Simple Business Plan Template for Entrepreneurs

Do you think you have a fantastic idea for a new business? The best method to find out if your idea can be realized is to write a Business plan.

A thorough, well-studied, and well-thought-out business plan gives you a concrete outline of your goals. It is a great way to translate your ideas into actionable steps and help you pitch your business idea to banks or potential investors looking for capital. 1

The basic business plan is composed of a single document that is divided into sections that contain specific elements, like an explanation of the business as well as market research as well as sales strategies, competitive analysis as well as capital and labor requirements, and financial information. Your business plan can comprise more or fewer sections depending on the best way to represent your company.

This template will help you get on the way to an easy business plan.

Pros and Cons of Using a Business Plan Template

Pros

Layouts that are ready-made: Templates provide general guidelines on what information is required and how it should be organized so that you don’t end up in a blank space as you begin. Particularly detailed templates can provide guidelines or text-based to help you along the way.
Variations: If you know what type of business plan you need–traditional, lean, industry-specific–chances are you can find a specialized template.2
Downloads for free There are a lot of free business plans templates on the internet, which are beneficial for comparing formats and features as well as improving your personal.

Cons

Generic, not custom Templates usually contain only the basic information, but there’s still lots of work to customize the template for the specific needs of your company. In particular, it is possible to need to alter, modify the copy and fill in tables.
No financial advice You’ll require expertise in the field in order to adapt financial modeling to your particular business, and also the math skills needed to formulate formulas and determine numbers.
Additional skills required Some level of technical proficiency is required to connect graphs and charts, combine information from spreadsheets and ensure it is current.

Do I Need a Simple or Detailed Business Plan?

A business plan for a corporate entity or an enterprise of size can be several hundred pages long. For a smaller company, it’s recommended to keep the plan simple and succinct, particularly when you’re sending it to banks as well as potential investors. About 35-50 pages are adequate, with more space for any additional details, like photographs of equipment, items logos, locations, or site plans. 3 Your customers will probably prefer thorough analysis and research over lengthy and lengthy descriptions.

A businessperson who develops an outline of their business is two times more likely get the financing they need and grow their business than those without plans. 4

How to Use This Business Plan Template

The template for a business plan is broken down into sections according to the Table of Contents. Each section is able to be converted into a document that you own. You might need to delete or add sections or alter them to meet your particular requirements.

After you have completed it, make ensure that you format the document properly and have the plan professionally bound and printed. The goal of your business plan is to give the best impression. It should be engaging and something people would be drawn to read and read.

Title Page

Input your business’s information as well as your official name as well as the address. If already possess a logo for your business it is possible to add it to the upper or lower right of your page’s title.

Business Plan for “Business Name”
Date
Address for business
Phone
Email
Website URL

If you’re sending it to an individual or a business make sure to include:

Presented to “Name”
At “Company”

Section 1: Executive Summary

An executive overview is the first part of your strategy, but it’s composed last. It is a succinct and optimistic description of your business . It should grab the attention of the reader and inspire them to know more. It should not be longer than two pages including highlights or overviews of other sections of your outline. 3

Tell us about your goals–what is the reason behind your new venture? Tell the world about your vision.
Briefly introduce your business and stick to the essentials like size, location as well as management, and ownership.
Please describe your primary product(s) or service(s).
Determine the customers you’re planning to target and the way your company will be able to serve these customers.
The competition is summarized and the way you can gain market share. What is your advantage over the competition?
Write down your financial projections for an initial couple of years of operation.
Indicate your startup’s financing needs.

Section 2: Business/Industry Overview

This section offers the outline of the business and explains in-depth how your business can stand out.

The overall structure of the business with regard to the sales figures and other data. Consider trends and demographics and also cultural, economic, and governmental influence.
Your business’s objectives and how it is positioned within the market.
You should mention the competition you are currently running that you’ll discuss in the next section.
Determine the area(s) that you are targeting and also what distinctive, improved or less expensive products and/or services you’ll offer.

Many business plans outline their products or services in a separate section to provide more details or highlight unique features.

Section 3: Market Analysis and Competition

This section concentrates on the competitive element of your company and substantiates the argument with figures and financial models. It is essential to prove that you have thoroughly studied the market that you are targeting, and evaluated the competitors to the conclusion that there’s sufficient demand for your product or service that your business can be a success.

Determine the intended market(s) that you intend to sell your products or services in the geographic area you are located.
The reason you need your product or service.
Estimate the total amount of market as well as the types of products or services that your target market could purchase. Include projections for future repeat purchase volumes and the way in which the market could be affected by demographic or economic changes.
Estimate the value and volume of your sales to current competitors. Highlight your strengths in comparison to your competition using easily digestible tables and graphs.
Discuss any barrier to entry that could safeguard your company from the competition, like access to capital or technology regulations, employee skills or the place of business.

You can choose to divide the marketplace description and analysis of competition into two distinct sections when one (or both) presents your company favorably.

Section 4: Sales and Marketing Plan

Here’s where you will dive into the profits, offering strategies for how you plan to convince customers to purchase your products or services, such as promotions or advertising pricing distribution, sales and post-sales assistance.

Product or Service Offerings

If your goods and/or services do not have a separate area earlier in the plan, this is the place you’re able to answer what is your distinctive selling point? Give a description of your product or service that help the customer, and what distinguishes them from the offerings of competitors.

Pricing Strategy

How do you price your products or services? Prices should be affordable enough to entice customers, however, it must be sufficient to cover the costs and make profits. The decision to price a product can be based on a variety of different financial model options, including the markup of costs or values to the customer or in relation to similar products or services on the market. 5

Sales and Distribution

For your products, indicate how you intend to distribute the product to your customer. Are you selling retail or wholesale? What kind of packaging will you require? What method of shipping will the products take? If you provide an item and how will it get to your consumer? What are the methods used to pay?

Advertising and Promotion

Check out the different forms of media you’ll use to communicate your message out to customers (e.g. websites or email, social media or even newspapers). Are you planning to utilize sales promotion methods like free samples and demonstrations of your products? What about launches of new products and trade exhibitions? Make sure you have other everyday marketing tools like flyers, business cards or brochures. Include an estimate of the budget.

Section 5: Ownership and Management Plan

This section outlines the legal organization, ownership, and (if relevant) the management and staffing needs of your company.

The ownership structure: Describe the legal structure of your business (e.g. LLC, partnership, corporation as well as a sole proprietorship). Provide the ownership percentages, if relevant. If the company is a sole proprietorship that is all the requirement.

Team management Description of the managers and their roles, the most important employees’ positions, and how they will be paid. Include brief resumes.

External services and resources: List any professional resources from outside that are needed for your business, including lawyers, accountants, or consultants.

Human resource: List the kind and quantity of contractors or employees you’ll require and estimate the pay and benefits costs for each.

The advisory panel includes the advisory committee as a managerial resource when it is needed.

Section 6: Operating Plan

The operating plan defines the physical needs of your company including warehouse, office, retail space, equipment, materials; or. The details of this section can vary depending on the industry. A major manufacturer, for example, must provide complete details on the supply chain or special equipment, whereas an office for therapists will be able to manage with a less detailed list.

If your company is small in size (like an individual, at-home consulting company) You may want to remove the section on the operating plan completely and include the essentials of operating in the overview of your business. 6

development: Explain what you’ve done up so far to determine potential locations, sources of the equipment and supply chain, and other connections. Explain your production process.
Production: For manufacturing, write down how long it will take to make a product and the time you’ll be ready to begin production. Consider factors that can impact the timeline of production, and also how you’ll handle potential issues, like rush orders.
Facilities: Describe the physical site of the business. Include requirements for building or geographic location as well as estimates of square footage (with the possibility of expansion in the event of an expansion) and mortgage or leasing costs; estimates of the maintenance utilities, utilities, and associated overhead expenses. Include zoning approvals as well as other permits that are required for the operation.
staffing: Outline expectations for staffing requirements and the principal responsibilities of employees, particularly the top employees. Explain how the employees will be recruited and the relationship with employers (i.e. contract, full-time or part-time) and any training requirements, and the manner in which they will be met.
Technology: Include an inventory of any special equipment you require, including the price, whether it’ll be purchased or leased and where it will be sourced.
Materials: If your company is such as retail, manufacturing, or food services, be sure to include an explanation of the supplies required, reliable sources, the major suppliers, and how you’ll manage your inventory.

Section 7: Financial Plan

A budget will be the single most crucial section that lenders and investors must read. It is the goal of this section to prove that your company will expand and grow profitably. In order to achieve this, you’ll need to make realistic predictions or forecasts.

To prevent overly optimistic expectations, a sensible budget underestimates revenue and underestimates expenses. 7

Statements of income The income statement shows the projected revenue, expenses, and profits. It should be done every month for the initial year for any business that is just starting out.
Projections of cash flow: The cash-flow projections show the monthly cash revenue you anticipate and expenditures. In order to be considered a solid credit risk, it’s crucial to show that you are able to effectively manage cash flow.
The Balance Sheet: The balance sheet is an of the liabilities, assets, and the equity value of your company at a certain date. In the case of a new business, the date would be the day your business is launched.
Analysis of breakeven: Including a breakdown analysis will inform investors or lenders what amount of sales you have to be able to turn profits.

Section 8: Appendices and Exhibits

This appendices and illustrations section includes all the information required to help various sections within the blueprint.

Potential exhibit or appendix items could include:

Business credit history for owners
Comprehensive market study and analysis of competitors
The resumes of the owners as well as other key employees
Diagrams or research regarding your products or services
Building, site or office plans
Copies of mortgage papers or leases on equipment (or quotations)
Marketing brochures, other brochures, and other material
References from business associates
Links to your website
Any other information that might make a good impression on potential investors or lenders