how to make a personal business plan

How to Write a Personal Business Plan

Small Business
Business Planning & Strategy
Write a Business Plan
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A personal business plan, sometimes called a personal development plan, is guided by the same principles as a corporate business plan. You write a personal business plan to review your personal goals relating to your career, family and financial development. But writing a personal business plan is only the first step in a process. Once it is written, execution requires reviewing the plan, modifying it and maintaining the discipline to stick to it.

Write a personal mission statement that expresses your core values and your ultimate goals for balance and happiness. Core values might include having a family and perhaps putting career second to children when the time comes. A mission statement is the basis for establishing goals and measuring your success.

List priorities regarding career and personal relationships and the responsibilities involved in each. For example, work is essential for providing a particular lifestyle, but how much are you willing to sacrifice time with friends and family to advance in your career?

Read through the priorities and look for ways to balance different components of your life. Write down goals for areas where you can improve balance between work, family, physical and spiritual growth and development. For example, if your life is running between work and family obligations, you might set a goal of having one hour of personal time daily.

Set deadlines for each goal, breaking it down into smaller components if needed. For example, if you want to compete in a triathlon, you may need to first establish smaller training parameters to work up to your ultimate goal. Break larger goals into smaller goals like running three miles per day and then increasing to five per day in four weeks.

Review the plan to ensure you are being realistic regarding your goals and steps. Make adjustments to the overall plan if you feel overwhelmed, but don't hesitate to raise your standards stage by stage. It may sound wonderful to increase income, have more personal and family time and start training for a triathlete, but all these together may be too much to incorporate into any one period. Take a step back and make baby-step adjustments.

Fiscal Fizzle: Forget Business: Do YOU Need a Business Plan

With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.

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How to make a business plan

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Written by Jesse Sumrak | May 14, 2023

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Business plans might seem like an old-school stiff-collared practice, but they deserve a place in the startup realm, too. It’s probably not going to be the frame-worthy document you hang in the office—yet, it may one day be deserving of the privilege.

Whether you’re looking to win the heart of an angel investor or convince a bank to lend you money, you’ll need a business plan. And not just any ol’ notes and scribble on the back of a pizza box or napkin—you’ll need a professional, standardized report.

Bah. Sounds like homework, right?

Yes. Yes, it does.

However, just like bookkeeping, loan applications, and 404 redirects, business plans are an essential step in cementing your business foundation.

Don’t worry. We’ll show you how to write a business plan without boring you to tears. We’ve jam-packed this article with all the business plan examples, templates, and tips you need to take your non-existent proposal from concept to completion.

Table of Contents

What Is a Business Plan?

Tips to Make Your Small Business Plan Ironclad

How to Write a Business Plan in 6 Steps

Startup Business Plan Template

Business Plan Examples

Work on Making Your Business Plan

How to Write a Business Plan FAQs

What is a business plan why do you desperately need one.

A business plan is a roadmap that outlines:

Who your business is, what it does, and who it serves
Where your business is now
Where you want it to go
How you’re going to make it happen
What might stop you from taking your business from Point A to Point B
How you’ll overcome the predicted obstacles

While it’s not required when starting a business, having a business plan is helpful for a few reasons:

Secure a Bank Loan: Before approving you for a business loan, banks will want to see that your business is legitimate and can repay the loan. They want to know how you’re going to use the loan and how you’ll make monthly payments on your debt. Lenders want to see a sound business strategy that doesn’t end in loan default.
Win Over Investors: Like lenders, investors want to know they’re going to make a return on their investment. They need to see your business plan to have the confidence to hand you money.
Stay Focused: It’s easy to get lost chasing the next big thing. Your business plan keeps you on track and focused on the big picture. Your business plan can prevent you from wasting time and resources on something that isn’t aligned with your business goals.

Beyond the reasoning, let’s look at what the data says:

Simply writing a business plan can boost your average annual growth by 30%
Entrepreneurs who create a formal business plan are 16% more likely to succeed than those who don’t
A study looking at 65 fast-growth companies found that 71% had small business plans
The process and output of creating a business plan have shown to improve business performance

Convinced yet? If those numbers and reasons don’t have you scrambling for pen and paper, who knows what will.

Don’t Skip: Business Startup Costs Checklist

Before we get into the nitty-gritty steps of how to write a business plan, let’s look at some high-level tips to get you started in the right direction:

Be Professional and Legit

You might be tempted to get cutesy or revolutionary with your business plan—resist the urge. While you should let your brand and creativity shine with everything you produce, business plans fall more into the realm of professional documents.

Think of your business plan the same way as your terms and conditions, employee contracts, or financial statements. You want your plan to be as uniform as possible so investors, lenders, partners, and prospective employees can find the information they need to make important decisions.

If you want to create a fun summary business plan for internal consumption, then, by all means, go right ahead. However, for the purpose of writing this external-facing document, keep it legit.

Know Your Audience

Your official business plan document is for lenders, investors, partners, and big-time prospective employees. Keep these names and faces in your mind as you draft your plan.

Think about what they might be interested in seeing, what questions they’ll ask, and what might convince (or scare) them. Cut the jargon and tailor your language so these individuals can understand.

Remember, these are busy people. They’re likely looking at hundreds of applicants and startup investments every month. Keep your business plan succinct and to the point. Include the most pertinent information and omit the sections that won’t impact their decision-making.

Invest Time Researching

You might not have answers to all the sections you should include in your business plan. Don’t skip over these!

Your audience will want:

Detailed information about your customers
Numbers and solid math to back up your financial claims and estimates
Deep insights about your competitors and potential threats
Data to support market opportunities and strategy

Your answers can’t be hypothetical or opinionated. You need research to back up your claims. If you don’t have that data yet, then invest time and money in collecting it. That information isn’t just critical for your business plan—it’s essential for owning, operating, and growing your company.

Stay Realistic

Your business may be ambitious, but reign in the enthusiasm just a teeny-tiny bit. The last thing you want to do is have an angel investor call BS and say “I’m out” before even giving you a chance.

The folks looking at your business and evaluating your plan have been around the block—they know a thing or two about fact and fiction. Your plan should be a blueprint for success. It should be the step-by-step roadmap for how you’re going from Point A to Point B.

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How to Write a Business Plan—6 Essential Elements

Not every business plan looks the same, but most share a few common elements. Here’s what they typically include:

Executive Summary
Business Overview
Products and Services
Market Analysis
Competitive Analysis
Financial Strategy

Below, we’ll break down each of these sections in more detail.

1. Executive Summary

While your executive summary is the first page of your business plan, it’s the section you’ll write last. That’s because it summarizes your entire business plan into a succinct one-pager.

Begin with an executive summary that introduces the reader to your business and gives them an overview of what’s inside the business plan.

Your executive summary highlights key points of your plan. Consider this your elevator pitch. You want to put all your juiciest strengths and opportunities strategically in this section.

2. Business Overview

In this section, you can dive deeper into the elements of your business, including answering:

What’s your business structure? Sole proprietorship, LLC, corporation, etc.
Where is it located?
Who owns the business? Does it have employees?
What problem does it solve, and how?
What’s your mission statement? Your mission statement briefly describes why you are in business. To write a proper mission statement, brainstorm your business’s core values and who you serve.

Don’t overlook your mission statement. This powerful sentence or paragraph could be the inspiration that drives an investor to take an interest in your business. Here are a few examples of powerful mission statements that just might give you the goosebumps:

Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
Tesla: To accelerate the world’s transition to sustainable energy.
InvisionApp : Question Assumptions. Think Deeply. Iterate as a Lifestyle. Details, Details. Design is Everywhere. Integrity.
TED : Spread ideas.
Warby Parker : To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.

3. Products and Services

As the owner, you know your business and the industry inside and out. However, whoever’s reading your document might not. You’re going to need to break down your products and services in minute detail.

For example, if you own a SaaS business, you’re going to need to explain how this business model works and what you’re selling.

You’ll need to include:

What services you sell: Describe the services you provide and how these will help your target audience.
What products you sell: Describe your products (and types if applicable) and how they will solve a need for your target and provide value.
How much you charge: If you’re selling services, will you charge hourly, per project, retainer, or a mixture of all of these? If you’re selling products, what are the price ranges?

4. Market Analysis

Your market analysis essentially explains how your products and services address customer concerns and pain points. This section will include research and data on the state and direction of your industry and target market.

This research should reveal lucrative opportunities and how your business is uniquely positioned to seize the advantage. You’ll also want to touch on your marketing strategy and how it will (or does) work for your audience.

Include a detailed analysis of your target customers. This describes the people you serve and sell your product to. Be careful not to go too broad here—you don’t want to fall into the common entrepreneurial trap of trying to sell to everyone and thereby not differentiating yourself enough to survive the competition.

The market analysis section will include your unique value proposition. Your unique value proposition (UVP) is the thing that makes you stand out from your competitors. This is your key to success.

If you don’t have a UVP, you don’t have a way to take on competitors who are already in this space. Here’s an example of an ecommerce internet business plan outlining their competitive edge:

FireStarters’ competitive advantage is offering product lines that make a statement but won’t leave you broke. The major brands are expensive and not distinctive enough to satisfy the changing taste of our target customers. FireStarters offers products that are just ahead of the curve and so affordable that our customers will return to the website often to check out what’s new.

5. Competitive Analysis

Your competitive analysis examines the strengths and weaknesses of competing businesses in your market or industry. This will include direct and indirect competitors. It can also include threats and opportunities, like economic concerns or legal restraints.

The best way to sum up this section is with a classic SWOT analysis. This will explain your company’s position in relation to your competitors.

6. Financial Strategy

Your financial strategy will sum up your revenue, expenses, profit (or loss), and financial plan for the future. It’ll explain how you make money, where your cash flow goes, and how you’ll become profitable or stay profitable.

This is one of the most important sections for lenders and investors. Have you ever watched Shark Tank? They always ask about the company’s financial situation. How has it performed in the past? What’s the ongoing outlook moving forward? How does the business plan to make it happen?

Answer all of these questions in your financial strategy so that your audience doesn’t have to ask. Go ahead and include forecasts and graphs in your plan, too:

Balance sheet: This includes your assets, liabilities, and equity.
Profit & Loss (P&L) statement: This details your income and expenses over a given period.
Cash flow statement: Similar to the P&L, this one will show all cash flowing into and out of the business each month.

It takes cash to change the world—lenders and investors get it. If you’re short on funding, explain how much money you’ll need and how you’ll use the capital. Where are you looking for financing? Are you looking to take out a business loan, or would you rather trade equity for capital instead?

Read More: 16 Financial Concepts Every Entrepreneur Needs to Know

Startup Business Plan Template (Copy/Paste Outline)

Ready to write your own business plan? Copy/paste the startup business plan template below and fill in the blanks.

Executive Summary Remember, do this last. Summarize who you are and your business plan in one page.

Business Overview Describe your business. What’s it do? Who owns it? How’s it structured? What’s the mission statement?

Products and Services Detail the products and services you offer. How do they work? What do you charge?

Market Analysis Write about the state of the market and opportunities. Use date. Describe your customers. Include your UVP.

Competitive Analysis Outline the competitors in your market and industry. Include threats and opportunities. Add a SWOT analysis of your business.

Financial Strategy Sum up your revenue, expenses, profit (or loss), and financial plan for the future. If you’re applying for a loan, include how you’ll use the funding to progress the business.

What’s the Best Business Plan to Succeed as a Consultant?

5 Frame-Worthy Business Plan Examples

Want to explore other templates and examples? We got you covered. Check out these 5 business plan examples you can use as inspiration when writing your plan:

SBA Wooden Grain Toy Company
SBA We Can Do It Consulting
OrcaSmart Business Plan Sample
Plum Business Plan Template
PandaDoc Free Business Plan Templates

Get to Work on Making Your Business Plan

If you find you’re getting stuck on perfecting your document, opt for a simple one-page business plan —and then get to work. You can always polish up your official plan later as you learn more about your business and the industry.

Remember, business plans are not a requirement for starting a business—they’re only truly essential if a bank or investor is asking for it.

Ask others to review your business plan. Get feedback from other startups and successful business owners. They’ll likely be able to see holes in your planning or undetected opportunities—just make sure these individuals aren’t your competitors (or potential competitors).

Your business plan isn’t a one-and-done report—it’s a living, breathing document. You’ll make changes to it as you grow and evolve. When the market or your customers change, your plan will need to change to adapt.

That means when you’re finished with this exercise, it’s not time to print your plan out and stuff it in a file cabinet somewhere. No, it should sit on your desk as a day-to-day reference. Use it (and update it) as you make decisions about your product, customers, and financial plan.

Review your business plan frequently, update it routinely, and follow the path you’ve developed to the future you’re building.

Keep Learning: New Product Development Process in 8 Easy Steps

What financial information should be included in a business plan?

Be as detailed as you can without assuming too much. For example, include your expected revenue, expenses, profit, and growth for the future.

What are some common mistakes to avoid when writing a business plan?

The most common mistake is turning your business plan into a textbook. A business plan is an internal guide and an external pitching tool. Cut the fat and only include the most relevant information to start and run your business.

Who should review my business plan before I submit it?

Co-founders, investors, or a board of advisors. Otherwise, reach out to a trusted mentor, your local chamber of commerce, or someone you know that runs a business.

Ready to Write Your Business Plan?

Don’t let creating a business plan hold you back from starting your business. Writing documents might not be your thing—that doesn’t mean your business is a bad idea.

Let us help you get started.

Join our free training to learn how to start an online side hustle in 30 days or less. We’ll provide you with a proven roadmap for how to find, validate, and pursue a profitable business idea (even if you have zero entrepreneurial experience).

Stuck on the ideas part? No problem. When you attend the masterclass, we’ll send you a free ebook with 100 of the hottest side hustle trends right now. It’s chock full of brilliant business ideas to get you up and running in the right direction.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Write your executive summary
Do your market research homework
Set your business goals and objectives
Plan your business strategy
Describe your product or service
Crunch the numbers
Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

Idea: What’s your business concept? What problem does your business solve? What are your business goals?
Product: What’s your product/service and how is it different?
Market: Who’s your audience? How will you reach customers?
Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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The Essential Guide to Writing a Business Plan Here's the no-nonsense guide on how to write a business plan that will help you map success for your startup.

By Carolyn Sun

Opinions expressed by Entrepreneur contributors are their own.

President Dwight D. Eisenhower once said, "In preparing for battle I have always found that plans are useless, but planning is indispensable." If you're starting a business, you should have a business plan regardless of whether you're bootstrapping it or looking for outside funding.

The best sorts of business plans tell a clear story of what the company plans to do and how it will do it. Given the high failure rate of startups in their first year, a business plan is also an ideal opportunity to safely test out the feasibility of a business and spot flaws, set aside unrealistic projections and identify and analyze the competition.

A business plan doesn't need to be complicated, but for it to serve its purpose and set you up for success, it must be clear to whomever is reading your plan that you have a realistic handle on the why and how your business will be a success.

To get you moving in the right direction, here's a guide on how to write a business plan.

Overall tips

There's a lot of advice in the infosphere about how to write a business plan, but there's no single correct way. Your approach depends on your industry, who is reading your plan and what the plan is intended for. Are you trying to get funding? Sara Sutton Fell, founder of FlexJobs , a job site for flexible telecommuting jobs, says her business plan was an initiator for more in-depth conversation with potential investors. "A plan does help to see if investors and entrepreneurs are on the same page with general expectations for the business," she says.

A business plan serves many purposes, but there is universal consensus on the following when it comes to your business plan:

Have several versions tailored for specific audiences: "One of the mistakes that inexperienced business owners make is not understanding who they're writing the plan for," says David Ciccarelli, a small business owner who got consultation from his local Small Business Association (SBA) when he was starting his company Voices.com , which connects employers with voiceover talent.

Your plan is a living document: Tim Berry, the founder of a business planning software company Palo Alto Software , took his company from zero to $5 million in sales in its first three years. To do so requires frequent review and close tracking, says Berry, who met with his management team every month to review the plan versus what actually happened -- and then to revise. "There is no virtue to sticking to a plan if it's not useful and responsive to what actually happens," he cautions.

Be realistic about financial estimates and projections: "When you present a plan to bankers and financiers, or even to your employees, people will get way more excited about what's real rather than some huge thing that's never going to happen," says Ciccarelli. So present an achievable sales forecasts based on bottom-upwards information (i.e. how many units per month get sold in how many stores) and stop over projecting profits.

Writing your business plan is about the process and having a blueprint: Your business plan "reflects your ideas, intuitions, instincts and insights about your business and its future," according to Write Your Business Plan (Entrepreneur, 2015). The plan serves as a safe way to test these out before you commit to a course of action. And once you get your business going, the plan also serves as a reference point. "I still print the document," says Ciccarelli. "You're capturing it in time. If you're changing it all the time, you kind of don't remember where you were last year."

Back up any claims: Follow up your projections and assertions with statistics, facts or quotes from a knowledgeable source to lend your plan credibility.

Presentation counts: Reading any long, text-heavy document is hard on the eyes, so format with this in mind. Consider formatting your text pages into two-columns and break up long passages with charts or graphs. Arial, Verdana or Times New Roman are standard industry fonts.

Writing your business plan isn't busy work or a luxury; it's a vital part of the process of starting a business and arms you with information you need to know. So, let's get into what information goes into your business plan.

Related: Bu siness Plans: A Step-by-Step Guide

What goes into a business plan?

A typical business plan is 15 to 25 pages. Its length depends on a variety of factors, such as whether your business is introducing a new product or belongs to a new industry (which requires explanation to the reader), or if you're pitching to bankers, who generally expect to see a traditional written business plan and financials.

"Most equity investors prefer either an executive summary or pitch deck for first contact, but will often request a more detailed plan later in the due diligence process. Potential customers don't need all the details of your internal operation. Your management team needs access to everything," says Akira Hirai, managing director of business plan consulting service Cayenne Consulting .

Most business plans include these seven sections:

1. Executive summary : The executive summary follows the title page and explains the fundamentals of your business. It should provide a short and clear synopsis of your business plan that describes your business concept, financial features and requirements (i.e. cash flow and sales projections plus capital needed), your company's current business position (i.e. its legal form of operation, when the company was formed, principals and key personnel) and any major achievements in the company that are relevant to its success, including patents, prototypes or results from test marketing.

2. Business description : This section typically begins with a brief description of your industry and its outlook. Get into the various markets within the industry, including any new products that will benefit or hurt your business. For those seeking funding, reinforce your data with reliable sources and footnote when possible. Also provide a description of your business operation's structure (i.e. wholesale, retail or service-oriented), who you will sell to, how you will distribute your products/services, the products/services itself (what gives you the competitive edge), your business's legal structure, your principals and what they bring to the organization.

Here are some worksheets from Write Your Business Plan that will help determine your unique selling proposition and analyze your industry.

Click to Enlarge+

3. Market strategies: Here is where you define your target market and how you plan to reach them. Market analysis requires research and familiarity with the market so that the target market can be defined and the company can be positioned (i.e. are you a premium product or a price-competitive product?) in order to garner its market share. Analyze your market in terms of size, structure, growth prospects, trends and sales/growth potential. This section also talks about distribution plans and promotion strategy and tactics that will allow you to fulfill your plans.

Here is a worksheet from Write Your Business Plan that will guide you toward identifying your target market.

4. Competitive analysis: The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle. Show why your business will be a success over others.

5. Design and development plan: You will only need this section if you have a product in development, such as an app. The purpose of this section is to provide investors with a description of the product's design, chart its development within the context of production and marketing and show a development budget that will enable the company to reach its goals.

6. Operations and management plan: This section describes how the business functions on a daily basis, its location, equipment, people, processes and surrounding environment. If you have a product that needs to be manufactured, explain the how and where; also, describe your work facility, the personnel, the legal environment (such as licensing, permits, special regulations, etc.), key suppliers and inventory. This section will also highlight the logistics of the organization such as the various responsibilities of the management team and the tasks assigned to each division within the company.

7. Financial factors: Financial data is always at the back of a business plan -- yet it's extremely important. The financial data can include your personal financial statement, startup expenses and capital, your projected cash flow statement and 12-month profit-and-loss statement. PaloAlto's Berry stresses that if you're going after investors, you'll need to show a cash flow statement and a break-even analysis -- or the breakdown to see where your business breaks even.

The best way to prepare for running a business is to have all the components of the plan ready. So if you are are showing a prospective lender your business plan on 10 PowerPoint slides and get asked about something that isn't in the presentation, you can speak knowledgeably and follow up with a more fleshed out plan -- and quickly.

Some business owners hire business plan writing services. Cayenne Consulting's Hirai says that his clients generally fall into one of two categories: those intimidated by the process and those who could write the plan themselves but would prefer to spend their time on other priorities.

If you find yourself intimidated or stuck, you can always write the parts of plan yourself that you understand and hire a consultant or researcher to help with parts that you find confusing.

Or if you're a startup watching every dollar, then tap the free services of the federal Small Business Association (SBA). Every state has a district office . Through the SBA, you can get business plan assistance through its various resource partners, which includes Women's Business Centers , Small Business Development Centers and Service Corps of Retired Executives .

Allow this business plan template for Business Plan for a Startup Business to guide you:

Different types of business plans

Generally, business plans can be divided into four categories :

Working plan: This plan is what you will use to operate your business and is not meant to be admired. This version of your plan is an internal document and will be long on detail, short on presentation. Here, you can omit descriptions that you need not explain to yourself or your team.

Mini plan: The reader may request a mini plan, or a condensed version of your business plan (1-10 pages), which includes most of the same components as in a longer traditional plan -- minus the details and explanation. This includes the business concept, financing needs, marketing plan, financial statements (especially cash flow), income project and balance sheet. This shorter plan is not meant to be a substitute for a full-length plan, but serves as an option to present to potential partners or investors.

Presentation plan: Whether you're using a pitch deck or a written business plan, the information in your presentation plan will be, more or less, the same as in your working plan but worded differently and styled for the eyes of an outsider. The reader of your presentation plan will be someone who is unfamiliar with your business, such as investor or venture capitalist, so lose any jargon or shorthand from your working plan, which only makes sense to you. Also, keep in mind that investors will want to see due diligence on your competition threats and risks as well as financial projections. In addition, looks count, so use the color printer, a nice cover and bindings and the fancy paper stock. Or else, if you're presenting your business plan as a PowerPoint presentation, you can use this business plan presentation template .

What-if plan: This is a contingency plan -- in case your worst case scenario happens, such as market share loss, heavy price competition or defection of a key member of your team. You want to think about what to do in the face of an of these, and if you're trying to get outside funds, having a contingency plan shows that you've considered what to do if things don't go according to plan. You don't necessarily need this, but if you are getting outside funding, then it can strengthen your credibility showing that you have thought about these what-if possibilities. Even if you're not going to get outside funding, shouldn't you be thinking of the what ifs?

If four plans seem like a mountain of work, don't panic. Select two to start off -- a working plan and a mini plan, which will be an abbreviated version of your working plan.

Take several months to write your business plan. Consider it a journey, not a sprint.

Related: The Ultimate Guide to Writing a Business Plan

Carolyn Sun is a freelance writer for Entrepreneur.com. Find out more on Twitter and Facebook .

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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How to create a business plan: a beginner's guide

Creating a well-written business plan is an essential first step to starting your own business

What is a business plan?

Key concepts for writing a business plan, main components of a business plan, tips for writing a business plan.

A well-written business plan holds a lot of value. It’s where your ideas start to take shape and the direction of your new enterprise becomes clear – but it can seem intimidating.

Business plans require focus: you’re stating why you’re doing what you’re doing, and how you expect to do it. There can be a lot to note down.

Ultimately, though, your business plan is going to become an essential guide for you, your team, and anyone involved in your company.

So let’s uncover what it takes to write a business plan, and find out how it can benefit you.

Also check out our roundup of the best small business software

In short, a business plan is a description of your business and everything that goes into it.

As well as helping to clarify the business idea that you have, it brings into focus elements like financing, staffing, revenue targets, and marketing strategies.

Business plans aren’t exclusive to startups, either. If you’re regenerating an existing company, a detailed and structured plan is enormously useful.

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Not all success stories have required business plans, but a comprehensive plan will help you to identify any immediate routes to failure.

Although you’re putting a business concept on paper and announcing your mission statement, a plan has to be structured, not fanciful.

The first person it’s trying to convince is you. Are you ready to spend time and money on this?

After that, you should be considering any potential investors and your team members. Will they be motivated and excited? You’ll need to achieve the following with your business plan:

A clear vision and purpose for the business – why is it important?
A guide that can be used as a reference throughout the company’s growth.
An objective outlook on the market potential of what it is your business is doing.

There is no one-size-fits-all business plan template, but the most successful plans have the same key components.

For small business owners writing a business plan, whether it's during the startup process or further down the road during a period of change, these are the essentials to include:

1. Executive summary

Think of your executive summary as an elevator pitch: it should be a concise, engaging, and persuasive overview of your business.

Keep this section to less than one page in length – after all, it is a summary.

While it’s the opening to your business plan, we recommend writing it last. That way, you can collate all of the key points raised in the rest of the document.

Here’s what you should summarize in this part of your business plan:

A quick description - Outline what your business is about – if it’s a new business, what’s the mission? If you’re changing direction, what’s the concept?
The products or services you’ll provide - Offer a brief value proposition – what makes your business idea unique?
A picture of your target market - Give evidence that you’ve carried out market research and know who the end user should be.
Your marketing strategy - Write a few lines about your intended marketing efforts to provide an idea of business reach.
A snapshot of the company’s financial health - What’s the current business revenue and what are you forecasting to earn?
A clear view of your financial needs - If you’re raising money, how much does the business require?
The company’s key personnel - Whether you’re a startup business or an existing operation, who are the employees to mention?
We've also featured the best online marketing services

2. Company description and overview

Next up, give a more detailed description of your business. Even if you’ve decided to write a business plan only for your own benefit, imagine what other people would want to know.

Make clear what you think is going to bring your business success in the long run.

This should help to demonstrate that the ideas you have are worth pursuing. For example, what problem can you solve? What experience can you bring to the table?

Here’s how to structure the company description part of your business plan:

Pinpoint the industry that your business is in, plus any insights or industry trends that you intend to adopt or disrupt.

Describe your business model and its structure – is it incorporated, a limited partnership, or perhaps a sole proprietorship?

Mention your target audience and highlight which problems or opportunities you have identified for the business.

Clarify your mission statement and value proposition to ensure that everyone is on the same page when it comes to business focus.

Provide some background on the company, like when it was founded, who by, and where it’s based.

Highlight the key employees in your team. If it’s a small business, that could be everyone, or maybe just a select few people.

It can be tricky to take a step back and consider your overall business goals and objectives, but remember that this is the whole point of writing a business plan.

Business plans can be great tools to use if you’re not even sure whether the venture is worth doing – writing an ambitious company description will help you to find that out.

3. Market analysis and opportunities

Whether you run a small business or a big business, you’ll have competitors. Knowing about the other companies in your industry will be invaluable.

That knowledge can inform your marketing plans, pricing decisions, and product selections.

You’ll also need to know about your target market. An understanding of your customer profile will help your business reach the right people and maintain a competitive advantage.

So, how does all of your market research come together in a business plan? Here’s how:

Illustrate your market analysis - Use charts and graphs to show where the business is going to sit within its industry. In terms of your price points, product offer, and service proposition, how will it compare to other businesses?

Explain who your potential customers are - Use survey tools to help you specify key demographics like age, profession, and location – if you’re only just starting out, it’s fine to make informed guesses about your ideal customer profile.

Include a SWOT analysis - Identifying the key strengths, weaknesses, opportunities, and threats of a business is at the heart of every competitive analysis. Present this part in a grid layout to draw attention to it within your business plan.

Be clear about the competition - It’s tough to find a market that isn’t already saturated, so show how your product or service will be different. Although it’s useful to have friendly rivals, you’ll need some competitive advantages.

4. Products and services

Earlier in your business plan, you hinted at what you’ll be selling, and now’s the time to describe it. It’s worth remembering at this point that industry jargon should be avoided.

Explaining the products or services your business offers should be clear, but exciting.

This section should describe why and how your product exists, how much money it will cost to develop, and how much business planning has gone into your decisions.

Whether you keep it brief, or go into detail about manufacturing, here’s how to shape this part:

Outline the development process - If you’re selling products, will you be manufacturing them too, or sourcing from elsewhere? What’s the timeline?
Overview the business model - This is particularly important for retailers, as you’ll need to clarify how your products will reach your customers.
Cover off the costs - Financial projections and cost management will come up a lot in your business plan. In this part, discuss your profit margin expectations.
Explain what sets your business apart - Chances are there will be versions of your product or service on the market – what’s your unique selling point (USP)?
Talk about intellectual property - Mention any patents or copyrights you have applied for and emphasise how your work will be protected.

5. Business management and organization

By this part of your business plan, you will have described in detail the ideas behind your company or its expansion. The next step is to explain how you plan to execute them.

Start by talking about the people in your business and how they’ll contribute to its success.

You will have highlighted key employees at the start of the business plan document, so use this opportunity to go into more detail about the team.

After all, they’ll be driving the business with you – here’s what you can show:

An organizational chart - This will be a great way to sense check the structure you have created – are there too many people in senior roles? How does the team work together? Is there enough room for growth?

The backgrounds of your key players - A strong management team requires people with a range of skills and expertise. Although your employees don’t need to have years of experience, they should be bringing something interesting to the table.

Your hiring strategies - A big part of business planning is finding the right people – after all, salaries form part of the fixed costs you have to pay for. How do you expect to reach the right talent pool as you grow the company?

The company’s legal structure - If you are creating a startup, go into more detail about how your business will be run. For example, will it be a limited liability company (LLC), sole proprietorship, or partnership?

6. Marketing strategy

You have a customer profile, so now you need to think about how you’re going to manage customer relationships. Nailing this in your business plan is a really smart move.

First of all, understanding your marketing objectives will help you find the right channels.

It will also uncover the financial data around your company’s promotional efforts. What will your campaigns cost? What can you afford to spend on marketing?

Here are the key marketing components that you will need to consider:

Your website - While social media is effective, websites are essential. They’re easy to get – a website builder like Zyro or Squarespace will help you to create a bespoke platform and get online quickly and at a low cost.

Its marketing tools - The other major advantage to website builders is that they provide users with integrations, software, and insights to help drive marketing strategies. You’ll be getting an online presence and the tools to promote your business.

Third-party assistance - You can also use online marketing services to help you structure each marketing plan and drive a difference between you and your competitors. Who would you work with, and what will that cost?

Other marketing channels - Where will your audience be? You’ll most likely benefit from using social media platforms, but which ones? Find out if it’s worth investing time into Instagram, or if LinkedIn will be more profitable.

How your business will stand out - When you write a business plan, you’re making predictions about the future – what will you do if your marketing strategy fails? Understand some key digital marketing trends to help inform your ideas.

Check out our complete list of the best small business website builders

7. Business operations and logistics

Now we’re getting really granular. Breaking down the proposed logistics in your business plan will be incredibly useful for you as you work out financial projections.

Getting a clear picture of business operations will also help you formulate a contingency plan.

It may be that your business model is very niche and needs testing – how will you account for any failures? While it isn't fun to think about worst case scenarios, it’s better to do this now.

Plus, if you need to secure funding, this section is important. Here’s what to cover:

Business facilities - If the company plans to open retail spaces or venues, where are they and how big are they? Will there be an office for employees?
Supply chain - Will you be sourcing products or materials from manufacturers? Explain where they are based and what policies you will implement
Inventory management - Retailers should describe how and where they plan to manage stock and customer orders
Fulfillment model - Another vital component for retail businesses, this covers how you expect to receive products and ship them out to customers
Business equipment - Even small business administration costs money. How will you source office supplies? Will you need a bank loan?
Financial operations - Before you delve into this part of the business plan, mention how you plan to track and manage cash flow

8. Financial plan

Whether you need to secure funding, take out a business loan, or simply take note of your income statements, every business plan needs to cover financial planning.

It helps to take a look at your finance software options to construct this part of the document.

Being upfront about your company’s financial outlook is critical, both for you and anyone else who is planning to invest in the organization.

There are three key components that you’ll need to include in your business plan:

An income statement , which shows the most accurate picture (or estimation) of your company’s profit and loss over a period of time.

A cash flow statement . To understand how much money you need to scale the business, and if it’s viable, you’ll need to provide cash flow statements.

Balance sheets . A balance sheet discloses your business assets and liabilities – in other words, what you owe to others.

On top of your financial statements, you should also include a breakeven analysis of your company in your business plan.

Critical for startups, this shows at what point you expect to start making a profit and for what duration you anticipate to be running at a loss.

Once you know what goes into a good business plan, you’ll need to know how to make it a document that people actually want to read.

In addition to the main segments, you can include supporting documents to help people further contextualize what it is you’re doing.

That will also help you to keep track of your plans, especially if you’re only writing the document to help yourself and your team, not investors.

Either way, you want to avoid writing a total snooze-fest. While a lot of detail goes into a business plan, it also needs to be engaging and exciting throughout.

So, to write a really solid business plan, remember to:

Keep it brief - Nobody wants to have to flick through a 100-page manifesto, not even future you. An effective business plan is concise and memorable
Make it shareable - Business plans written on paper won’t really go anywhere – make sure yours is published in an easily transferable format
Be clear - Only use industry jargon when it’s totally unavoidable, otherwise you risk alienating (and boring) the readers of your business plan
Show your research - Implement charts, provide supporting documents, and make sure that it’s abundantly clear how much thought you put into your business
Remember your passion - Don’t be put off by traditional business plans with bland statements – make it clear in your own business plan how exciting this venture is
We've also featured the best business plan software

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website builders and web hosting when DHTML and frames were in vogue and started narrating about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice.

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

Product goals and deadlines for each month
Monthly financials for the first two years
Profit and loss statements for the first three to five years
Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

Executive summary
Description of business
Market analysis
Competitive analysis
Description of organizational management
Description of product or services
Marketing plan
Sales strategy
Funding details (or request for funding)
Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

What is the vision and mission of the company?
What are the company’s short- and long-term goals?

See our roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

What business are we in?
What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

Who is our customer?
What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

Who is the competition?
What do they do best?
What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

What is the product or service?
How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

Who is the target market (if different from existing customer base)?
What channels will you use to reach your target market?
What resources does your marketing strategy require, and do you have access to them?
If possible, do you have a rough estimate of timeline and budget?
How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts.

Start by answering the following questions:

What is the sales strategy?
What are the tools and tactics you will use to achieve your goals?
What are the potential obstacles, and how will you overcome them?
What is the timeline for sales and turning a profit?
What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

How much capital do you currently have? How much capital do you need?
How will you grow the team (onboarding, team structure, training and development)?
What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years.

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

How and when will the company first generate a profit?
How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy.

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company.
Add a Company Overview Document the larger company mission and vision.
Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting.
Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel | Microsoft Word | Adobe PDF | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates .

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.).
Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Lean Business Plan Templates for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships.

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan.

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there.

So, which ones are actually worth using?

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now.

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections.
Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum.

1. Bplans — A plan with expert guidance

Preview of Bplans' free business plan template download asset.

Since you’re already on Bplans, I have to first mention the templates that we have available.

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources.

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide.

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions.

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options.

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library

5. Canva — Pitch with your plan

A sample of the 696 free business plan templates available from Canva. The templates represented here are for a restaurant and two options designed around a minimalist beige aesthetic.

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan.

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used.

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva.

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Preview of ClickUp's business plan template within the project management platform. It includes a number of fillable cells to help guide the creation process.

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool.

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team.

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors.

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

7. Smartsheet — A wide variety of templates

A preview of the Smartsheet business plan template. It provides a preview of the cover page, directory, and small views of the remaining template pages.

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide.

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library

8. ReferralRock affiliate marketing business plan

Preview of the ReferralRock affiliate marketing business plan template. It just represents the cover page of the full template.

I’m adding ReferralRock’s template to this list due to its specificity.

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business.

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work.

What it ultimately comes down to, is what sort of value you hope to get from the template.

Do you need more guidance?
A simple way to structure your plan?
An option that works with a specific tool?
A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit.

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running.

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool .

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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Use This Simple Business Plan Outline to Organize Your Plan

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14 Reasons Why You Need a Business Plan

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

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First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan.

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

business plan sample: Executive Summary Example

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
Be sure to highlight your value proposition, market opportunity, and growth potential.
Keep it concise and support ideas with data.
Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

The size of the market
Current or potential market share
Trends in the industry and consumer behavior
Where the gap is
What caused the gap
How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

Focus on demand and potential for growth.
Use market research, surveys, and industry trend data to support your market forecast and projections.
Add a review of regulation shifts, tech advances, and consumer behavior changes.
Refer to reliable sources.
Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

Industry trends that other brands may not be utilizing
Strengths in your competition that may be obstacles to handle
Weaknesses in your competition that may help you develop selling points
The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

Business plans examples: Competitive Landscape

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry.

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

Complete in-depth research, then emphasize your most important findings.
Compare your unique selling proposition (USP) to your direct and indirect competitors.
Show a clear and realistic plan for product and brand differentiation.
Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
Outline growth opportunities from a competitive perspective.
Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

What demographics will most likely need/buy your product or service?
What are the psychographics of this audience? (Desires, triggering events, etc.)
Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

Include details on the size and growth potential of your target audience.
Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
Describe your targeted customer acquisition strategy in detail.
Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
Add case studies, testimonials, and other data to support your target audience ideas.
Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

Your brand positioning vision and how you'll cultivate it
The goal targets you aim to achieve
The metrics you'll use to measure success
The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

Include a section about how you believe your brand vision will appeal to customers.
Add the budget and resources you'll need to put your plan in place.
Outline strategies for specific marketing segments.
Connect strategies to earlier sections like target audience and competitive analysis.
Review how your marketing strategy will scale with the growth of your business.
Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

Emphasize why and how your product or service offers value to customers.
Use metrics and testimonials to support the ideas in this section.
Talk about how your products and services have the potential to scale.
Think about including a product roadmap.
Focus on customer needs, and how the features and benefits you are sharing meet those needs.
Offer proof of concept for your ideas, like case studies or pilot program feedback.
Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry.

For this reason, here’s what I’d might outline in this section:

The specific pricing breakdowns per product or service
Why your pricing is higher or lower than your competition's
(If higher) Why customers would be willing to pay more
(If lower) How you're able to offer your products or services at a lower cost
When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
If you are asking a premium price, share unique features or innovations that justify that price point.
Show how you plan to communicate pricing to customers.
Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
Share plans to develop new revenue streams in the future.
Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

According to Forbes , you'll want to include three main things:

Profit/Loss Statement - This answers the question of whether your business is currently profitable.
Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
Include any data that supports your projections to assure investors of the credibility of your proposal.
Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
Triple-check all financial information in your plan for accuracy.
Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan.

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

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

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

business plan example: Vesta executive summary

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

business plan examples: nalb creative center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store.

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites.

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need.

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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How to Run a Successful One-Person Business

Starting a business is complicated, but starting and running a one-person business can be especially daunting. While it means you won’t have a team to support your goals or the luxury of delegating, becoming a motivated entrepreneur is a chance to combine passion and effort to create something great and realize your dreams.

However, building a profitable one-person business can be a challenge. You’ll face countless business and personal obstacles alone while forging ahead with your company’s development and growth.

We’ll explore expert advice for starting and running a one-person business and share business ideas and success stories for inspiration.

How to start a one-person business

We gathered tips and advice from successful self-owned business entrepreneurs to help you start your one-person venture. While every entrepreneur and business is different, many pointers will likely apply.

1. Start your self-owned business on the side.

Many successful entrepreneurs recommend starting a one-person business as a side venture, at least initially. The benefits of growing your business on the side include the following:

You’ll keep a primary income source as long as possible. Starting your business as a side hustle lets you keep a steady income source and save money while gaining customers and traction. By the time you quit your day job for your startup , you’ll have enough money saved to minimize startup costs and make it through the challenging early days.
You’ll set up your business for success. Starting on the side also sets you up for success when you leave your current situation. If you develop a client base over a year or two while also working a full-time job, you’ll bring in money on the side and be ready to grow an already established brand once you take the venture full-time. Getting a head start can lessen the challenges of starting a business and reduce stress levels.
You may realize the venture isn’t for you. Starting your business as a side hustle may also help bring you clarity about the venture. Maybe you’ll encounter unexpected challenges you’re not interested in overcoming. After a few months of pursuing the business idea, you may decide it’s not the right career change for you, and you can move on to something else.

Many retirees turn to one-person businesses to make money in retirement and turn their hobbies into successful ventures.

2. Find the right business structure for your one-person business.

Considering the best legal entity type for your business is crucial.

Sole proprietorships vs. incorporating

The obvious choice for a one-person business is a sole proprietorship, the simplest business structure available. However, there are upsides and downsides to this business structure:

Sole proprietorships offer flexibility. Sole proprietorships give you enormous flexibility, allowing you to be an independent contractor or operate a small business in a more traditional sense. For example, if you want to become a freelancer who writes marketing copy for businesses, a sole proprietorship is the logical choice.
Sole proprietorships can introduce risks. Sole proprietors are responsible for all the company’s profits and debts. This can become an issue as your business expands. If you’re involved in a business lawsuit , your assets are on the line. You can be held responsible instead of the business entity. Potential lawsuits become more relevant the more customers you serve.

Some experts recommend forming a corporation, such as an LLC, to protect your interests. “I would advise forming an LLC or incorporating the business,” said Deborah Sweeney, former CEO of MyCorporation.

Liability protection is the most obvious benefit. “Many entrepreneurs often elect to form a sole proprietorship for their small business. This entity is perfectly fine, but it does not provide the owner with liability protection like a limited liability company (LLC) would,” Sweeney noted. “If an entrepreneur decides to start a one-person business as a sole proprietor, they must know they will be held responsible for everything – foreseen and unforeseen alike – that could impact the business.”

Consider your business type when deciding on a legal structure.

Different business ideas lend themselves to different business structures. If you think your business might face lawsuits, incorporating the business may be best.

For example, if you form a one-person company that helps other businesses collect debts, you might be more likely to face legal ramifications than an e-commerce business selling art.

Your business structure can evolve.

One-person businesses may eventually add team members and change from a sole proprietorship to a general partnership, limited partnership or LLC. Starting as a sole proprietorship doesn’t mean you’re locked into that structure for the rest of your entrepreneurial journey. If you run a successful one-person business, that doesn’t mean you can’t eventually become a multi-person organization.

If you operate as a sole proprietor, you need to understand your self-employed tax benefits and deductions, as well as how and when to file taxes.

3. Prioritize your tasks to succeed as a one-person business.

Time management is critical when running a one-person business. Without delegating to employees, one-person businesses must stay on task so they don’t get overwhelmed. Here’s some time-management advice for one-person businesses.

Prioritize your workday. If you’re only spending two to four hours daily on your business, don’t waste too much time checking emails or performing tedious tasks. You want to make substantial progress on major projects. “My main piece of advice is that you have to prioritize your day and your schedule,” said Mark Aselstine, founder of Uncorked Ventures. “You’re going to get pulled in literally every direction, and emails, phone calls and text messages all seem incredibly important, and everyone wants an immediate response. But, ask yourself, do they actually require one?” Aselstine advises time-blocking to focus on your business’s long-term health.
Set goals and hold yourself accountable. To stay on track, set business goals months in advance. If you’re starting from scratch, set target dates for creating an online presence , such as building a website and establishing social media accounts. By setting goals and holding yourself accountable, you give yourself something to work toward. “I work in 90-day cycles,” said Isabelle Paquin, a Pinterest marketing strategist. “Each quarter, I establish goals and two or three projects I’ll be focusing on. Then it’s a matter of having the discipline to put blindfolds on and focus on implementation excellence.”
Don’t go it entirely alone. Running a one-person business doesn’t mean help is off the table. Hiring freelancers helps your operation grow, makes achieving your long-term goals more realistic, and allows you to focus on other aspects of your business. “My advice to someone starting out is to know what you don’t know and surround yourself with great people [like] other small businesses and independent contractors who can provide the services that you can’t,” said Diane Jones, president of DJ Public Relations. “For example, I am a public relations professional that offers a variety of services, including website development, graphic design and video production. However, I personally don’t do all those things. I work with an amazing website developer and graphic designer and a video production company who creates the final product while I manage the process. It’s a win-win for both of us, and the client ends up with the product they want.”

To make your business more organized , block out times for various jobs. Pay attention to when you’re most productive, and direct your best energy toward your most critical tasks.

4. Build a community of supporters for your one-person business.

Running a one-person business can be mentally fatiguing. To combat this, connect with like-minded individuals, even outside work.

“Honestly, just being ‘alone’ was the one thing that I struggled with, not having a team to chat with about the daily stuff,” said Kathryn Selby, founder of Selby NYC. “If you are someone who thrives with a small team – like me – try to find activities outside work where you can get that community feel, like group fitness classes or dinner clubs – those were two of the things that I found to be the most helpful.”

Here are some ways to connect with business peers, get advice, and combat loneliness.

Network on LinkedIn. Networking on LinkedIn is a way to connect with people in your industry whom you could see yourself working with in the future. There are numerous groups to join where you can participate in discussions, answer questions that showcase your expertise, and share relevant content.
Reach out to local peers. Get in touch with local business owners and entrepreneurs, even if they aren’t running a one-person show. Speaking to experienced business people in your area will build connections and give you a network of people you can turn to for advice. You can also share your advice and perspective with them, making it a beneficial two-way relationship.
Attend SBA events. The Small Business Administration (SBA) hosts regional events throughout the year. Search for events in your area and attend the ones that interest you the most. You’ll meet other people in your area who are also building businesses and experiencing the same highs and lows. You’ll increase your network and learn during the events – many of which are free.

Regardless of how you connect with others and build a community of supporters, it’s essential to branch out and meet people who can help you on your entrepreneurial journey. While it sounds counterintuitive, running a one-person business alone is unwise.

“I think it’s helpful to remember that you’re never alone,” said Bridget Burnham, founder of BurnBright Communications. “You are part of many communities who want to see you succeed. Don’t forget to reach out and share openly about your triumphs and struggles. It’s amazing how resources and leads appear when you tell people what you want and need.”

Financial support is as crucial as a support community. If you need funding for your one-person business, consider government loans for entrepreneurs and SBA and alternative loans.

5. Understand your one-person business’s growth limitations.

The world’s largest and most successful businesses have teams of hundreds, if not thousands, of people. You might be able to create a multimillion-dollar business alone, but it’s unlikely. You’re going to need help if you want to build a massive enterprise.

“It is possible to sustain success as a one-person business,” said Ali Boone, founder of Hipster Investments. “Where the buck will stop, though, is with limitation. You can only grow so big without a team. So if you find that limit — the limit that you can get to on your own and can maintain — you can certainly sustain that as long as you want.”

At some point, you may want to add team members to your venture. ” [You’ll]have to weigh your definition of success,” Boone advised. “If you’re making enough money to cover your lifestyle, and your goals aren’t to build any level of empire, you might be completely content to stay on your own. But if your definition of success involves anything more than that, you’ll need to start considering having a team.”

Smart hiring practices can help take your one-person business to new heights. Give yourself time to create a hiring plan, consider job descriptions carefully, and attract top talent with desired perks like flexibility.

Quick tips for forming a one-person business

When forming a one-person business, consider the following:

Write a business plan. Get your ideas on paper and plan your strategy. Identify your target audience and how you’ll market to them. What value do you provide in the industry? Don’t go into a new business venture blind. Set up a plan of attack for the best chance of success.
Meet with a business adviser. There are many ways to find business advisers, including meeting with small business development center counselors in your local area. Talking to an adviser can give you guidance on how to start your business. Advisers are especially helpful if you don’t have a team of knowledgeable peers to bounce ideas off.
Be patient. A one-person operation will likely grow slower than a business with a team of multiple people. Stay the course and keep moving forward. The most successful one-person businesses take time to develop.

One-person business ideas

Just because you want to run a one-person business doesn’t mean you know what kind of business you want to launch. Try one of the following business ideas to easily and (hopefully) successfully go it alone.

Blogger or content writer. Companies of all stripes frequently need help with writing. Whether you’re creating blog posts , website copy or even articles on prestigious websites, you can easily turn writing into a one-person business — just ensure your editing and proofreading skills are up to snuff.
Real estate agent. Especially in big cities, qualifying to broker deals between landlords and tenants (or banks and homeowners) requires relatively few steps. And there’s no shortage of clients, either, as people are always looking for places to live, and property owners and banks are always looking for prospective buyers. You can be the bridge between them without a team around you.
Tutor. If you have ample knowledge in a specific field, you can launch a one-person business as a tutor in that specialty. Post your services to classified ad websites or social media groups. College students, parents and others who want to learn might flock to you. Plus, even relatively inexperienced tutors can charge hourly rates that rival standard full-time salaries.
Driver. If you have a car and the schedule flexibility to take people (or objects) wherever, whenever, try being a driver. Whether your one-person driving business is geared toward people who need personal transportation or help with delivery, you only need a car — no co-workers — to get the job done.
Dog walker or dog sitter. While not necessarily the highest-earning of these ideas, a dog-walking or dog-sitting business is convenient. For dog walking, your client base can comprise your neighbors, family, and friends. You can charge substantially more for dog sitting and usually do other work while you dog sit — even starting and running another one-person business.

It’s crucial to think about your retirement when you own a one-person business. Consider setting up a solo 401(k) to get the benefits of an employer-sponsored 401(k) plan and a self-employed IRA .

Examples of successful one-person businesses

You may also find inspiration by learning about some leading companies that first began as one-person businesses. These are some of the top names:

Urban Dictionary. The internet’s go-to spot for defining slang started as Aaron Peckham’s one-person business in 1999 while he was in college.
DuckDuckGo. Privacy-first web browser DuckDuckGo is the invention of Gabriel Weinberg, who founded it alone in 2008.
Under Armour. Kevin Plank created his ideal athletic undershirt in 1996 and turned his invention into a one-person business. Within two years, he had expanded into a warehouse and headquarters.
eBay. One of the internet’s most popular buying and selling websites was once just a one-person business. In the beginning, eBay founder Pierre Omidyar was the company’s only employee.
Amazon. Amazon is inarguably the most famous example of a one-person business that became a massive mega-corporation. Jeff Bezos launched it by himself in 1994, and in the years since, he has become the world’s richest person.

Julie Thompson and Max Freedman contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.

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Personal Business Plan

Did you have a dream of one day owning your business ? If so, what was your dream about? When I was young, I always dreamed of owning my own business and seeing it flourish . I told myself that one day, I would be able to own a business that involved a hybrid of a coffee and tea shop with a library and a place where animal lovers could simply hang out. Of course that dream is still in the air as it takes a lot of planning and a lot of resources like financial and material resources to make it happen. Another thing to also take into consideration is to have your own plans. Not just one plan but if possible a lot of back up plans that go along with it. Even if your plan may seem or look fool proof, there is still a possibility that you may need to redo it or to have at least a back up plan along with your original plan. What am I even talking about? A business plan of course. Your personal business plan. The difference between a business plan and a personal business plan is found in the article below. So check it all out right now.

8+ Personal Business Plan Examples

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What Is a Personal Business Plan?

A lot of people would associate a business plan to a business or a company. But they may never associate the term business plan with personal . However, you can make your own business plan, and it does not have to be focused on a business or a company that you own. It can also focus on you, your family life, personal life, and your development. So what is a personal business plan? A personal business plan is a tool . This tool helps you by giving you a tour, a guide or serves as a road map for you to know how and where you can start out by changing what you want to do in life, or to change something in your business to make it better. For this case, a personal business plan is more associated with how you view yourself and your goals to achieve them. The importance of a personal business plan is to simply help you. Help you by giving you directions. A step by step plan that shows you or how you want to see your future in specific years to come. To show if there is any development that you have made or none at all.

How to Write a Personal Business Plan?

Here’s a fun fact for you. Did you know that having a personal business plan can help you ? Apart from having a positive mindset, having a personal development plan or a personal business plan is also quite helpful. Though it may depend on how you perceive it and use it, but it really is a helpful tool. Something to help you get started on writing are these simple yet easy to do tips.

1. Get To Know What You Want to Write

What this means is, brainstorm. What do you want to write, what do you expect to write and what do you really want to see in your personal development? These are just basic questions to help you when you brainstorm on what you want to place in your personal business plan. The topics could range from family, your dreams, your goals, anything that is achievable. Start from there.

2. Set Your Goals and Objectives

Know your goals and know your objectives . Understand the factors when picking your goals. Always choose an attainable goal. In addition to that, always choose an attainable objective or a series of attainable objectives. This is going to be your guide when you choose what goal you want to achieve. So to make that happen, you must make it happen. It must be achievable. Something possible, not impossible.

3. Make Your Goals Very Specific

One thing you may have noticed is why should you make your goals very specific ? The reason for this is because if you do not make your goals specific, you may end up getting frustrated or end up not bothering to achieve the goal you want. For this to be avoided, it is always best to make every single thing in your plan specific, especially your goals.

4. Set Up Deadlines for Each Goal

In addition to the tips above, here is another tip I can give you. Set up deadlines . For each goal you plan on doing, set up a deadline. Not only will this encourage you to do better and to really find ways to achieve them, it also gives you a sense of accomplishment and responsibility. This is where your development should already be showing.

5. Update Your Progress Plan

Last but not the least, update on the progress you have made. Whether it be a huge milestone or a smaller and simple one. Each milestone you have made is considered progress and should be updated to your plan. This is to show you how far you have gone to reach the goal you decided to do and how far you still need to go and push through to achieve it.

What is a personal business plan?

A personal business plan can also be coined as a personal development plan. This kind of plan is used as a personal growth plan for a person. It helps by outlining your goals and objectives and to record every milestone that has been accomplished at a certain amount of time.

What can a personal business plan be used for?

A personal business plan can be used in a way to help you reach your full potential. It helps by showing you the steps and the things that you can do to reach it.

Is it difficult to make your own personal business plan?

Not at all. Planning on making your own business plan is quite easy. It only takes a few simple steps. To know more about these steps, you can simply check the How to write a personal business plan found in this article.

When you want your dreams to come true, you work hard for it. When you want your goals in life to be achieved, you work hard for it. But there are times that we often mistake what we think we can do to what we can actually do. Always remember that you can achieve those dreams if they are realistic and doable. As well as adding a personal business plan to the mix.

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Top 10 personal business goals examples for 2024.

Top 10 Personal Business Goals You Can Set and Achieve

Do you have a professional development goal? Change can sometimes feel daunting, but it doesn’t have to be an overwhelming task. A lot of successful people set milestones that are specific and measurable to help make a realistic goal become a success.

Everyone works differently and has other things going on in their lives, so some strategies will work better than others. The main thing is to make sure your goals are achievable while you maintain a healthy work-life balance. If they’re not, you are just setting yourself up for failure.

One way to improve productivity while reducing stress and finding more time to do the things you love, like spending time with family, is automating processes, like incorporating accounting, planning, and tracking software into your business processes. Doing this will reduce the time and mental space spent on these tasks, allowing you the freedom to work on the creative side of your business or take a day off every once in a while. A good balance between your personal and professional life can make all the difference in your mental health and achieving your professional development goals.

FreshBooks offers a variety of helpful tools that will help you with everything in your professional life, from bookkeeping to client management .

Click here to learn more about how FreshBooks can improve your overall quality of life and give you more free time to spend away from the computer.

There are also individual business goals that you can set and achieve that will help you avoid becoming overwhelmed in life. Let’s take a look at the top 10 personal business goals that will help you reach professional success.

Key Takeaways

A healthy work-life balance can help you avoid burnout
Setting professional development goals and learning new professional skills can help you with your career advancement
Stepping outside of your comfort zone can help you achieve great results in your professional life
Being creative and becoming a thought leader can position you at the top of your field
Keeping the body and mind healthy is the key to stress reduction
Earning a promotion can be as simple as improving your focus through targeted goal setting
Knowing your limits while embracing discomfort can help you expand your reach without overextending yourself
Setting SMART goals is the most effective way to achieve big dreams

Here’s what we’ll cover:

What Are Professional Development Goals?

The top 10 personal business goals, what are personal development goals for work, how can you achieve your career goals, why set goals for work.

Frequently Asked Questions

A professional development goal is any objective you want to set for yourself that will help you enhance your career. Examples of professional goals include learning new relevant skills, finding more satisfaction in the workplace, expanding your network, leveling up your credentials, or taking up leadership opportunities when presented.

Some examples of personal goals you may wish to achieve include incorporating self-care into your routine, improving public speaking skills, limiting social media usage, and working to change procrastination habits.

Both personal and professional development goals can help you get ahead, keeping you productive and up-to-date on new trends, improving networks, and ensuring you build a life that is right for you, so you feel satisfied in your career and life.

The easiest way to set achievable goals, both in your personal and professional life, is by utilizing the SMART method. This means that the goals you choose should be:

S PECIFIC, with every step laid out including what needs to be accomplished, and the steps that need to be taken
M EASURABLE, by setting trackable benchmarks, like specific dates you will practice a new skill, the number of hours a week you allow yourself to spend online, a specific financial saving goal, etc.
A CHIEVABLE, starting small and realistically. Don’t set yourself up for failure. Choose something you can definitely accomplish with a little work.
R ELEVANT and pertinent to the overall vision. Knowing the “why” behind the goal will keep you motivated, and your goal will keep you moving toward the life you envision for yourself
T IME-BOUND, as a time parameter, will keep you on track and give you a deadline to hit

When you use the SMART method, achieving personal development goals is much easier. This framework is designed to make goal achievement realistic in both your personal life and your professional career.

You can throw your own personal spin on goal setting and alter them so they work with your needs. There isn’t a perfect recipe for figuring out which goals to set. You just need to make sure you have achievable goals, and they’re attainable and measurable.

This way, you have the best possible chance of success regardless of your ultimate goal or professional development goal. Here are the top 10 personal business goals you can set and achieve.

1. Improve your Online Image

There can be a thousand moving parts to staying relevant online in today’s digital world. But there are certain things you can do to help improve your online image. One of the first things you should do, if you haven’t already, is make sure you own your domain name.

It could be your personal or company name, but try to ensure it’s relevant to your business. You can also think about investing in high-quality headshots from a professional photographer. This will help make your social media profiles and website stand out.

They will also give you something professional to send to organizers if you’re speaking at an event or making another public appearance. As well, spend some time putting together a portfolio of your best work.

You can share it online or post samples to your LinkedIn page. For example, tons of free writing portfolio websites are available that can make it simple and easy to drag and drop documents.

2. Become a Thought Leader

It’s never too early to start to position yourself as a thought leader or authority in your industry. Reach out and contact appropriate business people to try and moderate or speak on a panel. You can also enquire about appearing on a podcast or a guest blog post.

Identifying every opportunity you can to share your knowledge and business expertise can have a positive impact in the long run. You can build your credibility and audience and grow into a thought-provoking leader.

3. Find a New Business Idea

Do you spend a lot of time thinking about your business and ways that you can grow or expand? Some of those ideas might seem far-fetched or out of reach. But why do they have to be? What personal and business goals would you hope to achieve by starting your company?

Develop a new idea, implement it, and establish yourself as a leader in your field. And you don’t just have to limit yourself to things like industry blogs or social media. You can get inspired by other people’s work and put your own spin on it.

4. Get Comfortable Being Uncomfortable

It might seem like a bit of a cliche, but getting outside your comfort zone can have many positive benefits. It might seem scary, but doing something drastic like speaking in public or attending networking events can be a good start. You can improve your communication skills and take actionable steps toward personal growth.

Sometimes getting outside your comfort zone is simply about finding ways to become better, even in the smallest of ways. It also allows you to realize that there are things about yourself you might have underestimated before and helps build emotional intelligence and self-awareness.

5. Learn a New Skill

Nobody knows everything. There are always opportunities to learn and improve, and learning a new skill is one way to do that. You can meet new people, and there are many free courses and resources online.

Education doesn’t have to be expensive or time-consuming. Discuss some options with your employer or workplace and see if they offer training. Some of the most desired skills in today’s economy include:

Excel skills
Web development
Copywriting
Public speaking
Google Analytics
Digital Marketing
Time management
Project management

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6. Monitor and Evaluate Your Health

Keeping your mind and body healthy is integral to staying productive, energetic, and engaged in your work. Go to the dentist, schedule a checkup with your doctor, and take plenty of time for self-care. Get creative with your health goals while recognizing areas where you can take a break, reset, and return with more focus and drive. Sleeping well, eating healthy food, and getting exercise will keep your body fit and help you avoid missing work due to stress and preventable physical health issues.

7. Start a Side Hustle

Sometimes, long-term goals don’t necessarily improve your company or allow you to increase your skills. Perhaps you want to start a business, work for yourself, or transition into a different industry or business sector.

A side hustle can help get you there. It can also provide some increased financials that might make it easier to pay off debts or bills if you have any.

8. Earn a Promotion

Earning a promotion takes planning, so it’s definitely a long-term goal instead of a short-term one. You can get started now to prepare yourself for any upcoming performance review. Make it a personal work goal to try and exceed any of your previous performance metrics .

This improvement will demonstrate you have value to the company and you have substantial leadership capability . These are important skills and personality traits businesses want to keep on their team.

Try thinking of some new tasks or projects you could undertake. You could learn new skills or develop relationships outside of business. Whatever it is, it shows initiative and that you are an integral part of the business operations.

9. Improve Your Focus

Learning to tune out distractions and avoid downtime can help increase your productivity . Try and turn off your phone or leave it in another room while working. This will leave you less tempted to check notifications and surf through social media.

It’s difficult to focus when you’re burned out, so try and keep a healthy work and life balance. This will help ensure you’re energized and motivated when you return to work. You can also try and block off certain periods to grab a snack or take a walk to return to your work focused.

10. Boost Your Confidence

Everyone has moments of doubt and feelings of inadequacy. Try and make some personal goals to improve or boost your confidence. You can ask more questions in meetings or learn to trust your gut and intuition.

Accepting that you are going to make mistakes is a great place to start. No one is perfect, and making mistakes allows you to learn. You can understand what happened and ensure you make proper adjustments, so it doesn’t happen again in the future.

Having regular meetings with a project manager or coworker to discuss challenges at work can also make things easier. When details are discussed in the open, it makes them more actionable and real.

Take a look at some of these personal development goals that can make you even more focused and productive at work.

Include time for personal interests and hobbies
Embrace saying “no” to certain things
Keep a journal of daily occurrences
Volunteer to take a break from the grind of daily business activities
Become a mentor to share your expertise with the next generation
Improving communication skills
Better time management skills

Taking the first step to achieve your goals is writing them down. But do you have a plan or strategy to reach your goals? How are you going to get to where you want to go?

Here are five tips to help you achieve your career goals.

1. Embrace the journey

It can sometimes take a long time to achieve your career goals, they don’t often happen overnight. It’s important to embrace the experiences along the way instead of being narrowly focused on a singular path. Things can happen differently or unexpectedly, and that’s okay.

2. Know what you’re willing to sacrifice

What are you willing to give up or sacrifice to achieve your career goals? For example, if being close to friends and family is important to you, moving far away for a dream job might not work out. Or, if you love to travel, committing to a job that keeps you behind a desk might be a recipe for disaster. You want your career path to be fulfilling, not draining.

3. Take your struggles in stride

There are going to be rough patches and moments of stress. You can work with a mentor or someone who can help provide advice and solutions to help you get through any struggles.

4. Give back when you can

Paying it forward is one of those things that have unintended positive results. Help other young professionals or students through mentoring or by offering career advice. Do you remember someone who gave you advice early in your career and how helpful it was? Try and return the favor and give back when you can.

5. Set measurable goals

Goals and milestones are useless if they’re not attainable. Use the SMART goals process, which is an acronym for specific, measurable, achievable, relevant, and time-bound. This framework helps ensure your goals are specific and quantifiable.

Setting achievable work goals will keep you motivated and stop your skills from atrophying. Remaining still in one position for a long period of time can become boring and demotivating for many people, so giving yourself additional challenges will keep you engaged and excited.

Goal setting is also important because of it:

This will set you apart from the rest and give you a good reputation amongst higher-ups as somebody who can achieve great things and is not afraid to try new things
Encourages optimism in the workplace, which can be contagious and lead to a happier and healthier workplace for everybody
Helps you manage your time effectively and better focus on relevant tasks
Keeps you up to date on industry trends and keeps you employable as technology changes
Keeps your team aligned, which leads to faster growth in small businesses

Balancing work and personal life can become stressful. You want to ensure you are delivering on your tasks and responsibilities at work, but you also want to have time at home with friends and family. It can sometimes be even more difficult to try and set personal business goals to achieve.

The good news is that there are tons of things that you can do to help you set your goals and ultimately achieve them. Becoming a thought leader, generating new business ideas, or improving your focus are just goals you can set and achieve. When you are figuring out which goals you want to set, it’s important to make sure that they’re attainable and specific. If they’re not, your journey to achieving them will become bumpy and likely have some detours. Use the SMART acronym to help make sure your goals are quantifiable and contribute to your growth mindset.

Did you enjoy reading this guide? Head over to our leadership category for more great content!

FAQs on Personal Business Goals

How do you write a personal goal for a business.

When writing a personal goal for your business, it is important to identify your objective, or the “why” behind the goal, to discover what success will mean to you. Using the SMART (specific, measurable, achievable, relevant, and time-based) acronym will help with this step.

Next, you will need to create a plan that can be broken down into small, actionable steps and milestones. This way, you can measure how far you have come toward the goal and make adjustments if necessary. Monitoring your progress and reviewing the plan regularly will keep you on track.

What is a typical business goal?

Business goals vary between industries but will be specific, measurable, achievable, relevant, and time-based. Some common business goals include increasing shareholder value, growing the business, incorporating new services or products, reducing employee turnover , or reaching out to the community. The goal is to keep the business continually progressing and improving.

What are personal and professional goals?

Both personal and professional goals are objectives that can be worked toward in order to improve quality of life in some way. Personal goals often pertain to a person’s lifestyle and family life, while professional goals are aspirations that can help you succeed in your career or improve your workplace performance.

What goals can I set for myself?

Some goals you can set that will help you in your personal and professional life include things like improving your time management , limiting internet usage, taking better care of your physical and mental health, achieving specific financial goals, stepping outside of your comfort zone, or learning new skills.

What personal and business goals would you hope to achieve by starting your company?

When thinking about starting your own company, what are the goals you want to achieve? Some common answers to this question include financial freedom, early retirement, making a career change, professional growth, having flexible hours, and having a better work-life balance .

You will have to think about your own life and what you hope to gain from starting your own company. Will it bring you a higher sense of satisfaction to work for yourself? Will you enjoy having more control over the business end of things?

Kristen Slavin, CPA

About the author

1000 more rows at the bottom Kristen Slavin is a CPA with 16 years of experience, specializing in accounting, bookkeeping, and tax services for small businesses. A member of the CPA Association of BC, she also holds a Master’s Degree in Business Administration from Simon Fraser University. In her spare time, Kristen enjoys camping, hiking, and road tripping with her husband and two children. In 2022 Kristen founded K10 Accounting. The firm offers bookkeeping and accounting services for business and personal needs, as well as ERP consulting and audit assistance.

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How to Create a Personal Development Plan: 3 Examples

For successful change, it is vital that the client remains engaged, recognizing and identifying with the goals captured inside and outside sessions. A personal development plan (PDP) creates a focus for development while offering a guide for life and future success (Starr, 2021).

This article introduces and explores the value of personal development plans, offering tools, worksheets, and approaches to boost self-reflection and self-improvement.

Before you continue, we thought you might like to download our three Goal Achievement Exercises for free . These detailed, science-based exercises will help you or your clients create actionable goals and master techniques to create lasting behavior change.

This Article Contains

What is personal development 7 theories, coaching in personal development and growth, how to create a personal development plan, 3 examples of personal development plans, defining goals and objectives: 10 tips and tools, fostering personal development skills, 3 inspiring books to read on the topic, resources from positivepsychology.com, a take-home message, frequently asked questions.

Personal development is a fundamental concept in psychology and encompasses the lifelong process of self-improvement, self-awareness, and personal growth. Crucial to coaching and counseling, it aims to enhance various aspects of clients’ lives, including their emotional wellbeing, relationships, careers, and overall happiness (Cox, 2018; Starr, 2021).

Several psychological models underpin and support transformation. Together, they help us understand personal development in our clients and the mechanisms and approaches available to make positive life changes (Cox, 2018; Passmore, 2021).

The following psychological theories and frameworks underpin and influence the approach a mental health professional adopts.

1. Maslow’s hierarchy of needs

As a proponent of the humanistic or person-centered approach to helping people, Abraham Maslow (1970) suggested that individuals have a hierarchy of needs. Simply put, they begin with basic physiological and safety needs and progress through psychological and self-fulfillment needs.

Personal development is often found in or recognized by the pursuit of higher-level needs, such as self-esteem and self-actualization (Cox, 2018).

2. Erikson’s psychosocial development

Erik Erikson (1963) mapped out a series of eight psychosocial development stages that individuals go through across their lifespan.

Each one involves challenges and crises that once successfully navigated, contribute to personal growth and identity development.

3. Piaget’s cognitive development

The biologist and epistemologist Jean Piaget (1959) focused on cognitive development in children and how they construct their understanding of the world.

We can draw on insights from Piaget’s stages of cognitive development, including intellectual growth and adaptability, to inform our own and others’ personal development (Illeris, 2018).

4. Bandura’s social cognitive theory

Albert Bandura’s (1977) theory highlights the role of social learning and self-efficacy in personal development. It emphasizes that individuals can learn and grow through observation, imitation, and belief in their ability to effect change.

5. Self-determination theory

Ryan and Deci’s (2018) motivational self-determination theory recognizes the importance of autonomy, competence, and relatedness in personal development.

Their approach suggests that individuals are more likely to experience growth and wellbeing when such basic psychological needs are met.

6. Positive psychology

Positive psychology , developed by Martin Seligman (2011) and others, focuses on strengths, wellbeing, and the pursuit of happiness.

Seligman’s PERMA model offers a framework for personal development that emphasizes identifying and using our strengths while cultivating positive emotions and experiences (Lomas et al., 2014).

7. Cognitive-Behavioral Theory (CBT)

Developed by Aaron Beck (Beck & Haigh, 2014) and Albert Ellis (2000), CBT explores the relationship between thoughts, emotions, and behavior.

As such, the theory provides practical techniques for personal development, helping individuals identify and challenge negative thought patterns and behaviors (Beck, 2011).

Theories like the seven mentioned above offer valuable insights into many of the psychological processes underlying personal development. They provide a sound foundation for coaches and counselors to support their clients and help them better understand themselves, their motivations, and the paths they can take to foster positive change in their lives (Cox, 2018).

The client–coach relationship is significant to successful growth and goal achievement.

Typically, the coach will focus on the following (Cox, 2018):

Actualizing tendency This supports a “universal human motivation resulting in growth, development and autonomy of the individual” (Cox, 2018, p. 53).
Building a relationship facilitating change Trust clients to find their own way while displaying empathy, congruence, and unconditional positive regard . The coach’s “outward responses consistently match their inner feelings towards a client,” and they display a warm acceptance that they are being how they need to be (Passmore, 2021, p. 162).
Adopting a positive psychological stance Recognize that the client has the potential and wish to become fully functioning (Cox, 2018).

Effective coaching for personal growth involves adopting and committing to a series of beliefs that remind the coach that the “coachee is responsible for the results they create” (Starr, 2021, p. 18) and help them recognize when they may be avoiding this idea.

The following principles are, therefore, helpful for coaching personal development and growth (Starr, 2021).

Stay committed to supporting the client. While initially strong, you may experience factors that reduce your sense of support for the individual’s challenges.
Coach nonjudgmentally. Our job is not to adopt a stance based on personal beliefs or judgment of others, but to help our clients form connections between behavior and results.
Maintain integrity, openness, and trust. The client must feel safe in your company and freely able to express themselves.
Responsibility does not equal blame. Clients who take on blame rather than responsibility will likely feel worse about something without acknowledging their influence on the situation.
The client can achieve better results. The client is always capable of doing and achieving more, especially in relation to their goals.
Focus on clients’ thoughts and experiences. Collaborative coaching is about supporting the growth and development of the client, getting them to where they want to go.
Clients can arrive at perfect solutions. “As a coach, you win when someone else does” (Starr, 2021, p. 34). The solution needs to be the client’s, not yours.
Coach as an equal partnership. Explore the way forward together collaboratively rather than from a parental or advisory perspective.

Creating a supportive and nonjudgmental environment helps clients explore their thoughts, feelings, and goals, creating an environment for personal development and flourishing (Passmore, 2021).

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A personal development plan is a powerful document “to create mutual clarity of the aims and focus of a coaching assignment” (Starr, 2021, p. 291). While it is valuable during coaching, it can also capture a client’s way forward once sessions have ended.

Crucially, it should have the following characteristics (Starr, 2021):

Short and succinct
Providing a quick reference or point of discussion
Current and fresh, regularly revised and updated

Key elements of a personal development plan include the following (Starr, 2021):

Area of development This is the general skill or competence to be worked on.
Development objectives or goals What does the client want to do? Examples might include reducing stress levels, improving diet, or managing work–life balance .
Behaviors to develop These comprise what the client will probably do more of when meeting their objectives, for example, practicing better coping mechanisms, eating more healthily, and better managing their day.
Actions to create progress What must the client do to action their objectives? For example, arrange a date to meet with their manager, sign up for a fitness class, or meet with a nutritionist.
Date to complete or review the objective Capture the dates for completing actions, meeting objectives, and checking progress.

Check out Lindsey Cooper’s excellent video for helpful guidance on action planning within personal development.

We can write and complete personal development plans in many ways. Ultimately, they should meet the needs of the client and leave them with a sense of connection to and ownership of their journey ahead (Starr, 2021).

Personal Development Plan – Areas of Development In this PDP , we draw on guidance from Starr (2021) to capture development opportunities and the behaviors and actions needed to achieve them.
Personal Development Plan – Opportunities for Development This template combines short- and long-term goal setting with a self-assessment of strengths, weaknesses, and development opportunities.
Personal Development Plan – Ideal Self In this PDP template , we focus on our vision of how our ideal self looks and setting goals to get there.

“The setting of a goal becomes the catalyst that drives the remainder of the coaching conversation.”

Passmore, 2021, p. 80

Defining goals and objectives is crucial to many coaching conversations and is usually seen as essential for personal development.

Check out this video on how you can design your life with your personal goals in mind.

The following coaching templates are helpful, containing a series of questions to complete Whitmore’s (2009) GROW model :

G stands for Goal : Where do you want to be?
R stands for Reality : Where are you right now with this goal?
O stands for Options : What are some options for reaching your goal?
W stands for Way forward : What is your first step forward?

Goal setting creates both direction and motivation for clients to work toward achieving something and meeting their objectives (Passmore, 2021).

The SMART goal-setting framework is another popular tool inside coaching and elsewhere.

S = Specific M = Measurable A = Attainable/ or Agreed upon R = Realistic T = Timely – allowing enough time for achievement

The SMART+ Goals Worksheet contains a series of prompts and spaces for answers to define goals and capture the steps toward achieving them.

We can summarize the five principles of goal setting (Passmore, 2021) as follows:

Goals must be clear and not open to interpretation.
Goals should be stretching yet achievable.
Clients must buy in to the goal from the outset.
Feedback is essential to keep the client on track.
Goals should be relatively straightforward. We can break down complex ones into manageable subgoals.

The following insightful articles are also helpful for setting and working toward goals.

What Is Goal Setting and How to Do it Well
The Science & Psychology of Goal-Setting 101

1. People skills

Improving how we work with others benefits confidence, and with other’s support, we are more likely to achieve our objectives and goals. The following people skills can all be improved upon:

Developing rapport
Assertiveness and negotiation
Giving and receiving constructive criticism

2. Managing tasks and problem-solving

Inevitably, we encounter challenges on our path to development and growth. Managing our activities and time and solving issues as they surface are paramount.

Here are a few guidelines to help you manage:

Organize time and tasks effectively.
Learn fundamental problem-solving strategies.
Select and apply problem-solving strategies to tackle more complex tasks and challenges.
Develop planning skills, including identifying priorities, setting achievable targets, and finding practical solutions.
Acquire skills relevant to project management.
Familiarize yourself with concepts such as performance indicators and benchmarking.
Conduct self-audits to assess and enhance your personal competitiveness.

3. Cultivate confidence in your creative abilities

Confidence energizes our performance. Knowing we can perform creatively encourages us to develop novel solutions and be motivated to transform.

Consider the following:

Understand the fundamentals of how the mind works to enhance your thinking skills.
Explore a variety of activities to sharpen your creative thinking.
Embrace the belief that creativity is not limited to artists and performers but is crucial for problem-solving and task completion.
Learn to ignite the spark of creativity that helps generate innovative ideas when needed.
Apply creative thinking techniques to enhance your problem-solving and task completion abilities.
Recognize the role of creative thinking in finding the right ideas at the right time.

To aid you in building your confidence, we have a whole category of articles focused on Optimism and Mindset . Be sure to browse it for confidence-building inspiration.

With new techniques and technology, our understanding of the human brain continues to evolve. Identifying the vital elements involved in learning and connecting with others offers deep insights into how we function and develop as social beings. We handpicked a small but unique selection of books we believe you will enjoy.

1. The Coaching Manual: The Definitive Guide to the Process, Principles and Skills of Personal Coaching – Julie Starr

This insightful book explores and explains the coaching journey from start to finish.

Starr’s book offers a range of free resources and gives clear guidance to support new and existing coaches in providing practical help to their clients.

Find the book on Amazon .

2. The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level – Gay Hendricks

Delving into the “zone of genius” and the “zone of excellence,” Hendricks examines personal growth and our path to personal success.

This valuable book explores how we eliminate the barriers to reaching our goals that arise from false beliefs and fears.

3. The Gifts of Imperfection: Let Go of Who You Think You’re Supposed to Be and Embrace Who You Are – Brené Brown

Brown, a leading expert on shame, vulnerability, and authenticity, examines how we can engage with the world from a place of worthiness.

Use this book to learn how to build courage and compassion and realize the behaviors, skills, and mindset that lead to personal development.

We have many resources available for fostering personal development and supporting client transformation and growth.

Our free resources include:

Goal Planning and Achievement Tracker This is a valuable worksheet for capturing and reflecting on weekly goals while tracking emotions that surface.
Adopt a Growth Mindset Successful change is often accompanied by replacing a fixed mindset with a growth one .
FIRST Framework Questions Understanding a client’s developmental stage can help offer the most appropriate support for a career change.

More extensive versions of the following tools are available with a subscription to the Positive Psychology Toolkit© , but they are described briefly below:

Backward Goal Planning

Setting goals can build confidence and the skills for ongoing personal development.

Backward goal planning helps focus on the end goal, prevent procrastination, and decrease stress by ensuring we have enough time to complete each task.

Try out the following four simple steps:

Step one – Identify and visualize your end goal.
Step two – Reflect on and capture the steps required to reach the goal.
Step three – Focus on each step one by one.
Step four – Take action and record progress.
Boosting Motivation by Celebrating Micro Successes

Celebrating the small successes on our journey toward our goals is motivating and confidence building.

Practice the following:

Step one – Reflect momentarily on the goal you are working toward.
Step two – Consider each action being taken to reach that goal.
Step three – Record the completion of each action as a success.
Step four – Choose how to celebrate each success.

If you’re looking for more science-based ways to help others reach their goals, check out this collection of 17 validated motivation & goal achievement tools for practitioners. Use them to help others turn their dreams into reality by applying the latest science-based behavioral change techniques.

17 Tools To Increase Motivation and Goal Achievement

These 17 Motivation & Goal Achievement Exercises [PDF] contain all you need to help others set meaningful goals, increase self-drive, and experience greater accomplishment and life satisfaction.

Created by Experts. 100% Science-based.

Personal development has a rich and long history. It is underpinned by various psychological theories and remains a vital aspect of creating fulfilling lives inside and outside coaching and counseling.

For many of us, self-improvement, self-awareness, and personal growth are vital aspects of who we are. Coaching can provide a vehicle to help clients along their journey, supporting their sense of autonomy and confidence and highlighting their potential (Cox, 2018).

Working with clients, therefore, requires an open, honest, and supportive relationship. The coach or counselor must believe the client can achieve better results and view them nonjudgmentally as equal partners.

Personal development plans become essential to that relationship and the overall coaching process. They capture areas for development, skills and behaviors required, and goals and objectives to work toward.

Use this article to recognize theoretical elements from psychology that underpin the process and use the skills, guidance, and worksheets to support personal development in clients, helping them remove obstacles along the way.

Ultimately, personal development is a lifelong process that boosts wellbeing and flourishing and creates a richer, more engaging environment for the individual and those around them.

We hope you enjoyed reading this article. Don’t forget to download our three Goal Achievement Exercises for free .

Personal development is vital, as it enables individuals to enhance various aspects of their lives, including emotional wellbeing, relationships, careers, and overall happiness.

It promotes self-awareness, self-improvement, and personal growth, helping individuals reach their full potential and lead fulfilling lives (Passmore, 2021; Starr, 2021).

Personal development is the journey we take to improve ourselves through conscious habits and activities and focusing on the goals that are important to us.

Personal development goals are specific objectives individuals set to improve themselves and their lives. Goals can encompass various areas, such as emotional intelligence, skill development, health, and career advancement, providing direction and motivation for personal growth (Cox, 2018; Starr, 2021).

A personal development plan typically comprises defining the area of development, setting development objectives, identifying behaviors to develop, planning actions for progress, and establishing completion dates. These five stages help individuals clarify their goals and track their progress (Starr, 2021).

Bandura, A. (1977). Social learning theory . Prentice-Hall.
Beck, A. T., & Haigh, E. P. (2014). Advances in cognitive therapy and therapy: The generic cognitive model. Annual Review of Clinical Psychology , 10 , 1–24.
Beck, J. S. (2011). Cognitive behavior therapy: Basics and beyond . Guilford Press.
Cottrell, S. (2015). Skills for success: Personal development and employability . Bloomsbury Academic.
Cox, E. (2018). The complete handbook of coaching . SAGE.
Ellis, A. (2000). Can rational emotive behavior therapy (REBT) be effectively used with people who have devout beliefs in God and religion? Professional Psychology-Research and Practice , 31 (1), 29–33.
Erikson, E. H. (1963). Youth: Change and challenge . Basic Books.
Illeris, K. (2018). An overview of the history of learning theory. European Journal of Education , 53 (1), 86–101.
Lomas, T., Hefferon, K., & Ivtzan, I. (2014). Applied positive psychology: Integrated positive practice . SAGE.
Maslow, A. H. (1970). Motivation and personalit y (2nd ed.). Harper & Row.
Passmore, J. (Ed.). (2021). The coaches’ handbook: The complete practitioner guide for professional coaches . Routledge.
Piaget, J. (1959): The Psychology of intelligence . Routledge.
Rose, C. (2018). The personal development group: The students’ guide . Routledge.
Ryan, R. M., & Deci, E. L. (2018). Self-determination theory: Basic psychological needs in motivation, development, and wellness . Guilford Press.
Seligman, M. E. (2011). Authentic happiness using the new positive psychology to realize your potential for lasting fulfillment . Nicholas Brealey.
Starr, J. (2021). The coaching manual: The definitive guide to the process, principles and skills of personal coaching . Harlow: Pearson Education.
Whitmore, J. (2009). Coaching for performance . Nicholas Brealey.

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Personal Training Business Plan With Examples & Templates

Published by caroline @ wellness creative co on 14 june 2023 14 june 2023.

Writing a personal training business plan can seem a bit daunting. Most PTs love fitness and programming but aren’t so keen on the admin side. The good news is it doesn’t have to be difficult – with the right guidance and some practical examples to follow, it’s actually pretty easy.

In this article – learn how to write a personal training business plan in 7 simple steps (with samples, templates, and a downloadable checklist).

Why write a business plan?
7 key elements
Templates & examples
Downloadable PDF checklist

We’re a team of qualified personal trainers and fitness coaches with 15+ years of industry experience , so we know first-hand what works (and what doesn’t!). We’ve trained other fitness professionals in sales, marketing, and business growth, so our strategies are tried and tested.

Why Write a Business Plan?

If you want your personal training business to be successful , then it’s vital to have a plan. It’ll help you secure investor funding or a business loan , which many PTs require in order to get off the ground.

But even if you don’t need the start-up finances, writing a plan makes you more likely to succeed. In fact, research shows that business plans double your chance of success . So, it’s really a no-brainer if you’re serious about being successful.

Here are a few of the reasons why creating a business plan is important…

It crystallizes abstract thoughts and ideas into something tangible
Helps you communicate your business concept in a way others will understand easily
Required to secure funding from investors and banks
Provides a structured plan to work through
Helps you decide which areas to spend money on and where not to invest
Ensures you understand what you’re letting yourself in for in terms of money, time, and effort

Whether you want to go freelance, become a mobile PT, start a personal training studio, or your own gym , you’ll definitely need a plan.

What To Include In a Personal Training Business Plan

Writing a personal training business proposal might sound daunting but this 7-step guide makes it easy . It’ll walk you through the exact process to follow so you’ll have your plan completed in no time. Here’s an overview of what you need to include…

Executive summary
Industry and market analysis
Business overview
Services offered
Sales and marketing strategy
Financial details
Implementation plan

Personal Training Business Plan PDF Template

Now let’s look at each of these sections in more detail…

1. Executive Summary

Get straight to the point – why should the bank or investors lend your business money? Include your mission, key financial info, and unique selling points. Although it goes at the beginning of your plan, you should prepare this section last.

2. Industry & Local Market Analysis

Demonstrate potential – show that the fitness market and personal training industry are growing and there’ll be a strong demand for your services. Include research statistics, competitor info, and relevant government initiatives.

3. Business Overview

Summarise the business – objectives, location, ownership, legal status, personnel structure, and operations.

4. Services

The fun part – describe the different services you plan to sell including the packages and pricing structure . This could be in-person PT sessions, online programs , specialist workshops, fitness products, etc.

5. Sales & Marketing Strategy

How you’ll attract clients – explain your brand positioning and outline your personal training marketing plan by listing the activities you’ll do to generate revenue , attract clients , and promote your PT business .

6. Financial Information

Time to open a spreadsheet – potential investors and banks aren’t just interested in your figures. They’ll want to know how you arrived at those figures so show your calculations. Include breakdowns of profit and loss, cash-flow, breakeven figures, and the capital expenditure needed for start-up. Project 12, 36, and 60 months ahead.

7. Implementation Plan

How you’ll make it happen – provide a step-by-step list of actions you’ll take, including milestone dates.

You might also like… 50 Catchy Personal Training Business Name Ideas or How To Promote a Fitness Business .

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Personal Trainer Business Plan Examples & Templates

Looking at a personal training business plan sample can be really helpful as it puts these sections into context. Reviewing examples will give you ideas for how to create and present your own plan.

You obviously don’t want to copy another plan since the details will be unique to your business. But the following example plans can be a useful reference for personal trainers…

Dragon Fitness Training produced this interesting personal trainer business plan as an academic exercise.
Catalyst Fitness created this CrossFit business plan with a detailed risk assessment.
Launceston City Council created this aquatic center and health club business plan.
The Yoga Lunch Box offers a comprehensive yet easy-to-read fitness business template.

Creating a business plan is 100% worth the time and effort . It helps you validate demand, maximise profitability, and identify any potential pitfalls early.

This plan will be your playbook for the next 3-5 years so don’t rush the process. It’ll help you secure investor funding or a bank loan if you want to go down this route. Considering how you’ll acquire paying clients and manage cash flow now will ensure you’re well-prepared for life as a fitness business owner.

You might also like… How To Grow a Personal Training Business or The Ultimate Yoga Business Planning Guide & Template .

Downloadable Checklist & More Templates

The best way to write a business plan is to work on it in bite-size chunks . Trying to get the whole thing done in one go is the quickest route to overwhelm.

So, we recommend working on one section each day. This will enable you to complete the whole thing within a week, with zero stress or hassle . To make things easy, we created a handy PDF checklist that walks you through the 7 sections.

You can download it as part of our Personal Training Business Bundle . It includes marketing plan templates, business name ideas, sales scripts, and loads more resources.

Personal Training Business Plan Examples Templates

Caroline @ Wellness Creative Co

Qualified personal trainer (BSc Sports Science) & nutritionist (MSc Human Nutrition) with 15+ years of fitness & wellness marketing experience working with global brands.

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Using Dual SIM with an eSIM

An eSIM is a digital SIM that allows you to use a cellular plan from your carrier without having to use a physical nano-SIM. Learn how to set up and use Dual SIM. 1

How can you use Dual SIM?

Use one number for business and another number for personal calls.

Add a local data plan when you travel outside of the country or region.

Have separate voice and data plans.

Both your phone numbers can make and receive voice and FaceTime calls and send and receive messages using iMessage, SMS, and MMS. 2 Your iPhone can use one cellular data network at a time.

If you want to use 5G with Dual SIM on iPhone 12, iPhone 12 mini, iPhone 12 Pro, or iPhone 12 Pro Max, make sure that you have iOS 14.5 or later .

What you need

An iPhone XS, iPhone XS Max, iPhone XR, or later with iOS 12.1 or later

A wireless carrier that supports eSIM

To use two different carriers, your iPhone must be unlocked . Otherwise, both plans must be from the same carrier. If a CDMA carrier provides your first SIM, your second SIM won't support CDMA. Contact your carrier for more information.

If you have an enterprise or corporate cellular service plan, check with your company administrator to see if they support this feature.

Set up another cellular plan on your iPhone

Use two phone numbers

Learn about Dual SIM status icons

Change your cellular data number, manage cellular settings.

Erase your eSIM

All iPhone models that support eSIM can have multiple eSIMs and use Dual SIM with two active SIMs at the same time.

You can use Dual SIM by using a physical SIM and an eSIM. iPhone 13 models and later also support two active eSIMs. iPhone models without a physical SIM tray support two active eSIMs.

Learn how to activate a cellular plan on an eSIM .

Label your plans

After your second plan is activated, label your plans. For example, you can label one plan Business and the other plan Personal.

You'll use these labels when you choose which phone number to use for making or receiving calls and messages, to designate a number for cellular data, and to assign a number to your contacts so you know which number you will use.

If you change your mind later, you can change your labels by going to Settings, tapping either Cellular or Mobile Data, and then tapping the number whose label you want to change. Then tap Cellular Plan Label and select a new label or enter a custom label.

ios-16-iphone-13-pro-dual-sim-setup-choose-label-from-list

Set your default number

Choose a number to use when you call or send a message to someone who isn't in your Contacts app. Choose which cellular plans you want to use for iMessage and FaceTime. You can choose either or both numbers.

ios-16-iphone-13-pro-sim-settings-cellular-set-default-line

On this screen, choose a number to be your default, or you can choose which number is to be used only for cellular data. Your other number will be your default. If you want your iPhone to use cellular data from both plans, depending on coverage and availability, turn on Allow Cellular Data Switching.

Use two phone numbers for calls, messages, and data

Now that your iPhone is set up with two phone numbers, here's how to use them.

Let your iPhone remember which number to use

When you call one of your contacts, you don't need to choose which number to use every time. By default, your iPhone uses the same number that you used the last time you called that contact. If you haven't called that contact, your iPhone uses your default number. You can also specify which number to use for your calls with a contact. Follow these steps:

Tap the contact.

Tap Preferred Cellular Plan.

Tap the number you want to use with that contact.

ios-16-iphone-13-pro-dual-sim-contacts-set-line-phone-contact

Make and receive calls

You can make and receive phone calls with either phone number.

When you're on a call, if the carrier for your other phone number supports Wi-Fi calling, you can answer incoming calls on your other number. When you're on a call using a line that isn't your designated line for cellular data, you need to turn on Allow Cellular Data Switching to receive calls from your other line. If you ignore the call and you have voicemail set up with your carrier, you’ll get a missed-call notification and the call will go to voicemail. Check with your carrier for Wi-Fi calling availability and find out whether additional fees or data usage applies from your data provider.

If you're on a call and your other line shows No Service, either your carrier doesn't support Wi-Fi calling or you don't have Wi-Fi calling turned on. 3 It could also mean Allow Cellular Data Switching is not turned on. When you're on a call, an incoming call on your other phone number will go to voicemail if you set up voicemail with your carrier. 4 However, you won't get a missed-call notification from your secondary number. Call Waiting works for incoming calls on the same phone number. To avoid missing an important call, you can turn on call forwarding and forward all calls from one number to the other. Check with your carrier for availability and to find out whether additional fees apply.

Switch phone numbers for a call

You can switch phone numbers before you make a call. If you're calling someone in your Favorites list, follow these steps:

Tap the current phone number.

Tap your other number.

If you're using the keypad, follow these steps:

ios-16-iphone-13-pro-dual-sim-phone-set-phone-call-line

Enter the phone number.

Tap the phone number, near the top of the screen.

Tap the number you want to use.

Send messages with iMessage and SMS/MMS

You can use iMessage or SMS/MMS to send messages with either phone number. 5 You can choose a number to use before or after you start a conversation. Here's how.

Choose a number before you send an iMessage or SMS/MMS message

Open Messages.

Tap the New button, in the upper-right corner of the screen.

Enter your contact's name.

ios-16-iphone-13-pro-dual-sim-messages-select-line-to-send-message

Switch numbers during a conversation

Tap the number you're using, near the top of the screen.

Choose the number you want to use instead.

ios-16-iphone-13-pro-dual-sim-messages-select-conversation-line

The icons in the status bar at the top of the screen show the signal strength of your two carriers. Learn what the status icons mean .

You can see more status icons when you open Control Center .

ios-16-iphone-13-pro-dual-sim-control-center-no-service-second-line

When Carrier 1 is in use, the other line will show No Service.

ios-16-iphone-13-pro-dual-sim-control-center-status-wifi-wifi-calling

The status bar shows that the device is connected to Wi-Fi and Carrier 2 is using Wi-Fi Calling.

ios-16-iphone-13-pro-dual-sim-control-center-second-line-using-cellular-data

With Allow Cellular Data Switching turned on, the status bar shows that Carrier 1 is using 5G, and Carrier 2 is using the cellular data of Carrier 1 and has Wi-Fi calling enabled.

One number at a time can use cellular data. To change which number uses cellular data, follow these steps:

Go to Settings.

Tap either Cellular or Mobile Data.

Tap Cellular Data.

Tap the number you want to use cellular data.

ios-16-iphone-13-pro-sim-settings-cellular-cellular-data

If you turn on Allow Cellular Data Switching, then while you're on a voice call on your voice-only number, that number automatically switches to use voice and data. 6 This lets you use both voice and data while on the call.

If you turn off Allow Cellular Data Switching and you're active on a voice number that isn't your designated cellular-data number, then cellular data won't work while you're on the call.

To turn on Allow Cellular Data Switching, follow these steps:

Tap Mobile Data.

Turn on Allow Cellular Data Switching.

To change your cellular settings for each of your plans, follow these steps:

Tap the number you want to change.

Tap each option and set it as you normally would.

ios-16-iphone-13-pro-sim-settings-cellular

Use Dual SIM with an eSIM and your Apple Watch .

If you can't set up your eSIM or if you have trouble using your eSIM, learn what to do .

eSIM on iPhone is not offered in China mainland. In Hong Kong and Macao, iPhone 13 mini, iPhone 12 mini, iPhone SE (2nd and 3rd generation), and iPhone XS feature eSIM. Learn about using Dual SIM with two nano-SIM cards in China mainland, Hong Kong, and Macao .

This uses Dual SIM Dual Standby (DSDS) technology, which means that both SIMs can make and receive calls.

Or if you're using iOS 12, update to iOS 13 or later to receive calls when you're using your other number.

4. If data roaming is on for the number that uses cellular data, then Visual Voicemail and MMS will be disabled on your voice-only number.

Additional fees might apply. Check with your carrier.

Your data line switches automatically for the duration of your call. This cellular-data switching won't work if you're currently using Data Roaming. Check with your carrier for availability and to find out if additional fees apply.

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Many student loan borrowers missing opportunity to find debt relief in SAVE plan: survey

Student loan servicers are the root of the communication problem.

DO NOT USE ON FNC/FBN DIGITAL EDITORIAL. ONLY FOR CREDIBLE CONTENT

Many student loan borrowers remain unaware of the benefits of income-driven repayment plans, a recent survey said. ( iStock )

Many borrowers currently struggling with student loan payments would benefit from enrolling in an income-driven repayment plan, according to a recent Student Debt Crisis Center (SDCC) survey .

Roughly three out of four borrowers who make $75,000 or less annually and would benefit from the SAVE plan are not currently enrolled in the plan, the survey said. Moreover, 38% of these borrowers are at risk of defaulting on their student loan payments six months from now and could be missing an opportunity to find debt relief in existing programs.

President Joe Biden's Saving on Valuable Education (SAVE) plan could lower borrowers' monthly payments to zero dollars, reduce monthly costs in half and save those who make payments at least $1,000 yearly. This new IDR plan was announced after the Supreme Court struck down Biden's student loan forgiveness plan .

"These survey results are a reflection of what borrowers have experienced these past six months since repayment restarted," SDCC President and Founder Natalia Abrams said. "We have come so far in advocating for necessary relief to millions of borrowers, and seeing the Biden Administration act is great. However, communication of these vital resources is crucial so borrowers know help is available for them right now. If borrowers do not know the available resources, they will miss relief that can lower their monthly payments, cancel their debt entirely, and so much more."

If you have private student loans, you could consider lowering your monthly payments by refinancing your loans to a lower rate. Visit Credible to speak with a personal loan expert and get your questions answered.

AMERICANS LIVING PAYCHECK TO PAYCHECK OWN 60% OF CREDIT CARD DEBT: SURVEY

Student loan servicers remain inaccessible

More than half of borrowers contacting their student loan servicers with questions about resuming payments came away with unanswered questions, according to the SDCC survey. Moreover, a quarter of borrowers don't trust the information they get from their servicer, and 75% said the information they got was inaccurate or incomplete.

Every student loan borrower is assigned a loan servicer to help them navigate repayment options, including income-driven repayment (IDR), which can make payments more affordable.

In November, the Department of Education withheld $7.2 million in payment to student loan servicers over several billing errors that triggered a delinquency status for borrowers as repayments picked up again at the start of October. The department said that loan servicer MOHELA failed to send billing statements on time to 2.5 million borrowers, with some receiving them within only seven days of their payment date. Servicers are required to send billing statements to borrowers at least 21 days before their due date.

"I regularly hear from borrowers that they are experiencing inaccurate information or none at all from their loan servicers," SDCC Managing Director Sabrina Calazans said. "As a student loan borrower myself, I know firsthand how frustrating and harmful these communication errors can be. Borrowers need more communications coming directly from the Department of Education, given their lack of trust in their respective service providers."

If you're having trouble making payments on your private student loans, you won't benefit from federal relief. You could consider refinancing your loans for a lower interest rate to lower your monthly payments. Visit Credible to get your personalized rate in minutes .

SOCIAL SECURITY: COLA INCREASING BUT MEDICARE COSTS RISING TOO IN 2024

Billions in loans forgiven and a relief plan underway

Over $136 billion of student loans have been forgiven to more than 3.7 million Americans, even as the Supreme Court blocked Biden's original plan for forgiveness.

The latest block of forgiveness impacts borrowers, such as teachers, nurses, firefighters, and other individuals who earned forgiveness after 10 years of public service, the White House said in a statement . As much as $5 billion of student debt will be forgiven under the latest announcement, bringing the total number of people who have gotten their debt erased to over 3.7 million Americans.

Starting in February, borrowers with as few as 10 years of payments who initially took out $12,000 or less for college had their remaining debts zeroed as long as they were enrolled in the SAVE plan. As many as 6.9 million borrowers have already enrolled in the SAVE Plan as of early January, with more than 3.5 million receiving at least $130 billion in student loan relief .

Additionally, the Biden Administration has doubled down on a new forgiveness plan. The plan seeks to bring relief for borrowers whose balances exceed what they originally borrowed, who first entered repayment long ago, who are eligible for relief but have not applied for it, or who attended programs or institutions that failed to provide sufficient financial value and financial hardships . Regulation for this plan could be ready by May, with enrollment opening as soon as this summer or fall, according to a recent Forbes article .

If you're struggling with private student loan debt, you could consider refinancing to a lower interest rate. Visit Credible to speak with a student loan expert and get your questions answered.

SECURE 2.0: OPTIONAL PROVISIONS KICK IN TO HELP RETIREMENT SAVERS WITH EMERGENCIES AND STUDENT LOAN DEBT

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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Here’s how to reduce stress and get your taxes done

For many, tax season isn’t only about gathering W-2 forms or calling an accountant. It also can bring intense feelings of stress or anxiety about dealing with finances (AP video: Mike Householder)

In this image made from video, Lindsay Bryan-Podvin, a financial therapist and founder of Mind Money Balance, is interviewed, Wednesday, April 10, 2024, in Ann Arbor, Mich. With tax season upon us, Bryan-Podvin recommends that you make a plan to tackle your return step by step and focus on self-care if you’re experiencing financial stress. (AP Photo/Mike Householder)

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Greg Mahaffey, an enrolled agent with Levy & Associates Tax Consultants, works at his desk, Thursday, April 11, 2024, in Lathrup Village, Mich. For many people, tax season isn’t only about gathering W-2 forms or calling an accountant. It also can bring intense feelings of stress or anxiety about dealing with finances. (AP Photo/Mike Householder)

NEW YORK (AP) — For many people, tax season isn’t only about gathering W-2 forms or calling an accountant. It can also bring intense feelings of stress or anxiety about dealing with finances.

Financial stress during tax season can manifest in different ways, whether that’s procrastinating on your tax return until the last minute or experiencing intense stress about filing incorrectly. If you’re dealing with financial stress right now, you’re not alone.

“Many Americans experience high stress during tax times, and many Americans are dealing with financial stress,” financial wellness expert Joyce Marter said.

You might think emotions and money don’t go together, but they often affect each other, said Lindsay Bryan-Podvin, financial therapist and founder of Mind Money Balance.

“Our money and mental health intersect because they’re two parts of our overall wellness,” said Bryan-Podvin.

Here are recommendations from experts to reduce financial stress during tax season while still getting your return done by the deadline:

Don’t avoid, plan

Financial stress can happen all year long. While tax season is only a window of time, it comes with something that can be daunting: a deadline. Some might find a deadline motivates them to get things done, while others can feel paralyzed by it, said Dr. Tanya Farber, psychologist at McLean Hospital, a mental health facility in Massachusetts.

FILE - The exterior of the Internal Revenue Service (IRS) building is seen in Washington, on March 22, 2013. The IRS is promoting the improvements its made to its customer service since its received tens of billions in new funds through Democrats' Inflation Reduction Act. Agency leadership is trying to bring attention to what's been done to repair the agency's image as an outdated and maligned tax collector. Monday, April 15, 2024, is the last day to submit tax returns or to file an extension. (AP Photo/Susan Walsh, File)

“If we’re overwhelmed by our anxiety, that’s where it may lead us to avoid thinking about finances or trying to avoid thinking about taxes,” Farber said.

Although you do have an option of filing for an extension, Farber doesn’t recommend prolonging the period when you have to worry about taxes. Instead, a good first step is to make a detailed plan to tackle them.

Farber recommends you break down all of the steps and start completing them one by one. A key step is to start gathering all of your documents, such as your W-2 or 1099 forms, savings and investment records, eligible deductions and tax credits , ahead of sitting down to file your taxes. Once you have a list of steps, scheduling times to complete the tasks will make it easier to build momentum.

While the required documents might depend on your individual case, here is a general list of what everyone needs:

If you need help making a plan, search for tax checklists, which can be a great tool to make sure you have everything you need.

Face your fears

For many, anxiety over filing taxes comes from fear, Farber said. Whether it’s fear of making a mistake in your return or unexpectedly owing thousands of dollars, these fears can overwhelm you to the point of avoiding even looking at your taxes.

If you identify that fear is what’s stopping you from filing, Farber recommends that you ask yourself if whatever you’re afraid of is likely to happen.

“When we have fears, they’re possible, probable or definite,” Farber said. “And oftentimes anxiety is the highest when we’re assuming the worst-case scenario.”

If thinking about your fears by yourself is not helping, Bryan-Podvin recommends you discuss them with a friend or a family member. In many cases, talking with someone else might help you focus on what might actually happen rather than focusing on the worst-case scenarios.

Focus on self care

If tax season brings a lot of financial stress for you, Bryan-Podvin recommends that you increase the amount of self-care activities you’re doing. Activities such as taking a walk, spending time with your dog or getting enough sleep can help soothe stress.

“We are going to be doing things that are difficult and depleting and anxiety-provoking so doing more things that are restorative can help us balance that,” Farber said.

Doing restorative activities can work as a toolbox of coping skills when you’re in the middle of a stressful situation, like filing taxes.

Ask for support

You might feel like you’ll be judged if you talk about money, but that’s often not the case. Talking about finances with your friends or family can be a moment to receive support, she said.

“Talking with others is going to give you access to more information and resources and also helps remove the shame and stigma because you’re not alone,” Marter said.

Whether it’s talking with a tax professional or reaching out to your most tax-savvy family member, proactively seeking support will help you avoid being stressed if you’re filing very close to the deadline.

Additionally, if you are experiencing mental health struggles, there are several resources you can use to find professional help.

In the U.S., you can dial 211 to speak with a mental health expert, confidentially and for free.

Other mental health resources include:

Veterans Crisis Line: call 1-800-273-TALK (8255)

Crisis Text Line: Text the word ‘Home’ to 741-741

The Trevor Lifeline for LGBTQ Youth: 1-866-488-7386

The Trans Lifeline: 1-877-565-8860

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

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IRS.gov offers last-minute filing tips, resources to help taxpayers who still need to file before April 15; special Saturday hours in 70 locations

Get tax help, day or night

For those needing last-minute help, taxpayers will find filing information for individuals as well as businesses and self-employed on IRS.gov. For last-minute filers looking for free resources, IRS Direct File remains an option as does IRS Free File . Anyone can use IRS Free File to submit an extension of time to file regardless of their income.

IRS.gov is an important resource that can help in a number of areas:

For answers to tax law questions, taxpayers will find tools like the Interactive Tax Assistant or they can use the Frequently Asked Questions tool to find answers to dozens of topics.
To see federal tax information, taxpayers can use the Online Account . They'll find information such as a payoff amount, a balance owed, their payment history and key information from their current year tax return as originally filed. They can also get tax return transcripts.
Use the Get Transcript tool to view, print or download their tax transcripts after the IRS has processed a return.
Current and prior year forms , instructions and tax publications can be downloaded and printed anytime.
Special information is available about tax credits and deductions , some of which can be overlooked. Available to individuals and businesses, credits can reduce the amount of tax due while deductions can reduce the amount of taxable income.
Get the most up-to-date information about tax refunds using the Where's My Refund? tool and on the official IRS mobile app, IRS2Go .
For payment information, Direct Pay is free and allows people to securely pay their taxes directly from their checking or savings account without any fees or registration. They can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, they’ll receive immediate confirmation. For more payment options, visit IRS.gov/payments .

Go paperless

The IRS encourages all taxpayers to file electronically and choose direct deposit to avoid refund delays. Filing on paper can significantly delay a refund. Tax software helps individuals steer clear of mistakes by doing the math. It also guides people through each section of their tax return using a question-and-answer format.

Some taxpayers get automatic extensions

Special rules offer some taxpayers more time without having to request an extension:

U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico get an automatic two-month extension, until June 15, to file their tax returns. However, tax payments are still due April 15 or interest will accrue on the unpaid tax.
Members of the military on duty outside the United States and Puerto Rico also receive an automatic two-month extension to file. Those serving in combat zones have up to 180 days after they leave the combat zone to file returns and pay any taxes due. Details are available in Publication 3, Armed Forces' Tax Guide .
When the U.S. president makes a disaster area declaration, the IRS can postpone certain tax deadlines for taxpayers in affected areas. Taxpayers in qualified disaster areas do not need to submit an extension electronically or on paper. Information on the most recent tax relief for disaster situations can be found on the Extension of time to file your tax return page.

Find information on free local tax prep

The IRS' Volunteer Income Tax Assistance (VITA) program offers free basic tax return preparation to qualified individuals, including:

People who generally make $64,000 or less.
People with disabilities.
Limited English-speaking taxpayers.

The Tax Counseling for the Elderly (TCE) program also offers free tax help for taxpayers, particularly those age 60 and older.

The VITA/TCE Site Locator can help eligible taxpayers find the nearest community-based site staffed by IRS-trained and certified volunteers. Demand is high for this service, so taxpayers may experience longer wait times for appointments. Taxpayers can use the locator tool to find an available site near them. It’s updated throughout the tax season, so individuals should check back or increase the distance from their location in their search if they don't see a nearby site listed.

MilTax , Military OneSource’s tax service, offers online software for eligible military members, veterans and their families to electronically file a federal return and up to three state returns for free.

Assistive technology options

At the online Alternative Media Center , taxpayers will find a variety of accessible products like screen reading software, refreshable Braille displays and screen magnifying software. These products include tax forms, instructions and publications. Many can be downloaded or viewed online as Section 508 compliant PDF, HTML, eBraille, text and large print.

Having trouble paying? IRS has options to help

For those who owe a payment with their tax return, the IRS has a number of payment options .

For taxpayers that are unable to pay in full by the tax deadline, the IRS recommends they should file their tax return and pay what they can, and apply for an online payment plan . By filing by the deadline, taxpayers will avoid failure to file penalties and interest – even if they’re unable to pay. Taxpayers can explore various payments options; they can receive an immediate response of payment plan acceptance or denial without calling or writing to the IRS. Online payment plan options include:

Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional information on payment plans webpage.

Adjust withholding to prevent tax "surprises"

Tax filing season is an excellent time for taxpayers to check their withholding to avoid a tax surprise when filing in 2025. Life events like marriage, divorce, having a child or an income change can all impact taxes.

The Tax Withholding Estimator helps people bring the tax they pay closer to what is owed. Employees can assess their income tax, credits, adjustments and deductions, and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate to their employer, not the IRS.

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How to create a perfect Business Plan? Steps to create a successful plan
One-Page Business Plan: The Step-By-Step Guide
How to Create a Business Plan in 1 Day [Updated 2022]
How to Write Business Plan PDF: Expert Advice
How to write a business plan in 10 steps + free template
How to Write a Business Plan

VIDEO

HOW TO WRITE A BUSINESS PLAN STEP BY STEP + FILL IN THE BLANK BUSINESS PLAN TEMPLATE
How to Create an Effective Action Plan
How to Write a Financial Plan for Your Business Plan in 2024
10 Steps on How To Write a Business Plan
7 Strategies to Grow Your Business
How to Create an Effective Action Plan

COMMENTS

How To Write A Business Plan (2024 Guide)
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
How to Write a Business Plan: Guide + Examples
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Create a Personal Business Plan That You'll Really Use
Since you'll review the finished personal business plan often, don't write a novel. I made the mistake of developing a massive 100-page personal business plan that I never looked at. The very ...
How to Write a Personal Business Plan
5. Review the plan to ensure you are being realistic regarding your goals and steps. Make adjustments to the overall plan if you feel overwhelmed, but don't hesitate to raise your standards stage ...
How To Make A Business Plan: Step By Step Guide
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
How to Write a Business Plan: Beginner's Guide (& Templates)
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.
How to Write a Business Plan (Tips, Templates, Examples)
1. Executive Summary. While your executive summary is the first page of your business plan, it's the section you'll write last. That's because it summarizes your entire business plan into a succinct one-pager. Begin with an executive summary that introduces the reader to your business and gives them an overview of what's inside the ...
How To Write a Business Plan
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Business Plan: What it Is, How to Write One
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
The Essential Guide to Writing a Business Plan
7. Financial factors: Financial data is always at the back of a business plan -- yet it's extremely important.The financial data can include your personal financial statement, startup expenses and ...
How to create a business plan: a beginner's guide
1. Executive summary. Think of your executive summary as an elevator pitch: it should be a concise, engaging, and persuasive overview of your business. Keep this section to less than one page in ...
How to Write a Simple Business Plan
Write the Executive Summary. This section is the same as in the traditional business plan — simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company. Add a Company Overview. Document the larger company mission and vision.
8 Business Plan Templates You Can Get for Free
The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry. Explore: PandaDoc's business plan template library. 5. Canva — Pitch with your plan. Canva is a great option for building a visually stunning business plan that can be used as a pitch tool.
24 of My Favorite Sample Business Plans & Examples For Your Inspiration
This is a fantastic template for an existing business that's strategically shifting directions. If your company has been around for a while, and you're looking to improve your bottom line or revitalize your strategy, this is an excellent template to use and follow. 5. BPlan's Free Business Plan Template.
How to Start and Run a One-Person Business
3. Prioritize your tasks to succeed as a one-person business. Time management is critical when running a one-person business. Without delegating to employees, one-person businesses must stay on task so they don't get overwhelmed. Here's some time-management advice for one-person businesses.
Personal Business Plan
For this to be avoided, it is always best to make every single thing in your plan specific, especially your goals. 4. Set Up Deadlines for Each Goal. In addition to the tips above, here is another tip I can give you. Set up deadlines. For each goal you plan on doing, set up a deadline.
Business Plan: What It Is + How to Write One
1. Executive summary. This short section introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, development goals, and why it will succeed. If you are seeking funding, summarise the basics of the financial plan. 2.
Top 10 Personal Business Goals Examples for 2024
Here are the top 10 personal business goals you can set and achieve. 1. Improve your Online Image. There can be a thousand moving parts to staying relevant online in today's digital world. But there are certain things you can do to help improve your online image.
How To Write A Basic Business Plan
Here is what you typically find in a basic business plan: 1. Executive Summary. A snapshot of your business plan as a whole, touching on your company's profile, mission, and the main points of your plan. Think of it as an elevator pitch that presents your company's profile and core mission in a concise yet engaging manner.
How to Create a Personal Development Plan: 3 Examples
Bandura's social cognitive theory. Albert Bandura's (1977) theory highlights the role of social learning and self-efficacy in personal development. It emphasizes that individuals can learn and grow through observation, imitation, and belief in their ability to effect change. 5. Self-determination theory.
Personal Training Business Plan With Examples & Templates
Templates & examples. Downloadable PDF checklist. We're a team of qualified personal trainers and fitness coaches with 15+ years of industry experience, so we know first-hand what works (and what doesn't!). We've trained other fitness professionals in sales, marketing, and business growth, so our strategies are tried and tested.
Using Dual SIM with an eSIM
Use one number for business and another number for personal calls. Add a local data plan when you travel outside of the country or region. Have separate voice and data plans. Both your phone numbers can make and receive voice and FaceTime calls and send and receive messages using iMessage, SMS, and MMS. 2 Your iPhone can use one cellular data ...
Many student loan borrowers missing opportunity to find ...
Roughly 3 in 4 borrowers who make $75,000 or less annually and would benefit from the SAVE plan are not currently enrolled in the plan, a recent Student Debt Crisis Center (SDCC) survey said.
Here's how to reduce stress and get your taxes done
Instead, a good first step is to make a detailed plan to tackle them. Farber recommends you break down all of the steps and start completing them one by one. A key step is to start gathering all of your documents, such as your W-2 or 1099 forms, savings and investment records, eligible deductions and tax credits , ahead of sitting down to file ...
IRS.gov offers last-minute filing tips, resources to help taxpayers who
Online payment plan options include: Short-term payment plan - The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full. Long-term payment plan - The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly ...
Biden to forgive $7.4 billion in student debt for 277,000 borrowers
The Biden administration announced Friday that it will forgive $7.4 billion in student debt for 277,000 borrowers. The latest round of loan cancellations is a result of the U.S. Department of ...

How to Write a Personal Business Plan

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How to make a business plan

Table of Contents

What is a business plan?

Business plan vs. business model canvas

Why is a business plan important?

Helps to define the business goals and objectives

Guides decision-making

Attracts investors and secures funding

Identifies potential challenges and risks

Provides a basis for measuring success

How to make a business plan step by step

1. Create an executive summary

2. Write your company description

3. Conduct a market analysis

4. Describe your products and services

5. Design a marketing and sales strategy

6. Determine budget and financial projections

7. Set the organization and management structure

8. Make an action plan

Types of business plans

Startup business plan

Strategic business plan

Operational business plan

Growth-business plan

One-page business plan

Best practices for how to make a good business plan

Use a template

Be practical

Be specific

Be thorough with your research

Get input from others

Review and revise regularly

Create a winning business plan to chart your path to success

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The best advice in entrepreneurship

Tips to Make Your Small Business Plan Ironclad

How to Write a Business Plan FAQs

Be Professional and Legit

Know Your Audience

Invest Time Researching

Stay Realistic

How to Write a Business Plan—6 Essential Elements

1. Executive Summary

2. Business Overview

3. Products and Services

4. Market Analysis

5. Competitive Analysis

6. Financial Strategy

Startup Business Plan Template (Copy/Paste Outline)

5 Frame-Worthy Business Plan Examples

Get to Work on Making Your Business Plan

What financial information should be included in a business plan?

What are some common mistakes to avoid when writing a business plan?

Who should review my business plan before I submit it?

Ready to Write Your Business Plan?

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How To Write a Business Plan

Table of contents

Step 1: Write your executive summary

Step 2: Do your market research homework

Step 3: Set your business goals and objectives

Step 4: Plan your business strategy

Step 5: Describe your product or service

Step 6: Crunch the numbers

Step 7: Finalize your business plan

Compare the Top Small-Business Banks

The takeaway

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You’re our first priority. Every time.

How to Write a Business Plan, Step by Step

What is a business plan?

How much do you need?

The Essential Guide to Writing a Business Plan Here's the no-nonsense guide on how to write a business plan that will help you map success for your startup.

Overall tips