Business Plans
A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of a plan.
Business plans are inherently strategic. You start here, today, with certain resources and abilities. You want to get to a there, a point in the future (usually three to five years out) at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan shows how you will get from here to there.
How to use a sample business plan to write your own plan
If you’re like most small business owners, you’ve never had to create a business plan before. In fact, you may have never even seen a formal business plan document let alone had to put one together.
This is why we gathered this collection of sample plans for you here on Bplans. Our business plans can give you a great sense of what a finished plan looks like, what should be included, and how a plan should be structured – whether you’re building a plan for investment or just to develop a better strategy for your business.
But, building your own plan isn’t as simple as just cutting and pasting from someone else’s plan. In fact, if you do that, you will be doing yourself (and your business!) a huge disservice. Here are a few tips to get the most out of our sample business plans and build the plan your business needs to succeed.
- Find a plan from a similar industry to your business, but don’t worry about finding an exact match. In fact, you won’t find an exact match for your business. That’s because every business is as unique as its owners and managers. Every business has a different location, different team, and different marketing tactics that will work for them. Instead of looking for an exact match, look for a business plan that’s for a business that operates similarly to how your business will work. For example, a business plan for a steak restaurant will actually be useful for someone starting a vegetarian restaurant because the general concepts for planning and starting a restaurant are the same regardless of what type of food you serve.
- Use the sample plans for inspiration and ideas. Staring at a blank page can be the worst part of writing a business plan. In fact, that’s probably the reason that’s preventing you from getting started right now. Instead, take advantage of our sample plans to avoid writer’s block. Feel free to copy words, phrasing, and the general structure of a plan to start your own. Also, as you read through several plans, you might find ideas for your business that you hadn’t considered. Use our plans for inspiration and ideas, borrow phrasing when it makes sense, and just get going!
- Write a business plan that’s right for your business. As tempting as it is, don’t just cut and paste from a sample plan. Any banker or investor will be able to tell from miles away that you copied someone else’s plan. Not only will you be less likely to get funding if you copy a business plan, you’ll be greatly reducing your chances of success because you didn’t write a plan that’s right for your specific business, its specific location, target market, and your unique product or service. Thinking through how you are going to launch your business is a critical step in starting a business that you shouldn’t let go.
- The value of business planning is in the process, not the final document. By creating your own business plan, you are going to have to think about how you are going to build your own business. What marketing tactics are you going to use? What kind of management team do you need to be successful? How is your business going to set itself apart from the competition?
The process of writing a business plan guides you through answering these questions so that you end up with a strategy that works for your business. You will also end up with a plan that you can share with business partners, investors, and friends and family. Sharing your vision and your strategy is the best way to get everyone on the same page and pushing forward to build a successful business.
- Use your plan as a management tool and build a better business. When you’re done with your plan and your business is up and running, your plan shouldn’t just end up in a drawer. That would be a huge waste of all the time and effort you put into your strategy, budgets, and forecast. Instead, using your plan as a tool to grow your business can be one of the most powerful things you can do to grow your business. In fact, businesses that use their plan as a management tool to help run their business grow 30% faster than those businesses that don’t.
To use your business plan to grow 30% faster than the competition, you need to track your actual results – the sales that you get and the expenses that you incur – against the goals that you set out for yourself in your plan. If things aren’t going according to plan, perhaps you need to adjust your budgets or your sales forecast. If things are going well, your plan will help you think about how you can re-invest in your business. Either way, tracking your progress compared to your plan is one of the most powerful things you can do to grow your business.
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Starting a Business // Business Plans
- How to Start a Business
- Write Your Business Plan
- Choose Your Business Structure
- Choose & Register Your Business
- Choose Your Business Location & Equipment
- Business Licenses & Permits
- Learn About Business Laws
- Business Financials
- Finance Your Business
- Filing & Paying Taxes
- Hire & Retain Employees
How to Start a Business
Starting a business is an exciting proposition, but it’s also an incredibly challenging undertaking. The resources in this section will help you learn about what it takes to start a business.
· Is Entrepreneurship For You?
What characteristics do you need to be an entrepreneur? What does it take to start and succeed in business?
· 20 Questions Before Starting
Starting a business can be the most important decision you make in your life. Ask yourself these 20 questions to begin your preparation and planning.
20 Questions Before Starting
So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions:
- Why am I starting a business?
- What kind of business do I want?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the time and money needed to get my business started?
- What differentiates my business idea and the products or services I will provide from others in the market?
- Where will my business be located?
- How many employees will I need?
- What types of suppliers do I need?
- How much money do I need to get started?
- Will I need to get a loan?
- How soon will it take before my products or services are available?
- How long do I have until I start making a profit?
- Who is my competition?
- How will I price my product compared to my competition?
- How will I set up the legal structure of my business?
- What taxes do I need to pay?
- What kind of insurance do I need?
- How will I manage my business?
- How will I advertise my business?
· 10 Steps to Starting a Business
These 10 steps can help you plan, prepare and launch your business.
· Understand Your Market
To run a successful business, you need to learn about your customers, your competitors and the economic conditions in your industry.
· Business Data & Statistics
Get access to data and statistics on your competitors, industry and target customer groups.
· Business Types
One of the first decisions you will make is the type of business you will open. Before making your decision, explore the opportunities that are available like a home-based or online business.
· Find a Mentor or Counselor
When starting a business, advice from SBA partner organizations such as SCORE Mentors, Small Business Development Centers and Women’s Business Centers can help you avoid common pitfalls.
Write Your Business Plan
A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.
· Executive Summary
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals. Read these tips about what to include.
· Company Description
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.
· Market Analysis
Before launching your business, it is essential for you to research your business industry, market and competitors.
· Organization & Management
Every business is structured differently. Find out the best organization and management structure for your business.
· Service or Product Line
What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.
· Marketing & Sales
How do you plan to market your business? What is your sales strategy? Read more about how to include this information in your plan.
· Funding Request
If you are seeking funding for your business, find out about the necessary information you should include in your plan.
· Financial Projections
If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.
· Appendix
An appendix is optional, but a useful place to include information such as resumes, permits and leases. Find additional information you should include in your appendix.
· How to Make Your Business Plan Stand Out
What makes your business unique? Determining this could help you stand out from the crowd and give you advantages over your competitors.
Choose Your Business Structure
The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business.
· Sole Proprietorship
A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Learn more about the sole proprietor structure.
· Limited Liability Company
An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Learn more about how LLCs are structured.
· Cooperative
People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. Learn more about how cooperatives are structured.
· Corporation
A corporation is more complex and generally suggested for larger, established companies with multiple employees. Learn more about how Corporations are structured.
· Partnership
There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Learn more about how these are structured.
· S Corporation
An S corporation is similar to a C corporation but you are taxed only on the personal level. Learn more about how S corporations are structured.
Choose & Register Your Business
Choosing and registering your business name is a key step to legally operating your business and potentially obtaining financial aid from the government.
· Choose Your Business Name
Your business name will frame its identity. There are many factors to choosing your business name. Here are some tips to get started.
· Register Your Business Name
After you have selected a name for your business, you will need to register it to comply with the law. Learn more about how to register your business name.
· Register With State Agencies
For some businesses, you need to register your business name with state or local government agency. Find out what the requirements are for your state.
Choose Your Business Location & Equipment
These resources can help ensure your small business is compliant with leasing terms and zoning ordinances. It also provides information about buying or leasing equipment or buying government surplus.
· Tips for Choosing Your Business Location
Learn how to find the right location for your small business and what you need to know before you begin your search.
· Basic Zoning Laws
Learn about local zoning ordinances and regulations that may apply to your small business.
· Home-Based Business Zoning Laws
Home-based businesses may be required to comply with local zoning laws. Find out which ones apply to your small business.
· Leasing Commercial Space
Find out what to expect when leasing a commercial office space for your small business.
· Buying Government Surplus
Purchasing surplus goods from the government is an easy and affordable way to equip your new and expanding business. Find out how to acquire government surplus for your small business.
· Leasing Business Equipment
There are several options available when it comes to acquiring equipment you need for your small business. Find out the benefits of buying or leasing equipment.
Business Licenses & Permits
To run your business legally, there are certain federal and state licenses and permits you will need to obtain. These resources will help you understand the requirements for your small business
· Federal Licenses & Permits
Certain businesses, like ones that sell alcohol or firearms, require a federal license or permit. Find out which ones impact your business and how you can comply.
· State Licenses & Permits
Some states have requirements for specific businesses. Find out what business licenses and permits you need in your state.
Learn About Business Laws
As a small business owner, you are subject to some of the laws and regulations that apply to large corporations. These resources can help you understand which requirements do apply to your business.
· Advertising & Marketing Law
Learn the basic rules when it comes to advertising, labeling and marketing your products or services.
· Employment & Labor Law
Hiring your first employee or building your business team requires you to comply with a special area of law. This guide will help ensure your small business follows employment and labor laws.
· Finance Law
Learn about the financial laws that protect businesses, investors and customers and how you can comply.
· Intellectual Property Law
Learn how intellectual property law can protect your business interests and find out how to register a trademark or service mark, file a patent or copyright your work.
· Online Business Law
Whether selling on eBay, or operating an e-commerce site, there are several laws that you must comply with such as how and when to collect sales tax. Learn more about laws for online businesses.
· Privacy Law
Learn how intellectual property law can protect your business interests and find out how to register a trademark or service mark, file a patent or copyright your work.
· Environmental Regulations
Laws to protect the environment could impact your small business. Refer to this guide to find out how to comply with environmental laws.
· Regulation of Financial Contracts
If you are conducting business transactions outside of your state, you need to comply with the Uniform Commercial Code (UCC). Learn more about UCC requirements.
· Workplace Safety & Health Law
Learn more about a variety of tools, guides and training materials that can help you comply with occupational safety and health laws.
· Foreign Workers & Employee Eligibility
Be sure to understand all laws and regulations about employee eligibility as you prepare to hire employees.
· Contact a Government Agency
Need help determining which laws your small business must comply with? These resources can help.
Business Financials
Improve your odds of business success by understanding your financing needs as well as the options that are available to help you start, manage and grow your business.
· Estimating Startup Costs
Assess the costs associated with starting, managing and growing your business.
· Using Personal Finances
Learn how your personal finances can affect your business finances.
· Preparing Financial Statements
Learn about the importance of understanding financial statements for your small business.
· Developing a Cash Flow Analysis
Learn how to determine the amount of cash you need to start, operate and expand your business.
· Breakeven Analysis
Learn how to determine when your business will break even and begin to make a profit.
· Borrowing Money for Your Business
Learn what you will need before seeking out financial assistance for your business.
· SBA Financial Assistance Eligibility
Learn what the requirements are for businesses seeking SBA financial assistance.
· Is Your Business Fiscally Fit?
Learn how to better manage your business money with Money Smart, an instructor-led business training curriculum.
Finance Your Business
You have a variety of options when it comes to financing your small business. Explore your opportunities that range from traditional loans to grants and bonds.
· Loans
You’re going to pay for this great idea of yours. These topics will provide you with everything you’ll need to know about funding.
· Grants
Learn what grants are available to your small business.
· Venture Capital
Learn about this financing option available to startups and high-growth technology companies.
· BusinessUSA Financing Tool
Use our search tool to help you identify what government financing programs may be available to help start or expand your business.
Filing & Paying Taxes
Find out if your business needs to obtain a tax ID and what the benefits and requirements are.
· Is It A Business or a Hobby?
Learn if the activity you are engaging in qualifies as a business or a hobby and what the tax advantages and requirements are for each.
· Obtain Your Federal Business Tax ID
Learn where you can obtain your federal tax ID.
· Determine Your Federal Tax Obligations
Find out what the federal tax obligations are for your small business.
· Determine Your State Tax Obligations
Each state and locality has its own tax laws for businesses. Find out what the requirements and benefits are for your state.
· Determine When the Tax Year Starts
Knowing when the tax year starts for your small business is important to meeting filing requirements. Learn more about your tax year and when you need to file.
Hire & Retain Employees
Ready to hire employees for your business? Learn about employment and labor laws to make sure your business is in compliance.
· Hire Your First Employee
Here are 8 steps to making sure you know the regulatory requirements before you start staffing your business.
· Hire a Contractor or an Employee?
Independent contractors and employees are not the same, and it’s important to understand the difference. Knowing this distinction could save you money on taxes and legal fees.
· Pre-Employment Background Checks
Before hiring employees, you may want to get more information about candidates to help you make an informed decision. Learn what types of information you can use for background checks.
· Required Employee Benefits
Find out what employee benefit plan managers need to know so your small business complies with federal law.
· Optional Employee Benefits
Employee benefits play an important role in the lives of employees as well as their families. Find out what benefits you are required by law to provide your employees.
· Writing Effective Job Descriptions
Job descriptions ensure employees understand the roles and responsibilities associated with their position. Use this guide to help you write effective job descriptions.
· Employee Handbooks
An employee handbook is the most important communication tool between you and your employees. Here is how to write one that properly sets expectations for those who work for your small business.