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How to Write a Business Plan for a Small Business
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li:hover{color:#000;text-decoration:underline}.utility-navigation--main{background-color:#f5f5f5}@media(min-width:75rem){.utility-navigation--main{background-color:#fff}}.utility-navigation--main .utility-navigation__links{-webkit-box-align:end;-ms-flex-align:end;align-items:flex-end}.utility-navigation--main .utility-navigation__links>li{margin:0;padding:1rem;position:relative}@media(min-width:75rem){.utility-navigation--main .utility-navigation__links>li{border-top-left-radius:1rem;border-top-right-radius:1rem;padding:.3125rem 1.375rem}.utility-navigation--main .utility-navigation__links>li.active{border-top-left-radius:1rem;border-top-right-radius:1rem;-webkit-box-shadow:0 10px #fff,0 4px 4px rgba(0,0,0,.25);box-shadow:0 10px #fff,0 4px 4px rgba(0,0,0,.25)}.utility-navigation--main .utility-navigation__links>li.active .utility-navigation__link--main{border-bottom-color:#012169}}.utility-navigation--main .utility-navigation__links>li.active .utility-navigation__sublinks-container{display:block}@media(min-width:75rem){.utility-navigation--main .utility-navigation__links>li.active .utility-navigation__sublinks-container{display:-webkit-box;display:-ms-flexbox;display:flex}}.utility-navigation--main .utility-navigation__sublinks-container{width:100%}@media(min-width:75rem){.utility-navigation--main .utility-navigation__sublinks-container{-webkit-box-align:start;-ms-flex-align:start;align-items:flex-start;background-color:#fff;border-radius:1rem;-webkit-box-shadow:0 4px 4px 0 rgba(0,0,0,.25);box-shadow:0 4px 4px 0 rgba(0,0,0,.25);display:none;max-height:calc(100vh - 40px);overflow-x:auto;padding:2rem;position:absolute;right:0;top:100%;width:-webkit-max-content;width:-moz-max-content;width:max-content;z-index:3}}.utility-navigation--main .utility-navigation__sublinks{list-style-type:none;margin:1rem 0 0;padding:0;width:100%}@media(min-width:75rem){.utility-navigation--main .utility-navigation__sublinks{margin-right:2rem;margin-top:0;max-width:100%;width:19.0625rem}}.utility-navigation--main .utility-navigation__sublinks>li:not(:last-child){margin-bottom:1.5rem}.utility-navigation--main .utility-navigation__link{display:inline-block}@media(max-width:74.9375rem){.utility-navigation--main .utility-navigation__link--main{color:#012169;font-size:1rem}}@media(min-width:75rem){.utility-navigation--main .utility-navigation__link--main{border-bottom:2px solid rgba(0,0,0,0);-webkit-transition:border .2s linear;transition:border .2s linear}}@media(max-width:74.9375rem){.utility-navigation--main .utility-navigation__link--main:focus,.utility-navigation--main .utility-navigation__link--main:hover{text-decoration:underline}}@media(min-width:75rem){.utility-navigation--main .utility-navigation__link--main:focus,.utility-navigation--main .utility-navigation__link--main:hover{border-bottom-color:#012169}}.utility-navigation--main 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text " data-action="text-component"> <h1 class="header__headline header--h2 "> How to write an effective business plan in 11 steps (with workbook) </h1> <div class="header__subheadline" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p><span class="header--h4 color-bright-red"><span class="header--h4">September 26, 2024 | 14 minute read</span></span></p> </div> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p>Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. <a href="https://www.bplans.com/business-planning/basics/research/">One landmark study</a> suggests that business founders who write one have companies that grow 30% faster than companies of those who don’t.<a title="To Footnote 1" id="returnfootnote1" href="#footnote1" data-aria-label="To Footnote 1"><sup>1</sup></a></p> <p> </p> <p>The best time to write a business plan is typically after you have vetted and researched your business idea. (See <a href="/resources/guide-starting-a-business.html" target="_self">How to start a business in 15 steps.</a>) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">What is a business plan?</span></span></h2> <p>Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">Why are business plans important?</span></span></h2> <p>Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all the ingredients necessary for success.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">What questions should a business plan answer?</span></span></h2> <p>Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:</p> <p> </p> <ul> <li>What products or services do you provide?</li> <li>Who is your target customer?</li> <li>What are the benefits of your product and service for customers?</li> <li>How much will you charge?</li> <li>What is the size of the market?</li> <li>What are your marketing plans?</li> <li>How much competition does the business face in penetrating that market?</li> <li>How much experience does the management team have in running businesses like it?</li> <li>How do you plan to measure success?</li> <li>What do you expect the business’s revenue, costs and profit to be for the first few years?</li> <li>How much will it cost to achieve the goals stated in the business plan?</li> <li>What is the long-term growth potential of the business? Is the business scalable?</li> <li>How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?</li> </ul> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">How to write a business plan in 11 steps</span></span></h2> <p>This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.</p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--key-takeaways"> <div class="key-takeaways"> <div class="key-takeaways__heading"> </div> <ul class="key-takeaways__list"> <li class="key-takeaways__item key-takeaways__item--none"> Use our <a href="https://www.bankofamerica.com/content/documents/smallbusiness/resources/business-plan-workbook.pdf" target="_blank">editable workbook</a> to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin. </li> </ul> <div class="cta-container "> </div> </div> </div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p> </p> <h3 class="color-bright-red"><span class="header--h4">1. Executive summary</span></h3> <p>The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic pitch you might give if you bumped into a potential backer in an elevator.</p> <p> </p> <p>In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:</p> <p> </p> <ul> <li><b>Business concept.</b> What will your business do?</li> <li><b>Goals and vision.</b> What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?</li> <li><b>Product or service.</b> What does your product or service do — and how is it different from those of competitors?</li> <li><b>Target market.</b> Who do you expect to buy your product or service?</li> <li><b>Marketing strategy.</b> How will you tell people about your product or service?</li> <li><b>Current revenue and profits.</b> If your business is pre-revenue, offer sales projections.</li> <li><b>Projected revenue and profits.</b> Provide a realistic look at the next year, as well as the next three years, ideally.</li> <li><b>Financial resources needed.</b> How much money do you need to borrow or raise to fund your plan?</li> <li><b>Management team.</b> Who are the company’s leaders and what relevant experience will they contribute?</li> </ul> <p> </p> <h3 class="color-bright-red"><span class="header--h4">2. Business overview</span></h3> <p>Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your <a href="/resources/choosing-the-best-business-structure-for-your-small-business.html" target="_self">business structure</a> (such as a <a href="/resources/what-is-sole-proprietorship.html" target="_self">sole proprietorship</a>, general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">3. Business goals and vision</span></h3> <p>Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.</p> <p> </p> <p>If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy — that is, how you would enable investors to cash out, whether that means selling the business or taking it public.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4"><span class="color-bright-red">4. Management and organization</span></span></h3> <p>Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.</p> <p> </p> <p>Also describe more about how your organization will be structured. Your company may be a sole proprietorship, <a href="/resources/what-is-a-limited-liability-company-llc.html" target="_self">a limited liability company (LLC)</a> or a corporation in one or more states.</p> <p> </p> <p>If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to note it here. Outside backers want to know if you’ve anticipated the staffing you need.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">5. Service or product line</span></h3> <p>A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">6. Market and industry analysis</span></h3> <p>Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats <a href="/resources/how-to-create-a-swot-analysis-for-your-small-business.html" target="_self">(SWOT) analysis</a>; <a href="/resources/competitive-analysis.html">a competitive analysis</a>; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.</p> <p> </p> <p>Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?</p> <p> </p> <p>In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">7. Sales and marketing</span></h3> <p>Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, <a></a><a href="https://business.bankofamerica.com/resources/how-to-get-sponsorships-for-business.html">sponsorship of a local radio or TV show</a>, your own YouTube content or some other method entirely? List all the <a></a><a href="https://business.bankofamerica.com/resources/digital-marketing-for-small-business.html">methods you will use</a>.</p> <p> </p> <p>Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">8. Financials</span></h3> <p>In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. <a href="/resources/don-t-fear-the-b-word-how-budgets-can-liberate-your-business.html" target="_self">Preparing a budget</a> and financial plan will help show investors or bankers that you have developed a clear understanding of the economic aspects of running your business. (The U.S. Small Business Administration [SBA] has prepared a <a href="https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan" target="_blank">guide</a> you can use; <a href="https://www.score.org/" target="_self">SCORE</a>, a nonprofit organization that partners with the SBA, offers a financial projections <a href="https://www.score.org/resource/financial-projections-template" target="_self">template</a> to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.</p> <p> </p> <p>Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.</p> <p> </p> <p>Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our <a href="https://www.bankofamerica.com/content/documents/smallbusiness/resources/start-up-costs-calculator.pdf" target="_blank">startup costs calculator</a> to get started.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">9. Financial projections</span></h3> <p>Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “<a href="/resources/how-to-create-a-sales-forecast-for-your-small-business.html" target="_self">How to create a sales forecast for your small business.</a>”</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">10. Funding request</span></h3> <p>If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.</p> <p> </p> <h3 class="color-bright-red"><span class="header--h4">11. Appendix</span></h3> <p>This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.</p> <p> </p> <p>Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">Tips for creating an effective business plan</span></span></h2> <p>Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.</p> <p> </p> <p>Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.</p> <p> </p> <p>Nail the details. An ideal business plan will be thorough and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot overly optimistic numbers.</p> <p> </p> <p>Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.</p> <p> </p> <p>Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">Updating an existing business plan</span></span></h2> <p>Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:</p> <p> </p> <ol> <li>Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.</li> <li>Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.</li> <li>Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you started the business. Take stock now so you can plan accordingly.</li> </ol> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <h2><span class="color-dark-blue"><span class="header--h3">Final thoughts</span></span></h2> <p>Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.</p> <p> </p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--layout-container"> <div id="layout_2322" class="layout-container "> <div class="layout-container__content container container--mobile layout-container__col-layout--fullwidth"> <span id="faqs" aria-hidden="true"></span> <div class="row"> <div class="col col-xs-12"> <div class="aem-wrap--header"> <div class="header text " data-action="text-component"> <h3 class="header__headline header--h4 header--red"> Business plan FAQs </h3> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--accordion"> <uc-accordion version="v1_3.10.1-flagship" class="uc uc-component t-track-uc-accordion" data-placeholder-text="false" icon="caret" theme="light" data-tracking-name="accordion" data-expand-all-copy="Expand all" data-collapse-all-copy="Collapse all"> <uc-accordion-item id="accordion-0"> <h3 class='trigger'> <button class="uc-headline--sm uc-accordion__button" data-bactmln="accordion-_-what-are-common-mistakes-when-writing-a-business-plan-_-expand" aria-expanded="false" id="accordion-button-0" aria-controls="accordion-section-0"> <span class='uc-heading__headline uc-headline--sm'>What are common mistakes when writing a business plan?</span> </button> </h3> <section class='uc-accordion-item__content' id="accordion-section-0" role="region" aria-labelledby="accordion-button-0" aria-hidden="true"> <p>The biggest mistake you can make when writing a business plan is creating one before the idea has been adequately researched and tested. Not every idea is meant to become a business. Other common mistakes include:</p> <p> </p> <ul> <li>Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.</li> <li>Failing to include financial projections — or including overly optimistic ones. <a href="/resources/what-investors-want-to-know-about-your-business-and-what-to-tell-them.html">Investors look at a lot of business</a> plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.</li> <li>Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.</li> <li>Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.</li> </ul> <p> </p> <div data-cmp-hook-accordion="panel" role="region"> </div> </section> </uc-accordion-item> <uc-accordion-item id="accordion-1"> <h3 class='trigger'> <button class="uc-headline--sm uc-accordion__button" data-bactmln="accordion-_-what-are-the-different-types-of-business-plans-_-expand" aria-expanded="false" id="accordion-button-1" aria-controls="accordion-section-1"> <span class='uc-heading__headline uc-headline--sm'>What are the different types of business plans?</span> </button> </h3> <section class='uc-accordion-item__content' id="accordion-section-1" role="region" aria-labelledby="accordion-button-1" aria-hidden="true"> <p>There are a variety of styles of business plans. Here are three major types:</p> <p> </p> <p><strong>Traditional business plan.</strong> This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.</p> <p> </p> <p><strong>One-page business plan.</strong> This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the <a href="https://charlotte.score.org/resource/business-model-canvas-1" target="_blank">business model canvas</a>.</p> <p> </p> <p><strong>Lean plan.</strong> This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an <a href="https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan#section-header-2" target="_blank">example</a> of what this type of plan includes on its website.</p> <p> </p> <div data-cmp-hook-accordion="panel" role="region"> </div> </section> </uc-accordion-item> <uc-accordion-item id="accordion-2"> <h3 class='trigger'> <button class="uc-headline--sm uc-accordion__button" data-bactmln="accordion-_-is-the-business-plan-for-a-nonprofit-different-from-the-plan-for-other-business-types-_-expand" aria-expanded="false" id="accordion-button-2" aria-controls="accordion-section-2"> <span class='uc-heading__headline uc-headline--sm'>Is the business plan for a nonprofit different from the plan for other business types?</span> </button> </h3> <section class='uc-accordion-item__content' id="accordion-section-2" role="region" aria-labelledby="accordion-button-2" aria-hidden="true"> <p>Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.</p> <p> </p> <p>Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.</p> <p> </p> <div data-cmp-hook-accordion="panel" role="region"> </div> </section> </uc-accordion-item> <uc-accordion-item id="accordion-3"> <h3 class='trigger'> <button class="uc-headline--sm uc-accordion__button" data-bactmln="accordion-_-what-is-the-difference-between-a-business-plan-a-strategic-plan-and-a-marketing-plan-_-expand" aria-expanded="false" id="accordion-button-3" aria-controls="accordion-section-3"> <span class='uc-heading__headline uc-headline--sm'>What is the difference between a business plan, a strategic plan and a marketing plan?</span> </button> </h3> <section class='uc-accordion-item__content' id="accordion-section-3" role="region" aria-labelledby="accordion-button-3" aria-hidden="true"> <p>A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.</p> <p> </p> <p>A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.</p> <p> </p> <div data-cmp-hook-accordion="panel" role="region"> </div> </section> </uc-accordion-item> </uc-accordion></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p><sup><a title="Return to content 1" id="footnote1" href="#returnfootnote1">1</a>.BPlans, “Do You Need a Business Plan? 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