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How to Write a Business Plan: Beginner’s Guide (& Templates)

Written by: Chloe West

Thinking about starting a business? One of the first steps you’ll need to take is to write a business plan. A business plan can help guide you through your financial planning, marketing strategy, unique selling point and more.

Making sure you start your new business off on the right foot is key, and we’re here to help. We’ve put together this guide to help you write your first business plan. Or, you can skip the guide and dive right into a business plan template .

Ready to get started?

Here’s a short selection of 8 easy-to-edit business plan templates you can edit, share and download with Visme. View more templates below:

8-Step Process for Writing a Business Plan

What is a business plan, why is a business plan important, step #1: write your executive summary, step #2: put together your company description, step #3: conduct your market analysis, step #4: research your competition, step #5: outline your products or services, step #6: summarize your financial plan, step #7: determine your marketing strategy, step #8: showcase your organizational chart, 14 business plan templates to help you get started.

A business plan is a document that helps potential new business owners flesh out their business idea and put together a bird’s eye view of their business. Writing a business plan is an essential step in any startup’s ideation process.

Business plans help determine demographics, market analysis, competitive analysis, financial projections, new products or services, and so much more.

Each of these bits of information are important to have on hand when you’re trying to start a business or pitching investors for funds.

Here’s an example of a business plan that you can customize to incorporate your own business information.

We’re going to walk you through some of the most important parts of your business plan as well as how to write your own business plan in 8 easy steps.

If you’re in the beginning stages of starting a business , you might be wondering if it’s really worth your time to write out your business plan. 

We’re here to tell you that it is.

A business plan is important for a number of reasons, but mostly because it helps to set you up for success right from the start.

Here are four reasons to prove to you why you need to start your business off on the right foot with a plan.

Reason #1: Set Realistic Goals and Milestones

Putting together a business plan helps you to set your objectives for growth and make realistic goals while you begin your business. 

By laying out each of the steps you need to take in order to build a successful business, you’re able to be more reasonable about what your timeline is for achieving everything as well as what your financial projections are.

The best way to set goals is using the SMART goals guidelines, outlined below.

Reason #2: Grow Your Business Faster

Having a business plan helps you be more organized and strategic, improving the overall performance of your business as you start out. In fact, one study found that businesses with a plan grow 30% faster than businesses that don’t.

Doesn’t that sound reason enough alone to start out your business venture with a solidified plan? We thought so too, but we’ve still got two more reasons.

Reason #3: Minimize Risk

Starting a new business is uncharted territory. However, when you start with a roadmap for your journey, it makes it easier to see success and minimize the risks that come with startups.

Minimize risk and maximize profitability by documenting the most important parts of your business planning.

Reason #4: Secure Funding

And finally, our last reason that business plans are so important is that if you plan to pitch investors for funding for your new venture, they’re almost always going to want to see a detailed business plan before deciding whether or not to invest.

You can easily create your business plan and investor pitch deck right here with Visme. Just sign up for a free account below to get started. 

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The executive summary is a brief overview of your entire business plan, giving anyone who reads through your document a quick understanding of what they’re going to learn about your business idea.

However, you need to remember that some of the people who are going to read your business plan don’t want to or have time to read the entire thing. So your executive summary needs to incorporate all of the most important aspects of your plan.

Here’s an example of an executive summary from a business plan template you can customize and turn into your own.

Your executive summary should include:

• Key objective(s)
• Market research
• Competitor information
• Products/services
• Value proposition
• Overview of your financial plan
• How you’re going to actually start your business

One thing to note is that you should actually write your executive summary after the rest of your business plan so that you can properly summarize everything you’ve already created.

So at this point, simply leave a page blank for your executive summary so you can come back to it at the end of your business plan.

The next step is to write out a full description of your business and its core offerings. This section of your business plan should include your mission statement and objectives, along with your company history or overview.

In this section, you may also briefly describe your business formation details from a legal perspective.

Mission Statement

Don’t spend too much time trying to craft this. Your mission statement is a simple “why” you started this business. What are you trying to achieve? Or what does your business solve?

This can be anything from one single quote or a paragraph, but it doesn’t need to be much longer than that. In fact, this could be very similar to your value proposition.

What are your goals? What do you plan to achieve in the first 90 days or one year of your business? What kind of impact do you hope to make on the market?

These are all good points to include in your objectives section so anyone reading your business plan knows upfront what you hope to achieve.

History or Overview

If you’re not launching a brand new business or if you’ve previously worked on another iteration of this business, let potential investors know the history of your company.

If not, simply provide an overview of your business, sharing what it does or what it will do.

Your third step is to conduct a market analysis so you know how your business will fit into its target market. This page in your business plan is simply meant to summarize your findings. Most of your time should be spent actually doing the research.

Your market analysis needs to look at things like:

• Market size, and if it’s grown in recent years or shrinking
• The segment of the market you plan to target
• Demographics and behavior of your target audience
• The demand for your product or service
• Your competitive advantage or differentiation strategy
• The average price of your product or service

Put together a summary of your market analysis and industry research in a 1-2 page format, like we see below.

Your next step is to conduct a competitive analysis. While you likely touched on this briefly during your market analysis, now is the time to do a deep dive so that you have a good grasp on what your competitors are doing and how they are generating customers.

Start by creating a profile of all your existing competitors, or at the very least, your closest competitors – the ones who are offering very similar products or services to you, or are in a similar vicinity (if you’re opening a brick and mortar store).

Focus on their strengths and what they’re doing really well so that you can emulate their best qualities in your own way. Then, look at their weaknesses and what your business can do better.

Take note of their current marketing strategy, including the outlets you see a presence, whether it’s on social media, you hear a radio ad, you see a TV ad, etc. You won’t always find all of their marketing channels, but see what you can find online and on their website.

After this, take a minute to identify potential competitors based on markets you might try out in the future, products or services you plan to add to your offerings, and more.

Then put together a page or two in your business plan that highlights your competitive advantage and how you’ll be successful breaking into the market.

Step five is to dedicate a page to the products or services that your business plans to offer.

Put together a quick list and explanation of what each of the initial product or service offerings will be, but steer clear of industry jargon or buzzwords. This should be written in plain language so anyone reading has a full understanding of what your business will do.

You can have a simple list like we see in the sample page above, or you can dive a little deeper. Depending on your type of business, it might be a good idea to provide additional information about what each product or service entails.

The next step is to work on the financial data of your new business. What will your overhead be? How will your business make money? What are your estimated expenses and profits over the first few months to a year? The expenses should cover all the spending whether they are recurring costs or just one-time LLC filing fees .

There is so much that goes into your financial plan for a new business, so this is going to take some time to compile. Especially because this section of your business plan helps potential cofounders or investors understand if the idea is even viable.

Your financial plan should include at least five major sections:

• Sales Forecast: The first thing you want to include is a forecast or financial projection of how much you think your business can sell over the next year or so. Break this down into the different products, services or facets of your business.
• Balance Sheet: This section is essentially a statement of your company’s financial position. It includes existing assets, liabilities and equity to demonstrate the company’s overall financial health.
• Income Statement: Also known as a profit and loss statement (P&L), this covers your projected expenses and revenue, showcasing whether your business will be profitable or not.
• Operating Budget: A detailed outline of your business’s income and expenses. This should showcase that your business is bringing in more than it’s spending.
• Cash Flow Statements: This tracks how much cash your business has at any given point, regardless of whether customers or clients have paid their bills or have 30-60+ days to do so.

While these are the most common financial statements, you may discover that there are other sections that you want to include or that lenders may want to see from you.

You can automate the process of looking through your documents with an OCR API , which will collect the data from all your financial statements and invoices.

The next step is coming up with a successful marketing plan so that you can actually get the word out about your business. 

Throughout your business plan, you’ve already researched your competitors and your target market, both of which are major components of a good marketing strategy. You need to know who you’re marketing to, and you want to do it better than your competition.

On this page or throughout this section of your business plan, you need to focus on your chosen marketing channels and the types of marketing content you plan to create.

Start by taking a look at the channels that your competitors are on and make sure you have a good understanding of the demographics of each channel as well. You don’t want to waste time on a marketing channel that your target audience doesn’t use.

Then, create a list of each of your planned marketing avenues. It might look something like:

• Social media ( Facebook, Instagram, Pinterest)
• Email newsletter
• Digital ads

Depending on the type of business you’re starting, this list could change quite a bit — and that’s okay. There is no one-size-fits-all marketing strategy, and you need to find the one that brings in the highest number of potential customers.

Your last section will be all about your leadership and management team members. Showcasing that you have a solid team right from the start can make potential investors feel better about funding your venture.

You can easily put together an organizational chart like the one below, with the founder/CEO at the top and each of your team leaders underneath alongside the department they’re in charge of.

Simply add an organizational chart like this as a page into your overall business plan and make sure it matches the rest of your design to create a cohesive document.

If you want to create a good business plan that sets your new business up for success and attracts new investors, it’s a good idea to start with a template. 

We’ve got 14 options below from a variety of different industries for you to choose from. You can customize every aspect of each template to fit your business branding and design preferences.

If you're pressed for time, Visme's AI business plan generator can churn out compelling business plans in minutes. Just input a detailed prompt, choose the design, and watch the tool generate your plan in a few seconds.

Template #1: Photography Business Plan Template

This feminine and minimalistic business plan template is perfect for getting started with any kind of creative business. Utilize this template to help outline the step-by-step process of getting your new business idea up and running.

Template #2: Real Estate Business Plan Template

Looking for a more modern business plan design? This template is perfect for plainly laying out each of your business plans in an easy-to-understand format. Adjust the red accents with your business’s colors to personalize this template.

Template #3: Nonprofit Business Plan Template

Creating a business and marketing plan for your nonprofit is still an essential step when you’re just starting out. You need to get the word out to increase donations and awareness for your cause.

Template #4: Restaurant Business Plan Template

If your business plan needs to rely heavily on showcasing photos of your products (like food), this template is perfect for you. Get potential investors salivating at the sight of your business plan, and they’re sure to provide the capital you need.

Template #5: Fashion Business Plan Template

Serifs are in. Utilize this template with stunning serif as all the headers to create a contemporary and trendy business plan design that fits your business. Adjust the colors to match your brand and easily input your own content.

Template #6: Daycare Business Plan Template

Creating a more kid-friendly or playful business? This business plan template has bold colors and design elements that will perfectly represent your business and its mission. 

Use the pages you need, and remove any that you don’t. You can also duplicate pages and move the elements around to add even more content to your business plan.

Template #7: Consulting Business Plan Template

This classic business plan template is perfect for a consulting business that wants to use a stunning visual design to talk about its services.

Template #8: Coffee Shop Business Plan Template

Customize this coffee shop business plan template to match your own business idea. Adjust the colors to fit your brand or industry, replace photos with your own photography or stock photos that represent your business, and insert your own logo, fonts and colors throughout.

Template #9: SaaS Business Plan Template

A SaaS or service-based company also needs a solid business plan that lays out its financials, list of services, target market and more. This template is the perfect starting point.

Template #10: Small Business Plan Template

Every startup or small business needs to start out with a strong business plan in order to start off on the right foot and set yourself up for success. This template is an excellent starting point for any small business.

Template #11: Ecommerce Business Plan Template

An ecommerce business plan is ideal for planning out your pricing strategy of all of your online products, as well as the site you plan to use for setting up your store, whether WordPress, Shopify, Wix or something else.

Template #12: Startup Business Plan Template

Customize this template and make it your own! Edit and Download  

This is another generic business plan template for any type of startup to customize. Switch out the content, fonts and colors to match your startup branding and increase brand equity.

Template #13: One-Page Business Plan Template

Want just a quick business plan to get your idea going before you bite the bullet and map out your entire plan? This one-page template is perfect for those just starting to flesh out a new business idea.

Template #14: Salon Business Plan Template

This salon business plan template is easy on the design and utilizes a light color scheme to put more focus on the actual content. You can use the design as is or keep it as a basis for your own design elements.

Create Your Own Business Plan Today

Ready to write your business plan? Once you’ve created all of the most important sections, get started with a business plan template to really wow your investors and organize your startup plan.

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About the Author

Chloe West is the content marketing manager at Visme. Her experience in digital marketing includes everything from social media, blogging, email marketing to graphic design, strategy creation and implementation, and more. During her spare time, she enjoys exploring her home city of Charleston with her son.

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How to Write a Detailed Business Plan Step-by-Step [Free Template]

Posted july 17, 2024 by noah parsons.

Writing a business plan is one of the most valuable things you can do for your business. 

Study after study proves that business planning significantly improves your chances of success by up to 30 percent 1 . That’s because the planning process helps you think about all aspects of your business and how it will operate and grow.

Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.

Before you write a detailed business plan, start with a one-page business plan

Despite the benefits of business planning , it’s easy to procrastinate writing a business plan. 

Most people would prefer to work hands-on in their business rather than think about business strategy . That’s why, if you’re writing a business plan for the first time, we recommend you start with a simpler and shorter one-page business plan.

With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works. 

A one-page plan should cover:

• Value proposition
• Market need
• Your solution

Competition

Target market.

• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.

Check out our guide to writing a simple one-page business plan for detailed instructions, examples, and a free downloadable template .

When do you need a more detailed business plan?

While I will always recommend starting with the one-page plan format, there are times when a more detailed plan is necessary:

• Flesh out sections of your plan: You need to better understand how your marketing, operations, or other business functions will operate.
• Build a more detailed financial forecast: A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement, balance sheet, and cash flow forecast to better measure performance.
• Prepare for lenders and investors: While they may not read the full plan, any investor will ask in-depth questions that you can only answer by spending time writing a detailed business plan.
• Sell your business: Use your business plan as part of your sales pitch, and show potential buyers all the details of how your business works.

How to write a detailed business plan

Let’s walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan’s business plan builder looks like.

1. Executive summary

Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan. 

It is just a summary of your full plan, so be careful not to be too repetitive—keep it between one or two pages and highlight: 

• Your opportunity: This summarizes what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
• Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
• Financials: What are the highlights of your financial forecast ? Summarize your sales goals, when you plan to be profitable, and how much money you need to get your business off the ground.

For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know, and just hit the highlights.

2. Opportunity

The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:

Problem & solution

Every successful business solves a problem for its customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace. 

In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.

In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors). 

Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.

Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving. 

Explain how your approach is different and better than your competitors, whether it’s better features, pricing, or location. Explain why a customer would come to you instead of going to another company. 

3. Execution

This section of your business plan dives into how you will accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you will do it.

Marketing & sales

What marketing tactics will you use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses with a sales force, explain how the sales team gets leads and what the process is like for closing a sale.

Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business, you’ll want to cover how you source your products and how fulfillment will work.

If you’re building a manufacturing business, explain the manufacturing process and the necessary facilities. This is where you’ll talk about how your business “works,” meaning you should explain what day-to-day functions and processes are needed to make your business successful.

Milestones & metrics

So far, your business plan has mostly discussed what you’re doing and how you will do it. 

The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. 

You should also discuss key metrics : the numbers you will track to determine your success.

The Company section of your business plan should explain your business’s overall structure and the team behind it.

Organizational structure

Describe your location, facilities, and anything else about your physical location relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?

Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build. 

It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.

5. Financial plan and forecasts

Your business plan now covers the “what,” the “how,” and the “when” for your business. Now it’s time to talk about money. 

Financial forecasts

What revenue do you plan on bringing in, and when? What kind of expenses will you have? How much cash will you need?

These are the types of questions you’ll answer by creating detailed forecasts. Don’t worry about getting it perfect, these are just educated guesses. Your goal is to get numbers down that seem reasonable so you can review and revise financial expectations as you run your business. 

You’ll want to cover sales , expenses , personnel costs , asset purchases, cash , etc, for at least the first 12 months of your business. If you can, also create educated guesses for the following two years in annual totals. 

If you intend to pursue funding, it’s worth noting that some investors and lenders might want to see a five-year forecast. For most other cases, three years is usually enough.

If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what and when you need it. 

Ideally, you’ll also want to summarize the specific ways you’ll use the funding once you have it. 

For more specifics, check out our write-up explaining what to include in your business plan for a bank loan .

Historical Financial statements

If your business is up and running, you should also include your profit and loss statement , balance sheet , and cash flow statement . These are the historical record of your business performance and will be required by lenders, investors, and anyone considering buying your business. 

If you don’t want lengthy financial statements overwhelming this section of your business plan, you can just include the most recent statements and include the rest within your appendix.

6. Appendix 

The final section of your business plan is the appendix . Include detailed financial forecasts here and any other key documentation for your business. 

If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.

Tips to write a detailed business plan

Keep it brief.

You may not be limited to one page, but that doesn’t mean you need to write a novel. Keep your business plan focused using clear, plain language and avoiding jargon. Make your plan easier to skim by using short sentences, bulleted lists, and visuals. Remember, you can always come back and add more details.

Related Reading: 7 tips to make a high-quality business plan  

Start with what you know

Don’t worry about following a strict top-to-bottom approach. Instead, build momentum by starting with sections you know well. This will help you get information down and ultimately make you more likely to complete your business plan. 

Set time limits

You don’t have to write your business plan in one sitting. It may be more valuable to set a time limit, see how much you get done, and return to it again in another session. This will keep you focused and productive and help you fit plan writing into your other responsibilities.

Reference business plan examples

Real-world business plan examples from your industry can provide valuable insights into how others have successfully presented their ideas, strategies, and financials. Exploring these examples can inspire your own approach and offer practical guidance on what to include and how to tailor it to your specific needs.

Just be sure not to copy and paste anything.

Prioritize sections that really matter

When writing a detailed business plan, focus on the parts most important to you and your business. 

If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.

Download a free business plan template

Are you ready to write your detailed business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.

If you want to improve your ability to build a healthy, growing business, consider LivePlan.

It’s a product that makes planning easy and features a guided business plan creator , drag-and-drop financial forecasting tools , and an AI-powered LivePlan Assistant to help you write, generate ideas, and analyze your business performance. 

Use your detailed business plan to grow your business

Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process . 

With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.  

So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning.

Sources in this article

• Parsons, Noah. “Do You Need a Business Plan? This Study Says Yes” Bplans: Free Business Planning Resources and Templates , 10 May 2024, www.bplans.com/business-planning/basics/research .

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Business Plan Templates

Free Download

2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

• Write a company description that sells your story
• Plan for the future: lay out goals and metrics for success
• Describe your product line in detail and plan for how to stand out from competitors
• Consider any legal formalities that require attention when starting your business
• Put together necessary financial projections to make a strong start
• Create your buyer persona and determine your product/marketing fit

Build A Business Plan That Works

Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

Why do I need to fill out the information requested?

We will always keep your personal information safe..

We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .

Where can I get a free business plan template?

HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.

Is this really free?

Absolutely.

Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!

What are the basic format of a business plan?

A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

What is needed to start a business?

If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

Set yourself up for success with this business plan template

Download the free business plan template.

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Business plan templates

From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.

Big Data Startup Business Plan Template

Create a professional Big Data Startup business plan with our customizable Startup Business Plan Template.

Virtual Assistant Business Plan

Strategize your way to success with this customizable AI virtual assistant business plan template.

Virtual Reality (VR) Business Plan

Our free virtual reality (VR) business plan helps you customize your document and create a winning strategy to land investors.

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Laundromat Business Plan

Create your success roadmap with a laundromat business plan template, designed to arrange the essentials of the laundry business.

5-Year Business Plan Template

Empower your path to long-term success with our 5-year business plan template.

Car Wash Business Plan Template

Launch and grow your car wash business with our customizable plan template.

Airbnb Business Plan Template

Unlock your path to success with our Airbnb business plan template, made to guide you in structuring the fundamental aspects of your Airbnb business.

Clothing Line Business Plan

Use this free and customizable clothing line business plan to appeal to investors and set up your fashion brand.

Gym Business Plan Template 

The Panda tips in this gym business plan template guide you through the process of researching and presenting information necessary to secure funding and partners for your business.

Handyman Business Plan Template

Start a new handyman business using a well-researched handyman business plan template to meet your goals faster.

Vending Machine Business Plan Template

If you’re starting a new vending machine business, a well-rounded vending machine business plan can improve your chances of success.

Bar Business Plan Template

Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business.

Massage Therapy Business Plan

This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.

Bed and Breakfast Business Plan Template

Use a complete bed and breakfast business plan template to set up your business for growth and success.

Catering Business Plan

Chart your path to success with our catering business plan template designed to help entrepreneurs organize their catering business.

Event Venue Business Plan Template

Launch and grow your event venue with our customizable business plan template.

Event Planning Business Plan 

Prepare your event planning business for success with our ready-to-fill and easily downloadable event planning business plan template.

Rental Property Business Plan

Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.

Coaching Business Plan Template

If you want to grow your new or existing coaching business, use our free coaching business plan template as a roadmap to success.

Lawn Care Business Plan

Use a comprehensive lawn care business plan template that includes guidance and all critical information.

T-shirt Business Plan Template 

Craft a winning T-shirt business plan in a structured business format that attracts investors and funding.

Candle-Making Business Plan Template

Use a candle-making business plan template to get together all of the information you need to ensure that your candle business succeeds.

SBA Business Plan Template

Use our free and fully customizable SBA business plan template to get started when writing a successful proposal for an SBA loan.

Cleaning Business Plan Template

Discover a hassle-free way to document a roadmap for your cleaning business with this free business plan template.

Real Estate Business Plan Template

Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.

Trucking Business Plan Template

Empower your journey to success with our trucking business plan template, designed as a valuable tool to organize the essentials of your trucking business.

Food Truck Business Plan Template

Find a fully customizable, free food truck business plan template that helps you create an effective proposal for interested investors.

Simple Business Plan Template

This simple business plan template walks you through the stages of establishing a successful business or seeking funding.

Solar Farm Business Plan

Give your solar farm business the best start by creating a professional business plan to keep your company on the right track.

Ecommerce Business Plan Template

This Ecommerce Business Plan Template is tailored particularly to e-commerce companies, and all you require to do is add the elements related to your business.

Accounting Firm Business Plan

Use this Accounting Firm Business Plan to achieve your goals. Accounting firms are comparable to other industries and need the Business Plan to help their development.

Campground Business Plan Template

This PandaDoc Campground Business Plan Template has all the essential information to help you develop a successful business strategy.

Firewood Business Plan

This Firewood Business Plan Template perfectly outlines the company structure of a probable firewood venture. It highlights the budgets needed to start and manage the unique business.

Funeral Home Business Plan

A Funeral Home Business Plan covers detailed data on the courtesies offered by the company, market analysis, administration strategies, personnel procedures, budget and financing plans, and other applicable topics.

Community Center Business Plan

You can use this Community Center Business Plan Template, it is perfect for anyone desiring to open and run a society center. It gives the center’s owner an outline of areas that must be disseminated with the investors to earn an acquisition.

Gas Station Business Plan

Take the first step towards success in the fuel industry with our professionally crafted Gas Station Business Plan template.

Beauty Supply Store Business Plan

This Beauty Supply Store Business Plan Template covers all the appropriate sections needed to invest in a beauty supply store. The template will help you to raise money for your business.

Flower Shop Business Plan Template

The Flower Shop Business Plan Template is organized to help you achieve the awareness of various investors to invest in your company.

Electrical Contractor Business Plan

This Electrical Contractor Business Plan template include information about the services you offer, who your target consumers are, why they should prefer you over your opponents and how much capital you require to get started.

Car Dealership Business Plan

A Car Dealership Business Plan is a detailed plan that will help you take your business to the next level. Use this template to create your plan.

Farm Business Plan

Farm Business Plan gives an overview of the company, including corporation history, owner backgrounds, creations and more. Use this template to quickly develop your farm company plan.

Consultant Business Plan Template

An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.

Construction Company Business Plan

The objectives and tactics of a construction company are described in a business plan for a construction company. For the creation of your business plan, use this Construction Company Business Plan Template.

Fashion Business Plan Template

Structural and action plans for a fashion firm are laid out in the fashion business plan template.

Daycare Business Plan

The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.

Convenience Store Business Plan

Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.

Startup Business Plan Template

We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.

Business Plan Template

This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.

What is a business plan?

A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.

Typically, a good business plan consists of the following:

• Executive summary
• Company description
• Mission statement
• Product and services
• Marketing plan
• Operations plan
• Management organization
• Financial plan
• Conclusion & appendix

Every section involved in a business plan is designed to help startup businesses reach their target market.

A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.

However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.

Should I use a business plan template?

Yes.  If you’ve never written one, a business plan can be challenging to write.

Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.

However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.

Business plan templates for free

Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.

Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.

Grab a free template to get started!

Frequently asked questions

How many pages should my business plan be.

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Who needs a business plan?

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

What is the best business plan template?

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Should I hire someone to write my business plan for me?

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee.  These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

Those ideas and guiding principles aren’t something you can outsource.

Should I use business planning software?

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Get started with PandaDoc today

How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

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

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

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

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

Download Free

All fields are required.

You're all set!

Click this link to access this resource at any time.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

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BUSINESS STRATEGIES

How to write a business plan in 7 easy to follow steps

• Amanda Bellucco Chatham

Creating a successful business is about more than launching a business website or hanging a shingle on your front door. It requires a well-crafted plan that keeps you on track, anticipates obstacles and acts as a concrete roadmap for launching or improving your small business.

Business planning allows you to clarify your vision while providing information to both intrigue and reassure potential investors. The process may seem daunting, but creating a business plan isn’t difficult—and templates like the one below can help simplify the process even further.

Ready to launch your business? Create a website today.

What is a business plan?

A business plan is used by small business owners and entrepreneurs when starting a new business venture. It’s a strategic document that outlines the goals, objectives and strategies of your new or expanding business, including the company's vision, target market, financial projections and operational plans.

A business plan can attract potential partners, convince investors and banks to help you raise capital, and serve as a resource for future growth. Most importantly, you’ll be able to use your business plan as a roadmap for how to structure, operate and manage your new venture, whether it’s a sole proprietorship, a partnership or something larger.

Who needs a business plan?

Every business owner needs a business plan. They’re an essential tool for any person or entity interested in starting a business . There are many benefits, including:

Defining your business idea

Clarifying the market and competitive landscape

Outlining your marketing strategy

Stating your value proposition

Identifying/anticipating potential risks

Seeking investments from banks and other sources

Setting benchmarks, goals and key performance indicators (KPIs)

A business plan also gives you a way to assess the viability of a business before investing too much time or money into it. While all business involves risk, taking the time to create a plan can help mitigate fallout and avoid potentially costly mistakes.

When creating a business plan, it's important to establish your business goals up front and be prepared to spend time researching the market, performing a competitor analysis and understanding your target market .

How to write a business plan in 7 steps

In terms of types of business plans , there are two main formats to choose from: traditional and lean. Here we'll rundown the most traditional plan first, while touching on how to write a more lean business plan for a startup.

A traditional business plan includes every detail and component that defines a business and contributes to its success. It's typically a sizable document of about 30 to 50 pages. Here are the steps to creating one.

Executive summary

Company description, market analysis, organization and management, service or product line, marketing and sales strategies, financial projections and funding requests, 01. executive summary.

Your executive summary should contain a high-level overview of everything included in the plan. It generally provides a short explanation of your business and its goals (e.g., your elevator pitch ). Many authors like to write this section last after fleshing out the sections below.

02. Company description

A company description should include essential details like your business name, the names of your founders, your locations and your company’s mission statement .

Briefly describe your core services (or products if you’re writing an eCommerce business plan ), but don't go into too much detail since you’ll elaborate on this in the service/product section.

Wix offers some helpful mission statement examples if you get stuck. It’s also a good idea to create a vision statement . While your mission statement clarifies your company’s purpose, a vision statement outlines what you want your company to achieve over time.

03. Market analysis

One of the most extensive sections of the business plan, this section requires that you conduct market research and write your conclusions. Include findings for the following: industry background, a SWOT analysis , barriers/obstacles, target market and your business differentiators.

04. Organization and management

This is where you outline how your business is structured and who's in charge, including founders, executive team members, board members, employees and key stakeholders. To this end, it can be helpful to create a visual layout (e.g., org chart) to illustrate your company structure.

05. Service or product line

Create a detailed list of your current and future products and services. If you’re still working on your idea, create a concept statement to describe your idea or product. You should also include a proof of concept (POC), which demonstrates the feasibility of your idea. Wherever applicable, include diagrams, product images and other visual components to illustrate the product life cycle.

06. Marketing and sales strategies

Detail how your business idea translates into selling and delivering your offerings to potential customers. You can start by outlining your brand identity, which includes the colors and fonts you plan to use, your marketing and advertising strategy, and details about planned consumer touchpoints (like your website, mobile app or physical storefront).

07. Financial projections and funding requests

Include financial statements, such as a balance sheet, profit-and-loss statement (P&L), cash flow statement and break-even analysis. It's not uncommon for a business plan to include multiple pages of financial projections and information. You’ll also want to mention how much funding you seek and what you plan to do with it. If you’ve already secured funding, provide details about your investments.

Lean startup business plan format

A lean startup business plan—also referred to as a “lean canvas”—is presented as a problem/solution framework that provides a high-level description of your business idea. A lean plan is a single-page document that provides a basic overview of the most essential aspects of your business. It’s a good way to dip a toe into business planning since it doesn't require the same level of detail as a traditional plan. This includes:

Problem: What problem does your product or service solve, or what need does it fulfill?

Solution: How do you intend to solve it?

Unique value proposition (UVP): Why should people use your product or service versus someone else’s?

Unfair advantage: What do you have that other companies don’t?

Customers: Who are your ideal customers?

Channels: How will those customers find you?

Key metrics: How do you define success? How will you track and measure it?

Revenue streams: How will your business make money?

Cost structure: What will you spend money on (fixed and variable costs)?

Sample business plan for a small business

Want to see what a business plan should look like? We've put together this sample plan, for a beauty business to show you.

Our beauty studio, aims to establish a luxury beauty salon in a prime location, offering a range of premium beauty services and products to cater to upscale clientele. With a focus on exceptional customer service, professional expertise and a relaxing atmosphere, ABC Beauty Studio seeks to become a top destination for people seeking high-quality treatments and personalized care.

Our beauty studio will be a full-service salon offering a variety of beauty services, including skincare treatments, hair styling, makeup services and nail care. Our team of experienced beauty professionals will provide customized solutions to meet each client's unique needs and preferences. The salon will feature a modern and elegant design to create a luxurious and tranquil environment for clients to relax and rejuvenate.

The beauty industry is a thriving market with a growing demand for quality beauty services and products. The target market for our beauty studio includes affluent individuals who value premium beauty experiences and are willing to invest in high-end treatments. The salon's strategic location in a busy shopping district with high foot traffic and visibility will help attract a steady flow of clientele.

ABC Beauty Studio will be led by a team of seasoned beauty professionals with expertise in various areas of the industry, including skincare, haircare, makeup, and business management. The management team will focus on delivering exceptional service, fostering a positive work culture, and implementing effective operational strategies to ensure the salon's success.

Our service line will include facial treatments, haircuts and styling, bridal makeup, manicures and pedicures, waxing services and retail products from top beauty brands. We will also offer personalized beauty consultations to help clients create customized beauty routines and achieve their desired look.

Our beauty studio will implement a multi-faceted marketing approach, including social media campaigns, influencer partnerships, local advertising and promotional events to build brand awareness and attract new clients. We'll also focus on building customer loyalty through loyalty programs, referral incentives, and exclusive promotions.

Initial funding of $200,000 is sought to cover start-up costs, including leasehold improvements, equipment purchases, inventory, marketing expenses, and working capital. Financial projections indicate a steady revenue growth over the first three years, with a focus on achieving profitability by the end of year 2. Sales are forecasted to increase through the expansion of services, repeat business, and targeted marketing initiatives. Continued funding may be required for future growth and expansion plans, including additional locations and service offerings.

Download Wix’s free business plan template

Creating a successful business plan is no easy feat. That’s why we’ve put together a simple, customizable, and free-to-download business plan template that takes the guesswork out of getting started. Use it to create a new business plan or to refresh an existing one.

What are the main benefits of writing a business plan?

Writing a business plan offers a range of benefits that can significantly impact the success and sustainability of a business. Here are the main advantages of creating a well-thought-out one:

Clarity and focus: A business plan helps clarify your company's mission, vision, goals, and strategies, providing a clear roadmap for your business's direction and focus. This can be what takes your business idea from just an idea, to an actual business so it's important.

Strategic planning : It enables the identification of strengths, weaknesses, opportunities and threats (SWOT analysis), allowing for informed decision-making, effective resource allocation and proactive risk management. When running a business, the more prepared you are for any eventuality, the more successful you're likely to be long term — a business plan helps you plot the potential risks or downturns.

Goal setting: Writing a business plan helps set measurable objectives, timelines, and key performance indicators (KPIs) to track progress and evaluate the business's performance against targets.

Communication and alignment: A business plan serves as a communication tool to share the company's vision, objectives, and strategies with stakeholders, employees, investors and partners, ensuring alignment and shared understanding.

Attracting funding and investment : Investors, lenders and potential partners often require a detailed business plan to assess the viability, potential return on investment, and growth prospects of the business.

Continuous improvement: Regularly reviewing and updating the business plan facilitates ongoing evaluation, adjustment and improvement of strategies, operations, and goals to adapt to changing market conditions and drive long-term success.

Tips for filling out your business plan

The hardest part of a journey is always the first step, or so the saying goes. Filling out your business plan can be daunting, using a template helps and we would always recommend doing that.

Remember also, these are best practices—they’re not rules. Do what works for you. The main thing to remember is that these tips can help you move more easily through the planning process, so that you can advance onto the next (exciting) step, which is launching your business.

Consider your goals

What's the purpose of your business? Are you looking to expand, launch a new product line or fund a specific project? Identifying your goals helps you prioritize important information in your business plan.

Fill out what you can

You may already have a vague—or specific—idea of what you want your business to achieve. Go through each section of the template and fill out what you can. We suggest leaving the executive summary blank for now, since it'll be the last thing you write. At the same time be realistic, even though this document is meant to serve as a marketing tool for potential investors, don't exaggerate any numbers or make any false promises.

Dig into the research

Nothing's more motivating than getting some intel about your competitors and your market. If you're truly stuck, a little research can help motivate you and provide valuable insight about what direction to take your business. For example, if you plan to start a landscaping business, learn about the specific pricing offered in your area so that you can differentiate your services and potentially offer better options.

Get help from others

Bouncing your ideas off a friend, mentor or advisor is a great way to get feedback and discover approaches or products to incorporate into your plan. Your network can also give you valuable insight about the industry or even about potential customers. Plus, it's nice to be able to talk through the challenges with someone who understands you and your vision.

Revise and review your business plan

Once complete, step back from your plan and let it "cook." In a day or two, review your plan and make sure that everything is current. Have other people review it too, since having another set of eyes can help identify areas that may be lacking detail or need further explanation.

Once you’ve completed your business plan template, it can become a meaningful resource for developing your mission statement, writing business proposals and planning how to move forward with the marketing, distribution and growth of your products and services.

After launch, you can also analyze your value chain to identify key factors that create value for your customers and maximum profitability for you. This can help you develop a more effective business plan that considers the entire value chain, from research and development to sales and customer support.

Business plan template FAQ

What is the easiest way to write a business plan.

The easiest way to write a business plan is to utilize a template. Templates provide a structured format and guide you through each section, simplifying the process of creating a comprehensive plan.

Is there a template for how to write a business plan?

What are the 7 essential parts of a business plan, related posts.

How to create a plumbing business plan (with templates)

How to create a virtual assistant business plan

How to create a defensible eCommerce business plan

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How To Write A Business Plan: A Comprehensive Guide

The Startups Team

How To Write A Business Plan: A Comprehensive Guide

A comprehensive, step-by-step guide - complete with real examples - on writing business plans with just the right amount of panache to catch an investor's attention and serve as a guiding star for your business.

Introduction to Business Plans

So you've got a killer startup idea. Now you need to write a business plan that is equally killer.

You fire up your computer, open a Google doc, and stare at the blank page for several minutes before it suddenly dawns on you that,  Hm…maybe I have no idea how to write a business plan from scratch after all.

Don't let it get you down. After all, why would you know anything about business planning? For that very reason we have  4 amazing business plan samples  to share with you as inspiration.

For most founders,  writing a business plan  feels like the startup equivalent of homework. It's the thing you know you have to do, but nobody actually wants to do.

Here's the good news: writing a business plan doesn't have to be this daunting, cumbersome chore.

Once you understand the fundamental questions that your business plan should answer for your readers and how to position everything in a way that compels your them to take action, writing a business plan becomes way more approachable.

Before you set fingers to the keyboard to turn your business idea into written documentation of your organizational structure and business goals, we're going to walk you through the most important things to keep in mind (like company description, financials, and market analysis, etc.) and to help you tackle the writing process confidently — with plenty of real life business plan examples along the way to get you writing a business plan to be proud of!

Keep It Short and Simple.

There's this old-school idea that business plans need to be ultra-dense, complex documents the size of a doorstop because that's how you convey how serious you are about your company.

Not so much.

Complexity and length for complexity and length's sake is almost never a good idea, especially when it comes to writing a business plan. There are a couple of reasons for this.

1. Investors Are Short On Time

If your chief goal is using your business plan to secure funding, then it means you intend on getting it in front of an investor. And if there's one thing investors are, it's busy. So keep this in mind throughout writing a business plan.

Investors wade through hundreds of business plans a year. There's no version of you presenting an 80-page business plan to an investor and they enthusiastically dive in and take hours out of their day to pour over the thing front to back.

Instead, they're looking for you to get your point across as quickly and clearly as possible so they can skim your business plan and get to the most salient parts to determine whether or not they think your opportunity is worth pursuing (or at the very least initiating further discussions).

You should be able to refine all of the key value points that investors look for to 15-20 pages (not including appendices where you will detail your financials). If you find yourself writing beyond that, then it's probably a case of either over explaining, repeating information, or including irrelevant details in your business plan (you don't need to devote 10 pages to how you're going to set up your website, for example).

Bottom line: always be on the lookout for opportunities to “trim the fat" while writing a business plan (and pay special attention to the executive summary section below), and you'll be more likely to secure funding.

2. Know Your Audience

If you fill your business plan with buzzwords, industry-specific jargon or acronyms, and long complicated sentences, it might make sense to a handful of people familiar with your niche and those with superhuman attention spans (not many), but it alienates the vast majority of readers who aren't experts in your particular industry. And if no one can understand so much as your company overview, they won't make it through the rest of your business plan.

Your best bet here is to use simple, straightforward language that's easily understood by anyone — from the most savvy of investor to your Great Aunt Bertha who still uses a landline.

How To Format Your Business Plan

You might be a prodigy in quantum mechanics, but if you show up to your interview rocking cargo shorts and lime green Crocs, you can probably guess what the hiring manager is going to notice first.

In the same way,  how  you present your business plan to your readers equally as important as what you present to them. So don't go over the top with an extensive executive summary, or get lazy with endless bullet points on your marketing strategy.

If your business plan is laden with inconsistent margins, multiple font types and sizes, missing headings and page numbers, and lacks a table of contents, it's going to create a far less digestible reading experience (and totally take away from your amazing idea and hours of work writing a business plan!)

While there's no one  right  way to format your business plan, the idea here is to ensure that it presents professionally. Here's some easy formatting tips to help you do just that.

If your margins are too narrow, it makes the page look super cluttered and more difficult to read.

A good rule of thumb is sticking to standard one-inch margins all around.

Your business plan is made up of several key sections, like chapters in a book.

Whenever you begin a section (“Traction” for example) you'll want to signify it using a header so that your reader immediately knows what to expect from the content that follows.

This also helps break up your content and keep everything nice and organized in your business plan.

Subheadings

Subheadings are mini versions of headings meant to break up content within each individual section and capture the attention of your readers to keep them moving down the page.

In fact, we're using sub-headers right now in this section for that very purpose!

Limit your business plan to two typefaces (one for headings and one for body copy and subheadings, for example) that you can find in a standard text editor like Microsoft Word or Google Docs.

Only pick fonts that are easy to read and contain both capital and lowercase letters.

Avoid script-style or jarring fonts that distract from the actual content. Modern, sans-serif fonts like Helvetica, Arial, and Proxima Nova are a good way to go.

Keep your body copy between 11 and 12-point font size to ensure readability (some fonts are more squint-inducing than others).

You can offset your headings from your body copy by simply upping the font size and by bolding your subheadings.

Sometimes it's better to show instead of just tell.

Assume that your readers are going to skim your plan rather than read it word-for-word and treat it as an opportunity to grab their attention with color graphics, tables, and charts (especially with financial forecasts), as well as product images, if applicable.

This will also help your reader better visualize what your business model is all about.

Need some help with this?

Our  business planning wizard  comes pre-loaded with a modular business plan template that you can complete in any order and makes it ridiculously easy to generate everything you need from your value proposition, mission statement, financial projections, competitive advantage, sales strategy, market research, target market, financial statements, marketing strategy, in a way that clearly communicates your business idea.

Refine Your Business Plans. Then Refine Them Some More.

Your business isn't static, so why should your business plan be?

Your business strategy is always evolving, and so are good business plans. This means that the early versions of your business plans probably won't (and shouldn't be) your last. The details of even even the best business plans are only as good as their last update.

As your business progresses and your ideas about it shift, it's important revisit your business plan from time to time to make sure it reflects those changes, keeping everything as accurate and up-to-date as possible. What good is market analysis if the market has shifted and you have an entirely different set of potential customers? And what good would the business model be if you've recently pivoted? A revised business plan is a solid business plan. It doesn't ensure business success, but it certainly helps to support it.

This rule especially holds true when you go about your market research and learn something that goes against your initial assumptions, impacting everything from your sales strategy to your financial projections.

At the same time, before you begin shopping your business plan around to potential investors or bankers, it's imperative to get a second pair of eyes on it after you've put the final period on your first draft.

After you run your spell check, have someone with strong “English teacher skills” run a fine-tooth comb over your plan for any spelling, punctuation, and grammatical errors you may have glossed over. An updated, detailed business plan (without errors!) should be constantly in your business goals.

More than that, your trusty business plan critic can also give you valuable feedback on how it reads from a stylistic perspective. While different investors prefer different styles, the key here is to remain consistent with your audience and business.

Writing Your Business Plan: A Section-By-Section Breakdown

We devoted an entire article carefully breaking down the  key components of a business plan  which takes a comprehensive look of what each section entails and why.

If you haven't already, you should check that out, as it will act as the perfect companion piece to what we're about to dive into in a moment.

For our purposes here, we're going to look at a few real world business plan examples (as well as one of our own self-penned “dummy” plans) to give you an inside look at how to position key information on a section-by-section basis.

1. Executive Summary

Quick overview.

After your Title Page — which includes your company name, slogan (if applicable), and contact information — and your Table of Contents, the Executive Summary will be the first section of actual content about your business.

The primary goal of your Executive Summary is to provide your readers with a high level overview of your business plan as a whole by summarizing the most important aspects in a few short sentences. Think of your Executive Summary as a kind of “teaser” for your business concept and the information to follow — information which you will explain in greater detail throughout your plan. This isn't the place for your a deep dive on your competitive advantages, or cash flow statement. It is an appropriate place to share your mission statement and value proposition.

Executive Summary Example

Here's an example of an Executive Summary taken from a sample business plan written by the Startups.com team for a fictional company called Culina. Here, we'll see how the Executive Summary offers brief overviews of the  Product ,  Market Opportunity ,  Traction , and  Next Steps .

Culina Tech specializes in home automation and IoT technology products designed to create the ultimate smart kitchen for modern homeowners.

Our flagship product, the Culina Smart Plug, enables users to make any kitchen appliance or cooking device intelligent. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices that can be controlled and monitored remotely right from your smartphone.

The majority of US households now spend roughly 35% of their energy consumption on appliances, electronics, and lighting.  With the ability to set energy usage caps on a daily, weekly or monthly basis, Culina helps homeowners stay within their monthly utility budget through more efficient use of the dishwasher, refrigerator, freezer, stove, and other common kitchen appliances.

Additionally, 50.8% of house fires are caused in the kitchen — more than any other room in the home — translating to over $5 billion in property damage costs per year.  Culina provides the preventative intelligence necessary to dramatically reduce kitchen-related disasters and their associated costs and risk of personal harm.

Our team has already completed the product development and design phase, and we are now ready to begin mass manufacturing. We've also gained a major foothold among consumers and investors alike, with 10,000 pre-ordered units sold and $5 million in investment capital secured to date.

We're currently seeking a $15M Series B capital investment that will give us the financial flexibility to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2018 holiday season.

2. Company Synopsis

Your Company Synopsis section answers two critically important questions for your readers: What painful  PROBLEM  are you solving for your customers? And what is your elegant  SOLUTION  to that problem? The combination of these two components form your value proposition.

Company Synopsis Example

Let's look at a real-life company description example from  HolliBlu * — a mobile app that connects healthcare facilities with local skilled nurses — to see how they successfully address both of these key aspects.  *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

Notice how we get a crystal clear understanding of why the company exists to begin with when they set up the  problem  — that traditional nurse recruitment methods are costly, inconvenient, and time-consuming, creating significant barriers to providing quality nursing to patients in need.

Once we understand the painful problem that HolliBlu's customers face, we're then directly told how their  solution  links back directly to that problem — by creating an entire community of qualified nurses and directly connecting them with local employers more cost-effectively and more efficiently than traditional methods.

3. Market Overview

Your Market Overview provides color around the industry that you will be competing in as it relates to your product/service.

This will include statistics about industry size, [growth](https://www.startups.com/library/expert-advice/the-case-for-growing-slowly) rate, trends, and overall outlook. If this part of your business plan can be summed up in one word, it's  research .

The idea is to gather as much raw data as you can to make the case for your readers that:

This is a market big enough to get excited about.

You can capture a big enough share of this market to get excited about.

Target Market Overview Example

Here's an example from HolliBlu's business plan:

HolliBlu's Market Overview hits all of the marks — clearly laying out the industry size ($74.8 billion), the Total Addressable Market or TAM (3 million registered nurses), industry growth rate (581,500 new RN jobs through 2018; $355 billion by 2020), and industry trends (movement toward federally-mandated compliance with nurse/patient ratios, companies offering sign-on bonuses to secure qualified nurses, increasing popularity of home-based healthcare).

4. Product (How it Works)

Where your Company Synopsis is meant to shed light on why the company exists by demonstrating the problem you're setting out to solve and then bolstering that with an impactful solution, your Product or How it Works section allows you to get into the nitty gritty of how it actually delivers that value, and any competitive advantage it provides you.

Product (How it Works) Example

In the below example from our team's Culina sample plan, we've divided the section up using subheadings to call attention to product's  key features  and how it actually works from a user perspective.

This approach is particularly effective if your product or service has several unique features that you want to highlight.

5. Revenue Model

Quite simply, your Revenue Model gives your readers a framework for how you plan on making money. It identifies which revenue channels you're leveraging, how you're pricing your product or service, and why.

Revenue Model Example

Let's take a look at another real world business plan example with brewpub startup  Magic Waters Brewpub .*

It can be easy to get hung up on the financial aspect here, especially if you haven't fully developed your product yet. And that's okay. *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

The thing to remember is that investors will want to see that you've at least made some basic assumptions about your monetization strategy.

6. Operating Model

Your Operating Model quite simply refers to how your company actually runs itself. It's the detailed breakdown of the processes, technologies, and physical requirements (assets) that allow you to deliver the value to your customers that your product or service promises.

Operating Model Example

Let's say you were opening up a local coffee shop, for example. Your Operating Model might detail the following:

Information about your facility (location, indoor and outdoor space features, lease amount, utility costs, etc.)

The equipment you need to purchase (coffee and espresso machines, appliances, shelving and storage, etc.) and their respective costs.

The inventory you plan to order regularly (product, supplies, etc.), how you plan to order it (an online supplier) and how often it gets delivered (Mon-Fri).

Your staffing requirements (including how many part or full time employees you'll need, at what wages, their job descriptions, etc.)

In addition, you can also use your Operating Model to lay out the ways you intend to manage the costs and efficiencies associated with your business, including:

The  Critical Costs  that make or break your business. In the case of our coffee shop example, you might say something like,

“We're estimating the marketing cost to acquire a customer is going to be $25.  Our average sale is $45.  So long as we can keep our customer acquisition costs below $25 we will have enough margin to grow with.”

Cost Maturation & Milestones  that show how your Critical Costs might fluctuate over time.

“If we sell 50 coffees a day, our average unit cost will be $8 on a sale of $10.  At that point we're barely breaking even. However as we scale up to 200 coffees a day, our unit costs drop significantly to $4, creating a 100% increase in net income.”

Investment Costs  that highlight strategic uses of capital that will have a big Return on Investment (ROI) later.

“We're investing $100,000 into a revolutionary new coffee brewing system that will allow us to brew twice the amount our current output with the same amount of space and staff.”

Operating Efficiencies  explaining your capability of delivering your product or service in the most cost effective manner possible while maintaining the highest standards of quality.

“By using energy efficient Ecoboilers, we're able to keep our water hot while minimizing the amount of energy required. Our machines also feature an energy saving mode. Both of these allow us to dramatically cut energy costs.”

7. Competitive Analysis

Like the Market Overview section, you want to show your readers that you've done your homework and have a crazy high level of awareness about your current competitors or any potential competitors that may crop up down the line for your given business model.

When writing your Competitive Analysis, your overview should cover  who  your closest competitors are, the chief  strengths  they bring to the table, and their biggest  weaknesses .

You'll want to identify at least 3 competitors — either direct, indirect, or a combination of the two. It's an extremely important aspect of the business planning process.

Competition Analysis Example

Here's an example of how HolliBlu lays out their Competitive Analysis section for just one of their competitors, implementing each of the criteria noted above:

8. Customer Definition

Your Customer Definition section allows you to note which customer segment(s) you're going after, what characteristics and habits each customer segment embodies, how each segment uniquely benefits from your product or service, and how all of this ties together to create the ideal portrait of an actual paying customer, and how you'll cultivate and manage customer relationships.

Customer Definition Example

HolliBlu's Customer Definition section is effective for several reasons. Let's deconstruct their first target market segment, hospitals.

What's particularly successful here is that we are explained why hospitals are optimal buyers.

They accomplish this by harkening back to the central problem at the core of the opportunity (when hospitals can't supply enough staff to meet patient demands, they have to resort on costly staffing agencies).

On top of that, we are also told how  big  of an opportunity going after this customer segment represents (5,534 hospitals in the US).

This template is followed for each of the company's 3 core customer segments. This provides consistency, but more than that, it emphasizes how diligent research reinforces their assumptions about who their customers are and why they'd open their wallets. Keep all of this in mind when you are write your own business plan.

9. Customer Acquisition

Now that you've defined who your customers are for your readers, your Customer Acquisition section will tell them what marketing and sales strategy and tactics you plan to leverage to actually reach the target market (or target markets) and ultimately convert them into paying customers.

marketing Strategy Example

Similar to the exercise you will go through with your Revenue Model, in addition to identifying  which  channels you're pursuing, you'll also want to detail all of relevant costs associated with your customer acquisition channels.

Let's say you spent $100 on your marketing plan to acquire 100 customers during 2018. To get your CAC, you simply divide the number of customers acquired by your spend, giving you a $1.00 CAC.

10. Traction

This one's huge. Traction tells investors one important thing: that you're business has momentum. It's evidence that you're making forward progress and hitting milestones. That things are happening. It's one of the most critical components of a successful business plan.

Why is this so important? Financial projections are great and all, but if you can prove to investors that your company's got legs before they've even put a dime into it, then it will get them thinking about all the great things you'll be able to accomplish when they do bankroll you.

Traction Example

In our Culina Traction section, we've called attention to several forms of traction, touching on some of the biggest ones that you'll want to consider when writing your own plan.

Have I built or launched my product or service yet?

Have I reached any customers yet?

Have I generated any revenue yet?

Have I forged any strategic industry relationships that will be instrumental in driving growth?

The key takeaway here: the more traction you can show, the more credibility you build with investors. After all, you can't leave it all on market analysis alone.

11. Management Team

Here's what your Management Team section isn't: it's not an exhaustive rundown of each and every position your team members have held over the course of their lives.

Instead, you should tell investors which aspects of your team's experience and expertise directly translates to the success of  this  company and  this  industry.

In other words, what applicable, relevant background do they bring to the table?

Management Team Example

Let's be real. The vast majority of startup teams probably aren't stacked with Harvard and Stanford grads. But the thing to home in on is how the prior experience listed speaks directly to how it qualifies that team member's current position.

The word of the day here is relevancy. If it's not relevant, you probably don't need to include it in your typical business plan.

12. Funding

Funding overview.

The ask! This is where you come out and, you guessed it,  ask  your investors point blank how much money you need to move your business forward, what specific milestones their investment will allow you to reach, how you'll allocate the capital you secure, and what the investor will get in exchange for their investment.

You can also include information about your  exit strategy  (IPO, acquisition, merger?).

Funding Example

While we've preached against redundancy in your business plan, an exception to the rule is using the Funding section to offer up a very brief recap that essentially says, “here are the biggest reasons you should invest in my company and why it will ultimately benefit you.”

13. Financials

Spreadsheets and numbers and charts, oh my! Yes, it's everybody's “favorite” business plan section: Financials.

Your Financials section will come last and contain all of the forecasted numbers that say to investors that this is a sound investment. This will include things like your sales forecast, expense budget, and break-even analysis. A lot of this will be assumptions, or estimates.

The key here is keeping those estimates as realistic as humanly possible by breaking your figures into components and looking at each one individually.

Financials Example

The balance sheet above illustrates the business' estimated net worth over a three-year period by summarizing its assets (tangible objects owned by the company), liabilities (debt owed to a creditor of the company), and shareholders' equity (source of financing used to fund the assets).

In plain words, the balance sheet is basically a snapshot of your business' financial status by laying out what you own and owe, helping investors determine the level of risk involved and giving them a good understanding of the financial health of the business.

If you're looking to up your game from those outdated Excel-style spreadsheets,  our business planning software  will help you create clean, sleek, modern financial reports the modern way. Plus, it's as easy to use as it is attractive to look at. You might even find yourself enjoying financial projections, building a cash flow statement, and business planning overall.

You've Got This!

You've committed to writing your business plan and now you've got some tricks of the trade to help you out along the way. Whether you're applying for a business loan or seeking investors, your well-crafted business plan will act as your Holy Grail in helping take your business goals to the next plateau.

This is a ton of work. It's not a few hours and a free business plan template. It's not just a business plan software. We've been there before. Writing your [business plan](https://www.startups.com/library/expert-advice/top-4-business-plan-examples) is just one small step in startup journey. There's a whole long road ahead of you filled with a marketing plan, investor outreach, chasing venture capitalists, actually getting funded, and growing your business into a successful company.

And guess what? We've got helpful information on all of it — and all at your disposal! We hope this guides you confidently on how to write a business plan worth bragging about.

Ronald Calderon

Great info for feedback my current business plan!

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Put your ideas to work with simple templates for every business plan

Every successful business took a lot of planning to get there, and these templates will be cornerstones of your future success. Whether you're looking to attract new business, pitch your services or reimagine your company, with these simple, customizable templates at your fingertips you can turn complexity into something tangible. These templates can become marketing assets or simply remain internal touchpoints for your team. And as your dreams change, you'll always have this template to refer to – it's easy to change what exists on paper. If you're a small business, focusing on your niche can help you dominate in your field, and you can forge a plan to figure out exactly what that niche might be and how to target your ideal customer . When it's time to share your vision with stakeholders, craft a presentation that outlines your plan succinctly and with style. Let these templates from Microsoft Designer be your partner in business strategy for years to come.

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• An introduction to business plans
• The benefits of a business plan
• What should your business plan include?
• Presenting your vision
• Ongoing business planning
• Contact Business Gateway advisers

1. An introduction to business plans

Whether you’re starting a business or already running one, creating a business plan is key.

We recognise that starting a business plan can be daunting when you’re facing a blank piece of paper. That’s why we’ve developed a template of a business plan structure for you to use, along with a handy guide to take you through every section of the document. The guides ask explicit questions, designed to help you collate all the business information you need to develop a full and comprehensive plan of action. Once you understand how to make a business plan, you’ll see the benefits of having these key pieces of information collated.

2. The benefits of a business plan

Externally, there are many key benefits to creating and managing a solid business plan. Primarily, it can help secure finance, funding and measure success. It does this by giving you a clear way to present other stakeholders such as lenders, investors and potential partners with your business plan outline, your aims and how you’ll achieve them.

And it also has benefits internally. Such as helping you spot potential pitfalls before they happen, efficient finance structuring, developing your business and measuring your success.

For more information, download our Business Plan Guide.

3. What should your business plan include?

When creating a business plan, it should include:

• An outline of your business, its aims and objectives and whatever products or services you provide – this is called an executive summary.
• An overview of the market in which you operate.
• Who is involved in your business.
• Your short term and longer-term objectives.
• Your resources and any need for external funding.
• Your strategies for selling your product/service.
• Your strategies for marketing your product/service.
• Financial forecasts.

For more information, download our Business Plan Template.

4. Presenting your vision

You want your plan to make an impact and leave a positive impression.

Keep it short and concise. Make it readable and confident.

Keep the presentation professional.

Clearly describe what your business does and set out your vision for your business. This includes who you are, what you do, what you have to offer and what the market you’re entering looks like. See our Market Reports for more information . Make sure your plan is realistic. Once you have prepared your plan, use it. If you update it regularly, it will help you keep track of your business' development.

5. Ongoing business planning

As your business grows and changes, your business plan should become a business growth plan. Although it might seem like more work, it follows the same business plan structure as your original and will keep your business on the right track, help avoid unpleasant surprises, enable you to be more flexible, and help you adapt to changing circumstances. And we all know that change is inevitable – whether that be the market, your employees, the political climate, or your personal circumstances.

It’s called the business planning cycle. How you choose to handle it is up to you and what’s right for your business. It could be monthly, quarterly or every six months, and you can decide which key people you want to be involved. However, we recommend an ongoing process that keeps you on top of everything. By regularly assessing your performance against the plans and targets you’ve set, you’re more likely to reach the goals in your business growth plan. See our setting targets and key performance indicators guide for more information.

6. Contact Business Gateway advisers

Our two downloads will help you in creating a business plan, and completing it to the best of your ability. You can also get in contact with your local Business Gateway office and our Advisers will be able to provide further guidance such as refine your business plan and discuss development plans.

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How to Write a Business Plan 101 This guide to writing a business plan will outline the most important parts and what should be included in an effective plan.

A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one.

Business plans are inherently strategic. You start here, today, with certain resources and abilities. And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan shows how you will get from here to there.

Related: 7 Steps to a Perfectly Written Business Plan

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What should be in your business plan?

Creating a business plan is a key part of starting any business venture. Even if you’ll never use it in this format for attracting investors and raising capital, it can be vital for helping all entrepreneurs to ask and think through essential questions.

Nowadays business plans are used as an internal roadmap for the execution of the company since pitch decks have taken over when it comes to fundraising required materials.  For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel ( see it here ) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million ( see it here ).

Don’t skip this part of the process. Though, do not let it become a distraction and slow you down from creating an actual business either.

For key insights on the why, when and how to create a business plan, and emerging alternatives for startups versus small businesses, see my Forbes article on How To Create A Business Plan .

There are many variations of business plans today. Especially, with the rapid growth of lean startups. A few minutes on Google will provide plenty of free business plan template options. The following is adapted from the SCORE Association’s recommended outline of categories, which covers most of the bases for exactly what to include in your business plan.

Executive Summary

This is the most critical part of your business planning. If you never flesh out a full business plan, make sure you create a fantastic executive summary. This brings together all of the key elements of your plan and will often be the make or break document which decides whether commercial lenders or investors will have any interest in seeing the rest of your documentation or pursuing a relationship with you. For additional guidance, you may want to review the Executive Summary Template that I recently covered on Forbes as well.

Company Description

This section provides a further overview of your company now.

• The company purpose, mission and vision
• Company formation information
• Who the founders are
• Location and geographical markets served or where you have a presence
• Current status and stage of business
• Any notable achievements so far

Products & Services

List what products and services your company has been formed to create. How are you solving the main problem and are serving the community with your business?

• Definition of the core product or service
• Development stage
• Screenshots or diagrams
• Current pricing
• Past test results
• Anticipated future products and services you hope to develop and roll out

Marketing Plan

This is another section which is an absolute must-have, even if you never develop a fully fledged business plan in its entirety. This holds key information that all financiers and potential investors are going to want to know. Even if you hope to just get away with using a pitch deck to raise the capital you need.

This is also a vital guide for yourself as a founder, and for your growing team as to what needs to be done and how.

Every minute invested in this section can pay great dividends over the longer term.

• Competition and market research
• SWOT analysis (Strengths, Weaknesses, Opportunities & Threats)
• Target market research (total market size and total addressable market (TAM))
• Brand and product positioning
• Elevator pitches and tag-lines
• Target customer personas and profiles
• Results of any testing conducted so far
• Marketing channels to be used
• Marketing budget
• Estimates of cost per action (CPAs)

For further guidance on this section, you may want to review the piece on Forbes with the title How To Create A Marketing Plan . 

Operational Plan

This is your opportunity to organize and demonstrate your understanding of this industry and business.

• Facilities and space needed
• Technology needs
• Equipment needs
• Supply chain management
• Logistics and distribution plans
• Order and fulfillment processes
• Quality control checks
• Legal and accounting needs

Management & Organization

This section of your business plan will help you to identify your own needs, and demonstrate to investors and other licensing bodies and agencies that you are the team to get this job done.

It basically shows your management and industry experience and who will do what.

• Founders and executive team
• Any owners and shareholders
• Board of directors
• Consultants and special advisors
• Key team members and department heads

Financial Plan

Provide an honest snapshot of where you are and where you reasonably hope to go, providing you secure the funding you need.

• Current balance sheet
• Past 2 years’ financials if applicable
• Financial projections for 12 months, and annually through year 5
• Break even analysis
• Cash flow projections
• Income and expenses

In this section you may also be including startup cost and capitalization requirements, or funding and loan requests.

Startup costs should be thorough, have some additional cushion built in, and focus on development of physical product or intellectual property and growth. Not what you want to pay yourself as a salary.

If fundraising, be sure to include a repayment schedule for any loans, use of funds, runway to follow up fundraising rounds, and the milestones you expect to achieve by then.

Include all other information, references and required documentation here.

This will typically include:

• Articles of incorporation and status
• Resumes of founders and key team members
• Copies of insurances
• Trademarks and patent registrations
• Deeper research data or links to references

Stay Flexible

Just like your first attempt at coding a website, practicing your pitch, or riding a bike, it’s not going to be perfect. Do your best. Get outside input from an expert. Just don’t wait until you think your business plan is perfectly polished and cannot possible go any further in depth. Otherwise, chances are you will have missed your window of opportunity by a long way.

It is also crucial to understand that nothing in this document is set in stone. Pretty much everything will absolutely change over time. Roles will change, marketing will change, financial projections will change, and your product and service menu can change.

Having raised money for startups, exited them, and after interviewing many of the most successful founders and angel investors on the DealMakers Podcast , I’ve got to experience both the struggles and wins in startup life. Things change rapidly overnight and for this reason you need to adapt quickly to the market and change whatever is required. 

This is a great guide and exercise. It’s a gateway to getting to the next step. Get it done, start taking action and stay flexible.

Creating a business plan remains a valuable part of launching any new business venture. Formats and business plan templates may have evolved, and new documents like pitch decks are becoming even more important.

Though without going through this process many entrepreneurs will find they have huge gaps in their ideas and may fall short when it comes to fielding questions from serious investors. Using this template you will cover most of the bases and will be able to take the next steps with confidence.

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Non-Profit Business Plan Example: Your Guide to Success

A well-structured business plan is crucial for the success and sustainability of any non-profit organization. Despite operating as non-commercial entities, non-profits require a formalized strategy to navigate their missions effectively.

Key reasons why a business plan is essential for non-profits include:

• Mission Definition: Clarifies the organization’s purpose and the impact it aims to achieve.
• Goal Setting: Helps in establishing clear, measurable objectives to guide the organization’s efforts.
• Community Value: Demonstrates how the non-profit adds value to the community it serves.
• Financial Planning: Ensures there is a strategy in place for sustainable funding and resource allocation.
• Operational Roadmap: Provides a step-by-step guide to implementing plans and initiatives.
• Stakeholder Communication: Enhances transparency and keeps donors, volunteers, and board members informed and engaged.

Developing a comprehensive business plan is not just about meticulous planning—it’s a vital tool that facilitates the mission-driven success of non-profits.

By the end of this article, you will understand the critical components of a non-profit business plan and how to effectively create one to propel your organization’s mission forward.

• Key Takeaway: The article provides an in-depth understanding of how a well-developed business plan can drive the success of non-profit organizations.

Executive Summary

The Executive Summary serves as an integral part of any financial model or business plan. Its primary purpose is to provide a concise yet comprehensive overview of the entire document, offering key insights into your business’s financial health, strategic goals, and essential metrics. This summary enables stakeholders, such as investors, partners, and decision-makers, to quickly grasp the most critical information without delving into the detailed aspects of the plan.

Mission Statement, Vision Statement, Objectives, and Strategies

To enhance readability and provide a clear structure, the essential components of this section, including the Mission Statement, Vision Statement, Objectives, and Strategies, are presented in the table below. This format ensures that each element is easily distinguishable and can be reviewed efficiently.

Using a table format allows for a quick comparison and better understanding of each facet of your business’s foundational principles. Investors and stakeholders will appreciate this clarity and efficient presentation of information. Remember, the clearer and more organized your Executive Summary, the more likely you are to leave a lasting positive impression.

Best Practice Advice

It is often easier to write the Executive Summary after completing the rest of the financial model or business plan. This approach ensures that you have all the necessary information compiled and can distill the most vital points into your summary effectively. Including the Executive Summary at the beginning of the document, yet writing it last, can streamline your process and help encapsulate all critical elements succinctly.

By structuring your Executive Summary in a clear, professional, and reader-friendly manner, you maximize the impact of your pitch or presentation. Stakeholders can quickly apprehend the essence of your business proposal, which increases your chances of success in financial planning, fundraising, and overall strategic decision-making.

Organizational Structure: Leadership Team, Board of Directors, and Staff

A solid organizational structure is pivotal for a non-profit’s credibility and operational efficacy. It ensures that every decision-making process is streamlined, responsibilities are clearly defined, and accountability is maintained across all levels of the organization. Furthermore, a well-structured organizational framework boosts the confidence of donors, stakeholders, and beneficiaries alike, reinforcing the non-profit’s mission and vision.

Leadership Team

The leadership team plays a crucial role in steering the organization towards its goals. The following table provides an overview of the key individuals in the leadership team:

The clarity in the designation of leadership roles ensures that each team member understands their specific responsibilities and contributions towards achieving the non-profit’s objectives. This clarity is essential for fostering teamwork and driving the organization forward.

Board of Directors

The Board of Directors is responsible for governance, strategic direction, and ensuring the organization’s accountability. Below is a table detailing the board members and their roles:

Having a diverse and well-informed Board of Directors is crucial for maintaining a balanced perspective on the organization’s strategies and activities. The board ensures that all operations align with the organization’s mission while promoting transparency and accountability.

The staff are the backbone of the non-profit, carrying out day-to-day operations and initiatives. Here is an overview of the main staff members:

Each staff member’s role is integral to the success of the non-profit’s mission. Clearly defined responsibilities help ensure operational efficiency and enable the organization to meet its goals effectively.

In conclusion, a strong organizational structure is essential for a non-profit’s success. It provides a clear framework for decision-making, enhances accountability, and ensures that all team members can contribute their best towards fulfilling the organization’s mission. A well-defined structure also helps in building trust and credibility among stakeholders, which is vital for securing support and ensuring long-term sustainability.

Our Programs and Services

At eFinancialModels, we offer a diverse range of programs and services specifically designed to meet the needs of entrepreneurs, investors, consultants, and finance professionals. Our offerings are aimed at facilitating comprehensive financial planning, effective fundraising, precise valuation, structured budgeting, informed investment, and detailed feasibility analysis. Below is a detailed breakdown of our programs and services, categorized for easier navigation.

Financial Model Templates

Our financial model templates are meticulously crafted to address various business scenarios and needs. These templates can significantly streamline your financial planning and analysis, saving both time and effort.

• Startup Financial Model Templates
• Investment Analysis Templates
• Financial Planning and Forecasting Templates
• Industry-Specific Financial Models
• Valuation Model Templates

These templates provide a robust foundation for creating detailed financial reports. They simplify complex financial calculations and projections, making the process more efficient and comprehensive. By utilizing our templates, users can ensure consistency, accuracy, and professionalism in their financial documentation.

Financial Modeling Services

Our financial modeling services are tailored to offer personalized support for various financial needs. These services are executed by experienced financial analysts and are customized to meet specific client requirements.

• Custom Financial Model Development
• Financial Model Review and Validation
• Financial Advisory and Consultancy
• Feasibility Studies and Reports
• Business Valuation Services

Our expertise ensures that clients receive precise, objective, and actionable financial insights. Whether it’s developing a new financial model, validating existing models, or providing consultancy on financial strategies, our services are designed to add significant value to our clients’ financial planning processes.

Training and Workshops

We recognize the growing demand for proficient financial modeling skills. Therefore, we regularly conduct training sessions and workshops to educate and empower finance professionals, entrepreneurs, and business owners.

• Basic to Advanced Financial Modeling Training
• Excel for Finance Professionals Workshops
• Industry-Specific Financial Modeling Courses
• Online and On-site Training Sessions

These training programs aim to equip participants with the knowledge and skills required to build and analyze financial models independently. Our workshops are led by experts who bring real-world experience and practical insights to the learning environment, ensuring that participants gain relevant and applicable skills.

Alignment of Programs with Objectives

Our range of programs and services are each designed with specific objectives in mind, ensuring a perfect alignment with client needs. The table below summarizes the objectives corresponding to each program and service we offer.

The alignment of our programs and services with their respective objectives allows our clients to select the best-fit solution for their needs. Whether you are an entrepreneur looking for a start-up financial model or an investor in need of detailed investment analysis templates, our offerings are designed to meet your specific requirements efficiently and effectively. This targeted approach not only enhances the relevance and applicability of our services but also ensures maximum value for our clients.

Target Audience, Key Competitors, and Market Trends

Target audience.

At eFinancialModels.com, our target audience encompasses a wide range of professionals who are in need of robust financial modeling solutions. Understanding the needs and specific requirements of each segment is imperative for delivering tailored and effective financial model templates and services.

• Entrepreneurs – Small business owners and startup founders looking for financial planning and fundraising solutions.
• Investors – Individuals and institutional investors requiring detailed valuations and investment analyses.
• Consultants – Professional consultants who need advanced financial models for feasibility analysis and strategic planning.
• Finance Professionals – Accountants, CFOs, and financial analysts seeking tools for budgeting, forecasting, and financial management.

Our diverse target audience enables us to cater to a broad spectrum of financial modeling needs, ensuring that each group receives templates customized to their unique requirements and objectives. This approach enhances user satisfaction and positions us as a versatile resource for financial planning solutions.

Key Competitors

Understanding our key competitors is crucial for staying ahead in the market and continuously improving our offerings. Here are some main competitors in the financial modeling domain:

• Template Providers – Companies that offer a wide range of generic financial model templates.
• Financial Software Companies – Firms that specialize in financial planning and analysis software solutions.
• Consulting Firms – Professionals and agencies providing bespoke financial modeling consulting services.
• Freelancers – Independent financial modelers offering customized spreadsheet solutions.

By closely monitoring our competitors’ activities and continuously innovating our templates and services, we aim to stay ahead in the marketplace. Our commitment to quality and customization sets us apart from other providers.

Market Trends

Keeping up with market trends is vital for adapting to the changing landscape of financial modeling. The following table visualizes key market trends over the past few years, sourced from a reliable environmental sustainability report:

Understanding these market trends helps us align our product development with the current and future needs of the financial modeling industry. By doing so, we ensure that our templates remain relevant, innovative, and effective for our diverse user base.

Marketing and Outreach Strategies for Non-profits

A comprehensive marketing and outreach strategy is crucial for non-profits to enhance their visibility and maximize their impact. By effectively engaging with their audience, these organizations can better achieve their mission and goals. Below, we delve into specific strategies for Digital Marketing, Community Engagement, and Media Outreach, detailing their goals and expected outcomes.

Digital Marketing

Digital marketing is essential for non-profits to reach a broad audience, attract donors, and engage with volunteers. The key initiatives in digital marketing encompass various channels and techniques. Here are the main strategies and their respective objectives:

• Search Engine Optimization (SEO): Improve website visibility on search engines to attract organic traffic.
• Content Marketing: Create and distribute valuable content to attract and engage the target audience.
• Social Media Marketing: Build and nurture a community on social media platforms to increase awareness and engagement.
• Email Marketing: Develop personalized email campaigns to maintain donor relationships and drive donations.
• Pay-Per-Click (PPC) Advertising: Use paid advertising to target specific demographics and increase website traffic.

Digital marketing strategies enable non-profits to effectively communicate their mission, drive website traffic, and convert visitors into supporters. By implementing these strategies, organizations can expand their reach and foster a more engaged community.

Community Engagement

Engaging with the community is fundamental for non-profits to build strong relationships and encourage active participation. The following are critical community engagement initiatives with their associated goals:

• Workshops and Seminars: Provide educational opportunities to engage and inform the community.
• Volunteer Programs: Create meaningful volunteer opportunities to increase involvement and support.
• Partnerships: Collaborate with local businesses and organizations to extend the non-profit’s reach.
• Community Events: Host events to bring people together and raise awareness of the non-profit’s cause.
• Feedback Mechanisms: Implement platforms for community feedback and suggestions to improve services and engagement.

Community engagement strategies foster a sense of belonging and ownership among community members. By actively involving the community, non-profits can create a supportive and dynamic network that strengthens their operations and outreach efforts.

Media Outreach

Effective media outreach is vital for non-profits to gain public attention and credibility. Here are strategic initiatives to achieve media outreach goals:

• Press Releases: Disseminate newsworthy information to media outlets to generate coverage.
• Media Partnerships: Forge alliances with media organizations for consistent and broad coverage.
• Public Relations Campaigns: Run campaigns to enhance the non-profit’s public image and reputation.
• Guest Articles and Op-eds: Contribute thought leadership pieces to reputable publications.
• Media Kits: Develop comprehensive media kits to provide essential information to journalists.

Media outreach initiatives are instrumental in amplifying the non-profit’s voice and mission. By collaborating with media outlets and presenting a strong public image, non-profits can attract more supporters, donors, and volunteers.

Aligning Marketing Initiatives with Goals and Outcomes

The table below aligns specific marketing initiatives with their goals and expected outcomes, providing a clear view of the strategic impact:

This table helps visualize the connection between marketing initiatives and their outcomes, allowing non-profits to strategize more effectively. By aligning their efforts with specific goals, non-profits can better measure their success and adjust their strategies accordingly. This holistic approach ensures that every marketing and outreach effort contributes towards the overall mission and vision of the organization.

Effective Fundraising Strategies and Financial Planning for Non-Profits

Effective fundraising is the lifeblood of any non-profit organization. Without the proper funds, it becomes impossible to carry out vital programs, meet operational costs, and expand organizational impact. Equally important is meticulous financial planning, which ensures that every dollar raised is managed wisely to achieve maximum benefit. A well-rounded approach to fundraising and financial planning can be instrumental in securing long-term sustainability and advancing the mission of your non-profit.

Fundraising Strategies

To achieve a diverse and stable funding base, it is essential to deploy multiple fundraising strategies. These efforts can be broadly categorized into grants, donations, and events. Each type of fundraising has its unique advantages and requires tailored approaches. Below are detailed strategies for each type of fundraising:

• Identify potential grant opportunities from government agencies, private foundations, and corporate sponsorships.
• Develop a comprehensive grant proposal that clearly outlines your project or program’s objectives, methodologies, and expected outcomes.
• Maintain regular communication with grant providers to build relationships and ensure compliance with their reporting requirements.
• Measure and document the impact of grant-funded programs to strengthen future grant applications.

Grants are often a cornerstone for non-profits, providing substantial funding that can support large-scale projects and initiatives. By focusing on thorough research and relationship-building, organizations can tap into significant resources that can greatly enhance their operational capabilities.

• Create a compelling donation appeal that connects donors emotionally to your cause.
• Utilize online platforms and social media to expand your donation reach and engage with potential supporters.
• Implement a donor recognition program to show appreciation and maintain donor loyalty.
• Provide transparent reporting on how donated funds are being utilized to encourage trust and repeated giving.

Donations often form the backbone of a non-profit’s revenue. Effective communication, transparency, and continuous engagement with donors can help sustain and grow this vital funding source.

• Plan and organize fundraising events such as galas, auctions, or charity runs that attract community involvement.
• Promote your events through various channels, including social media, local media, and partnerships with other organizations.
• Secure sponsorships to cover event costs, ensuring that a larger portion of the proceeds directly supports your mission.
• Follow up with event attendees to thank them and provide information on future involvement opportunities.

Events are not only fundraising mechanisms but also platforms for raising awareness and building community support. By organizing well-promoted and engaging events, non-profits can create lasting connections with supporters and increase their visibility.

Projected Financial Data: Income and Expenses

To ensure the financial health of a non-profit, it is necessary to project and regularly review financial data, including income and expenses. The following table provides an illustrative example of a projected financial statement:

The above table is a simplified projection, but breaking down income and expenses can help organizations gain a clear understanding of their financial position. Analyzing these figures allows non-profits to make informed decisions, identify funding gaps, and adjust strategies as needed. Furthermore, regular financial review ensures accountability to stakeholders and supports effective planning for long-term sustainability.

Key Performance Indicators and Evaluation Methods

Measuring impact is crucial for demonstrating accountability and effectiveness in financial planning and analysis. By clearly defining Key Performance Indicators (KPIs) and aligning them with appropriate evaluation methods, businesses can ensure they are on track to meet their strategic goals. This section will break down KPIs and their corresponding evaluation methods into detailed bullet points and illustrate them with tables for a clear understanding.

Key Performance Indicators (KPIs)

Key Performance Indicators are essential metrics used to quantify how well an organization is achieving its business objectives. Below is a breakdown of some important KPIs relevant to financial modeling and planning:

• Revenue Growth Rate
• Net Profit Margin
• Customer Acquisition Cost (CAC)
• Customer Lifetime Value (CLTV)
• Operating Cash Flow
• Return on Investment (ROI)
• Debt-to-Equity Ratio
• Gross Margin
• Employee Productivity

Each of these KPIs provides a unique insight into various aspects of a business’s health and performance. Revenue Growth Rate, for instance, indicates the pace at which a company is expanding, while Customer Acquisition Cost (CAC) reveals the efficiency of marketing strategies. Regularly tracking these KPIs helps businesses make informed decisions and strategize effectively.

Evaluation Methods for KPIs

With the KPIs identified, the next step is to determine how to evaluate them effectively. Here are some common evaluation methods used to monitor these KPIs:

• Trend Analysis
• Benchmarking Against Industry Standards
• Variance Analysis
• Ratio Analysis
• Financial Modeling and Forecasting
• Scenario Planning
• Comparative Analysis
• Internal Audits
• Customer Feedback and Surveys
• Competitor Analysis

These evaluation methods provide various lenses through which businesses can analyze their performance. For example, Trend Analysis helps in understanding performance over time, while Comparative Analysis allows companies to measure their progress against competitors. Employing a combination of these methods can lead to a comprehensive evaluation of business performance.

KPIs and Evaluation Methods Alignment Table

The table below aligns the Key Performance Indicators with their respective evaluation methods across projected timelines. This approach ensures clarity in tracking and evaluating each KPI over specific periods.

Aligning KPIs with specific evaluation methods across projected timelines makes it easier for teams to focus on targeted analyses and reviews. For instance, analyzing the Revenue Growth Rate monthly or quarterly enables timely interventions, while monitoring Customer Lifetime Value (CLTV) annually can guide long-term strategic plans. This structured approach not only ensures regular performance reviews but also aids in achieving overarching business objectives.

Essential Takeaways for Creating an Effective Business Plan for Non-Profits

Creating a business plan for a non-profit organization requires careful consideration and strategic planning. To help you focus on the key aspects of a successful business plan, here are the core takeaways:

• Purpose and Mission: Clearly define the purpose and mission of your non-profit. This helps in establishing a strong foundation and communicates the organization’s objectives effectively.
• Market Analysis: Conduct thorough market research to understand the needs and gaps your non-profit aims to address. Analyze your target audience and evaluate your competition to gain insights into potential opportunities and challenges.
• Programs and Services: Detail the programs and services that your non-profit intends to offer. Explain how these initiatives align with your mission and how they will create a positive impact.
• Marketing and Outreach Strategy: Outline a comprehensive marketing and outreach plan to raise awareness and attract supporters. Include strategies for digital marketing, community engagement, and partnerships.
• Funding and Financial Projections: Develop a robust financial plan that includes funding sources, budget forecasts, and financial sustainability strategies. This will ensure that your non-profit can maintain and grow its operations.
• Organizational Structure: Define the organizational structure, including key team members, their roles, and responsibilities. This helps in ensuring that your non-profit is well-managed and operates efficiently.

Each of these points plays a crucial role in forming a comprehensive business plan for your non-profit. By paying attention to these elements, you can create a roadmap that guides your organization towards achieving its goals and making a meaningful impact in the community.

Creating a tailored business plan specific to your non-profit is essential for translating your vision into actionable steps. This personalized approach helps in addressing the unique challenges and opportunities faced by your organization, thereby increasing the likelihood of success. Do not hesitate to invest time and effort into crafting a detailed and well-thought-out business plan.

Frequently Asked Questions (FAQs)

In this section, we address some of the most frequently asked questions (FAQs) to assist our users in navigating specific concerns related to our financial modeling templates and services. Our goal is to provide clear and concise answers to help you understand our offerings better.

What Types of Financial Models Do You Offer?

We provide a comprehensive selection of financial model templates tailored to various needs, including:

• Budgeting and Forecasting Models
• Valuation Models
• Fundraising Models
• Investment Analysis Models
• Feasibility Study Models

Who Can Benefit from Using Your Financial Model Templates?

Our financial model templates are designed to serve a diverse range of users, including:

• Entrepreneurs
• Consultants
• Finance Professionals

Can I Customize the Financial Model Templates?

Yes, our templates are fully customizable. You can adjust assumptions and parameters to better suit your specific needs, and modify the formatting to align with your personal or organizational preferences.

Do You Offer Support for Using the Templates?

Absolutely. We provide extensive support for using our templates, including:

• Detailed user guides
• Email support
• Consulting services for more complex customization

How Do I Decide Which Financial Model Is Right for My Needs?

Choosing the right financial model depends on your specific goals and circumstances. Consider the following factors:

• The purpose of your financial analysis (e.g., budgeting, fundraising, valuation)
• The industry you operate in
• The size and complexity of your business
• Your familiarity with financial modeling

If you’re still unsure, our consulting services are available to help guide you to the most suitable model for your needs.

We hope this FAQ section clarifies some of the common queries about our financial model templates. Each question and answer are carefully crafted to provide you with the best understanding and to address typical concerns. If you have any further questions, do not hesitate to contact us for more detailed support.

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The Ultimate Guide to Business Development: Strategies for Success

Last Updated:  

August 30, 2024

In today's competitive landscape, businesses are constantly seeking strategies to grow and succeed. Whether you're a startup founder or a seasoned exec, mastering business development is vital for your company's success.

This guide dives deep into the art of business development. Read on.

Key Takeaways on Winning Business Development Strategies

• Business development drives growth : BD helps identify new markets, target audiences, and growth opportunities, leading to increased revenue and long-term success.
• Market research is essential : Analysing market trends and customer behaviour allows businesses to tailor their offerings and stay competitive.
• Strategic partnerships create synergies : Collaborating with complementary businesses helps expand your reach, share resources, and drive mutual growth.
• Customer relationships fuel retention : Providing exceptional service and personalising interactions can turn customers into loyal advocates for your brand.
• A strong strategy is vital : Define clear goals, identify your target audience, and develop a comprehensive plan to guide your business development efforts.
• Technology enhances BD efforts : Utilise tools like CRM systems, data analytics, and social media to streamline tasks, gain insights, and engage your audience.
• Measuring success is key : Track key performance indicators (KPIs) to assess progress, refine your strategy, and continuously improve your business development initiatives.

Why Business Development Matters

Business development or BD plays a pivotal role in a company's success. It helps organisations identify potential markets and customer segments. By doing so, businesses can tailor their products and services to meet specific needs.

This thereby increases revenue. One of the factors it can affect is sales management.

Effective BD fosters innovation. It encourages companies to stay ahead of industry trends and adapt to changing market dynamics. This adaptability is crucial in today's fast-paced business environment.

Lastly, BD strengthens relationships. Building and nurturing partnerships can open doors to new:

• opportunities

These relationships can be instrumental in driving growth and achieving long-term success.

Identifying Market Opportunities

The first step in BD is identifying market opportunities. This involves researching and analysing market trends to uncover potential areas for growth. Tools like SWOT analysis can help you assess your business and find opportunities.

This means:

• Opportunities

Understanding your target audience is also crucial. Conduct market research to gather customer insights:

• Preferences

This information will guide your business development efforts. It also helps you tailor your offerings to meet market demands.

Stay updated with industry news and trends. You can gain valuable insights by:

• Subscribe to industry publications
• Attend conferences
• Participate in webinars

Staying informed will help you identify emerging opportunities and stay ahead of the competition.

Building Strategic Partnerships

Strategic partnerships are a cornerstone of BD. Collaborating with other businesses can create synergies and drive mutual growth. Identify potential partners whose strengths complement your own.

Look for opportunities to collaborate on:

• Joint ventures
• Co-marketing initiatives
• Product development projects

Building trust is essential in any partnership.

Establish clear communication channels and set mutually beneficial goals. Regularly review the partnership's progress and address any challenges promptly.

A strong partnership can lead to:

• Increased brand visibility
• Expanded customer reach
• Shared resources

Networking is another key aspect of building partnerships. You can:

• Attend industry events
• Join professional associations
• Connect with potential partners on social media

Building a robust network will open doors to new opportunities and foster valuable relationships.

Enhancing Customer Relationships

Strong customer relationships are vital for BD. Satisfied customers are more likely to become repeat buyers and advocates for your brand. Focus on:

• Providing exceptional customer service
• Creating positive experiences at every touchpoint

Gather customer feedback regularly to understand their needs and preferences. Use this feedback to improve your products and services. Personalise your interactions and show appreciation for your customers' loyalty.

Building a customer-centric culture will:

• Enhance relationships 
• Drive long-term growth

A CRM system can help you manage and nurture customer relationships through the following:

• Track customer interactions
• Analyse data
• Identify opportunities for engagement

This data-driven approach can significantly improve your BD efforts.

Crafting a Winning Business Development Strategy

A well-crafted business development strategy is essential for success. Start by defining your goals and objectives. What do you want to achieve through your business development efforts?

Whether it's:

• Entering a new market
• Increasing sales
• Expanding your product line

Having clear goals will guide your strategy.

Second, identify your target audience. Who are your ideal customers? What are their needs and pain points? Understanding your audience will help you tailor your messaging and offerings to resonate with them.

Develop a comprehensive plan that outlines your approach. Include specific tactics for:

• Market research
• Partnership building
• Customer engagement

Set measurable milestones to track your progress and adjust your strategy as needed. A well-defined plan will keep you focused and on track to achieve your goals. This is especially true for business marketing solutions.

Leveraging Technology for Business Development

Technology plays a crucial role in modern BD. Technology can streamline your efforts and boost your effectiveness. It can do this, from market research tools to CRM systems. Invest in tools that:

• Provide valuable insights
• Automate repetitive tasks

Data analytics is particularly valuable for BD.

Analyse customer data to identify trends and patterns. Use this information to make informed decisions and tailor your offerings.

Predictive analytics can also help you:

• Anticipate market changes
• Stay ahead of the competition

Social media is another powerful tool for business development. Some platforms offer opportunities to connect with potential partners and customers. Such as:

Use social media to:

• Share valuable content
• Engage with your audience
• Build your brand

Measuring Success in Business Development

Measuring the success of your business development efforts is essential. Set key performance indicators (KPIs) to track your progress. These may include metrics like:

• Revenue growth
• Number of partnerships
• Customer acquisition
• Customer satisfaction

Regularly review your KPIs and assess your performance against your goals. Identify areas where you're excelling and areas that need improvement. Use this information to:

• Refine your strategy
• Allocate resources effectively

Gather feedback from your team and stakeholders. Their insights can provide valuable perspectives and help you identify potential improvements. Celebrate your successes and learn from your challenges to continuously improve your BD efforts.

Overcoming Challenges in Business Development

BD is not without its challenges. Identifying market opportunities can be difficult in a competitive landscape. Building partnerships and nurturing relationships require time and effort.

Measuring success can be complex, with many variables at play. To overcome these challenges, stay resilient and adaptable. Continuously seek new opportunities and be open to change.

Invest in professional development to enhance your skills and knowledge. Surround yourself with a supportive team that shares your vision and commitment to growth. Seek guidance from mentors and industry experts.

Learning from their experiences can provide valuable insights and help you navigate challenges. With advice from business management services, you can grow your revenues .

Take Your Business Development to the Next Level

Mastering business development is essential for long-term success. By following the tips above, you can drive growth and achieve your goals. Craft a winning strategy and measure your success to improve your efforts continuously.

Stay resilient and adaptable in the face of challenges. Seek guidance from mentors and industry experts to enhance your knowledge and skills. 

Consult business development services now! Start implementing these strategies today!

If you want to read more articles, visit our blog.

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An Actionable Incident Response Plan Template

A quickstart guide to creating a robust incident response plan – designed specifically for companies with cloud-based deployments.

What Is Cloud Incident Response?

Cloud incident response is a strategic approach to detecting and recovering from cyberattacks on cloud-based systems with the goal of minimizing the impact to your workloads and business operation accordingly.

What is cloud incident response?

Cloud incident response is a strategic approach to detecting and recovering from cyberattacks on cloud-based systems. It comprises a coordinated series of procedures to help you detect threats, eradicate malicious actors and bounce back from an incident in an organized, efficient and timely manner.

It shares the same goals as incident response in a traditional IT setting. However, the approach to meeting those goals is different. This is down to differences in infrastructure, and differences in the ways in which threat actors target cloud-based applications .

How to Prepare for a Cloud Cyberattack: An Actionable Incident Response Plan Template

This means you have to adapt your incident response strategy to a different attack surface and different types of attack. And if you use more than one cloud service provider (CSP), which each have their own service concepts and native tools, you'll often need different sets of individually tailored measures for each platform.

As public cloud adoption continues to grow, cloud incident response is becoming increasingly important and rapidly emerging as the standard course of action for handling attacks.

Cloud vs. traditional incident response: a quick comparison

Incident response (IR) is a critical component of any organization’s cybersecurity strategy, enabling the detection, containment, and recovery from security incidents. While the core goals of incident response—minimizing damage, restoring normal operations, and preventing future incidents—remain consistent across environments, the strategies and tools used in cloud and traditional (on-premises) settings differ significantly. Understanding these differences is crucial for organizations operating in hybrid or fully cloud-based environments.

1. Infrastructure Characteristics

Traditional Incident Response : In a traditional IT setting, incident response occurs within a static and controlled infrastructure. This includes physical servers, storage devices, and networking hardware located on-premises. Security teams have direct physical access to these assets, which allows for straightforward monitoring, logging, and forensic analysis. Traditional environments often involve monolithic applications and a well-defined network perimeter, making it easier to apply security controls and detect breaches.

Cloud Incident Response : Cloud environments, by contrast, are dynamic and distributed. Resources are virtualized and can be spun up or down on demand, often across multiple geographic locations. This infrastructure is jointly managed by the organization and the cloud service provider (CSP), which means that security teams may not have direct control over or access to the underlying physical infrastructure. The cloud also introduces new architectures, such as microservices, containers, and serverless computing, which further complicate incident response efforts.

2. Visibility and Monitoring

Traditional Incident Response : In a traditional environment, visibility is generally easier to achieve due to the static nature of the infrastructure. Security teams can deploy monitoring tools at the network perimeter and within the internal network to capture and analyze traffic, detect anomalies, and gather forensic evidence. Access to physical devices allows for deep inspection and analysis, including disk imaging and memory analysis.

Cloud Incident Response : Visibility in the cloud is more challenging due to the ephemeral nature of cloud resources and the complexity of cloud architectures. Logs are a primary source of visibility, but these logs must be gathered from various sources (e.g., CSPs, virtual networks, application layers). Additionally, because cloud assets can be short-lived, logs must be collected and analyzed in real-time to avoid losing critical forensic data. Organizations rely heavily on CSP-provided tools and services for monitoring, which may not provide the same depth of visibility as on-premises solutions.

3. Tooling and Automation

Traditional Incident Response : Traditional incident response relies on a suite of well-established tools designed for static, on-premises environments. These include firewalls, intrusion detection/prevention systems (IDS/IPS), endpoint detection and response (EDR) solutions, and SIEM systems. These tools are typically deployed within the organization's data center and provide real-time monitoring, threat detection, and response capabilities.

Cloud Incident Response : In the cloud, traditional tools may not be fully compatible or effective due to the dynamic nature of cloud environments. Instead, cloud-specific tools are required to monitor, detect, and respond to incidents. These tools often focus on cloud-native security concerns, such as identity and access management (IAM), data loss prevention (DLP), and cloud workload protection. Automation is also more critical in cloud environments, where tools like Security Orchestration, Automation, and Response (SOAR) can help manage the scale and speed of cloud operations.

4. Attack Surface and Threats

Traditional Incident Response : In a traditional setting, the attack surface is typically confined to the organization's physical infrastructure. Threats often target the network perimeter, endpoints, and on-premises applications. Common attack vectors include malware, phishing, and ransomware, which primarily aim to compromise devices or steal sensitive data stored within the organization's data center.

Cloud Incident Response : The cloud expands the attack surface considerably, as organizations are responsible for securing data, applications, and services across multiple cloud environments. In addition to traditional threats, cloud-specific attack vectors include misconfigurations, insecure APIs, and compromised credentials. Attackers may also target cloud resources for cryptojacking or seek to exfiltrate data from cloud storage services. The shared responsibility model in the cloud means that organizations must be vigilant about securing their portion of the cloud stack, while relying on the CSP to secure the underlying infrastructure.

5. Response and Recovery

Traditional Incident Response : In traditional environments, response and recovery processes are well-defined and often involve manual intervention. Security teams can isolate affected devices, restore from backups, and apply patches directly to on-premises systems. Recovery times can be relatively predictable, depending on the severity of the incident and the availability of recovery resources.

Cloud Incident Response : Cloud incident response requires a more agile approach due to the speed and scale at which cloud environments operate. Automated playbooks and scripts are often used to quickly isolate compromised resources, rotate credentials, and restore services. Recovery in the cloud can be more complex due to the potential need to coordinate across multiple cloud platforms or regions. However, the cloud's inherent redundancy and scalability can also enable faster recovery if incident response processes are well-integrated with cloud-native tools and services.

6. Skills and Expertise

Traditional Incident Response : Incident responders in traditional environments typically possess expertise in on-premises technologies, networking, and endpoint security. Their skill sets are often focused on physical infrastructure and the use of legacy security tools.

Cloud Incident Response : Cloud incident response requires a different skill set, including knowledge of cloud architectures, CSP-specific security tools, and automation technologies. As cloud environments evolve rapidly, incident responders must continuously update their skills and stay informed about the latest cloud security practices and threat landscapes. The shortage of cloud security expertise can be a significant challenge for organizations transitioning to the cloud.

Incident Response Team Depth Chart: Roles & responsibilities

The importance of logging in cloud incident response

Logging plays a pivotal role in cloud IR, serving as the primary source of evidence when detecting, investigating, and responding to security incidents in cloud environments. Due to the ephemeral and distributed nature of cloud resources, traditional methods of incident investigation, such as forensic imaging and memory analysis, are often inadequate.

Instead, logs provide the necessary visibility into cloud activities, offering detailed records that help incident responders understand the scope, impact, and root cause of a cybersecurity incident.

1. Enhanced visibility

In cloud environments, assets can be dynamically created, modified, or destroyed within minutes. Without logging, it's challenging to track these changes, making it difficult to detect unauthorized actions or suspicious activities. Logs provide continuous visibility into the operations of cloud resources, enabling organizations to monitor their environment in real-time and respond promptly to incidents.

2. Forensic analysis

Logs are crucial for reconstructing events during a forensic investigation . They help incident responders build a timeline of activities, identify compromised resources, and trace the attacker’s steps. This level of detail is necessary to determine the root cause of an incident, assess the extent of the damage, and develop an effective containment and eradication strategy.

3. Compliance and reporting

Many regulatory frameworks require organizations to maintain logs for a specified period and be able to produce them during audits or investigations. Logging is essential for demonstrating compliance with these requirements and providing evidence in case of legal disputes.

Navigating Incident Response Frameworks: A Fast-Track Guide

Types of logs needed for cloud incident response

Different types of logs serve various purposes in cloud incident response. Here are the key categories of logs needed:

1. Audit logs

Purpose : Audit logs track administrative and access-related actions, providing a record of who did what, when, and where.

Examples : AWS CloudTrail logs, Azure Activity Logs, Google Cloud Audit Logs.

Importance : These logs are critical for identifying unauthorized access, privilege escalation, or changes to configurations that could indicate a breach.

2. Network logs

Purpose : Network logs capture data about traffic flowing within and across cloud networks.

Examples : Virtual Private Cloud (VPC) flow logs, network security group logs.

Importance : Network logs are vital for detecting unusual traffic patterns, such as data exfiltration attempts or lateral movement by attackers.

3. Application logs

Purpose : Application logs record activities and events related to specific cloud-based applications.

Examples : Web server logs, database query logs, application error logs.

Importance : These logs help identify vulnerabilities exploited in an attack and provide insight into how the application was compromised.

4. Security logs

Purpose : Security logs capture events related to the security of the cloud environment, including firewall activities, intrusion detection/prevention system (IDS/IPS) alerts, and cloud detection and response (CDR) events.

Examples : Web Application Firewall (WAF) logs, security group logs.

Importance : Security logs are essential for identifying and mitigating threats, monitoring the effectiveness of security controls, and detecting anomalies.

5. Container and orchestration logs

Purpose : These logs track the activities of containers and orchestration platforms like Kubernetes.

Examples : Kubernetes audit logs, container runtime logs.

Importance : In environments utilizing microservices or containers, these logs are critical for tracking container activities, detecting unauthorized changes, and understanding how the orchestration environment was manipulated.

Top sources of incident response logs

To effectively manage cloud incident response, it's crucial to know where to source the relevant logs. Here are the top sources of logs for cloud IR:

1. Cloud service provider (CSP) logs

Examples : AWS CloudTrail, Azure Monitor Logs, Google Cloud Logging.

Importance : CSP logs provide comprehensive visibility into the operations and security events within the cloud infrastructure. They are the primary source of audit logs, access logs, and security-related events.

2. Security information and event management (SIEM) systems

Examples : Splunk, IBM QRadar, Azure Sentinel.

Importance : SIEM systems aggregate logs from multiple sources, including CSPs, applications, and network devices, providing a centralized platform for monitoring, analyzing, and responding to security events.

3. Cloud-native security tools

Examples : AWS GuardDuty, Azure Security Center, Google Cloud Security Command Center.

Importance : These tools provide specialized logging and alerting capabilities tailored to cloud environments, offering insights into potential threats and vulnerabilities specific to cloud infrastructure.

4. Application performance management (APM) tools

Examples : Datadog, New Relic, AppDynamics.

Importance : APM tools provide logs that offer deep insights into application performance and behavior, which can be crucial for detecting and investigating security incidents at the application level.

5. Container orchestration logs

Examples : Kubernetes audit logs, Docker logs.

Importance : In environments using containers and microservices, orchestration logs provide visibility into container deployments, scaling events, and configuration changes, which are critical for incident response.

The response lifecycle

In this section, we look at incident response considerations and best practices in the cloud throughout the different stages of the response lifecycle .

Preparation

Given the current shortage of expertise, it's essential you provide training to everyone involved in incident response to ensure they have a good understanding of the public cloud and the cloud technologies you use. It also makes sense to have the appropriate role-based access policies in place ahead of time so the incident response team can go about its duties without delay.

Ensure that processes to gather traditional forensic artifacts, like disk and memory snapshots, are as automated as possible. Since these artifacts will be gathered via API rather than by physical access, you should set up automated playbooks that incident responders can run immediately to ensure critical data is gathered before it disappears.

And don't forget that logs will play a much more important role in cloud-based incident investigation. These can be particularly wide-ranging—from CSP audit logs and network flow logs (VPC) to container orchestration logs provided by technologies such as Kubernetes.

You should collect relevant logs and store them securely for immediate analysis when needed. However, you should give due consideration to the cost of log collection and enable only those logs you're likely to use in an incident. Also be aware that many logging services are disabled by default. So also don't just assume you have all necessary telemetry in place.

Digital Forensics and Incident Response (DFIR) Explained

Detection and investigation.

Cloud-native deployments are generally made up of a myriad of different components. As a result, incident investigation can often be an exceptionally complex undertaking.

At the core of incident investigation is the construction of an incident timeline - you’ll need to know exactly who did what and when to get the full picture of an attack. Due to the complexity of cloud environments, you'll therefore need to call upon a much wider array of new and existing tools to construct this timeline. The timeline will help you piece together event data and determine the:

Root cause of an incident

Blast radius

Likely impact of the attack

Most appropriate corrective action

Such tools typically include:

Asset discovery and inventory mapping

Security information and event management (SIEM)

Cloud detection and response (CDR)

Digital forensics and machine timelining

At a more granular level, you'll be performing tasks such as:

Understanding the behavioral pattern of the affected identity

Determining what else that identity has access to

Identifying misconfigurations

Taking and reviewing snapshots

Containment

Just as with incident investigation, the distributed and dynamic nature of the public cloud can make it far more difficult to contain and ultimately eradicate a threat.

Furthermore, the way in which you'd contain a cloud-based incident is often different. For example, an endpoint detection and response (EDR) solution is often the quickest method of isolating a compromised machine from a conventional network. By contrast, in cloud environments, often the most efficient option would be to change its security group settings through the control plane.

Your security team will therefore need to adopt new approaches to containment. This also means they'll need to familiarize themselves with the range of built-in CSP capabilities to support containment, such as simplified network configuration and cloud entitlements management.

Eradication

Similarly, you'll need to employ new methods of removing a threat from your cloud-based environment.

Typical measures include:

Rotating secrets such as API tokens, encryption keys, and passwords

Blocking points of entry

Rolling back resources to their pre-infected state

Purging infected container and machine images

Sanitizing infrastructure-as-code (IaC) templates

Removing malicious code injected into serverless functions

Patching vulnerabilities

Performing these tasks at scale is highly labor-intensive—just at a time when you need to act quickly. This highlights the importance of security technologies such as security orchestration, automation and response (SOAR), which can help you speed up your response time through built-in automation capabilities.

And don't forget that eradication is the complete removal of the threat so that it's no longer present anywhere within your network. So, as part of the eradication phase, you should subsequently monitor your cloud for malicious activity, such as unusual API calls, which could be the potential sign of persistence.

Cloud IR best practices for multi-cloud environments

Managing incident response (IR) in a multi-cloud environment introduces a unique set of challenges. Organizations often leverage services from multiple cloud service providers (CSPs) to take advantage of various features, pricing models, and geographic availability. However, this approach can complicate incident response efforts due to the differing tools, architectures, and security controls offered by each CSP. To effectively handle incidents in a multi-cloud environment, organizations should adopt the following best practices:

Centralized logging and monitoring

Implementing centralized logging and monitoring is crucial for effective incident response in multi-cloud environments:

Aggregate logs from all cloud providers into a central repository for unified visibility.

Use cloud-native monitoring tools as well as third-party solutions that can integrate data from multiple clouds.

Establish consistent logging standards across all cloud environments to facilitate analysis.

Unified incident response plan

Develop a comprehensive incident response plan that covers all cloud environments:

Define clear roles and responsibilities for the IR team across different cloud platforms.

Establish standardized procedures for incident detection, containment, and remediation.

Regularly update and test the IR plan to ensure its effectiveness in a multi-cloud setting.

How to Draw Up an Incident Response Policy: An Actionable Checklist for Cybersecurity Professionals

Automated response capabilities

Leverage automation to improve incident response efficiency:

Implement automated alert systems that can detect and notify about potential security incidents across all cloud environments.

Use orchestration tools to automate initial response actions, such as isolating affected resources or revoking compromised credentials.

Develop playbooks for common incident types that can be executed automatically or with minimal human intervention.

Cloud-specific security controls

Tailor security controls to each cloud provider's unique features and capabilities:

Implement strong Identity and Access Management (IAM) policies specific to each cloud platform.

Utilize cloud-native security services offered by each provider, such as AWS GuardDuty or Azure Security Center.

Ensure proper configuration of network security groups, firewalls, and other security controls for each cloud environment.

Cross-platform visibility

Maintain comprehensive visibility across all cloud environments:

Implement tools that provide a unified view of security posture across multiple clouds.

Regularly conduct asset inventory and vulnerability assessments across all cloud platforms.

Use cloud security posture management (CSPM) solutions to identify misconfigurations and compliance issues.

Incident response training

Ensure the IR team is well-prepared to handle incidents in a multi-cloud environment:

Provide training on the specific tools and services used in each cloud platform.

Conduct regular tabletop exercises and penetration testing that involve scenarios spanning multiple cloud environments.

Keep the team updated on the latest cloud-specific threats and attack vectors.

7 Incident Response Plan Templates & Examples

Data protection and recovery.

Implement robust data protection and recovery mechanisms:

Encrypt data at rest and in transit across all cloud environments.

Implement consistent backup and disaster recovery procedures for all critical data and systems.

Regularly test data recovery processes to ensure they work effectively across different cloud platforms.

The Next Step in Your Incident Response Preparations

This post is just a quick-start guide to cloud incident response, taking you through some of the challenges you'll face and practices you'll need to adopt in the cloud. However, there are many other aspects of incident management you'll need to consider.

That's why Wiz recently published an incident response plan template aimed specifically at security operations teams responsible for protecting public cloud , hybrid-cloud , and multicloud deployments. It is a comprehensive guide to what you should include in your own incident response plan, outlining the measures you should have in place for handling security incidents affecting your cloud.

Download your copy of the template today.

Learn why security operations team rely on Wiz to help them proactively detect and respond to unfolding cloud threats.

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