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business plan format uk

  • Business and self-employed
  • Business finance and support

Write a business plan

Download free business plan templates and find help and advice on how to write your business plan.

Business plan templates

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.

Business plan examples

Read example business plans on the Bplans website.

How to write a business plan

Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

  • clarify your business idea
  • spot potential problems
  • set out your goals
  • measure your progress

You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.

It can also help to convince customers, suppliers and potential employees to support you.

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Free Simple Business Plan Template

Helena Young

Our experts

Written and reviewed by:.

Our independent reviews are funded in part by affiliate commissions, at no extra cost to our readers.

Your business plan is the document that adds structure to your proposal and helps you focus your objectives on an achievable and realistic target. It should cover every aspect of what your business journey will look like, from licensing and revenue, to competitor and sector analysis.

Writing a business plan doesn't need to be a difficult process, but it should take at least a month to be done properly.

In today's capricious business climate there's a lot to consider, such as the impact of political challenges like Brexit. These details are especially important in today's bad economy. Investors are looking for entrepreneurs who are aware of the challenges ahead and how to properly plan for them.

Below, you'll find everything you need to create a concise, specific and authoritative business plan. So let's get started turning your idea into a reality!

Click here to download your free Business Plan template PDF – you can fill in your own details and those of your business, its target market, your customers, competitors and your vision for growth.

monday.com-logo

Our below guide will give you detailed advice on how to write a quality business plan, and our PDF download above can give you a clear template to work through.

But, creating an effective business plan needs….planning! That's where a high quality planning tool can help.

monday.com business plan template

We recommend creating an account with monday to use this tool – there's even a free trial . Doing so means you can start your entrepreneurial journey on the right foot.

What to include in your business plan template

There's a lot of information online about how to write a business plan – making it a confusing task to work out what is and isn't good advice.

We're here to cut through the noise by telling you exactly what you need to include for a business plan that will satisfy stakeholders and help develop a key identity for your brand. By the end, you'll have a plan to make even Alan Sugar proud and can get started with the most exciting part – running your business.

Throughout this guide, we've featured an example business plan template for a new restaurant opening in Birmingham called ‘The Plew'. In each section, you'll be able to see what the contents we're describing would look like in a ‘real-life' document.

Cover Page

What to include in your business plan:

  • Executive Summary
  • Personal summary
  • Business idea
  • Your product or service
  • Market analysis
  • Competitor analysis
  • Cash forecast
  • Operations and logistics
  • Backup plan
  • Top tips for writing a business plan
  • Business plan template UK FAQs

1. Executive summary

This section is a summary of your entire business plan. Because of this, it is a good idea to write it at the end of your plan, not the beginning.

Just as with the overall business plan, the executive summary should be clearly written and powerfully persuasive, yet it should balance sales talk with realism in order to be convincing. It should be no more than 1,000 words.

It should cover:

  • Mission statement  – what is your company's purpose?
  • Business idea and opportunity – what unique selling point (USP) will you provide?
  • Business model – how will your business operate?
  • Business objectives – what are you aiming to achieve?
  • Target market – who is your customer base?
  • Management team – who are the owners/senior staff?
  • Competition – who are you competing against?
  • Financial summary – can you prove the business will be profitable?
  • Marketing strategy – what is your marketing plan and associated costs?
  • Timeline – how long will it take to launch/grow your new business?

It sounds like a lot – but don't feel you have to spend hours putting this together. Here's what the above information for an executive summary might look like when put into our example business plan template for ‘The Plew':

Example of an executive summary in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: executive summary

2. Personal summary

Investors want to know who they're investing in, as much as what. This is where you tell people who you are, and why you're starting your business.

Outline your general contact details first, giving your telephone number, email address, website or portfolio, and any professional social media profiles you might have.

Run through this checklist to tell the reader more about yourself, and put your business ambitions into context.

  • What skills/qualifications do you have?
  • What are you passionate about?
  • What is/are your area(s) of industry expertise?
  • Why do you want to run your own business?

Here's what our two fictional co-founders of ‘The Plew' might write in their personal summaries for our example business plan. CEO Gabrielle Shelby, has highlighted her expertise in the restaurant industry, while CFO Freya Moore outlines her accounting and finance knowledge.

Example of a personal summary in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: personal summary

Richard Osborne, founder and CEO of UK Business Forums, says personality is important in a business plan.

“Having a strong, personal reason at the heart of your business model will help keep you going and give you the motivation to carry on,” he affirms.

3. Business idea

This section is essentially to offer a general outline of what your business idea is, and why it brings something new to the market.

Here, you should include your general company details, such as your business name and a  one-line summary of your business idea known as an  elevator pitch. This section should also list a few key business objectives to show how you plan to scale over the next 1-3 years.

We also recommend carrying out a SWOT analysis to tell investors what the strengths, weaknesses, opportunities, and threats are for your business idea. Think about:

  • Strengths: ie. why is this a good time to enter the sector?
  • Weaknesses: ie. what market challenges might you encounter?
  • Opportunities: ie. what demand is your product/service meeting in today's market?
  • Threats: ie. how will the business be financed to maintain liquidity?

In the template below, you can see a breakdown of the above information for ‘The Plew'. At the top is its mission statement: “to craft an unforgettable dining experience in a chic atmosphere.”

Example of a business description in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: business idea

Need a business idea? We've crunched the numbers and come up with a list of the best business ideas for startup success in 2023 based on today's most popular and growing industries.

4. Your products or services

Now it's time to explain what you are selling to customers and how will you produce your sales offering.

Use this section to answer all of the below questions and explain what you plan to sell and how. Just like your business idea outline, your answers should be concise and declarative.

  • What product(s) or service(s) will you sell?
  • Do you plan to offer new products or services in the future?
  • How much does the product or service cost to produce/deliver?
  • What is your pricing strategy ?
  • What sales channels will you use?
  • Are there legal requirements to start this business?
  • What about insurance requirements?
  • What is the growth potential for the product or service?
  • What are the challenges? eg. if you're looking to sell abroad, acknowledge the potential delays caused by post-Brexit regulations.

What insurance and licensing requirements do you need to consider?

Depending on what your business offers, you might need to invest in insurance or licensing. Our How To Start guides have more details about sector-specific insurance or licensing.

Public Liability, Professional Indemnity, and Employers' Liability are the most well-known types of business insurance. We've listed some other common other licensing and insurance requirements below:

In our example product/service page for ‘The Plew”s business plan, the founders choose to separate this information into multiple pages. Below, they outline their cost and pricing, as well as sales strategy. But they also include an example menu, to offer something a bit more unique and tantalising to the reader:

Example of an product / service page in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: product list and pricing strategy

5. Market analysis

This section demonstrates your understanding of the market you are entering, and any challenges you will likely face when trying to establish your company.

This section pulls all of your target market and customer research together to indicate to stakeholders that you are knowledgable about the sector and how to succeed in it.

  • Who is your typical customer and where are they are based? Describe the profile of your expected customers eg. average age, location, budget, interests, etc.
  • How many customers will your business reach? Outline the size of your market, and the share of the market that your business can reach.
  • Have you sold any products/services to customers already? If yes, describe these sales. If no, have people expressed interest in buying your products or services?
  • What have you learned about the market from desk-based research? What are the industry's current challenges, and how has it been affected by the economic downturn?
  • What have you learned about the market from field research? (eg. feedback from market testing like customer questionnaires or focus group feedback).

What is your marketing strategy?

Once you've highlighted who your rivals are in the market, you can provide details on how you plan to stand out from them through your marketing strategy. Outline your  business' USP, your current marketing strategy, and any associated advertising costs.

‘The Plew' identifies its target audience as young, adventurous people in their mid-30s. Because of the restaurant's premium service offering, its audience works in a well-paid sector like tech:

Startups' example: market analysis in a business plan

Startups' business plan template example: customer analysis

6. Competitor analysis

This section demonstrates how well you know the key players and rivals in the industry. It should show the research you have carried out in a table format.

Begin by listing the key information about your competitors. Don't worry about sounding too critical, or too positive. Try to prioritise accuracy above all else.

  • Business size
  • Product/service offering
  • Sales channels
  • Strengths/weaknesses

Competitors will take two forms, either direct  or  indirect. Direct competitors sell the same or similar products or services. Indirect competitors sell substitute or alternative products or services.

Here's a breakdown of the strengths, weaknesses, and opportunities, and threats presented by a competitor restaurant for ‘The Plew' called Eateria 24. At the bottom, the founders have written what learnings they can take from the chart.

Startups' example: competitor analysis in a business plan

Startups' business plan template example: competitor analysis

Check out our list of the top competitor analysis templates to download free resources for your business, plus advice on what to include and how to get started.

7. Cash forecast

Outline your financial outlook including how much you expect to spend, and make, in your first year

All of your considered costs can be put into one easy-to-read document called a monthly cash forecast. Cash forecasts contain:

1. Incoming costs such as sales revenue, customer account fees, or funding.

2. Outgoing costs such as staff wages or operating expenses. The latter can cover everything from advertising costs to office supplies.

For those firms which have already started trading, include any previous year's accounts (up to three years) as well as details of any outstanding loans or assets.

Annual cash forecast: what is it?

By conducting 12 monthly cash forecasts, you can create an annual cash forecast to work out when your company will become profitable (also known as breakeven analysis) . You will break even when total incoming costs = total outgoing costs.

In your annual cost budget, make sure to also include month opening/closing balance.  This is important to monitor for accounting, particularly for year-end.

  • Opening balance = the amount of cash at the beginning of the month
  • Closing balance = the amount of cash at the end of the month

The opening balance of any month will always be the same as the closing balance of the previous month. If you are repeatedly opening months with a negative closing balance, you need to adjust your spending. Here's an example of what ‘The Plew's financials might look like in its first year of operation:

Example of an cash forecast in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: cash forecast

8. Operations and logistics

Explain how your day-to-day business activities will be run, including key business partnerships around production and delivery.

A.) Production

List all of the behind the scenes information about how your business will operate. Include:

  • Management team – who do you plan to hire as senior staff and why?
  • Premises –  where will you be based? What will be the cost?
  • Materials –  what materials/equipment will you need to make your product/service?
  • Staffing –  how many employees will you hire? How much will they cost?
  • Insurance – what insurance do you need for production?

B.) Delivery

Detail how your customers will receive your product or service. Include:

  • Distribution –  how will you sell your product to customers?
  • Transport –  how will you transport the product/service to customers or partners?
  • Insurance –  what insurance do you need for delivery?

C.) Supplier analysis

Lastly, you should carry out a supplier analysis.  Write down 2-3 suppliers you plan to use as part of your business operations and evaluate them on factors like location and pricing.

In our example business plan for ‘The Plew', the founders have chosen to present this information in an easily-digestible chart, breaking down the leadership and employees into two different areas: product development and operations.

Example of a page showing staffing information in a business plan for a Birmingham restaurant called 'The Plew'

Startups' business plan template example: staffing section

9. Backup plan

Explain how you will manage any surprise losses if your cash forecast does not go to plan.

In the event that your business does not go to plan, there will be costs to incur. A backup plan outlines to potential investors how you will pay back any outstanding loans or debt.

In the short-term: 

If your cash-flow temporarily stalls, what steps could you take to quickly raise money or make savings? For example, by negotiating shorter payment terms with your customers.

In the long-term:

If you've noticed a drop in sales that seems to be persisting, what changes can you make that would improve cash flow longer term? For example, can you do more of your business online to reduce rent fees?

To placate investors even further, it's a good idea to include details about potential support channels you can utilise (eg. a business network or contact) who might be able to help if you get caught in a sticky cash-flow situation.

Startups' 5 top tips for writing a business plan

  • Keep your predictions realistic. Your business plan should showcase your knowledge of the sector and what's achievable. It's not about impressing investors with big numbers or meaningless buzzwords.
  • Don't go over 15 pages. Business plans should be engaging, which means sticking to the point and avoiding a lot of long-winded sentences. Keep your executive summary to less than 1,000 words, for example.
  • End with supporting documents. Use your appendix to include product diagrams or detailed research findings if these are helpful to your business case.
  • Get a second pair of eyes. Everyone misses a spelling error or two – invite a trusted business contact or associate to look over your business plan before you send it anywhere.
  • Leave enough time to write! It's exciting to think about getting your business up and running – but planning is an important step that can't be rushed over. Spend at least a month on writing to get all the details correct and laid-out.

At Startups.co.uk, we're here to help small UK businesses to get started, grow and succeed. We have practical resources for helping new businesses get off the ground – use the tool below to get started today.

What Does Your Business Need Help With?

Designing a business plan is very important for laying the foundation of your business. Ensure you spend an appropriate amount of time filling it out, as it could save you many headaches further down the line.

Once your plan is complete, you'll then be ready to look at other aspects of business set-up, such as registering your company. Sound daunting? Don't worry!

Our experts have pulled together a simple, comprehensive guide on How to Start a Business in 2024, which will tell you everything you need to know to put your new plan into action.

  • Can I write a business plan myself? Absolutely! There are plenty of resources available to help, but the truth is a business plan needs to reflect the owner's personal ambitions and passion - which is why entrepreneurs are best-placed to write their own.
  • How long should a business plan be? We recommend your business plan is kept to a maximum of 15 pages. Keep it short and concise - your executive summary, for example, should be no more than 1,000 words.
  • Is it OK to copy a business plan? While not technically illegal, copying a business plan will leave you in a poor position to attract investment. Customising your plan to your unique business idea and industry specialism is the best way to persuade stakeholders that you have a winning startup formula.

Startups.co.uk is reader-supported. If you make a purchase through the links on our site, we may earn a commission from the retailers of the products we have reviewed. This helps Startups.co.uk to provide free reviews for our readers. It has no additional cost to you, and never affects the editorial independence of our reviews.

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Where can I find an example of a business plan?

If you’re preparing to write your first business plan and are looking for some useful resources and advice on what elements to include you have come to the right page.

It is essential to have a realistic, working business plan when you’re starting up a business. We have our own section devoted to business planning where there are lots of articles and links to information on writing business plans . The content can show you how to prepare a high quality plan using a number of easy-to-follow steps but also contains more specialist information to help you really fine tune your document, plus advice on presentation and targeting.

If you are specifically looking for advice as a franchisee, check out our article on the 11 things you need to include in a franchise business plan .

There are a range of other sources you may also want to use. An often overlooked source is your Bank who may well have information, examples and templates of business plans:

  • Barclays template and checklist [pdf]
  • Lloyds sample plan [downloadable pdf – see section 4]

The Prince’s Trust offers downloadble pdf, MS Word and Excel templates . They also offer personal advice on completing a plan through their Enterprise programme if you are selected to work with them.

Slideshare has lots of business plans uploaded, which you can browse through here . We liked this thorough 26 page example from The Business Plan Team , as well as a template created by former Deloitte Management Consultants here , and a good example of a colourful, visual plan suitable for a trendy food business here .

An interesting interactive free business plan creator is offered by LawDepot . On the website you are stepped through 7 simple steps using a well-designed graphic interface, and at the end you can output the subsequent plan ready to fill in. There are 12 industries to choose from and it has sections for company structure, product, marketing, SWOT, operations and ‘Fine Details’.

Other Web Resources: Business Plan Templates

You can find examples of business plans for different types of businesses at:

  • ACCA – the Association of Chartered Certified Accountants have 3 example business plans for three different business sectors: Cafe, Import Business, UK Ltd business seeking finance.
  • Bplans – owned and operated by Palo Alto Software Inc., the site has free plans to download and it also has examples for lots of different types of individual or specific market sectors.
  • Expert Hub – based in South Africa, this site has 21 example business plans for different categories.
  • Start Up Loans – offer a downloadable .docx template.
  • Invest Northern Ireland – have a .doc business plan template to download here
  • StartUps.com – have four sample plans that you can access from Google Drive (note, this is a USA site so the examples are US-based, although the formats could still work for a UK business).
  • Examples.com – 20+ example downloadable .pdf plans for different sectors.

Finally, how about a video on the subject? Quite a few examples on Youtube.

How about this one from Craig Frazier?

Further reading on business plans:

  • Advice and the basic tips of writing a business plan
  • A check list of what should be in your business plan

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Writing a business plan

Your guide to a successful business plan

A good business plan defines what you want to achieve and how you intend to achieve it. Our guide could help you write yours.

Define your business

It’s important that you define what type of small business you are so that everyone you work with understands what you’re trying to achieve. A comprehensive business plan is the best way to go about defining your business.

Your plan should include:

  • What your business will do
  • The products or services it will provide
  • How customers will access your products or services (eg in a shop, online or by phone)
  • Your approach to pricing
  • Your long and short-term objectives – including a series of benchmarks if possible that you can check your progress against

Know your customers

Make sure you know as much as possible about who will be buying from you. For example, if you’re marketing to consumers, here are some questions you might want to ask. Knowing the answers will help you promote your business much more effectively:

  • How old are they?
  • What do they do for a living?
  • What are their lifestyles like?
  • Do they already buy the product or service?
  • Why will they buy from you and no one else?
  • How will you tell them about your business?

Naming your business

The name you choose for your business should reflect the image you want to project to your market. Pick one that’s easy to pronounce and remember, but do some research first. Make sure your chosen name is not already in use, it’s available as a web address and will work on your business stationery. You may also consider looking into the name’s meaning in different countries and languages – especially if you see yourself expanding internationally in the future.

If you have the facilities, you could test various names to see how people from your proposed customer base react. There are companies that provide this service, or you could do it informally by asking friends and family.

Taking on staff

If you take on employees – even part-time – you’ll need to familiarise yourself with employment law and know how to get the best out of your staff. There are plenty of guides that will help you to understand the law and make decisions to suit your business, such as the number of employees you need, what you should offer them and if they will be contractors or permanent. Here are some key things to consider:

  • What are my responsibilities and what do I need to provide them with?
  • How will I make sure they are properly managed and trained?
  • What should I pay them and does it match with the pay offered for similar roles in the area?
  • Does it comply with the National Minimum Wage and National Living Wage?
  • How will they benefit my business and help me to achieve my goals?

Writing it all down

When you write your business plan, remember to be clear, realistic and concise. It’s important to consider that someone reading it in the future might not be familiar with jargon or more technical terms, so writing it in plain English is advisable. You should use research and, if possible, evidence, to support your conclusions and include an action plan. Nothing needs to be set in stone, however; business plans are dynamic documents – meaning that you should adjust your plan as your business develops. See our in-depth guide to writing a business plan  [PDF, 6.2MB]

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What are you looking for, how to write a business plan uk | free uk business plan template.

  • 1. What is a business plan?
  • 2. Download: Free UK business plan template
  • 3. Getting started on a business plan
  • 4. How to structure a business plan step-by-step
  • 5. Business plan examples
  • 6. Business plan writing tips

You’ve got the brilliant business idea, you might have even started setting up or running your business, but writing a business plan and creating business proposals are vital for the launch and growth of any venture. It’s a document where you can organise all your ideas, create a company description, make sure that you’ve considered and researched everything, and ultimately decide that the business is viable. Commitment to making a business plan is a commitment to the business. Read our guide and download your free business plan template. 

What is a business plan?

A business plan is a document that details all the future plans and predictions for your business. It will explain your ideas, map out how they’ll be put into practice and provide relevant information and facts including the business details, management plan, operating plan, marketing and sales strategy , financial projections, and operational and team specifics.  

A business plan is essential in helping you: 

The business plan is a living, working document that should be read and reviewed regularly. If there are multiple directors or partners in the business then they should all be in agreement with what the plan outlines, the detailed information in the plan, and what is written in the plan. You will also need to share it with potential investors. The business plan will formalise all the ideas and assumptions, keep you focused, and ensure that everyone is on the same page.

How long writing your business plan should take will depend on your business size, the complexities of it and what stage you’re at. The most important thing is that it’s user-friendly and doesn’t include any waffle. Get straight to the nitty-gritty so that your stakeholders are engaged when reading it and so that you are more likely to use and update it regularly. Your business plan will probably cover the first three to five years. It’s important to include all the right information (see the checklist below) but it’s not a document to spend too long on. It’s more important that you are spending time running the business.

There are lots of business plan examples out there but typically yours should include: 

  • What your business will do 
  • The business structure and operations  
  • Team members and their expertise 
  • Market analysis to see current and projected state of the market and industry
  • How your business will sell and market  
  • Startup costs and funding required 
  • Financial projections 
  • Legal requirements 

Writing a business plan will allow you to take a step back and look at the business more objectively, predicting potential issues in advance, such as financial forecasts, and coming up with solutions or a shift in how you originally thought that you would do something.

Download: Free UK business plan template

We want to take the stress out of writing a business plan. Our free downloadable UK business plan template will guide you on everything you need to include and get your business primed for success. 

Download: Please login or register to get your download.

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Getting started on a business plan

Before you begin to make your business plan, keep these three things at the forefront of your mind. 

Focus on what makes you unique

Be creative with your plan, shout about your unique selling proposition (USPs) and what makes you different. Represent your brand using language and visuals, and talk about why you and your team are best to run this business.

Don’t over complicate it

Keep it concise so that you can get on with running the business and so the business plan is an easily readable and usable document. Too much detail in the plan can become confusing.

Be realistic and honest

The business plan will give you an indication of where you’re supposed to be. Review it every few months, update it as you go and change your activities in line with it. It will be impossible for you to predict everything so just give it your best shot and be prepared to be flexible.

How to structure a business plan step-by-step

The business plan should follow this format with these six sections. 

You must be logged in to use this checklist

The executive summary should always be written last. Think of it as a one-pager giving an overview of all the best bits of your plan. If the executive summary doesn’t captivate and interest the reader then it’s unlikely that they will read the rest of your plan. 

Describe your what, where, who and why - including your product/service, brand, location, business model and size. 

This section will involve the most amount of research as you study the current and projected conditions of the market and the industry, and look at what your competition is doing , before making your own marketing plans . 

Explain the experience, skills and credentials of all the people involved. Why are they the right people to make this a success?

Detail your required facilities, premises, systems and software. 

This section translates everything into numbers - your startup and running costs, funding , revenue projections with a cash flow forecast . 

Business plan examples

Take a look at these business plan sections in more detail to see examples of the sort of details you should include, depending on your type of business.

1. The executive summary

Give a topline description of:

  • In the most basic terms, what is the business? Is it a product or service? What does it do and how?
  • Why is there a need for this business?
  • What does this business do better than similar existing businesses?
  • What experience or skills do you have that will help make this business a success?
  • How will it make money?
  • Who will your customers be?
  • Who are your main competitors?
  • How will people find out about you?
  •  What is the opportunity for investors?

2. Business details and description

  • Describe your what, where, who and why – including your product/service, brand, location, business model and size.
  • Food (lunch / dinner)
  • Private hire for meetings / parties / events
  • Putting on own events (music, comedy)
  • Classes (e.g. cocktail making)
  • What will the legal structure of your company be (LTD, PLC, sole trader, partnership, charity, social enterprise)?

3. Marketing and sales strategy

4. management and employees.

  • Who will make up your team and what relevant skills and experience do they have?
  • Do you need to employ people?
  • What friends/family/business contacts do you have with skills that might be able to help you (preferably for free)?
  • Do you need to outsource anything?

5. Operational set up

  • What premises do you need? Where will they be? Where will you work from?
  • What assets/tools do you require (and which of these do you already have)?
  • Are there any licences that you require? Any other legal considerations?

6. Financial plan and projections

Business plan writing tips.

Writing a business plan can take some time and some areas of the plan will be easier to tackle than others. 

  • Make initial notes every time you think of something and don’t worry if you can’t cover all points at the start.
  • When you are ready to start to write the plan, make sure you use sections and these are in a logical order.
  • It is important that your plan is simple, accurate and easy to follow if you are going to ask others to look at it.
  • Try to avoid jargon or terms that only people in your type of industry will understand.

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business plan format uk

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business plan format uk

Read time:   5 mins         Added:   26/05/2023

A compelling and comprehensive business plan is an important asset for any business. It helps you to understand where you are now and where you want to be - then sets out how you intend to get there. If you need funding for your business, a detailed business plan can help give lenders or investors the confidence to invest.

5 things you’ll learn from this guide:

1. Why you should write a business plan

2. What to include in your plan

3. How to set SMART objectives

4.  How to develop your strategy

5.  The importance of financial forecasts

Why you should write a business plan

What to include in your plan.

  • How to set SMART objectives
  • How to develop your strategy
  • The importance of financial forecasts

The process of writing a business plan forces you to explore your business idea in detail and identify what you need to do to make it happen. It will quickly show up any flaws or potential stumbling blocks, allowing you to make your mistakes on paper rather than in your actual business.

A well-thought-out business plan will:

  • set a direction for the business and help you create an action plan
  • help you and your staff focus on what's important
  • show your commitment to banks, investors, colleagues and employees
  • help you to spot problems early on and tackle them effectively
  • set targets and evaluate your success
  • help you attract better-qualified staff

Business planning isn't just for when you're setting up – you should keep reviewing and updating your plan regularly. A plan is always a useful asset for persuading others to invest time, money and effort in your business, and keep your plans on track.

There are some key elements of a business plan:

Executive summary While this comes first, you should write it last. It’s a concise summary of all the key information in the full plan, and is your elevator pitch on paper.

Mission statement What is the purpose of your business – what problem are you aiming to solve for customers? You need to outline what you want your business to achieve, apart from making a profit.

Objectives How do you want your business to be performing in a year, and five years? You need to define your measures of success, making sure they are SMART.

S.M.A.R.T. Objectives

Objectives should meet each of these criteria:

Specific Outline clearly what is required in a simple statement.

Measurable Include some type of metric that will enable you to monitor progress and know when the objective has been achieved.

Achievable The objective should be challenging, yet grounded in business reality.

Relevant The focus should be on achieving the outcome, not the means of doing so.

Time-Bound There should be a target date by which the objective must be achieved.

Your strategy

Your strategy outlines how you intend to achieve your objectives. It details both the environment you’re operating in, and how you operate in it.

It’s vital that you understand who your potential customers are, and what they want. Alongside that, you should research who your competitors are  - not just businesses that do the same as you, but those that meet your customers needs in a different way too (indirect competitors). Our Understanding your market guide has more information.

You also need to be aware of the external opportunities and threats for your business. Economic conditions, changes in legislation and new technologies can all have an impact on your business. You should identify any which are relevant to your business and outline how you will respond to them.

Lloyds Bank business customers have access to Business KnowledgeBox as part of Internet Banking, which contains guides to setting up and running over 500 types of business and includes key market trends and issues, and trading and compliance considerations. 

Our customers also have access to the Lloyds Bank International Trade Portal which provides a gateway to explore international trade opportunities and detailed market information.

You’ll also need to outline how you’ll operate including:

  • Who your suppliers will be
  • The staff, facilities and equipment you’ll need
  • How you’ll promote your product or service 

Your Budget

Financial forecasts will help you, as well as potential lenders or investors, to understand if you have a viable business. You should provide details of your financial forecasts – how much you’ll sell and what the costs will be. Outline where the start-up funds will come from, and at what point you’ll need further investment for growth. 

Key figures you need to capture are:

  • Sales forecasts
  • Costs and overheads – staff, facility, energy
  • Assets – any significant company property
  • Investments, loans and grants A breakdown of costs, including tables detailing:
  • Start-up costs
  • Projected cash flow
  • Projected profit and loss
  • Projected balance sheet

You can also find more information and a range of business plan templates and examples at www.gov.uk .

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Essential guide to writing a business plan

A group of people working on a business plan

Your business plan outlines what your business does and what you are trying to achieve. It explains what the market opportunity is, what makes your business special and how you will make it a success.

Writing a business plan helps you:

  • check that your business idea makes sense
  • plan your sales, marketing and business operations
  • identify potential problems and how to overcome them
  • set out your objectives and the financial return you expect
  • work out what financing you need
  • convince other people to back your business

Why write a business plan?

How to write a business plan

Your business and products

Your market and competition

Your marketing and sales

Management and personnel structure

Your business operations

Financial performance

SWOT analysis

1. Why write a business plan?

Writing a business plan helps you think about what you are doing.

  • The plan sets out your strategy and action plan for the next one to three years, or sometimes longer.
  • As part of the process, you set concrete objectives and plan how you will achieve them.
  • Writing a business plan helps you focus and develop your ideas. Priorities are identified. Non-priorities are dropped, saving precious time.
  • Putting the plan in writing makes it easier to spot any gaps where you have more work to do.
  • Once written, the plan is a benchmark for the performance of the business.
  • By involving your employees in the planning process, you can build a successful, committed team.

You may need a business plan to explain your idea to other people

  • A business plan is essential if you are raising finance from a bank or outside investors.
  • A good plan can help you attract new senior management, or business partners such as distributors and agents.
  • You should tailor your plan to the target audience. For example, you may want the plan to 'sell' the business to your bank manager or investors.
  • Ask the intended recipient if there are any specific issues they want the plan to address or a template you should follow.

2. How to write a business plan

Base your business plan on accurate, detailed information where possible. But do not include all the detail in the plan. Leave the detail for operational or marketing plans.

Keep the plan short

  • Focus on what the reader needs to know.
  • Cut out any waffle.
  • Make sure there are no spelling mistakes.
  • Detailed business plans are often quickly shelved because they are difficult to use on an ongoing basis.

Include any detailed information you need in an appendix

For example, you might want:

  • detailed financial forecasts and assumptions
  • market research data that backs up what you say
  • CVs of key personnel (essential if you are seeking outside funding)
  • product literature or technical specifications

Base your business plan on reality, or it may be counterproductive

  • Over-optimistic forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost-cutting.
  • Be realistic, even if you are selling the business to a third party. Financiers, business partners and employees will see through over-optimistic plans that ignore weaknesses or threats. Management credibility can be damaged.

Make the plan professional

  • Put a cover on it.
  • Include a contents page, with page and section numbering.
  • Start with an executive summary. This summarises the key points, starting with the purpose of the business plan.
  • Use charts, if helpful.

Even if the plan is for internal use only, write it as if it were aimed at an outsider

  • Include company or product literature as an appendix.
  • Give details about the history and current status of the business.

Review your business plan

  • Read through the plan from your target reader's point of view. For example, try to imagine the impression the plan will make on your bank manager.
  • Check the plan is realistic. Include evidence to back up what you say (perhaps in the appendix) or provide evidence if needed.
  • Make sure you assess the risks. What might go wrong (eg if your main supplier closes down or you lose a key customer) and what would you do about it?
  • Concentrate on the executive summary. People often make provisional judgements based on this. Only then do they read the rest of the plan to confirm their decision.
  • Show the plan to friends, business peers and expert advisers for comments. Which parts did they not understand or find unconvincing?

3. Your business and products

Explain the history of the business.

  • When did it start trading and what progress has it made to date?
  • If the business is just starting up, what is your personal industry background and what progress towards launching the business has been made?
  • Who owned the business originally?
  • What is the current ownership structure?

Describe what your product or service is, avoiding technical jargon if possible

  • In general, what makes your product or service different ?
  • What benefits does it offer? What are its disadvantages and how will you address these?
  • What changes and improvements are you planning?

Explain any key features of the industry

  • For example, any special regulations, whether the industry is dominated by a few large companies or any major changes in technology.

4. Your market and competition

Describe the market in which you sell.

  • Highlight the segments of the market in which you compete. What are the key characteristics of customers in each segment and what influences their purchasing decisions?
  • How large is each market segment? What is your market share?
  • What are the important trends, such as market growth or changing tastes? Explain the reasons behind the trend.
  • What is the outlook for each important market segment?

Describe the nature and distribution of existing customers

  • Do they fit the profile of the chosen market segment? If not, why not?
  • Are sales largely made to one or two major customers?
  • If you are a new start-up, do you have any confirmed orders and who are your best prospects?

Outline the main competition

  • What are the competing products or services ? Who supplies them?
  • What are their advantages and disadvantages compared to you? For example, price, quality, distribution.
  • Why will customers buy your product or service instead? How will your competitors react to losing business and how you will respond?
  • Never openly criticise or underestimate competitors.

5. Your marketing and sales strategy

Where do you position your product or service in the market.

  • Is it high quality and high price?
  • Is it marketed as a specialist product due to a particular feature?
  • What unique benefits does it offer customers? For example, product reliability or customer service.
  • Which of these benefits are you going to highlight?

What is your pricing policy?

  • Explain how price-sensitive your customers are.
  • Look at each product or market segment in turn. Identify where you make your profits and where it may be possible to increase margins or sales or cut costs. Set your pricing accordingly.

How do you promote your product or service?

  • Each market segment will have one or two promotional methods that work best. For example, social media marketing, direct marketing, advertising or PR.
  • If you are considering a new marketing strategy, start small. A failed investment in marketing can be costly.

What sales channels do you use to reach your target customers?

  • For example, do you sell directly to the customer, or through retailers or agents? Do you sell online?
  • Compare your current channels with the alternatives. Note the distribution channels used by your competitors.
  • Look at the positive and negative trends in your chosen distribution channels.

How do you do your selling?

  • Look at the cost-efficiency of each of your sales methods . For example, online sales, in person, through an agent or using telesales.
  • Include all the hidden costs, such as management time when calculating prices or return on investment.
  • Explain how long it takes to make sales (and to get paid for them), what the average sales value is and how likely customers are to give repeat orders.

6. Management and personnel structure

Set out the structure and key skills and experience of the management team and the staff.

  • Clarify how you cover the key areas of production, sales, marketing, finance and administration.
  • Address any areas of deficiency, and your plans to cover this weakness.
  • Explain your recruitment and training plans, including timescales and costs.

Analyse the workforce in terms of total numbers and by department

  • Compare the efficiency ratios with competitors, or with similar industries. Useful figures might be sales, average salaries, employee retention rates and measures of productivity.

Be realistic about the commitment and motivation of the workforce

  • Show how committed you and other members of the management team are. For example, how much you have invested in the business.
  • Consider how you would survive the loss of a key member of the team.
  • Note any unusual upward pressure on pay levels.
  • Spell out any plans to improve or maintain motivation.

7. Your business operations

Look at the capacity and efficiency of your operations, and any planned improvements.

What premises does the business have?

  • Do your business premises meet your current and future needs? What are your long-term commitments to property?
  • What are the advantages and disadvantages of the present location? Should the business expand or move?

What production facilities do you have and how is production organised?

  • How modern is the equipment?
  • What is the capacity of the current facilities compared with existing and forecast demand?
  • Who are your key suppliers? How do you select and manage them?

What management information systems are in place?

  • For example, management accounts, sales, stock control and quality control.
  • Are they reliable? Can they deal with any proposed expansion?
  • A financier will be very concerned if management information systems are inadequate. Management of a business is always limited by the quality of the information available.

Are your IT systems reliable?

  • Is IT a key strength (or weakness) of your business? The development of IT systems to help your business is usually an important issue.

What quality or regulatory standards does the business conform to?

  • For example, ISO 9000 or CE approval.

8. Financial forecasts

Your financial forecasts translate what you have said about your business into numbers.

Set out historical financial information for the last three to five years, if available

  • Break total sales figures down into component parts. For example, sales of different types of product or to different groups of customers.
  • Show the gross margin for each sales component. List what costs are included as direct costs for each component.
  • Show the movement in the key working capital items of stock, trade debtors and creditors. Use ratios such as stock turnover (in months), debtors period (in days), and creditors period (in days).
  • Highlight any major capital expenditure made.
  • Provide an up-to-date balance sheet, and a profit and loss account .
  • Explain the reasons for movements in profitability, working capital and cash flow . Compare them with industry norms.

Provide forecasts for the next three (or even five) years

  • The sophistication of your forecasts should reflect the sophistication of your business. A small business may only need sales, profit and cash flow budgets .
  • A more complex, asset-based business - or one with complex working capital requirements - will need balance sheet forecasts as well.
  • Use the same format as for the historical information, to make comparison easier.
  • Clearly state the assumptions behind the forecasts. These should tie in with what you say in the rest of the plan. For example, if the plan says that the market is becoming more competitive, profit margins should probably be falling.
  • Be realistic about forecasts in new markets. For example, how much resource can you devote to selling, what success rate can you expect and how long will it take to convince new customers ?
  • Look at the overall trends of historical and forecast numbers. Are they believable? Do the forecasts allow for the possibility of problems and delays in payments that could affect cash flow?
  • Consider 'what-if' scenarios. For example, consider what will happen to your cash flow if sales are 20% lower than forecast (or 15% higher).

Put detailed financial forecasts in an appendix at the end

Include a detailed list of assumptions. For example:

  • the profit margin on each product
  • how long it takes to collect payment from debtors
  • what credit suppliers will offer you
  • what financing you are expecting and the interest rate you will pay

Use the cash flow forecast to predict any financing requirements

  • Add an extra contingency element onto the funding requirement shown in the forecast (perhaps 10-20%). Think about what mid-month peaks might be.
  • Identify what types of financing you want. For example, long-term loans or an increased overdraft facility.
  • Include the likely interest or dividend costs of any new finance.
  • Carry out sensitivity tests on the cash required by changing key factors, such as sales or margin. Note the outcomes.
  • Explain why the financing is required and what it will be used for.

If necessary, get help

  • Small business advisers at banks and business support organisations may help you put together financial forecasts free of charge.

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9. SWOT analysis

A SWOT analysis helps show that you really understand your business and the key external factors that you need to deal with.

Set out a one-page analysis of strengths, weaknesses, opportunities and threats

  • Strengths might include brand name, quality of product, or management experience.
  • Weaknesses might be lack of finance, or reliance on just a few customers.
  • Opportunities might be increasing demand or a competitor going bust.
  • Threats might be a downturn in the economy or a new competitor.

Be honest about your weaknesses and the threats you face

  • Spell out mitigating circumstances and the defensive actions you are taking.

Driving your business forward

Identify what makes you better than the competition.

  • Think about what the key ingredients of your future success will be and how you will strengthen your position in the market.

Establish your overall business aims

  • Where do you realistically intend to be in three years' time?

Decide on half a dozen key objectives that will make a significant difference

Many businesses think in terms of:

  • income - more sales, better margins
  • customers - new customers, higher levels of customer satisfaction
  • products - improving existing products, launching new ones
  • human resources - recruiting new employees, developing new skills

Set clear targets

  • You should know exactly what you want to achieve, by when.

Work out how you will reach these targets

  • Look at each aspect of your business in turn and create a step-by-step action plan for it.
  • Get help preparing a business plan and financial forecasts from your local enterprise agency .
  • Find an ICAEW chartered accountant or an ACCA accountancy firm for help with financial forecasting and business planning.
  • Find a trade association relevant to your sector through the Trade Association Forum.

Business plan written on paper that is pinned to a messy cork board

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Creating a business plan for your startup: step-by-step guide

You’ve had a great idea for a startup or new business. Now you need to make sure it all makes sense and create a document that shows how and why your business will succeed.

business plan format uk

Every company is unique and this will be reflected in its business plan. The steps below can be tailored to your requirements but should ensure the key elements are all included.

Step 1. Set out your stall

You may be clear about what will make your new business great, but you need to be able to communicate that to investors, customers and other stakeholders. An effective business plan will often start with a clear statement about what the business will do, and what product or service it will sell.

Step 2.  Set clear goals

Do you want to takeover the world or just a small corner of it? Is creativity, social impact or innovation more important than maximum profit? Decide on the business, financial and even personal goals you want to achieve in the short and medium term.

Step 3. Explain your product

Describe what your product or service will be, and what makes it unique or different. What are its limitations or downsides? How will you make, develop or source it?

Step 4. Introduce your customer and market

Who is your target customer and how big is your potential market? The better you understand the customer, the more likely you will create something they will buy. Market research is critical. Consider how you could test the market and assess demand with a Minimal Viable Product.

Step 5. Explain your sales and marketing approach

How will you make potential customers aware of your product or service? Marketing and advertising costs are often underestimated, especially in a crowded market with a lot of competition for customers. Will you have time to do the marketing yourself or will you need to hire staff or outsource tasks?

Step 6. Consider variable costs

These are the costs associated with the product or service itself, including manufacture, storage and delivery. For a digital business this could include development and testing.

Step 7. Estimate fixed costs

There will also be fixed costs that you will need to pay no matter how much you sell. These could include salaries and wages, National Insurance, tax, office costs, accountant’s fees, bad debts, interest payments and rates.

Step 8. Work out your pricing

Take the cost of the product or service away from the sales price and you have your gross profit. Subtract your overhead costs for the relevant time period and you’ll start to have an idea of how much you’ll need to sell to make a profit. There are various pricing models and you may need to experiment to find the right one for your business.

Step 9. Evaluate the competition

Identify other businesses that could compete for customers. Make a list of factors related to their product or service – everything from cost and service level to features and reputation. Assess your idea against the competition to spot risks and opportunities.

Step 10. Crunch the numbers

Financial calculations and forecasts are at the heart of a business plan. They could include capital requirements, profit and loss forecasts, cashflow forecasts, required assets and funding requirements. How much startup capital do you need and what runway will that give you before more investment or revenue is required?

Step 11. Decide on a legal structure and business organisation

Will you be a sole trader, limited company or set up a business partnership, perhaps with a co-founder? Do you need staff and will they be offered any equity?  What access to advice and expertise do you have – and what will you need to pay for?

Step 12. Assess the risks

With so much disruption and uncertainty it has never been more important to assess the risks your business may face. Be honest about gaps in the founders’ knowledge or experience and look to fill them. Work out contingency plans and stress-test your assumptions.

Step 13. Iterate your approach

A business plan should be an evolving document that reflects what you are learning and the data and insight that is being collected. The sections may need to be adapted or added to, depending on the nature of the business, its sales model and type of funding.

Step 14. Talk to Barclays Eagle Labs

The Ecosystem Managers at Barclays Eagle Labs are used to working with founders and entrepreneurs at the start of their business journey. They can advise you on approaches, considerations and next steps. Find your nearest Eagle Lab here.

Step 15. Find a business plan template to suit your needs

There are numerous business plan templates online with some specifically tailored for startups. No two are the same, so it pays to search widely and borrow from multiple sources to create the business plan that best fits your circumstances and concept.

This Barclays Business Plan Generator is a great first step in clarifying your business idea.

Barclays (including its employees, Directors and agents) accepts no responsibility and shall have no liability in contract, tort or otherwise to any person in connection with this content or the use of or reliance on any information or data set out in this content unless it expressly agrees otherwise in writing. It does not constitute an offer to sell or buy any security, investment, financial product or service and does not constitute investment, professional, legal or tax advice, or a recommendation with respect to any securities or financial instruments.

The information, statements and opinions contained in this content are of a general nature only and do not take into account your individual circumstances including any laws, policies, procedures or practices you, or your employer or businesses may have or be subject to. Although the statements of fact on this page have been obtained from and are based upon sources that Barclays believes to be reliable, Barclays does not guarantee their accuracy or completeness.

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  • Business Plan Template

Step 1: Business Plan

What is a business plan.

A Business Plan is a written document that describes your core business objectives and how you plan to achieve them over a set period of time. It is designed to help you, and others, understand how you plan to generate money and make your business sustainable. A Business Plan often includes information about your goals, strategies, marketing and sales plans and financial forecasts. Read on below for more information about the key sections of a Business Plan.

Download your copy of the Business Plan template now. The document includes a Personal Survival Budget template and a Cash Flow Forecast template, which are also required for your application:

The guide is an annotated version of the Business Plan template with notes from our Business Advisers about what type of information, examples and evidence to include in order to help us understand you and your business. While we encourage you to use this Business Plan template, it is not mandatory and you are welcome to submit your own Business Plan template provided it details similar information.

Please note, the following documents should open on any device with a document viewer and editor but for the best user experience, we recommend editing this Business Plan template on a desktop.

Why is a Business Plan important?  

There are many great reasons why it is worth your time creating a Business Plan – even if you’re not quite ready to apply for a Start Up Loan. Here are just seven:

A Business Plan:

  • Provides a structured way of organising your thoughts and clarifying your idea.
  • Helps you set out your goals and spot any potential problems in achieving these goals.
  • Gives you a clear strategy to follow when things get busy.
  • Is often essential for securing external finance for your business (and is required if you’re applying for a Start Up Loan).
  • Allows you to measure your progress as you go along.
  • Ensures all of your team are working towards the same vision.
  • Helps you plan for the future.

Key sections of a Business Plan:  

A Business Plan can include whatever information you feel is required to best convey how you are planning to make your business sustainable and, when it comes to applying for a Start Up Loan, the following are the core sections we require.

Your business and key objectives: A brief description of your business and its core products or services. This section also includes a clear and concise overview of the goals your business is trying to achieve over a set period of time. Sometimes these are broken down as short, mid and long-term goals, but it helps if they’re measurable (how will you know if you have achieved this?) and realistic (can you achieve this with the money, resources and time you have?).  

If you are applying for a Start Up Loan, you will of course also need to detail how you intend to use the money if you’re successful. Our Loan Assessment team will want to see that the Start Up Loan will support your overall business objectives.

Your skills and experience: An overview of your experience as it relates to your business. If you’ve previously worked in a similar business, or have experience running another business, this will help provide confidence that you are in a good position to start up. Even if this is all brand new to you, think about any transferable skills you’ve developed, life experiences you’ve had or training you’ve completed that may be useful.

Your target customers, market and competition: A summary of key insights that demonstrate you have a strong understanding of your customers (and how to identify them), your market (and how to position yourself within it) and your competitors (and how to differentiate yourself from them on factors like price, quality, brand etc).  

Your sales and marketing plans: This section is all about how you are planning to attract customers. You might include information about where you’ll distribute your products, what your branding and logo will be and what pricing you’ll apply. Additionally, you will need to demonstrate how you will spread the word about your product/services in order to generate demand, such as using social media, exhibiting at a trade conference or investing in online advertising.

Your operational plans: This will be different depending on your business model, but may include information on where you’ll trade (like a home office or external premises), the number of staff you’ll need to employ, what their roles will be and any equipment or tools you’ll need to run your business. You can also use this section to detail any processes that are important to your operations, as well as any industry, tax or legal regulations related to your business. It’s also good to think about any risks you may face, how you will overcome them and what you will do if things don’t go to plan.

Financials Many business plans include a financial section, which outlines how you’ll fund all of the activities you’ve outlined and what revenue you expect to generate. Because we ask you to complete a Cash Flow Forecast as part of your Start Up Loan application, we don’t require too much detail on this in your Business Plan. Rather, these two documents should be complementary.

Check out our Cash Flow Forecast guide and template >>

Writing a Business Plan – our top tips:

The tips below have been prepared by our Business Advisers and Loan Assessment team to help you understand some of the key things that will strengthen your application. For more in-depth advice, read our guidelines on how to write a Business Plan .

  • Demonstrate that you understand your market and customer. For our Loan Assessment team to feel comfortable that your business plans are viable, they will want to see that there is a market who wants and needs your product/service, that you have thought about how you’ll set yourself apart from competitors and that you know how to attract your customers. Any market research you can do, like a simple online survey, looking up industry reports or interviews with potential customers will help.
  • Use evidence and examples to back up any statements you make. It’s always more powerful when you can prove what you’re saying with hard facts, whether it’s with a strong statistic, a customer quote, examples of similar activity or other research. It doesn’t have to be detailed – sometimes it will be sufficient to include a link to further information – but it will help our loan assessment team feel more confident that your business plan is viable.
  • Make sure everything ties together by linking every strategy to your core objectives. The purpose of a Business Plan is to show what your goals are and how you’re going to achieve them so remember to put your objectives at the heart of your plan. For example, if one of your goals is to generate 10 new sales per month, then in your marketing section you’ll need to think about how many sales each promotional channel needs to deliver in order to support this objective.
  • Consider any risks you face and how you will overcome them. Every business has risks so don’t shy away from referencing these in your business plan. Demonstrating that you are aware of your key risks. Having a clear plan for how to reduce or overcome these is something that will set your business plan apart and give our loan assessment team confidence that you’re ready for the challenge.  
  • Be as clear and concise as possible and avoid waffle. Remember, we’re not looking to see every single detail about how your business will operate, rather we just need to know enough information to give us confidence that you have a clear plan in place. You might like to use bullet points, graphs, tables and subheadings to help you keep your content focused and help you avoid the temptation to go into too much detail.  
  • Presentation matters: proof read, review and format your document. As with most things in life, first impressions count. Use clear headings, structure your document in a clear order and check you’ve used consistent fonts throughout. Remember, you don’t have to be a writer or a designer to prepare a professional looking document. Most importantly, double check that you haven’t made any spelling or grammatical errors. It can be a good idea to have someone proof read your work for you once you’re finished to pick up anything you might have missed.

Learn new skills

Start Up Loans has partnered with the Open University to offer a range of free courses.

A Business Plan can include whatever information you feel is required to best convey how you are planning to make your business sustainable and, when it comes to applying for a Start Up Loan, the following are the core sections we require (our Business Plan template includes them).

Are you ready to kickstart your business?

Free business plan template

  • Download business plan template
  • Try Xero for free

Download a business plan template and start bringing your ideas to life. Choose a one-pager, or multi-pager. Or try Xero accounting software for free.

Business plan template with blank fields for users to fill out.

Download the business plan template

Fill in the form to get a free business plan template as an editable PDF. We’ll send a one-pager and a multi-pager to choose from.

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Getting started with the business plan template

We’ll send you two types of business plan template – a one-pager and a multi-pager. Choose the one that’s right for you. They come with instructions to help fill them out.

Doing a business plan will improve your idea. It helps you think about your business from different points of view. The process will flag up unseen risks, but also new opportunities. Aside from helping refine your idea, a business plan will move it forward. It’ll give you a concrete set of steps to go from ‘I should’ to ‘I did’.

One-page business plan template

Great for making a start

Helps you pin down the main idea

Easy to update as things evolve

Multi-page business plan template

Ideal for nailing down the details

Required by most investors and lenders

Good if you face big startup costs

Tips to help with your business plan

Don’t obsess over every detail to start with. That will make the plan long and hard to change. Keep it short and concise initially.

Financing your business

Need cash to get going? Check out our finance guide.

How to finance your business

Starting a business

Check out our guide for information about getting started.

How to start a business

Find a bookkeeper or accountant

Accoutnants and bookkeepers can help build financial resilience into your business budgets.

Find a financial advisor near you

Plan on making business fun

Are you looking forward to the bookkeeping and accounting that comes with a new business? Na, we didn’t think so. Xero can automate a lot of that stuff away for you.

Xero does not provide accounting, tax, business or legal advice. This template has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business.

Start using Xero for free

Access Xero features for 30 days, then decide which plan best suits your business.

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  • Example of a business plan
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A finance provider will review any business plan submitted; it is essential that your plan relates to your business and you do not rely on a generic document.

A finance provider will review any business plan submitted; it is essential that your plan relates to your business and you do not rely on a generic document. After understanding the requirements of a business plan here is a useful guide from Barclays' which highlights the relevant sections that you need to consider when writing your business plan.

  • Barclays Business plan

Here are three further example business plans. The first one is a comprehensive example of a fictitious airport café business looking to open a new site. The second is of a fictitious stone import business looking to cover the shortfall of working capital as they plan to expand and the third is of a fictitious fuel efficiency business looking for debt factoring finance.

  • Airport Café

Stone Importers Ltd

Smith Fuel Efficiency Ltd

You can download all of these from 'Related documents'.

Related documents

Download PDF 485KB

Barclays Business Plan

Download PDF 74KB

Airport Cafe Example Business Plan

Download PDF 63KB

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Business planning tips

On this page

Failing to plan is...well, you know the rest

To build a successful business, having a clear mission and specific goals is vital. The best way to do this is to write a thorough business plan setting out exactly how you're going to turn your dreams into reality.

Do's and don'ts when writing a plan

Do be realistic.

While it's important to show ambition, be realistic when projecting your results.

Do check for accuracy

It may be an old cliche, but you only get one chance to make a first impression. Make sure you triple check the accuracy of your content and ask a colleague or mentor to proof read it with a fresh pair of eyes.

Do your research

Make sure all research is up to date and accurate, and that any claims can be substantiated. You need to be aware of the good, the bad and the ugly!

Don't include your CV

Your business plan is about the company you intend to run, not ones you may have run in the past. A link to a completed LinkedIn profile will tell someone all they need to know about you.

Don't say you have no competition

There's always competition, the key is understanding your market and convincing your customers that your product is superior.

Don't start at the start

Start with an executive summary. This should be one page long and is your elevator pitch on paper.

6 steps to writing a business plan

Our in-depth six-step guide can help you put together a robust business plan and set you up for success or expansion.

Introduction

A business plan is a written description of your company, your aspirations and ambitions, and the methods by which you can achieve your goals.

Creating a business plan gives you a clearer understanding of what you need to do to reach your objectives. By producing a detailed business plan containing facts, figures, statistics and a summary of your skills, you will give potential investors all the information they need to buy in to your proposal.

Getting started

Once you've decided to write a business plan, the next step is deciding what needs to be included. And remember, your plan should be flexible.

An executive summary exists to summarise your ambitions and approach in a concise way. This is not always an easy task, but it's a good way to ensure you remain focussed on both the bigger picture and your core ambitions.

Your business summary should

  • Describe your business - how you want it to grow, the niche you fill, why you think it can succeed
  • Describe the sector it sits in - if the sector is strong, where will you fit? If it's performing poorly how will you buck the trend?

Product summary

It's worth giving your product or service a section of its own. Outline what makes it different from similar offerings and discuss the reasons that you will succeed.

Aims, objectives and audience

You should cover:

  • Where do you want your idea to go and how are you going to get there?
  • In a year's time what shape will your business be in?
  • Will you have secured investment, or hired additional members of staff?
  • Will you be able to cope if you fail to hit projected financial targets?

It's vital that all of these factors are assessed prior to launching or expanding a business. Research carried out by the Chartered Management Institute (CMI) has discovered that over half (54%) of all UK businesses that fail within the first three years of operation do so because of poor management.

Get to know your audience

You must have an understanding of your core demographic and how you are going to engage them. The more intelligence potential investors can get from reading the plan, the better.

Operations and organisation

It's good to have a solid concept, strong product and ambitious goals, but to grow a successful company, you will also need a detailed understanding of job roles, company structure and the day-to-day running of your operation.

This section of the plan is often the most detailed. Overlooking just one of the below areas could be extremely harmful when it comes to launching a company or seeking investment.

Areas to cover

  • Location - where will you be based and why?
  • Suppliers - who are they and what are the contract terms?
  • Production - will anything be outsourced?
  • Distribution - how will you deliver your product?
  • Employees - how many do you need and what will they do?

Financial considerations

All aspects of your business plan are essential in their own right, but it's important to make sure the financial elements are accurate and in order.

Some entrepreneurs make the mistake of believing that because they are determined to succeed, they will be able to fund business growth by reinvesting the business' profits. However this rarely works, suppliers need to be paid prior to the customer getting their hands on the goods, meaning you will need some kind of initial investment or loan to cover supply costs.

  • What kind of financing you need
  • How much money you require
  • Whether you are willing to give away equity in the business in return for funding
  • When you will be able to pay back any loan you take out

How much, what for, and from where?

Always consider these three questions when planning your finances, and always be cautious in your answers.

Measuring success and risk

No business is guaranteed to succeed. Investors understand that handing any amount of money over to a startup is a risky decision, but it's important to reassure them. Highlight that you are aware of the risks, have plans in place to avoid pitfalls, and are willing to change course or adopt different methods should you need to.

Types of business risk

  • Compliance  - If you fall foul of laws and regulations, your business could fail before it has a chance to properly grow.
  • Operational  - Operational risk can come in many forms. It could relate to employee error or a water leak that damages equipment.
  • Financial  - Nearly all businesses will get into debt in their opening years, but it is how that debt is managed that is important.
  • Reputational  - Building customer confidence in your brand and rewarding them with a quality service is an essential ingredient for all businesses. 

Need a little more help?

You can find additional information and a range of business plan templates and examples on the www.gov.uk website.

Get your business idea off the ground

From the start, you’ll need to think about your approach to running your business and what support you might need to make it happen.

Something else we can help you with?

Support centre, @natwestbusiness.

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Free business plan template (with examples)

Alan Bradley

Sierra Campbell

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 3:37 a.m. UTC Feb. 12, 2024

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Starting a business can be a daunting undertaking. As with so many large projects, one of the most difficult challenges is just getting started, and one of the best ways to start is by putting together a plan. A plan is also a powerful tool for communication and can serve as a cornerstone for onboarding new partners and employees or for demonstrating your philosophy and priorities to potential collaborators. 

A solid business plan will not only provide a framework for your business going forward but will also give you an early opportunity to organize and refine your thoughts and define your mission statement, providing a guidepost that can serve as a beacon for your business for years to come. We’ve provided a business plan template below to help guide you in the creation of your new enterprise.

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Business plan template

What should a business plan include?

Regardless of the type of business you own or the products and services you provide, every business plan should include some core elements:

  • Mission statement. The definition and executive summary of your business.
  • Market analysis. A breakdown of the market segment and customers you hope to reach, built through primary (gathered by you) and secondary (gathered from outside sources) research.
  • Organization and logistics. The nuts and bolts of how your business is operated
  • Products or services. What your company provides its customers.
  • Advertising and marketing. How you intend to get your products in front of your customers.
  • Forecasting. Revenue forecasting for partners or potential investors.

Why do you need a business plan?

A business plan is a framework for success. It provides a number of key benefits:

  • Structure. The outline around which to design your business.
  • Operational guidance. A signpost for how to run your business from day to day.
  • Expansion. A vision for the future growth of your enterprise.
  • Definition. A platform to consider every element of your business and how best to execute your plans for them.
  • Collaboration. A synopsis of what’s exceptional about your business and a way to attract funding, investment or partnerships.
  • Onboarding. An efficient summary of your business for new or potential employees.

Business plan examples

We’ve created two fictional companies to illustrate how a business might use a business plan to sketch out goals and opportunities as well as forecast revenue.

Bling, Incorporated

Our first hypothetical example is a jewelry and accessory creator called Bling, Incorporated. A hybrid business that manufactures its products for sale both online and through physical retail channels, Bling’s mission statement is focused on transforming simple, inexpensive ingredients into wearable statement pieces of art. 

Market analysis includes gathering data around sourcing sustainable, inexpensive components, aesthetic trends in fashion and on which platforms competitors have had success in advertising jewelry to prospective customers. Logistics include shipping products, negotiating with retailers, establishing an e-commerce presence and material and manufacturing costs. 

Bling, Incorporated advertises initially through social platforms like TikTok and Facebook, as well as with Google AdSense, with plans to eventually expand to television advertising. Revenue forecasting is structured around a low overhead on the basis of inexpensive materials, no dedicated storefront and broad reach through digital platforms.

Phaeton Custom Cars

Phaeton is a custom car builder and classic car restoration business with a regional focus and reach. Its mission statement defines it as a local, family-owned business serving a community of auto enthusiasts and a broader regional niche of collectors. 

Market analysis breaks down the location and facilities of other competitor shops in the region as well as online communities of regional car enthusiasts likely to spend money on custom modifications or restoration projects. It also examines trends in valuations for custom parts and vintage cars. Logistics include pricing out parts and labor, finding skilled or apprentice laborers and mortgaging a garage and equipment. 

Phaeton advertises in regional publications, at local events and regional car shows and online through Facebook and Instagram, with an emphasis on a social presence highlighting their flashiest builds. Revenue forecasting is built around a growing reputation and high-value commissions.

Frequently asked questions (FAQs)

A business plan may not be a prerequisite for every type of business, but there are few businesses that wouldn’t benefit from one. It can serve as an important strategic tool and help crystalize a vision of your business and its future.

Business plans do just that: they help you plan the future of your business, serve as a platform to brainstorm ideas and think through your vision and are a great tool for showcasing why your business works to potential investors or partners.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Alan Bradley

Alan is an experienced culture and tech writer with a background in newspaper reporting. His work has appeared in Rolling Stone, Paste Magazine, The Escapist, PC Mag, PC Gamer, and a multitude of other outlets. He has over twenty years of experience as a journalist and editor and is the author of the urban fantasy novel The Sixth Borough.

Sierra Campbell is a small business editor for USA Today Blueprint. She specializes in writing, editing and fact-checking content centered around helping businesses. She has worked as a digital content and show producer for several local TV stations, an editor for U.S. News & World Report and a freelance writer and editor for many companies. Sierra prides herself in delivering accurate and up-to-date information to readers. Her expertise includes credit card processing companies, e-commerce platforms, payroll software, accounting software and virtual private networks (VPNs). She also owns Editing by Sierra, where she offers editing services to writers of all backgrounds, including self-published and traditionally published authors.

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COMMENTS

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    Home Business and self-employed Business finance and support Write a business plan Download free business plan templates and find help and advice on how to write your business plan....

  2. How To Write A Business Plan (2024 Guide)

    Describe your services or products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...

  3. Free template: How to write a business plan

    Strategy, Legal & Operations Free template: How to write a business plan Free template: How to write a business plan A business plan is essential for reaching financial success. Download our business plan template and use it to help you achieve your goals. Keir Thomas-Bryant 1 February, 2024 8 min read View 3 comments

  4. Free Business Plan Template & How to Write Your Plan

    Download PDF (240KB) Work through your business plan, step-by-step Our below guide will give you detailed advice on how to write a quality business plan, and our PDF download above can give you a clear template to work through. But, creating an effective business plan needs….planning! That's where a high quality planning tool can help.

  5. Example business plans

    Start Up Loans - offer a downloadable .docx template. Invest Northern Ireland - have a .doc business plan template to download here StartUps.com - have four sample plans that you can access from Google Drive (note, this is a USA site so the examples are US-based, although the formats could still work for a UK business).

  6. How to write a business plan and business plan template

    Sam Bromley 10 November 2022 It's important to know how to write a business plan, because it helps you answer questions about your business and recognise potential obstacles before you set it up properly. Our guide explains more, plus you can download a free business plan template too.

  7. Business plans

    If you're thinking about setting up your own company, getting your business plan right is crucial. Check out our top tips on how to write a business plan.

  8. PDF HOW TO WRITE A BUSINESS PLAN

    1. Internal: Providing management and staff with a clear map, complete with signposts and milestones against which progress can be monitored and evaluated. 2. External: Presenting the investment case to an outsider. This key function provides the focus for this note. Essentially, business plans are sales documents.

  9. Writing a business plan

    Writing a business plan Your guide to a successful business plan A good business plan defines what you want to achieve and how you intend to achieve it. Our guide could help you write yours. Define your business

  10. How to write a business plan UK

    2. Business details and description. Describe your what, where, who and why - including your product/service, brand, location, business model and size. Make an extensive list of all your products/services/revenue streams (all the ways your business can possibly make money). For example, for a bar this could be: Drinks.

  11. How to write your business plan

    1. Why you should write a business plan 2. What to include in your plan 3. How to set SMART objectives 4. How to develop your strategy 5. The importance of financial forecasts Why you should write a business plan

  12. Essential guide to writing a business plan

    Writing a business plan helps you think about what you are doing. The plan sets out your strategy and action plan for the next one to three years, or sometimes longer. As part of the process, you set concrete objectives and plan how you will achieve them. Writing a business plan helps you focus and develop your ideas.

  13. Free Business Plan Template and Examples for Small Businesses ...

    Our free business plan template includes seven key elements typically found in the traditional business plan format: 1. Executive summary This is a one-page summary of your whole plan, typically written after the rest of the plan is completed.

  14. How to write a business plan (with steps and example)

    How to write a business plan. If you want to learn how to write a business plan, consider the following steps: 1. Write a comprehensive executive summary. Also known as a company description, the executive summary explains the business and its goals to partners, investors and lenders.

  15. Creating a business plan for your startup: step-by-step guide

    Step 1. Set out your stall. You may be clear about what will make your new business great, but you need to be able to communicate that to investors, customers and other stakeholders. An effective business plan will often start with a clear statement about what the business will do, and what product or service it will sell. Step 2. Set clear goals.

  16. Business Plan Template

    Step 1: Business Plan A Business Plan is like a blue print for your business - it details all your goals and how you plan to achieve them. You will be required to submit a Business Plan with your final Start Up Loan application. Check out our Business Plan template below. What is a Business Plan?

  17. Business Plan Templates

    Start using Xero for free. Access all Xero features for 30 days, then decide which plan best suits your business. Safe and secure. Cancel any time. 24/7 online support. Get the ball rolling with our free business plan templates and tips. Choose from a multi-page template, or a one-pager to help flesh out your idea.

  18. Example of a business plan

    Barclays Business plan. Here are three further example business plans. The first one is a comprehensive example of a fictitious airport café business looking to open a new site. The second is of a fictitious stone import business looking to cover the shortfall of working capital as they plan to expand and the third is of a fictitious fuel ...

  19. 7 Business Plan Examples to Inspire Your Own (2024)

    7 business plan examples: section by section The business plan examples in this article follow this example template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis.

  20. Writing a business plan

    01 Introduction A business plan is a written description of your company, your aspirations and ambitions, and the methods by which you can achieve your goals. Creating a business plan gives you a clearer understanding of what you need to do to reach your objectives.

  21. Simple Business Plan Template (2024)

    This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and ...

  22. Free editable and printable business plan templates

    Find business plan templates from Canva's premade document gallery for a crash course on how to effectively present your objectives. Business plans can come in various formats, and our ready-made selection reflects that. We've got simple business plan templates, which you can use while brainstorming ideas on your own or with a team. ...

  23. Free Business Plan Template (With Examples)

    If you're looking for a free business plan template, read our guide to see some of the examples we found.