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boost sales</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/pos"><div class="text-base font-medium"><span class="inline-block arrow-animation">Sell in person<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Point of Sale (POS)</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/markets"><div class="text-base font-medium"><span class="inline-block arrow-animation">Sell globally<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">International sales</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/plus/solutions/b2b-ecommerce"><div class="text-base font-medium"><span class="inline-block arrow-animation">Sell wholesale & direct<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Business-to-business (B2B)</div></a></li></ul></div><div class="col-span-3 col-start-7 pt-8 -translate-y-[30px]" data-background="white"><div class="flex items-center border-shade-30 mb-6 border-b pb-4 text-lg font-bold"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="40" height="40" fill="none"><g clip-path="url(#white_circle_svg__a)"><path d="m12.75 19.25 5.5-5.5m1 2.5v-3.5h-3.5m-2 14.5h.5a1 1 0 0 0 1-1v-2.5a1 1 0 0 0-1-1h-.5a1 1 0 0 0-1 1v2.5a1 1 0 0 0 1 1Zm6 0h.5a1 1 0 0 0 1-1v-5.5a1 1 0 0 0-1-1h-.5a1 1 0 0 0-1 1v5.5a1 1 0 0 0 1 1Zm6 0h.5a1 1 0 0 0 1-1v-12.5a1 1 0 0 0-1-1h-.5a1 1 0 0 0-1 1v12.5a1 1 0 0 0 1 1ZM39.25 20c0 10.631-8.619 19.25-19.25 19.25S.75 30.631.75 20 9.369.75 20 .75 39.25 9.369 39.25 20Z" stroke="url(#market_svg__a)" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path></g></svg></span><span id="subNavItem-Market" class="font-bold text-t7 inline-block">Market</span></div><ul class="pb-2" aria-labelledby="subNavItem-Market"><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/marketing"><div class="text-base font-medium"><span class="inline-block arrow-animation">Market your business<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Reach & retain customers</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/facebook-instagram"><div class="text-base font-medium"><span class="inline-block arrow-animation">Market across social<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Social media integrations</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/inbox"><div class="text-base font-medium"><span class="inline-block arrow-animation">Chat with customers<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Shopify Inbox</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/email-marketing"><div class="text-base font-medium"><span class="inline-block arrow-animation">Nurture customers<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Shopify Email</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/segmentation"><div class="text-base font-medium"><span class="inline-block arrow-animation">Know your audience<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Gain customer insights</div></a></li></ul></div><div class="col-span-3 col-start-10 pt-8 -translate-y-[30px]" data-background="white"><div class="flex items-center border-shade-30 mb-6 border-b pb-4 text-lg font-bold"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="40" height="40" fill="none"><g clip-path="url(#white_circle_svg__a)"><path d="M12.75 15.75c0 1.243.75 2.5 2.25 2.5s2.5-1.257 2.5-2.5c0 1.243 1 2.5 2.5 2.5s2.5-1.257 2.5-2.5c0 1.243 1 2.5 2.5 2.5s2.25-1.257 2.25-2.5m-12.5 11.5h10.5a2 2 0 0 0 2-2v-9.067a2 2 0 0 0-.179-.827l-.538-1.184A2 2 0 0 0 24.713 13h-9.425a2 2 0 0 0-1.82 1.172l-.538 1.184a2 2 0 0 0-.18.827v9.067a2 2 0 0 0 2 2Zm3-3.5a2 2 0 0 1 2-2h.5a2 2 0 0 1 2 2v3.5h-4.5v-3.5ZM39.25 20c0 10.631-8.619 19.25-19.25 19.25S.75 30.631.75 20 9.369.75 20 .75 39.25 9.369 39.25 20Z" stroke="url(#manage_svg__a)" stroke-width="1.5" stroke-linecap="round"></path></g></svg></span><span id="subNavItem-Manage" class="font-bold text-t7 inline-block">Manage</span></div><ul class="pb-2" aria-labelledby="subNavItem-Manage"><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/manage"><div class="text-base font-medium"><span class="inline-block arrow-animation">Manage your business<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Track sales, orders & analytics</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/analytics"><div class="text-base font-medium"><span class="inline-block arrow-animation">Measure your performance<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Analytics and Reporting</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/orders"><div class="text-base font-medium"><span class="inline-block arrow-animation">Manage your stock & orders<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Inventory & order management</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/flow"><div class="text-base font-medium"><span class="inline-block arrow-animation">Automate your business<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Shopify Flow</div></a></li></ul></div></div></div><div class="absolute bottom-0 inset-x-0 overflow-hidden z-20"><div class="container grid grid-cols-4 sm:grid-cols-8 md:grid-cols-12 gap-x-gutter gap-y-0"><div class="col-span-12 col-start-1 scheme-white:bg-shade-10 scheme-transparent-light:bg-shade-10 scheme-black:bg-shade-90 scheme-transparent-dark:bg-shade-90 relative after:absolute after:left-full after:top-[-1px] after:w-[100vw] after:h-[calc(100%+1px)] scheme-white:after:bg-shade-10 scheme-transparent-light:after:bg-shade-10 scheme-black:after:bg-shade-90 scheme-transparent-dark:after:bg-shade-90 scheme-black:text-white scheme-transparent-dark:text-white -ml-[var(--margin)] -mt-8 md:mt-0 pl-[var(--margin)] pt-6 before:content-[''] before:absolute before:right-full before:top-[-1px] before:w-[100vw] before:h-[calc(100%+1px)] scheme-white:before:bg-shade-10 scheme-transparent-light:before:bg-shade-10 scheme-black:before:bg-shade-90 scheme-transparent-dark:before:bg-shade-90 border-t scheme-white:border-shade-20 scheme-transparent-light:border-shade-20 scheme-black:border-shade-70 scheme-transparent-dark:border-shade-70 before:border-t scheme-white:before:border-shade-20 scheme-transparent-light:before:border-shade-20 scheme-black:before:border-shade-70 scheme-transparent-dark:before:border-shade-70 after:border-t scheme-white:after:border-shade-20 scheme-transparent-light:after:border-shade-20 scheme-black:after:border-shade-70 scheme-transparent-dark:after:border-shade-70 -translate-y-[30px]" data-background="white"><ul class="grid grid-cols-12 gap-x-gutter gap-y-0 pb-0"><li class="flex mb-6 pr-4 border-r border-shade-30 last:border-0 col-span-3"><a class="group inline-block w-full text-black hover:text-black" href="https://shopify.dev" aria-label="External source: Shopify Developers . Build with Shopify's powerful APIs"><div class="text-base font-medium"><span class="inline-block arrow-animation">Shopify Developers<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Build with Shopify's powerful APIs</div></a></li><li class="flex mb-6 pr-4 border-r border-shade-30 last:border-0 col-span-3"><a class="group inline-block w-full text-black hover:text-black" href="/my/plus"><div class="text-base font-medium"><span class="inline-block arrow-animation">Plus<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">A commerce solution for growing digital brands</div></a></li><li class="flex mb-6 pr-4 border-r border-shade-30 last:border-0 col-span-3"><a class="group inline-block w-full text-black hover:text-black" href="/my/products"><div class="text-base font-medium"><span class="inline-block arrow-animation">All Products<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Explore all Shopify products & features</div></a></li></ul></div></div></div></div></li><li class="mr-8 text-base"><div class="flex h-full"><a class="flex items-center hover:underline text-black hover:text-black" href="/my/pricing">Pricing</a></div></li><li class="mr-8 text-base"><div class="relative flex h-full after:content[""] after:block after:h-[3px] after:w-full after:absolute after:bottom-0 after:scale-0 after:origin-left after:transition-transform after:duration-[350ms] after:ease-[bezier(0.66, 0.66, 0.34, 1.00)] after:motion-reduce:transition-none hover:underline after:bg-black text-black"><button type="button" class="bg-transparent whitespace-nowrap" data-component-name="Resources-toggle-open" aria-controls="ResourcesDesktopMenu" aria-expanded="false" aria-haspopup="true"><span class="mr-3">Resources</span><div aria-hidden="true" class="relative inline-block h-[7px] w-3 cursor-pointer"><div class="inline-block rounded border-b-8 h-2 w-[2px] origin-center transition-all ease-[bezier(0.66, 0.66, 0.34, 1.00)] duration-[350ms] motion-reduce:transition-none border-black bg-black -translate-x-[3px] rotate-[135deg]"></div><div class="inline-block rounded border-b-8 h-2 w-[2px] origin-center transition-all ease-[bezier(0.66, 0.66, 0.34, 1.00)] duration-[350ms] motion-reduce:transition-none border-black bg-black -rotate-[135deg]"></div></div></button></div><div id="ResourcesDesktopMenu" class="absolute inset-x-0 top-global-header z-[21] transition-transform duration-[452ms] ease-[cubic-bezier(0.26,1.00,0.48,1.00)] motion-reduce:transition-none before:absolute before:inset-x-0 before:top-0 before:w-full before:h-full before:left-0 before:shadow-xl before:pointer-events-none before:z-10 bg-white text-black bg-white text-black opacity-0 pointer-events-none -translate-y-[10px]"><div class="relative no-scrollbar overflow-y-auto overflow-x-clip max-h-[calc(100vh-72px)] z-20"><div class="container grid grid-cols-4 sm:grid-cols-8 md:grid-cols-12 gap-x-gutter gap-y-0"><div class="col-span-3 col-start-1 pt-8 -translate-y-[30px]" data-background="white"><div class="flex items-center border-shade-30 mb-6 border-b pb-4 text-lg font-bold"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="40" height="40" fill="none"><g clip-path="url(#help-and-support_svg__a)"><circle cx="20" cy="20" r="19.25" stroke="currentColor" stroke-width="1.5"></circle><path d="M20 20v6" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round"></path><path d="M20 16.5a1.5 1.5 0 1 0 0-3 1.5 1.5 0 0 0 0 3Z" fill="currentColor"></path></g></svg></span><span id="subNavItem-Help and support" class="font-bold text-t7 inline-block">Help and support</span></div><ul class="pb-2" aria-labelledby="subNavItem-Help and support"><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="https://help.shopify.com/en/" aria-label="External source: Help and support . Get 24/7 support"><div class="text-base font-medium"><span class="inline-block arrow-animation">Help and support<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Get 24/7 support</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/topics/guides"><div class="text-base font-medium"><span class="inline-block arrow-animation">How-to guides<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Read in-depth business guides</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="https://academy.shopify.com" aria-label="External source: Business courses . Learn from proven experts"><div class="text-base font-medium"><span class="inline-block arrow-animation">Business courses<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Learn from proven experts</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog"><div class="text-base font-medium"><span class="inline-block arrow-animation">Shopify blog<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Business strategy tips</div></a></li></ul></div><div class="col-span-6 col-start-4 pt-8 -translate-y-[30px]" data-background="white"><div class="flex items-center border-shade-30 mb-6 border-b pb-4 text-lg font-bold"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="40" height="40" fill="none"><g clip-path="url(#white_circle_svg__a)" stroke="currentColor" stroke-width="1.5"><circle cx="20" cy="20" r="19.25"></circle><path d="m22.023 15.04 3 3M12.75 27.25l4.25-1 9.95-9.95a1 1 0 0 0 0-1.413l-1.837-1.836a1 1 0 0 0-1.414 0L13.75 23l-1 4.25Z" stroke-linecap="round" stroke-linejoin="round"></path></g></svg></span><span id="subNavItem-Popular topics" class="font-bold text-t7 inline-block">Popular topics</span></div><ul class="pb-2 columns-2" aria-labelledby="subNavItem-Popular topics"><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/what-is-shopify"><div class="text-base font-medium"><span class="inline-block arrow-animation">What is Shopify?<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">How our commerce platform works</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/topics/founder-stories"><div class="text-base font-medium"><span class="inline-block arrow-animation">Founder stories<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Learn from successful merchants</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/how-to-build-a-brand"><div class="text-base font-medium"><span class="inline-block arrow-animation">Branding<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Build your brand from scratch</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/marketing-plan"><div class="text-base font-medium"><span class="inline-block arrow-animation">Marketing<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Build a marketing plan</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/ecommerce-seo-beginners-guide"><div class="text-base font-medium"><span class="inline-block arrow-animation">Ecommerce SEO<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Improve your search ranking</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/topics/social-media-optimization"><div class="text-base font-medium"><span class="inline-block arrow-animation">Social media strategy<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Turn social into sales</div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/how-to-scale-small-business"><div class="text-base font-medium"><span class="inline-block arrow-animation">Business growth<span class="sr-only">.</span></span></div><div class="text-sm text-shade-70 group-hover:text-black">Scale your business</div></a></li></ul></div><div class="col-span-3 col-start-10 pt-8 scheme-white:bg-shade-10 scheme-transparent-light:bg-shade-10 scheme-black:bg-shade-90 scheme-transparent-dark:bg-shade-90 pl-10 relative after:absolute after:left-full after:top-[-1px] after:w-[100vw] after:h-[calc(100%+1px)] scheme-white:after:bg-shade-10 scheme-transparent-light:after:bg-shade-10 scheme-black:after:bg-shade-90 scheme-transparent-dark:after:bg-shade-90 scheme-black:text-white scheme-transparent-dark:text-white border-l scheme-white:border-shade-20 scheme-transparent-light:border-shade-20 scheme-black:border-shade-70 scheme-transparent-dark:border-shade-70 -translate-y-[30px]" data-background="white"><div class="flex items-center border-shade-30 mb-6 border-b pb-4 text-lg font-bold"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="40" height="40" fill="none"><g clip-path="url(#white_circle_svg__a)" stroke="currentColor" stroke-width="1.5"><circle cx="20" cy="20" r="19.25"></circle><path d="M16.75 16.75v-2a2 2 0 0 1 2-2h2.5a2 2 0 0 1 2 2v2m-2 4v1.5a1 1 0 0 1-1 1h-.5a1 1 0 0 1-1-1v-1.5m2.5 0a1 1 0 0 0-1-1h-.5a1 1 0 0 0-1 1m2.5 0h6m-8.5 0h-6m2 6.5h10.5a2 2 0 0 0 2-2v-6.5a2 2 0 0 0-2-2h-10.5a2 2 0 0 0-2 2v6.5a2 2 0 0 0 2 2Z"></path></g></svg></span><span id="subNavItem-Essential tools" class="font-bold text-t7 inline-block">Essential tools</span></div><ul class="pb-2" aria-labelledby="subNavItem-Essential tools"><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/tools/logo-maker"><div class="text-base font-medium"><span class="inline-block arrow-animation">Logo maker<span class="sr-only">.</span></span></div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="https://www.shopify.com/stock-photos" aria-label="External source: Stock photography ."><div class="text-base font-medium"><span class="inline-block arrow-animation">Stock photography<span class="sr-only">.</span></span></div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/my/blog/business-plan-template"><div class="text-base font-medium"><span class="inline-block arrow-animation">Business plan template<span class="sr-only">.</span></span></div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="https://www.linkpop.com/" aria-label="External source: Link in bio tool ."><div class="text-base font-medium"><span class="inline-block arrow-animation">Link in bio tool<span class="sr-only">.</span></span></div></a></li><li class="flex mb-6 pr-4"><a class="group inline-block w-full text-black hover:text-black" href="/tools/qr-code-generator"><div class="text-base font-medium"><span class="inline-block arrow-animation">QR code generator<span class="sr-only">.</span></span></div></a></li></ul></div></div></div></div></li><li class="mr-8 text-base"><div class="flex h-full"><a class="flex items-center hover:underline text-black hover:text-black" href="/my/enterprise">Enterprise</a></div></li><li class="mr-8 text-base"><div class="relative flex h-full after:content[""] after:block after:h-[3px] after:w-full after:absolute after:bottom-0 after:scale-0 after:origin-left after:transition-transform after:duration-[350ms] after:ease-[bezier(0.66, 0.66, 0.34, 1.00)] after:motion-reduce:transition-none hover:underline after:bg-black text-black"><button type="button" class="bg-transparent whitespace-nowrap" data-component-name="What’s new-toggle-open" aria-controls="What’s newDesktopMenu" aria-expanded="false" aria-haspopup="true"><span class="mr-3">What’s new</span><div aria-hidden="true" class="relative inline-block h-[7px] w-3 cursor-pointer"><div class="inline-block rounded border-b-8 h-2 w-[2px] origin-center transition-all ease-[bezier(0.66, 0.66, 0.34, 1.00)] duration-[350ms] motion-reduce:transition-none border-black bg-black -translate-x-[3px] rotate-[135deg]"></div><div class="inline-block rounded border-b-8 h-2 w-[2px] origin-center transition-all ease-[bezier(0.66, 0.66, 0.34, 1.00)] duration-[350ms] motion-reduce:transition-none border-black bg-black -rotate-[135deg]"></div></div></button></div><div id="What’s newDesktopMenu" class="absolute inset-x-0 top-global-header z-[21] transition-transform duration-[452ms] ease-[cubic-bezier(0.26,1.00,0.48,1.00)] motion-reduce:transition-none before:absolute before:inset-x-0 before:top-0 before:w-full before:h-full before:left-0 before:shadow-xl before:pointer-events-none before:z-10 bg-white text-black bg-white text-black opacity-0 pointer-events-none -translate-y-[10px]"><div class="relative no-scrollbar overflow-y-auto overflow-x-clip max-h-[calc(100vh-72px)] z-20"><div class="container grid grid-cols-4 sm:grid-cols-8 md:grid-cols-12 gap-x-gutter gap-y-0"><div class="col-span-12 col-start-1 pt-8 -translate-y-[30px]" data-background="white"><ul class="grid grid-cols-12 gap-x-gutter gap-y-0 pb-0"><li class="flex mb-6 pr-4 border-r border-shade-30 last:border-0 col-span-3"><span aria-hidden="true" class="-ml-2 lg:ml-0 mr-3 md:mr-3 inline-block h-10 w-10"><svg width="41" height="42" viewBox="0 0 41 42" fill="none" xmlns="http://www.w3.org/2000/svg"><g clip-path="url(#clip0_213_1921)"><path d="M39.5 21C39.5 31.6315 30.8815 40.25 20.25 40.25C9.61852 40.25 1 31.6315 1 21C1 10.3685 9.61852 1.75 20.25 1.75C30.8815 1.75 39.5 10.3685 39.5 21Z" stroke="currentColor" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path><rect x="13" y="14" width="15" height="14" rx="2" stroke="currentColor" stroke-width="1.5"></rect><path d="M25 24L19 24" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path><path d="M25 21L19 21" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path><path d="M25 18L19 18" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path><path d="M17 18L16 18" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path><path d="M17 21L16 21" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path><path d="M17 24L16 24" stroke="currentColor" stroke-width="1.5" stroke-linecap="round"></path></g><defs><clipPath id="clip0_213_1921"><rect width="40.5" height="40.5" fill="white" transform="translate(0 0.75)"></rect></clipPath></defs></svg></span><a class="group inline-block w-full text-black hover:text-black" href="https://changelog.shopify.com" aria-label="External source: Changelog . 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data-component-name="button" data-mode="light" target="">Learn more</a></div></div><img class="absolute rounded-[15px] z-10 w-[90px] tablet-xl:w-[136px] desktop:w-[175px] left-[-26px] tablet-xl:left-0 bottom-[-20px] tablet-xl:bottom-[-60px]" src="https://cdn.shopify.com/b/shopify-brochure2-assets/b57973373cb5af3ba8e59f0b966065e7.webp?originalWidth=500&originalHeight=641" alt="" loading="lazy" decoding="async" width="500" height="641" srcSet="https://cdn.shopify.com/b/shopify-brochure2-assets/b57973373cb5af3ba8e59f0b966065e7.webp?originalWidth=500&originalHeight=641&width=200 200w, https://cdn.shopify.com/b/shopify-brochure2-assets/b57973373cb5af3ba8e59f0b966065e7.webp?originalWidth=500&originalHeight=641&width=400 400w"/><div class="absolute rounded-[15px] overflow-hidden z-10 w-[90px] tablet-xl:w-[136px] desktop:w-[175px] h-[85px] tablet-xl:h-[140px] desktop:h-[180px] right-0 tablet-xl:right-[-20px] desktop:right-[20px] top-[-25px] tablet-xl:top-[-30px] desktop:top-[-40px]"><img 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srcSet="https://cdn.shopify.com/b/shopify-brochure2-assets/2baeeeb3c9bab2dfbfac6428fad929e1.webp?originalWidth=500&originalHeight=641&width=200 200w, https://cdn.shopify.com/b/shopify-brochure2-assets/2baeeeb3c9bab2dfbfac6428fad929e1.webp?originalWidth=500&originalHeight=641&width=400 400w"/></div><div class="sm:inset-[auto_0_var(--space-2xl)_auto] sm:bg-transparent sm:pt-9 sm:[&>div>button]:-top-9"></div></div></div><article id="article" itemscope="" itemType="https://schema.org/Article" class="featured-blogs__section"><meta itemProp="mainEntityOfPage" content="/my/blog/business-plan"/><meta itemProp="dateModified" content="2024-08-25T07:00:00.000Z"/><div class="relative"><div class="py-10 tablet:text-center desktop:pt-16 desktop:pb-16" data-mode="light"><div class="container desktop:w-9/12 desktop:mx-auto"><div class="uppercase text-shade-100 font-aktivgroteskextended text-[12px] leading-[14px] tracking-[0.01em] font-semibold tablet-xl:font-shopifysans tablet-xl:text-[11px] tablet-xl:leading-[13px] tablet:tracking-[0.5px] tablet:font-bold pb-2"><a href="/my/blog" class="no-underline hover:text-link-light-hover topic-link">blog</a><span class="richtext px-2.5 text-xs">|</span><a href="/my/blog/topics/guides" class="no-underline hover:text-link-light-hover topic-link">Guides</a></div><h1 class="richtext font-medium tracking-[-0.02em] text-[28px] leading-9 tablet-xl:text-[40px] tablet-xl:leading-[48px]" itemProp="headline">Business Plan: What It Is and How to Write One in 9 Steps</h1><p class="richtext font-normal tracking-[-0.02em] text-[18px] leading-[26px] tablet-xl:text-[20px] tablet-xl:leading-7 desktop:text-[22px] desktop:leading-8 mt-4 desktop:mt-4">Business plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.</p><div class="lg:hidden mt-4 tablet-xl:mt-12"><div class="gap-x-1 flex flex-wrap font-bold sm:justify-center !text-lg text-legacy-gray-90 last:[&_>div]:justify-start sm:last:[&_>div]:justify-center"> by <span itemProp="author" itemscope="" itemType="https://schema.org/Person"><a href="/my/blog/authors/desirae-odjick" class="no-underline" itemProp="url"><span itemProp="name">Desirae Odjick</span></a></span></div><div class="text-body-sm text-shade-50">Last updated <time>25 Aug 2024</time></div></div></div></div><div class="tablet:container desktop:w-9/12 desktop:mx-auto overflow-hidden flex justify-center"><img class="" src="https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782" alt="Illustration of two people looking at a business plan" loading="eager" decoding="async" width="1848" height="782" srcSet="https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=200 200w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=400 400w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=600 600w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=800 800w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=1000 1000w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=1200 1200w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=1400 1400w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=1600 1600w, https://cdn.shopify.com/s/files/1/0070/7032/articles/how-to-write-a-business-plan_11a161f1-1443-428f-b3e1-429f48a35e50.jpg?v=1730131881&originalWidth=1848&originalHeight=782&width=1800 1800w"/></div></div><div class="container grid-cols-4 sm:grid-cols-8 md:grid-cols-12 block tablet-xl:grid gap-y-0 gap-x-12"><div class="col-span-4 xs:col-span-12 md:col-span-4 lg:col-span-3 col-start-1 nav-drawer md:pb-20 pt-10 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[&_.truncated-text::before]:absolute [&_.truncated-text::before]:content-[""] [&_.truncated-text::before]:bottom-0 [&_.truncated-text::before]:w-full [&_.truncated-text::before]:h-[150px] [&_.truncated-text::before]:bg-gradient-to-t [&_.truncated-text::before]:from-white [&_.truncated-text::before]:from-50% [&_.truncated-text::before]:to-transparent [&_.truncated-text\_\_toggle]:absolute [&_.truncated-text\_\_toggle]:bottom-0 [&_.truncated-text\_\_toggle]:w-full [&_.truncated-text\_\_toggle]:text-center [&_.marketing-code]:bg-[#f0f1f2] [&_.marketing-code]:font-bold [&_.marketing-code]:p-1 [&_.marketing-code.marketing-code--block]:p-4 [&_.marketing-code--block]:block [&_.marketing-code--block]:max-w-full [&_.marketing-code--block]:overflow-x-scroll [&_.marketing-code--block]:mb-5 [&_.partners-signup]:mt-6 [&_.partners-signup]:mb-12 [&_.partners-signup]:bg-gray-200 [&_.partners-signup]:p-3 [&_.partners-signup]:md:p-6 [&_.table]:block [&_.table]:overflow-x-scroll [&_.table]:max-w-full" itemProp="articleBody"><div class="hidden leadpage-container leadpage__image leadpage__content marketing-button hide--mobile block--bordered"></div><div><style type="text/css"></style><div> <p>A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you <a href="/my/blog/how-to-start-a-business">start a business</a>.</p> <p>Not every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.</p> <p>Learn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.</p> <div class="relative aspect-video mb-8"><div data-component="youtube-facade" data-src="https://www.youtube.com/embed/jrW-RaYZc_4?si=gP-5vVptqUtfxs8O&autoplay=0" class="aspect-video absolute inset-0 w-full h-full"></div></div> </div> <h2 id="1">What is a business plan?</h2> <p>A business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like <a href="/my/blog/market-analysis">market analysis</a>, financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.</p> <p>Often, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.</p> <h2 id="2">The key components of a business plan</h2> <p>Putting together a business plan will highlight the parts of your company’s strategy and goals. It involves several <a href="/my/blog/components-of-a-business-plan">key business plan components</a> that work together to show the roadmap to your success.</p><div id="text-cta" class="hidden lg:block"></div> <p>Your business plan’s key components should include: </p> <ul> <li> <strong>Executive summary: </strong>A brief overview of your entire plan.</li> <li> <strong><strong>Company description: </strong></strong>An explanation of what your business does and why it’s unique. </li> <li> <strong>Market analysis: </strong>Research on your industry, target market, and competitors.</li> <li> <strong>Organization and management: </strong>Details about your business structure and the people running it.</li> <li> <strong>Products or services: </strong>A description of what you’re selling and how it benefits customers. </li> <li> <strong>Customer segmentation: </strong>A breakdown of your target market into different groups.</li> <li> <strong>Marketing and sales plan: </strong>The strategy for promoting and selling your products and services.</li> <li> <strong>Logistics and operations:</strong> An overview of how your business will run its daily activities and manage resources.</li> <li> <strong>Financials: </strong>A complete look at projected income, expenses, and funding needs. </li> </ul> <h2 id="3">How to write a business plan in 9 steps</h2> <ol> <li><a href="#11">Draft an executive summary</a></li> <li><a href="#12">Write a company description</a></li> <li><a href="#13">Perform a market analysis</a></li> <li><a href="#14">Outline the management and organization</a></li> <li><a href="#15">List your products and services</a></li> <li><a href="#16">Perform customer segmentation</a></li> <li><a href="#17">Define a marketing plan</a></li> <li><a href="#18">Provide a logistics and operations plan</a></li> <li><a href="#19">Make a financial plan</a></li> </ol> <p>Few things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.</p> <p>Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).</p> <p>Once you have your <a href="/my/blog/business-plan-template">business plan template</a> in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.</p> <h3 id="11">1. Draft an executive summary</h3> <p>A good <a href="/my/blog/executive-summary">executive summary</a> is one of the most crucial sections of your business plan—it’s also the last section you should write.</p> <p>The executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.</p> <p>Again, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.</p> <figure><img src="https://cdn.shopify.com/s/files/1/0070/7032/files/figs_0623b6c1-cbc6-4e6a-92af-1eff873177cf.png?v=1724575821" alt="FIGS health care apparel website showing staff in blue scrubs and company overview" style="float: none;" class="block block--bordered"> <figcaption>FIGS health care apparel gives a corporate overview on its website.</figcaption> </figure> <p>An executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. </p> <p>Your business plan’s executive summary should include:</p> <ul> <li> <strong>Business concept.</strong> What does your business do?</li> <li> <strong>Business goals and vision. </strong>What does your business want to accomplish?</li> <li> <strong>Product description and differentiation. </strong>What do you sell, and why is it different?</li> <li> <strong>Target market. </strong>Who do you sell to?</li> <li> <strong>Marketing strategy. </strong>How do you plan on reaching your customers?</li> <li> <strong>Current financial state. </strong>What do you currently earn in revenue?</li> <li> <strong>Projected financial state. </strong>What do you foresee earning in revenue?</li> <li> <strong>The ask. </strong>How much money are you asking for?</li> <li> <strong>The team. </strong>Who’s involved in the business?</li> </ul> <h3 id="12">2. Write a company description</h3> <p>This section of your business plan should answer two fundamental questions: </p> <ul> <li>Who are you?</li> <li>What do you plan to do? </li> </ul> <p>Answering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. </p> <p>For example, clean makeup brand <a href="https://saiehello.com/" rel="nofollow noopener noreferrer" target="_blank">Saie</a> shares a letter from its founder on the company’s mission and why it exists.</p> <img src="https://cdn.shopify.com/s/files/1/0070/7032/files/saie.png?v=1724575821" alt="Saie beauty brand website with founder’s letter and portrait" style="float: none;" class="block block--bordered" loading="lazy"> <p>Clarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.</p> <p>Here are some of the components you should include in your company description:</p> <ul> <li>Your business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)</li> <li>Your business model</li> <li>Your industry</li> <li>Your business’s vision, mission, and <a href="/my/blog/value-proposition">value proposition</a> </li> <li>Background information on your business or its history</li> <li>Business objectives, both short and long term</li> <li>Your team, including key personnel and their salaries</li> </ul> <h4>Brand values and goals</h4> <p>To define your <a href="/my/blog/brand-values">brand values</a>, think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.</p> <p>Your company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your <a href="/my/blog/goal-setting">goal setting</a> includes <a href="/my/blog/smart-goals">SMART goals</a>: specific, measurable, attainable, realistic, and time-bound.</p> <h4>Vision and mission statements</h4> <p>Once you know your values, you can <a href="/my/blog/mission-statement">write a mission statement</a>. Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.</p> <p>Next, craft your <a href="/my/blog/vision-statement">vision statement</a>: What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.</p> <h3 id="13">3. Perform a market analysis</h3> <p>Market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.</p> <p>No matter what type of business you start, whether a <a href="/my/blog/home-business">home-based business</a> or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. </p> <p>If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.</p> <figure><img src="https://cdn.shopify.com/s/files/1/0070/7032/files/targetmarket.png?v=1724575820" alt="Market analysis example describing target market for tea company." style="float: none;" class="block block--bordered" loading="lazy"> <figcaption>This example from Providence Tea Company illustrates one way to approach your market analysis.</figcaption> </figure> <h4>How big is your potential market?</h4> <p>The potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.</p> <p>Since this can be a daunting process, here are some general tips to help you begin your research:</p> <ul> <li> <strong>Understand your ideal customer profile. </strong>Look for government data about the size of your <a href="/my/blog/target-market">target market</a>, learn where they live, what social channels they use, and their shopping habits.</li> <li> <strong>Research relevant industry trends and trajectory. </strong>Explore <a href="/my/blog/consumer-trends">consumer trends</a> and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.</li> <li> <strong>Make informed guesses.</strong> You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.</li> </ul> <p>Some sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.</p> <p><strong>Read more: </strong><a href="/my/blog/market-analysis">What is a Marketing Analysis? 3 Steps Every Business Should Follow</a></p> <h4>SWOT analysis</h4> <p>A <a href="/my/blog/74665093-want-to-future-proof-your-business-try-a-swot-analysis">SWOT analysis</a> looks at your strengths, weaknesses, opportunities, and threats. </p> <p>That involves asking questions like: </p> <ul> <li>What are the best things about your company? </li> <li>What are you not so good at? </li> <li>What market or industry shifts can you take advantage of and turn into opportunities? </li> <li>Are there external factors threatening your ability to succeed?</li> </ul> <p>SWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.</p> <h4>Competitive analysis</h4> <p>There are three overarching factors you can use to differentiate your business in the face of competition:</p> <ul> <li> <strong>Cost leadership. </strong>You have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like <a href="https://mejuri.com/" rel="nofollow noopener noreferrer" target="_blank">Mejuri</a> and <a href="https://www.endy.com/" rel="nofollow noopener noreferrer" target="_blank">Endy</a>.</li> <li> <strong>Differentiation. </strong>Your product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like <a href="https://knix.com/" rel="nofollow noopener noreferrer" target="_blank">Knix</a> and <a href="https://qalo.com/pages/about-us" rel="nofollow noopener noreferrer" target="_blank">QALO</a>.</li> <li> <strong>Segmentation. </strong>You focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like <a href="/my/blog/tomboyx-focus">TomboyX</a> and <a href="/my/blog/heyday-footwear-pivoting-a-brand">Heyday Footwear</a> are great examples of this strategy.</li> </ul> <p>To understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.</p> <p>You’ll always have competition in the market, even with an innovative product, so it’s important to include a <a href="/my/blog/competitive-analysis">competitive overview</a> in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.</p> <p>For example, if you’re <a href="/my/blog/203365449-start-a-jewellery-making-business">selling jewelry</a>, your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.</p> <p>If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.</p> <h3 id="14">4. Outline the management and organization</h3> <figure><img src="https://cdn.shopify.com/s/files/1/0070/7032/files/curlyhairlaptop.jpg?v=1724575821" alt="Woman with curly hair using laptop on carpeted floor next to couch and plant" style="float: none;" loading="lazy"> <figcaption><em>Source: <a href="/stock-photos">Shopify Burst</a></em></figcaption> </figure> <p>The management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.</p> <p>If you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.</p> <h3 id="15">5. List your products and services</h3> <p>Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.</p> <p>If you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. </p> <p>For example, bag shop <a href="https://baggu.com/" rel="nofollow noopener noreferrer" target="_blank">BAGGU</a> sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.</p> <img src="https://cdn.shopify.com/s/files/1/0070/7032/files/baggu_65410765-7175-4eeb-8e16-cf8efa8b94f2.png?v=1724575821" alt="BAGGU online store showing colorful patterned tote bags for sale" style="float: none;" class="block block--bordered" loading="lazy"> <p>Describe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than <a href="/my/blog/trending-products">trending products</a> for a <a href="/my/blog/what-is-dropshipping">dropshipping</a> business, for instance.</p> <h3 id="16">6. Perform customer segmentation</h3> <p>Your ideal customer, also known as your target market, is the foundation of your <a href="/my/blog/marketing-plan">marketing plan</a>, if not your business plan as a whole. </p> <p>You’ll want to keep this <a href="/my/blog/what-is-buyer-persona">buyer persona</a> in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.</p> <p>To give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. <a href="/my/blog/what-is-customer-segmentation">Customer segmentation</a> often includes:</p> <ul> <li>Where they live</li> <li>Their age range</li> <li>Their level of education</li> <li>Some common behavior patterns</li> <li>How they spend their free time</li> <li>Where they work</li> <li>What technology they use</li> <li>How much they earn</li> <li>Where they’re commonly employed</li> <li>Their values, beliefs, or opinions</li> </ul> <p>This information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.</p> <p>For example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.</p> <div class="marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [&_h2]:!mt-0 [&_h2]:mb-6 [&_h2]:text-t5 [&_h3]:!mt-0 [&_h3]:mb-6 [&_h3]:text-t7 [&_h4]:!mt-0 [&_h4]:mb-6 [&_h4]:text-t8 [&_img]:my-auto [&_p]:!mt-0 [&_p]:mb-6 [&_p]:text-body-sm [&_.heading--4]:text-t6 [&_.marketing-button]:text-white [&_.marketing-button]:no-underline border-blog-highlight" data-component-name="blog-cta-marketing"> <p class="heading--4">Put your customer data to work with Shopify’s customer segmentation</p> <p>Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.</p> <a href="/segmentation?itcat=coreblog&itterm=shopify-segmentation-tools-cta" class="marketing-button marketing-button--small" target="_blank">Discover Shopify segmentation</a> </div> <h3 id="17">7. Define a marketing plan</h3> <figure><img alt="Bird’s eye view of hands typing on laptop keyboard, wearing mint green sweater and blue nail polish" src="https://cdn.shopify.com/s/files/1/0070/7032/files/handsonlaptop.jpg?v=1724575820" loading="lazy"> <figcaption><em>Source:</em> <a href="/stock-photos"><em>Shopify Burst</em></a></figcaption> </figure> <p>Your marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.</p> <p>If you’re planning to invest heavily in <a href="/my/blog/instagram-marketing">Instagram marketing</a> or <a href="/my/blog/tiktok-ads">TikTok ads</a>, for example, it makes sense to include whether Instagram and <a href="/my/blog/how-to-use-tiktok">TikTok</a> are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.</p> <div class="marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [&_h2]:!mt-0 [&_h2]:mb-6 [&_h2]:text-t5 [&_h3]:!mt-0 [&_h3]:mb-6 [&_h3]:text-t7 [&_h4]:!mt-0 [&_h4]:mb-6 [&_h4]:text-t8 [&_img]:my-auto [&_p]:!mt-0 [&_p]:mb-6 [&_p]:text-body-sm [&_.heading--4]:text-t6 [&_.marketing-button]:text-white [&_.marketing-button]:no-underline border-blog-highlight" data-component-name="blog-cta-marketing"> <p class="heading--4">Market your business with Shopify's marketing automation tools</p> <p>Shopify has everything you need to capture more leads, send email campaigns, automate key marketing moments, segment your customers, and analyze your results. Plus, it’s all free for your first 10,000 emails sent per month.</p> <a class="marketing-button marketing-button--small" href="/market?itcat=coreblog&itterm=shopify-marketing-cta" target="_blank">Discover Shopify's marketing automation tools</a> </div> <p>Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.</p> <ul> <li> <strong>Price: </strong>How much do your products cost, and why have you made that decision?</li> <li> <strong>Product:</strong> What are you selling and how do you differentiate it in the market?</li> <li> <strong>Promotion:</strong> How will you get your products in front of your ideal customer?</li> <li> <strong>Place: </strong>Where will you sell your products? On what channels and in which markets?</li> </ul> <p>Promotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.</p> <figure><img style="float: none;" src="https://cdn.shopify.com/s/files/1/0070/7032/files/positioningstatement.png?v=1724575821" alt="Marketing plan example showing positioning statement and customer acquisition strategies" class="block block--bordered" loading="lazy"> <figcaption>Here’s another example from Providence Tea Company, this time with their marketing plan.</figcaption> </figure> <h3 id="18">8. Provide a logistics and operations plan</h3> <p><a href="/my/blog/what-is-logistics">Logistics</a> and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.</p> <p>Cover all parts of your planned operations, including:</p> <ul> <li> <strong>Suppliers. </strong>Where do you get the raw materials you need for production, or where are your products produced?</li> <li> <strong>Production. </strong>Will you <a href="/my/blog/13843597-make-manufacture-wholesale-or-dropship-the-pros-and-cons-of-each-model">make, manufacture, wholesale</a>, or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?</li> <li> <strong>Facilities.</strong> Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?</li> <li> <strong>Equipment. </strong>What tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.</li> <li> <strong>Shipping and fulfillment.</strong> Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?</li> <li> <strong>Inventory.</strong> How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach <a href="/my/retail/inventory-management">inventory management</a>?</li> </ul> <p>This section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.</p> <h3 id="19">9. Make a financial plan</h3> <p>No matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.</p> <p>The level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.</p> <p>Here’s a <a href="https://cdn.shopify.com/s/files/1/0070/7032/files/Business_Plan_Templates__Income_Statement_Balance_Sheet_Cash-Flow_Statement.xlsx?v=1711152815" target="_blank" rel="nofollow noopener noreferrer">spreadsheet template</a> that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.</p> <p>Let’s review the types of financial statements you’ll need.</p> <h4>Income statements</h4> <p>Your <a href="/my/blog/income-statement">income statement</a> is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.</p> <h4>Balance sheets</h4> <p>Your balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). </p> <p>This provides a snapshot of your business’s shareholder equity, which is calculated as:</p> <p style="text-align: center;"><em>Assets - Liabilities = Equity</em></p> <h4>Cash flow statements</h4> <p>Your cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.</p> <p>When the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to <a href="/capital">access funding to keep your business solvent</a>.</p> <p>It can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.</p> <p><strong>📚 Read more: </strong><a href="/my/blog/cash-flow-management">Cash Flow Management: What It Is & How To Do It (+ Examples)</a></p> <h2 id="4">Why write a business plan?</h2> <p>Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan. </p> <p>Business plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of <a href="https://kapowmeggings.com/" rel="nofollow noopener noreferrer" target="_blank">Kapow Meggings</a>.</p> <p>There are several other compelling reasons to consider writing a business plan, including:</p> <ul> <li> <strong>Strategic planning. </strong>Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.</li> <li> <strong>Evaluating ideas.</strong> If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.</li> <li> <strong>Research.</strong> To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.</li> <li> <strong>Recruiting. </strong>Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.</li> <li> <strong>Partnerships. </strong>If you plan to <a href="/my/blog/brand-collaborations">collaborate with other brands</a>, having a clear overview of your vision, your audience, and your <a href="/my/blog/business-strategy">business strategy</a> will make it much easier for them to identify if your business is a good fit for theirs.</li> <li> <strong>Competitions. </strong>There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. </li> </ul> <p>If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.</p> <h2 id="5">Business plan types</h2> <p>Business plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.</p> <p>Common business plans we see include, but are not limited to, the following types:</p> <h3>Traditional business plans</h3> <p>These are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.</p> <h3>Lean business plans</h3> <p>A <a href="/my/blog/lean-business-plan">lean business plan</a> is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go. </p> <h3>Nonprofit business plans</h3> <p>A <a href="/my/blog/nonprofit-business-plan">nonprofit business plan</a> is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.</p> <p><strong>📚 Read more: </strong><a href="/my/blog/business-plan-examples">7 Business Plan Examples to Inspire Your Own (2024)</a></p> <h2 id="6">7 tips for creating a small business plan</h2> <p>There are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.</p> <h3>1. Know your audience</h3> <p>When you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.</p> <h3>2. Have a clear goal</h3> <p>When creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.</p> <h3>3. Invest time in research</h3> <p>Sections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.</p> <h3>4. Keep it short and to the point</h3> <p>No matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.</p> <h3>5. Keep the tone, style, and voice consistent</h3> <p>This is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.</p> <h3>6. Use a business plan template</h3> <p>You can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.</p> <h3>7. Try business plan software</h3> <p>Writing a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. </p> <p>Fortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.</p> <p>A few curated picks include:</p> <ul> <li> <a href="https://liveplan.com/" rel="nofollow noopener noreferrer" target="_blank"><strong>LivePlan</strong></a><strong>: </strong>the most affordable option with samples and templates</li> <li> <a href="https://bizplan.com/" rel="nofollow noopener noreferrer" target="_blank"><strong>Bizplan</strong></a><strong>:</strong> tailored for startups seeking investment</li> <li> <a href="https://gosmallbiz.com/business-plan-software" rel="nofollow noopener noreferrer" target="_blank"><strong>Go Small Biz</strong></a><strong>: </strong>budget-friendly option with industry-specific templates</li> </ul> <p><strong>📚 Read more: </strong><a href="/my/blog/business-plan-software">6 Best Business Plan Software Platforms (2024)</a></p> <h2 id="7">Common mistakes when writing a business plan</h2> <p>Other articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. </p> <p>The last thing you want is for time and effort to go down the drain, so avoid these common mistakes:</p> <ul> <li> <strong>Bad business idea. </strong>Sometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for <a href="/my/blog/low-investment-business-ideas">small business ideas</a> that require low startup costs.</li> <li> <strong>No exit strategy.</strong> If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.</li> <li> <strong>Unbalanced teams. </strong>A great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally. </li> <li> <strong>Missing financial projections.</strong> Don’t forget your balance sheet, cash flow statements, P&L statements, and income statements. Include your <a href="/my/blog/break-even-analysis">break-even analysis</a> and return-on-investment calculations in your financial projections to create a successful business plan.</li> <li> <strong>Spelling and grammar errors.</strong> All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience. </li> </ul> <h2 id="8">Updating and revising a business plan</h2> <p>Business plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale. </p> <p>Here’s a good rule of thumb for business plan revisions:</p>  <div style="overflow-x: auto;"> <table class="tg"> <thead> <tr> <th style="text-align: center;" class="tg-wkkj">Review Period</th> <th style="text-align: center;" class="tg-wkkj">Action</th> </tr> </thead> <tbody> <tr> <td class="tg-wp8o">Annual</td> <td style="text-align: left;" class="tg-wp8o"> <ul> <li>Full financial review</li> <li>Market analysis</li> <li>Long-term goals</li> <li>Product lineup</li> <li>SWOT analysis</li> </ul> <ul></ul> </td> </tr> <tr> <td class="tg-wp8o">Quarterly</td> <td style="text-align: left;" class="tg-wp8o"> <ul> <li>Short-term goals</li> <li>Marketing campaigns</li> <li>Customer feedback</li> <li>Milestones achieved</li> </ul> <ul></ul> </td> </tr> <tr> <td class="tg-wp8o">Monthly</td> <td style="text-align: left;" class="tg-wp8o"> <ul> <li>KPIs like sales and CAC</li> <li>Cash flow</li> <li>Inventory levels</li> <li>Customer satisfaction</li> </ul> <ul></ul> </td> </tr> </tbody> </table> </div>  <br> <ul> <li> <strong>Monthly: </strong>Update KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.</li> <li> <strong>Quarterly</strong>: Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.</li> <li> <strong>Yearly</strong>: Think of this as a big overhaul. Compare projections to actuals and update your forecasts. </li> </ul> <p>When updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.</p> <p>Remember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive. </p> <h2 id="9">How to present a business plan</h2> <p>Here are some tips for presenting your business plan to stakeholders.</p> <h3>Understand your audience</h3> <p>Start by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations. </p> <p>Consider the following about your presentation audience:</p> <ul> <li> <strong>Background: </strong>What’s their professional experience?</li> <li> <strong>Knowledge level: </strong>How familiar are they with your industry?</li> <li> <strong>Interests:</strong> What aspects of your plan will excite them most?</li> <li> <strong>Concerns: </strong>What might make them hesitant about your idea?</li> </ul> <p>Depending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis. </p> <h3>Structure your presentation</h3> <p>Once you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points. </p> <p>Your opening should grab attention and give a snapshot of what’s to come. It’s kind of like an <a href="/my/blog/elevator-pitch">elevator pitch</a> that gives an overview of your business idea. </p> <p>From there, break your presentation into clear sections:</p> <ul> <li> <strong>Problem: </strong>What issue are you solving?</li> <li> <strong>Solution:</strong> How does your business address this problem?</li> <li> <strong>Market:</strong> Who are your potential customers?</li> <li> <strong>Competition: </strong>Who else is in this space, and how are you different?</li> <li> <strong>Business model: </strong>How will you make money?</li> <li> <strong>Financial projections:</strong> What are your expected costs and revenues?</li> <li> <strong>Team:</strong> Who’s involved, and what makes them qualified?</li> </ul> <p>Use visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience. </p> <h3>Handle objections and questions</h3> <p>Facing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm. </p> <p>Try to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.</p> <p>When handling questions:</p> <ul> <li> <strong><strong>Listen carefully: </strong></strong>Make sure you fully understand the question before answering.</li> <li> <strong>Stay positive: </strong>Even if the question seems critical, respond with enthusiasm.</li> <li> <strong>Be honest: </strong>If you don’t know something, it’s OK. Offer to find out and follow up. </li> </ul> <p>Use questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”</p> <p>Handling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan. </p> <h2>Prepare your business plan today</h2> <p>A business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues. </p> <p>Whether you’re working on starting a new <a href="/my/blog/online-business-ideas">online business idea</a>, building a retail storefront, growing your established business, or <a href="/my/blog/how-to-buy-business-shopify-exchange">purchasing an existing business</a>, you now understand how to write a business plan that suits your business’s goals and needs.</p> <p><em>Feature illustration by Rachel Tunstall</em></p> <div id=":R0:" data-component-name="blog-read-more" class="marketing-block marketing-block--light marketing-block--padded text-body-sm text-left my-8 tablet:my-16 p-8 bg-marketingBg border-t-2 [&_h2]:text-t5 border-blog-highlight"><h2 class="!mt-0 mb-6 font-aktivgroteskextended">Read more</h2><ul class="!mt-0 !mb-0"><li class="mt-2"><a href="/my/blog/how-to-start-dropshipping">How to Start a Dropshipping Business- A Complete Playbook for 2024</a></li><li class="mt-2"><a href="/my/blog/dropshipping-guide">The Ultimate Guide To Dropshipping (2024)</a></li><li class="mt-2"><a href="/my/blog/117607173-the-definitive-guide-to-dropshipping-with-aliexpress">AliExpress Dropshipping- How to Dropship From AliExpress</a></li><li class="mt-2"><a href="/my/blog/206934729-how-to-start-a-clothing-line">How to Start a Clothing Line in 12 Steps (2024)</a></li><li class="mt-2"><a href="/my/blog/product-sourcing-apps">How To Source Products To Sell Online</a></li><li class="mt-2"><a href="/my/blog/crowdfunding">How To Do Crowdfunding: With Expert Tips and Examples From Successful Campaigns</a></li><li class="mt-2"><a href="/my/blog/candle-business">How to Start a Candle Business (with Examples)</a></li><li class="mt-2"><a href="/my/blog/affiliate-marketing">What Is Affiliate Marketing and How to Get Started</a></li><li class="mt-2"><a href="/my/blog/pinterest-marketing">Pinterest Marketing 101- How to Promote Your Business on Pinterest</a></li><li class="mt-2"><a href="/my/blog/instagram-marketing">Getting Started on IG- A Beginner’s Guide to Instagram Marketing</a></li></ul></div><div class="marketing-block marketing-block--light marketing-block--padded my-12 border-l-2 pl-4 [&_h2]:!mt-0 [&_h2]:mb-6 [&_h2]:text-t5 [&_h3]:!mt-0 [&_h3]:mb-6 [&_h3]:text-t7 [&_h4]:!mt-0 [&_h4]:mb-6 [&_h4]:text-t8 [&_ul]:!mt-0 [&_ul]:mb-6 [&_ul:last-child]:mb-0 [&_ol]:!mt-0 [&_ol]:mb-6 [&_ol:last-child]:mb-0 [&_p]:!mt-0 [&_p]:mb-6 [&_p:last-child]:mb-0 border-blog-highlight text-body-sm my-8 tablet:my-16 p-8 bg-marketingBg !border-l-0 border-t-2 pl-8 [&_[itemscope]]:mb-6 [&_[itemscope]:last-child]:mb-0" id="faq-section"> <div itemscope="" itemtype="https://schema.org/FAQPage"> <h2 id="10">Business plan FAQ</h2> <div itemscope="" itemprop="mainEntity" itemtype="https://schema.org/Question"> <h3 itemprop="name">How do I write a business plan?</h3> <div itemscope="" itemprop="acceptedAnswer" itemtype="https://schema.org/Answer"> <div itemprop="text"> <p>Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:</p> <ol> <li>Executive summary</li> <li>Company description, including value proposition</li> <li>Market analysis and competitive analysis</li> <li>Management and organization</li> <li>Products and services</li> <li>Customer segmentation</li> <li>Marketing plan</li> <li>Logistics and operations</li> <li>Financial plan and financial projections</li> </ol> </div> </div> </div> <div itemscope="" itemprop="mainEntity" itemtype="https://schema.org/Question"> <h3 itemprop="name">What is a good business plan?</h3> <div itemscope="" itemprop="acceptedAnswer" itemtype="https://schema.org/Answer"> <div itemprop="text"> <p>A good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape. </p> <p>A business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.</p> </div> </div> </div> <div itemscope="" itemprop="mainEntity" itemtype="https://schema.org/Question"> <h3 itemprop="name">What are the 3 main purposes of a business plan?</h3> <div itemscope="" itemprop="acceptedAnswer" itemtype="https://schema.org/Answer"> <div itemprop="text"> <p>The three main purposes of a business plan are: </p> <ol> <li>To clarify your plans for growth</li> <li>To understand your financial needs</li> <li>To attract funding from investors or secure a business loan</li> </ol> </div> </div> </div> <div itemscope="" itemprop="mainEntity" itemtype="https://schema.org/Question"> <h3 itemprop="name">What are the different types of business plans?</h3> <div itemscope="" itemprop="acceptedAnswer" itemtype="https://schema.org/Answer"> <div itemprop="text"> <p>The types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.</p> </div> </div> </div> </div> </div></div></div><div class="border-t tablet-xl:border-[#d4d4d8] my-16 py-6 flex tablet-xl:flex-row justify-between flex-col"><div class="flex items-center tablet-xl:justify-start tablet-xl:flex-row flex-row-reverse justify-between"><div class="self-center flex flex-col"><div class="gap-x-1 flex flex-wrap text-lg font-aktivgroteskextended leading-[18px] font-bold mb-2"> by <span itemProp="author" itemscope="" itemType="https://schema.org/Person"><a href="/my/blog/authors/desirae-odjick" class="no-underline" itemProp="url"><span itemProp="name">Desirae Odjick</span></a></span></div><div class="text-body-sm text-shade-50">Last updated by<span itemProp="contributor" itemType="https://schema.org/Person"><a href="/my/blog/authors/michael-keenan" class="no-underline" itemProp="url"><span itemProp="name" itemscope=""> Michael Keenan </span></a></span><time>25 Aug 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plan","width":1024,"height":537},"tags":["Guides","Starting Up"],"contentHtml":"\u003cstyle type=\"text/css\"\u003e\u003c!--\n.tg {border-collapse:collapse;border-spacing:0;}\n.tg td{border-color:black;border-style:solid;border-width:1px;\n overflow:hidden;padding:9px 15px;word-break:normal;}\n.tg th{border-color:black;border-style:solid;border-width:1px;\n font-weight:normal;overflow:hidden;padding:9px 15px;word-break:normal;}\n.tg .tg-j53b{border-color:#000000;color:#15C;text-align:center;text-decoration:underline;vertical-align:top}\n.tg .tg-wp8o{border-color:#000000;text-align:center;vertical-align:top}\n.tg .tg-wkkj{background-color:#efefef;border-color:#000000;font-weight:bold;text-align:left;vertical-align:top}\n--\u003e\u003c/style\u003e\n\u003cdiv\u003e\n\u003cp\u003eA great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you \u003ca href=\"/blog/how-to-start-a-business\"\u003estart a business\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eNot every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.\u003c/p\u003e\n\u003cp\u003eLearn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.\u003c/p\u003e\n\u003ciframe title=\"YouTube video\" class=\"w-full h-full aspect-video\" src=\"https://www.youtube.com/embed/jrW-RaYZc_4?si=gP-5vVptqUtfxs8O\u0026amp;autoplay=0\" allowfullscreen=\"\"\u003e\u003c/iframe\u003e\n\u003c/div\u003e\n\u003ch2 id=\"1\"\u003eWhat is a business plan?\u003c/h2\u003e\n\u003cp\u003eA business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like \u003ca href=\"/blog/market-analysis\"\u003emarket analysis\u003c/a\u003e, financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.\u003c/p\u003e\n\u003cp\u003eOften, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.\u003c/p\u003e\n\u003ch2 id=\"2\"\u003eThe key components of a business plan\u003c/h2\u003e\n\u003cp\u003ePutting together a business plan will highlight the parts of your company’s strategy and goals. It involves several \u003ca href=\"/blog/components-of-a-business-plan\"\u003ekey business plan components\u003c/a\u003e that work together to show the roadmap to your success.\u003c/p\u003e\n\u003cp\u003eYour business plan’s key components should include: \u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eExecutive summary: \u003c/strong\u003eA brief overview of your entire plan.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e\u003cstrong\u003eCompany description: \u003c/strong\u003e\u003c/strong\u003eAn explanation of what your business does and why it’s unique. \u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarket analysis: \u003c/strong\u003eResearch on your industry, target market, and competitors.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrganization and management: \u003c/strong\u003eDetails about your business structure and the people running it.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProducts or services: \u003c/strong\u003eA description of what you’re selling and how it benefits customers. \u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCustomer segmentation: \u003c/strong\u003eA breakdown of your target market into different groups.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarketing and sales plan: \u003c/strong\u003eThe strategy for promoting and selling your products and services.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLogistics and operations:\u003c/strong\u003e An overview of how your business will run its daily activities and manage resources.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFinancials: \u003c/strong\u003eA complete look at projected income, expenses, and funding needs. \u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"3\"\u003eHow to write a business plan in 9 steps\u003c/h2\u003e\n\u003col\u003e\n\u003cli\u003e\u003ca href=\"#11\"\u003eDraft an executive summary\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#12\"\u003eWrite a company description\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#13\"\u003ePerform a market analysis\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#14\"\u003eOutline the management and organization\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#15\"\u003eList your products and services\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#16\"\u003ePerform customer segmentation\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#17\"\u003eDefine a marketing plan\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#18\"\u003eProvide a logistics and operations plan\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#19\"\u003eMake a financial plan\u003c/a\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eFew things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.\u003c/p\u003e\n\u003cp\u003eSince an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).\u003c/p\u003e\n\u003cp\u003eOnce you have your \u003ca href=\"/blog/business-plan-template\"\u003ebusiness plan template\u003c/a\u003e in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.\u003c/p\u003e\n\u003ch3 id=\"11\"\u003e1. Draft an executive summary\u003c/h3\u003e\n\u003cp\u003eA good \u003ca href=\"/blog/executive-summary\"\u003eexecutive summary\u003c/a\u003e is one of the most crucial sections of your business plan—it’s also the last section you should write.\u003c/p\u003e\n\u003cp\u003eThe executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.\u003c/p\u003e\n\u003cp\u003eAgain, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/figs_0623b6c1-cbc6-4e6a-92af-1eff873177cf.png?v=1724575821\" alt=\"FIGS health care apparel website showing staff in blue scrubs and company overview\" style=\"float: none;\" class=\"block block--bordered\"\u003e\n\u003cfigcaption\u003eFIGS health care apparel gives a corporate overview on its website.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eAn executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. \u003c/p\u003e\n\u003cp\u003eYour business plan’s executive summary should include:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness concept.\u003c/strong\u003e What does your business do?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness goals and vision. \u003c/strong\u003eWhat does your business want to accomplish?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduct description and differentiation. \u003c/strong\u003eWhat do you sell, and why is it different?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eTarget market. \u003c/strong\u003eWho do you sell to?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarketing strategy. \u003c/strong\u003eHow do you plan on reaching your customers?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCurrent financial state. \u003c/strong\u003eWhat do you currently earn in revenue?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProjected financial state. \u003c/strong\u003eWhat do you foresee earning in revenue?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe ask. \u003c/strong\u003eHow much money are you asking for?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe team. \u003c/strong\u003eWho’s involved in the business?\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3 id=\"12\"\u003e2. Write a company description\u003c/h3\u003e\n\u003cp\u003eThis section of your business plan should answer two fundamental questions: \u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWho are you?\u003c/li\u003e\n\u003cli\u003eWhat do you plan to do? \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAnswering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. \u003c/p\u003e\n\u003cp\u003eFor example, clean makeup brand \u003ca href=\"https://saiehello.com/\" rel=\"nofollow\" target=\"_blank\"\u003eSaie\u003c/a\u003e shares a letter from its founder on the company’s mission and why it exists.\u003c/p\u003e\n\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/saie.png?v=1724575821\" alt=\"Saie beauty brand website with founder’s letter and portrait\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cp\u003eClarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.\u003c/p\u003e\n\u003cp\u003eHere are some of the components you should include in your company description:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eYour business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)\u003c/li\u003e\n\u003cli\u003eYour business model\u003c/li\u003e\n\u003cli\u003eYour industry\u003c/li\u003e\n\u003cli\u003eYour business’s vision, mission, and \u003ca href=\"/blog/value-proposition\"\u003evalue proposition\u003c/a\u003e\n\u003c/li\u003e\n\u003cli\u003eBackground information on your business or its history\u003c/li\u003e\n\u003cli\u003eBusiness objectives, both short and long term\u003c/li\u003e\n\u003cli\u003eYour team, including key personnel and their salaries\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch4\u003eBrand values and goals\u003c/h4\u003e\n\u003cp\u003eTo define your \u003ca href=\"/blog/brand-values\"\u003ebrand values\u003c/a\u003e, think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.\u003c/p\u003e\n\u003cp\u003eYour company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your \u003ca href=\"/blog/goal-setting\"\u003egoal setting\u003c/a\u003e includes \u003ca href=\"/blog/smart-goals\"\u003eSMART goals\u003c/a\u003e: specific, measurable, attainable, realistic, and time-bound.\u003c/p\u003e\n\u003ch4\u003eVision and mission statements\u003c/h4\u003e\n\u003cp\u003eOnce you know your values, you can \u003ca href=\"/blog/mission-statement\"\u003ewrite a mission statement\u003c/a\u003e. Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.\u003c/p\u003e\n\u003cp\u003eNext, craft your \u003ca href=\"/blog/vision-statement\"\u003evision statement\u003c/a\u003e: What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.\u003c/p\u003e\n\u003ch3 id=\"13\"\u003e3. Perform a market analysis\u003c/h3\u003e\n\u003cp\u003eMarket analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.\u003c/p\u003e\n\u003cp\u003eNo matter what type of business you start, whether a \u003ca href=\"/blog/home-business\"\u003ehome-based business\u003c/a\u003e or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. \u003c/p\u003e\n\u003cp\u003eIf you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/targetmarket.png?v=1724575820\" alt=\"Market analysis example describing target market for tea company.\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003eThis example from Providence Tea Company illustrates one way to approach your market analysis.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003ch4\u003eHow big is your potential market?\u003c/h4\u003e\n\u003cp\u003eThe potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.\u003c/p\u003e\n\u003cp\u003eSince this can be a daunting process, here are some general tips to help you begin your research:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eUnderstand your ideal customer profile. \u003c/strong\u003eLook for government data about the size of your \u003ca href=\"/blog/target-market\"\u003etarget market\u003c/a\u003e, learn where they live, what social channels they use, and their shopping habits.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eResearch relevant industry trends and trajectory. \u003c/strong\u003eExplore \u003ca href=\"/blog/consumer-trends\"\u003econsumer trends\u003c/a\u003e and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMake informed guesses.\u003c/strong\u003e You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSome sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRead more: \u003c/strong\u003e\u003ca href=\"/blog/market-analysis\"\u003eWhat is a Marketing Analysis? 3 Steps Every Business Should Follow\u003c/a\u003e\u003c/p\u003e\n\u003ch4\u003eSWOT analysis\u003c/h4\u003e\n\u003cp\u003eA \u003ca href=\"/blog/74665093-want-to-future-proof-your-business-try-a-swot-analysis\"\u003eSWOT analysis\u003c/a\u003e looks at your strengths, weaknesses, opportunities, and threats. \u003c/p\u003e\n\u003cp\u003eThat involves asking questions like: \u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWhat are the best things about your company? \u003c/li\u003e\n\u003cli\u003eWhat are you not so good at? \u003c/li\u003e\n\u003cli\u003eWhat market or industry shifts can you take advantage of and turn into opportunities? \u003c/li\u003e\n\u003cli\u003eAre there external factors threatening your ability to succeed?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.\u003c/p\u003e\n\u003ch4\u003eCompetitive analysis\u003c/h4\u003e\n\u003cp\u003eThere are three overarching factors you can use to differentiate your business in the face of competition:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCost leadership. \u003c/strong\u003eYou have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like \u003ca href=\"https://mejuri.com/\" rel=\"nofollow\" target=\"_blank\"\u003eMejuri\u003c/a\u003e and \u003ca href=\"https://www.endy.com/\" rel=\"nofollow\" target=\"_blank\"\u003eEndy\u003c/a\u003e.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDifferentiation. \u003c/strong\u003eYour product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like \u003ca href=\"https://knix.com/\" rel=\"nofollow\" target=\"_blank\"\u003eKnix\u003c/a\u003e and \u003ca href=\"https://qalo.com/pages/about-us\" rel=\"nofollow\" target=\"_blank\"\u003eQALO\u003c/a\u003e.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSegmentation. \u003c/strong\u003eYou focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like \u003ca href=\"/blog/tomboyx-focus\"\u003eTomboyX\u003c/a\u003e and \u003ca href=\"/blog/heyday-footwear-pivoting-a-brand\"\u003eHeyday Footwear\u003c/a\u003e are great examples of this strategy.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eTo understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.\u003c/p\u003e\n\u003cp\u003eYou’ll always have competition in the market, even with an innovative product, so it’s important to include a \u003ca href=\"/blog/competitive-analysis\"\u003ecompetitive overview\u003c/a\u003e in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.\u003c/p\u003e\n\u003cp\u003eFor example, if you’re \u003ca href=\"/blog/203365449-start-a-jewellery-making-business\"\u003eselling jewelry\u003c/a\u003e, your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.\u003c/p\u003e\n\u003cp\u003eIf you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.\u003c/p\u003e\n\u003ch3 id=\"14\"\u003e4. Outline the management and organization\u003c/h3\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/curlyhairlaptop.jpg?v=1724575821\" alt=\"Woman with curly hair using laptop on carpeted floor next to couch and plant\" style=\"float: none;\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003e\u003cem\u003eSource: \u003ca href=\"/stock-photos\"\u003eShopify Burst\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eThe management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.\u003c/p\u003e\n\u003cp\u003eIf you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.\u003c/p\u003e\n\u003ch3 id=\"15\"\u003e5. List your products and services\u003c/h3\u003e\n\u003cp\u003eYour products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.\u003c/p\u003e\n\u003cp\u003eIf you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. \u003c/p\u003e\n\u003cp\u003eFor example, bag shop \u003ca href=\"https://baggu.com/\" rel=\"nofollow\" target=\"_blank\"\u003eBAGGU\u003c/a\u003e sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.\u003c/p\u003e\n\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/baggu_65410765-7175-4eeb-8e16-cf8efa8b94f2.png?v=1724575821\" alt=\"BAGGU online store showing colorful patterned tote bags for sale\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cp\u003eDescribe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than \u003ca href=\"/blog/trending-products\"\u003etrending products\u003c/a\u003e for a \u003ca href=\"/blog/what-is-dropshipping\"\u003edropshipping\u003c/a\u003e business, for instance.\u003c/p\u003e\n\u003ch3 id=\"16\"\u003e6. Perform customer segmentation\u003c/h3\u003e\n\u003cp\u003eYour ideal customer, also known as your target market, is the foundation of your \u003ca href=\"/blog/marketing-plan\"\u003emarketing plan\u003c/a\u003e, if not your business plan as a whole. \u003c/p\u003e\n\u003cp\u003eYou’ll want to keep this \u003ca href=\"/blog/what-is-buyer-persona\"\u003ebuyer persona\u003c/a\u003e in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.\u003c/p\u003e\n\u003cp\u003eTo give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. \u003ca href=\"/blog/what-is-customer-segmentation\"\u003eCustomer segmentation\u003c/a\u003e often includes:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWhere they live\u003c/li\u003e\n\u003cli\u003eTheir age range\u003c/li\u003e\n\u003cli\u003eTheir level of education\u003c/li\u003e\n\u003cli\u003eSome common behavior patterns\u003c/li\u003e\n\u003cli\u003eHow they spend their free time\u003c/li\u003e\n\u003cli\u003eWhere they work\u003c/li\u003e\n\u003cli\u003eWhat technology they use\u003c/li\u003e\n\u003cli\u003eHow much they earn\u003c/li\u003e\n\u003cli\u003eWhere they’re commonly employed\u003c/li\u003e\n\u003cli\u003eTheir values, beliefs, or opinions\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.\u003c/p\u003e\n\u003cp\u003eFor example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.\u003c/p\u003e\n\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_img]:my-auto [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p]:text-body-sm [\u0026amp;_.heading--4]:text-t6 [\u0026amp;_.marketing-button]:text-white [\u0026amp;_.marketing-button]:no-underline border-blog-highlight\" data-component-name=\"blog-cta-marketing\"\u003e\n\u003cp class=\"heading--4\"\u003ePut your customer data to work with Shopify’s customer segmentation\u003c/p\u003e\n\u003cp\u003eShopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.\u003c/p\u003e\n\u003ca href=\"/segmentation?itcat=coreblog\u0026amp;itterm=shopify-segmentation-tools-cta\" class=\"marketing-button marketing-button--small\" target=\"_blank\"\u003eDiscover Shopify segmentation\u003c/a\u003e\n\u003c/div\u003e\n\u003ch3 id=\"17\"\u003e7. Define a marketing plan\u003c/h3\u003e\n\u003cfigure\u003e\u003cimg alt=\"Bird’s eye view of hands typing on laptop keyboard, wearing mint green sweater and blue nail polish\" src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/handsonlaptop.jpg?v=1724575820\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003e\u003cem\u003eSource:\u003c/em\u003e \u003ca href=\"/stock-photos\"\u003e\u003cem\u003eShopify Burst\u003c/em\u003e\u003c/a\u003e\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eYour marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.\u003c/p\u003e\n\u003cp\u003eIf you’re planning to invest heavily in \u003ca href=\"/blog/instagram-marketing\"\u003eInstagram marketing\u003c/a\u003e or \u003ca href=\"/blog/tiktok-ads\"\u003eTikTok ads\u003c/a\u003e, for example, it makes sense to include whether Instagram and \u003ca href=\"/blog/how-to-use-tiktok\"\u003eTikTok\u003c/a\u003e are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.\u003c/p\u003e\n\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_img]:my-auto [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p]:text-body-sm [\u0026amp;_.heading--4]:text-t6 [\u0026amp;_.marketing-button]:text-white [\u0026amp;_.marketing-button]:no-underline border-blog-highlight\" data-component-name=\"blog-cta-marketing\"\u003e\n\u003cp class=\"heading--4\"\u003eMarket your business with Shopify's marketing automation tools\u003c/p\u003e\n\u003cp\u003eShopify has everything you need to capture more leads, send email campaigns, automate key marketing moments, segment your customers, and analyze your results. Plus, it’s all free for your first 10,000 emails sent per month.\u003c/p\u003e\n\u003ca class=\"marketing-button marketing-button--small\" href=\"/market?itcat=coreblog\u0026amp;itterm=shopify-marketing-cta\" target=\"_blank\"\u003eDiscover Shopify's marketing automation tools\u003c/a\u003e\n\u003c/div\u003e\n\u003cp\u003eMost marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePrice: \u003c/strong\u003eHow much do your products cost, and why have you made that decision?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduct:\u003c/strong\u003e What are you selling and how do you differentiate it in the market?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePromotion:\u003c/strong\u003e How will you get your products in front of your ideal customer?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePlace: \u003c/strong\u003eWhere will you sell your products? On what channels and in which markets?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003ePromotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg style=\"float: none;\" src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/positioningstatement.png?v=1724575821\" alt=\"Marketing plan example showing positioning statement and customer acquisition strategies\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003eHere’s another example from Providence Tea Company, this time with their marketing plan.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003ch3 id=\"18\"\u003e8. Provide a logistics and operations plan\u003c/h3\u003e\n\u003cp\u003e\u003ca href=\"/blog/what-is-logistics\"\u003eLogistics\u003c/a\u003e and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.\u003c/p\u003e\n\u003cp\u003eCover all parts of your planned operations, including:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eSuppliers. \u003c/strong\u003eWhere do you get the raw materials you need for production, or where are your products produced?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduction. \u003c/strong\u003eWill you \u003ca href=\"/blog/13843597-make-manufacture-wholesale-or-dropship-the-pros-and-cons-of-each-model\"\u003emake, manufacture, wholesale\u003c/a\u003e, or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFacilities.\u003c/strong\u003e Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eEquipment. \u003c/strong\u003eWhat tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eShipping and fulfillment.\u003c/strong\u003e Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eInventory.\u003c/strong\u003e How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach \u003ca href=\"/retail/inventory-management\"\u003einventory management\u003c/a\u003e?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.\u003c/p\u003e\n\u003ch3 id=\"19\"\u003e9. Make a financial plan\u003c/h3\u003e\n\u003cp\u003eNo matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.\u003c/p\u003e\n\u003cp\u003eThe level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.\u003c/p\u003e\n\u003cp\u003eHere’s a \u003ca href=\"https://cdn.shopify.com/s/files/1/0070/7032/files/Business_Plan_Templates__Income_Statement_Balance_Sheet_Cash-Flow_Statement.xlsx?v=1711152815\" rel=\"nofollow\" target=\"_blank\"\u003espreadsheet template\u003c/a\u003e that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.\u003c/p\u003e\n\u003cp\u003eLet’s review the types of financial statements you’ll need.\u003c/p\u003e\n\u003ch4\u003eIncome statements\u003c/h4\u003e\n\u003cp\u003eYour \u003ca href=\"/blog/income-statement\"\u003eincome statement\u003c/a\u003e is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.\u003c/p\u003e\n\u003ch4\u003eBalance sheets\u003c/h4\u003e\n\u003cp\u003eYour balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). \u003c/p\u003e\n\u003cp\u003eThis provides a snapshot of your business’s shareholder equity, which is calculated as:\u003c/p\u003e\n\u003cp style=\"text-align: center;\"\u003e\u003cem\u003eAssets - Liabilities = Equity\u003c/em\u003e\u003c/p\u003e\n\u003ch4\u003eCash flow statements\u003c/h4\u003e\n\u003cp\u003eYour cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.\u003c/p\u003e\n\u003cp\u003eWhen the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to \u003ca href=\"/capital\"\u003eaccess funding to keep your business solvent\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eIt can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more: \u003c/strong\u003e\u003ca href=\"/blog/cash-flow-management\"\u003eCash Flow Management: What It Is \u0026amp; How To Do It (+ Examples)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"4\"\u003eWhy write a business plan?\u003c/h2\u003e\n\u003cp\u003eInvestors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan. \u003c/p\u003e\n\u003cp\u003eBusiness plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of \u003ca href=\"https://kapowmeggings.com/\" rel=\"nofollow\" target=\"_blank\"\u003eKapow Meggings\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThere are several other compelling reasons to consider writing a business plan, including:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eStrategic planning. \u003c/strong\u003eWriting out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eEvaluating ideas.\u003c/strong\u003e If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eResearch.\u003c/strong\u003e To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eRecruiting. \u003c/strong\u003eYour business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePartnerships. \u003c/strong\u003eIf you plan to \u003ca href=\"/blog/brand-collaborations\"\u003ecollaborate with other brands\u003c/a\u003e, having a clear overview of your vision, your audience, and your \u003ca href=\"/blog/business-strategy\"\u003ebusiness strategy\u003c/a\u003e will make it much easier for them to identify if your business is a good fit for theirs.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetitions. \u003c/strong\u003eThere are many business plan competitions offering prizes such as mentorships, grants, or investment capital. \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eIf you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.\u003c/p\u003e\n\u003ch2 id=\"5\"\u003eBusiness plan types\u003c/h2\u003e\n\u003cp\u003eBusiness plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.\u003c/p\u003e\n\u003cp\u003eCommon business plans we see include, but are not limited to, the following types:\u003c/p\u003e\n\u003ch3\u003eTraditional business plans\u003c/h3\u003e\n\u003cp\u003eThese are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.\u003c/p\u003e\n\u003ch3\u003eLean business plans\u003c/h3\u003e\n\u003cp\u003eA \u003ca href=\"/blog/lean-business-plan\"\u003elean business plan\u003c/a\u003e is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go. \u003c/p\u003e\n\u003ch3\u003eNonprofit business plans\u003c/h3\u003e\n\u003cp\u003eA \u003ca href=\"/blog/nonprofit-business-plan\"\u003enonprofit business plan\u003c/a\u003e is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more: \u003c/strong\u003e\u003ca href=\"/blog/business-plan-examples\"\u003e7 Business Plan Examples to Inspire Your Own (2024)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"6\"\u003e7 tips for creating a small business plan\u003c/h2\u003e\n\u003cp\u003eThere are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.\u003c/p\u003e\n\u003ch3\u003e1. Know your audience\u003c/h3\u003e\n\u003cp\u003eWhen you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.\u003c/p\u003e\n\u003ch3\u003e2. Have a clear goal\u003c/h3\u003e\n\u003cp\u003eWhen creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.\u003c/p\u003e\n\u003ch3\u003e3. Invest time in research\u003c/h3\u003e\n\u003cp\u003eSections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.\u003c/p\u003e\n\u003ch3\u003e4. Keep it short and to the point\u003c/h3\u003e\n\u003cp\u003eNo matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.\u003c/p\u003e\n\u003ch3\u003e5. Keep the tone, style, and voice consistent\u003c/h3\u003e\n\u003cp\u003eThis is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.\u003c/p\u003e\n\u003ch3\u003e6. Use a business plan template\u003c/h3\u003e\n\u003cp\u003eYou can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.\u003c/p\u003e\n\u003ch3\u003e7. Try business plan software\u003c/h3\u003e\n\u003cp\u003eWriting a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. \u003c/p\u003e\n\u003cp\u003eFortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.\u003c/p\u003e\n\u003cp\u003eA few curated picks include:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https://liveplan.com/\" rel=\"nofollow\" target=\"_blank\"\u003e\u003cstrong\u003eLivePlan\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e: \u003c/strong\u003ethe most affordable option with samples and templates\u003c/li\u003e\n\u003cli\u003e\n\u003ca href=\"https://bizplan.com/\" rel=\"nofollow\" target=\"_blank\"\u003e\u003cstrong\u003eBizplan\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e:\u003c/strong\u003e tailored for startups seeking investment\u003c/li\u003e\n\u003cli\u003e\n\u003ca href=\"https://gosmallbiz.com/business-plan-software\" rel=\"nofollow\" target=\"_blank\"\u003e\u003cstrong\u003eGo Small Biz\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e: \u003c/strong\u003ebudget-friendly option with industry-specific templates\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more: \u003c/strong\u003e\u003ca href=\"/blog/business-plan-software\"\u003e6 Best Business Plan Software Platforms (2024)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"7\"\u003eCommon mistakes when writing a business plan\u003c/h2\u003e\n\u003cp\u003eOther articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. \u003c/p\u003e\n\u003cp\u003eThe last thing you want is for time and effort to go down the drain, so avoid these common mistakes:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBad business idea. \u003c/strong\u003eSometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for \u003ca href=\"/blog/low-investment-business-ideas\"\u003esmall business ideas\u003c/a\u003e that require low startup costs.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eNo exit strategy.\u003c/strong\u003e If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eUnbalanced teams. \u003c/strong\u003eA great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally. \u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMissing financial projections.\u003c/strong\u003e Don’t forget your balance sheet, cash flow statements, P\u0026amp;L statements, and income statements. Include your \u003ca href=\"/blog/break-even-analysis\"\u003ebreak-even analysis\u003c/a\u003e and return-on-investment calculations in your financial projections to create a successful business plan.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSpelling and grammar errors.\u003c/strong\u003e All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience. \u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"8\"\u003eUpdating and revising a business plan\u003c/h2\u003e\n\u003cp\u003eBusiness plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale. \u003c/p\u003e\n\u003cp\u003eHere’s a good rule of thumb for business plan revisions:\u003c/p\u003e\n\u003c!--Business Review Schedule Table--\u003e\n\u003cdiv style=\"overflow-x: auto;\"\u003e\n\u003ctable class=\"tg\"\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth style=\"text-align: center;\" class=\"tg-wkkj\"\u003eReview Period\u003c/th\u003e\n\u003cth style=\"text-align: center;\" class=\"tg-wkkj\"\u003eAction\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eAnnual\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eFull financial review\u003c/li\u003e\n\u003cli\u003eMarket analysis\u003c/li\u003e\n\u003cli\u003eLong-term goals\u003c/li\u003e\n\u003cli\u003eProduct lineup\u003c/li\u003e\n\u003cli\u003eSWOT analysis\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eQuarterly\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eShort-term goals\u003c/li\u003e\n\u003cli\u003eMarketing campaigns\u003c/li\u003e\n\u003cli\u003eCustomer feedback\u003c/li\u003e\n\u003cli\u003eMilestones achieved\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eMonthly\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eKPIs like sales and CAC\u003c/li\u003e\n\u003cli\u003eCash flow\u003c/li\u003e\n\u003cli\u003eInventory levels\u003c/li\u003e\n\u003cli\u003eCustomer satisfaction\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\n\u003c!--End of table--\u003e \u003cbr\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eMonthly: \u003c/strong\u003eUpdate KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eQuarterly\u003c/strong\u003e: Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eYearly\u003c/strong\u003e: Think of this as a big overhaul. Compare projections to actuals and update your forecasts. \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eWhen updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.\u003c/p\u003e\n\u003cp\u003eRemember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive. \u003c/p\u003e\n\u003ch2 id=\"9\"\u003eHow to present a business plan\u003c/h2\u003e\n\u003cp\u003eHere are some tips for presenting your business plan to stakeholders.\u003c/p\u003e\n\u003ch3\u003eUnderstand your audience\u003c/h3\u003e\n\u003cp\u003eStart by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations. \u003c/p\u003e\n\u003cp\u003eConsider the following about your presentation audience:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBackground: \u003c/strong\u003eWhat’s their professional experience?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eKnowledge level: \u003c/strong\u003eHow familiar are they with your industry?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eInterests:\u003c/strong\u003e What aspects of your plan will excite them most?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConcerns: \u003c/strong\u003eWhat might make them hesitant about your idea?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eDepending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis. \u003c/p\u003e\n\u003ch3\u003eStructure your presentation\u003c/h3\u003e\n\u003cp\u003eOnce you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points. \u003c/p\u003e\n\u003cp\u003eYour opening should grab attention and give a snapshot of what’s to come. It’s kind of like an \u003ca href=\"/blog/elevator-pitch\"\u003eelevator pitch\u003c/a\u003e that gives an overview of your business idea. \u003c/p\u003e\n\u003cp\u003eFrom there, break your presentation into clear sections:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eProblem: \u003c/strong\u003eWhat issue are you solving?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSolution:\u003c/strong\u003e How does your business address this problem?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarket:\u003c/strong\u003e Who are your potential customers?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetition: \u003c/strong\u003eWho else is in this space, and how are you different?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness model: \u003c/strong\u003eHow will you make money?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFinancial projections:\u003c/strong\u003e What are your expected costs and revenues?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eTeam:\u003c/strong\u003e Who’s involved, and what makes them qualified?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eUse visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience. \u003c/p\u003e\n\u003ch3\u003eHandle objections and questions\u003c/h3\u003e\n\u003cp\u003eFacing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm. \u003c/p\u003e\n\u003cp\u003eTry to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.\u003c/p\u003e\n\u003cp\u003eWhen handling questions:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e\u003cstrong\u003eListen carefully: \u003c/strong\u003e\u003c/strong\u003eMake sure you fully understand the question before answering.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eStay positive: \u003c/strong\u003eEven if the question seems critical, respond with enthusiasm.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBe honest: \u003c/strong\u003eIf you don’t know something, it’s OK. Offer to find out and follow up. \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eUse questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”\u003c/p\u003e\n\u003cp\u003eHandling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan. \u003c/p\u003e\n\u003ch2\u003ePrepare your business plan today\u003c/h2\u003e\n\u003cp\u003eA business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues. \u003c/p\u003e\n\u003cp\u003eWhether you’re working on starting a new \u003ca href=\"/blog/online-business-ideas\"\u003eonline business idea\u003c/a\u003e, building a retail storefront, growing your established business, or \u003ca href=\"/blog/how-to-buy-business-shopify-exchange\"\u003epurchasing an existing business\u003c/a\u003e, you now understand how to write a business plan that suits your business’s goals and needs.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eFeature illustration by Rachel Tunstall\u003c/em\u003e\u003c/p\u003e\n\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded my-12 border-l-2 pl-4 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_ul]:!mt-0 [\u0026amp;_ul]:mb-6 [\u0026amp;_ul:last-child]:mb-0 [\u0026amp;_ol]:!mt-0 [\u0026amp;_ol]:mb-6 [\u0026amp;_ol:last-child]:mb-0 [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p:last-child]:mb-0 border-blog-highlight text-body-sm my-8 tablet:my-16 p-8 bg-marketingBg !border-l-0 border-t-2 pl-8 [\u0026amp;_[itemscope]]:mb-6 [\u0026amp;_[itemscope]:last-child]:mb-0\" id=\"faq-section\"\u003e\n\u003cdiv itemscope=\"\" itemtype=\"https://schema.org/FAQPage\"\u003e\n\u003ch2 id=\"10\"\u003eBusiness plan FAQ\u003c/h2\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eHow do I write a business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eLearning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eExecutive summary\u003c/li\u003e\n\u003cli\u003eCompany description, including value proposition\u003c/li\u003e\n\u003cli\u003eMarket analysis and competitive analysis\u003c/li\u003e\n\u003cli\u003eManagement and organization\u003c/li\u003e\n\u003cli\u003eProducts and services\u003c/li\u003e\n\u003cli\u003eCustomer segmentation\u003c/li\u003e\n\u003cli\u003eMarketing plan\u003c/li\u003e\n\u003cli\u003eLogistics and operations\u003c/li\u003e\n\u003cli\u003eFinancial plan and financial projections\u003c/li\u003e\n\u003c/ol\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat is a good business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eA good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape. \u003c/p\u003e\n\u003cp\u003eA business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.\u003c/p\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat are the 3 main purposes of a business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eThe three main purposes of a business plan are: \u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eTo clarify your plans for growth\u003c/li\u003e\n\u003cli\u003eTo understand your financial needs\u003c/li\u003e\n\u003cli\u003eTo attract funding from investors or secure a business loan\u003c/li\u003e\n\u003c/ol\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat are the different types of business plans?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eThe types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.\u003c/p\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e","excerpt":"Business plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.","excerptHtml":"\u003cp\u003e\u003cspan\u003eBusiness plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.\u003c/span\u003e\u003c/p\u003e","seo":{"__typename":"SEO","title":"Business Plan: What It Is and How to Write One in 9 Steps","description":"Need a business plan? Our step-by-step guide has everything you need to know about how to write a business plan to achieve your goals in 2024."},"metafields":[null,null,null,{"__typename":"Metafield","value":"{\"en-CA\":\"https://www.shopify.com/ca/blog/business-plan\",\"en-GB\":\"https://www.shopify.com/uk/blog/business-plan\",\"en-AU\":\"https://www.shopify.com/au/blog/business-plan\",\"en-ID\":\"https://www.shopify.com/id/blog/business-plan\",\"en-NZ\":\"https://www.shopify.com/nz/blog/business-plan\",\"en-ZA\":\"https://www.shopify.com/za/blog/business-plan\",\"en-NG\":\"https://www.shopify.com/ng/blog/business-plan\",\"en-PH\":\"https://www.shopify.com/ph/blog/business-plan\",\"en-SG\":\"https://www.shopify.com/sg/blog/business-plan\",\"en-HK\":\"https://www.shopify.com/hk/blog/business-plan\",\"en-IE\":\"https://www.shopify.com/ie/blog/business-plan\",\"en-MY\":\"https://www.shopify.com/my/blog/business-plan\",\"pt\":\"https://www.shopify.com/br/blog/como-fazer-um-plano-de-negocios\",\"zh-Hans\":\"https://www.shopify.com/zh/blog/business-proposal\",\"ja-JP\":\"https://www.shopify.com/jp/blog/business-plan\",\"de\":\"https://www.shopify.com/de/blog/businessplan\",\"es\":\"https://www.shopify.com/es/blog/113383237-guia-para-crear-un-plan-de-negocio-todos-los-capitulos\",\"fr\":\"https://www.shopify.com/fr/blog/comment-rediger-un-business-plan-efficace\",\"it\":\"https://www.shopify.com/it/blog/come-scrivere-un-business-plan\",\"nl\":\"https://www.shopify.com/nl/blog/handleiding-ondernemingsplan-schrijven\"}","key":"hreflang_json"},{"__typename":"Metafield","value":"[{\"title\":\"How to Start a Dropshipping Business- A Complete Playbook for 2024\",\"url\":\"blog/how-to-start-dropshipping\"},{\"title\":\"The Ultimate Guide To Dropshipping (2024)\",\"url\":\"blog/dropshipping-guide\"},{\"title\":\"AliExpress Dropshipping- How to Dropship From AliExpress\",\"url\":\"blog/117607173-the-definitive-guide-to-dropshipping-with-aliexpress\"},{\"title\":\"How to Start a Clothing Line in 12 Steps (2024)\",\"url\":\"blog/206934729-how-to-start-a-clothing-line\"},{\"title\":\"How To Source Products To Sell Online\",\"url\":\"blog/product-sourcing-apps\"},{\"title\":\"How To Do Crowdfunding: With Expert Tips and Examples From Successful Campaigns\",\"url\":\"blog/crowdfunding\"},{\"title\":\"How to Start a Candle Business (with Examples)\",\"url\":\"blog/candle-business\"},{\"title\":\"What Is Affiliate Marketing and How to Get Started\",\"url\":\"blog/affiliate-marketing\"},{\"title\":\"Pinterest Marketing 101- How to Promote Your Business on Pinterest\",\"url\":\"blog/pinterest-marketing\"},{\"title\":\"Getting Started on IG- A Beginner’s Guide to Instagram Marketing\",\"url\":\"blog/instagram-marketing\"}]","key":"interlinkings_json"},{"__typename":"Metafield","value":"Michael Keenan","key":"second_author"},{"__typename":"Metafield","value":"[{\"title\":\"How To Make Money on Instagram in 2024 (9 Actionable Ideas)\",\"tags\":[\"Social Media Optimization\"],\"handle\":\"make-money-on-instagram\",\"imageUrl\":\"https://cdn.shopify.com/s/files/1/0070/7032/files/how-to-make-money-on-instagram.png?format=webp\u0026v=1693586866\u0026\",\"imageAltText\":\"Graphic of a mobile phone with heart shapes bubbles floating around it\",\"modifiedAt\":\"2023-11-08\"},{\"title\":\"How To Start an Ecommerce Business: Guide for 2024\",\"tags\":[\"Starting Up\"],\"handle\":\"ecommerce-business-blueprint\",\"imageUrl\":\"https://cdn.shopify.com/s/files/1/0070/7032/files/Header_43a6fbaa-305a-4bda-8ef7-5e7f4e1278da.png?format=webp\u0026v=1694450194\",\"imageAltText\":\"3D models of a shopping cart and a smartphone on a turquoise background.\",\"modifiedAt\":\"2023-09-01\"},{\"title\":\"What Is Dropshipping and How Does It Work? 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Our step-by-step guide has everything you need to know about how to write a business plan to achieve your goals in 2024.","contentHtml":"\u003cstyle type=\"text/css\"\u003e\u003c!--\n.tg {border-collapse:collapse;border-spacing:0;}\n.tg td{border-color:black;border-style:solid;border-width:1px;\n overflow:hidden;padding:9px 15px;word-break:normal;}\n.tg th{border-color:black;border-style:solid;border-width:1px;\n font-weight:normal;overflow:hidden;padding:9px 15px;word-break:normal;}\n.tg .tg-j53b{border-color:#000000;color:#15C;text-align:center;text-decoration:underline;vertical-align:top}\n.tg .tg-wp8o{border-color:#000000;text-align:center;vertical-align:top}\n.tg .tg-wkkj{background-color:#efefef;border-color:#000000;font-weight:bold;text-align:left;vertical-align:top}\n--\u003e\u003c/style\u003e\u003cdiv\u003e\n\u003cp\u003eA great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you \u003ca href=\"/my/blog/how-to-start-a-business\"\u003estart a business\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eNot every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.\u003c/p\u003e\n\u003cp\u003eLearn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.\u003c/p\u003e\n\u003cdiv class=\"relative aspect-video mb-8\"\u003e\u003cdiv data-component=\"youtube-facade\" data-src=\"https://www.youtube.com/embed/jrW-RaYZc_4?si=gP-5vVptqUtfxs8O\u0026amp;autoplay=0\" class=\"aspect-video absolute inset-0 w-full h-full\"\u003e\u003c/div\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003ch2 id=\"1\"\u003eWhat is a business plan?\u003c/h2\u003e\n\u003cp\u003eA business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like \u003ca href=\"/my/blog/market-analysis\"\u003emarket analysis\u003c/a\u003e, financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.\u003c/p\u003e\n\u003cp\u003eOften, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.\u003c/p\u003e\n\u003ch2 id=\"2\"\u003eThe key components of a business plan\u003c/h2\u003e\n\u003cp\u003ePutting together a business plan will highlight the parts of your company’s strategy and goals. It involves several \u003ca href=\"/my/blog/components-of-a-business-plan\"\u003ekey business plan components\u003c/a\u003e that work together to show the roadmap to your success.\u003c/p\u003e\u003cdiv id=\"text-cta\" class=\"hidden lg:block\"\u003e\u003c/div\u003e\n\u003cp\u003eYour business plan’s key components should include:\u0026nbsp;\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eExecutive summary: \u003c/strong\u003eA brief overview of your entire plan.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e\u003cstrong\u003eCompany description: \u003c/strong\u003e\u003c/strong\u003eAn explanation of what your business does and why it’s unique.\u0026nbsp;\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarket analysis: \u003c/strong\u003eResearch on your industry, target market, and competitors.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrganization and management: \u003c/strong\u003eDetails about your business structure and the people running it.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProducts or services: \u003c/strong\u003eA description of what you’re selling and how it benefits customers.\u0026nbsp;\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCustomer segmentation: \u003c/strong\u003eA breakdown of your target market into different groups.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarketing and sales plan: \u003c/strong\u003eThe strategy for promoting and selling your products and services.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLogistics and operations:\u003c/strong\u003e An overview of how your business will run its daily activities and manage resources.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFinancials: \u003c/strong\u003eA complete look at projected income, expenses, and funding needs.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"3\"\u003eHow to write a business plan in 9 steps\u003c/h2\u003e\n\u003col\u003e\n\u003cli\u003e\u003ca href=\"#11\"\u003eDraft an executive summary\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#12\"\u003eWrite a company description\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#13\"\u003ePerform a market analysis\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#14\"\u003eOutline the management and organization\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#15\"\u003eList your products and services\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#16\"\u003ePerform customer segmentation\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#17\"\u003eDefine a marketing plan\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#18\"\u003eProvide a logistics and operations plan\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"#19\"\u003eMake a financial plan\u003c/a\u003e\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eFew things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.\u003c/p\u003e\n\u003cp\u003eSince an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).\u003c/p\u003e\n\u003cp\u003eOnce you have your \u003ca href=\"/my/blog/business-plan-template\"\u003ebusiness plan template\u003c/a\u003e in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.\u003c/p\u003e\n\u003ch3 id=\"11\"\u003e1. Draft an executive summary\u003c/h3\u003e\n\u003cp\u003eA good \u003ca href=\"/my/blog/executive-summary\"\u003eexecutive summary\u003c/a\u003e is one of the most crucial sections of your business plan—it’s also the last section you should write.\u003c/p\u003e\n\u003cp\u003eThe executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.\u003c/p\u003e\n\u003cp\u003eAgain, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/figs_0623b6c1-cbc6-4e6a-92af-1eff873177cf.png?v=1724575821\" alt=\"FIGS health care apparel website showing staff in blue scrubs and company overview\" style=\"float: none;\" class=\"block block--bordered\"\u003e\n\u003cfigcaption\u003eFIGS health care apparel gives a corporate overview on its website.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eAn executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eYour business plan’s executive summary should include:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness concept.\u003c/strong\u003e What does your business do?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness goals and vision. \u003c/strong\u003eWhat does your business want to accomplish?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduct description and differentiation. \u003c/strong\u003eWhat do you sell, and why is it different?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eTarget market. \u003c/strong\u003eWho do you sell to?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarketing strategy. \u003c/strong\u003eHow do you plan on reaching your customers?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCurrent financial state. \u003c/strong\u003eWhat do you currently earn in revenue?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProjected financial state. \u003c/strong\u003eWhat do you foresee earning in revenue?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe ask. \u003c/strong\u003eHow much money are you asking for?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe team. \u003c/strong\u003eWho’s involved in the business?\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3 id=\"12\"\u003e2. Write a company description\u003c/h3\u003e\n\u003cp\u003eThis section of your business plan should answer two fundamental questions:\u0026nbsp;\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWho are you?\u003c/li\u003e\n\u003cli\u003eWhat do you plan to do?\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAnswering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFor example, clean makeup brand \u003ca href=\"https://saiehello.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eSaie\u003c/a\u003e shares a letter from its founder on the company’s mission and why it exists.\u003c/p\u003e\n\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/saie.png?v=1724575821\" alt=\"Saie beauty brand website with founder’s letter and portrait\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cp\u003eClarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.\u003c/p\u003e\n\u003cp\u003eHere are some of the components you should include in your company description:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eYour business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)\u003c/li\u003e\n\u003cli\u003eYour business model\u003c/li\u003e\n\u003cli\u003eYour industry\u003c/li\u003e\n\u003cli\u003eYour business’s vision, mission, and \u003ca href=\"/my/blog/value-proposition\"\u003evalue proposition\u003c/a\u003e\n\u003c/li\u003e\n\u003cli\u003eBackground information on your business or its history\u003c/li\u003e\n\u003cli\u003eBusiness objectives, both short and long term\u003c/li\u003e\n\u003cli\u003eYour team, including key personnel and their salaries\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch4\u003eBrand values and goals\u003c/h4\u003e\n\u003cp\u003eTo define your \u003ca href=\"/my/blog/brand-values\"\u003ebrand values\u003c/a\u003e, think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.\u003c/p\u003e\n\u003cp\u003eYour company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your \u003ca href=\"/my/blog/goal-setting\"\u003egoal setting\u003c/a\u003e includes \u003ca href=\"/my/blog/smart-goals\"\u003eSMART goals\u003c/a\u003e: specific, measurable, attainable, realistic, and time-bound.\u003c/p\u003e\n\u003ch4\u003eVision and mission statements\u003c/h4\u003e\n\u003cp\u003eOnce you know your values, you can \u003ca href=\"/my/blog/mission-statement\"\u003ewrite a mission statement\u003c/a\u003e. Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.\u003c/p\u003e\n\u003cp\u003eNext, craft your \u003ca href=\"/my/blog/vision-statement\"\u003evision statement\u003c/a\u003e: What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.\u003c/p\u003e\n\u003ch3 id=\"13\"\u003e3. Perform a market analysis\u003c/h3\u003e\n\u003cp\u003eMarket analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.\u003c/p\u003e\n\u003cp\u003eNo matter what type of business you start, whether a \u003ca href=\"/my/blog/home-business\"\u003ehome-based business\u003c/a\u003e or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eIf you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/targetmarket.png?v=1724575820\" alt=\"Market analysis example describing target market for tea company.\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003eThis example from Providence Tea Company illustrates one way to approach your market analysis.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003ch4\u003eHow big is your potential market?\u003c/h4\u003e\n\u003cp\u003eThe potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.\u003c/p\u003e\n\u003cp\u003eSince this can be a daunting process, here are some general tips to help you begin your research:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eUnderstand your ideal customer profile. \u003c/strong\u003eLook for government data about the size of your \u003ca href=\"/my/blog/target-market\"\u003etarget market\u003c/a\u003e, learn where they live, what social channels they use, and their shopping habits.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eResearch relevant industry trends and trajectory. \u003c/strong\u003eExplore \u003ca href=\"/my/blog/consumer-trends\"\u003econsumer trends\u003c/a\u003e and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMake informed guesses.\u003c/strong\u003e You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSome sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRead more: \u003c/strong\u003e\u003ca href=\"/my/blog/market-analysis\"\u003eWhat is a Marketing Analysis? 3 Steps Every Business Should Follow\u003c/a\u003e\u003c/p\u003e\n\u003ch4\u003eSWOT analysis\u003c/h4\u003e\n\u003cp\u003eA \u003ca href=\"/my/blog/74665093-want-to-future-proof-your-business-try-a-swot-analysis\"\u003eSWOT analysis\u003c/a\u003e looks at your strengths, weaknesses, opportunities, and threats.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThat involves asking questions like:\u0026nbsp;\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWhat are the best things about your company?\u0026nbsp;\u003c/li\u003e\n\u003cli\u003eWhat are you not so good at?\u0026nbsp;\u003c/li\u003e\n\u003cli\u003eWhat market or industry shifts can you take advantage of and turn into opportunities?\u0026nbsp;\u003c/li\u003e\n\u003cli\u003eAre there external factors threatening your ability to succeed?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.\u003c/p\u003e\n\u003ch4\u003eCompetitive analysis\u003c/h4\u003e\n\u003cp\u003eThere are three overarching factors you can use to differentiate your business in the face of competition:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCost leadership. \u003c/strong\u003eYou have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like \u003ca href=\"https://mejuri.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eMejuri\u003c/a\u003e and \u003ca href=\"https://www.endy.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eEndy\u003c/a\u003e.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDifferentiation. \u003c/strong\u003eYour product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like \u003ca href=\"https://knix.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eKnix\u003c/a\u003e and \u003ca href=\"https://qalo.com/pages/about-us\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eQALO\u003c/a\u003e.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSegmentation. \u003c/strong\u003eYou focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like \u003ca href=\"/my/blog/tomboyx-focus\"\u003eTomboyX\u003c/a\u003e and \u003ca href=\"/my/blog/heyday-footwear-pivoting-a-brand\"\u003eHeyday Footwear\u003c/a\u003e are great examples of this strategy.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eTo understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.\u003c/p\u003e\n\u003cp\u003eYou’ll always have competition in the market, even with an innovative product, so it’s important to include a \u003ca href=\"/my/blog/competitive-analysis\"\u003ecompetitive overview\u003c/a\u003e in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.\u003c/p\u003e\n\u003cp\u003eFor example, if you’re \u003ca href=\"/my/blog/203365449-start-a-jewellery-making-business\"\u003eselling jewelry\u003c/a\u003e, your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.\u003c/p\u003e\n\u003cp\u003eIf you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.\u003c/p\u003e\n\u003ch3 id=\"14\"\u003e4. Outline the management and organization\u003c/h3\u003e\n\u003cfigure\u003e\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/curlyhairlaptop.jpg?v=1724575821\" alt=\"Woman with curly hair using laptop on carpeted floor next to couch and plant\" style=\"float: none;\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003e\u003cem\u003eSource: \u003ca href=\"/stock-photos\"\u003eShopify Burst\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eThe management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.\u003c/p\u003e\n\u003cp\u003eIf you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.\u003c/p\u003e\n\u003ch3 id=\"15\"\u003e5. List your products and services\u003c/h3\u003e\n\u003cp\u003eYour products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.\u003c/p\u003e\n\u003cp\u003eIf you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFor example, bag shop \u003ca href=\"https://baggu.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eBAGGU\u003c/a\u003e sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.\u003c/p\u003e\n\u003cimg src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/baggu_65410765-7175-4eeb-8e16-cf8efa8b94f2.png?v=1724575821\" alt=\"BAGGU online store showing colorful patterned tote bags for sale\" style=\"float: none;\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cp\u003eDescribe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than \u003ca href=\"/my/blog/trending-products\"\u003etrending products\u003c/a\u003e for a \u003ca href=\"/my/blog/what-is-dropshipping\"\u003edropshipping\u003c/a\u003e business, for instance.\u003c/p\u003e\n\u003ch3 id=\"16\"\u003e6. Perform customer segmentation\u003c/h3\u003e\n\u003cp\u003eYour ideal customer, also known as your target market, is the foundation of your \u003ca href=\"/my/blog/marketing-plan\"\u003emarketing plan\u003c/a\u003e, if not your business plan as a whole.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eYou’ll want to keep this \u003ca href=\"/my/blog/what-is-buyer-persona\"\u003ebuyer persona\u003c/a\u003e in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.\u003c/p\u003e\n\u003cp\u003eTo give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. \u003ca href=\"/my/blog/what-is-customer-segmentation\"\u003eCustomer segmentation\u003c/a\u003e often includes:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eWhere they live\u003c/li\u003e\n\u003cli\u003eTheir age range\u003c/li\u003e\n\u003cli\u003eTheir level of education\u003c/li\u003e\n\u003cli\u003eSome common behavior patterns\u003c/li\u003e\n\u003cli\u003eHow they spend their free time\u003c/li\u003e\n\u003cli\u003eWhere they work\u003c/li\u003e\n\u003cli\u003eWhat technology they use\u003c/li\u003e\n\u003cli\u003eHow much they earn\u003c/li\u003e\n\u003cli\u003eWhere they’re commonly employed\u003c/li\u003e\n\u003cli\u003eTheir values, beliefs, or opinions\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.\u003c/p\u003e\n\u003cp\u003eFor example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.\u003c/p\u003e\n\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_img]:my-auto [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p]:text-body-sm [\u0026amp;_.heading--4]:text-t6 [\u0026amp;_.marketing-button]:text-white [\u0026amp;_.marketing-button]:no-underline border-blog-highlight\" data-component-name=\"blog-cta-marketing\"\u003e\n\u003cp class=\"heading--4\"\u003ePut your customer data to work with Shopify’s customer segmentation\u003c/p\u003e\n\u003cp\u003eShopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.\u003c/p\u003e\n\u003ca href=\"/segmentation?itcat=coreblog\u0026amp;itterm=shopify-segmentation-tools-cta\" class=\"marketing-button marketing-button--small\" target=\"_blank\"\u003eDiscover Shopify segmentation\u003c/a\u003e\n\u003c/div\u003e\n\u003ch3 id=\"17\"\u003e7. Define a marketing plan\u003c/h3\u003e\n\u003cfigure\u003e\u003cimg alt=\"Bird’s eye view of hands typing on laptop keyboard, wearing mint green sweater and blue nail polish\" src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/handsonlaptop.jpg?v=1724575820\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003e\u003cem\u003eSource:\u003c/em\u003e \u003ca href=\"/stock-photos\"\u003e\u003cem\u003eShopify Burst\u003c/em\u003e\u003c/a\u003e\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003cp\u003eYour marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.\u003c/p\u003e\n\u003cp\u003eIf you’re planning to invest heavily in \u003ca href=\"/my/blog/instagram-marketing\"\u003eInstagram marketing\u003c/a\u003e or \u003ca href=\"/my/blog/tiktok-ads\"\u003eTikTok ads\u003c/a\u003e, for example, it makes sense to include whether Instagram and \u003ca href=\"/my/blog/how-to-use-tiktok\"\u003eTikTok\u003c/a\u003e are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.\u003c/p\u003e\n\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded border-t-2 px-8 py-10 my-12 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_img]:my-auto [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p]:text-body-sm [\u0026amp;_.heading--4]:text-t6 [\u0026amp;_.marketing-button]:text-white [\u0026amp;_.marketing-button]:no-underline border-blog-highlight\" data-component-name=\"blog-cta-marketing\"\u003e\n\u003cp class=\"heading--4\"\u003eMarket your business with Shopify's marketing automation tools\u003c/p\u003e\n\u003cp\u003eShopify has everything you need to capture more leads, send email campaigns, automate key marketing moments, segment your customers, and analyze your results. Plus, it’s all free for your first 10,000 emails sent per month.\u003c/p\u003e\n\u003ca class=\"marketing-button marketing-button--small\" href=\"/market?itcat=coreblog\u0026amp;itterm=shopify-marketing-cta\" target=\"_blank\"\u003eDiscover Shopify's marketing automation tools\u003c/a\u003e\n\u003c/div\u003e\n\u003cp\u003eMost marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePrice: \u003c/strong\u003eHow much do your products cost, and why have you made that decision?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduct:\u003c/strong\u003e What are you selling and how do you differentiate it in the market?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePromotion:\u003c/strong\u003e How will you get your products in front of your ideal customer?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePlace: \u003c/strong\u003eWhere will you sell your products? On what channels and in which markets?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003ePromotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.\u003c/p\u003e\n\u003cfigure\u003e\u003cimg style=\"float: none;\" src=\"https://cdn.shopify.com/s/files/1/0070/7032/files/positioningstatement.png?v=1724575821\" alt=\"Marketing plan example showing positioning statement and customer acquisition strategies\" class=\"block block--bordered\" loading=\"lazy\"\u003e\n\u003cfigcaption\u003eHere’s another example from Providence Tea Company, this time with their marketing plan.\u003c/figcaption\u003e\n\u003c/figure\u003e\n\u003ch3 id=\"18\"\u003e8. Provide a logistics and operations plan\u003c/h3\u003e\n\u003cp\u003e\u003ca href=\"/my/blog/what-is-logistics\"\u003eLogistics\u003c/a\u003e and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.\u003c/p\u003e\n\u003cp\u003eCover all parts of your planned operations, including:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eSuppliers. \u003c/strong\u003eWhere do you get the raw materials you need for production, or where are your products produced?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eProduction. \u003c/strong\u003eWill you \u003ca href=\"/my/blog/13843597-make-manufacture-wholesale-or-dropship-the-pros-and-cons-of-each-model\"\u003emake, manufacture, wholesale\u003c/a\u003e, or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFacilities.\u003c/strong\u003e Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eEquipment. \u003c/strong\u003eWhat tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eShipping and fulfillment.\u003c/strong\u003e Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eInventory.\u003c/strong\u003e How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach \u003ca href=\"/my/retail/inventory-management\"\u003einventory management\u003c/a\u003e?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.\u003c/p\u003e\n\u003ch3 id=\"19\"\u003e9. Make a financial plan\u003c/h3\u003e\n\u003cp\u003eNo matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.\u003c/p\u003e\n\u003cp\u003eThe level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.\u003c/p\u003e\n\u003cp\u003eHere’s a \u003ca href=\"https://cdn.shopify.com/s/files/1/0070/7032/files/Business_Plan_Templates__Income_Statement_Balance_Sheet_Cash-Flow_Statement.xlsx?v=1711152815\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"\u003espreadsheet template\u003c/a\u003e that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.\u003c/p\u003e\n\u003cp\u003eLet’s review the types of financial statements you’ll need.\u003c/p\u003e\n\u003ch4\u003eIncome statements\u003c/h4\u003e\n\u003cp\u003eYour \u003ca href=\"/my/blog/income-statement\"\u003eincome statement\u003c/a\u003e is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.\u003c/p\u003e\n\u003ch4\u003eBalance sheets\u003c/h4\u003e\n\u003cp\u003eYour balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe).\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThis provides a snapshot of your business’s shareholder equity, which is calculated as:\u003c/p\u003e\n\u003cp style=\"text-align: center;\"\u003e\u003cem\u003eAssets - Liabilities = Equity\u003c/em\u003e\u003c/p\u003e\n\u003ch4\u003eCash flow statements\u003c/h4\u003e\n\u003cp\u003eYour cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.\u003c/p\u003e\n\u003cp\u003eWhen the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to \u003ca href=\"/capital\"\u003eaccess funding to keep your business solvent\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eIt can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more: \u003c/strong\u003e\u003ca href=\"/my/blog/cash-flow-management\"\u003eCash Flow Management: What It Is \u0026amp; How To Do It (+ Examples)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"4\"\u003eWhy write a business plan?\u003c/h2\u003e\n\u003cp\u003eInvestors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eBusiness plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of \u003ca href=\"https://kapowmeggings.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eKapow Meggings\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThere are several other compelling reasons to consider writing a business plan, including:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eStrategic planning. \u003c/strong\u003eWriting out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eEvaluating ideas.\u003c/strong\u003e If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eResearch.\u003c/strong\u003e To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eRecruiting. \u003c/strong\u003eYour business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePartnerships. \u003c/strong\u003eIf you plan to \u003ca href=\"/my/blog/brand-collaborations\"\u003ecollaborate with other brands\u003c/a\u003e, having a clear overview of your vision, your audience, and your \u003ca href=\"/my/blog/business-strategy\"\u003ebusiness strategy\u003c/a\u003e will make it much easier for them to identify if your business is a good fit for theirs.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetitions. \u003c/strong\u003eThere are many business plan competitions offering prizes such as mentorships, grants, or investment capital.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eIf you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.\u003c/p\u003e\n\u003ch2 id=\"5\"\u003eBusiness plan types\u003c/h2\u003e\n\u003cp\u003eBusiness plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.\u003c/p\u003e\n\u003cp\u003eCommon business plans we see include, but are not limited to, the following types:\u003c/p\u003e\n\u003ch3\u003eTraditional business plans\u003c/h3\u003e\n\u003cp\u003eThese are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.\u003c/p\u003e\n\u003ch3\u003eLean business plans\u003c/h3\u003e\n\u003cp\u003eA \u003ca href=\"/my/blog/lean-business-plan\"\u003elean business plan\u003c/a\u003e is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go.\u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eNonprofit business plans\u003c/h3\u003e\n\u003cp\u003eA \u003ca href=\"/my/blog/nonprofit-business-plan\"\u003enonprofit business plan\u003c/a\u003e is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more: \u003c/strong\u003e\u003ca href=\"/my/blog/business-plan-examples\"\u003e7 Business Plan Examples to Inspire Your Own (2024)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"6\"\u003e7 tips for creating a small business plan\u003c/h2\u003e\n\u003cp\u003eThere are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.\u003c/p\u003e\n\u003ch3\u003e1. Know your audience\u003c/h3\u003e\n\u003cp\u003eWhen you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.\u003c/p\u003e\n\u003ch3\u003e2. Have a clear goal\u003c/h3\u003e\n\u003cp\u003eWhen creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.\u003c/p\u003e\n\u003ch3\u003e3. Invest time in research\u003c/h3\u003e\n\u003cp\u003eSections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.\u003c/p\u003e\n\u003ch3\u003e4. Keep it short and to the point\u003c/h3\u003e\n\u003cp\u003eNo matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.\u003c/p\u003e\n\u003ch3\u003e5. Keep the tone, style, and voice consistent\u003c/h3\u003e\n\u003cp\u003eThis is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.\u003c/p\u003e\n\u003ch3\u003e6. Use a business plan template\u003c/h3\u003e\n\u003cp\u003eYou can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.\u003c/p\u003e\n\u003ch3\u003e7. Try business plan software\u003c/h3\u003e\n\u003cp\u003eWriting a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.\u003c/p\u003e\n\u003cp\u003eA few curated picks include:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https://liveplan.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003e\u003cstrong\u003eLivePlan\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e: \u003c/strong\u003ethe most affordable option with samples and templates\u003c/li\u003e\n\u003cli\u003e\n\u003ca href=\"https://bizplan.com/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003e\u003cstrong\u003eBizplan\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e:\u003c/strong\u003e tailored for startups seeking investment\u003c/li\u003e\n\u003cli\u003e\n\u003ca href=\"https://gosmallbiz.com/business-plan-software\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003e\u003cstrong\u003eGo Small Biz\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e: \u003c/strong\u003ebudget-friendly option with industry-specific templates\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003e📚 Read more:\u0026nbsp;\u003c/strong\u003e\u003ca href=\"/my/blog/business-plan-software\"\u003e6 Best Business Plan Software Platforms (2024)\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"7\"\u003eCommon mistakes when writing a business plan\u003c/h2\u003e\n\u003cp\u003eOther articles on business plans would never tell you what we’re about to tell you: Your business plan can fail.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe last thing you want is for time and effort to go down the drain, so avoid these common mistakes:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBad business idea. \u003c/strong\u003eSometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for \u003ca href=\"/my/blog/low-investment-business-ideas\"\u003esmall business ideas\u003c/a\u003e that require low startup costs.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eNo exit strategy.\u003c/strong\u003e If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eUnbalanced teams. \u003c/strong\u003eA great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally.\u0026nbsp;\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMissing financial projections.\u003c/strong\u003e Don’t forget your balance sheet, cash flow statements, P\u0026amp;L statements, and income statements. Include your \u003ca href=\"/my/blog/break-even-analysis\"\u003ebreak-even analysis\u003c/a\u003e and return-on-investment calculations in your financial projections to create a successful business plan.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSpelling and grammar errors.\u003c/strong\u003e All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"8\"\u003eUpdating and revising a business plan\u003c/h2\u003e\n\u003cp\u003eBusiness plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eHere’s a good rule of thumb for business plan revisions:\u003c/p\u003e\n\u003c!--Business Review Schedule Table--\u003e\n\u003cdiv style=\"overflow-x: auto;\"\u003e\n\u003ctable class=\"tg\"\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth style=\"text-align: center;\" class=\"tg-wkkj\"\u003eReview Period\u003c/th\u003e\n\u003cth style=\"text-align: center;\" class=\"tg-wkkj\"\u003eAction\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eAnnual\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eFull financial review\u003c/li\u003e\n\u003cli\u003eMarket analysis\u003c/li\u003e\n\u003cli\u003eLong-term goals\u003c/li\u003e\n\u003cli\u003eProduct lineup\u003c/li\u003e\n\u003cli\u003eSWOT analysis\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eQuarterly\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eShort-term goals\u003c/li\u003e\n\u003cli\u003eMarketing campaigns\u003c/li\u003e\n\u003cli\u003eCustomer feedback\u003c/li\u003e\n\u003cli\u003eMilestones achieved\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd class=\"tg-wp8o\"\u003eMonthly\u003c/td\u003e\n\u003ctd style=\"text-align: left;\" class=\"tg-wp8o\"\u003e\n\u003cul\u003e\n\u003cli\u003eKPIs like sales and CAC\u003c/li\u003e\n\u003cli\u003eCash flow\u003c/li\u003e\n\u003cli\u003eInventory levels\u003c/li\u003e\n\u003cli\u003eCustomer satisfaction\u003c/li\u003e\n\u003c/ul\u003e\n\u003cul\u003e\u003c/ul\u003e\n\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\n\u003c!--End of table--\u003e \u003cbr\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eMonthly: \u003c/strong\u003eUpdate KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eQuarterly\u003c/strong\u003e: Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eYearly\u003c/strong\u003e: Think of this as a big overhaul. Compare projections to actuals and update your forecasts.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eWhen updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.\u003c/p\u003e\n\u003cp\u003eRemember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive.\u0026nbsp;\u003c/p\u003e\n\u003ch2 id=\"9\"\u003eHow to present a business plan\u003c/h2\u003e\n\u003cp\u003eHere are some tips for presenting your business plan to stakeholders.\u003c/p\u003e\n\u003ch3\u003eUnderstand your audience\u003c/h3\u003e\n\u003cp\u003eStart by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eConsider the following about your presentation audience:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eBackground: \u003c/strong\u003eWhat’s their professional experience?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eKnowledge level: \u003c/strong\u003eHow familiar are they with your industry?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eInterests:\u003c/strong\u003e What aspects of your plan will excite them most?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConcerns: \u003c/strong\u003eWhat might make them hesitant about your idea?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eDepending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis.\u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eStructure your presentation\u003c/h3\u003e\n\u003cp\u003eOnce you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eYour opening should grab attention and give a snapshot of what’s to come. It’s kind of like an \u003ca href=\"/my/blog/elevator-pitch\"\u003eelevator pitch\u003c/a\u003e that gives an overview of your business idea.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFrom there, break your presentation into clear sections:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eProblem: \u003c/strong\u003eWhat issue are you solving?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSolution:\u003c/strong\u003e How does your business address this problem?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarket:\u003c/strong\u003e Who are your potential customers?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetition: \u003c/strong\u003eWho else is in this space, and how are you different?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBusiness model: \u003c/strong\u003eHow will you make money?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFinancial projections:\u003c/strong\u003e What are your expected costs and revenues?\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eTeam:\u003c/strong\u003e Who’s involved, and what makes them qualified?\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eUse visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience.\u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eHandle objections and questions\u003c/h3\u003e\n\u003cp\u003eFacing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eTry to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.\u003c/p\u003e\n\u003cp\u003eWhen handling questions:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e\u003cstrong\u003eListen carefully: \u003c/strong\u003e\u003c/strong\u003eMake sure you fully understand the question before answering.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eStay positive: \u003c/strong\u003eEven if the question seems critical, respond with enthusiasm.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBe honest: \u003c/strong\u003eIf you don’t know something, it’s OK. Offer to find out and follow up.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eUse questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”\u003c/p\u003e\n\u003cp\u003eHandling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan.\u0026nbsp;\u003c/p\u003e\n\u003ch2\u003ePrepare your business plan today\u003c/h2\u003e\n\u003cp\u003eA business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eWhether you’re working on starting a new \u003ca href=\"/my/blog/online-business-ideas\"\u003eonline business idea\u003c/a\u003e, building a retail storefront, growing your established business, or \u003ca href=\"/my/blog/how-to-buy-business-shopify-exchange\"\u003epurchasing an existing business\u003c/a\u003e, you now understand how to write a business plan that suits your business’s goals and needs.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eFeature illustration by Rachel Tunstall\u003c/em\u003e\u003c/p\u003e\n\u003cdiv id=\":R0:\" data-component-name=\"blog-read-more\" class=\"marketing-block marketing-block--light marketing-block--padded text-body-sm text-left my-8 tablet:my-16 p-8 bg-marketingBg border-t-2 [\u0026amp;_h2]:text-t5 border-blog-highlight\"\u003e\u003ch2 class=\"!mt-0 mb-6 font-aktivgroteskextended\"\u003eRead more\u003c/h2\u003e\u003cul class=\"!mt-0 !mb-0\"\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/how-to-start-dropshipping\"\u003eHow to Start a Dropshipping Business- A Complete Playbook for 2024\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/dropshipping-guide\"\u003eThe Ultimate Guide To Dropshipping (2024)\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/117607173-the-definitive-guide-to-dropshipping-with-aliexpress\"\u003eAliExpress Dropshipping- How to Dropship From AliExpress\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/206934729-how-to-start-a-clothing-line\"\u003eHow to Start a Clothing Line in 12 Steps (2024)\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/product-sourcing-apps\"\u003eHow To Source Products To Sell Online\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/crowdfunding\"\u003eHow To Do Crowdfunding: With Expert Tips and Examples From Successful Campaigns\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/candle-business\"\u003eHow to Start a Candle Business (with Examples)\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/affiliate-marketing\"\u003eWhat Is Affiliate Marketing and How to Get Started\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/pinterest-marketing\"\u003ePinterest Marketing 101- How to Promote Your Business on Pinterest\u003c/a\u003e\u003c/li\u003e\u003cli class=\"mt-2\"\u003e\u003ca href=\"/my/blog/instagram-marketing\"\u003eGetting Started on IG- A Beginner’s Guide to Instagram Marketing\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv class=\"marketing-block marketing-block--light marketing-block--padded my-12 border-l-2 pl-4 [\u0026amp;_h2]:!mt-0 [\u0026amp;_h2]:mb-6 [\u0026amp;_h2]:text-t5 [\u0026amp;_h3]:!mt-0 [\u0026amp;_h3]:mb-6 [\u0026amp;_h3]:text-t7 [\u0026amp;_h4]:!mt-0 [\u0026amp;_h4]:mb-6 [\u0026amp;_h4]:text-t8 [\u0026amp;_ul]:!mt-0 [\u0026amp;_ul]:mb-6 [\u0026amp;_ul:last-child]:mb-0 [\u0026amp;_ol]:!mt-0 [\u0026amp;_ol]:mb-6 [\u0026amp;_ol:last-child]:mb-0 [\u0026amp;_p]:!mt-0 [\u0026amp;_p]:mb-6 [\u0026amp;_p:last-child]:mb-0 border-blog-highlight text-body-sm my-8 tablet:my-16 p-8 bg-marketingBg !border-l-0 border-t-2 pl-8 [\u0026amp;_[itemscope]]:mb-6 [\u0026amp;_[itemscope]:last-child]:mb-0\" id=\"faq-section\"\u003e\n\u003cdiv itemscope=\"\" itemtype=\"https://schema.org/FAQPage\"\u003e\n\u003ch2 id=\"10\"\u003eBusiness plan FAQ\u003c/h2\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eHow do I write a business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eLearning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eExecutive summary\u003c/li\u003e\n\u003cli\u003eCompany description, including value proposition\u003c/li\u003e\n\u003cli\u003eMarket analysis and competitive analysis\u003c/li\u003e\n\u003cli\u003eManagement and organization\u003c/li\u003e\n\u003cli\u003eProducts and services\u003c/li\u003e\n\u003cli\u003eCustomer segmentation\u003c/li\u003e\n\u003cli\u003eMarketing plan\u003c/li\u003e\n\u003cli\u003eLogistics and operations\u003c/li\u003e\n\u003cli\u003eFinancial plan and financial projections\u003c/li\u003e\n\u003c/ol\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat is a good business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eA good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eA business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.\u003c/p\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat are the 3 main purposes of a business plan?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eThe three main purposes of a business plan are:\u0026nbsp;\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eTo clarify your plans for growth\u003c/li\u003e\n\u003cli\u003eTo understand your financial needs\u003c/li\u003e\n\u003cli\u003eTo attract funding from investors or secure a business loan\u003c/li\u003e\n\u003c/ol\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https://schema.org/Question\"\u003e\n\u003ch3 itemprop=\"name\"\u003eWhat are the different types of business plans?\u003c/h3\u003e\n\u003cdiv itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https://schema.org/Answer\"\u003e\n\u003cdiv itemprop=\"text\"\u003e\n\u003cp\u003eThe types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.\u003c/p\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e","latestArticles":[],"contentNavigationLinks":[],"blogHandle":"blog","settings":{"topSectionImages":[{"src":"https://cdn.shopify.com/b/shopify-brochure2-assets/b57973373cb5af3ba8e59f0b966065e7.webp?originalWidth=500\u0026originalHeight=641"},{"src":"https://cdn.shopify.com/b/shopify-brochure2-assets/05383e2e9b6568812f1ccc7bbc28ac3d.webp?originalWidth=500\u0026originalHeight=641"},{"src":"https://cdn.shopify.com/b/shopify-brochure2-assets/2baeeeb3c9bab2dfbfac6428fad929e1.webp?originalWidth=500\u0026originalHeight=641"}],"images":{"guides-modal-default":"https://cdn.shopify.com/shopifycloud/brochure/assets/content-marketing/blog/guides/default-popup-small-507879111d55acdd759b202ab869ea0b8bd0f4af9f9aaa7c540efe59b8e046db.jpg","guides-modal-photography":"https://cdn.shopify.com/b/shopify-brochure2-assets/1bd4b072dc187a774c9af650d0f16d0b.jpg","guides-modal-seo":"https://cdn.shopify.com/b/shopify-brochure2-assets/63781344c2932de6e553a54b02291692.jpg","subscription":{"image":{"en":"https://cdn.shopify.com/b/shopify-brochure2-assets/c46f986d892538f4b0a15f25692330f7.png?originalWidth=1420\u0026originalHeight=1040"}},"rightColSideBannerImg":"https://cdn.shopify.com/b/shopify-brochure2-assets/c8790c0f3c1fa91ccc845e45ce067bbe.png","rightColSideBannerGetInTouchImg":"https://cdn.shopify.com/b/shopify-brochure2-assets/e2a124c9e2e7ae76119a66cfc515535b.png","articleNavigation":{"banner":{"en":"https://cdn.shopify.com/b/shopify-brochure2-assets/e570727d45209fec56c410f802faa0fe.png"}}},"subscription":{"settings":{"subscriptionId":"DE84EF61-2A02-4778-8807-F01B108DE974"}},"citation":{"high-ticket-affiliate-programs":[{"text":"Zip Recruiter - 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No surprises.","cta":"Explore Shopify Capital"},"shopify_subscriptions_app":{"heading":"Increase recurring revenue with the Shopify Subscriptions app","subhead":"The free Shopify Subscriptions app lets you offer subscription services and integrates seamlessly with your Shopify admin. Install it today to increase repeat purchases and customer lifetime value.","cta":"Install Shopify Subscriptions"},"shopify_bundles_app_one":{"heading":"Create product bundles with the Shopify Bundles app","subhead":"Product bundles are a great way to increase cart values and ensure your products are discovered by more shoppers. Download the free Shopify Bundles app to quickly and easily create bundles for your products and variants from your Shopify admin.","cta":"Install Shopify Bundles"},"shopify_bundles_app_two":{"heading":"Increase average order values with the Shopify Bundles app","subhead":"Product bundles are a great way to increase cart values and ensure your products are discovered by more shoppers. Download the free Shopify Bundles app to quickly and easily create bundles for your products and variants from your Shopify admin.","cta":"Install Shopify Bundles"},"inventory_management_one":{"heading":"Unify your inventory management with Shopify","subhead":"Only Shopify helps you manage warehouse, pop-up shop, and retail store inventory from the same back office. Shopify automatically syncs stock quantities as you receive, sell, return, or exchange products online or in-person—no manual reconciling necessary.","cta":"Explore inventory management on Shopify"},"inventory_management_two":{"heading":"Manage all your inventory from Shopify","subhead":"Shopify comes with built-in tools to help manage warehouse and store inventory in one place. Track sales, forecast demand, set low stock alerts, create purchase orders, count inventory, and more.","cta":"Explore inventory management on Shopify"},"shopify_order_management":{"heading":"Speed up fulfillment times with Shopify","subhead":"Shopify comes with built-in tools to help you track, prioritize, and fulfill orders from one place, so you can get orders out the door sooner and exceed customer expectations.","cta":"Explore order management on Shopify"},"shopify_magic_one":{"heading":"Shopify Magic","subhead":"Shopify Magic makes it easier to start, run, and grow your business. Our groundbreaking commerce-focused AI empowers entrepreneurs like you to be more creative, productive, and successful than ever before.","cta":"AI designed for commerce"},"shopify_magic_two":{"heading":"Let Shopify Magic write product descriptions for you","subhead":"Ever wished a product description would just write itself? With Shopify Magic—Shopify’s artificial intelligence tools designed for commerce—it will. Create product descriptions in seconds and get your products in front of shoppers faster than ever.","cta":"Learn about Shopify Magic"},"shopify_inbox_one":{"heading":"Turn chats into sales with Shopify Inbox","subhead":"Shopify Inbox is a free app that lets you chat with shoppers in real-time, see what’s in their cart, share discount codes, create automated messages, and understand how chats influence sales right from your Shopify admin.","cta":"Discover Shopify Inbox"},"b2b_ecommerce":{"heading":"Sell wholesale and direct to consumers with Shopify","subhead":"Only Shopify comes with built-in features that help you sell B2B and DTC from a single store or platform. Tailor the shopping experience for each buyer with customized product and pricing publishing, quantity rules, payment terms, and more—no third-party apps or coding required.","cta":"Explore B2B on Shopify"},"shopify_pos_one":{"heading":"Start selling in-person with Shopify POS","subhead":"Shopify POS is the easiest way to start selling in-person. Take your brand on the road and accept payments, manage inventory and payouts, and sell everywhere your customers are—farmer’s markets, pop up events and meetups, craft fairs, and anywhere in between.","cta":"Discover Shopify POS"},"shopify_pos_two":{"heading":"Get started with Shopify POS","subhead":"Only Shopify gives you all the tools you need to manage your business, market to customers, and sell everywhere in one place. Unify in-store and online sales today.","cta":"Discover Shopify POS"},"shopify_managed_markets":{"heading":"Sell internationally in minutes with Managed Markets","subhead":"Managed Markets helps you sell in 150+ countries and scale your business internationally—all from a single Shopify store. Make global shipping hassle-free, with tools to manage store localization, collect duties upfront, simplify customs documentation, and get fast transit times.","cta":"Discover Managed Markets"},"shopify_partners":{"heading":"Visit the Shopify Partners Marketplace","subhead":"Find experienced commerce professionals who will help you grow your business. Browse the different services Shopify partners offer, post a job, and hire a professional to work with.","cta":"Visit now"},"shopify_affiliates":{"heading":"Become a Shopify Affiliate","subhead":"Join the program to grow your brand, access exclusive opportunities, and earn a competitive commission for each new business you refer to Shopify.","cta":"Apply now"},"shopify_ar":{"heading":"Create immersive shopping experiences with Shopify AR","subhead":"Give shoppers a new way to experience your products when you add augmented reality (AR) to your online store. Using 3D models for your products provides customers with a better understanding of the function and size of an item, and increases your customers' confidence in the quality of your products.","cta":"Learn about Shopify AR"},"loyalty_apps":{"heading":"Reward loyalty everywhere customers shop","subhead":"Only Shopify’s integrated loyalty apps let customers collect and redeem loyalty rewards when shopping with you both online and in store—no complicated workarounds required.","cta":"Explore loyalty apps"}}},"pages/blog/$article/guide_ctas":{"guidesCta":{"modal":{"subhead":"Almost there: please enter your email below to gain instant access.","disclaimer":"We'll also send you updates on new educational guides and success stories from the Shopify newsletter. We hate SPAM and promise to keep your email address safe."},"analytics":{"heading":"Free Ebook: Ecommerce Analytics for Beginners","content":"Find out which metrics are the key to establishing and growing your online business. This free guide is the perfect first step in learning about ecommerce analytics.","cta":"Get the free ebook now","modal_headline":"Get Ecommerce Analytics for Beginners delivered right to your inbox."},"back_to_school":{"heading":"The Complete Guide to Back to School Marketing for Retail Stores","content":"Get an update on this year's back to school marketing trends, compare strategies, and build out your plan with this short guide.","cta":"Get your free guide now","modal_headline":"Get the Back to School Marketing Guide delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"bio_template":{"heading":"Free Professional Bio Template","content":"Make a lasting first impression! Elevate your professional image with our easy-to-use template.","cta":"Download template","modal_headline":"Get the free professional bio template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"brand_guide_template":{"heading":"Free Brand Guide Template","content":"You’ve built a strong brand. Keep it consistent across all your channels with our detailed brand guide template.","cta":"Download template","modal_headline":"Get the free brand guide template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"brand_storytelling":{"heading":"Free Worksheet: Brand Storytelling","content":"Use this handy exercise as a guide to help you craft a compelling brand story and build a loyal audience through the power of storytelling.","cta":"Get the worksheet","modal_headline":"Get our free Brand Storytelling Worksheet delivered right to your inbox."},"branding":{"heading":"Free Reading List: How to Brand Your Business","content":"A great brand can help your products stand out from the crowd. Get a crash course in small business branding with our free, curated list of high-impact articles.","cta":"Get the free reading list","modal_headline":"Get our Branding reading list delivered right to your inbox."},"branding_kit":{"heading":"Free Business Branding Kit","content":"Craft a powerful brand identity that stands out in the market. Use these free templates and tools to help you build a cohesive and memorable brand.","cta":"Download now","modal_headline":"Get the branding kit delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free kit soon. In the meantime, start building your store with a free trial of Shopify."},"business_case_template":{"heading":"Free Business Case Template","content":"Turn your big ideas into reality. Our user-friendly template is here to help you create a compelling business case with ease.","cta":"Get the template now","modal_headline":"Get our template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"business_letter":{"heading":"Free Business Letter Template","content":"Communicate clearly and effectively. Use this customizable template to create a polished business letter that makes a great impression.","cta":"Get the template now","modal_headline":"Get our template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"business_model_canvas":{"heading":"Free Business Model Canvas Template","content":"Streamline your business planning! This easy-to-use template helps you visualize your business model and identify key components for success.","cta":"Get the template now","modal_headline":"Get our template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"business_proposal":{"heading":"Free Business Proposal Template","content":"Land your next big deal with ease! Our easy-to-follow template helps you craft proposals that not only impress but also seal the deal.","cta":"Download template","modal_headline":"Get our business proposal template delivered right to your inbox."},"businessplan":{"heading":"Free: Business Plan Template","content":"Business planning is often used to secure funding, but plenty of business owners find writing a plan valuable, even if they never work with an investor. That’s why we put together a free business plan template to help you get started.","cta":"Get the template now","modal_headline":"Get the business plan template delivered right to your inbox."},"businessideas":{"heading":"Free: The Big List of Business Ideas","content":"To help you find the inspiration to start, we compiled a list of 100+ in-demand business ideas, broken down into categories like fitness, apparel, and gaming.","cta":"Get the list now","modal_headline":"Get the big list of business ideas delivered right to your inbox."},"camera_checklist":{"heading":"How to take product photos like a pro","content":"This essential guide will help you shoot stunning product photos, with tips, equipment lists, and easy-to-follow shooting instructions.","cta":"Download guide","modal_headline":"Get the guide delivered right to your inbox."},"case_studies":{"heading":"Free Video Series: Ecommerce Inspiration","content":"Feeling uninspired? Watch some of the world's most successful entrepreneurs share their best advice for new business owners.","cta":"Get the free video series","modal_headline":"Get our Ecommerce Inspiration video series delivered right to your inbox."},"case_study_template":{"heading":"Free Case Study Template","content":"Show your expertise and highlight your company’s success with our free case study template.","cta":"Get the template now","modal_headline":"Get the case study template delivered right to your inbox."},"cash_flow_template":{"heading":"Free Cash Flow Statement Template","content":"Balancing your books can be stressful. Take charge of your finances with our free cash flow statement template.","cta":"Get the template now","modal_headline":"Get the cash flow statement template delivered right to your inbox."},"competitive":{"heading":"Free: Competitive Analysis Template","content":"By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage. Download our free competitive analysis template and gain an edge over the competition.","cta":"Get the template now","modal_headline":"Get the competitive analysis template delivered right to your inbox."},"content_strategy_template":{"heading":"Free Content Strategy Template","content":"Create content that truly connects and engages. Our template helps you plan and execute your vision, keeping your goals on track.","cta":"Get the template now","modal_headline":"Get the content strategy template delivered right to your inbox."},"copywriting":{"heading":"Free Reading List: Copywriting Tactics for Entrepreneurs","content":"Is your website content costing you sales? Learn how to improve your website copy with our free, curated list of high-impact articles.","cta":"Get the free reading list","modal_headline":"Get our Copywriting Tactics reading list delivered right to your inbox."},"copywriting_research":{"heading":"Research the words you use to sell","content":"Use this free template to help you enhance your website and connect with customers. Research the words competitors use and analyze customer feedback to help you write compelling copy.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox."},"customer_journey":{"heading":"Free Customer Journey Map Template","content":"Your customers know why they’re engaging with your brand. But do you know what they’re going through? Use this free template to craft a shopping experience they’ll love.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"customerservice":{"heading":"Free Reading List: Customer Service Strategies","content":"Focusing on customer service can turn negative interactions into positive reviews (and repeat customers). Learn how with our free, curated list of high-impact articles.","cta":"Get the free reading list","modal_headline":"Get the reading list delivered right to your inbox."},"decision_matrix":{"heading":"Free Decision Matrix Template","content":"Have a tough decision to make? This template helps you evaluate options and simplifies the decision making process so you can make confident choices.","cta":"Get the template now","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"design":{"heading":"Free Reading List: Online Store Design Tips","content":"Your online store's appearance can have a big impact sales. Unleash your inner designer with our free, curated list of high-impact articles.","cta":"Get the free reading list","modal_headline":"Get our Store Design reading list delivered right to your inbox."},"digital_marketing_kit":{"heading":"Free Digital Marketing Toolkit","content":"Unlock the secrets to successful online marketing. This free resource is packed with strategies, templates, and insights to elevate your brand’s digital presence.","cta":"Download now","modal_headline":"Get the toolkit delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free toolkit soon. In the meantime, start building your store with a free trial of Shopify."},"email":{"heading":"Free Ebook: How to Grow Your Ecommerce Business with Email Marketing","content":"Whether you're just getting started or dreaming up your next big campaign, this email marketing guide will provide you with insights and ideas to help your business grow.","cta":"Get the free ebook now","modal_headline":"Get our Email Marketing guide delivered right to your inbox."},"expense_report":{"heading":"Free Expense Report Template","content":"Make tracking your expenses and reimbursements a whole lot easier. Our simple template keeps things accurate and saves you time.","cta":"Get the template now","modal_headline":"Get our template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"googleshopping":{"heading":"Free Ebook: Google Shopping for Small Businesses","content":"Google Shopping ads are one of the leading traffic sources that can give you the ultimate edge. Discover this hidden gem often overlooked by your competition.","cta":"Get the free ebook now","modal_headline":"Get Google Shopping for Small Businesses delivered right to your inbox."},"go_to_market":{"heading":"Free Go-to-Market Strategy Template","content":"Plan your product launch with precision. Our template can help you reach and convert your target audience efficiently.","cta":"Download template","modal_headline":"Get your free go-to-market strategy template delivered right to your inbox."},"hiring_questions":{"heading":"Free Guide: Interview Questions for Hiring Retail Employees","content":"Hiring competent retail employees is becoming increasingly challenging. Use this guide to ask the right questions during the interview process to ensure you hire the right people for your store.","cta":"Get the free guide now","modal_headline":"Get our guide Interview Questions for Hiring Retail Employees delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"holiday_selling_2021":{"heading":"Free Holiday Selling Guide: Top 10 Holiday Selling Tips for Retail Stores","content":"A sale can happen anywhere, at any time. Use our top 10 strategies to unify your customer touch points and set yourself up for holiday success.","cta":"Get the free guide now","modal_headline":"Get our Top 10 Holiday Selling Tips for Retail Stores delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"international_shipping":{"heading":"Free International Shipping Checklist","content":"Expand your business globally with confidence. This free checklist ensures you have everything in place for smooth and compliant shipments.","cta":"Download now","modal_headline":"Get the checklist delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free checklist soon. In the meantime, start building your store with a free trial of Shopify."},"inventory_templates":{"heading":"5 Free Templates to Better Understand Your Inventory","content":"Calculate your businesses cost of goods sold, sell through rate, inventory turnover, saftey stock, economic order quantity, or reorder point with ease using these custom templates. (No math required!)","cta":"Get your free templates","modal_headline":"Get your Inventory Templates delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free templates soon. In the meantime, start building your store with a free trial of Shopify."},"keyword_research_template":{"heading":"Free keyword research template","content":"Use this free keyword research template to unlock opportunities and manage your SEO strategy. Drive targeted traffic to your website by tracking search volume, ranking difficulty, user intent, and content ideas.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox."},"marketing_plan":{"heading":"Free Marketing Plan Template","content":"Create a detailed marketing plan that gets results. Our template helps you design strategies and actions to effectively reach your audience.","cta":"Download template","modal_headline":"Get your marketing plan template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free templates soon. In the meantime, start building your store with a free trial of Shopify."},"marketing_proposal":{"heading":"Free Marketing Proposal Template","content":"Impress with a professional marketing proposal. This free template provides a clear structure and essential elements to help you create compelling proposals.","cta":"Download template","modal_headline":"Get your template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free template soon. In the meantime, start building your store with a free trial of Shopify."},"okr_template":{"heading":"Free OKR Template","content":"Align your team and boost performance. This simple template helps you set clear objectives and track key results for measurable success.","cta":"Get the template now","modal_headline":"Get your template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free template soon. In the meantime, start building your store with a free trial of Shopify."},"one_pager":{"heading":"Free One Pager Template","content":"Present your ideas clearly and concisely. This template helps you summarize your key points perfectly.","cta":"Get the template now","modal_headline":"Get your template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free template soon. In the meantime, start building your store with a free trial of Shopify."},"opening_closing_checklist":{"heading":"Free Checklist for Opening and Closing Your Store","content":"Ensure all protocols and procedures are completed each time you open and close your store with this handy, easy-to-follow checklist.","cta":"Get the free checklist","modal_headline":"Get our Opening and Closing Checklist delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"optimization":{"heading":"Free Reading List: Conversion Optimization for Beginners","content":"Turn more website visitors into customers by getting a crash course in conversion optimization. Access our free, curated list of high-impact articles below.","cta":"Get the free reading list","modal_headline":"Get our Conversion Optimization reading list delivered right to your inbox."},"packaging_calculator":{"heading":"Calculate your packaging costs","content":"Use this free calculator to estimate your packaging expenses. Get insights into labor, materials, and design costs to make informed decisions for your business.","cta":"Download calculator","modal_headline":"Get the calculator delivered right to your inbox."},"packing_slip":{"heading":"Free Packing Slip Template","content":"Save time and effort by ensuring proper delivery of your products. Our free packing slip template helps you get started.","cta":"Get the template now","modal_headline":"Get the packing slip template delivered right to your inbox."},"parentpreneur":{"heading":"Playbook for the Aspiring Parentpreneur","content":"Unleash your creativity and turn your passion into a thriving business with our Parentprenuer brainstorming guide. Discover new ideas, set realistic goals, and map out a plan for success.","cta":"Download now","modal_headline":"Check your inbox for your copy of the Parentpreneur Playbook."},"persona_template":{"heading":"Free User Persona Template","content":"Maximize your product’s potential. Unlock insights to fine-tune your offerings and impress users. Our template makes it easy.","cta":"Download template","modal_headline":"Get our template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"phonecases":{"heading":"Get a Free Phone Case Business in a Box","content":"Free high quality phone case stock photos and a list of some places you can look to find phone case suppliers to work with.","cta":"Download startup bundle","modal_headline":"Get our startup bundle delivered right to your inbox."},"photobrief":{"heading":"Get perfect product photography","content":"This free template will help you write detailed, professional creative briefs that help photographers know exactly what you're looking for.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox."},"photochecklist":{"heading":"All the images your store needs","content":"This free photo shot list helps you plan every image for your online store, from homepage banners to product cards.","cta":"Download shot list","modal_headline":"Get the shot list delivered right to your inbox."},"photographer_checklist":{"heading":"Make your next photo shoot a success","content":"Use this free checklist to help you hire the perfect photographer for your product photos—complete with budget tips and outreach email templates.","cta":"Download checklist","modal_headline":"Get the checklist delivered right to your inbox."},"photography":{"heading":"Free Guide: DIY Product Photography","content":"Learn how to take beautiful product photos on a budget with our free, comprehensive video guide.","cta":"Get your free guide","modal_headline":"Get our DIY Guide to Beautiful Product Photography delivered right to your inbox."},"popup_guide":{"heading":"Pop-Up Shop Quickstart Guide","content":"Thinking about hosting a Pop-Up Shop? This free guide includes 3 checklists that help frame what you're looking to accomplish through your Pop-Up Shop, different types of Pop-Up Shops, and design ideas to help get you started.","cta":"Get your free guide","modal_headline":"Get your Pop-Up Shop Quickstart Guide delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"pp_template":{"heading":"Free PowerPoint Template","content":"Capture attention with business presentations that pop! Our customizable template makes it easy to showcase your ideas clearly.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"press_kit":{"heading":"Free Press Kit Template","content":"Get your business the spotlight it deserves. Our all-in-one template makes it a breeze for journalists and media to share your story.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"pressrelease":{"heading":"Free: Press Release Template","content":"To help you get started, we put together this template to help you structure your story using a common press release format. You can replace each component with your own information and adapt it according to your needs.","cta":"Get the template now","modal_headline":"Get the press release template delivered right to your inbox."},"problem_statement":{"heading":"Free Problem Statement Template","content":"See your challenges clearly. This simple template helps you create powerful problem statements that lead to meaningful solutions.","cta":"Get the template now","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"process_map":{"heading":"Free Process Mapping Template","content":"Simplify your operations with a clear picture of your processes. This template helps you outline and improve workflows for more productivity.","cta":"Get the template now","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"productivity":{"heading":"Free Reading List: Ecommerce Motivation","content":"Having trouble focusing on growing your small business? Get access to our free, curated list of high-impact productivity articles.","cta":"Get the free reading list","modal_headline":"Get our Ecommerce Motivation reading list delivered right to your inbox."},"products":{"heading":"Free Guide: How to Find a Profitable Product to Sell Online","content":"Excited about starting a business, but not sure where to start? This free, comprehensive guide will teach you how to find great, newly trending products with high sales potential.","cta":"Get the free guide","modal_headline":"Get How To Find A Product To Sell Online: The Definitive Guide PDF delivered right to your inbox."},"product_vision":{"heading":"Free Product Vision Template","content":"Developing a new product? This free template will help give you a clear picture of your product’s future, by defining effective goals and strategies.","cta":"Get the template now","modal_headline":"Get the template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"profit_loss":{"heading":"Free Profit and Loss Statement Template","content":"Need help keeping an eye on your business's financial performance? Our free, user-friendly template will help you make informed decisions with ease.","cta":"Get the template now","modal_headline":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"purchase_order":{"heading":"Create a purchase order","content":"Use this free template to create clear, detailed purchase orders for your business. Keep all your information organized and easy to understand.","cta":"Download template","modal_headline":"Get the template delivered right to your inbox."},"retail_marketing":{"heading":"Free Download: From Clicks to Customers: How to Measure Your Retail Store's Marketing Success","content":"Every marketing campaign is an investment of your time, energy, and money. Do you ever wonder if your efforts were worth it? Read this guide and build a framework to plan, track, and measure the success of retail marketing campaigns.","cta":"Get your free guide","modal_headline":"Get your free Retail Marketing Success PDF delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"retention_audit":{"heading":"Free Download: Retention Audit Checklist","content":"Struggling with customer retention? This free checklist will help you build a retention mindset throughout your company by auditing retention strategies at every level of your business.","cta":"Get your free checklist","modal_headline":"Get this free Retention Audit Checklist PDF delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"rfp_template":{"heading":"Free RFP Template","content":"Make writing requests for proposals easier and faster with our free RFP template.","cta":"Get the template now","modal_headline":"Get the RFP template delivered right to your inbox."},"root_cause":{"heading":"Free Root Cause Analysis Template","content":"Get to the heart of your business problems and find effective solutions. This template helps you find and address the underlying causes.","cta":"Get the template now","modal_headline":"Get this free template delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"rotating_schedules":{"heading":"Free Download: Rotating Schedules Templates","content":"Struggling to keep your stores fully staffed and running smoothly? Consider implementing a rotating shift program. Download these free templates to find the right schedule for you and your employees.","cta":"Get your free templates","modal_headline":"Get these free Rotating Schedules Templates delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"sales_email":{"heading":"Free Sales Email Templates","content":"Craft compelling emails that convert! Our customizable templates help you engage prospects and close deals.","cta":"Get your free templates","modal_headline":"Get these free templates delivered right to your inbox.","modal_success_heading":"Thanks for downloading. You'll receive your free download soon. In the meantime, start building your store with a free trial of Shopify."},"sales_funnel_template":{"heading":"Free Sales Funnel Template","content":"Make your sales process smoother and close deals faster. 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