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How to create a business plan: examples & free template.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Table of Contents

How to Write a Business Plan

Executive summary.

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Overview and Business Objectives

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Company Description

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Define Your Target Market

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

Competitive analysis.

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

Organization and Management Team

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Marketing and sales strategy.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Logistics and Operations Plan

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Cash Flow Statement

Section	Description	Example
Executive Summary	Brief overview of the business plan	Overview of EcoTech and its mission
Overview & Objectives	Outline of company's goals and strategies	Market leadership in sustainable technology
Company Description	Detailed explanation of the company and its unique selling proposition	EcoTech's history, mission, and vision
Target Market	Description of ideal customers and their needs	Environmentally conscious consumers and businesses
Market Analysis	Examination of industry trends, customer needs, and competitors	Trends in eco-friendly technology market
SWOT Analysis	Evaluation of Strengths, Weaknesses, Opportunities, and Threats	Strengths and weaknesses of EcoTech
Competitive Analysis	In-depth analysis of competitors and their strategies	Analysis of GreenTech and EarthSolutions
Organization & Management	Overview of the company's structure and management team	Key roles and team members at EcoTech
Products & Services	Description of offerings and their unique features	Energy-efficient lighting solutions, solar chargers
Marketing & Sales	Outline of marketing channels and sales strategies	Digital advertising, content marketing, influencer partnerships
Logistics & Operations	Details about daily operations, supply chain, inventory, and quality control	Partnerships with manufacturers, quality control
Financial Projections	Forecast of revenue, expenses, and profit for the next 3-5 years	Projected growth in revenue and net profit
Income Statement	Summary of company's revenues and expenses over a specified period	Revenue, Cost of Goods Sold, Gross Profit, Net Income
Cash Flow Statement	Overview of cash inflows and outflows within the business	Net Cash from Operating Activities, Investing Activities, Financing Activities

Tips on Writing a Business Plan

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

What is a Business Plan?

Why you should write a business plan, what are the different types of business plans.

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

Type of Business Plan	Purpose	Key Components	Target Audience
Startup Business Plan	Outlines the company's mission, objectives, target market, competition, marketing strategies, and financial projections.	Mission Statement, Company Description, Market Analysis, Competitive Analysis, Organizational Structure, Marketing and Sales Strategy, Financial Projections.	Entrepreneurs, Investors
Internal Business Plan	Serves as a management tool for guiding the company's growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision.	Strategies, Milestones, Deadlines, Resource Allocation.	Internal Team Members
Strategic Business Plan	Outlines long-term goals and the steps to achieve them.	SWOT Analysis, Market Research, Competitive Analysis, Long-Term Goals.	Executives, Managers, Investors
Feasibility Business Plan	Assesses the viability of a business idea.	Market Demand, Competition, Financial Projections, Potential Obstacles.	Entrepreneurs, Investors
Growth Business Plan	Focuses on strategies for scaling up an existing business.	Market Analysis, New Product/Service Offerings, Financial Projections.	Business Owners, Investors
Operational Business Plan	Outlines the company's day-to-day operations.	Processes, Procedures, Organizational Structure.	Managers, Employees
Lean Business Plan	A simplified, agile version of a traditional plan, focusing on key elements.	Value Proposition, Customer Segments, Revenue Streams, Cost Structure.	Entrepreneurs, Startups
One-Page Business Plan	A concise summary of your company's key objectives, strategies, and milestones.	Key Objectives, Strategies, Milestones.	Entrepreneurs, Investors, Partners
Nonprofit Business Plan	Outlines the mission, goals, target audience, fundraising strategies, and budget allocation for nonprofit organizations.	Mission Statement, Goals, Target Audience, Fundraising Strategies, Budget.	Nonprofit Leaders, Board Members, Donors
Franchise Business Plan	Focuses on the franchisor's requirements, as well as the franchisee's goals, strategies, and financial projections.	Franchise Agreement, Brand Standards, Marketing Efforts, Operational Procedures, Financial Projections.	Franchisors, Franchisees, Investors

Using Business Plan Software

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

Software	Key Features	User Interface	Additional Features
LivePlan	Over 500 sample plans, financial forecasting tools, progress tracking against KPIs	User-friendly, visually appealing	Allows creation of professional-looking business plans
Upmetrics	Customizable templates, financial forecasting tools, collaboration capabilities	Simple and intuitive	Provides a resource library for business planning
Bizplan	Drag-and-drop builder, modular sections, financial forecasting tools, progress tracking	Simple, visually engaging	Designed to simplify the business planning process
Enloop	Industry-specific templates, financial forecasting tools, automatic business plan generation, unique performance score	Robust, user-friendly	Offers a free version, making it accessible for businesses on a budget
Tarkenton GoSmallBiz	Guided business plan builder, customizable templates, financial projection tools	User-friendly	Offers CRM tools, legal document templates, and additional resources for small businesses

Business Plan FAQs

What is a good business plan, what are the 3 main purposes of a business plan, can i write a business plan by myself.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

How long should a business plan be, what is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

How is business planning for a nonprofit different.

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Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business —  and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other  entrepreneurs and startups. 

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today. 

What this free business plan template includes

• Executive summary
• Company overview
• Products or services offered
• Market analysis
• Marketing plan
• Logistics and operations plan
• Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Our free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand. 

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include?  Business plan examples  can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business . 

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires. 

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

• Company description
• Key members of your team
• Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

• Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market. 
• Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
• Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
• Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
• Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
• Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

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Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

• Choose a business plan format, such as a traditional or a one-page business plan. 
• Find a business plan template.
• Read through a business plan sample.
• Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

• Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
• Business description: This section outlines the business concept and how it will be executed.
• Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
• Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
• Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.

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The Importance of Market Research

Creating a business plan, legal requirements, exploring funding options, crafting a marketing strategy, managing and growing your business, how do i start a small business for beginners, how do i create a business plan, what are six ways to grow and scale a business, the bottom line.

• Small Business
• How to Start a Business

Starting a Small Business: Your Complete How-to Guide

From market research to managing growth

• How to Start a Business: A Comprehensive Guide and Essential Steps
• How to Do Market Research, Types, and Example
• Marketing Strategy: What It Is, How It Works, How To Create One
• Marketing in Business: Strategies and Types Explained
• What Is a Marketing Plan? Types and How to Write One
• Business Development: Definition, Strategies, Steps & Skills
• Business Plan: What It Is, What's Included, and How to Write One
• Small Business Development Center (SBDC): Meaning, Types, Impact
• How to Write a Business Plan for a Loan
• Business Startup Costs: It’s in the Details
• Startup Capital Definition, Types, and Risks
• Bootstrapping Definition, Strategies, and Pros/Cons
• Crowdfunding: What It Is, How It Works, and Popular Websites
• Starting a Business with No Money: How to Begin
• A Comprehensive Guide to Establishing Business Credit
• Equity Financing: What It Is, How It Works, Pros and Cons
• Best Startup Business Loans
• Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
• Partnership: Definition, How It Works, Taxation, and Types
• What is an LLC? Limited Liability Company Structure and Benefits Defined
• Corporation: What It Is and How to Form One
• Starting a Small Business: Your Complete How-to Guide CURRENT ARTICLE
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The U.S. is home to 33.2 million small businesses, which drive over 43% of GDP.   If you are looking to start a business, there are key factors to consider—from market research and creating a business plan to scaling your business. These factors are critical to your journey and can make a big difference no matter what stage of the process you are in.

Entrepreneurs who take concrete action can differentiate themselves from competitors, innovate, and grow. For successful entrepreneurs, the execution of the business is often what means the most. 

Key Takeaways

• Starting a small business involves extensive market research of your target audience, competitors, and gaining a deep understanding of the industry.
• It is important to build a comprehensive business plan that includes the product or service description, your target customers, financial projections, and all other key details.
• Understanding the legal requirements of starting your business involves knowledge of business registration, permits, licensing, and other regulatory requirements.
• There are various types of funding channels for starting a business, including financing it yourself, securing external funding from your network, and applying for government and corporate grants and loans. 

Being clear about your business goals involves doing your research. Successful entrepreneurs often do extensive research on their field. This includes understanding their prospective customers, the technical aspects of the industry, and the challenges other businesses are facing. 

Understanding how other players operate in an industry is important. Attending conferences, joining associations, and building a network of people involved in the field can help you learn how decisions are made. Often, comprehensive market research takes six months to a year. 

Understanding Your Target Audience

Knowing your target market is critical for many reasons. These are the customers who are most likely to purchase your product, recommend it to friends, and become repeat buyers. Apart from driving your bottom line, having a strong understanding of your target audience will allow you to tailor your offering more effectively, reach your customers more efficiently, and manage customer expectations.

Compiling demographic data on age, family, wealth, and other factors can give you a clearer understanding of market demand for your product and your potential market size.

It’s important to ask, “Why would someone buy this and part with their discretionary income?” or “Will someone love this enough to tell someone about it?” At the heart of these questions is understanding whether your business solves a key problem, as well as whether it delivers the “more” that connects to your audiences’ human emotions.

Assessing Market Trends and Opportunities

To find an advantage in a given market, look at key market trends in customer behavior and the business landscape. Explore the state of business conditions and consumer spending, along with the economic environment and how interest rates may affect financing and business growth.

Several resources are available to dive into market trends across industries, such as Statistics of U.S. Businesses and the U.S. Census Business Builder . To analyze the competitive landscape, and in turn, identify key opportunities, Porter's 5 Forces is a classic model to help businesses build their competitive strategy.

A business plan is a road map for achieving your business goals. It outlines the capital that you need, the personnel to make it happen, and the description of your product and prospective customers.

There are a number of models for creating a business plan. The Small Business Administration (SBA) , for instance, provides a format that includes the following nine sections:

• Executive summary: This should be a description of your company and its potential for success. The executive summary can cover your mission statement, employees, location, and growth plan.
• Company description: This is where you detail what your business offers, its competitive advantages, and your strengths as a business.
• Market analysis: Lay out how your company is positioned to perform well in your industry. Describe market trends and themes and your knowledge of successful competitors.
• Organization and management: Who is running your company, and how is your business structured? Include an organizational chart of your management team. Discuss if your business will be incorporated as a business C or S corporation, a limited partnership, a limited liability company, or a sole proprietorship. 
• Service or product line: Here is where you describe how your business will solve a problem and why this will benefit customers. Describe how your product lifecycle would unfold.
• Marketing and sales: Detail your marketing strategy and how this will reach your customers and drive return on investment. 
• Funding request: If you're looking for financing, lay out the capital you’re requesting under a five-year horizon and where, in detail, it will be allocated, such as salaries, materials, or equipment. 
• Financial projections: This section shows the five-year financial outlook for your company and ties these to your request for capital.

Having a coherent business plan is important for businesses looking to raise cash and crystallize their business goals.

Setting Goals and Strategies

Another key aspect of a business plan is setting realistic goals and having a strategy to make these a reality. Having a clear direction will help you stay on track within specified deadlines. In many ways, it allows companies to create a strategic plan that defines measurable actions and is coupled with an honest assessment of the business, taking into account its resources and competitive environment. Strategy is a top-down look at your business to achieve these targets.

Financial Projections and Budgeting

Often, entrepreneurs underestimate the amount of funding needed to start a business. Outlining financial projections shows how money will be generated, where it will come from, and whether it can sustain growth. 

This provides the basis for budgeting the costs to run a business and get it off the ground. Budgeting covers the expenses and income generated from the business, which include salaries and marketing expenses and projected revenue from sales.

Another important aspect of starting a business are the legal requirements that enable you to operate under the law. The legal structure of a business will impact your taxes, your liability, and how you operate.

Businesses may consider the following structures in which to operate:

• Corporation
• Limited Liability Company (LLC)
• Partnership
• Sole Proprietorship

Each has different legal consequences, from regulatory burdens to tax advantages to liability being shifted to the business instead of the business owner.

Registering Your Business

Now that you have your business structure outlined, the next step is registering your business . Your location is the second key factor in how you’ll register your business. In many cases, small businesses can register their business name with local and state government authorities. 

If your business is being conducted under your legal name, registration is not required. However, such a business structure may not benefit from liability protection, along with certain legal and tax advantages. Often, registering your businesses costs $300 or less.

Before filing, a business structured as a corporation, LLC, or partnership requires a registered agent in its state. These agents handle the legal documents and official papers on your behalf.

Businesses that are looking to trademark their product, brand, or business, can file with the United States Patent and Trademark Office.

Understanding Permits and Licenses

If your business conducts certain activities that are regulated by a federal agency, you’re required to get a permit or license. A list of regulated activities can be found on the SBA website, and includes activities such as agriculture, alcoholic beverages, and transportation.

There are many different ways to fund a business. One of the key mistakes entrepreneurs make is not having enough capital to get their business running . The good news is that there are several channels to help make this happen, given the vital role entrepreneurs play in creating jobs and boosting productivity in the wider economy.

Self-Funding vs. External Funding

Bootstrapping, the term commonly used to describe self-funding your business, is where companies tap into their own cash or network of family and friends for investment. While the advantage of self-funding is having greater control, the downside is that it often involves more personal risk.

External funding involves funding from bank loans, crowdfunding, or venture capital , among other sources. These may provide additional buffers and enable you to capture growth opportunities. The drawback is less freedom and more stringent requirements for paying back these funds.

Grant and Loan Opportunities

Today, there are thousands of grants designed especially for small businesses from the government, corporations, and other organizations. The U.S. Chamber of Commerce provides a weekly update of grants and loans available to small businesses. 

For instance, Business Warrior offers loans between $5,000 and $50,000 to small business owners. As another example, Go. Be. Elevate Fund offers $4,000 to grant recipients who are women and/or people of color business owners to help them grow their businesses.

When it comes to marketing, there is a classic quote from Milan Kundera: “Business has only two functions—marketing and innovation." In order to reach customers, a business needs a marketing strategy that attracts and retains customers and expands its customer base.

To gain an edge, small businesses can utilize social media, email marketing, and other digital channels to connect and engage with customers.

Branding Your Business

Building a successful brand goes hand in hand with building a great experience for the customer. This involves meeting the expectations of your customer. What is your brand offering? Is it convenience, luxury, or rapid access to a product? Consider how your brand meets a customer's immediate need or the type of emotional response it elicits. Customer interaction, and in turn loyalty to your brand, is influenced, for example, by how your brand may align with their values, how it shifts their perception, or if it resolves customer frustration.

Digital Marketing and Social Media

We live in a digital-first world, and utilizing social media channels can help your business reach a wider audience and connect and engage in real time. Given that a strong brand is at the heart of successful companies, it often goes without saying that cultivating a digital presence is a necessity in order to reach your customers. 

According to HubSpot’s 2023 report, The State of Consumer Trends, 41% of the 600-plus consumers surveyed discovered new products on social media and 17% bought a product there in the past three months.

Managing a business has its challenges. Finding the right personnel to run operations, manage the day-to-day, and reach your business objectives takes time. Sometimes, businesses may look to hire experts in their field who can bring in specialized knowledge to help their business grow, such as data analysts, marketing specialists, or others with niche knowledge relevant to their field.

Hiring and Training Staff

Finding the right employees involves preparing job descriptions, posting on relevant job boards such as LinkedIn, and effectively screening applicants. Careful screening may involve a supplemental test, reviewing a candidate's portfolio, and asking situational and behavioral questions in the interview. These tools will help you evaluate applicants and improve the odds that you'll find the people you are looking for.

Once you have hired a new employee, training is the next essential step. On average, it takes about 62 hours to train new employees. Effectively training employees often leads to higher retention. While on-the-job training is useful, consider having an onboarding plan in place to make the transition clear while outlining expectations for the job.

Scaling Your Business

Growing your business also requires strategy. According to Gino Chirio, executive vice president at the consultancy group Maddock Douglas, there are six ways that companies can grow their business to drive real growth and expansion:

• New processes: Boost margins by cutting costs.
• New experiences: Connect with customers in powerful ways to help increase retention.
• New features: Provide advancements to your existing product or service.
• New customers: Expand into new markets, or find markets where your product addresses a different need.
• New offerings: Offer a new product.
• New models: Utilize new business models, such as subscription-based services, fee-for-service, or advertising-based models.

With these six ways to grow a business, it is important to consider the risk, investment, and time involved. Improving your margins through new processes is often the most straightforward way to grow. Offering new features is also effective since it is tailored to your existing market with products you have already delivered.

By contrast, offering new products may involve higher risk since these have not been tested in the market. However, they may offer higher reward, especially if you have a first-mover advantage and release your product in the market before the competition.

A good place to start building a business is to understand the following core steps that are involved in an entrepreneur's journey : market research, creating a business plan, knowing the legal requirements, researching funding options, developing a marketing strategy, and business management.

A business plan is made up of a number of primary components that help outline your business goals and company operations in a clear, coherent way. It includes an executive summary, company description, market analysis, organization and management description, service or product line description, marketing and sales plan, funding requests (optional), and financial projections.

Business growth can fall into the following six categories, with each having varying degrees of risk and investment: new processes, new experiences, new features, new customers, new offerings, and new models.

Knowing how to start a small business involves the key steps of market research, setting up a business plan, understanding the legal requirements, exploring funding options, crafting a marketing strategy, and managing your business. 

For aspiring small business owners, these steps can help you successfully deliver your product or service to the market, and ultimately grow. While it can take a considerable amount of work, the payoffs are manifold: independence of work, personal fulfillment, financial reward, and following your passion.

U.S. Chamber of Commerce. " The State of Small Business Now ."

U.S. Small Business Administration. " Market Research and Competitive Analysis ."

U.S. Small Business Administration." Write Your Business Plan ."

U.S. Small Business Administration. " Choose a Business Structure ."

U.S. Small Business Administration. " Register Your Business ."

U.S. Small Business Administration. " Apply for Licenses and Permits ."

U.S. Small Business Administration. " Fund Your Business ."

U.S. Chamber of Commerce. " 52 Grants, Loans and Programs to Benefit Your Small Business ."

Ogilvy. " Behind Every Brand Is a Great Experience, and Vice Versa—Why Today's Customer Expects Synergy ."

HubSpot. " The State of Consumer Trends in 2023 ."

Training Magazine. " 2022 Training Industry Report ."

Harvard Business Review. " The Six Ways to Grow a Company ."

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How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

• What products or services do you provide?
• Who is your target customer?
• What are the benefits of your product and service for customers?
• How much will you charge?
• What is the size of the market?
• What are your marketing plans?
• How much competition does the business face in penetrating that market?
• How much experience does the management team have in running businesses like it?
• How do you plan to measure success?
• What do you expect the business’s revenue, costs and profit to be for the first few years?
• How much will it cost to achieve the goals stated in the business plan?
• What is the long-term growth potential of the business? Is the business scalable?
• How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

• Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

• Business concept. What will your business do?
• Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
• Product or service. What does your product or service do — and how is it different from those of competitors?
• Target market. Who do you expect to buy your product or service?
• Marketing strategy. How will you tell people about your product or service?
• Current revenue and profits. If your business is pre-revenue, offer sales projections.
• Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
• Financial resources needed. How much money do you need to borrow or raise to fund your plan?
• Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

• Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
• Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
• Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

• Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
• Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
• Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
• Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

Explore more

Editable business plan workbook

Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

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More From Forbes

14 tips to create an effective strategy for resource planning.

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One of the biggest mistakes new businesses make is failing to properly utilize the resources they have. You can have the right amount of products in place, the right amount of funds to run the business and the best team put together, but if you're mishandling all your resources, everything will eventually fall out of balance and you'll find yourself scrambling to cover deficits. 

The only way for business owners to be sure they're getting the most out of their available resources is to gain an understanding of how to effectively utilize them and then make a strategic plan to follow. To help ensure that small businesses are following an effective strategy, 14 professionals from Forbes Business Council weigh in below to share their top tips for starting resource planning.

Members of Forbes Business Council share advice on crafting a strategy for resource planning.

1. Dream Big, But Start Small

Have a big dream but start small. Do an initial check of the capacity and demand of a certain product or service, thus maximizing its benefits before venturing on to other services and expanding. This will provide a realistic view of the outcome and the capacity to commit while learning the operations. It also gives ample time if changes are needed in place. - Lane Kawaoka , SimplePassiveCashflow.com

2. Know How To Value Your Resources

To get the most out of available resources, you first need to know how to value a company's resources in the first place. First of all, key performance indicators (KPIs) have to be defined. Once these have been defined, you can start thinking about a solution or optimization. I have observed that many companies are not even aware of the actual KPI. - Fabian Siegler , Expertiserocks SL

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3. Have Defined Goals For Each Resource

Small businesses have limited resources, and it's an unrealistic expectation to believe they will be deployed perfectly. Set goals first. My one tip in the early stages of a business is that every resource deployed must have a defined purpose with a clear goal. A business leader has to clearly understand when to be resourceful and when to deploy resources to push the business strategy forward. - Austin Speck , Titan Brands

4. Optimize The Most Important Resource

One of the most important resources of any business is its employees. Optimizing employees is getting the most out of them while providing a medium for growth. Good employees are constantly evolving and growing over time, taking on more and more responsibilities. Therefore, all businesses need a well-functioning system for employees’ professional growth that, as a result, improves productivity. - Mark Snell , Polestar Plumbing, Heating & Air Conditioning

5. Have An Effective Social Media Strategy

I believe it is important to have an effective social media strategy based on your budget and company's outreach. For example, there is always a way to partner with a nonprofit that is aligned with your company's values. Bridging together and planning a social media campaign around a national holiday together can be an easy way to promote your brand while giving goodwill to others. - Lisa Caprelli , Unicorn Jazz

6. Identify Resources And Needs To Meet Goals

First, identify what resources you have and what you will need to achieve your goals. For every project, evaluate what resources the project needs and the return you expect from the investment, and prioritize accordingly. It’s critical for small businesses to continually evaluate their resource levels and adapt their strategy as needed to ensure they are using their resources effectively. - Matthew Ramirez , Paraphrase Tool

7. Use A Resource Mapping Exercise

Try using a resource mapping exercise. Brainstorm with your team all of your core resources, going through each one of these to make sure you are fully utilizing its capacity. Define what is unique and competitive about each resource, and what can be done to make it even more useful. It can be done as a bulleted list or a graphical diagram map. - James Langabeer , Yellowstone Consulting, LLC

8. Hire People With A Growth Mindset

Resource planning is a lot easier if you hire self-motivated people with a learning and growth mindset that have shown the willingness and ability to challenge themselves and wear multiple hats in the past. Experience is important for the core role you are hiring for, but talent, mindset and a willingness to operate outside of one's comfort zone is a key attribute for success in a small company. - Gabriel Smith , Pricefx

9. Focus On Your Core Competencies

Focus on core competencies, hire for weaknesses and outsource anything that is not a core business activity. For example, we are a PR firm and outsourcing accounting has been a boon to our business—we focus on what we do well and they help us measure our results. - Michelle Lyng , Novitas Communications

10. Do Internal SWOT Analysis Of Resources

A very simple approach would be to do an internal SWOT (strengths, weaknesses, opportunities and threats) analysis of the resources. Look to see how, what or even if they are contributing to the company's mission or are a drag on resources. - Howard Rosen , LifeWIRE Corp

11. Limit Number Of Parallel Tasks Assigned

I recommend limiting multitasking! Multitasking may sound efficient, but it often results in lower overall productivity. Therefore, it is essential to limit the number of parallel tasks assigned at any given time. Doing this will significantly optimize resource utilization. - Bhaskar Ahuja , Originscale Corp

12. Understand Your Company's Capitals

Have a deep understanding of your company's "4C’s" or the four intangible capitals that drive profits and value up—human, structural, customer and social. These drive the entire business forward. Having a deep understanding of them will allow the leader to understand what resources are needed to make them cross-functional or effective and efficient. - Scott Snider , Exit Planning Institute

13. Define Vision, Focus On Pain Points

Define your vision. What does success look like? Identify all pain points that would inhibit achieving the vision and rank these pain points in order of greatest impact. Focus resources on the one with the greatest impact. Then the next. As the pain dissipates, the way becomes clearer and momentum begins to build. List the biggest impacts to build momentum, and focus resources on the greatest "one." Focus is key! - Margo Jay , 365 Integrated

14. Have A Comprehensive Hiring Plan

Having a well-thought-out hiring plan is so important. A bloated business can lead to challenges in communication with your team and your customers. If you really must hire, only do so when your resources are above and beyond what your organization needs to succeed. Funny enough though, we've actually seen the best results when working lean. - Ted Dhillon , FigBytes

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Start » strategy, 15 free resources for small businesses to leverage year-round.

Many organizations provide support and online tools for small business owners and employees. Take advantage of these free resources during Small Business Month and throughout the year.

Being a small business owner comes with many responsibilities, and learning the best practices for growing one’s business takes time. However, plenty of free resources are available to help fast-track entrepreneurs to success.

Below, discover resources you can take advantage of during Small Business Month (May) and beyond.

Amazon’s Small Business Academy provides a wealth of free resources, ideal for both aspiring and established entrepreneurs. These resources include live events, podcasts, and on-demand classes, along with access to a network of like-minded business professionals. Additionally, they offer practical guides for starting and growing a successful business, and specific resources catered to those interested in selling their wares on Amazon’s store.

Amazon’s Founders Table event series, in particular, is an excellent resource for those just starting on their entrepreneurial journey. Small business experts and successful entrepreneurs share insights on industry trends and practical growth strategies during each event.

[Read More: 7 Marketing Trends Every Small Business Needs to Know About in 2024 ]

America’s Small Business Development Centers (SBDC)

America’s Small Business Development Centers (SBDC ) is a nationwide network that supports small business growth. The network has nearly 1,000 local hubs sponsored by top educational institutions, state economic development agencies, and private partners. America’s SBDC provides free consulting and affordable training to new and established businesses.

The nonprofit’s website provides ample resources like infographics, checklists, and templates. America’s SBDC even hosts annual conferences, virtual summits, and other educational events that cater to small businesses at no cost. The network promotes programs like The Inclusivity Initiative , which aims to empower small business communities and support their growth and development. So far, more than 10 states have accepted the challenge, working toward a more inclusive future.

A Google Business Profile , formerly Google My Business, can drive customers to your brick-and-mortar storefront and online platform. It also offers many free tools for entrepreneurs and small teams, including Google Workspace and Google Drive. The Google for Small Business page provides a wealth of information for small business owners, helping you navigate SEO, advertising, and marketing.

The small business lesson collection helps you research your market, develop a business plan, and prepare to request funding. Also, check out the Grow with Google small business showcase on YouTube . It offers more than 250 videos covering topics like project management and data analytics.

HubSpot is a cloud-based customer relationship management (CRM) tool offering free and paid courses. It also provides the HubSpot Academy for ongoing education geared toward your entire team, including leaders, department supervisors, and employees. There are dozens of programs, including free online courses and longer certification sessions, and you can display earned badges on websites and company bios.

Also, check out HubSpot’s Website Grader . Enter your company’s website and email address in HubSpot’s Website Grader and click “get your score.” HubSpot grades your site based on performance, search engine optimization (SEO), mobile, and security. It also provides a list of recommendations for site improvements.

Manage human resources effectively with a free membership and resources from HR.com . It has e-learning lessons, webcasts, and virtual events. You can learn about upcoming changes to regulations and help your HR employees achieve Professional in Human Resources (PHR) and Senior Professional in Human Resources (SPHR) certifications, among others.

[Read More: 4 Human Resources Tools for Small Businesses ]

IRS Small Business and Self-Employed Tax Center

The IRS Small Business and Self-Employed Tax Center is a comprehensive resource designed to assist small businesses and self-employed individuals with their tax needs. It caters to those filing Form 2106, Form 1040 or 1040-SR, or Schedules C, E, or F, and small businesses with less than $10 million in assets.

Small business owners can access a range of free tools and information, including forms, instructions, and tips, to help ensure businesses comply with tax laws. The resource provides insight into starting, operating, and closing a business, as well as how to handle employment taxes and common expenses and deductions.

LinkedIn is a professional-focused social media platform used by entrepreneurs globally. You can showcase your company and build relationships with business customers and future employees. It’s also a key spot to highlight your expertise as an entrepreneur in your personal profile. Get started with LinkedIn’s Action Plan for Small Businesses . It’s a five-page guide to completing your page, growing your follower count, and posting the right content.

But don’t stop there! LinkedIn has a resource center packed with content for business owners. It offers reports, checklists and guides, and certification programs covering everything from employee development to important metrics for success. We recommend How to Use LinkedIn Learning for existing businesses, as it offers guidance through the expansive library of over 20,000 courses about branding, lead generation, and hiring.

MIT Open Learning Library

Expand into a new industry and explore diverse courses through the MIT Open Learning Library . These self-paced lessons are free to download — no registration required. Most courses include interactive content and exercises, which provide immediate feedback. These sessions are a great free resource for businesses wanting to offer professional development options for employees .

National Association for the Self-Employed (NASE)

Networking groups for entrepreneurs can help you develop local and national connections. NASE represents companies with 10 employees or fewer. It has free resources for small business owners and offers many more tools for members, including unlimited access to consultants for tax, retirement, finance, and operations questions.

NASE also provides member-only scholarships and grants, including the NASE Growth Grant. The grant helps entrepreneurs pay for training programs, business courses, and other small business investments.

National Federation of Independent Businesses (NFIB)

As the “voice of small business,” the NFIB is an advocacy organization representing small and independent businesses across the United States. The nonprofit strives to protect the rights of small business owners to own, operate, and grow their businesses. The NFIB provides a business legal center, webinars, and referral services. Additionally, small business owners can benefit from the NFIB’s business insights and reporting, exclusive networking events, and educational content like its Small Business Rundown podcast.

The NFIB’s membership program is another resource where entrepreneurs can take advantage of increased access to resources, discounts on purchases made through NFIB partners, and a stronger voice in the program’s advocacy efforts.

National Retail Federation (NRF)

As the largest retail trade association in the world, the NRF advocates for the interests of the retail sector. The NRF provides education on best practices, cutting-edge research, and extensive networking opportunities. Notably, the NRF’s 2024 Annual Retail Sales Forecast, along with its holiday data and research on seasonal trends, provides valuable insights to small business owners, enabling them to plan and execute successful campaigns.

The organization also hosts virtual and in-person events across the country. The NRF Retail’s Big Show, in particular, is a large-scale, annual event that delivers expert insights into the retail industry and provides networking opportunities for participants.

Service Corps of Retired Executives (SCORE)

SCORE provides many great resources for small business owners, including webinars, interactive courses, business templates, and local workshops. SCORE partnered with Google and the International Downtown Association (IDA) to develop a free digital readiness series . Each module provides digital tools, webinars, and videos on how to grow your business with Google.

Recently, SCORE added The Startup Roadmap . It’s an excellent guide for individuals wanting to start a company. An entrepreneur can complete the step-by-step tutorial alone or with a mentor. It has 12 modules, which you can complete in any order. Each module offers actionable steps, free resources, and other online tools to complete the steps.

You can find SCORE events and workshops near you by entering your state or zip code and filtering the results according to business stage, topic, and format. SCORE also offers mentorship opportunities to any citizen or permanent resident who owns a business or wants to start one. The sessions can take place in person or virtually via email, phone, or video.

U.S. Chamber of Commerce

As the world’s largest business organization, the U.S. Chamber of Commerce advocates for business-friendly policies, supports local chapters, and provides free resources for entrepreneurs. You’ll find many virtual events and informative guides on small business topics and can network within your community by joining a local branch.

Check out the U.S. Chamber of Commerce Small Business page . It displays events, a Small Business Weekly Forecast, and current initiatives. Remember to register for CO—'s Small Business Day event featuring small business experts. It takes place on Wednesday, May 1, 2024, at 12 p.m. ET.

Bookmark these links to stay informed with regularly updated content:

• Local chapters: Get involved at the local level by finding a chamber of commerce in your area. There are thousands of local chapters in 57 states and territories offering community networking opportunities.
• Chamber OnDemand: View videos, forums, and interviews with experts, business leaders, and government officials on the Chamber OnDemand platform. Browse by topic or series, such as technology, economy, and government policy.
• CO—by U.S. Chamber of Commerce: Start your morning or end your day by expanding your small business knowledge on CO— by U.S. Chamber of Commerce . It delivers fact-based articles on best practices for how to start, grow, and run your company. Plus, you can get expert tips from industry leaders and small business owners.

[Read More: Small Business Month Events to Register for Now ]

U.S. Small Business Administration (SBA)

Learn how to start, grow, or sell your business using the SBA’s free resources. The SBA offers informative content, interactive online tools, and a video library for entrepreneurs. These range from business planning solutions to mentoring services.

You can explore export assistance programs and financial resources. Both help grow businesses and enable entrepreneurs to strengthen their market position. Or learn how to qualify for government contracts , get funding for your company, and explore business certifications .

Check out these SBA tools and content:

• Small Business Development Centers: Attend in-person events and get individualized assistance from small business centers near you. Enter your zip code to find your local SBDC .
• SBA’s Ascent: Explore Ascent — a free learning platform for women entrepreneurs — by choosing your journey and topics to master. Content options include fireside chats, self-assessments, discussion guides, and exercises.
• Learning center courses: The SBA’s learning center video courses cover starting up to selling your business and everything in between. Most topics have several videos, with many around a minute long.
• Boots to Business: If you’re a transitioning service member (including National Guard and Reserve) or a spouse with access to a military installation, check out the Boots to Business program. Alternatively, Reboot courses , which offer one- and two-day classes on business fundamentals, are available to veterans, National Guard, Reserve, and military spouses.
• T.H.R.I.V.E. Emerging Leaders Reimagined: If you have at least one employee besides yourself, been in business for three years, and have annual revenues of at least $250,000, consider the six-month T.H.R.I.V.E. Emerging Leaders Reimagined program. It provides MBA-equivalent knowledge, and you’ll create a three-year strategic business growth action plan.

Verizon Small Business Digital Ready is a one-stop resource center for entrepreneurs and small business owners looking to access coaching, networking and funding opportunities, and educational content. The hub features more than 40 online courses packed with expert guidance on various topics crucial for small businesses at any stage of development. Additionally, it enables entrepreneurs to engage in personalized coaching sessions and workshops with industry experts, offering tailored support and professional insights.

To date, the program has been instrumental in supporting small businesses. The Small Business Digital Ready program has provided over $1 million in funding annually to entrepreneurs and hosted over 200 virtual and live events in its time.

[ Read more: Things to Do in Small Business Month to Grow Your Company ]

This story was originally written by Jessica Elliott.

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• Building Your Business
• Becoming an Owner
• Business Plans

Resource Planning For Your Business Plan

Identifying the resources you need to grow your business

Why Is Resource Planning Important

How to start resource planning, the bottom line, frequently asked questions (faqs).

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A business plan helps you organize your goals and growth plans for your business. Identifying business resources you'll be starting your business with already, and accounting for the resources you'll need to acquire after launching the business, is a crucial step in business planning.

Key Takeaways

• A business plan helps you organize your goals and growth plans for your business.
• Resource planning help you account for resources you have, plan for resources you need and ways to optimize their use
• You can plan for physical, people and technical resources in your business plan

Resource planning help you account for resources you have, plan for resources you need and ways to optimize their use. Among other things, even the most simple business plans are designed to walk you through the activity of describing every source and the exact dollar amount of your initial equity capital, as well as account for the equipment necessary to produce your products or services.

It can be difficult to accurately estimate your future resource needs, which is why this startup mistake is one of the most frequent contributors to young businesses running out of cash early on.

A very important section in your business plan is about the finances of your business, and that includes how much you hope to spend on resources you need to acquire and maintenance expenses on assets you own. Your plans for obtaining the necessary personnel, equipment, and cash to meet your capital expenses will need to be detailed throughout your business plan.

You may need financing from a bank or investors or will invest your personal savings in the business, and resource planning will come in handy for that too.

Resource allocation plans are what your potential investors and business partners are going to need to see before jumping on board with your new company.

There are different types of resources and you need to budget and plan for them accordingly. In describing each of the resources that you have and need for your business to reach profitability, position each of them in terms of the value it will bring to the company, both in the near term and down the road.

To figure out exactly which resources your business is going to need, and account for those in your business planning process, ask yourself these two crucial questions:

• Does starting and growing your business require having staff on hand? If your business relies upon output from people other than yourself and your business partners, you're going to need to allocate resources for hiring staff at fair market rates. 
• What type of equipment or fixed assets will your business need to get going? If your business is dependent upon purchasing or leasing equipment or other fixed assets like retail and office space, these are major considerations as you plan out your resource allocation.

Physical Assets

Depending on the nature of your business, you may have varying need for physical assets. However, in all likelihood you'd need some sort of office furniture and definitely some computers. Physical assets could also include office space, storefronts, manufacturing facilities and equipment necessary for your business. For example, if you own a baked good business, baking equipment like mixers and ovens would be physical assets you'd need to plan for.

Personnel and People

There are different types of people that can be a part of your business. People you hire, for example, can be employees or independent contractors and there are different cost implications for your business depending on whether you hire the former or the latter.

Investing in skills and capacities for people in your business is also an important part of resource planning.

How about mentors, key advisors, supplier connections, and other intangible resources for your business? These types of relationships whose value to your business can be immense, also need to be accounted for within your business plan as they'll have a very large impact on the future growth of your company.

Think of the massively positive effect your company would experience if you had a friend or family member that was a decision-maker at a large company who'd be your perfect first customer. It would undoubtedly be one of your key strategies for driving the early growth of your company. So, as you're planning your resource allocation, you'd naturally be spending in areas that make your young business more appealing to the target customers you want to serve.

Technical Resources

It is a good time to evaluate your technical resources and requirements as well. Some businesses rely more heavily on technology or intellectual property than others. Technology-dependent companies will need a strong IT network to get started. If building your own website won't be any trouble, then that's one major cost you'll be able to avoid as you get started with your company. Otherwise, you may need to allocate for web design, development, and other website-related expenses.

Regardless of your situation, don't be intimidated by the upfront costs of starting a business. Instead, keep in mind that in today's age, your product or service will only be as good as the technology that supports it, and if you buy or build low-grade gear, you’ll probably have to replace it in a few years anyway.

Clearly, there are a lot of different expenses to take into account as you allocate the resources for your new business. However, forcing yourself to go through this activity in extreme detail while building your business plan will save you a lot of headaches and potential failures in the future.

What are assets and resources in a business plan?

Resources can be anything that helps you operate or run your business. Assets are a type of resources that help you achieve you business. Assets can be cash, or physical assets such as equipment or intangible assets such as the brand of your business. In a business plan, you talk about the resources you have and the resources you need to acquire to help your business grow. You also account for your assets on your balance sheet. A strong balance sheet presented in your business plan can be appealing to potential investors.

Which components of a business plan are most useful to attract investors?

Each section of a business plan is important to potential investors. An executive summary gives your investors an elevator pitch to your business. Company description explains to them how your business is solving a market need, while market analysis shows investors you understand your industry and competition. Sections on organization, product details and marketing plans dig deeper into your vision for your business and how its organized. And the financial information component helps them see if you idea is worth putting their money into.

Small Business Administration. " Write your business plan ."

Planview. " Resource Planning: How To Build a Resource Plan ."

Home > Business > Operations

40 Small Business Freebies, Tools and Resources For Your Company

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

When you’re a small business owner, saving money is always at the top of your to-do list. 

Free resources, apps, programs, and online tools can help you better manage your business - without breaking the bank. 

Many companies offer free trials or a free version of their product, hoping you’ll upgrade to the premium tier as your business grows. 

There’s also a few free things - yes, physical objects - you can get as a small business owner. 

Let’s dive in. 

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Free stuff for small business owners

Most companies don’t give out free stuff to small business owners, but we still found these four business freebies.

1. Shutterfly samples

This popular printing website constantly runs freebies for new members who create a free account . The free items you can receive vary depending on the day. Sometimes, it’s magnets, 8x10 prints, return address labels, or luggage tags. 

There’s a catch of course: You have to pay for shipping. On the plus side, you’ll get free shipping on your first order after that.

2. VistaPrint free sample kit

VistaPrint’s business sample pack includes a selection of popular marketing materials, including business cards, a presentation folder, postcards, and brochures.

The biggest drawback? You can’t customize the samples with your own logo or branding. They’re simply meant to showcase VistaPrint’s different offerings.

To get your kit, click request sample now and enter your address. VistaPrint will ship your business sample kit for free to your address.

3. Free pen from The National Pen Company

Who doesn’t love a free pen?

If you’re in the market for a bulk order of custom pens, the National Pen Company wants your business.

“We offer free sample pens and promotional items for businesses because we get that this is a big investment,” its site, pens.com , explains

You can’t request your free company-branded pen (or keychain or tote bag) online, though.

You’ll need to call the company at 1-866-900-7367 to get your free promotional item.

4. Other free pens and promotional items

It turns out that several companies specializing in business-to-business promotional items will send you a free pen — or pretty much any item in their catalog — so you can try before you buy. 

You can check out AnyPromo , 4Imprint , Marco Promo , and Jail Pens . 

Most of the businesses will charge you shipping, but not always. Each company’s exact requirements vary—you may need to email or call them to request a sample). 

Just remember, these companies want you to become a paying customer. Don’t abuse the system by requesting samples from companies you have zero interest in.

Free resources for small businesses

While business freebies may be hard to come by, free resources to help manage and scale your company abound.

Whether you're a solopreneur, a startup founder, or a seasoned business owner, these resources are here to offer education, guidance, and support.

5. Small Business Administration

The U.S. Small Business Administration (SBA) offers a bunch of free resources, including guides, webinars, templates, and online courses to help entrepreneurs manage and grow their businesses.

SCORE is a nonprofit organization providing free mentoring and educational resources for small business owners. Its network of volunteers offers guidance on all aspects of business, including planning, marketing, finance, and more. 

7. Small Business Development Centers

SBDCs are funded by the SBA and provide free consulting services, training programs, and resources. You can find guidance on business planning, marketing strategies, financial management, and more.

8. Women's business assistance:

Some SBDCs offer specialized assistance for female entrepreneurs, including resources, workshops, and networking opportunities. Contact your local SBDC to learn more about specific programs for women-owned businesses.

9. Networking events and workshops

Keep an eye out for free networking events, workshops, and seminars hosted by local business associations and entrepreneurial groups. Meetup , Eventbrite , and Facebook are all great places to find these types of events.

10. YouTube Creator Academy

If you're interested in using YouTube for marketing or content creation, the YouTube Creator Academy offers free resources, tutorials, and best practices to help you succeed.

11. IRS Small Business Tax Center

Taxes are confusing. Thankfully, the IRS Small Business Tax Center offers free tools and publications to help small business owners navigate their tax obligations, deductions, and credits.

Free business tools

From project management and marketing to accounting and design, check out these free tools to help your business grow and thrive.

12. Google My Business

Create a free business listing on Google My Business to enhance your online visibility, manage your business information and interact with customers. This tool allows you to appear in Google Maps and local search results.

13. Amazon Web Services

The free tier of Amazon Web Services gives you access to various cloud services, including compute, storage and databases—perfect for small businesses looking to leverage cloud technology.

14. Google Alerts

Get notified by email each time your company name gets mentioned in online articles. You can create multiple Google alerts for different keywords.

Free invoicing and accounting tools

Managing finances and keeping track of invoices can be a headache. Thankfully, free accounting software and invoicing tools are designed to simplify your bookkeeping and help you stay organized.

15. FreshBooks

Want to streamline your accounting and invoicing processes? FreshBooks helps you create professional invoices, track expenses, and get paid faster. (A paid subscription is required to access the full range of features beyond the trial period.)

16. Invoice Ninja

Invoice Ninja offers a free, open-source platform where you can create and send invoices, track expenses, and accept online payments.

Square offers free tools to help manage your small business, including point-of-sale software, invoicing, and payment processing.

Wave is a free accounting software program that lets you track expenses, create invoices, and manage your small business’s finances. It's particularly useful for freelancers.

Zoho Books provides a free plan where you can create and send professional invoices, track expenses, and manage customer payments. It’s customizable and supports multiple currencies.

Design and content tools

Creating stunning visuals and captivating content doesn’t have to cost a fortune. 

These tools are here to help. Some are totally free, while others offer a free version with robust features.

Canva is a free graphic design website where you can create professional-looking graphics, social media posts, flyers, and more. It offers a wide range of templates, fonts, and images to help with your marketing efforts.

21. FreeLogoDesign

Use the free logo maker tool on FreeLogoDesign to create a custom logo. There’s a variety of templates, fonts, and icons to choose from.

22. Adobe Express

Formerly Adobe Spark, this program helps you create visually appealing graphics, videos, and web pages. The free Adobe Express plan comes with thousands of design templates, a limited collection of royalty-free Adobe Stock photos as well as basic editing and photo effects.

Pixlr is a free online photo editor that can come in clutch for creating and editing visuals for your social media posts. While it offers a paid version with additional features, the free version is robust enough for basic editing needs.

24. Readability Analysis Tool by WebFX

This helpful free online tool lets you check the readability of your content quickly. Just paste your text into the tool, and it will analyze it and provide insight. It’s a great way to check your site before it goes live.

25. Hemingway Editor

The Hemmingway Editor is a free online tool that improves your content’s readability. It highlights complex sentences, suggests simpler alternatives, and enhances clarity.

26. Copyscape

Check for plagiarism and ensure the originality of your website content or blog posts with Copyscape’s free version.

Marketing and social media tools

You want to get your small business noticed, but where do you even start? 

These free marketing tools for small businesses help you connect with your audience through email and social media so you can generate more leads and land more sales.

27. AnswerThePublic

This free consumer insight tool lets you enter a search term, then displays questions people are asking related to that topic. With three free searches a day, the tool generates keyword ideas so you can see what your potential customers actually want to know.

Buffer provides a free social media scheduling tool that allows you to plan and publish posts on multiple social media channels.

29. Mailchimp

Mailchimp is a popular email marketing platform that offers a free plan for small businesses with up to 2,000 subscribers with 12,000 free sends per month.

30. Hootsuite

Schedule and manage your social media content effectively with Hootsuite's limited free option. It supports one user and up to three social media profiles and provides basic analytics.

31. Wave.video

Create and edit videos for social media and marketing campaigns with Wave.video . The free plan offers basic video editing capabilities and a library of stock footage.

Learn about other ways to effectively engage with your audience with social media marketing.

Project management and scheduling tools

Get everyone on the same page with these free project management and scheduling tools.

Asana provides a free project management platform where you can create tasks, set deadlines, and track project progress. It offers basic collaboration features and integrations with other tools.

Trello is a free project management tool that helps you organize tasks, collaborate with team members, and track progress

34. Calendly

Calendly helps you simplify appointment scheduling and meeting coordination. The free plan lets you easily share your availability and eliminates the hassle of back-and-forth emails.

Other free tools for small businesses

Bitly is a URL shortening service. Its free version includes basic link shortening features, link customization, and some limited analytics.

36. Typeform

This program is perfect for creating interactive and engaging online forms and surveys. You can play around with Typeform’s features, but you’ll need to upgrade to a paid plan if you want to share the form with others.

37. Naminum

Input keywords and Naminum will provide a list of unique and available business name ideas.

38. Nameboy

Enter primary and secondary keywords in Nameboy to generate domain name suggestions for your business.

39. SITE123

Build professional-looking websites quickly with SITE123's easy-to-use platform. Its free plan includes web hosting and the web editor tools at no cost. You’ll also get 500 MB of storage and 1 GB bandwidth.

40. PageSpeed Insights

This totally free tool from Google lets you analyze the speed and performance of your website and receive suggestions for optimization.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on small businesses, retirement, investing and taxes.

Customize your website with an easy-to-use site builder that’ll make your brand look professional and polished in no time.

Related reading

• Best Free Website Builder for Small Business
• Top 7 Free Inventory Management Systems for 2023
• The Best Free Payroll Software for Small Businesses in 2023
• Free Payroll Templates
• 11 Best Free Business Checking Accounts 2023

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Gale Small Business Resources

Drive economic growth.

Whether a business owner is looking to expand or a budding entrepreneur is launching a startup, your library can support their varied business planning and research needs with Gale Business resources.

Small Businesses Make a Big Impact

In 2021, there were 32.5 million small businesses in the U.S., accounting for 65 percent of all net new jobs over the last decade, reports the Small Business Administration (SBA).1 The SBA recorded 61.2 million employees in 2021.2 When their owners are looking for resources, they often turn to their public library. Point entrepreneurs in the right direction with best-in-class resources from Gale. 

All businesses, even big businesses, cycle through stages on their journey toward profitability. With our  Small Business Roadmap , entrepreneurs planning for important milestones can prepare by receiving guidance on how to begin with business plan resources, what decisions need to be made and how to implement them, as well as general project management. 

Download the Gale Business Suite Brochure

By providing business owners with the resources necessary to navigate their future plans, Gale helps pave paths forward to meet short- and long-term goals. Whether a financial plan, elevator pitch, or building a business model, Gale enhances strategy across stages of the business cycle.

Often, owners find it a struggle to create a tenable plan to break-even. Whether a traditional business plan or a startup business plan, the businesses that find traction in their vision step into the playing field with the right resources available. Our guides allow business owners to confidently move forward and take on the competition.

IDEATE Button up your business idea. Envision a product or service that’s unique and fulfills a need or solves a problem. Additionally, self-reflect to ensure you have what it takes to start a new business. 

MARKET RESEARCH & TARGET COMPETITION Thoroughly conduct market research. Examine the industry and trends in the market, research prospective customers and their buying habits, and identify competitors. Market research and competition analytics is an important process in small business stages. 

DEVELOP A BUSINESS MODEL Create a business model and test it. On paper, build the high-level framework that your business will operate in. Test the model by determining when the business will be able to cover expenses and realize a profit. 

STRUCTURE THE BUSINESS Sole proprietorship, partnership, or corporation? Research which one best suits your needs and move forward with registering your business or corporation. 

ASSESS FUNDING OPPORTUNITIES Whether raising capital for startup or expansion, your options include self-funding, equity (angel and venture), debt (loans from financial institutions), and crowdfunding to help assemble the appropriate balance of funds needed for your business. 

IMPLEMENT A BUSINESS PLAN Define the strategies and goals of your business and how you will operate it profitably. This living document should be updated as needed and will answer many of the questions banks or investors will ask.

BUSINESS LICENSES, INSURANCE & OTHER REGULATIONS Make sure your business is operating legally. It is advisable to seek legal counsel and authoritative resources.

CREATE BRAND IDENTITY Plan your marketing strategy. Figure out what differentiates you from the rest of the market and capitalize on it.

REFINE, MATURE & INNOVATE  Your business plan must evolve. Recognize what worked and what didn’t by digging into your business’s analytics. Pay attention to your executive statements, which will inform your decisions about new opportunities.

View the Small Business Roadmap >>

ENGAGE YOUR SMALL BUSINESS COMMUNITY

Be sure to check out our specially-curated items to help you connect and support your business community with business plan resources. Visit our new page  to access an 18-page action plan, view a recent webcast to hear two business librarians share insights and best practices, and download a glossary of terms to learn some business lingo.

1. U.S. Small Business Administration Office of Advocacy,  2021 Small Business Profile . 2. See note 1.

Offers a step-by-step guide to starting and optimizing a business as well as how to manage it. The intuitive dashboard walks users through five areas of exploration to develop a plan focused on long-term success and the 400 highly-curated links to “Helpful Resources” inform and assist them in completing business planning activities.

Connects users with timely, actionable market research for small business communities as well as demographic, psychographic, and consumer insights in targeted geographic locations to support business- planning activities.

Mapped to four key business stages—plan, fund, start, and manage—this resource covers all major areas of starting and operating a business. Now integrated with Google Workspace for Education and Microsoft 365 tools.

Empower patrons without law degrees to approach legal affairs with confidence. This valuable resource features state-specific, fill-in-the-blank forms and insight to help users understand and prepare for a wide range of legal topics, such as bankruptcy, landlord-tenant cases, name change, power of attorney, and living wills.

More than 325 engaging, online, instructor-led courses focused on professional development, technology skills, and personal enrichment.

A customizable collection of 23 digital directories that allows users to easily search, sort, export, and analyze content across the platform based on the information needs of their customers. Essential for business research and marketing, popular titles include , , and .

delivers comprehensive business intelligence for connecting data to practical applications. Access daily updates and periodicals with this upgraded global database.

Authoritative periodical content including 4,000 leading business and trade publications, updated daily. Complementing these titles is a selection of international, U.S., and regional news publications.

A collection of real-world sample business plans from diverse areas of today’s market, including manufacturing, retail and service industries. Non-profits are also featured. Only the company names and addresses have been changed. The series includes three volumes published annually, each with new content, and is available in print and on the   platform.

Six-volume guide to facilitate the startup, development, and growth of specific small businesses. Covers 340 specific small business profiles and more than 100 general small business topics; small business programs and assistance programs in the U.S., its territories, and Canadian provinces; and U.S. federal government agencies and offices specializing in small business issues, programs, and assistance. available in print and on the   platform.

• 207 780 4420

Creating a Business Plan

A well-researched business plan is an essential roadmap for your business that outlines goals and provides details on how you plan to achieve these goals. It is also a great tool in communicating your business’ potential to investors and financial institutions.

As always, never hesitate to reach out to a Maine SBDC advisor for one-on-one assistance . 

Writing a Business Plan - Step by Step Guide to Success

If you are thinking about   writing a business plan   you probably have a lot of questions.  And that’s a good thing.  You want to succeed in your business and feel competent and confident about what you’re about to do. 

That is why we developed this tool for you.   

Downloadable PDF Guides are available in   English ,   French , and   Somali . 

This easy-to-use guide is simple, concise, and includes information on each of the most important elements of a business plan. Whether you are writing your plan for operational purposes or to obtain financing, this guide can help! It includes a ton of helpful information such as what you need to include in your business plan, what lenders are looking for and tricks of the trade!

Free Business Planning Online Workshop

A free workshop is available 24/7 that outlines the steps to developing a business plan. Click here to visit our online workshops .

Financial Data Templates

Financial statements are an important part of your business plan. If you are applying for a loan, your banker will be looking for this information to make their decision.

Maine SBDC has compiled some financial templates including a cash flow statement, balance sheet, profit/loss statement (P&L), schedule of liabilities and break-even tool. These can all be viewed in our Tools & Templates section . 

AgPlan Business Planning for Rural Business Owners

AgPlan was developed by the University of Minnesota and provides a platform to develop your own business plan, learn what you need to include in your plan, view sample business plans and share your plan with reviewers (or your business advisor!). Visit the site for more info .

SBA’s Business Planning Resources

The Small Business Administration has a wealth of information available for businesses who are writing a business plan . Click here to visit their site .

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Develop your business plan

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Why you need a business plan

Use our business plan tool, download a detailed business plan template, tips to help you write your business plan.

Whether you've just started out or have been running your business for years, business planning can be the key to your success. Having a business plan:

• helps you to prioritise – it gives your business direction, defines your objectives, maps out how you'll achieve your goals and helps you to manage possible bumps in the road
• gives you control over your business – the planning process helps you learn about the different things that could affect your success. If you're already in business, it helps you to step back and look at what's working and what you can improve on
• helps you seek finance – if you're seeking finance for your business, you'll need to show banks and investors why they should invest in your business.

It will help you to develop a shorter business plan to:

• evaluate a new business idea
• set some goals for the year ahead
• keep your business on track.

Use this template if you are seeking finance for your business or want to include more detail in your business plan.

Business plan template

1. Determine what your plan is for

Does your business plan have more than one purpose? Will you use it internally, or will you share it externally, for example with potential investors or banks?

Deciding what the purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in.

2. Prepare your finances

Use our detailed business plan template if you are seeking finance.

Lenders and investors will want to know if your finances are in order and your business is in a strong financial position. They'll want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

If you're starting out and don't have financial information yet, our template provides resources to help you get your finances ready.

3. Write your summary last

Summarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is your opportunity to sell yourself, but don't overdo it. The summary should include details about your business, market, goals and what makes you different from other businesses.

4. Get help

Don't leave your business plan to the last minute. It takes time, research and careful preparation to develop an effective business plan.

If you aren't confident in completing the plan yourself, consider getting a professional to look over it and provide advice.

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

Get expert help from a business adviser in your area .

5. Review your plan regularly

As your business changes, your plan will need to change to ensure your business is still heading in the right direction. Having your plan up-to-date can keep you focused on where you are heading.

It's a good idea to keep a record of each version of your business plan.

6. Protect your plan

Having an understanding with third parties when distributing a plan could be enough protection for some businesses. But if you have innovative business practices, products or services, you may want people to sign a confidentiality agreement to protect your innovations.

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Start writing and developing your marketing strategy.

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Free Download

Business Plan Template for Small Businesses

Business planning can feel complicated. it doesn't have to be. start putting pen to paper today with your free business plan template download..

Available formats:

Downloads: 942,321

Our free template includes:

• Fill-in-the-blanks simplicity

You don't need to be an expert. This template makes business planning easy.

All 100% free. We're here to help you succeed in business, no strings attached.

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. After all, business plans have changed over the years, and what lenders and investors expect now is different than it was even just 10 years ago.

What hasn’t changed is that writing a business plan will help you:

• Develop a strategy for success
• Reduce the risk of starting a business
• Explore new business ideas
• Attract investors and get funding

Learn more about how you can get value out of your business plan .

What is included in this business plan template?

This template includes definitions, guidance, and examples for every business plan component needed to start, fund, and grow your business.

After downloading the full template, you’ll receive instructions on how to fill out each of the following sections.

Executive summary

The brief summary of your business plan introduces everyone to your business, the problem you solve, and what you’re asking from your readers. It’s the first chapter of your business plan and the last thing you write once you have the details from your full plan.

Problem & solution

More than a simple description of your products and services – here you define the problem you’re solving and the value you provide. It’s also your chance to showcase any initial traction that shows you’re on the right track.

Market analysis and target market

A detailed assessment of the market you intend to enter, including the size and value of the market, potential customer segments, and their buying patterns.

Competition

Show that you know who your competitors are, what advantages you have, and how you’re positioning your business to be competitive.

Marketing & sales

Describe how you’ll reach and sell to potential customers with a detailed sales plan and chosen marketing channels.

What makes your business run? Outline the day-to-day workflows and what needs to be set up for your business to deliver a product or service.

Milestones & metrics

Set goals for your business that include the dates and people responsible for accomplishing them. This is what you’ll use to manage responsibilities, track growth, and execute your larger strategy.

Company overview and team

Provide a brief rundown of the legal and structural components of your company, including your history, current team, and gaps you need to fill.

Financial plan

Create well-structured and accurate financial statements to help you pitch to investors, land funding, and achieve long-term success. All without the help of a financial advisor or a degree in accounting.

While not required, this last section of your business plan is a great place to drop in additional documents that support and strengthen the rest of your plan.

How do you write a simple business plan?

If you’re exploring a business idea and don’t plan to pursue funding, then you actually don’t need to write a traditional business plan. Instead, opt for a one-page plan , which is far easier to create but just as effective.

To write a simple one-page business plan, follow the same core sections as a traditional plan. But instead of lengthy paragraphs and multiple pages covering each area of your business, stick with single sentences and bulleted lists.

If a one-page plan sounds like a better option, download our free simple business plan template to get started.

Start your business plan today

Whether you're writing a business plan to validate your business idea, secure funding, or grow your existing business – our template will help you achieve your goals.

Business plan template FAQ

What file formats are available for this business plan template?

You can download and use this business plan template as a Google Doc, .docx (Microsoft Word), or PDF.

Can you print out this template?

This is a printable business plan template that can be downloaded and printed no matter which format you choose.

Why should you start with a business plan template?

Starting with a good business plan template (like this one) includes everything you need to get started. It helps you organize your thoughts, and provides guidance, instructions, and examples to create an investor-ready and SBA-approved business plan format. It really speeds up the planning process. Oh, and it's 100% free!

Is writing a business plan easy?

Using a business plan template can make writing a business plan easier. Additionally, if you focus on just getting your information down quickly, with the expectation that you'll revisit and revise your plan, you can speed up and simplify the process .

Can someone write your business plan for you?

If you're still struggling to write your business plan even when using a template, you can look into hiring a professional business plan writer. We even have a free resource to help you ask just the right questions  to make sure you find the right plan writer.

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Trump's plan to hike tariffs instead of raising taxes could cause the 'mother of all stagflations,' policymakers warn

• Trump's idea to replace the US income tax with tariffs notched criticism from two Treasury secretaries.
• "This is a prescription for the mother of all stagflations," Larry Summers told Bloomberg TV.
• The current secretary, Janet Yellen, said it would make life unaffordable for Americans.

Janet Yellen and Larry Summers haven't always agreed on everything, but a new tax proposal from the Trump campaign earned a strong rebuttal from both the current secretary of the Treasury and the former one.

The idea, floated by former President Donald Trump to Republicans last week, would slash income taxes by raising tariffs on imports . While the proposal is said to have gained quick support from those present at the meeting, it has since been blasted as a surefire way to worsen inflation and dent US competitiveness.

"This is a prescription for the mother of all stagflations," Summers told Bloomberg TV on Friday, calling it the worst policy proposed in US history.

The chief concern is that tariff revenue provides nowhere near as much income to the government as taxes do, with income tax responsible for close to half of US revenue last year. To eliminate individual taxes, tariffs would need to climb well over 100%, Yellen, the current Treasury secretary, told ABC News .

When import levies rise, that typically causes foreign traders to raise prices or pull their products. When that happens, supply falls, and domestic products appreciate , according to the nonpartisan think tank Tax Foundation.

Related stories

"The impact would be to make life unaffordable for working-class Americans," Yellen said. "That would harm American businesses."

But to Summers, that's the least of it. He compared the moment to the Smoot-Hawley Tariff Act, an infamous 1930s bill that's blamed for worsening the Great Depression .

"If you replaced half of income-tax revenues with tariffs, those would be tariffs six times Smoot-Hawley levels," he said, adding that Trump had proposed replacing the entire system.

This could cause enormous damage to US exporters and consumers and send the world spiraling into "economic warfare" as countries responded, Summers added.

But to the GOP donor and billionaire investor Kyle Bass, Trump's idea is probably hyperbole, as it's just not feasible. Talking on CNBC, he pointed out that last year's import volume amounted to $3.8 trillion, while tax revenue is estimated to reach $5.4 trillion this year.

"There is just no way to run an import-tariff scheme to get you to $5.4 trillion," the Hayman Capital chief investment officer said.

Still, chances are high that a Trump White House would unleash tariffs in one form or another. The former president has made import duties a fundamental component of his trade policy, and not only to relieve income tax.

He's additionally discussed applying a universal 10% tariff rate on all US imports and raising it up to 60% for Chinese goods. Trump has argued that this will end the exploitation of US trade and give domestic producers an edge.

Watch: What Happens If The US Hits The Debt Ceiling And Defaults

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