its mission, key goals, and a snapshot of your financial projections.
You can skip this step if you’re writing a lean business plan for a startup. Instead, replace it with a few sentences outlining the problem your startup aims to solve and the solution you will provide.
Executive Summary Example:
Market research indicates there are a growing number of dog owners in Tallahassee who want to train their animals. Consumer surveys indicate that most consumers don’t have the time or resources to train their animals themselves.
Consumers have also expressed a desire for combined dog walking and training services to help discipline their animals.
Pawsitive Strides Canine Coaching & Walks provides a convenient service for customers with furry friends and disposable incomes.
Tips for Writing an Executive Summary
- Define a problem in your market and state how your business will solve it.
- Limit your executive summary to one page.
- Use a tone appropriate for your audience.
Step 2 – Describe Your Company’s Team
A professional business plan will include a statement about your company’s team and management.
Describe your startup’s legal structure. After that, you can insert a chart to show the hierarchical structure of your company. Show and name your C-suite executives, management team, and key employees. Include short biographies and links to their resumes and LinkedIn profiles to give the reader a complete picture of your staff’s qualifications.
If you have a smaller staff, you can highlight the founder and CEO and your staff members who perform the services or create your business’s products.
Example for Company’s Team Statement:
Jamie Clayton, Founder and CEO
- Board-certified veterinarian.
Pawsitive Strides Canine Coaching & Walks’s dog walkers and trainers
- 14 full-time staff members.
- 26 part-time staff members.
- All staff members have the Certified Professional Dog Trainer-Knowledge and Skills Assessed (CPDT-KSA) credential from the Certification Council for Professional Dog Trainers.
Tips for Writing about Your Company Management and Team
- Include any roles you’d like to hire to grow your company, if applicable.
- Highlight expertise and awards one to show your staff’s capabilities.
Step 3 – Summarize Market Analysis and Potential
Your business plan must also thoroughly analyze your target market and customer base. The goal here is to show that you understand your market and target audience and that there is a viable market for your business.
Market Analysis Example:
Pawsitive Strides Canine Coaching & Walks’s ideal customer is a dog owner between the ages of 25 and 65 with a high disposable income. They’re ideally a working professional or have recently retired from the workplace. They love their dog (or dogs) and want them to be well-behaved and have an outlet for all their energy.
Market research shows that Pawsitive Strides Canine Coaching & Walks has ample opportunities in the Tallahassee area:
- The total revenue for dog walking services in the U.S. increased from $900 million in 2019 to $1.1 billion in 2023.
- Dog ownership has increased by 20% over the last five years.
- Online search volume for “dog walkers in Tallahassee” is up by 10% since last year.
- 19% of Tallahassee’s residents have a household income of $125,000 or more (compared to the average of 5% across the U.S.).
Tips for Writing a Market Analysis
- Use reliable sources for acquiring data.
- Conduct consumer surveys to hear from people in your target area.
- Focus on the demand in your area and the growth potential.
- Include revenue and expense projections based on market data.
Step 4 – Describe Your Product or Service
Describe the products and services you offer. Pinpoint the value they provide to current and future customers and share your plans for research and development.
The main goal of this section is to convince the reader and yourself that your business is viable and that you have enough resources, time, and energy to achieve your goals.
Product Description Example:
Pawsitive Strides Canine Coaching & Walks isn’t an ordinary dog walking service. When a customer signs up for our monthly subscription plan, we have one of our certified dog walkers go to their house 12 times a month on a schedule that works for them.
Our dog walker takes their dog on a 30-minute walk and corrects their behavior. Their dog learns how to walk on a leash calmly and be around cars and people. Not only does the dog get some exercise and fresh air, but they also learn discipline, meaning the customer doesn’t have to worry about training their dog in this sense.
Tips for Writing a Product/Service Description
- Highlight cross-sell and upsell opportunities, if applicable.
- Emphasize what distinguishes you from other companies providing similar services/products.
- Include details for updating your offerings in the future.
Step 5 – Plan Your Marketing Strategy
Discuss the brand vision you want to cultivate, the metrics you’ll track, and the channels you’ll use to reach your target audience. Outlining how you plan to collect and retain customers will help you experience growth in the long term.
Marketing Strategy Example:
Pawsitive Strides Canine Coaching & Walks will focus on social media and direct mail marketing as its two main forms of advertising. We’ll track customer referrals to determine how many current customers are satisfied with our services.
On our social media platforms, including Instagram and Facebook, we’ll track our audience growth rate, bounce rate, and click-through rate.
Tips for Writing a Marketing Strategy
- Add the budget/resources you have, if applicable.
- Create strategies for marketing to different segments within your main target audience.
Step 6 – Conduct SWOT Analysis
Organizations use SWOT analyses to determine how closely a business will adhere to its growth trajectories. This analysis involves looking at a company’s SWOTs, which are:
- Strengths: Strengths are things your company does well. Examples include having a unique selling proposition, standout brandings, or human resources, like your employees and C-class executives.
- Weaknesses: These barriers prevent your project or company from reaching certain milestones. Examples include financial limitations, a shortage of skilled professionals, and unclear selling propositions.
- Opportunities: These positive external factors could give you a competitive edge. For instance, if you’re a manufacturer and the federal government cuts tariffs, you can export your products into a new market to boost market share and sales.
- Threats: These are events, competitors, and situations that pose a risk to your company and the goals you’ve set for it. Typical threats include negative media coverage, changing customer demands, emerging competitors, and new rules and regulations.
SWOT Analysis Example:
- Appeals to people who don’t have the time or resources to train their pets.
- Low startup costs.
- Finding enough certified employees to meet the anticipated demand.
- Dealing with aggressive animals may be challenging for newer employees.
Opportunities
- Offering multiple subscription packages for customers who want more frequent training sessions for their pets.
- BehaviorBuddies is a dog walking service in Bradfordville that may take away customers.
Tips for Writing a SWOT Analysis
- Be honest with your business’s weaknesses and threats.
- Capitalize on opportunities you find through market analysis.
Step 7 – Develop a Strategy for Operations
Your business plan needs to include a thorough operations plan. This section reveals your manufacturing, fulfillment, managing, staffing, hiring strategies, and all the other processes you go through when running your business daily.
Operations Strategy Example:
Jamie Clayton will oversee the hiring of all employees, and the team lead will train all employees for at least one month to ensure they have the knowledge necessary to deal with animals of all temperaments.
The team lead will also organize the dog walking schedule to ensure all team members have enough time to arrive at customers’ houses and complete the dog walking/training sessions thoroughly.
Tips for Writing a Business Strategy
- Consider what your business needs to thrive on a daily basis.
- Account for inventory and supplies, even if your business is service-based.
Step 8 – Compile Your Business Financials
Create financial projections, including income statements, balance sheets, and cash flow statements for the first few years of operation. If you need funding, specify the amount and how you plan to use it.
Financial Statement Example:
Income Statement for the Year Ended December 31, 2023
- Revenue: $150,000
- Cost of Goods Sold: $30,000
- Gross Profit: $120,000
- Operating Expenses: $80,000
- Net Operating Income: $40,000
- Other Income/Expenses: -$2,000
- Net Income: $38,000
Tips for Writing a Financial Section
- Double-check the accuracy of financial information.
- Demonstrate how the proposed funding aligns with your company’s goals.
- Forecast future financial performance.
Step 9 – Explain Your Funding Request
If you’re seeking funding or investment for your business, explain the amount you need and how you intend to use it. Be transparent about the terms you’re offering to investors or lenders.
Funding Request Example:
Pawsitive Strides Canine Coaching & Walks has already hired a team to serve our existing customers. Once we scale to $500,000 in annual revenue over the next two years and at a 10% profit margin, our primary ongoing annual expenses (not including taxes) will total $350,000.
While already profitable, we are requesting $200,000 in the form of a business loan to buy two additional company vehicles. These vehicles will improve our employees’ ability to get to customers’ homes, and the remaining money will go toward maintaining current company vehicles.
Tips for Writing a Funding Request
- Add a timeline so investors know your goals and how you plan to use the money.
- If you seek funding in the form of an exchange for equity, an investor may expect to gain decision-making powers in your company. Plan for this situation accordingly.
Step 10 – Compile an Appendix for Official Documents
Include relevant documents, such as resumes of key team members, legal agreements, market research data, product design mock-ups, and your business’s legal structure documents.
Remember that each business plan is unique, so tailor your content to your venture and audience. Your business plan should effectively communicate your vision, strategy, and financial viability to potential investors, partners, and stakeholders.
Combine the appendix with a table of contents and footnotes section so you can reference it throughout your document.
You can download a free business plan template below in PDF or Word format:
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How to Write a Startup Business Plan (10 Effective Steps)
Learn how to create an effective business plan in 10 easy steps and discover the transformative power of mentorship to elevate your startup's strategy.
Robin Waite
5 minute read
Short answer
What should an effective business plan include?
An effective business plan should include the following elements:
- Executive summary
- Company description
- Market analysis
- Your products or services
- Marketing and sales strategies
- Organization and management
- Financial projections
- Funding requirements
- Risk assessment
- Conclusion and Call to Action
You need a strategic business plan to successfully navigate the startup world
Diving into the startup world without a clear plan is like setting sail without a compass ; you might drift aimlessly or even crash.
A solid business plan isn't just a piece of paper—it's your roadmap to success. It attracts the right investors, guides your decisions, and sets you on a clear path to victory.
In this article, I’ll walk you through 10 essential steps to craft that perfect plan. Plus, I’ll touch on the invaluable insights a business mentor can offer.
So, if you want to avoid common pitfalls and boost your chances of success, keep reading. Your startup's future might just depend on it.
Step 1: Executive summary
Think of the executive summary as the elevator pitch for your startup. It's a quick snapshot that captures the heart of your business idea, mission, and goals.
In this brief section, make sure to highlight who your target audience is, what sets you apart in the market, and your unique selling points.
And don't forget to give a glimpse of your financial outlook and any funding needs—it sets the stage for the details that follow.
Here's an example of an executive summary slide:
Step 2: Company description
Here's where you tell your startup's story. It's not just a list of facts or a timeline. It's about painting a picture that connects with your readers.
Clearly outline your vision, mission, and the values that drive you. Share key milestones you've hit and where you currently stand in your business journey. This section gives depth to your startup, showing both where you've been and where you're headed.
Here's an example of a company introduction slide:
Step 3: Market analysis
To thrive, you've got to know the lay of the land. That's where market analysis comes in. Start by zeroing in on your target audience and truly understanding what they're looking for.
Dive deep into industry trends, the overall market size, and where it's headed. And don't just know your competitors—understand what makes you stand out from the crowd.
Here's what a market analysis slide should look like:
Step 4: Products or services
Here's your chance to shine a spotlight on what you're offering. What problems are your products or services solving? What makes them special? Whether it's a unique feature, a patent, or some groundbreaking tech, make it clear why your offerings are game-changers.
Here's an example of a solution slide:
Step 5: Marketing and sales strategies
In today's crowded market, standing out is crucial. This step is all about your game plan to grab attention and win customers. Detail how you'll sell, where you'll promote, and how you'll get your products or services into the hands of those who need them.
Here's what a go-to-market slide should look like:
Step 6: Organization and management
Behind every great startup is a team of passionate people. Here, introduce your squad. Highlight their expertise, define their roles, and show the structure that keeps everything running smoothly.
If you've got advisors or partners in your corner, mention them—it shows you're serious about growing in every direction.
Here’s a full guide on how to create the perfect team slide for your startup . And here's a great example of one:
Step 7: Financial projections
Numbers don't lie, and in this step, they sketch out your startup's potential future. Dive into the financials, projecting where you see your revenue, expenses, and profits heading over the next few years.
By breaking down your initial costs and where you expect to get your funding, you give a clear view of how you're setting up for success.
Here's an example of a financials slide:
Step 8: Funding requirements
Every startup needs fuel to get off the ground, and that fuel is capital. Here, be clear about how much you need to launch and keep things running.
Break down where every dollar will go, whether that's marketing, product development, or daily operations.
If you've already got some backers or have your eye on potential investors, mention them—it adds weight to your pitch.
Here's what a use of funds slide should look like:
Step 9: Risk assessment
Every venture has its bumps in the road. Here, show that you're not just aware of potential challenges but that you've got a plan to tackle them. In assessing risks, it's crucial to choose the right business structure at the beginning. For examples, the formation of an LLC as a strategic measure not only protects your personal assets from business liabilities but also mitigates financial risks for stakeholders. By laying out your strategies for handling risks, you prove you're not just optimistic—you're realistic and ready.
Here's an example of a risk assessment slide:
Step 10: Conclusion and Call to Action
Time to wrap it up and rally your readers. Summarize the key points of your plan, driving home why your startup is a solid bet.
But remember, this isn't just a conclusion—it's a launchpad. Encourage readers to get involved, whether that's investing, partnering, or simply supporting your vision. Let's get this journey started!
And, if you need more information, check out our comprehensive guide on how to write a business plan .
Here's an example of a next step slide:
Seek guidance from a business mentor
While a solid business plan is your startup's compass, adding guidance from a business mentor to your journey is like having a seasoned captain on board.
They bring a treasure trove of insights, lessons from past experiences, and a network of industry contacts. Their tailored advice doesn't just polish your plan—it also boosts your confidence and resilience, two must-haves for the unpredictable startup seas.
By embracing mentorship, you're signaling that you're all in on growth, ready to soak up wisdom and accelerate your path to success.
Why is a business plan crucial for startups?
Think of a business plan as your startup's GPS. It helps you navigate the twists and turns, pointing out both the challenges and the golden opportunities ahead. It's your master blueprint, detailing everything from your big-picture goals to your financial forecasts .
What role does a business mentor play in this process?
A business mentor serves as a seasoned guide in the startup journey. Drawing from their wealth of experience, they offer invaluable insights, helping startups navigate challenges and optimize their strategies. Their guidance is instrumental in making informed, strategic decisions.
How can a mentor enhance my market analysis?
Mentors have their finger on the pulse of the industry. They can help you get a clearer picture of market trends, spot who you're really up against, and gauge where the opportunities lie. With their insights, your market analysis won't just be good—it'll be top-notch.
Can a mentor assist in financial projections?
Absolutely. If your mentor has a financial background, they can be a goldmine. They'll help you craft projections that are both ambitious and grounded in reality. From revenue estimates to potential expenses, they'll ensure your numbers make sense.
How can you incorporate mentorship into the business plan?
Consider adding a dedicated section in your business plan to highlight the mentorship aspect. By detailing the insights and guidance you've received, or intend to seek, you underscore your commitment to informed growth. This proactive approach can resonate well with potential investors and stakeholders.
Business plan templates
Starting your business plan can feel like staring at a blank canvas—it's full of potential, but where do you begin? That's where interactive business plan templates come into play.
These templates serve as a structured guide, ensuring you don't miss any crucial details while allowing for flexibility and customization. They're designed to streamline the process, making it easier to organize your thoughts and present your vision in a coherent manner.
Ready to dive in? Grab a template from the library below and give your business plan a head start.
Robin Waite is a business coach based in the UK, bestselling author, and also regular business speaker. Robin's Fearless Business Accelerator covers pricing, productising services, and sales for coaches, consultants, and freelancers. Robin's passion is content marketing and blogging and he enjoys finding creative ways to make complex business topics simple for his readers.
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Your business plan is the document that adds structure to your proposal and helps you focus your objectives on an achievable and realistic target. It should cover every aspect of what your business journey will look like, from licensing and revenue, to competitor and sector analysis.
Writing a business plan doesn’t need to be a difficult process, but it should take at least a month to be done properly.
In today’s capricious business climate there’s a lot to consider, such as the impact of political challenges like Brexit. These details are especially important in today’s bad economy. Investors are looking for entrepreneurs who are aware of the challenges ahead and how to properly plan for them.
Below, you’ll find everything you need to create a concise, specific and authoritative business plan. So let’s get started turning your idea into a reality!
Click here to download your free Business Plan template PDF – you can fill in your own details and those of your business, its target market, your customers, competitors and your vision for growth.
![business plan for a start up business pdf monday.com-logo](https://images.startups.co.uk/wp-content/uploads/2021/07/monday-com-logo-64x64.png?width=64&height=64&fit=crop)
Our below guide will give you detailed advice on how to write a quality business plan, and our PDF download above can give you a clear template to work through.
But, creating an effective business plan needs….planning! That’s where a high quality planning tool can help.
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We recommend creating an account with monday to use this tool – there’s even a free trial . Doing so means you can start your entrepreneurial journey on the right foot.
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What to include in your business plan template
There’s a lot of information online about how to write a business plan – making it a confusing task to work out what is and isn’t good advice.
We’re here to cut through the noise by telling you exactly what you need to include for a business plan that will satisfy stakeholders and help develop a key identity for your brand. By the end, you’ll have a plan to make even Alan Sugar proud and can get started with the most exciting part – running your business.
Throughout this guide, we’ve featured an example business plan template for a new restaurant opening in Birmingham called ‘The Plew’. In each section, you’ll be able to see what the contents we’re describing would look like in a ‘real-life’ document.
![business plan for a start up business pdf Cover Page](https://images.startups.co.uk/wp-content/uploads/2018/02/Cover-Page-1-e1686072675428.png)
What to include in your business plan:
- Executive Summary
- Personal summary
- Business idea
- Your product or service
- Market analysis
- Competitor analysis
- Cash forecast
- Operations and logistics
- Backup plan
- Top tips for writing a business plan
- Business plan template UK FAQs
1. Executive summary
This section is a summary of your entire business plan. Because of this, it is a good idea to write it at the end of your plan, not the beginning.
Just as with the overall business plan, the executive summary should be clearly written and powerfully persuasive, yet it should balance sales talk with realism in order to be convincing. It should be no more than 1,000 words.
It should cover:
- Mission statement – what is your company’s purpose?
- Business idea and opportunity – what unique selling point (USP) will you provide?
- Business model – how will your business operate?
- Business objectives – what are you aiming to achieve?
- Target market – who is your customer base?
- Management team – who are the owners/senior staff?
- Competition – who are you competing against?
- Financial summary – can you prove the business will be profitable?
- Marketing strategy – what is your marketing plan and associated costs?
- Timeline – how long will it take to launch/grow your new business?
It sounds like a lot – but don’t feel you have to spend hours putting this together. Here’s what the above information for an executive summary might look like when put into our example business plan template for ‘The Plew’:
![business plan for a start up business pdf Example of an executive summary in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Executive-Summary-2.png)
Startups’ business plan template example: executive summary
2. Personal summary
Investors want to know who they’re investing in, as much as what. This is where you tell people who you are, and why you’re starting your business.
Outline your general contact details first, giving your telephone number, email address, website or portfolio, and any professional social media profiles you might have.
Run through this checklist to tell the reader more about yourself, and put your business ambitions into context.
- What skills/qualifications do you have?
- What are you passionate about?
- What is/are your area(s) of industry expertise?
- Why do you want to run your own business?
Here’s what our two fictional co-founders of ‘The Plew’ might write in their personal summaries for our example business plan. CEO Gabrielle Shelby, has highlighted her expertise in the restaurant industry, while CFO Freya Moore outlines her accounting and finance knowledge.
![business plan for a start up business pdf Example of a personal summary in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Leadership-Organization-e1686072800935.png)
Startups’ business plan template example: personal summary
Richard Osborne, founder and CEO of UK Business Forums, says personality is important in a business plan.
“Having a strong, personal reason at the heart of your business model will help keep you going and give you the motivation to carry on,” he affirms.
3. Business idea
This section is essentially to offer a general outline of what your business idea is, and why it brings something new to the market.
Here, you should include your general company details, such as your business name and a one-line summary of your business idea known as an elevator pitch. This section should also list a few key business objectives to show how you plan to scale over the next 1-3 years.
We also recommend carrying out a SWOT analysis to tell investors what the strengths, weaknesses, opportunities, and threats are for your business idea. Think about:
- Strengths: ie. why is this a good time to enter the sector?
- Weaknesses: ie. what market challenges might you encounter?
- Opportunities: ie. what demand is your product/service meeting in today’s market?
- Threats: ie. how will the business be financed to maintain liquidity?
In the template below, you can see a breakdown of the above information for ‘The Plew’. At the top is its mission statement: “to craft an unforgettable dining experience in a chic atmosphere.”
![business plan for a start up business pdf Example of a business description in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Business-Description-e1686072782369.png)
Startups’ business plan template example: business idea
Need a business idea? We’ve crunched the numbers and come up with a list of the best business ideas for startup success in 2023 based on today’s most popular and growing industries.
4. Your products or services
Now it’s time to explain what you are selling to customers and how will you produce your sales offering.
Use this section to answer all of the below questions and explain what you plan to sell and how. Just like your business idea outline, your answers should be concise and declarative.
- What product(s) or service(s) will you sell?
- Do you plan to offer new products or services in the future?
- How much does the product or service cost to produce/deliver?
- What is your pricing strategy ?
- What sales channels will you use?
- Are there legal requirements to start this business?
- What about insurance requirements?
- What is the growth potential for the product or service?
- What are the challenges? eg. if you’re looking to sell abroad, acknowledge the potential delays caused by post-Brexit regulations.
What insurance and licensing requirements do you need to consider?
Depending on what your business offers, you might need to invest in insurance or licensing. Our How To Start guides have more details about sector-specific insurance or licensing.
Public Liability, Professional Indemnity, and Employers’ Liability are the most well-known types of business insurance. We’ve listed some other common other licensing and insurance requirements below:
Common insurance requirements: | Common license requirements: |
---|---|
Income Protection insurance Critical Illness insurance Life Cover insurance Office or Home insurance Automobile insurance | Health and Safety licensing Food Hygiene and Safety licensing Intellectual Property licensing Copyrights licensing Patent licensing |
In our example product/service page for ‘The Plew”s business plan, the founders choose to separate this information into multiple pages. Below, they outline their cost and pricing, as well as sales strategy. But they also include an example menu, to offer something a bit more unique and tantalising to the reader:
![business plan for a start up business pdf Example of an product / service page in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Product-List-1-e1686074431482.png)
Startups’ business plan template example: product list and pricing strategy
5. Market analysis
This section demonstrates your understanding of the market you are entering, and any challenges you will likely face when trying to establish your company.
This section pulls all of your target market and customer research together to indicate to stakeholders that you are knowledgable about the sector and how to succeed in it.
- Who is your typical customer and where are they are based? Describe the profile of your expected customers eg. average age, location, budget, interests, etc.
- How many customers will your business reach? Outline the size of your market, and the share of the market that your business can reach.
- Have you sold any products/services to customers already? If yes, describe these sales. If no, have people expressed interest in buying your products or services?
- What have you learned about the market from desk-based research? What are the industry’s current challenges, and how has it been affected by the economic downturn?
- What have you learned about the market from field research? (eg. feedback from market testing like customer questionnaires or focus group feedback).
What is your marketing strategy?
Once you’ve highlighted who your rivals are in the market, you can provide details on how you plan to stand out from them through your marketing strategy. Outline your business’ USP, your current marketing strategy, and any associated advertising costs.
‘The Plew’ identifies its target audience as young, adventurous people in their mid-30s. Because of the restaurant’s premium service offering, its audience works in a well-paid sector like tech:
![business plan for a start up business pdf Startups' example: market analysis in a business plan](https://images.startups.co.uk/wp-content/uploads/2018/02/Market-Analysis-e1686072857670.png)
Startups’ business plan template example: customer analysis
6. Competitor analysis
This section demonstrates how well you know the key players and rivals in the industry. It should show the research you have carried out in a table format.
Begin by listing the key information about your competitors. Don’t worry about sounding too critical, or too positive. Try to prioritise accuracy above all else.
- Business size
- Product/service offering
- Sales channels
- Strengths/weaknesses
Competitors will take two forms, either direct or indirect. Direct competitors sell the same or similar products or services. Indirect competitors sell substitute or alternative products or services.
Here’s a breakdown of the strengths, weaknesses, and opportunities, and threats presented by a competitor restaurant for ‘The Plew’ called Eateria 24. At the bottom, the founders have written what learnings they can take from the chart.
![business plan for a start up business pdf Startups' example: competitor analysis in a business plan](https://images.startups.co.uk/wp-content/uploads/2018/02/Competitor-Analysis-e1686072889574.png)
Startups’ business plan template example: competitor analysis
Check out our list of the top competitor analysis templates to download free resources for your business, plus advice on what to include and how to get started.
7. Cash forecast
Outline your financial outlook including how much you expect to spend, and make, in your first year
All of your considered costs can be put into one easy-to-read document called a monthly cash forecast. Cash forecasts contain:
1. Incoming costs such as sales revenue, customer account fees, or funding.
2. Outgoing costs such as staff wages or operating expenses. The latter can cover everything from advertising costs to office supplies.
For those firms which have already started trading, include any previous year’s accounts (up to three years) as well as details of any outstanding loans or assets.
Annual cash forecast: what is it?
By conducting 12 monthly cash forecasts, you can create an annual cash forecast to work out when your company will become profitable (also known as breakeven analysis) . You will break even when total incoming costs = total outgoing costs.
In your annual cost budget, make sure to also include month opening/closing balance. This is important to monitor for accounting, particularly for year-end.
- Opening balance = the amount of cash at the beginning of the month
- Closing balance = the amount of cash at the end of the month
The opening balance of any month will always be the same as the closing balance of the previous month. If you are repeatedly opening months with a negative closing balance, you need to adjust your spending. Here’s an example of what ‘The Plew’s financials might look like in its first year of operation:
![business plan for a start up business pdf Example of an cash forecast in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Financial-Plan-e1686072915551.png)
Startups’ business plan template example: cash forecast
8. Operations and logistics
Explain how your day-to-day business activities will be run, including key business partnerships around production and delivery.
A.) Production
List all of the behind the scenes information about how your business will operate. Include:
- Management team – who do you plan to hire as senior staff and why?
- Premises – where will you be based? What will be the cost?
- Materials – what materials/equipment will you need to make your product/service?
- Staffing – how many employees will you hire? How much will they cost?
- Insurance – what insurance do you need for production?
B.) Delivery
Detail how your customers will receive your product or service. Include:
- Distribution – how will you sell your product to customers?
- Transport – how will you transport the product/service to customers or partners?
- Insurance – what insurance do you need for delivery?
C.) Supplier analysis
Lastly, you should carry out a supplier analysis. Write down 2-3 suppliers you plan to use as part of your business operations and evaluate them on factors like location and pricing.
In our example business plan for ‘The Plew’, the founders have chosen to present this information in an easily-digestible chart, breaking down the leadership and employees into two different areas: product development and operations.
![business plan for a start up business pdf Example of a page showing staffing information in a business plan for a Birmingham restaurant called 'The Plew'](https://images.startups.co.uk/wp-content/uploads/2018/02/Restaurant-Business-Plan-in-Red-Pink-Color-Blocks-Style-Presentation-43-e1686073137353.png)
Startups’ business plan template example: staffing section
9. Backup plan
Explain how you will manage any surprise losses if your cash forecast does not go to plan.
In the event that your business does not go to plan, there will be costs to incur. A backup plan outlines to potential investors how you will pay back any outstanding loans or debt.
In the short-term:
If your cash-flow temporarily stalls, what steps could you take to quickly raise money or make savings? For example, by negotiating shorter payment terms with your customers.
In the long-term:
If you’ve noticed a drop in sales that seems to be persisting, what changes can you make that would improve cash flow longer term? For example, can you do more of your business online to reduce rent fees?
To placate investors even further, it’s a good idea to include details about potential support channels you can utilise (eg. a business network or contact) who might be able to help if you get caught in a sticky cash-flow situation.
Startups’ 5 top tips for writing a business plan
- Keep your predictions realistic. Your business plan should showcase your knowledge of the sector and what’s achievable. It’s not about impressing investors with big numbers or meaningless buzzwords.
- Don’t go over 15 pages. Business plans should be engaging, which means sticking to the point and avoiding a lot of long-winded sentences. Keep your executive summary to less than 1,000 words, for example.
- End with supporting documents. Use your appendix to include product diagrams or detailed research findings if these are helpful to your business case.
- Get a second pair of eyes. Everyone misses a spelling error or two – invite a trusted business contact or associate to look over your business plan before you send it anywhere.
- Leave enough time to write! It’s exciting to think about getting your business up and running – but planning is an important step that can’t be rushed over. Spend at least a month on writing to get all the details correct and laid-out.
At Startups.co.uk, we’re here to help small UK businesses to get started, grow and succeed. We have practical resources for helping new businesses get off the ground – use the tool below to get started today.
What Does Your Business Need Help With?
Designing a business plan is very important for laying the foundation of your business. Ensure you spend an appropriate amount of time filling it out, as it could save you many headaches further down the line.
Once your plan is complete, you’ll then be ready to look at other aspects of business set-up, such as registering your company. Sound daunting? Don’t worry!
Our experts have pulled together a simple, comprehensive guide on How to Start a Business in 2024, which will tell you everything you need to know to put your new plan into action.
- Can I write a business plan myself? Absolutely! There are plenty of resources available to help, but the truth is a business plan needs to reflect the owner's personal ambitions and passion - which is why entrepreneurs are best-placed to write their own.
- How long should a business plan be? We recommend your business plan is kept to a maximum of 15 pages. Keep it short and concise - your executive summary, for example, should be no more than 1,000 words.
- Is it OK to copy a business plan? While not technically illegal, copying a business plan will leave you in a poor position to attract investment. Customising your plan to your unique business idea and industry specialism is the best way to persuade stakeholders that you have a winning startup formula.
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11 worksheets guide you step-by-step through writing a business plan. The template includes easy-to-follow instructions for completing each section of the business plan, questions to help you think through each aspect, and corresponding fillable worksheet/s for key sections.
The business plan sections covered in this template include:
Confidentiality Agreement
I. Instructions: Executive Summary
Executive Summary
II. Instructions: Company Description
Company Description Worksheet
III. Instructions: Products & Services
Product&ServiceDescriptionWorksheet
IV. Instructions: Marketing Plan
SWOT Analysis Worksheet
Competitor Data Collection Plan
Competitive Analysis Worksheet
Marketing Expenses Strategy Chart
Pricing Strategy Worksheet
Distribution Channel Assessment Worksheet
V. Instructions: Operational Plan
VI. Instructions: Management & Organization
Management Worksheet
Organization Chart
VII. Instructions: Startup Expenses & Capitalization
VIII. Instructions: Financial Plan
IX. Instructions: Appendices
X. Instructions: Refining the Plan
Now That You’re (Almost) Finished . . .
Copyright © 2024 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
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How Much Does it Cost to Start a Business?
![Author: Tim Berry Author: Tim Berry](https://secure.gravatar.com/avatar/be084ba8f13a71bda6c110d1c05c9228?s=32&d=https%3A%2F%2Fweb-cdn.paloalto.com%2Fbplans%2Fauthors%2Fdefault-author.png&r=g)
8 min. read
Updated April 25, 2024
What will it cost to start your business? This is a key question for anyone thinking about starting out on their own. You’ll want to spend some time figuring this out so you know how much money you need to raise and whether you can afford to get your business off the ground.
Most importantly, you’ll want to figure out how much cash you’re going to need in the bank to keep your business afloat as you grow your sales during the early days of your business.
Typical startup costs can vary depending on whether you’re operating a brick-and-mortar store, online store, or service operation . However, a common theme is that launching a successful business requires preparation.
And while you may not know exactly what those expenses will be, you can and should begin researching and estimating what it will cost to start your business.
- How to determine your startup costs
Like when developing your business plan , or forecasting your initial sales, it’s a mixture of market research , testing , and informed guessing. Looking at your competitors is a good starting point. Once you feel your initial estimates are in the ballpark, you can start to get more specific by making these three simple lists.
1. Startup expenses
These are expenses that happen before you launch and start bringing in any revenue. Here are some examples:
- Permits and Licenses: Every business needs a license to operate, just like a driver needs one to drive. Costs vary depending on industry and location.
- Legal Fees: Getting your business structure set up (sole proprietorship, LLC, etc.) might involve consulting a lawyer and at least will involve the basic business formation fees.
- Insurance: Accidents happen, and insurance protects your business from unforeseen bumps.
- Marketing and Branding: The ways to spread the word about your product or service. They could involve creating a website, creating business cards, or promoting social media.
- Office Supplies : Pens, paperclips, that all-important stapler – the essentials to keep your business humming.
- Rent/Lease: If you need to rent space for your business before you start selling, include those expenses in your list as well.
2. Startup assets
Next, calculate the total you need to spend on assets to get your business off the ground. Assets are larger purchases that have long-term value. They’re typically significant items that you could resell later if you needed or wanted to.
Here are a few examples:
- Equipment: Think ovens for a bakery, cameras for a photography business, or computers for a tech startup.
- Inventory: If you’re selling products, you’ll need to stock up before opening your doors (or your online store).
- Furniture and Decorations: Desks, chairs, that comfy couch in the waiting room – creating a functional and inviting workspace might involve some upfront investment.
- Vehicles: If your business requires a vehicle to deliver your product or service, be sure to account for that purchase here.
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Why separate assets and expenses?
There’s a reason that you should separate costs into assets and expenses. Expenses are deductible against income, so they reduce taxable income. Assets, on the other hand, are not deductible against income.
By initially separating the two, you potentially save yourself money on taxes. Additionally, by accurately accounting for expenses, you can avoid overstating your assets on the balance sheet. While typically having more assets is a better look, having assets that are useless or unfounded only bloats your books and potentially makes them inaccurate.
Listing these out separately is good practice when starting a business and leads into the final piece to consider when determining startup costs.
3. Operating Expenses
Finally, figure out what it’s going to cost to keep your doors open until sales can cover expenses. Create a list that estimates monthly expenses, such as:
- Payroll (including your own salary)
- Marketing and advertising
- Loan payments
- Insurance premiums
- Office supplies
- Professional services
- Travel costs
- Shipping and distribution
Then, based on your revenue forecasts , calculate how many months it will take before your sales can cover all those monthly expenses. Multiply that number of months by your monthly operating expenses to determine how much you’re going to need to cover operating expenses as your business starts.
This number is often called “ cash runway ” and is a critical number – you need enough cash to fund those early red ink months. This number is how much cash you need to have in your checking account when you open your doors for business.
Calculating how much startup cash you need
To figure out how much money you need to start your business, add the asset purchases, startup expenses, and operating expenses over your cash runway period. This is your total startup costs, and it’s better to overestimate than underestimate these costs.
It often makes sense to invest the time to build a slightly more detailed starting costs calculation. Assuming you start making some sales and those sales grow over time, your revenue will be able to help pay for some of your operating expenses. Ideally, your sales contribute more and more over time until you become profitable.
To do a more detailed calculation, you’ll want to invest the time in a detailed financial forecast where you can experiment with different scenarios. If you do this, you’ll be able to see how much it will cost to start your business with different revenue growth rates. You’ll also be able to experiment with different funding scenarios and what your business would look like with different types of loans.
- Funding Starting Costs
You can cover starting costs on your own, or through a combination of loans and investments.
Many entrepreneurs decide they want to raise more cash than they need so they’ll have money left over for contingencies. While that makes good sense when you can do it, it is difficult to explain that to investors. Outside investors don’t want to give you more money than you need, because it’s their money.
You may see experts who recommend having anywhere from six months to a year’s worth of expenses covered, with your starting cash. That’s nice in concept and would be great for peace of mind, but it’s rarely practical. And it interferes with your estimates and dilutes their value.
Of course, startup financing isn’t technically part of the starting costs estimate. But in the real world, to get started, you need to estimate the starting costs and determine what startup financing will be necessary to cover them. The type of financing you pursue may alter your startup or ongoing costs in a given period, so it’s important to consider this upfront.
Here are common financing options to consider:
- Investment : What you or someone else puts into the company. It ends up as paid-in capital in the balance sheet . This is the classic concept of business investment, taking ownership in a company, risking money in the hope of gaining money later.
- Accounts payable : Debts that are outstanding or need to be paid after a certain time according to your balance sheet. Generally, this means credit-card debt. This number becomes the starting balance of your balance sheet.
- Current borrowing : Standard debt, borrowing from banks, Small Business Administration , or other current borrowing.
- Other current liabilities : Additional liabilities that don’t have interest charges. This is where you put loans from founders, family members, or friends. We aren’t recommending interest-free loans for financing, by the way, but when they happen, this is where they go.
- Long-term liabilities : Long-term debt or long-term loans.
- Other considerations for estimating startup costs
Pre-launch versus normal operations
With our definition of starting costs, the launch date is the defining point. Rent and payroll expenses before launch are considered startup expenses. The same expenses after launch are considered operating or ongoing expenses.
Many companies also incur some payroll expenses before launch because they need to hire people to train before launch, develop their website, stock shelves, and so forth.
Further Reading: How to calculate the hourly cost of an employee
The same defining point affects assets as well. For example, amounts in inventory purchased before launch and available at launch are included in starting assets. Inventory purchased after launch will affect cash flow , and the balance sheet; but isn’t considered part of the starting costs.
So, be sure to accurately define the cutoff for startup costs and operating expenses. Again, by outlining everything within specific categories, this transition should be simple and easy to keep track of.
Your launch month will likely be the start of your business’s fiscal year
The establishment of a standard fiscal year plays a role in your analysis. U.S. tax code allows most businesses to manage taxes based on a fiscal year, which can be any series of 12 months, not necessarily January through December.
It can be convenient to establish the fiscal year as starting the same month that the business launches. In this case, the startup costs and startup funding match the fiscal year—and they happen in the time before the launch and beginning of the first operational fiscal year. The pre-launch transactions are reported as a separate tax year, even if they occur in just a few months, or even one month. So the last month of the pre-launch period is also the last month of the fiscal year.
- Aim for long-term success by estimating startup costs
Make sure you’ve considered every aspect of your business and included related costs. You’ll have a better chance at securing loans, attracting investors, estimating profits, and understanding the cash runway of your business.
The more accurately you layout startup costs and make adjustments as you incur them, the more accurate vision you’ll have for the immediate future of your business.
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Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.
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How To Start A Business In 11 Steps (2024 Guide)
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Updated: Apr 7, 2024, 1:44pm
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Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).
Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business .
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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.
Consistency Is Key
New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.
Take the Next Step
Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.
Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.
If you don’t have a firm idea of what your business will entail, ask yourself the following questions:
- What do you love to do?
- What do you hate to do?
- Can you think of something that would make those things easier?
- What are you good at?
- What do others come to you for advice about?
- If you were given ten minutes to give a five-minute speech on any topic, what would it be?
- What’s something you’ve always wanted to do, but lacked resources for?
These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.
Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.
What Kind of Business Should You Start?
Before you choose the type of business to start, there are some key things to consider:
- What type of funding do you have?
- How much time do you have to invest in your business?
- Do you prefer to work from home or at an office or workshop?
- What interests and passions do you have?
- Can you sell information (such as a course), rather than a product?
- What skills or expertise do you have?
- How fast do you need to scale your business?
- What kind of support do you have to start your business?
- Are you partnering with someone else?
- Does the franchise model make more sense to you?
Consider Popular Business Ideas
Not sure what business to start? Consider one of these popular business ideas:
- Start a Franchise
- Start a Blog
- Start an Online Store
- Start a Dropshipping Business
- Start a Cleaning Business
- Start a Bookkeeping Business
- Start a Clothing Business
- Start a Landscaping Business
- Start a Consulting Business
- Start a Photography Business
- Start a Vending Machine Business
Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.
Primary Research
The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.
Secondary Research
Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.
Conduct a SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.
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Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.
A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:
- Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
- Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
- Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
- Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
- Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
- Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
- Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
- Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
- Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.
Learn more: Download our free simple business plan template .
Come Up With an Exit Strategy
An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.
The most common exit strategies are:
- Selling the business to another party
- Passing the business down to family members
- Liquidating the business assets
- Closing the doors and walking away
Develop a Scalable Business Model
As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.
Some common scalable business models are:
- Subscription-based businesses
- Businesses that sell digital products
- Franchise businesses
- Network marketing businesses
Start Planning for Taxes
One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.
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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.
An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.
- LLCs offer liability protection for the owners
- They’re one of the easiest business entities to set up
- You can have a single-member LLC
- You may be required to file additional paperwork with your state on a regular basis
- LLCs can’t issue stock
- You’ll need to pay annual filing fees to your state
Limited Liability Partnership (LLP)
An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.
- Partners have limited liability for the debts and actions of the LLP
- LLPs are easy to form and don’t require much paperwork
- There’s no limit to the number of partners in an LLP
- Partners are required to actively take part in the business
- LLPs can’t issue stock
- All partners are personally liable for any malpractice claims against the business
Sole Proprietorship
If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.
- Sole proprietorships are easy to form
- There’s no need to file additional paperwork with your state
- You’re in complete control of the business
- You’re personally liable for all business debts
- It can be difficult to raise money for a sole proprietorship
- The business may have a limited lifespan
Corporation
A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.
- Corporations offer liability protection for the owners
- The life span of a corporation is not limited
- A corporation can have an unlimited number of shareholders
- Corporations are subject to double taxation
- They’re more expensive and complicated to set up than other business structures
- The shareholders may have limited liability
Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.
Helpful Resources
- How To Set Up an LLC in 7 Steps
- How To Start a Sole Proprietorship
- How To Start a Corporation
- How To Start a Nonprofit
- How To Start a 501(c)(3)
There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:
Choose Your Business Name
Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).
Business Name vs. DBA
There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.
You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:
- It can help you open a business bank account under your business name
- A DBA can be used as a “trade name” to brand your products or services
- A DBA can be used to get a business license
Register Your Business and Obtain an EIN
You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.
Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.
Get Appropriate Licenses and Permits
Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.
- Best LLC Services
- How To Register a Business Name
- How To Register a DBA
- How To Get an EIN for an LLC
- How To Get a Business License
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Open a Business Bank Account
Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.
Hire a Bookkeeper or Get Accounting Software
If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.
Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.
There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.
Determine Your Break-Even Point
Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.
Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.
When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.
In contrast, the contribution margin = total sales revenue – cost to make product
For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.
Let’s write these out so it’s easy to follow:
COMMENTS
Lean Business Plan Template PDF. This scannable business plan template allows you to easily identify the most important elements of your plan. Use this template to outline key details pertaining to your business and industry, product or service offerings, target customer segments (and channels to reach them), and to identify sources of revenue.
Download Startup Business Plan Template - Word. Word | Smartsheet. This startup business plan template contains the essential components you need to convey your business idea and strategy to investors and stakeholders, but you can customize this template to fit your needs. The template provides room to include an executive summary, a financial ...
Download a free business plan template in Google Doc, Microsoft Word, and PDF formats. Includes expert guidance to help fill out each section. Why you need a business plan Writing a business plan can seem like a big task, especially if you're starting a business for the first time and don't have a financial background.
Kick start your business with our hand-curated collection of ready-to-use templates. A collection of professionally designed Startup | Business Plans templates available for PDF. Download, customize, and send in minutes.
Complete the Business Plan Template for a Startup Business to create a working business plan for your startup. Then, contact a SCORE mentor to review and refine your plan online or in person. To increase your odds of a successful business startup, download this step-by-step business plan template you can use to plan for your new business.
Download a free business plan in PDF or Word doc format to make writing a plan fast and easy. Find Your Sample Plan. Discover the sample plan that best fits your business. Search our gallery of over 550 sample business plans and find the one that's right for you. ... Each plan is available in Word format so you can start editing your business ...
This simple template was designed to help someone new to the business world to easily put together a professional plan describing a new venture. Keep your startup plan short. As your business matures, you can adapt the plan to include additional detail. You can create different iterations of it for different audiences.
Page 19 of 19 DISCLAIMER Any articles, templates, or information provided by Smartsheet on the website are for reference only. While we strive to keep the information up to date and correct, we make no
A business plan template is a guide that consists of an outline of all the required sections of a perfect business plan. It also includes step-by-step instructions on how to write each section of the business plan. A good business plan usually consists of an executive summary, business overview, market analysis, operations plan, and so on.
Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word! Whether you're starting a business or drafting a formalized document with your current business goals, it's important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.
Business Plan Template for a Startup Business A startup business plan serves multiple functions. It can help persuade investors or lenders to fund your company. It has the potential to convince partners or key employees to join your company. Most importantly, it acts as a road map for the launch and growth of your new company.
Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts. Example traditional business plans. Before you write your business plan, read the following example business plans written by fictional business owners.
STARTUP BUSINESS PLAN. [Your Company Name] [Your Tagline] STARTUP BUSINESS PLAN. [YEAR] John Doe10200 Bolsa Ave, Westminster, CA, 92683 (650) 359-3153 [email protected] https://upmetrics.co. Table of Contents. Executive Summary5 Business Overview 6 Mission Statement 6 Product/Service Summary 6 Market Opportunity Summary 6 Traction Summary 7 ...
To help you organize such big ideas into a presentable document, Canva has prepared free business plan startup templates that you can easily edit. Select from our wide assortment of styles ranging from creative to corporate. Pick a business plan startup template that best matches the spirit of your company. Each template has multiple pages and ...
Step 1 - Create an Executive Summary. An executive summary is the first section of a traditional business plan, serving as the first impression of your business. Please give a brief overview of your company, including its mission, key goals, and a snapshot of your financial projections.
Step 10: Conclusion and Call to Action. Time to wrap it up and rally your readers. Summarize the key points of your plan, driving home why your startup is a solid bet. But remember, this isn't just a conclusion—it's a launchpad.
A business plan consists of a narrative description and financial projections. The narrative description is the body of the business plan. The sections of a business plan can be completed in any order you wish, except for the Executive Summary, which should be completed last but placed at the front of the document.
751 templates. Create a blank Business Plan. Beige Aesthetic Modern Business Plan A4 Document. Document by Rise & Roar Design. Green Professional Strategic Business Plan Executive Summary. Document by Antler. Startup Business Plan. Document by Maea Studio. Startup Business Plan in Cream Black and White Modern Sophisticated Style.
Business Plan Template from Startups.co.uk. Click here to download your free Business Plan template PDF - you can fill in your own details and those of your business, its target market, your customers, competitors and your vision for growth. Download PDF (240KB) Work through your business plan, step-by-step.
Download Template. 11 worksheets guide you step-by-step through writing a business plan. The template includes easy-to-follow instructions for completing each section of the business plan, questions to help you think through each aspect, and corresponding fillable worksheet/s for key sections. The business plan sections covered in this template ...
Create a Company Description. After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you'll need to ...
then a business plan will be both essential and critical for your endeavor. If financial support is the only reason you are preparing a business plan, then you are making a grave mistake. Most business start-ups fail within three years. They fail for two reasons. The first is that the business has insufficient capital to operate until cash flow ...
3. Clarifies Your Business Idea. Writing a business plan forces you to thoroughly analyze your business idea. It helps you identify potential challenges and opportunities, refine your business ...
3. Create a Business Plan. A business plan is a document that describes your company, its products and services, its customers, its goals and what's required to meet those goals. You'll need a detailed business plan if you will be applying for a business loan or looking for a loan.
Free business plan template. A fill-in-the-blank template designed for business owners. Download Now. Sample Plans. ... To figure out how much money you need to start your business, add the asset purchases, startup expenses, and operating expenses over your cash runway period. This is your total startup costs, and it's better to overestimate ...
When writing a well-rounded business plan, include the following sections: Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It ...
Agriculture Business Plan. Over the past 20+ years, we have helped over 500 entrepreneurs and farm owners create business plans to start and grow their agricultural companies. If you're unfamiliar with creating an agriculture or farm business plan, you may think creating one will be a time-consuming and frustrating process.
It's possible to start a business with a small initial investment (as little as $100) depending on what it is. For example, if you're starting an online shop or freelancing service, you likely ...
In your business plan and budget, incorporate any office supplies and tools that make your online business ideas feasible, such as a separate business computer, a suitable desk, high-speed ...
If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments.