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7 Business Resume Examples [& Templates]

Best for senior and mid-level candidates

There’s plenty of room in our elegant resume template to add your professional experience while impressing recruiters with a sleek design.

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Like this template? Customize this resume and make it your own with the help of our Al-powered suggestions, accent colors, and modern fonts.

• Business Resumes
• Experienced Business Resumes
• Business Resumes by Role

How to Make a Business Resume

Some college degrees provide limited options, whereas pursuing a business degree opens endless doors. From overseeing the operations of a business to recruiting top talent, business occupations can be highly rewarding. 

Writing the perfect resume  and tinkering with a cover letter maker may seem like the least fun way to spend your time, but like your career choice, if you invest in some upfront work,  your resume will work hard for you, and the rewards can be limitless . 

We’ve done the heavy lifting, so you can spend more time hunting for that ideal job. 

Take advantage of our seven business resume examples and our proven writing tips that will set you up for success. Your resume, we’re sure, will stand apart from the competition, ushering you into your dream job in 2024.

Business Resume

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Why this resume works

• Show a preference towards powerful verbs (e.g. “revamped”, “established”, and “analyzed”) when firing up your bullet points. There’s no better way to flaunt proactive behavior while illustrating your competencies.
• Leapfrogging your opponents calls for demonstrating value and credibility. How? Add numbers! Strategically weaved into your work history, quantified achievements like “reduced manual work by 117 hours each month” and “$660K in incremental sales” are proof that you don’t just make promises but deliver desired results.
• Don’t fall into the one-size-fits-all trap with your business resume. Customize it with phrases plucked right from the job description. Examples include “pinpointing underperforming paid acquisition channels” and “worked with engineering to launch tools.”
• And don’t forget the tech side of things. You see, recruiters are on the lookout for candidates handy with the digital toolkit. So, drop in stories of how you rocked essential software like Salesforce and Tableau in the past. It’s all about showing you’re ready to digitize, analyze, and optimize right from the get-go.

Business Student Resume

• You already have a track record in increasing traffic, boosting brand visibility, and using analytics to grow brands. Leverage past success to propel your potential in your business student resume.

Experienced Business Analyst Resume

• It’s a good idea to include abilities that are mentioned in the  business job description  of the position you’re applying for (if you’re honestly skilled in those areas). Don’t fib, but don’t sell yourself short either!
• For example, if you’re skilled with SQL, try writing about the impact you made using SQL in a previous position.

Experienced Business Development Manager Resume

• Reverse-chronological formatting displays your most recent or current position at the top, which will likely be most similar to the position you’re seeking. 
• This format also shows the evolution of your career history naturally. Your latter work history may detail more basic duties and less responsibility, and you’ll want the job you’ve listed first to clearly showcase your advanced expertise. 
• Choose a template that’s both professional and eye-catching. 
• Be consistent with your  resume formatting . Headings, font, and even punctuation (or lack thereof) should be consistent. 

Business Administration Resume

• Display how you helped cut costs, increased productivity, automated processes for optimal performance, etc.

Business Management Resume

• Avoid personal pronouns, adjectives, or non-active verbs. Instead, start with strong verbs, such as “defined” and “beat.”
• Make your way over to our free  resume checking tool  for more on using active verbs, getting your grammar just right, and ensuring your resume’s spit-spot. 
• While optional, a well-written, concise couple of sentences highlighting your best self, coupled with a few impressive metrics, can be a slam dunk for an interview.
• Keep each bullet point’s content fresh and varied.

HR Business Partner Resume

• Many times, adjusting the spacing, margin size, or even rearranging the sections can do just the trick. 
• Accomplish this with a  resume career summary  if you boast at least 10 years in your field. It’ll set you apart from the rookies! You can leverage your summary to remind the employer that you want this position and are aiming to contribute to the rise of the company with any noteworthy specializations you have under your belt. 
• A final formatting tip—prominently display your contact information close to your name, so a busy employer can readily and easily contact you; don’t give them a reason to trash your resume.  

Related resume guides

• Business Development
• Operations manager

Stay tuned for a quick step-by-step guide on how to make your own business resume. Use this guide and a business resume template above to get your foot in the door. 

Choose a professional resume template that compliments the company’s tone. A business degree opens the door to a myriad of jobs, which range from casual to formal roles. As a business development manager in the healthcare industry, you might choose a more traditional resume template. On the other hand, if you plan to your use your business degree to be a project manager in the travel industry, a creative resume template could work well.

Within your resume’s contact header, add the business title you desire beneath your name. Get this information directly from the job description. For instance, a business development specialist might also be called a business development associate or business development representative. Adding this professional touch is one way to show the company you care about getting the details right.

If you have a master’s degree in business, list that first. Follow that with your bachelor’s. If you’re freshly graduated, consider adding relevant coursework, such as Principles of Operations Management or Business Finance, beneath your most recent education as well as your GPA if it’s above a 3.5 and any academic awards that are relevant to your degree.

Ask yourself how your work tangibly impacted a company or further developed its operations and processes. Did you identify gaps in reporting, which led you to oversee the development of more robust documentation? Did you experiment with pricing to improve customer lifetime value? Did you increase annual revenue through a referral program you created?

Your resume’s job description bullet points are a chance to share quantifiable business accomplishments rather than daily responsibilities. And your business cover letter is the perfect place to dive into the details of how you made those accomplishments happen.

Your business background means you could be skilled in communication, CRM, negotiation, employee onboarding, or even technical abilities like SQL, Python, or data analysis. It depends on the direction you’ve gone and the company’s job description that’s caught your attention. Try jotting down your skills. In a new column, jot down the skills mentioned in the job listing. Which ones are the same? Those are the business skills to include in your skills section.

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Click here to directly go to the complete business resume sample.

If you are looking for business resume samples as a reference to build your business resume in 2022, you are on the right platform.

We are trying to help every business professional grow better this year with our career-building assistance.

Every year, millions of college graduates earn their degrees and diplomas in respective niches across the USA .

After graduation, most students search for jobs to kickstart their careers. If you are a recent business graduate looking for a job this year, we are helping you bag one with a professional business resume.

Irrespective of your graduation year and work experience, we are helping all business graduates build an impactful business resume by answering the following questions:

• How to make ATS-optimized business resumes from scratch?
• How to perfect each section of your business administration resume?
• How to correctly endorse your business resume skills in your resume?
• Whether to write a business resume objective or a business resume summary?
• How much a business development manager makes in the United States?

What Is a Business Resume & Why Do You Need It?

A business resume is a profile-specific resume for business professionals.

It is a document consisting of important information such as your employment details, internship history, educational background, etc. This information put together paints a complete picture of your professional existence.

If recruiters like what they see in your business development resume, you get shortlisted. And if your resume does not convey what the recruiter looks for in a resume, you don't get shortlisted.

It all boils down to one thing:

Your business development resume should be industry-relevant. Additionally, it should also be ATS-compliant.

Writing an ATS-compliant business development resume is the need of the hour because of the increasing use of the ATS (applicant tracking system) software to simplify their shortlist requirements.

So your goal here is to write an ATS-compliant business development resume , and we are here to help you do it.

How to Write Your Business Resume

Most people complain that writing a business administration resume is too stressful. It takes too much time, yet it fails to meet the perfection standards that a shortlist-worthy resume needs.

Hence, following the right approach to resume-writing helps. It holds the power of helping you write a resume without needing to revisit each section all over again.

Given below is a list of the 3 stages to resume writing that you should follow:

• Stage 1: Master Business Resume
• Stage 2: First Draft of Business Resume
• Stage 2: Final Draft of Business Resume

Master Business Resume

Making a master business resume is the first stage of resume writing.

In this stage, your only job is to compile all your information. Be it your work experience details, educational information, internships, or volunteering experience - collect all your data and dump it in one place.

Doing this helps you in two ways:

Resume writing in the present : The best thing about a master business resume is that it eliminates the need to look for information explicitly. It will help you use all your personal, professional, and educational details effectively without any confusion.

Resume update in the future : The next utility of making a master business resume lies in its capacity to help you in the future as well. Not looking for information means that you don't miss out on any information. Moreover, this ensures that none of your work experience or past activities is overlooked. Your only job is to objectively streamline the information that you need and update your resume - must the need arise.

First Draft of Business Resume

In this stage, you have to add the suitable resume sections that we have mentioned below:

• Personal Information
• Profile Title
• Professional Experience
• Certifications (if any)
• Awards & Recognition (if any)
• Additional Information (if any)

Final Draft of Business Resume

The final draft stage marks the conclusion of your business development resume. In this stage, wrap up your resume by composing the sections we have mentioned below:

• Key Skills Section: To be framed second-last, right before the summary/objective.
• Summary / Objective Section: To be crafted at the end.

Before you compose your business resume summary/business resume objective, conclude the key skills section. The key skills section lists all your specific business resume skills that mark your professional caliber.

After concluding the key skills section, draft a business summary or a business resume objective. Either way, make sure that they sufficiently sum up your entire resume in a 3-5 line paragraph.

Business Resume Sample

Take a look at the below-given business resume sample to know all the essential points of a business resume building process:

• Executed business deals successfully by undertaking in-depth market analysis
• Reported directly to the Manager and successfully closed 10+ deals to accomplish stipulated monthly targets
• Conceptualized & implemented aggressive sales initiatives for effectively diversifying revenue streams & boosting growth
• Directed business promotion /marketing initiatives and efficiently processed customer queries & complaints
• Delivered intricate marketing/sales presentations to key stakeholders & interfaced with senior-level decision-makers
• Analyzed & forged strategic relationships , alliances & partnerships to leverage significant long-term business opportunities
• Rendered Independently secured high-worth & high-profitability accounts with 90% retention & client loyalty levels
• Ensured excellent customer care and efficiently directed resolution of major issues to achieve 100% positive reviews
• Appointed in-charge of maintaining all statistical/financial records & documentation for complying with client specifications
• Fulfilled client requirements & networked with 30+ potential clients demonstrating an interest in company products
• Created and maintained relationships with 100+ clients & key stakeholders to effectively achieve pre-established targets
• Boosted revenues by coordinating with field executives, tracing non-contactable customers & conducting field visits
• Administered ~50 follow up calls daily, in addition to convening and attending meetings for reviewing sales performance
• Discerned & implemented product enhancements , in addition to directing initiatives for New Product Development
• Conducted competition analysis & deployed in-depth knowledge of latest industry-based trends & marketing developments
• Identified business opportunities by examining & analyzing prospects and evaluated their position in the industry
• Spearheaded research initiatives to scrutinize sales options & liaised with channel partners for resolving sale queries
• Bolstered the quality of advances / deposit portfolio by optimizing deliverables as per customer requirements
• Forged robust business relationships with key customers to enhance market position & achieve 100% targets
• Top 3 percentile of the class
• Top 10 percentile of the class
• Digital Marketing | PACE Digital Marketing | New York, NY | Jun ‘17
• Languages : English, Spanish, German
• Hobbies: Human Psychology and reading entrepreneurship books

Business Resume Sections

The rule of ATS compliance demands that your business development resume is impeccably organized and spaced out.

The resume sections helps you categorize your information and allow you systematically communicate information.

We have mentioned a list of the must-have sections for your business development resume:

• Summary/Objective

These sections are the pre-requisites of all resumes. Your business development resume should organize information under these sections.

Make sure that your resume has all this information at a minimum.

You can also use the following sections if you have more information to add to your resume:

Business Resume: Professional Experience

The professional experience section is the star of your business development manager resume.

Being the foundation of extremely crucial work details, this section holds a lot of importance. Having the suitable qualification and the right experience won't make a difference if this information is not presented correctly.

Here are some things you can do to get this section closest to perfection:

• Frame points
• Use the STAR format
• Use Grouping & Highlighting

Framing Points

We will begin with the importance of framing points.

Communicating information using one-liner points makes a world of difference to the readability of your business resumes vis-a-vis paragraphs.

A commonly held consensus is that paragraphs are not suitable for your resume and thus, should not be used.

Mentioned below are two business resume examples to demonstrate this argument:

Business Resume Example 1

"As part of my roles & responsibilities as a business development executive at company X, I was responsible for the critical task of researching the market and studying the competition to analyze potential gaps in our business and come up with relevant solutions. As a result, I was able to come up with meaningful solutions to improve our company's market positioning and suggest changes in our products & services to meet the market standards & beat the competition. By working alongside channel partners, I could find meaningful resolutions to impending sales queries and further scrutinize our sales options. Additionally, I examined prospects and evaluated their industry status and position to identify new business opportunities for the company."

Business Resume Example 2

• Forged business relationships with key customers to improve market position
• Liaised with channel partners to resolve sale queries and scrutinized further sales options
• Identified gaps in our products and services to enhance their overall functionality and effectiveness
• Analyzed the market and studied the competition to determine subsequent step actions
• Examined prospects and evaluated their position in the industry to identify new business opportunities

Framing Points: Analysis

The above-mentioned business resume examples present us with the following observations:

• Business Resume Example 1 uses one lengthy paragraph to communicate the same message as Business Resume Example 2, which uses crisp one-liner points.
• While Business Resume Example 1 is hard to read and comprehend, Business Resume Example 2 succeeds in the readability aspect. It is reader-friendly and easy to understand.
• Moreover, Business Resume Example 2 also uses action verbs to begin each point. The action verbs used here include 'forged', 'liaised', 'identified', 'analyzed', and 'examined.
• Doing this gives your business development manager resume a tone of confidence and professionalism, which makes your roles & responsibilities more attractive to a recruiter inspecting it.
• Our advice? Use one-liner points instead of paragraphs to communicate your roles & responsibilities.

STAR Format

Using one-liner points makes your resume more readable. But just because it is readable doesn't mean that it is effective.

Focusing on the effectiveness of your resume is an excellent resume writing tip.

Using the STAR format creates the desired results and helps enhance the effectiveness of your resume.

If you're curious, the STAR format stands for this:

• S stands for situation : The situation/backdrop/context of your contributions
• T stands for task : The actual job that was assigned to you
• A stands for action : The strategy you used to execute the assigned task
• R stands for result : The result/outcome of your action in the form of an achievement figure

Using the STAR format optimizes each point as it helps you show the reasons behind your actions and the corresponding result/outcome.

By using numbers, you're also able to draw the recruiter's attention to the utility of your professional expertise, thereby enhancing your shortlist chances.

Thus, use one-liner-points and optimize them by using the STAR format.

Grouping & Highlighting

Next up is grouping & highlighting.

Congratulations on coming this far.

Now that you have made your resume more readable, your next task is to enhance its visibility by employing simple tricks. This is where grouping & highlighting can help.

Here are two business resume examples to showcase this point.

• Handled ~50 follow-up calls daily to educate the customers and boost sales
• Conceptualized & implemented workable sales initiatives to boost growth by 60%
• Collaborated with ~3 business executives to close 10+ deals every month
• Coordinated with field executives and led field visits to attain sales targets
• Networked with 30+ potential clients leading to 50% improvement in client acquisition
• Conducted in-depth market analysis to understand the market and launch marketing campaigns
• Forged relationships with potential clients and maintained relations with key stakeholders to ensure business optimization

Sales & Business Development

Networking & Relationship Cultivation

Grouping & Highlighting: Analysis

The business resume examples illustrated above present us with the following conclusions:

• Business Resume Example 1 uses one-liner points, but it doesn't do enough to ensure that the topics are getting read . This gap is covered by Business Resume Example 2, which uses grouping & highlighting to organize these points.
• Grouping is the practice of grouping similar points under unique subheadings, whereas highlighting is the practice of marking your career highlights using bold.
• The combined effort of grouping & highlighting diverts the recruiter's attention to the applicant's essential responsibilities and career highlights without looking for them explicitly.
• Thus, you should use grouping & highlighting alongside one-liner points to showcase your roles & responsibilities in the most impactful manner.

Resume Sample for Professional Experience

Given below is a sample business resume showcasing the ideal professional experience section .

It uses one-liner points, grouping & highlighting, and the STAR format in each moment to enhance the effectiveness of your business development manager resume .

Business Resume: Key Skills

Here's what you can do to optimize the key skills section of your business resume:

Pick your core business resume skills from the professional experience section : Doing this helps you identify your core skills as a business professional and helps you articulate them in your business management resume with perfection. As a rule of thumb, avoid using phrases such as 'experienced in' in this section. Keep it crisp and to the point. Eg: 'Sales & Business Development', 'Key Account Management', and 'Stakeholder'.

Organically incorporate keywords to make this section ATS-optimized : Your business resume skills won't help you if you don't have the skills that a hiring body needs in a new hiree. In other words, you need to optimize this section and give the recruiters what they're looking for. You need to show that you have the right skills to qualify for the job in question. A great way to do this is by identifying the keywords posted in your target job advertisement and replicating the relevant keywords in your resume.

Here's a business development resume sample showcasing the perfect key skills section. In addition, it demonstrates what this section would ideally look like once you incorporate your business resume skills into it.

Business Resume Summary or Business Resume Objective?

A much-heated debate is whether you should use a business resume summary or a business resume objective .

To better understand this, we will first discuss the summary and then move on to the objective.

You should write a business resume summary only if:

• You have over 3 years of work experience.

On the contrary, you should write a business resume objective if:

• You have no work experience.
• You don't have a minimum of 3 years of work experience.

Now that you know what to write, we will now discuss what you should optimize your resume summary/objective:

• The goal of a business resume summary and business resume objective is the same. It needs to communicate your suitability and idealness for the job you're targeting.
• Whether you have enough work experience or not, make sure that you articulate the points that make you the best candidate for your target job.
• To write these sections with objectivity, compose them at the end: Doing this saves you the unnecessary trouble of writing a business resume summary or objective in the beginning to revisit it at the end.
• Moreover, it ensures that you haven't overlooked an important aspect of your qualifications and professional prowess that must feature in this section.
• Make sure that your resume or objective does not exceed 5 lines for maximum effectiveness. Ideally, keep it confined to 3-5 lines.

Attached below is a sample business resume showcasing the ideal resume summary for your resume.

Also Read: How to build a Business Analyst resume in 2022?

Business Resume: Header

Most people make the blunder of writing a "CV" or "Resume" at the extreme top part of their business administration resume . If you're doing this too, it's high time to stop.

Follow the steps that we have mentioned below to give your resume header the much-needed touch of perfection that it fittingly deserves:

• Your full name is the de-facto resume header of your business administration resume. This should feature at the top-most part of your resume.
• Write it in the largest font size of 16-20 font points to guarantee that it's the first thing a recruiter notices when evaluating your resume.
• Doing this tells the recruiter that the resume belongs to you. It also keeps your resume from getting mixed up in a sea full of business resumes that bombards a recruiter's email.
• If you have a middle name, write your first name, followed by the first initial of your middle name in capital letters, followed by your last name. Eg: If your name is Catherine Margaret Scott, your resume header should be "Catherine M. Scott".

Here's a business resume sample illustrating the ideal resume header for your resume.

Business Resume: Personal Information

This section of your business administration resume should communicate contact-centric information about you, such as:

• Updated mobile number
• Professional email ID

Current Location

This section of your resume is the most overlooked section of your business administration resume. However, it is just as important.

Being the hotspot of your contact information , this section should be correctly composed as the smallest of blunders would keep an interested recruiter from getting in touch.

In other words, it can practically cost you a potential job offer!

So make sure that all the components in this section are perfected. We will now dive into each section to tell you the key pointers you should remember while drafting this section:

Updated Mobile Number

Follow the below-listed guidelines:

• Provide only one functional mobile number in this section.
• Use your country’s ISD code as a prefix before your phone number.
• Put a plus sign (+) before the ISD code.
• Eg: +1 37648 21511.

Professional E-mail Address

Follow the guidelines below to write a perfectly composed email ID:

• Make sure that your email looks professional.
• Avoid using childish email IDs such as '[email protected]'.

Here is a list of guidelines you should follow for a perfect location:

• Your location should use the city/state code format for job applications in your country of residence and the city/country code format for job applications in outside countries.
• Avoid putting irrelevant information such as your house number, street number, and your locality as it is unnecessary.

Business Resume Sample for Personal Information

To know what an ideal personal information section should look like, take a look at the business resume example we have mentioned below.

Business Resume: Profile Title

Profile titles are important to your job application process. It communicates the following career-centric information to the recruiter:

• Your current designation, a.k.a job title.
• Your functional industry (finance, tech, fashion, marketing, sales, etc.)
• Your level of seniority.

The information mentioned above dictates if you would be suitable for a given job position and what your compensation should be if selected.

Given its importance, your profile title should be sufficiently highlighted. Here's what you can do to enhance its visibility:

• Write your profile title in the second-largest text in your resume.
• Use the font size of 14-16 points to endorse your profile title.

Meanwhile, get your hands on our AI-powered Resume Review Service to get an in-depth and constructive analysis of your resume within minutes of uploading it on our tool.

Keep an eye out on the bottom-left corner of this page and click on the AI-review button to avail of this service.

Given below is a business resume example showcasing what an ideal profile title should look like:

Business Resume: Education

The education section of your resume is the breeding ground for important education-centric information such as:

• Name of the school/university you have attended.
• Name of the courses you have pursued.
• The location of your school/university.
• Enrolment and graduation dates in month & year format .

Here's a sample business resume showcasing what this section should ideally look like once filled with the above-illustrated points.

Also Read: How to build IT Business Analyst resume in 2022?

Business Resume: Certifications

As a business developer or a business executive, what can you do to project your qualifications for the job?

The answer lies in holding relevant certifications .

So if you have done any relevant certifications, put them down in this section of your business professional resume.

Make sure that this section communicates the following points:

• Certification course name.
• Name of the institute of affiliation.
• Location of the institute of affiliation.
• Enrolment and completion date of the course in month & year format .

Arrange these points in the below format:

{Name of Certification} | {Affiliating Institution} | {Location} | {Date} (month & year format)

Here's a sample business resume showcasing what an ideal certifications section looks like when listed in your business professional resume.

Business Resume: Additional Information

Do you have additional communication points that do not fit into other sections of your resume?

Do you speak multiple languages?

Or have relevant hobbies that might give your job application a much-needed boost?

If you do, compile this information and illustrate them in a separate 'Additional Information' section of your professional business resume.

The sample business resume that we have attached below illustrates this:

Business Development Manager Salary

The average business development manager salary in the United States is $72,553 . However, you will see salary fluctuations in different parts of the country based on various factors, including:

• Size of company
• Location of company
• Work experience
• Educational qualifications

Business Development Manager Salary Difference in Different US Cities

Have a look at the highest paying cities for business development managers in the United States:

Key Takeaways

Building a business resume can consume time and puzzle you up as everyone want to appear better than others in recruitment processes. You can follow these guidelines to create a job-winning business resume in 2022.

• Use the month & year format for all the dates in your business resume.
• Use the city/state code format to showcase the location in your resume for job applications in the country of your residence and the city/country code format for job applications in outside countries.
• Make a separate 'key skills' section to endorse your business resume skills. This will distinguish your skills and help them stand out like fireworks on the fourth of July.
• Make a 'Key Achievements' group at the end of your respective work profile to endorse an outstanding achievement in that specific organization. Doing this will help you show how you proved to be a pivotal part & parcel of the organization you worked with due to your professional expertise.
• Use numbers to quantify your achievements. Doing this helps you pinpoint your professional contributions and how they benefitted the organizations you worked with in the past. This is important as it shows a promise of efficiency.
• Use one-liner points to endorse your roles & responsibilities and begin each point with an action verb. Eg: "directed", 'organized", "boosted", "administered", etc.
• Use action verbs in the past tense for past profiles and present continuous tense for current profiles.
• Write a business resume summary only if your work experience transcends 3 years. If it doesn't, write a business resume objective.

Whether you're writing a business student resume , a business administration resume, or a business development resume, this blog will help you write a stellar resume irrespective of the career stage you are in.

Go to Hiration resume builder where you can get 24/7 professional assistance with all your job & career-related queries and create a professional resume for yourself.

Additionally, reach out to us at [email protected] .

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

• Foundations

The Definitive Guide to Writing a Business Plan

| Written by

This free step-by-step guide to writing a business plan was built just for you, if you aren’t really sure what planning a business is all about. To save time, stress and energy we’ll walk you through everything you need to know without fluff or heavy brain work.

Instead, we’re focusing on the basics. If you’re looking to create a super-dense collegiate 40-page plan, then you should probably take a business planning course at the nearest college.

This guide just covers what your average startup needs to dramatically increase chances of follow-through and success. Enjoy!

Note: Business planning software  can help you write a professional business plan that will lead you to success.

Step 1) Create A Business Plan Shortcut

For the sake of argument, let’s say you’re the most gifted cat burglar on earth– a real savvy savant of the steal. Put yourself in the mindset where strategy and planning are time-erasing pleasures, delicious treats that reward you with immense prosperity– not complex tasks that can be skipped or shelved.

Too many entrepreneurs perceive putting a business plan together as some kind of chore. It’s not. When the product or service is something you believe in, it’s as awesome as it is for those cat burglars in the movies, except you’re plotting honest work.

Fact : It’s possible to create your initial business plan in less than an hour!

Let’s build a “lean plan” that’s simple to create and helps you identify core assets. You start with a pitch, a single page overview which can become your executive summary later on. It’s your business strategy all on one page that’s easy to update as you evolve.

You may be thinking,

“ Wait a minute. If I’m not raising money from investors, why do I need a pitch? ”

Well, after years working with entrepreneurs we’ve found a pitch is really the ideal format to document your business idea , share it with others, and quickly adjust as you learn more about/analyze how you’re going to build your brand.

Furthermore, once you have your pitch done you can easily convert it into a presentation-ready business plan with massive clarity. To begin, follow the simple outline below or allow tools like LivePlan (what we used for Startup Savant) to walk you through the entire process with examples and video tutorials.

What To Include in Your Pitch

As you tackle your one-pager, mentally channel Twitter and try to keep each section as short/concise as possible– the size of a solid tweet.

• Mini-Pitch : Typically a refined sentence summarizing your USP (unique selling proposition).
• Market Need : The problem your business solves for your customers.
• Your Solution : How you’re solving the problem through your products and services.
• Primary Competition : The products and services your customers choose today instead of yours.
• Target Market : This is where you detail your ideal client and niche.
• Sales & Marketing : How you plan on marketing.
• Budget & Sales Goals : How much do you project/calculate you’ll sell and how much is it going to cost to make your product or deliver your service? Also, show other key expenses when your business is up and running.
• Milestones : What you’ve achieved so far and your major goals for the next few months and years.
• Team : Why you and your team are the right people to make your company successful.
• Partners & Resources : List primary companies/organizations needed to go the distance.
• Funding Needs : If you need to raise money, how much and where will this capital be going (channels)?

That might seem like a fair amount of work if you’ve never put together a real pitch before, but remember, that’s just one page of content. Another way to look at it is a one page resume for your business.

A Couple Writing Tips

First, you start with the putty. Don’t try to self-edit or curate, just barf everything out on paper as it flows from your brilliant mind. Format each section out and just let it go. That’s putting the basic shape together.

Now you need to let it dry, so walk away for a day (week) or two. After that, begin chipping away and condensing. Cut the fat and keep tightening the ideas until you’re down to one page. Be brutal! Stick to the facts. Numbers are easier, but when you’re tackling words remember the average person these days has a shorter attention span (if not compelled by your ideas) than a goldfish.

Taking Action on This Step

Create a pitch outline from the points mentioned above and refine down to one or two sentences. If you need help, check out LivePlan. It’s a solid tool that walks you through the entire process. Plus, they offer a 50% Discount .

Step 2) What To Include in Your Plan

Now that you have a running outline, it’s time to go deeper into the framework of your platform.

Perhaps you’re thinking the one-page pitch is all you’ll need? That would be like going on a road trip in unfamiliar territory with a map that only shows destinations– no routes, no roads, no other icons whatsoever. Even if you never plan on showing this to anyone, the process of creating a solid plan optimizes everything about you and your business! Here’s a quick overview of what you need to include in your business plan:

• Cover Page/Pitch
• Executive Summary
• Products & Services
• Target Market
• Marketing & Sales Plan
• Milestones & Metrics
• Company & Management Team
• Financial Plan

If you need extra space for product images, detailed financial forecasts, or general additional info, use the appendix. There are three layers of complexity here. First, your pitch with a very brief summary. Then, your Executive Summary that adds details and context. Then into the finer points of the overall business plan.

Not too shabby, right?

Taking Action on The Step

Please revisit your pitch and find a good way to optimize it just a smidgen. The better your pitch, the better the overall plan.

As you fill in the structure, first focus on providing “mental barf” data you can go through and optimize later. Remember, if you need help, LivePlan will walk you through the entire process with video tutorials and examples.

Step 3) Create a Unique Selling Proposition

When copywriters are given a business idea to optimize, they often begin by defining the USP (unique selling proposition) and mini-pitch. A USP can be just a couple words or an incomplete sentence, while the mini-pitch is usually one or two concise sentences.

Just in case you’re fuzzy on the whole copywriter thing, these folks are paid big bucks to write sales and marketing copy which often includes core slogans.

As an example, here’s what the USP and Pitch for Startup Savant sound like:

USP : “ Entrepreneurship Simplified “

Pitch : “ Startup Savant is a free website that shows you how to start a business and own your future .” Now let’s get past the “How to Write Your USP 101” stuff and dive straight into three core truths.

USPs & Pitches Evolve

The first thing a copywriter will tell you if you’re struggling with this is to relax. They know sales and branding copy optimizes (matures) over time, especially in the first 2-5 years in business.

If possible, avoid thinking your USP is set in stone, never to be altered. It’s more like a sculpture that the market chips away at. Your pitch evolves as you and your platform do. What matters is whether your USP & Pitch are as refined as they can be based on where you are now.

• USPs can be creative & full of personality, but they also need to make sense.
• Is your pitch wordy and confusing? Hazy or unclear?
• Sometimes you have the right words, they just need to be in an optimized order.

Always be ready to “kill your darlings” as copywriters would say. Meaning, get rid of any and all words,

“ That aren’t necessary for the idea or concept you’re conveying to make perfect sense within the context it’s delivered, and to whom it’s being written to. ”

You can begin with half a page, but systematically chisel down to a core concept like, Entrepreneurship Simplified.

Your Ideal Customers Will Do It For You

Copywriters care what you have to say as a business owner or marketing manager, but they know you’re not the ultimate authority in terms of advertising copy.

They’re writing for buyers. In any and all ways your business can optimize over the years, your customers, clients and users should steer the course as much as possible. Be on the lookout for their valuable signals and indications!

Hop at 20 Questions

Copywriters ask TONS of questions. They’re a bit like copy-detectives in how they search high and low for very precise data from their clients. Never fear giving your users, clients or customers a megaphone with which to bark their concerns.

We all love sharing our opinions, right? Yes we do. Let us. Prompt us. Ask us. Bribe us with incentives and discounts… then listen… carefully. Easily 9 out of 10 entrepreneurs are given the ultimate USPs on silver platters by their customers but fail to recognize when they see, read, or hear them.

• If you’ve been stressing on your USP, relax. If it doesn’t feel perfect right now, or 100% distilled, let it happen naturally.
• Your audience can and will steer the course if you choose to notice their cues. Ask three people you haven’t spoken to before how they feel about your product or service.
• Are there any indications out there waiting to be plucked? Blog or social media comments and reviews are primary starting points. It only takes one solid indicator for the magic “pivots” to cause your business or brand to see huge boosts.

Step 4) Crafting the Executive Summary

In brief, what exactly is an executive summary? An executive summary (ES) is an overview of your business and your vision. It comes first in formal/informal business plans and is ideally 1-2 pages.

The ES introduces your business to your reader. If you don’t nail it, no one’s going to read any further. And if an ES sucks, despite it being professionally crafted, then the business model itself needs work or isn’t worth your time. Every ES should include a brief overview of the following:

• The problem your business addresses.
• Your solution.
• Your target market.
• Why the timing’s right for your brand.
• Financial forecast highlights, along with initial/current customer acquisition costs (CAC) and lifetime customer value (LCV).

If you’re raising money or presenting to investors, you’ll also want to cover:

• Your existing team and partners.
• How much money you’re looking to raise and the type of exit strategies in place.

Ideally your ES should fit on one or two pages and be able to stand alone, apart from your business plan. A common strategy is to send your ES out to investors/family/friends and then the complete plan if more detail is requested.

Remember to try and position your writing for people who don’t know anything about your business before they start reading. Explain things simply so that anyone can understand your opportunity, whether they be an in-tune player, an 8th grader, or a grandma.

• Over the next couple weeks, refresh your ES!
• Who is the first person you’re going to send your ES to that has no real previous knowledge of what your business is? It helps having someone in mind when writing.
• Find one amazing ES to read over and see what you can learn from it. Here and here are two great examples.

Well done, in the next step we’ll help you explain your product or service and how it makes an impact on customers.

Step 5) Understanding Customers

Once upon a time there was this lovely, vibrant and ambitious entrepreneur who decided to sell organic breast enlargement cream. It sold well for a while, but then her numbers plateaued, and eventually began to decline.

She knew her business needed a makeover after years in the trenches. So, she created an automated incentive program, a 25% discount coupon code offer sent with every order in exchange for an anonymous review with a photograph. Just a simple before/after image showing the front of their body from neckline to belly button (to confirm usage).

They started rolling in and here are the gems she unearthed :

• A small portion of her customers were husbands buying a discreet gift for their wives/girlfriends, but most (85%) were transgender folks in transition.
• For the vast majority of her cis-female customers, larger breasts had more to do with enhancing self-esteem/identity and filling out clothes than attracting mates.
• Almost 100% really hammered down on the fact her cream was all-natural, organic and didn’t cause irritation or allergic reactions.

She went back and dusted off her original copy she put together years before.

From: “ A certified organic breast enlargement cream. ”

To something more along the lines of: “ Increase confidence and femininity through an organic non-allergenic breast enlargement cream. ”

When stuck in a rut, and we all get there as entrepreneurs, the quickest and most effective way out is to look at your predicament from different perspectives.

Begin with the fundamental question, “What problem does my product/service solve for customers?” then look deeper and from unique angles. Who are your buyers? They have the answer. And remember, actions speak louder than words.

Oftentimes we rationalize buying things for one reason, but in reality have a more potent ulterior motive. Sure, her customers want larger breasts, that’s what prompt initial sales. But the needs her product solves in their day-to-day lives are more interesting. It actually made her customers feel more confident, happy, and healthy.

Find one deeper way your product or service materializes in everyday life for your customers. Pay close attention to the simple verbiage you and others use to describe it, e.g. “Your earphones really get rid of all the noise on the bus.”

If possible, get hold of one fresh buyer perspective. Who and where are they? That woman in our example had spent years excluding nearly half her customer base in her advertorial copy. Do you use your own product or service? If so, find a way to record yourself explaining it in the most natural language possible. Use a smartphone or leave yourself a voicemail. Then, just listen.

But wait, what if you’re just starting out and don’t have much to draw on in terms of direct customer or user feedback? Glad you asked! In the next section we’re going to talk about competition, which is another valuable source of indicators.

Step 6) Leveraging Competition

What products and/or services are people choosing instead of yours?

Whether you’re new to the market or not, these so-called “competitors” are really the ideal source of optimization for your brand. And it’s not about being better per se. All things equal, it’s more about uniqueness.

Would you rather be a prettier, more flashy brand trying desperately to stand out, or develop intense brand-character that the right people notice? Once you’ve narrowed down your competitors, look at them from new angles to discover what makes you distinctive.

• Can they help you better define your target market/sub-markets?
• How effective are their social media marketing methods and website copy?
• What do you know about their buyers’ needs?
• What do they make “stand out” when shoulder to shoulder with your brand?

A common practice entrepreneurs use in pitch presentations to venture capitalists or investors is the Comparison Matrix.

You’ve seen these a zillion times. In short, list your competitors across the top of the page and your features and benefits along the side, then check the boxes for which company offers each. Don’t forget you can be creative here. You may even already use one of these on your website, or within some other marketing media.

• Could these features and benefits be communicated in different, more compelling ways?
• What real need-based copy is being left out?
• How can you simplify it? An easy way is to reduce the number of competitors, so shoot for less players with more interesting copy.

Got time to put something simple together? In reality what we’re looking for are the things about your competitors that help you stand out.

• Think about your biggest competitor: what do they make obvious about your brand?
• What are you doing with more personality from the perspective of ideal clients or customers?
• Could you take your primary competitor’s copy and make it clearer, or more optimized?

All in all, understanding your competition is an important part of the planning process. This is where you find your true competitive advantage.

For a more in-depth look at how you stand up to the competition, check out LivePlan’s Benchmark feature. You can see at-a-glance how you compare to companies just like yours. Tell LivePlan your industry and location, and it shows if/how you’re doing better or worse than your competition.

Now let’s talk about your unique marketing approach. This will help you stand out and connect with your customers on multiple levels.

Step 7) Create a Marketing Plan

Fred is a brand spanking new entrepreneur with a neat new fitness product he believes is going to make a big splash.

He knows exactly who his ideal customers are and his niche is carved out like a Renaissance marble sculpture. Fred’s also managed to get his hands on $100k in debt-free funding (don’t ask us how, this is hypothetical)…

• His product costs exactly $32 to source, make and package.
• To be competitive, and account for shipping/processing, he’s going live at $55.
• Initial margin is about $13 per sale.

Admittedly, that would be pretty amazing, but that’s because we’re coming from a standpoint of experience. Fred’s just showing up to the 21st-Century party. He’s never built, owned, or managed a business before, let alone an ecommerce platform.

He’s never outsourced a graphic artist or content writer before; never had to choose which analytic dashboard to use; never designed a conversion model or tangled with paid advertising platforms. Let’s say Fred called and begged us to lunch. We accepted. And so there we are, the three amigos with Fred sitting on a huge meal ticket drooling for answers.

“ How Do I Market My Product? ”

Once the table conch gets passed to us, we’re going to hit him hard with massive bombshells:

• Tight responsive funnels can be constructed in a couple months with the right designer, or design agency (website, landing pages, ecommerce setup, branding packages, etc.).
• Initial market testing and adjustment can be bootstrapped.
• There are a variety of intuitive and relatively simple software tools, apps, plugins, add-ons, and cloud-based solutions that range from free to expensive.
• It takes a savvy mix of highly-focused content, social exposure and paid advertising.
• It takes a team.

Question is, what advice would you give Fred? That’s what we’d like you to consider. And it needs to be marketing-based. The money’s there, the production system’s in place, it’s just a matter of reaching his fitness-based audience and selling.

Let’s imagine Fred’s offered you a lifetime, no questions asked, 5% share of his company from now till doomsday. All you have to do is provide valuable direction in these three areas:

• Content : What kind of content should he invest in? Blogs, video, infographics, imagery, etc.
• Social : How to handle social media if he a) doesn’t have the time, b) has no clue what works?
• Paid Advertising : AdWords? Facebook? TV? Magazine ads? How does he get to buyers?

Just let your mind wander, and don’t worry, in the next section we’ll talk about setting milestones for your business.

Step 8) Set Milestones

If there’s one specific part of the entrepreneurial journey that we get really nerdy about, it’s the way people verbally describe their trials and successes. We’re listening intently for clues as to how they set milestones and metrics and then track them.

Let’s spend some time pondering the way(s) you’re measuring your journey and how you approach KPIs (key performance indicators) in relation to both your marketing and your competition. Or, if you’re trying to figure out how viable a product idea is, how you’re calculating acceptable setbacks and struggle.

What have you achieved so far and what are your major goals for the next few months or years?

Sure, it’s cliché to talk about tracking milestones in an era of big data, but truth be told too many aspiring entrepreneurs either skip this part until much further down the road when it can’t be ignored anymore, or they only take it seriously in the beginning then fail to stick to the plan.

Avoid Drowning Out Customer Journey!

Of course there are folks who obsess on this part and try to manage a small army of analytic dashboards and amazing software solutions like FreshBooks or Xero.

Once it becomes too much they end up transforming their perspective of the customer journey from something organic into a mesh of math and graphs. Most of their day is spent pouring over dense numbers or marketing data and trying to figure out how to alter this metric or that.

• How many of your milestones are focused entirely on your customers instead of you and your business?
• Instead of views, likes, and shares, what about the amount of service calls you’re getting? How many people are actually reaching out with questions and concerns?
• How well do your metrics allow you to understand each part of their trek from initially discovering your business to making a purchase?

Find ways to do more with less data. It’s always within reach these days, especially when you’re tuned in to your customers!

• Find one way to streamline how you’re dealing with milestones/metrics, or how you intend to.
• Also, look for one single way to be more holistic in your approach to setting goals.
• Find a part of your customer journey/behavior and decide if current metrics help or hinder it.

Need help in this area? LivePlan has a really impressive dashboard  to help you set goals and stay accountable over the lifetime of your business. This dramatically increases your chances of success.

Step 9) Refine Aquisition Costs

Without question, failure to clearly know the cost of acquiring customers is a mighty new business demolisher. It’s crushed more entrepreneurial dreams than every economic collapse combined since the creation of fiat currency. To come to grips, or optimize your Customer Acquisition Costs (CAC), begin by figuring out exactly how you’re reaching customers.

Or, if you’re building an initial business plan, how much will it cost to reach buyers on the platforms where they spend their time? Your financials should easily allow you to calculate CAC.

Now, in the simplest terms here’s how:

• Take (estimate) the entire cost of sales and marketing over whatever period of time you’re dealing with, for example when forecasting sales and financials. Make sure to include salaries and any other headcount-related costs.
• Divide that number by the amount of buying customers/clients/users that were acquired within this time.

If you happen to run a purely web-based business, headcount likely doesn’t need to grow as you scale customer acquisition, but it’s a useful metric to include nonetheless.

The second part of this is your Lifetime Customer Value, or LCV, because in most cases 80% of your revenue will come from 20% of overall customers and happen AFTER the initial sale. Never shortchange the follow-through!

If your CAC is too high, it must be able to come down through optimization. If LCV is horrid, then in the long run it’s an unsustainable business model. Or in other words, once CAC exceeds LCV, something needs to change or you’ll have to close shop.

• Begin looking at one stream of cost per lead. So for example, maybe a Google AdWords or Facebook advertising campaign.
• What’s one single way you could get more in touch with a hot-spot within your customers’ buyer experience?
• Let your mind stew a little on the level of ‘touch’ required to increase LCV. How can you up-sell or generate more revenue from each customer long term?

After you make these calculations three or four times, it starts becoming second nature. LivePlan’s forecasting  handles this pretty well. It walks you through creating expenses that are a certain percentage of sales.

Step 10) Forecast Sales

Smart entrepreneurs start forecasting sales early on.

And while ‘the numbers’ part of business planning can be intimidating, this exercise is definitely a small mountain worth karate chopping down.

Keep in mind that if you get stuck at any point, LivePlan’s Forecasting and Budgeting  feature is extremely helpful. Whether you’re starting a bakery, a subscription software business, or a manufacturing company, LivePlan walks you through the entire forecasting process within a few clicks.

How Detailed Does it Need to Be?

Don’t be too generic and just forecast sales for your entire business. But on the other hand, don’t go nuts and create a forecast for everything you sell if you’ve got a large assortment.

For example, if you’re starting a restaurant you don’t want to create forecasts for each item on the menu.

Instead, focus on broader categories like lunch, dinner, and drinks. Or if you’re starting a clothing brand, forecast key categories like outerwear, casual wear, and so on.

Top-Down or Bottom-up?

In our humble opinion, forecasting “from the top down” can be costly. What that means is figuring out the total size of the market you’re in and trying to capture a small percentage.

For example, in 2015, more than $1.4 billion smartphones were sold worldwide. It’s pretty tempting for a startup to say they’re going to get 1% of that total market. After all, 1% is such a tiny little sliver it’s got to be believable, right?

The problem is this kind of guessing isn’t based on reality. Sure, it looks like it might be credible on the surface, but you have to dig deeper.

• What’s driving those sales?
• How are people finding your new smartphone company?
• Of the people that find out, how many will buy?

Instead of “from the top down,” do a “bottom-up” forecast. Just like the name suggests, bottom-up starts at the bottom and works its way up to a forecast. Start by thinking about how many potential customers you might be able to make contact with.

This could be through advertising, sales calls, or other marketing methods. Of the people you can reach, how many do you think you’ll be able to bring in the door or get onto your website?

And finally, of the people that come in the door, get on the phone, or visit your site, how many will buy?

Here’s an example:

• 10,000 people see my company’s ad online,
• 1,000 people click from the ad to my website,
• 100 people end up making a purchase.

Obviously, these are all nice round numbers, but it should give you an idea of how bottom-up forecasting works. The last step of the bottom-up forecasting method is to think about the average amount that each of those 100 people in our example ends up spending (remember LCV).

On average, do they spend $20? $100? It’s fine to guess here, and the best way to refine your guess is to go out and talk to potential customers. You’ll be surprised how accurate a number you can get with a few simple interviews.

How Far to Forecast

Try forecasting monthly for a year into the future and then just annually for another three to five years.

The further your forecast into the future, the less you’re going to know and the less benefit it’s going to have for your company. After all, the world’s going to change, your business is going to change, and you’ll be updating your forecast to reflect them.

And don’t forget, all forecasts are wrong—that’s fine. Your forecast is just your best guess at what’s going to happen. As you learn more about your business and your customers, you’ll adjust. It’s not set in stone.

• First, remind yourself that ALL forecasts are wrong. Forecasting is more about learning and evolving.
• Without adding too much to your plate, take a look at your monthly sales chart and see what kinds of optimizations forecasting might bring to light. If you aren’t already charting sales, start today or begin planning how.
• Try two easy bottom-up projections with nice round numbers to get the feel for it.

Just remember that sales forecasting doesn’t have to be hard. Anyone can do it and you, as an entrepreneur, are the most qualified to do it for your business. You know your customers and you know your market, so you can forecast your sales.

But if you decide you’d appreciate help, we highly recommend forecasting your sales with LivePlan. LivePlan  automatically generates all the charts and graphs you need and automatically includes them in your plan.

Wrapping Up: Formatting Your Plan

The format of your business plan is critical. It goes a long way toward refining and achieving your goals: raising money, setting the strategy for your team and growing your platform. That being the case, let’s breeze through seven tips that can help you create, refine, and optimize your brilliant business plan.

1. Always Start with Your Executive Summary

An ES should be written for ideal readers, customers, potential investors or team members, or even just to help you ‘goal-map’ your way to where you need to be. Regardless, nailing the Executive Summary is critical in terms of understanding the potential behind your business idea.

2. End with Supporting Documents

The appendix is composed of key numbers and other details that support your plan. At a minimum, your appendix should include financial forecasts and budgets. Typically, it’s wise to include a Profit & Loss statement, Cash Flow forecast, and a Balance Sheet. With practice and a smidgen of savvy software like LivePlan these pages can take a couple hours or so.

You might also use your appendix to include product diagrams or detailed research findings, depending on your business, your industry, and how deep your business plan needs to go given the reader/purpose.

Quick Recap of the Lineup Pitch Executive Summary Products & Services Target Market Marketing & Sales Plan Milestones & Metrics Company & Management Team Financial Plan & Appendix

3. Keep it Short

Let’s face it: no one has time to read a 40-page business plan. If you’ve nailed your ES, you’ll want to follow up with 8 to 12 additional pages at most in support. Instead of trying to cram everything in using small fonts and tiny margins, focus on trimming down your writing (‘kill your darlings’). Use direct, simple language that gets to the point.

4. Get Visual

As the old adage goes, “ A picture is worth a thousand words. ” This is especially true when you’re formatting a business plan. Use charts and graphs to explain forecasts. Add pictures of your product(s). Again, there are plenty of software solutions that make it easy to do more showing and less telling. That said…

5. Don’t Obsess on Looks

It’s your ideas that matter. A beautiful plan that talks about an ill-conceived business with incomplete financial forecasts is never going to beat a plan that’s formatted poorly but discusses a great, clearly explained vision. Spending days making a beautiful plan isn’t going to make your business ideas better. Instead, focus on polishing the words. Trim extra content you don’t need, and make sure ideas are well-presented.

6. Keep Formatting Simple

• For general formatting use single spacing with an extra space between paragraphs.
• If you’re printing your plan, use a nice serif font like Garamond or Baskerville.
• If your plan will mostly be read on a computer screen, go with a sans serif font like Verdana or Arial.

Why choose different fonts for on-screen versus off-screen? Well, research shows readers have higher comprehension when they read a document with a serif font on paper, and higher comprehension reading with a sans serif font on a screen.

Don’t stress too much about this, though. Choose any one of the four fonts mentioned above and move forward.

• For font size, 10 to 12 point is usually ideal and readable for most people. If you need to reduce the font size to make your plan shorter, then you should be cutting content, not adjusting the font size.
• The same rule goes for margins: use typical one-inch margins to make the plan readable.

Cover pages are always a good idea, too. Use the cover page to show off your logo, tagline, and pitch.

Finally, make sure your plan document flows well and doesn’t have any “widows” or “orphans” when it prints out. A “widow” is when the last line of a paragraph appears alone at the top of a page, and an “orphan” is a single word that gets left behind at the bottom of a paragraph.

7. Get a Second Pair of Eyes

The last piece of advice is to get a second pair of eyes. When you’re the only one working on your plan, you can become blind to common errors. Recruit a friend or family member, or even hire a copy-editing professional to give it that last bit of polish. There’s nothing worse than a plan with grammatical or spelling errors. A second pair of eyes will go a long way toward catching the majority of those potential problems or holes.

• Who’s your second, third, and possibly fourth pair of eyes going to be?
• What’s one part of your business plan you could optimize today?
• What’s one piece of visual content you could add to your appendix?

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Further Reading

• The 8 Best LLC Services of 2024 September 4, 2024
• How to Start an LLC in 7 Easy Steps (2024) July 24, 2024
• What Is an LLC? August 2, 2024

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How to Write a Business Plan, Step by Step

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What is a business plan?

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

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

LLC Formation

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

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

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

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

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

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

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

Your business’s registered name.

Address of your business location .

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

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

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

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

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

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

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

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

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

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

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

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

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

Licenses and permits.

Equipment leases.

Bank statements.

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

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

How much do you need?

with Fundera by NerdWallet

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

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

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

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

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

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

On a similar note...

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Compare multiple lenders that fit your business

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

How to Write a Business Plan (Plus Examples & Templates)

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

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• Reached a positive cash flow within second month of operating
• Coordinate with suppliers and screen printers
• Source unique and creative designs via social media

Intern, Byrne Dairy, Syracuse, NY | June 2022 to August 2022

• Learned about placing orders with suppliers and addressing delivery issues
• Attended monthly meetings with district manager to review goals and progress
• Stocked shelves and assisted customers as needed
• Helped develop and launch targeted marketing campaigns

Fluency in Spanish | Proficiency in Italian

Jacob Smithe, MBA (123) 456-7890 | [email protected] | Columbus, OH 43035 | LinkedIn

Collaborative Business Leader with 4+ years of experience in the grocery industry. Strong knowledge of grocery store staffing needs, product mix, and pricing practices. Recent achievements include motivating a team to grow yearly sales by more than 10%. Master of Business Administration.

• Project & Program Management
• Revenue & Profit Growth
• Team Leadership & Motivation

Store Manager, Columbus Food Market, Columbus, OH | June 2020 to Present

• Grew annual sales 10%+ and surpassed all store goals from June 2021 to May 2022
• Revised product mix to improve store’s competitive positioning and reflect consumer trends
• Launched community outreach program to help local residents and raise brand visibility

Assistant Store Manager, Nichol’s Grocer, Columbus, OH | March 2019 to May 2020

• Helped hire, train, and performance-manage 40 employees
• Actively addressed product or delivery issues with suppliers as needed

Master of Business Administration, Ohio State University, Columbus, OH | 2020

Bachelor of Business, University of North Carolina, Chapel Hill, NC | 2019

Essie Warren, MBA (243) 354-4657 | [email protected] | Deadwood, SD 68574 | LinkedIn

Business Manager with 10+ years of advancement and experience. Confident leader who sources and develops high-potential talent. Strategic planner with a talent for finding and capturing business opportunities. Adapt readily to new work challenges and industry conditions. Master of Business Administration.

• Change Management
• Client Relations & Retention
• Coaching & Mentoring
• Performance Management
• Strategic Business Planning

Business Change Manager, Assurant, Deadwood, SD | January 2017 to Present

• Analyze performance metrics to identify areas for business growth and improvement
• Set ambitious yet attainable team goals, and relay new initiatives to staff

Highlights :

• Worked with senior managers to optimize procedures and initiatives, increasing revenue by 23% in 2020
• Mentored and motivated a 25-person team to increase productivity by 32% last year
• Introduced service best practices that raised client satisfaction score by 30% in 3 years

Business Sales Development Manager, SelectQuote, Deadwood, SD | July 2012 to January 2017

• Performed market research to find opportunities for growth and service diversification
• Trained ~14 new hires per year on effective sales methods
• Held focus groups with key clients to gauge their evolving business needs

Highlight :

• Spearheaded projects to branch into new sales areas, increasing revenue ~15% YoY

Master of Business Administration, University of Sioux Falls, SD

Bachelor of Science in Business Administration, University of South Dakota, Vermillion

Certification

• Project Management Professional (PMP), Project Management Institute, 2017

How To Write a Business Resume

In today’s competitive business landscape, your resume is your introduction to potential employers, opening doors to new career opportunities and advancement. To stand out among the many qualified candidates, align your resume with your goals and the specific job you want. This guide will equip you with practical insights, writing strategies, and strong examples of business resumes. You’ll learn how to craft a dynamic resume that shows your unique business achievements and expertise, increasing your chances of securing your dream job.

1. Write a dynamic profile summarizing your business qualifications

Your resume profile should be concise and persuasive. In just two to three sentences, you need to catch recruiters’ attention and entice them to keep reading. Start by thoroughly analyzing the job post and extracting keywords that reflect the company’s desired skills and qualifications. Then customize your profile to align with the position and highlight your top accomplishments and experiences. In a business resume profile, the general focus should be on your leadership powers, strategic thinking, solution-finding skills, and record of success in driving revenue and profit growth.

Senior-Level Profile Example

Business manager with over 10 years of advancement and experience. Confident leader who sources and develops high-potential talent. Strategic planner with a talent for finding and capturing business opportunities. Adapt readily to new work challenges and industry conditions. Master of Business Administration.

Entry-Level Profile Example

2. add your business experience with compelling examples.

Instead of writing a long list of your past job duties, create bullet points to feature what you achieved as a result. By showcasing your results and contributions, you can demonstrate your potential for future success.

Quantify your experience wherever possible to highlight the tangible impact you’ve made as a business professional. Use numbers, percentages, or specific metrics that align with your target job to emphasize your ability to drive growth. For instance, you could display the percentage increase in sales or profits you achieved, the cost savings you implemented, or the number of clients you successfully managed.

Senior-Level Professional Experience Example

Business Change Manager, Assurant, Deadwood, SD | January 2017 to present

Highlights:

• Introduced service best practices that raised client satisfaction score by 30% in three years

Entry-Level Professional Experience Example

Business Owner, Syracuse T-Shirt Designs, Syracuse, NY | September 2021 to present

3. Include business-related education and certifications

Highlight your pertinent degrees, coursework, and certifications – this information provides evidence of your expertise, which can be a differentiating factor in a competitive business landscape. Certificates like the Project Management Professional (PMP) or Certified Public Accountant (CPA) reflect specialized knowledge. Six Sigma, Lean Management, or Agile methodologies can give you a competitive advantage as well.

Below are templates and examples to help you format your education and certification details:

Certifications

• [Certification Name], [Awarding organization], [Date]
• [Degree Name]
• [School Name], [City, State Abbreviation], [Date]
• Master of Business Administration, Ohio State University, Columbus, OH, 2020

4. Include a list of skills and proficiencies related to business

A key skills section calls attention to the many ways you can generate value for a business. When creating your list, include any skills that align with the demands of your target industry, and tailor it to the specific needs of the company you’re applying to. Here are some examples of skills you could include on your business resume:

How To Pick the Best Business Resume Template

When you’re ready to assemble your resume, it’s time to pick a template. The best one for business professionals is clean and organized. A simple design is key, ensuring the focus remains on your skills and achievements. Look for templates that provide clear sections with plenty of white space for easy readability. Choose one you can tailor based on your needs and the requirements of the business industry. Through a professional and cohesive resume aesthetic, you can make a great first impression.

Frequently Asked Questions: Business Resume Examples and Advice

What are common action verbs for business resumes -.

We understand the challenges that arise when crafting your resume's experience section, particularly when trying to describe your work. You may find you've exhausted your vocabulary as you attempt to convey your business responsibilities. To overcome this hurdle, we curated a list of common action verbs for your business resume. These dynamic verbs can energize your bullet points and allow you to express your achievements with precision. Consider using the following words to liven up your resume:

How do you align your resume with a job posting? -

Between 2021 and 2031, employment for business and finance occupations is expected to increase by 7%. Over the decade, the industry is projected to create over 715,000 new jobs . As business professionals compete for these new positions, you'll need to stand out from the crowd. Especially if you have a specific job opening in mind, it's crucial to tailor your resume.

Carefully review the job posting and extract keywords and phrases. Incorporate this language throughout your resume organically, especially in your profile, key skills section, and work experience bullet points. Also, emphasize your specific achievements and experiences directly related to the duties mentioned in the posting.

What is the best business resume format? -

Most business professionals should use the combination format. This blends elements of both the chronological and functional formats, allowing you to highlight your relevant skills while presenting your work history in a clear timeline. (For this reason, it’s the ideal format for business professionals with a solid work history.) However, there may be cases where a chronological or functional format is more appropriate. Ultimately, choose the format that will serve you and your situation best.

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Crafting a complementary cover letter for your resume increases your chances of an interview. The key to a strong cover letter is customizing it for the specific organization you're applying to. Read our business cover letter guide to learn how. For more specific cover letter examples, see our business analyst and MBA cover letter guides.

Jacob Meade

Certified Professional Resume Writer (CPRW, ACRW)

Jacob Meade is a resume writer and editor with nearly a decade of experience. His writing method centers on understanding and then expressing each person’s unique work history and strengths toward their career goal. Jacob has enjoyed working with jobseekers of all ages and career levels, finding that a clear and focused resume can help people from any walk of life. He is an Academy Certified Resume Writer (ACRW) with the Resume Writing Academy, and a Certified Professional Resume Writer (CPRW) with the Professional Association of Resume Writers & Career Coaches.

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How to Write a Detailed Business Plan Step-by-Step [Free Template]

Posted july 17, 2024 by noah parsons.

Writing a business plan is one of the most valuable things you can do for your business. 

Study after study proves that business planning significantly improves your chances of success by up to 30 percent 1 . That’s because the planning process helps you think about all aspects of your business and how it will operate and grow.

Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.

Before you write a detailed business plan, start with a one-page business plan

Despite the benefits of business planning , it’s easy to procrastinate writing a business plan. 

Most people would prefer to work hands-on in their business rather than think about business strategy . That’s why, if you’re writing a business plan for the first time, we recommend you start with a simpler and shorter one-page business plan.

With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works. 

A one-page plan should cover:

• Value proposition
• Market need
• Your solution

Competition

Target market.

• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.

Check out our guide to writing a simple one-page business plan for detailed instructions, examples, and a free downloadable template .

When do you need a more detailed business plan?

While I will always recommend starting with the one-page plan format, there are times when a more detailed plan is necessary:

• Flesh out sections of your plan: You need to better understand how your marketing, operations, or other business functions will operate.
• Build a more detailed financial forecast: A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement, balance sheet, and cash flow forecast to better measure performance.
• Prepare for lenders and investors: While they may not read the full plan, any investor will ask in-depth questions that you can only answer by spending time writing a detailed business plan.
• Sell your business: Use your business plan as part of your sales pitch, and show potential buyers all the details of how your business works.

How to write a detailed business plan

Let’s walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan’s business plan builder looks like.

1. Executive summary

Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan. 

It is just a summary of your full plan, so be careful not to be too repetitive—keep it between one or two pages and highlight: 

• Your opportunity: This summarizes what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
• Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
• Financials: What are the highlights of your financial forecast ? Summarize your sales goals, when you plan to be profitable, and how much money you need to get your business off the ground.

For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know, and just hit the highlights.

2. Opportunity

The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:

Problem & solution

Every successful business solves a problem for its customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace. 

In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.

In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors). 

Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.

Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving. 

Explain how your approach is different and better than your competitors, whether it’s better features, pricing, or location. Explain why a customer would come to you instead of going to another company. 

3. Execution

This section of your business plan dives into how you will accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you will do it.

Marketing & sales

What marketing tactics will you use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses with a sales force, explain how the sales team gets leads and what the process is like for closing a sale.

Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business, you’ll want to cover how you source your products and how fulfillment will work.

If you’re building a manufacturing business, explain the manufacturing process and the necessary facilities. This is where you’ll talk about how your business “works,” meaning you should explain what day-to-day functions and processes are needed to make your business successful.

Milestones & metrics

So far, your business plan has mostly discussed what you’re doing and how you will do it. 

The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. 

You should also discuss key metrics : the numbers you will track to determine your success.

The Company section of your business plan should explain your business’s overall structure and the team behind it.

Organizational structure

Describe your location, facilities, and anything else about your physical location relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?

Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build. 

It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.

5. Financial plan and forecasts

Your business plan now covers the “what,” the “how,” and the “when” for your business. Now it’s time to talk about money. 

Financial forecasts

What revenue do you plan on bringing in, and when? What kind of expenses will you have? How much cash will you need?

These are the types of questions you’ll answer by creating detailed forecasts. Don’t worry about getting it perfect, these are just educated guesses. Your goal is to get numbers down that seem reasonable so you can review and revise financial expectations as you run your business. 

You’ll want to cover sales , expenses , personnel costs , asset purchases, cash , etc, for at least the first 12 months of your business. If you can, also create educated guesses for the following two years in annual totals. 

If you intend to pursue funding, it’s worth noting that some investors and lenders might want to see a five-year forecast. For most other cases, three years is usually enough.

If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what and when you need it. 

Ideally, you’ll also want to summarize the specific ways you’ll use the funding once you have it. 

For more specifics, check out our write-up explaining what to include in your business plan for a bank loan .

Historical Financial statements

If your business is up and running, you should also include your profit and loss statement , balance sheet , and cash flow statement . These are the historical record of your business performance and will be required by lenders, investors, and anyone considering buying your business. 

If you don’t want lengthy financial statements overwhelming this section of your business plan, you can just include the most recent statements and include the rest within your appendix.

6. Appendix 

The final section of your business plan is the appendix . Include detailed financial forecasts here and any other key documentation for your business. 

If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.

Tips to write a detailed business plan

Keep it brief.

You may not be limited to one page, but that doesn’t mean you need to write a novel. Keep your business plan focused using clear, plain language and avoiding jargon. Make your plan easier to skim by using short sentences, bulleted lists, and visuals. Remember, you can always come back and add more details.

Related Reading: 7 tips to make a high-quality business plan  

Start with what you know

Don’t worry about following a strict top-to-bottom approach. Instead, build momentum by starting with sections you know well. This will help you get information down and ultimately make you more likely to complete your business plan. 

Set time limits

You don’t have to write your business plan in one sitting. It may be more valuable to set a time limit, see how much you get done, and return to it again in another session. This will keep you focused and productive and help you fit plan writing into your other responsibilities.

Reference business plan examples

Real-world business plan examples from your industry can provide valuable insights into how others have successfully presented their ideas, strategies, and financials. Exploring these examples can inspire your own approach and offer practical guidance on what to include and how to tailor it to your specific needs.

Just be sure not to copy and paste anything.

Prioritize sections that really matter

When writing a detailed business plan, focus on the parts most important to you and your business. 

If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.

Download a free business plan template

Are you ready to write your detailed business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.

If you want to improve your ability to build a healthy, growing business, consider LivePlan.

It’s a product that makes planning easy and features a guided business plan creator , drag-and-drop financial forecasting tools , and an AI-powered LivePlan Assistant to help you write, generate ideas, and analyze your business performance. 

Use your detailed business plan to grow your business

Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process . 

With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.  

So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning.

Sources in this article

• Parsons, Noah. “Do You Need a Business Plan? This Study Says Yes” Bplans: Free Business Planning Resources and Templates , 10 May 2024, www.bplans.com/business-planning/basics/research .

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Business Plan Executive Summary Example & Template

Updated: Jun 3, 2024, 1:03pm

Table of Contents

Components of an executive summary, how to write an executive summary, example of an executive summary, frequently asked questions.

A business plan is a document that you create that outlines your company’s objectives and how you plan to meet those objectives. Every business plan has key sections such as management and marketing. It should also have an executive summary, which is a synopsis of each of the plan sections in a one- to two-page overview. This guide will help you create an executive summary for your business plan that is comprehensive while being concise.

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The executive summary should mimic the sections found in the business plan . It is just a more concise way of stating what’s in the plan so that a reader can get a broad overview of what to expect.

State the company’s mission statement and provide a few sentences on what the company’s purpose is.

Company History and Management

This section describes the basics of where the company is located, how long it has been in operation, who is running it and what their level of experience is. Remember that this is a summary and that you’ll expand on management experience within the business plan itself. But the reader should know the basics of the company structure and who is running the company from this section.

Products or Services

This section tells the reader what the product or service of the company is. Every company does something. This is where you outline exactly what you do and how you solve a problem for the consumer.

This is an important section that summarizes how large the market is for the product or service. In the business plan, you’ll do a complete market analysis. Here, you will write the key takeaways that show that you have the potential to grow the business because there are consumers in the market for it.

Competitive Advantages

This is where you will summarize what makes you better than the competitors. Identify key strengths that will be reasons why consumers will choose you over another company.

Financial Projections

This is where you estimate the sales projections for the first years in business. At a minimum, you should have at least one year’s projections, but it may be better to have three to five years if you can project that far ahead.

Startup Financing Requirements

This states what it will cost to get the company launched and running. You may tackle this as a first-year requirement or if you have made further projections, look at two to three years of cost needs.

The executive summary is found at the start of the business plan, even though it is a summary of the plan. However, you should write the executive summary last. Writing the summary once you have done the work and written the business plan will be easier. After all, it is a summary of what is in the plan. Keep the executive summary limited to two pages so that it doesn’t take someone a long time to peruse what the summary says.

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It might be easier to write an executive summary if you know what to expect. Here is an example of an executive summary that you can use as a template.

Bottom Line

Writing an executive summary doesn’t need to be difficult if you’ve already done the work of writing the business plan itself. Take the elements from the plan and summarize each section. Point out key details that will make the reader want to learn more about the company and its financing needs.

How long is an executive summary?

An executive summary should be one to two pages and no more. This is just enough information to help the reader determine their overall interest in the company.

Does an executive summary have keywords?

The executive summary uses keywords to help sell the idea of the business. As such, there may be enumeration, causation and contrasting words.

How do I write a business plan?

If you have business partners, make sure to collaborate with them to ensure that the plan accurately reflects the goals of all parties involved. You can use our simple business plan template to get started.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.

Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.

How to Make a Resume in 2024 | Beginner's Guide

For most job-seekers, a good resume is what stands between a dream job and Choice D. Get your resume right, and you’ll be getting replies from every other company you apply to.

If your resume game is weak, though, you’ll end up sitting around for weeks, maybe even months, before you even get a single response.

So you’re probably wondering how you can write a resume that gets you an interview straight up.

Well, you’ve come to the right place!

In this guide, we’re going to teach you everything you need to know about how to make a resume, including:

• The 8 Essential Steps to Writing a Resume
• 11+ Exclusive Resume Tips to Up Your Resume Game
• 27+ Real-Life Resume Examples for Different Professions

….and more!

So, let’s dive right in.

How to Make a Resume (The Right Way!)

Before we go into detail about how you should make a resume, here’s a summary of the most important steps and tips to keep in mind:

• Choose a resume format carefully. In 99% of cases, we recommend the reverse-chronological format .
• Add the right contact details. Leave your headshot out and make sure to include your job title , a professional email address, and any relevant links. (E.g.: your LinkedIn profile , online portfolio, personal website, etc.).
• Write an impactful resume summary. Unless you’re an entry-level professional, always go for a resume summary. If you do it right, it’s your chance to get the hiring manager to go through the rest of your resume in detail.
• Pay attention to your work experience section. Take your work experience section from OK-ish to exceptional by tailoring it to the job ad, making your achievements quantifiable, and using action verbs and power words.
• Add the right skills for the job. Keep this section relevant by only including the hard and soft skills that are required for the position.
• Keep your education short and to the point. Your most recent and highest degree is more than enough for a strong education section. You only need to add more details here if you’re a recent graduate with barely any work experience.
• Leverage optional resume sections. Optional sections like languages, hobbies, certifications, independent projects, and others can set you apart from other candidates with similar skills and experience.
• Include a cover letter. That’s right, cover letters matter in 2024, and the best way to supplement your resume is by adding an equally well-crafted cover letter to your job application. To make the most of it, check out our detailed guide on how to write a cover letter .

To get the most out of our tips, you can head over to the resume builder and start building your resume on the go as you read this guide.

New to resume-making? Give our ‘7 Resume Tips’ video a watch before diving into the article!

#1. Pick the Right Resume Format

Before you start filling in the contents of your resume, you have to make sure it’s going to look good. 

After all, the first thing hiring managers notice is what your resume looks like, and then they start reading it. So, this is your best chance to make a great first impression.

Start by choosing the right resume format.

There are three types of resume formats out there:

• Reverse-chronological. This is by far the most popular resume format worldwide and, as such, it’s the best format for most job-seekers.
• Functional. This resume format focuses more on skills than work experience. It’s a good choice if you’re just getting started with your career and have little to no experience in the field.
• Combination. The combination resume format is a great choice for experienced job-seekers with a very diverse skill set. It’s useful if you’re applying for a role that requires expertise in several different fields and you want to show all that in your resume.

So, which one should you go for?

In 99% of cases, you want to stick to the reverse-chronological resume format . It’s the most popular format and what hiring managers expect to see. So, in the rest of this guide, we’re going to focus on teaching you how to make a reverse-chronological resume.

Fix Your Resume’s Layout

With formatting out of the way, let’s talk about your resume’s layout , which determines the overall look of your resume. 

Does it look organized or cluttered? Is it too short or too long? Is it boring and easy to ignore, or is it reader-friendly and attention-grabbing?

Here are some of the best practices you should apply:

• Stick to one page. You should only go for a two-page resume if you have decades of experience and you’re sure the extra space will add significant value. Hiring managers in big companies get hundreds of applications per job opening. They’re not going to spend their valuable time reading your life story!
• Add clear section headings. Pick a heading and use it for all the section headers so the hiring manager can easily navigate through your resume.
• Adjust the margins. Without the right amount of white space, your resume will end up looking overcrowded with information. Set your margins to one inch on all sides so your text fits just right on the page.
• Choose a professional font. We’d recommend sticking to a font that’s professional but not overused. For example, Ubuntu, Roboto, or Overpass. Avoid Times New Roman, and never use Comic Sans.
• Set the correct font size. As a rule of thumb, go for 11-12 pt for normal text and 14-16 pt for section titles.
• Use a PDF file. Always save your resume as a PDF file, unless the employer specifically requests otherwise. Word files are popular, but there’s a good chance they’ll mess up your resume’s formatting.

Another thing you need to consider in terms of your resume’s layout is whether you’re going for a traditional-looking resume template or something a bit more modern :

If you’re pursuing a career in a more traditional industry, like law , banking , or finance , you might want to stick to the first.

But if you’re applying to a tech company where imagination and innovation are valued, you can pick a more creative resume template .

Want to Save Time? Use a (Free) Resume Template

Anyone who’s ever tried creating a resume from scratch knows how boring the formatting can be.

Before you can even start filling in the contents, you need to tweak the margins, adjust font sizes, and make sure everything fits into one page while still looking good.

What if you could skip past all that and still create a compelling resume?

Try one of our free resume templates . They’re pre-formatted, so all you have to do is fill in the contents.

They’re also created in collaboration with recruiters from around the globe, ensuring that the templates are visually appealing and ATS-friendly!

See for yourself how one of our templates compares to a resume created in a standard text editor:

#2. Add Your Contact Information

Now that we’ve got all the formatting out of the way, let’s get into what your resume is all about— the information you put on it .

The first thing you want to do when filling out the contents of your resume is to add your contact information .

This section is pretty straightforward but crucial. Your contact details belong at the top of your resume in a designated resume header , so the hiring manager can easily find them.

Even if everything else about your resume is perfect, that all flops if you misspell your email address or have a typo in your phone number. If the hiring manager can’t contact you, it’s a missed opportunity.

So, double-check, and even triple-check your contact information section and make sure everything is factually correct and up-to-date.

Must-Have Information

• Full name. Your first and last name should stand out at the top of your resume.
• Email address. Stick to an address that’s professional and easy to spell, like a combination of your first and last name. (E.g.: [email protected])
• Phone number. Add a reliable number where the hiring manager can easily reach you.
• Location. Add your city and state/country. If you plan to relocate for the job or want a remote position, specify it on your resume.

Optional Information

• Job title. Add your professional title underneath. Write it down word for word, whether it’s “Digital Marketing Specialist” or “Junior Data Scientist.” Just don’t make up job titles like “Marketing Wizzard” or “Data Manipulator.” They’re not quirky; they’re just unprofessional. 
• LinkedIn profile . We recommend that you include a link to your updated LinkedIn profile since over 77% of hiring managers use the platform when evaluating a candidate. 
• Relevant links. Include links to personal websites or any social media profiles that are relevant to your field. For example, a developer could include a Github profile, while a graphic designer could link their Behance or Driblle account, and so on.
• Date of birth. Unless this is specifically required in the job ad, the hiring manager doesn’t need to know how old you are. It’s not important for their decision-making, and at worst, it might lead to age-based discrimination.
• Unprofessional email address. Your quirky, old high school email address doesn’t belong on your resume. Instead of [email protected] , go for a [email protected] type of address.
• Headshot. (USA, UK or Ireland) Depending on the country where you’re applying, it might even be illegal to include a picture of yourself on your resume . While it’s the norm to include a picture in most of Europe and Asia, always check the regulations for each specific country or industry you’re applying to.

All clear? Good! Now, let’s look at what a great example of a resume's contact information section looks like:

#3. Write a Resume Headline (Summary or Objective)

It's no secret that recruiters spend an average of less than seven seconds on a resume .

When you receive hundreds, if not thousands, of applications daily, it's physically impossible to spend too much time on each.

So, what the hiring managers do to go through resumes more effectively is to skim through each resume and read it in depth only if it piques their interest.

This is where the resume headline comes in.

Placed right next to (or underneath) your contact information, this brief paragraph is the first thing the hiring manager is going to read on your resume.

Now, depending on how far along in your career you are, your resume headline can be either a resume summary or a resume objective.

So, how do you choose between a resume summary and a resume objective? Here’s all you need to know:

Resume Summary

A resume summary, as the name suggests, is a two to three-sentence summary of your career so far. If done right, it shows that you’re a qualified candidate at a glance and gets the hiring manager to give you a chance.

Here’s what your resume summary should include:

• Your job title and years of experience.
• A couple of your greatest professional achievements or core responsibilities.
• Your most relevant skills for the job.

Here’s an example of a well-written resume summary: 

Experienced Java Developer with 5 years of experience in building scalable and efficient applications. Contributed to a major project that enhanced application performance by 25%. Strong background in Spring Framework and microservices. Aiming to apply robust coding skills to develop innovative software solutions at XYZ Tech Solutions.

Unless you’re a recent graduate or amid a career change, we recommend you stick to a resume summary. Otherwise, a resume objective might be a better option for you.

Resume Objective

A resume objective is supposed to express your professional goals and aspirations, academic background, and any relevant skills you may have for the job.

It communicates your motivation for getting into a new field, so it’s the go-to headline for recent graduates and those going through a career change. As with a resume summary, a resume objective should be brief—around two to four sentences long.

So, here’s what it would look like if you’re a student:

Hard-working recent graduate with a B.A. in Graphic Design from New York State University seeking new opportunities. 3+ years of practical experience working with Adobe Illustrator and Photoshop, creating illustrations and UX/UI design projects. Looking to grow as a designer and perfect my art at XYZ Design Studio.

Or, on the other hand, if you’re going through a career change, it might look more like this:

IT project manager with 5+ years of experience in software development. Managed a team of developers to create products for several industries, such as FinTech and HR tech. Looking to leverage my experience in managing outsourced products as a Product Owner at Company XYZ.

#4. Prioritize Your Work Experience

The most important part of your resume is your work experience.

This is where you get to sell yourself and show off your previous accomplishments and responsibilities.

If you manage to master this section, you’ll know most of what’s there to know about how to make a resume.

There are plenty of good practices for writing your work experience . But before we dive into all the nits and grits, let's start with the basics.

The standard format for each work experience entry is as follows:

• Job title/position. Your job title goes on top of each work experience entry. When the hiring manager looks at your resume, you want them to know, at a glance, that you have relevant work experience for the job.
• Company name/location/description. Mention the name of the employer and the general location, such as the city and state/country where you worked. In some cases, you may also want to briefly describe the company, like when the organization isn’t particularly well-known.
• Dates employed. Add the approximate timeframe of your employment at each company. You don’t need to give exact dates since the standard format for this is mm/yyyy.
• Achievements and responsibilities. This is the core of each work experience entry. Depending on your field, you want to list either your achievements or responsibilities. List them in bullet points instead of paragraphs, so they’ll be easier to read.

Here’s a real-life example:

Your work experience entries should always be listed in reverse chronological order , starting with your most recent job and working your way back into the past.

Now that you know how to list your experience, we’re going to show you how to write about it in a way that makes you stand out from the competition, starting with: 

Are you a student with no work experience? We’ve got you covered. Check out our guide to writing a resume with no experience here.

Focus on Achievements Whenever Possible

One of the most common resume mistakes is only listing responsibilities in your work experience section.

Here’s the thing—in most cases, the hiring manager knows exactly what your job responsibilities are.

For example, if you’re a sales manager, your responsibilities would be:

• Reach out to potential clients over the phone or email.
• Maintain relationships with existing company clients and upsell relevant products.
• Tracking and reporting on leads in CRM.

Coincidentally, this is also the same list of responsibilities for every sales manager out there. So, 90% of all other resumes probably mention the same thing.

To stand out from the competition, you want to focus on writing achievements in your resume instead. These can be how you helped your previous company grow, reach quarterly quotas, and so on.

Let’s compare how responsibilities hold up next to achievements for the same job:

• Exceeded sales team KPIs by 30%+ for 3 months straight.
• Generated over $24,000 in sales in 1 month.
• Generated leads through cold-calling
• Managed existing company clients

Keep in mind, though, that in some fields, there just aren’t that many achievements you can mention. Let’s say you’re a warehouse worker .

Your day-to-day responsibilities probably include:

• Loading, unloading, and setting up equipment daily.
• Packaging finished products and getting them ready for shipping.
• Assisting in opening and closing the warehouse.

In fields like this, it’s pretty hard to distinguish yourself through achievements, so it’s okay to stick to responsibilities instead. You can still make them shine by following the rest of our advice about listing your work experience.

Keep in mind, though, that in some fields, there aren’t that many achievements you can mention. Let’s say you work in a warehouse. Your day-to-day responsibilities probably involve:

• Loading, unloading and setting up equipment on a daily basis.
• Package finished product and get it ready for shipping.
• Assist in opening and closing the warehouse.

In such fields, it’s pretty hard to distinguish yourself, so it’s totally OK to stick to responsibilities instead.

Tailor Your Resume to the Job

Tailoring is what sets an amazing resume apart from an okay one.

Hiring managers don’t need to know about every single job you’ve ever worked at or every single skill that you have.

They only want to know about your jobs, experiences, or skills that are relevant to the role you’re applying for.

For example, if you’re applying for a job doing Google Ads, you don’t need to talk about your SEO internship from eight years ago.

By focusing your resume on whatever is important for the specific role, you’re a lot more likely to stand out and catch the hiring manager’s attention.

Let’s take a look at an example of a job ad:

As you can see, we’ve highlighted the most important requirements.

To tailor your resume accordingly, you just need to mention how you meet each of these requirements in your resume.

You can highlight your relevant achievements and qualifications in different parts of your resume, such as:

• In your resume summary, where you should recap your years of experience.
• Throughout your work experience section, where you should list achievements and responsibilities that reflect your social media marketing experience.
• In your education section, where you can let the hiring manager know you have the degree that they’re looking for.

Include the Right Amount of Work Experience

If you’ve got over a decade’s worth of work experience, you’re probably wondering whether all of it belongs on your resume. In most cases, you’d end up writing a novel if you listed everything you’ve ever done, and that’s not how long a resume should be .

If you’re new to the job market, on the other hand, you probably don’t have any experience, and you’re wondering what you could even add to this section.

So, here’s how much information your resume should include, depending on your level of experience:

• No experience. If you’re looking for your first job , you won’t have any work experience to fill this section with. So, you can either keep it empty and focus on all the other sections or fill it up with any experience gained in student organizations, extracurricular activities, volunteering, and other projects.
• Entry-level. List all your work experience so far. While some of it won’t be relevant, it can still show the hiring manager that you do have some actual work experience.
• Mid-level. Only mention relevant work experience to the position you’re applying for. There’s no need to waste space on jobs that aren’t related to what you’re after.
• Senior-level. List up to 15 years of relevant work experience, tops. If your most recent experience is as a marketing executive , the hiring manager doesn’t care how you started your career as a junior marketing specialist 23 years ago.

Consider Applicant Tracking System (ATS) Software

Did you know that over 70% of resumes don’t even make it to the hiring manager ?

Most companies these days use ATS to evaluate hundreds of resumes instantaneously and automatically filter out the ones that don’t meet their criteria.

For example, if a resume doesn’t mention a specific skill or isn’t formatted correctly, the ATS will automatically reject it.

Fortunately, there are some easy ways to make an ATS-friendly resume .

Here are a couple of tips to help you get past those pesky robots:

• Stick to one page. Sometimes employers set a limit on how long a resume should be. This means that if your resume is longer than one page, it might get automatically disqualified.
• Incorporate keywords. Tailoring your resume to the job helps a ton with beating the ATS. Just carefully read the job description to find hints for what the ATS will be looking for. Then, whenever you find keywords related to your responsibilities and achievements, make sure to include them in your work experience section.
• Use an active voice. Passive voice is too vague and unclear, so make sure to use active voice as much as possible when describing your previous jobs. (E.g.: “Managed a team of ten people,” instead of “ A team of ten people was managed by me.” )
• Leverage powerful action words. Instead of starting each of your sentences with “was responsible for," make your work experience impactful by using words that can grab attention. Saying that you “spearheaded” or “facilitated” something sounds a lot more impressive than “helped.”

Want to make sure your resume formatting passes the ATS test? Choose one of our tried and tested ATS-friendly resume templates , and you’ll be good to go! 

#5. List Your Education

The next section on your resume is dedicated to your academic qualifications. Let’s start with the basics!

Here’s how you should format the education section on your resume :

• Program Name. Your major and degree type should be listed. (E.g.: “B.A. in Business Administration” )
• University Name. Add the name of the institution. (E.g.: “New York State University” )
• Dates Attended. Use a mm/yyyy format for the dates you attended. (E.g.: “08/2008 - 06/2012” )
• Location. If your university is less well-known, you can also add the location. (E.g.: “Stockholm, Sweden” )
• GPA. Use the appropriate grading system for the country you’re applying to work in. (E.g.: In the USA, it would be “3.9 GPA” )
• Honors. Add any honors and distinctions you’ve been given. (E.g.: Cum Laude, Magna Cum Laude, Summa Cum Laude )
• Achievements. You can mention interesting papers you’ve written, projects you’ve done, or relevant coursework you’ve excelled in.
• Minor. “Minor in Psychology”

Pretty simple, right? Now let’s see what an education section looks like in practice:

This example includes all the necessary information, plus an eye-catching award and relevant classes this candidate has taken.

Resume Education Tips

Now that you know how to list your education on your resume, let’s take this section to the next level.

Just follow these expert tips:

• If you’re making a resume as a student and don’t have any work experience yet, you can list your education section at the beginning of the page instead of work experience.
• You can add your expected graduation date if you’re still pursuing your degree.
• If you already have relevant work experience, just keep this section short and sweet. Recent graduates can expand on their education more and add optional information like projects, classes, academic achievements, etc.
• Always list your degrees in reverse chronological order, starting with your highest degree on top. Your highest and most recent degree is usually enough, so if you have a Master’s degree that’s relevant to the job, there’s no need to mention your earlier degrees.
• Don’t add your high school degree to your resume if you already have a university degree. It doesn’t have as much weight, and you can use the space for something else.
• Only mention your GPA if you had an impressive academic career. Anything below a 3.5 GPA doesn’t need to be on your resume.

Are you in the process of applying for college? Check out our guide to writing a college application resume to wow that admissions officer!

#6. Emphasize Your Know-How in the Skills Section

After your work experience, your skills are the first thing the hiring manager is going to look for. In fact, together, work experience and skills make up 90% of the hiring decision .

So, this is the place where you want to mention all the know-how that makes you the perfect candidate for the job.

There are two types of skills you can include when writing your resume:

• Hard Skills. These are measurable abilities. What you can list here can be anything from coding in Python to knowing how to cook Thai cuisine.
• Soft Skills. Also known as personal skills, these are a mix of communication skills , personal traits, career attributes, and more. They can include leadership, critical thinking, and time management , just to name a few.

Your resume should always cover both hard skills and soft skills . Here’s an example in action:

Now, let’s discuss how you should list your most important skills on your resume.

There are a few essential steps you need to follow:

Always List Hard and Soft Skills Separately

Your resume should be easy and neat to navigate. The hiring manager shouldn’t have to waste time looking for a specific skill because you didn’t separate it into the appropriate subsection.

So, just create separate categories for your hard and soft skills.

Depending on your field, you could customize the name of your “hard skills” subsection to something like “technical skills," “marketing skills," or something else related to your field.

Let’s look at an example of what skills look like on a project manager’s resume :

Methodologies & Tools

• Agile Methodology
• SCRUM Framework
• Waterfall Project Management
• Microsoft Project
• Critical Path Method (CPM)
• Earned Value Management (EVM)
• Risk Management

Soft Skills

• Team Management
• Conflict Resolution
• Negotiation

Tailor Your Skills to the Job

You might have some awesome skills, but the hiring manager only needs to know about the ones that are relevant to the job.

For example, if you’re applying for a job as an accountant, your gourmet chef skills shouldn’t be on your resume.

Look at the job ad and list at least two to three essential skills you have that are required for the role. Remember—there’s no need to list every skill you have here; just keep it relevant.

Qualifications:

• Bachelor’s degree or higher in Graphic Design or a related field.
• Tech-savvy, with some background in CMS systems such as WordPress.
• Thrives in a stressful environment and juggles multiple tasks and deadlines.
• Strong organizational and time management skills.
• Excellent communication skills.
• Self-reliant, with the ability to manage their own work.
• A can-do attitude and an outside-the-box thinker.
• Proficient in Adobe Photoshop, InDesign, Illustrator, Keynote, and Pages.
• Basic understanding of Office software such as Microsoft Word, Excel, PowerPoint, and Outlook.

So, the must-have hard skills here are Photoshop, InDesign, Illustrator, Keynote, and Pages. Other good computer skills to have are WordPress or similar CMS systems.

While you can also mention Word, Excel, PowerPoint, and Outlook, it’s pretty much assumed that you know how to use them since they’re required for most office jobs.

List Hard Skills with Experience Levels

For each hard skill you list on your resume, you should also mention your proficiency level. This tells employers what they can expect from you and how much training you might need.

• Beginner. You have some experience with the skill, whether it’s from some entry-level practice or classroom education.
• Intermediate. You’ve used the skill in a work environment with good understanding.
• Advanced. You’re the go-to person for this skill in your office. You can coach other employees, and you understand the skill at a high level.
• Expert. You’ve applied this skill to more than a handful of different projects and organizations. You’re the go-to person for advice about the skill, not just in your office but even amongst some of the best professionals in your field.

Just make sure to never lie about your actual skill level. Even if you get the job, once you need those skills you exaggerated, it will be pretty awkward for both you and your employer.

Include Transferable Skills

These are the types of skills that are useful for almost any job out there.

Transferable skills can be both soft skills (e.g.: teamwork, creativity, problem-solving skills, and others) and hard skills (MS Office Suite, HTML, writing, etc.)

Whatever job you’re applying to, chances are you have transferable skills from your experience that can come in handy one way or another. So, feel free to include them, even if they’re not specifically required for the position.

Not sure which skills to mention on your resume for your specific field? Check out our list of 101+ essential skills for inspiration!

#7. Leverage Optional Resume Sections

The sections we’ve covered so far are must-haves for any resume. They’re the bread-and-butter for any job application, and if you get them right, you’ll land any job you apply to.

But if you have some leftover space, there are a few optional sections you can choose from to give your resume a boost!

Are you bi-lingual? Or even better  – multi-lingual? You should always mention that on your resume!

Even if the position doesn’t require you to know a specific language, it can still come in handy at some point. At the end of the day, it’s always better to know more languages than less.

To list languages in your resume , just write them down and assign them the appropriate level:

• Intermediate

You can also use the Common European Framework of Reference for Languages (CEFRL) or the American Council on the Teaching of Foreign Languages (ACTFL) proficiency scales.

As a given, you should never lie about your language skills. You never know—your interviewer might turn out to be fluent in the language or even be a native speaker!

Hobbies and Interests

If you want to spice up your resume, hobbies and interests could be just what you need.

While this section isn’t a game-changer, it can help the hiring manager see who you are as an individual.

For example, if you listed “teamwork” as one of your skills, hobbies like team sports can back up your claim.

And who knows? Maybe you and your interviewer have some hobbies or interests in common!

Volunteering Experience

If you’re the type of person who devotes their free time to helping others while expecting nothing in return, chances are that you’re the type of employee who’s in it for more than just the money. 

Seeing volunteer experience on your resume tells hiring managers that you’re a loyal employee who’s after something meaningful.

Several studies show that listing your volunteer experience can boost your chances of getting hired, especially if you have little to no work experience.

Certifications

Hiring managers love candidates who invest in themselves, and that’s exactly what they see when you list certifications on your resume .

If you value continuous learning and strive to expand your skill set, that’s always a plus.

Certifications can also show employers how much expertise you have.

For example, if you’re a Microsoft Cloud Engineer and you specialize in Microsoft Technologies, you should definitely include all essential certifications on your resume, such as the Azure Solutions Architect Expert one.

Awards and Recognitions

There’s no harm in showing off a little on your resume. After all, you want to be a candidate that shines above the rest.

So, if you’ve received any awards or recognitions that make you stand out in your field, make sure to add them.

For example, if you’ve been recognized for your contributions to data science or received a hard-to-come-by scholarship , mention it in your resume. Just keep your entries here relevant to the field you’re applying to.

Publications

Whether you’re a freelance writer or a distinguished academic, publications are always impressive.

If you have any published works (online or in an academic journal), you can add them to your resume. Just make sure to include a link so the hiring manager knows where to check your work!

Are you looking for a career in academia? Check out our guide to writing the perfect academic CV to get started!

Working on side projects can show off your passion for your field. Whether they’re university class projects or part-time entrepreneurial endeavors, they’re relevant.

For example, if you worked on a mock software product as part of a university competition, it shows you went through every step of product creation, from ideation to creating a marketing strategy.

This project also shows off your organizational skills , and if you mention it in your resume, you stand a better chance of landing the job you had your sights set on.

But projects can also be personal, not academic. For example, you might manage an Etsy store where you sell hand-made arts and crafts to customers online. This is a great opportunity to highlight your creativity, management, and customer service skills .

Overall, hiring managers love employees who do cool work in their free time, so projects are always a great section to add to your resume.

Looking to kickstart your career? Check out our guide on how to get an internship for useful tips and real-life examples!

Extracurricular Activities

Every college freshman knows that extracurricular experience can make a difference in their application.

Especially if you don’t have a lot of experience outside of school, extracurricular activities are a great way to show potential employers your skills and give them insight into you as a person. Different clubs and after-school projects can help you gain real-life skills and considerably increase your chances of landing your first job after college.

For example, joining a student government organization can hone your leadership skills and teach you how to work as part of a team.

For example, if you’re part of a student government or public speaking club, these activities can help you hone your leadership and presentation skills.

11+ Expert Resume Tips

You’ve got the gist of how to make a resume. Now, it’s time to make it really stand out from the crowd!

Follow these exclusive resume tips to take your resume game to the next level:

• Match the professional title underneath your name to the job title of the position you’re applying for. Hiring managers often hire for several roles at once, so giving them this cue about what role you’re after helps things go smoother.
• Mention any promotions from your previous jobs. Use the work experience entries for them to focus on the achievements that helped you earn them.
• Describe your achievements using Laszlo Bock’s formula : accomplished X as measured by Y by doing Z . This way, your work experience can go the extra mile and show the hiring manager what you can bring to the table.
• Always list your achievements and responsibilities in concise bullet points. This makes your resume more reader-friendly, and it’s more likely that the hiring manager will see your impressive achievements at a glance.
• Don’t use personal pronouns like “I” or “me,” and don’t refer to yourself by name. Stick to a slightly altered third person, like “managed data integrity at XYZ Inc.” instead of “he managed data integrity at XYZ Inc.”
• Name your resume sections correctly, or it might get rejected by the ATS. Swapping out quirky names like “career history” or “expertise” for “work experience” and "skills" makes it easier for the hiring manager to find what they’re looking for, too.
• Prioritize important keywords instead of adding all of them. Make sure the relevant skills, qualifications, and experiences you add all make sense in context, too. Your goal is to get past the ATS and impress the hiring manager.
• Focus on transferable skills if you don’t have a lot of relevant work experience. Any extracurricular activities or personal projects can help you stand out here.
• Add a strategic pop of color to headings, bullet points, or key elements you want to highlight. It can help your resume stand out, but don’t overdo it—you want the information to be more impressive than the color palette.
• Don’t include the line “references available upon request.” Hiring managers already know they can request a list of references from you, so there’s no need to waste valuable space on it.
• Make sure your resume is optimized for mobile viewing. Most hiring managers use their mobile phones as often as desktop computers, so save your resume to a PDF file and make sure your formatting stays intact across any device.
• Rename the resume file you plan to send so it includes your name and the name of the position you’re applying for. It’s a small detail that can turn into a crucial mistake if you forget it.
• Read your resume out loud when you’re done. This is a great way to catch awkward phrases or spelling mistakes you might have missed otherwise.
• Use a tool like DocSend to track your resume. You’ll get a notification any time someone opens your resume, and you can see how long they spend reading it.

FREE Resume Checklist

Are you already done with your resume? Let’s see how it holds up!

Go through our checklist for perfecting your resume and see where you stand!

If you missed some points, just go through your resume one more time and perfect it.

And if you ☑’d everything—congrats! You’ve learned all there is to know about writing a resume, and you’re good to go with your job search.

Need to write a CV instead of a resume? Check out our step-by-step guide on how to write a CV with dozens of examples!

9 Resume Templates for Different Industries

Looking to create an effective resume without dealing with the formatting hassle? Just choose one of the templates below.

#1. Traditional Resume Template

Good for traditional industries like finance, banking, law, and manufacturing.

#2. Modern Resume Template

Good for both contemporary and forward-looking industries, including entrepreneurship, medical technology, and engineering.

#3. Creative Resume Template

Good for creative industries, including entertainment, design, and architecture. 

#4. Minimalistic Resume Template

Good for experienced professionals in basically any industry who want to let their achievements do the talking. 

#5. IT Resume Template

Good for any IT-related profession like software development, cyber security, and DevOps engineering.

#6. Tech Resume Template

Good for the tech industry and everything it encompasses.

#7. College Resume Template

Good for college students and recent graduates alike.

#8. General Resume Template

Good for multiple industries, including HR, education, and customer service.

#9. Executive Resume Template

Good for senior professionals across different industries, including hospitality, marketing, and logistics.

17+ Resumes for Different Jobs

Knowing how to write a resume is one thing, but making a resume that stands out is something entirely different. Without inspiration, even top career experts might stumble on a roadblock or two.

Check out the following effective resume examples for specific jobs to get a better sense of what a good resume looks like:

#1. Nurse Practitioner Resume Example

Check out our full guide to writing a nurse resume here.

#2. Data Scientist Resume Example

Check out our full guide to writing a data scientist resume here.

#3. Business Analyst Resume Example

Check out our full guide to writing a business analyst resume here.

#4. Digital Marketing Resume Example

Check out our full guide to writing a digital marketing resume here.

#5. Software Engineer Resume Example

Check out our full guide to writing a software engineer resume here.

#6. Construction Project Manager Resume Example

Check out our full guide to writing a construction project manager resume here.

#7. Customer Service Resume Example

Check out our full guide to writing a customer service resume here.

#8. High School Resume Example

Check out our full guide to writing a high school resume here.

#9. Student Resume Example

Check out our full guide to writing a student resume here.

#10. Server Resume Example

Check out our full guide to writing a server resume here.

#11. Actor Resume Example

Check out our full guide to writing an actor resume here.

#12. Web Developer Resume Example

Check out our full guide to writing a web developer resume here.

#13. Engineering Resume Example

Check out our full guide to writing an engineering resume here.

#14. Computer Science Resume Example

Check out our full guide to writing a computer science resume here.

#15. Architect Resume Example 

Check out our full guide to writing a data analyst resume here.

#17. Remote Job Resume Example

Check out our full guide to writing a remote job resume here.

#18. Sales Associate Resume Example

Check out our full guide to writing a sales associate resume here.

#19. Receptionist Resume Example

Check out our full guide to writing a receptionist resume here.

Want to see more examples? Check out our compilation of 80+ resume examples for different fields .

• Administrative Assistant Resume
• Bartender Resume
• DevOps Engineer Resume
• Executive Assistant Resume
• Flight Attendant Resume
• Graphic Designer Resume
• Paralegal Resume
• Pharmacist Resume
• Recruiter Resume
• Supervisor Resume

Next Steps After Your Resume

Now that we’ve covered everything you need to know about how to make a resume, it’s time to talk about the rest of your job application.

After all, your resume is only the first step in your job search. To land the job you deserve, you also need to write a captivating cover letter and ace that upcoming interview. Here’s how:

#1. How to Write a Convincing Cover Letter

The companion piece to every resume is the cover letter.

Most job-seekers flinch when they hear that they have to write a cover letter. What do you even mention in a cover letter, anyway? If you were good at writing cover letters, you’d be applying for a job as a writer !

In reality, though, writing a cover letter is very simple once you know its purpose.

Think of your cover letter as a direct message to the hiring manager. It’s your chance to briefly explain why you’re such an awesome fit for the position. And with a few cover letter tips to point you in the right direction, you’ll write the perfect cover letter for your job application.

Just follow this structure:

• Add the contact details. Include the same contact information as on your resume, plus additional contact details for the hiring manager, including their name, job title, the company’s name, and location.
• Introduce yourself. Start your cover letter by mentioning who you are, what your work experience is, and why you’re interested in the position. Mention a standout achievement or two, relevant skills, and what you’d like to do for the company you’re applying for.
• Explain why you’d excel at the job. Find the requirements in the job ad that you meet, and elaborate on how you fulfill the most important ones. Research the company so you know what you like about it, and mention it in your cover letter. Make sure to convey your enthusiasm for the job and confidence that you’ll be a great fit for their team.
• Wrap it up politely. Conclude your cover letter by recapping your key selling points and thanking the hiring manager for their time. Then add a call to action, such as “Please don’t hesitate to reach out to me at the provided phone number so that we can discuss my application in greater detail.” Then, add a closing line and follow it with your full name.

Sounds easy, right? Here’s a real-life example to drive the point home:

Do you need more help perfecting your cover letter? Learn what the most common cover letter mistakes are and check out cover letter examples for all professions here.

#2. How to Ace Your Next Interview

Once you’ve perfected both your resume and cover letter, there’s only one thing left.

It’s time for the final step—the dreaded job interview.

Whether you’re an extrovert or an introvert, you probably hate the interviewing process. No matter how experienced you are, it can be nerve-wracking. Sitting there while someone’s prodding into your past experiences and judging you isn’t fun.

But did you know that most interviewers ask the same questions?

That’s right—all you have to do is learn how to answer some of the most common interview questions, and you’ll be an interview away from landing your dream job!

Just check out our complete guide to the 35+ Job Interview Questions and Answers and learn how to ace your next interview.

FAQs on How to Make a Resume

Do you still have some questions about making a resume? Check out the answers to the most frequently asked questions below!

#1. What does a good resume look like in 2024?

For your resume to look good in 2024, make sure it’s organized and clean and isn’t longer than one page.

Be sure to include information that adds value to your application—leave out the focus on your relevant work experience and skills that you can back up, and list as many achievements as possible. 

If you’re using a resume template, choose one based on your industry. Conservative industries like law, banking, and business require more traditional resume templates. But if you’re going for an industry like design, architecture, or marketing, you can go for a creative resume template . 

Remote work is also big in 2024, so if that’s what you’re after, tailor your resume to match the job you want.

#2. How do you make a resume in Word?

The best way to create a resume in Word is to use a pre-designed Microsoft Word template. To access them, you should: 

• Open MS Word
• Click “file” from the menu bar 
• Select “new”
• Type “resume templates” in the search bar 

That said, Word resume templates are generic, hard to personalize, and overall not very stylish.

Want a resume that looks good and is extremely easy to make? Check out resume templates to get started!

#3. How do I write a resume for my first job?

If you’re writing your first-ever resume for an entry-level position, the hiring manager won’t expect you to have any work experience.

However, you can make up for your lack of experience with your skills and academic achievements.

For example, you can take advantage of extracurricular activities, internships, volunteering experiences, and other non-professional experiences. You can use them to highlight the skills you’ve gained and what you’ve achieved so far.

So, your first job resume should have a resume objective, emphasize your education, and replace your work experience with any internships, volunteering, independent projects, or other experiences.

#4. How to make a resume on Google Docs?

You can make a resume on Google Docs by choosing one of their templates and filling it in on the go.

All you have to do is go to your Google Drive’s template gallery, choose your preferred template, fill in your information, and your Google Docs resume is ready to go! 

That said, Google Docs templates aren’t the most user-friendly choice. You don’t have much flexibility with the layout and formatting isn’t that easy. For example, you tweak a section to the slightest, and the whole resume becomes a mess.

If you want an easier option, check out our resume builder !

#5. What kind of resume do employers prefer?

Typically, employers prefer one-page-long resumes that follow the reverse chronological format. 

Hiring managers receive hundreds of resumes every day, so they don't have the time to read three-page resumes. Try one of our one-page resume templates so you don’t go over the recommended resume length.

Meanwhile, the reverse-chronological format is the most popular because it draws attention to your most recent jobs and professional achievements, which is the #1 most important thing hiring managers look at when evaluating a resume.

#6. How many jobs should you put on your resume? 

You should only include relevant job positions on your resume.

This means that your work experience section should be tailored to the job you are applying for. If you’ve worked five different jobs and they can all add value to your current application, then you should include all five. 

If, on the other hand, you’re applying for, say, a customer service position and some of your past jobs don’t have anything to do with customer service, you should skip them.

#7. Should I put my address on my resume? 

You can put your location (city, state, or country) on your resume, but you don’t need to put your entire physical address.

Putting a physical address on a resume was the norm back when companies would contact you via mail. In today’s world, everyone communicates via email, which is why adding a correct and professional email address to your contact information section is far more important than putting your physical address. 

So, just include your location or-–if you’re a remote worker—specify you prefer to work remotely by writing “working remotely from [location].”

#8. What information should I leave out of my resume?

As a general rule, you shouldn’t include your birthday or your headshot on your resume. This norm varies from country to country but it applies to the USA, Canada, and UK.

If you have plenty of achievements to list under your work experience, then you can leave your basic work responsibilities out of your resume. 

In your education section, you should only include your highest and most recent degree. So, if you hold a Ph.D., you can list that and your Master’s degree and leave your Bachelor’s degree and high school diploma out.

Finally, leave out any skills that aren’t relevant to the job you’re applying for.

#9. Is a resume a CV?

Depending on where you are, a CV (Curriculum Vitae) and a resume might be completely different things.

In most of the world, though, including Europe and Asia, they are used interchangeably for the same document. Both CVs and resumes are one to two pages long, and list skills and experiences relevant to the position you’re applying for.

Sometimes more detailed resumes that go over one page are referred to as CVs. These are typically only used by senior professionals, executives, CEOs, etc.

In the USA, however, a CV is a completely different document. Typically, CVs are detailed and comprehensive documents that highlight your entire academic and professional history. They’re often used for academic, scientific, or research positions, which is why this type of CV can also be referred to as an academic CV.

You can create your CV using one of our CV templates !

#10. Should I write my own resume?

Yes, you should always write your own resume.

Your resume is your opportunity to show the hiring manager your communication, writing, and presentation skills . Employers also evaluate you based on how effectively you can convey information about yourself, and there’s no one that can represent you better than yourself.

Writing your own resume lets you introduce yourself authentically. You have the best understanding of your skills and experiences, and you can personalize them to make your resume stand out.

And, as a bonus, the experience of writing your resume yourself can be reflective and insightful, so it might help you understand your professional journey and career goals better.

#11. Can a resume be two pages?

Generally, we strongly recommend that your resume stick to one page.

Hiring managers go through hundreds of resumes every day, and keeping your resume to one page increases the odds that they’ll see your qualifications faster.

In some cases, like when you have a lot of relevant experience, your resume can go over two pages. But this exception is reserved for senior professionals with over a decade of relevant experience and tons of skills and achievements that simply can’t fit on one page.

#12. Is a simple resume okay?

Absolutely, a simple resume is often more than okay—it's preferable.

Before your resume even gets to the hiring manager, a complicated layout could get it rejected by the applicant tracking system (ATS). A simple resume template can help get your application straight to the hiring manager.

A clean layout can also make sure that your resume is easily readable and looks professional. This can focus the hiring manager's attention on your work experience and skills without excessive clutter or flashy colors to distract them.

Key Takeaways

And that’s a wrap!

If you’ve followed all of our advice until now, congrats! You’re probably an expert on how to make a resume.

To recap, let’s go through some of the most important lessons we’ve learned so far...

• Use the right resume builder to make the process as smooth as possible. You don’t want to mess around with formatting for hours before even starting to work on your resume!
• Focus on your achievements over responsibilities. This can help you stand out from all the other applicants, especially if you back your claims up with data.
• Include all the must-have sections, like the resume summary, work experience, education, and skills. Then leverage optional sections if you have leftover space.
• Tailor your resume for the job you’re applying for. Everything listed on your resume should be relevant to the specific job you’re applying for, and you should write a new resume for every new job application.
• Take the time to perfect your cover letter. It’s just as important as your resume, so make sure you pay as much attention to it!

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Write a Business Plan: Essential Tips and Strategies for Entrepreneurs

When starting a new venture or expanding an existing one, it's crucial to write a business plan . A business plan serves as a roadmap for your company's future, outlining your goals and strategies for achieving them. It's a vital tool for attracting investors and securing funding, demonstrating your understanding of your market and industry. Additionally, a well-crafted business plan can help you identify potential challenges and opportunities, allowing you to make informed decisions.

Importance of a Business Plan

The importance of a business plan cannot be overstated. It provides clarity and direction for your business, helping you stay focused on your objectives and navigate any obstacles that may arise. A well-written business plan also serves as a valuable communication tool, allowing you to articulate your vision to potential stakeholders and partners.

Benefits When you Write a Business Plan

When you write a business plan offers numerous benefits beyond securing funding. It forces you to conduct thorough research and analysis, giving you deep insights into your market, competition, and target audience. Moreover, it helps you set realistic financial projections and milestones for measuring success.

Key Components of a Business Plan

A comprehensive business plan typically includes critical components such as an executive summary, company description, market analysis, organization and management structure, product or service line, marketing strategy, financial projections, and funding requirements.

Understanding the Basics

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To start, let's understand what is a business plan. A business plan is a written document that outlines your business's goals and how you plan to achieve them. It serves as a roadmap for your company, guiding decision-making and setting the direction for growth and success.

The purpose of a business plan is to provide a clear vision for your business and communicate that vision to potential investors, partners, and employees. It helps you articulate your strategy, identify potential challenges, and establish measurable goals.

A business plan typically includes an executive summary, company description, market analysis, organization and management structure, product or service line, marketing and sales strategy, funding request, financial projections, and an appendix with supporting documents.

Now that we've got a good grasp of why a business plan is important, let's dive into the different components that make up this crucial document. Understanding each element will help you create a comprehensive and effective business plan that sets you up for success. So, let's take a closer look at what goes into writing a business plan and how each section contributes to the overall success of your business.

Research and Analysis

Quantum Template from Strikingly

Market research is essential for business planning . It is crucial for understanding your target market, identifying customer needs, and assessing the demand for your products or services. Conducting surveys, analyzing industry reports, and gathering data on consumer behavior are crucial steps in this process.

Competition analysis involves studying your competitors' strengths and weaknesses, identifying potential threats, and finding opportunities to differentiate your business. This helps you position your products or services effectively in the market and develop strategies to gain a competitive edge.

SWOT analysis for business planning involves evaluating the strengths, weaknesses, opportunities, and threats that can impact your business. Identifying internal strengths and weaknesses as well as external opportunities and threats helps make informed decisions and develop a robust business strategy.

How to Write a Business Plan

Go For Thoughts Template from Strikingly

When you write a business plan is essential for any entrepreneur or business owner. It provides a roadmap for the future of your business and helps you communicate your vision to potential investors or partners. Creating a compelling business plan can also help you identify pitfalls and opportunities, giving you a better chance at success.

Executive Summary

The executive summary is a brief overview of your business plan, covering the key points such as your company's mission, goals, and financial projections. It should be concise yet compelling, grabbing the reader's attention and giving them a clear understanding of what your business is all about.

Company Description

In this section, you'll need to provide detailed information about your company, including its history, mission statement, and legal structure. You also highlighted what sets your company apart from others in the industry and why customers should choose your products or services over those of competitors.

Products and Services

This part of the business plan outlines what you offer customers and how it fulfills their needs or solves their problems. You'll need to describe each product or service in detail, including its features, benefits, and pricing strategy. It's important to demonstrate how your offerings provide value to potential customers clearly.

Remember that creating a business plan is not just about getting funding; it's also about setting goals for yourself and building a roadmap for future success. By carefully crafting each section of your business plan with these keywords in mind - write a business plan, how to write business plan - you can ensure that it effectively communicates the value of your business and its growth potential.

Financial Projections

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When you write a business plan, it's crucial to include financial statements and projections to demonstrate your business's financial viability. This section should include income statements, balance sheets, and cash flow statements that clearly show your company's financial health. By projecting future financial performance based on historical data and market trends, you can showcase your business's potential profitability to investors and stakeholders.

Financial Statements and Projections

In this section, you'll need to present detailed financial statements such as profit and loss, balance sheets, and cash flow projections. These documents provide an overview of your company's financial position and performance over a specific period. By including these statements in your business plan, you can give potential investors insight into how your business is expected to perform financially.

Break-even Analysis

Another essential component of financial projections is the break-even analysis, which helps you determine the point at which your total revenue equals your total costs. This analysis lets you understand how much product or service you need to sell to cover all expenses and generate profits. By including a break-even analysis in your business plan, you can demonstrate a clear understanding of your cost structure and pricing strategy.

Funding Requirements

This section outlines the funding requirements for launching or growing your business. Whether you're seeking investment from venture capitalists or applying for a small business loan, it's essential to clearly state how much funding you need and how it will be utilized within your business operations. By providing detailed information about funding requirements in your business plan, you can show potential investors that their capital will be put to good use.

Implementation and Review

After you have written your business plan, the next step is to implement it. The action plan for execution outlines the specific steps you need to take to achieve your business goals. This includes assigning responsibilities, setting deadlines, and allocating resources effectively. It's essential to have a clear roadmap for implementation to ensure that your business plan translates into real-world success.

Action Plan for Execution

Your action plan should detail the tasks that need to be completed, who will be responsible for each task, and the timeline for completion. This will help you stay organized and focused as you work towards achieving your business objectives. By breaking down larger goals into smaller actionable steps, you can make progress more manageable and trackable.

Milestones and Metrics

Setting milestones and metrics is crucial for monitoring the progress of your business plan implementation. Milestones are vital achievements or events that indicate progress toward your goals, while metrics are quantifiable measures to track performance. By establishing clear milestones and metrics, you can assess whether your business is on track and make any necessary adjustments along the way.

Regular Review and Updates

Regularly reviewing and updating your business plan is essential for keeping it relevant and effective. As your business evolves, market conditions change, or new opportunities arise, you must revisit your strategy and make necessary adjustments. By staying proactive in reviewing and updating your business plan, you can ensure that it remains a valuable tool for guiding your business toward success.

Strikingly Features for Business Planning

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Strikingly is an excellent platform for creating business plans because of its user-friendly interface and intuitive design tools. Whether you're a seasoned entrepreneur or just starting, Strikingly makes it easy to write a business plan that is both professional and visually appealing.

Using Strikingly for Creating Business Plans

In today's competitive business landscape, a well-crafted business plan is essential for outlining your vision, securing funding, and guiding your entrepreneurial journey. Strikingly, with its user-friendly platform and powerful features, empowers you to create comprehensive and professional business plans that effectively communicate your ideas.

• Executive Summary. Provide a concise overview of your business, including your mission, vision, products or services, target market, and financial projections. Strikingly's platform allows you to create a visually appealing executive summary.
• Market Analysis. Conduct thorough market research to understand your industry, target market, competitors, and trends. Strikingly's analytics tools can help you gather market data.
• Company Description. Clearly articulate your company's purpose, values, and unique selling proposition (USP). Strikingly's platform allows you to create a compelling company description.
• Products or Services. Detail your offerings, including their features, benefits, and pricing. Strikingly's e-commerce features can be used to showcase your products or services.
• Marketing and Sales Strategy. Outline your marketing and sales plan, including your target audience, marketing channels, and sales tactics. Strikingly's platform allows you to create landing pages and capture leads.
• Operations Plan. Describe your business operations, including your team, facilities, and supply chain.
• Financial Projections. Develop realistic financial projections, including income statements, balance sheets, and cash flow statements. Strikingly's integration with financial tools can help you create financial projections.
• Management Team. Introduce your management team and their qualifications. Strikingly's platform allows you to create team profiles.
• Funding Request. If seeking funding, outline your funding requirements and how the funds will be used.
• Appendix. Include supporting documents, such as resumes, permits, or licenses. Strikingly's platform allows you to upload supporting documents.

Strikingly's Advantages for Business Plan Creation

• User-Friendly Interface. Strikingly's platform is easy to use, even for those without technical expertise.
• Customizable Templates. Choose a template that aligns with your business plan's structure and create a professional presentation.
• Content Creation Tools. Easily create and edit your business plan's content, including text, images, and charts.
• Collaboration Features. Collaborate with your team members to develop and refine your business plan.
• Analytics Integration. Track your progress and measure the effectiveness of your business plan using Strikingly's analytics tools.
• Presentation Features. Create visually appealing presentations to showcase your business plan to investors or stakeholders.
• Lead Capture. Capture leads from potential investors or partners using Strikingly's lead generation forms.
• Mobile Optimization. Ensure your business plan is accessible on mobile devices, as many investors and stakeholders review plans on their smartphones or tablets.
• Scalability. As your business grows, Strikingly's platform can scale to accommodate your expanding needs.
• Customer Support. Receive assistance and support from Strikingly's dedicated customer service team.

By leveraging Strikingly's platform and following these steps, you can create a comprehensive and persuasive business plan that effectively communicates your vision and attracts the support you need to succeed. Remember, a well-crafted business plan is an essential tool for any entrepreneur.

Templates for Business Plans

Strikingly offers a variety of fully customizable business plan templates. From traditional text-based layouts to more visual, infographic-style designs, there's something for everyone. These templates provide a solid foundation and can be easily tailored to reflect your unique business concept.

Customization and Collaboration Features

One of Strikingly's standout features is its customization options, which allow you to personalize every aspect of your business plan to align with your brand identity . Additionally, the platform supports collaboration among team members or stakeholders, making it easy to gather feedback and input from others while working on your business plan.

Mannheim Template from Strikingly

As you write a business plan, remember to keep it concise and focused on your goals. Communicate your ideas effectively using clear and straightforward language. Avoid using jargon or technical terms that may confuse your audience.

When you write a business plan, it's important to highlight the unique value proposition of your business and how it will address the needs of your target market . Clearly outline your financial projections, marketing strategies, and operational plans to demonstrate the potential success of your business. Remember to regularly review and update your business plan as your company grows and evolves to ensure that it remains relevant and aligned with your goals.

Final Tips When You Write a Business Plan

Conduct thorough research and analysis to support your strategies and projections when creating a business plan. Be realistic in your financial projections and consider various scenarios to prepare for potential challenges.

Resources for Creating a Business Plan

Many online tools and templates are available to help you create a professional business plan. Look for reputable sources that offer guidance on writing different sections of the plan and examples of successful plans for reference.

After completing your business plan, it's crucial to revisit and revise it regularly to reflect changes in the market or your business environment. Track your progress and update the plan accordingly to stay aligned with your objectives.

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Resume Writing Business Plan Template & Guidebook

For those looking to start their own resume writing business, the #1 Resume Writing Business Plan Template & Guidebook is the ultimate resource. Jam-packed with actionable advice, this comprehensive guide will help you map out the right business plan, hone your craft, market yourself effectively, and grow your client base. With clear steps, useful templates and helpful sample resumes, this comprehensive guidebook is the perfect starting point for anyone ready to launch their own resume writing business.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Resume Writing Business [11 Steps]

How to Write a Resume Writing Business Plan in 7 Steps:

1. describe the purpose of your resume writing business..

The first step to writing your business plan is to describe the purpose of your resume writing business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a resume writing business:

Our mission at [business name] is to provide personalized and high-quality resume writing services that enable our clients to achieve their career aspirations. We strive to create professional resumes that accurately portray each individual’s unique qualifications, accomplishments, and value proposition. We are committed to delivering the best service and results to all of our clients, while maintaining an unparalleled level of customer satisfaction.

2. Products & Services Offered by Your Resume Writing Business.

The next step is to outline your products and services for your resume writing business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your resume writing business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your resume writing business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your resume writing business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

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4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a resume writing business?

To run a resume writing business, you will need the following equipment, supplies, and permits:

• Computer and printer
• Internet access
• Office space
• Resume writing software program
• Business license
• Tax ID number
• General Liability Insurance coverage

5. Management & Organization of Your Resume Writing Business.

The second part of your resume writing business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your resume writing business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Resume Writing Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a resume writing business varies based on many different variables, but below are a few different types of startup costs for a resume writing business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your resume writing business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your resume writing business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your resume writing business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Resume Writing Business Plans:

Why do you need a business plan for a resume writing business.

A business plan for a resume writing business is important to help the business owners plan their strategy and set achievable goals. It can also be used to communicate their proposed business goals and objectives, provide financial information and aid in obtaining financing. Additionally, a business plan can be used to help secure investors and attract potential clients.

Who should you ask for help with your resume writing business plan?

It is a good idea to consult a business advisor or a professional in the field for help with your resume writing business plan. You can also seek advice from industry colleagues, peer groups, or professional organizations. Additionally, online resources such as business plan templates and documents from organizations like the U.S. Small Business Administration (SBA) can be helpful.

Can you write a resume writing business plan yourself?

Yes, you can write a resume writing business plan yourself if you have the necessary knowledge and skills. Depending on the size and scope of your business, a business plan could include sections outlining your target market, services provided, marketing plan, pricing structure, staffing needs and financial projections. You should also do in-depth research into the resume writing industry to better understand the current market conditions. Additionally, you should consult with relevant experts or professionals to ensure that you are covering all the necessary aspects of creating a successful business plan.

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Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

TechBullion

7 tips to make writing a business plan easier.

Writing a business plan is one of the most valuable things you can do as a business owner. But it can also be one of the most challenging if you’re doing it for the first time.

To help you get right to the value of having a complete business plan, here are seven simple tips that will make business plan writing easier.

1. Understand What to Include in Your Business Plan

Take the time to understand the broad structure of a business plan and what information should be included in each section. This helps you avoid writing aimlessly and gives you a checklist to mark off as you go.

To get started, here is a brief overview of the most common sections of a business plan :

• Executive Summary : Summary of the full business plan, typically covering the problem, solution, target market, team, and financial highlights.
• Products and Services : Description of what you offer, the problem it solves, and any progress or traction.
• Market Analysis : Research on your target market, its size, segments, and trends.
• Competition : Analysis of competitors and how your business compares.
• Marketing and Sales : Strategies for reaching and selling to customers.
• Operations : Overview of your operations including technology, equipment, and facilities.
• Milestones and Metrics : Key goals and performance indicators.
• Company Overview and Team : Organizational structure, company history, and team bios.
• Financial Plan : Sales, expense, and cash flow forecasts along with standard financial statements like your profit and loss, cash flow statement, and balance sheet.
• Appendix : Additional information, such as detailed financial statements, resumes, and other supporting documents.

This list is not exhaustive, so, if you need additional details, look into lengthier business plan outlines or  just go on to step two and three in this guide.

2. Consider Starting With a One-Page Business Plan

You don’t necessarily need to write a traditional business plan. If you’re exploring an idea or planning to use it as an internal tool—then a one-page business plan may be a better option.

A one-page business plan is basically a condensed version of a traditional business plan that outlines your business’s key points in a single page. It’s faster and easier to create, simpler to edit and adjust as your business evolves, and it can always be expanded into a more detailed plan later on.

And even though it’s on one page, it still works as a fully functioning business plan. You just get the benefit of starting small, focusing on the essentials.

3. Download a Business Plan Template

Using a business plan template can provide additional guidance and structure to the planning process. With the right template, you’ll get step-by-step instruction, simple fill-in-the-blank sections, and potentially even tips from entrepreneurs or planning experts.

There are plenty of free business plan templates out there, but the best will be written by experts, recently updated, and available in a format that will meet the expectations of lenders and investors. Additionally, just be sure it’s available on software like Microsoft Word or Google Docs so you can get right into using it.

4. Review Business Plan Examples

Sometimes the best thing you can do is to see what the end result can look like. So, when writing a business plan you should explore and review a handful of business plans examples. Ideally, business plan examples are created by professionals or are real-world samples from existing businesses like yoga studios .

If you can, find a sample business plan that’s from the same industry as your own business. Pay attention to the structure, how the plan is written, and what information is unique to your specific industry. You should also take time to flag anything that you don’t think is done well as something to avoid in your own plan.

Keep in mind, you should not copy and paste these examples. Use them to inspire your plan and don’t replicate it.

5. Prioritize the Sections You Already Know

There may be a preferred order for structuring your business plan, but that doesn’t mean you have to write it that way. Instead of going from beginning to end, start with the sections that you already have ideas for and know best.

This will help you avoid just staring at a blank page and actually get information down. You may even find that it makes writing other sections easier as you start thinking more and more specifically about your business.

6. Set a Time Limit

Do not spend hours at a time writing your business plan. You’ll get burnt out, make mistakes, and likely end up seriously disliking the whole process.

To avoid this, set a time limit for your writing to be between 30-minutes and an hour. This is just enough time to actually write and work through sections while making it an easy time investment to fit around your busy schedule.

Keep in mind, this may mean you don’t finish your business plan. That’s totally fine and potentially beneficial. Step away, schedule a follow up writing session, and get back to it. It may end up taking two, three, maybe even four times but you’ll still end up with a complete business plan.

7. Have Someone Review Your Business Plan

Lastly, don’t do this writing process solo. Get someone you trust, like a friend, family member, or mentor, to review your plan as you go. Have them read it and provide feedback like:

• Do you understand how my business works?
• Is the business plan clear and easy to read?
• Are there areas that are confusing, make jumps in logic, or need more explanation?

Take their feedback and apply it to your plan. If you do this before completing the plan, you may end up saving time and catch any issues before they’re prevalent throughout the entire document. If you’re concerned about the quality or not getting enough feedback, consider hiring a professional plan writer or reviewer to take a look instead.

Writing a Business Plan Doesn’t Have to Be Difficult

The hardest part about writing a business plan is getting started. But by developing a framework, knowing what you’re getting into, and finding the right support it can be a lean and effective process.

So, take one or all of these tips and start writing your business plan. You’ll be happy you did.

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