Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

  • Product goals and deadlines for each month
  • Monthly financials for the first two years
  • Profit and loss statements for the first three to five years
  • Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

  • Executive summary
  • Description of business
  • Market analysis
  • Competitive analysis
  • Description of organizational management
  • Description of product or services
  • Marketing plan
  • Sales strategy
  • Funding details (or request for funding)
  • Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

  • What is the vision and mission of the company?
  • What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

  • What business are we in?
  • What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

  • Who is our customer? 
  • What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

  • Who is the competition? 
  • What do they do best? 
  • What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

  • What is the product or service?
  • How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

  • Who is the target market (if different from existing customer base)?
  • What channels will you use to reach your target market?
  • What resources does your marketing strategy require, and do you have access to them?
  • If possible, do you have a rough estimate of timeline and budget?
  • How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

  • What is the sales strategy?
  • What are the tools and tactics you will use to achieve your goals?
  • What are the potential obstacles, and how will you overcome them?
  • What is the timeline for sales and turning a profit?
  • What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

  • How much capital do you currently have? How much capital do you need?
  • How will you grow the team (onboarding, team structure, training and development)?
  • What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

  • How and when will the company first generate a profit?
  • How will the company maintain profit thereafter?

Business Plan Template

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

  • Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
  • Add a Company Overview Document the larger company mission and vision. 
  • Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
  • Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
  • Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
  • Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
  • Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
  • Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
  • Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
  • Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

  • Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
  • List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
  • Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
  • Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
  • Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
  • Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
  • Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
  • Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Lean Business Plan Templates for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

  • Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
  • Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
  • Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
  • Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
  • Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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Business Ideas to Become Your Own Boss

Learn about what makes a good business idea, and how to take your idea from inception to production.

Endless job applications and interview callbacks may seem like the gatekeepers of employment, but that’s not necessarily the case. Entrepreneurship is an option that many people pursue, especially in our expanding freelance and small-business economy. There are pros and cons to working for yourself, and each new venture comes with its own set of challenges. Below, we’ll explore the qualities of a good business idea , how to generate great business ideas, and the pros and cons of being your own boss.

Key elements of a good business idea

There’s no limit to what kind of business you can build for yourself. While the specifics will vary, there are a few consistent key elements to all successful businesses.

Clear demand for a product or service

Supply and demand are the building blocks of all business. Every business idea should have hard and clear evidence of demand in your market or field. You can gauge market demand in a few ways. Marketing and outreach software can get your idea in front of your desired audience , or you could get in touch with them using interest surveys or open forums. The better you know your audience, the better your likelihood of success; consider the fact that 14% of startups fail by not regarding customers’ needs.

how to plan your business idea

Short and long-term goals

Having a detailed plan is crucial to making any entrepreneurial endeavor successful. Your long-term plans and your short-term plans should work together to keep you on track. Setting SMART goals in the short term will set you up for success in the long term.

Room for growth

Don’t be afraid to alter part—or all—of your idea based on new information or experience. Sometimes change is necessary. It’s important to keep up with the current market and be willing to adapt to unanticipated feedback from your customer base. Being flexible and open-minded can mean the difference between having your idea remain an idea or getting it out in the world. Remember, you can always circle back after you’ve established yourself.

The right amount of motivation

Your business idea doesn’t necessarily have to be based on doing something that you love—though that helps—but it should be based on something you’re motivated to pursue. Whether you’re working to serve a cause or community that’s important to you, honing a skill set, or helping others do the same, motivation can help keep you inspired during challenging times.

How to generate business ideas

Generating business ideas is one of the most important steps for any entrepreneur. If you don't have any good ideas, it's going to be tough to get your business off the ground.

In this blog post, we will teach you how to generate business ideas that will help you achieve success. We will also provide some tips on how to make sure your idea is a viable one.

1. Ask family and friends

The first place any entrepreneur should look when coming up with new business ideas is their own network of family and friends. After all, these are the people who know you best and will be most likely to support your new venture.

By asking those closest to you for ideas, you'll not only get some great suggestions, but you'll also get an idea of what kind of business would be a good fit for your skills.

Your friends and family will also have very different perspectives than you. They have their situations they deal with every day that you may not have thought of.

2. Consider problems in your everyday life - then solve them!

The best business ideas come from solving problems that you or others face every day. If there's something in your life that frustrates you, chances are there are plenty of other people who feel the same way.

Come up with a list of different problems you face going about your day. Once you have a list of about 10 different problems, try to brainstorm 1 to 3 different solutions that don't exist yet.

By identifying these pain points and coming up with a solution, you'll be well on your way to starting a successful business.

3. Build on your hobbies

You're not going to get many business ideas for rocket engineering if you've never even built a model rocket before.

This is why it's important to look at your hobbies and interests when trying to come up with a business idea. It's much easier (and more enjoyable) to build a business around something you're passionate about.

If you love hiking, for example, you could start a hiking gear rental company or a hiking tour company. If you're into cars, you could start a car detailing business or a classic car restoration business.

Whichever option you choose, you'll end up following the journey till its end because you care more about the outcome.

4. Consider if there are tasks you could make easier

The problem many entrepreneurs run into when thinking of a new business idea is trying to create the next biggest thing. But sometimes the best business ideas are those that solve a more mundane problem.

A great way to come up with new business ideas is to think about ways you could make existing tasks easier or more efficient.

For example, let's say you're a real estate agent. You could come up with a service that helps people find their dream home by doing all the research for them.

You could also start a business that helps people stage their homes for sale or that provides virtual tours of properties.

By thinking about ways to make everyday tasks easier, you'll be able to come up with plenty of new business ideas that have the potential to be successful without all the mental effort.

5. Build on existing products or services

If you're struggling to come up with new ideas for a business, it often helps to build on products or services that already exist. You won't have the pressure of coming up with something completely new, and you can focus on improving upon what's already out there. Research similar businesses; what are they doing well? What could you improve upon?

how to plan your business idea

A great way to do this is by looking at the current services or products you're already using and asking yourself the "What if?" questions. What if this service was available in my city? What if this product was cheaper/better quality/easier to use?

How to create your business

Once you’ve got an idea and know that there’s a demand for it, you can get started on making it a reality. Below are some standard starting points in getting a business up and running.

Research the market

Whatever idea you have, your product or service will be aimed at a specific group of people and/or at meeting specific needs. It’s important to research the market you plan to serve . The results of that research will be the foundation of your customer service philosophy . Decide how you’re going to serve your customers, through what channels, and what is easiest or most accessible for your client base. Market research is also important to get an accurate read on the real problems, hardships, or difficulties your prospective customers face.

Fulfill a need

Once you’ve found your market and done some research, it’s time to identify a specific need you plan to address. For example, entrepreneur Sara Blakely , the creator of Spanx, identified a need for shapewear that was discreet and comfortable. She filled that need with Spanx. After you’ve identified the needs of your market, you can start to create something concrete that can answer those needs.

Survey your customer base

Another helpful step in the creative process is to get out and directly address your potential customer base. You can do this with an email campaign , an open forum, or an online survey . This can help you market more effectively and help grow your business by building connections and uncovering further market needs. See how Mailchimp's free online survey maker compares to the competition.

Build a budget

Make sure you consider all potential costs when creating your business budget. There are a lot of resources that can help you do things for free or at a reduced cost, like website building or product page design . But there are some things you just can’t DIY. Startup business costs can include:

  • Product production/manufacturing
  • Store or office rental
  • Promotional materials
  • Storage or production space rental
  • Interior design

how to plan your business idea

It can be easy to underestimate the cost of starting a business if you’ve never done it before. If you’re feeling overwhelmed by the what-ifs, hire a financial adviser who can help you build and maintain a flexible budget.

Find investors if necessary

After you’ve established your budget, you can determine whether acquiring investors will be a helpful or feasible option for you. Investors can be a great resource for getting a new business financially established. However, they can also mean sacrificing some creative control. If you are going to pursue investors, you’ll want to learn how to prepare a pitch deck .

Be flexible

It’s important to remember that business ideas are rarely perfect from the get-go. Be open to adjusting your plan, budget, and ideas as needs arise. Try to avoid major last-minute changes, however, because they can have effects down the line.

Set deadlines

Deadlines can be a useful tool and can help keep your goals on track. With firm deadlines, you can help yourself maintain boundaries, recognize what is plausible and implausible for you, set detail-oriented goals, and measure your success.

Pros and cons of entrepreneurship

Entrepreneurship can be rewarding, creatively fulfilling, and a great alternative to a traditional 9-to-5. However, it’s not easy to start and maintain a small business.

There are some incredible benefits for starting your own business or becoming a freelancer, including:

  • Being your own boss
  • Finding untapped niches in a market
  • Becoming an innovator
  • Reaping financial payoffs
  • Being creatively fulfilled

But along with the benefits, there are some drawbacks that new and seasoned small business owners alike can experience.

  • Uncertainty about the future
  • Financial ups and downs
  • Skewed work-life balance
  • Limited support and resources

Set yourself up for success with your new business idea

Generating a business idea, completing your research, and seeing it through the creation process can be a difficult but ultimately rewarding choice. If you’re motivated, organized, and goal-oriented, then running your own business might be the right career move for you. Consider tools that can help you reach your desired business heights, like Mailchimp, and put your venture on the path to success.

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How to Come Up with an Innovative Business Idea

Aspiring female entrepreneur researching innovative business ideas on a laptop

  • 21 Jul 2020

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.

For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.

If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.

Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.

Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.

Access your free e-book today.

How to Come Up with a Business Idea

Is there an easier way.

One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”

A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.

Related: How to Identify an Underserved Need in the Market

The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.

Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!

This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .

“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.

By centering your business plan on a particular need, you can increase your chances of building a profitable business.

Related: Jobs to Be Done: 4 Real-World Examples

Can I Make This More Accessible?

There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.

The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .

“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”

From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .

Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.

There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.

Related: 10 Characteristics of Successful Entrepreneurs

What Can I Improve About This?

For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.

Graphic showing four factors to consider to improve a product: delivery process, location, cost, and customer experience

1. Delivery Process

Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.

Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.

This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.

Related: 3 Effective Methods for Assessing Customer Needs

2. Location

One of the simplest improvements to a product or service is bringing it to a new location.

Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.

What products, services, or concepts have you experienced in other places that you’d like to bring to your community?

Entrepreneurship Essentials | Succeed in the startup world | Learn More

One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.

Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.

It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.

4. Customer Experience

Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.

One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.

Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.

She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.

If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.

Related: 6 Questions to Ask Before Starting a Business

Is It Time to Pivot?

When starting a business, you may need to pivot from your original idea as new needs arise in the market.

For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.

Another instance in which it makes sense to pivot is during technological evolution.

In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.

Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.

When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.

In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.

When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.

More Examples of Innovative Business Ideas

As you think of ideas for businesses, take inspiration from the world around you. Analyze the foundational needs other businesses have fulfilled for society and how they’ve adapted to what customers want.

Remember: As a future business owner, it’s critical to understand your company’s core mission. Focusing on that can help align your startup ideas and provide a greater chance for success.

To gain even more insight and inspiration, consider the following examples, which show how diverse your business model and mission can be.

Notarize , the first online platform for legally signing and notarizing documents is just one example of an online startup that discovered an overlooked need. For many, it’s a hassle to find a notary public to sign a document in person. This prompted Pat Kinsel, founder and CEO of Notarize, to make this difficult, but necessary, task more convenient.

"It really struck me that notarized documents are often some of the most important things people sign, and yet, we have this system that’s 100 years old," Kinsel said in an interview with Inc .

Kinsel designed the Notarize app to connect people to licensed notary publics via video chat so they can see their documents signed in real time.

This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential.

The development of Starbucks under former chairman and CEO Howard Schultz is another example that highlights how to efficiently choose locations for your brick-and-mortar.

“Schultz admired the sidewalk coffee shops he’d visited in Italy and decided he would introduce the same basic idea in the United States,” Sahlman says in Entrepreneurship Essentials. “That venture became Starbucks.”

Now, it’s rare to walk a few blocks without seeing a Starbucks on a corner. Strategic locations within high traffic routes created a customer base that’s made Starbucks an essential part of their lives.

Perhaps one of the most well-known companies in the world, Amazon is a prime example of fulfilling people’s need for convenience.

This e-commerce business made it the norm to buy items online—including books, music, movies, housewares, and electronics—and have them quickly and conveniently delivered.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Think Like an Entrepreneur

Coming up with an innovative business idea isn’t difficult if you’re observant. By asking yourself key brainstorming questions, you can generate a list of business ideas that fill market needs, improve existing products, and make daily life easier and more enjoyable.

Do you want to turn an idea into a viable venture? Explore our four-week Entrepreneurship Essentials course, six-week Disruptive Strategy course, and other online entrepreneurship and innovation courses to discover how you can harness the power of innovation. Download our free course flowchart to determine which best aligns with your goals.

This post was updated on September 19, 2022. It was originally published on July 21, 2020.

how to plan your business idea

About the Author

24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Clifford Chi

Published: February 06, 2024

Free Business Plan Template

how to plan your business idea

The essential document for starting a business -- custom built for your needs.

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I believe that reading sample business plans is essential when writing your own.

sample business plans and examples

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

how to plan your business idea

  • Outline your idea.
  • Pitch to investors.
  • Secure funding.
  • Get to work!

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

business plan sample: Executive Summary Example

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

  • Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
  • Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
  • Be sure to highlight your value proposition, market opportunity, and growth potential.
  • Keep it concise and support ideas with data.
  • Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

  • The size of the market
  • Current or potential market share
  • Trends in the industry and consumer behavior
  • Where the gap is
  • What caused the gap
  • How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

  • Focus on demand and potential for growth.
  • Use market research, surveys, and industry trend data to support your market forecast and projections.
  • Add a review of regulation shifts, tech advances, and consumer behavior changes.
  • Refer to reliable sources.
  • Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

  • Industry trends that other brands may not be utilizing
  • Strengths in your competition that may be obstacles to handle
  • Weaknesses in your competition that may help you develop selling points
  • The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

Business plans examples: Competitive Landscape

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

  • Complete in-depth research, then emphasize your most important findings.
  • Compare your unique selling proposition (USP) to your direct and indirect competitors.
  • Show a clear and realistic plan for product and brand differentiation.
  • Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
  • Outline growth opportunities from a competitive perspective.
  • Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

  • What demographics will most likely need/buy your product or service?
  • What are the psychographics of this audience? (Desires, triggering events, etc.)
  • Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

  • Include details on the size and growth potential of your target audience.
  • Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
  • Describe your targeted customer acquisition strategy in detail.
  • Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
  • Add case studies, testimonials, and other data to support your target audience ideas.
  • Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

  • Your brand positioning vision and how you'll cultivate it
  • The goal targets you aim to achieve
  • The metrics you'll use to measure success
  • The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

  • Include a section about how you believe your brand vision will appeal to customers.
  • Add the budget and resources you'll need to put your plan in place.
  • Outline strategies for specific marketing segments.
  • Connect strategies to earlier sections like target audience and competitive analysis.
  • Review how your marketing strategy will scale with the growth of your business.
  • Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

  • Emphasize why and how your product or service offers value to customers.
  • Use metrics and testimonials to support the ideas in this section.
  • Talk about how your products and services have the potential to scale.
  • Think about including a product roadmap.
  • Focus on customer needs, and how the features and benefits you are sharing meet those needs.
  • Offer proof of concept for your ideas, like case studies or pilot program feedback.
  • Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

  • The specific pricing breakdowns per product or service
  • Why your pricing is higher or lower than your competition's
  • (If higher) Why customers would be willing to pay more
  • (If lower) How you're able to offer your products or services at a lower cost
  • When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

  • Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
  • If you are asking a premium price, share unique features or innovations that justify that price point.
  • Show how you plan to communicate pricing to customers.
  • Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
  • Share plans to develop new revenue streams in the future.
  • Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
  • Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

  • Profit/Loss Statement - This answers the question of whether your business is currently profitable.
  • Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
  • Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Business plans examples: Financials

Tips for Writing Your Financials Section

  • Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
  • Include any data that supports your projections to assure investors of the credibility of your proposal.
  • Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
  • Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
  • Triple-check all financial information in your plan for accuracy.
  • Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

Sample Business Plan: LiveFLow

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

sample business plan: ThoughtCo.

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

sample business plan: Panda Doc

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

business plan example: liveflow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Business plan example: Lula body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

business plan example: Vesta executive summary

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

business plan examples: nalb creative center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

sample business plan: Culina

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

Sample business plan: Plum

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JUST RELEASED: View the 2024 Franchise 500 Ranking

How to Turn Your Idea into a Business Have an idea for a business, but don't know where to start? These resources are available to help bring your vision to life.

By Kyle Zink • Mar 7, 2021

Opinions expressed by Entrepreneur contributors are their own.

Ask any successful entrepreneur how they came up with the idea for their business, and they'll likely be able to pinpoint the exact moment or scenario. For my startup, Punch List , a project management app that helps contractors and homeowners better run remodels, the idea came from a particularly difficult experience renovating my home in Venice, CA in 2017. Although I did everything possible to ensure my renovation would be a success, poor communication between myself and my contractor, combined with payments made for goods and services I thought were rendered (but were not actually received), created a rift between us and caused major delays. As the project concluded with both the budget and the timeline more than double the initial estimate (ouch!), I knew there had to be a better way to work together to more efficiently streamline communication & payment.

Following that epiphany in 2017, I dedicated myself to building a modern tool for simple and efficient home remodeling that was both homeowner-friendly and contractor-optimized. While there is no single blueprint for success, the process of building Punch List imparted key learnings on how entrepreneurs can take advantage of available resources to help them turn an idea into a bonafide business. By no means exhaustive, the following four examples offer a great starting point for individuals - from the independent artist to the startup founder (and all those in between) - looking to move past the idea stage and bring their vision to life.

The tech startup

Founding a tech startup and raising capital from outside investors requires a tiered and structured approach. As a first step, it is always best to research the market to identify the need for your product, pinpoint your target customer, and understand what (or if any) competition is out there.

Related: 20 Business Ideas You Can Start With Less Than $10,000

After completing thorough market research, the next step is to create a business plan. Investors, and eventually customers, are looking for a clear and concise pitch that identifies the need and demonstrates the solution that will be provided. Essentially, you need to convince potential investors that your solution is the best product or service to fulfill the identified need AND that there is a market segment that is ready and willing to purchase the product so you can repay their initial investment. The best way to test your pitch? Take it to your friends, network, and family and ask for as much constructive criticism as possible. Focus on people who will give you honest, thoughtful feedback. This is your chance to improve before it really counts!

When building the business plan for Punch List, I did three things out of the gate:

I built a brief, yet thorough, 10-slide deck to visually tell Punch List's story and best communicate my product plans for the app. In that deck, I recounted my unfortunate founding story and described how Punch List would have prevented the situation from happening, highlighting the value for both contractors & homeowners. I then covered how I planned to make money with the app, made the case for how much I needed to raise, and outlined what I planned to do with the funds.

I then wrote a two-page document to add detail that was not possible to show in the slide deck. This not only encouraged me to keep the deck visually engaging, but it helped me be as specific as possible - the devil is in the details. And, investors love details!

Finally, I condensed the two-page document even further and wrote an elevator pitch that could be given orally in two minutes or less. One of the most important attributes that an investor will look for is your ability to concisely articulate your business plan. If you can't efficiently pitch your idea with excitement, then how can you ask investors to get excited about it themselves?

Next came the hard part: actually raising capital. Raising capital can be done from friends and family, from a bank or financial institution, or, most likely, approaching institutional investors such as venture capitalists. While this can seem daunting at first, remember that you've already put in the work to get to this point. Start with the people you feel most comfortable talking to first and then branch out to strangers. This strategy will help you practice your pitch, evolve your plan based on the feedback you receive, and prepare answers to questions you get along the way. Don't be afraid to ask for warm introductions to potential investors - those will go a long way in connecting you to those best suited for your idea.

Related: Need a Business Idea? Here Are 55.

Before attempting to pitch actual venture capitalists (VCs), I started with my parents. While I wouldn't say my mom and dad are the most technically savvy consumers, they gave me great feedback on the deck visuals, the words I selected to describe the product and target customers, and my delivery. In many ways, it was the perfect way to start. From there I progressed to friends in the technology industry, past contractors I worked with, and even the Venice contractor I hadn't spoken to in 3 years. All that practice made perfect, and I was able to secure funding from real institutional investors!

The artist marketplace

Totally different from the process of founding a startup, turning a favorite pastime or creative skillset into a side hustle is a great way to make extra money doing something you genuinely enjoy. While seemingly as easy as the craft itself, converting your skillset into a profitable business requires establishing an efficient pricing structure, setting scalable goals, ensuring a consistent end product for the customer, and wearing multiple hats as a single-person shop. Marketplaces like Etsy offer creatives and tradespeople a streamlined platform for listing, marketing, and selling items, and charge fees based on a percentage of sales. These marketplaces are a great place to get your feet wet and test your initial product as they provide craftspeople with exposure to millions of potential customers for a low upfront investment.

For merchants with an established following that are looking to avoid fees set as a percentage of sales, e-commerce leaders such as Shopify or Weebly offer a variety of tools and services to start and grow businesses for flat monthly fees, allowing entrepreneurs to retain control over their profit margin.

Building a business around your own original artwork is highly personal and potentially emotionally (and financially) daunting. For those looking to get their feet wet, these marketplaces and e-commerce platforms offer a great way for individuals to determine if the entrepreneurial path is right for them.

The Service Marketplace

Over the past several years, we have witnessed the on-demand economy shift from quick and objective services (such as food delivery) to more complex services that require professional expertise (like smart home installation).

For contractors from consultants and creatives to professional service providers, marketplaces are a great tool to connect with businesses of all sizes for projects requiring highly specialized skill sets. Fiverr and Upwork are great tools for independent contractors to individually connect with businesses looking for help with smaller, shorter-term projects. Contract work empowers your independence, provides for the selection of both the business and day-to-day manager you report to, and offers the flexibility that traditional employment lacks. If you're a professional looking to start a freelance business, a service marketplace may be the right choice for you.

Related: 100 Businesses You Can Start With Less Than $100

The crowdfund

For those interested in raising funds to support the development of a specific product, crowdfunding has become an increasingly popular option to raise cash. However, according to Kickstarter , only 38.21% campaigns reached their funding goal as of November 2020. In order to build a successful crowdfunding campaign that customers will be excited about, entrepreneurs should employ the following tactics:

Craft a thorough description of the product w/ corresponding budget & timelines

Outline the fundraising levels with compelling customer incentives

Build a robust pipeline of potential backers via existing customer lists and social media

Allocate a significant amount of time for questions from potential backers

Unlike trying to raise money for a tech startup, crowdfunding is a volume play - you are trying to raise as much money from as many people as possible over a set period of time. This requires you to be less sharp with your verbal pitch (unless you've opted for this approach via your technology platform), and more attentive to every inquiry from scores of potential investors.

With a host of different crowdfunding platforms available, from big names like Kickstarter and Indiegogo to Seed&Spark , it's important to do your research and determine the right fit for your campaign. And, as with any initiative, invest your time upfront researching successful crowdfunding campaigns - particularly those within your category.

The bottom line

There is no single blueprint for success. The good news, however, is that there is no better time than now to start a new business. From turning a side hustle into a new way to make money to raising funds from institutional investors (and/or Mom and Dad), to freelancing using one of the newest companies, to asking complete strangers to back you via a crowdfunding platform, you have numerous ways to achieve success. Ultimately, the biggest barrier to entrepreneurial success is never taking that first step. Don't let fear of failure hold you back. Jump in and see where it takes you.

CEO of Punch List

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55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

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How to Start a Business (2024 Guide)

Miloš Soro

Explanation: Rest assured that we fact-checked our content to ensure you have the most reliable and up-to-date information for your business decisions. Learn about our fact-checking process

Entrepreneurship is an exciting proposition, but it comes with its risks and headaches. If you have a business idea and a passion for running your own operations, follow our guide on how to start a business from scratch the easy way.

Starting a business can be a complicated process that involves multiple steps and paperwork you’re likely not to understand completely. However, it’s also extremely exciting to start your own business and take that important step in your life.

We’ll give you a step-by-step guide on how to start a business with ease.

1. Define Your Idea

If you’re looking into starting a business, presumably, you already know what you want to do. But, before you jump into the world of entrepreneurship, you should clearly define what your business will be about.

It’s important to find a unique way of approaching your business idea to be able to do something you’re passionate about and, most importantly, something you’re good at. If you want to run a t-shirt business, reflect on what would set you apart from all the thousands of other stores already available to customers.

You should also think about what you want to achieve. Think of making money as a byproduct of your business, not its main goal. Try to establish what your company will strive towards, such as:

  • Offering a unique product or service in an unexplored market,
  • Resolving a pain point you personally experience,
  • Setting specific goals you want to achieve in the future,
  • Achieving the goals with your experience and expertise.
TIP: Since you’re in an idea-defining step, try and figure out the exact ways of achieving your vision. Check out the mission and vision statements of successful companies to get inspired. For example, Spotify’s mission is to “unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it.” Their way of achieving this is through a streaming platform.

2. Research the Market

Now that you know what it is you want to do and why, you should research the market and see if there’s an actual need for it. Knowing the market is a crucial step for any business; there’s a reason companies invested over $83 billion in market research in 2023 alone.

Most markets are saturated with hundreds of companies doing the same or similar things, and you should try to find out if customers are willing to pay for a unique product or service. Or, better yet, try to spot a market gap that you can exploit and stand out from the competition.

One of the challenges here is establishing your target audience and the niche your idea belongs in. To do that, you can use various research methods and tools, such as:

  • Google Analytics ,
  • Google Trends , 
  • Keyword research tools ( Ahrefs and Semrush ),
  • Experimenting with social media ads,
  • Conducting surveys.

Part of the research process also involves scouting your competitors. Learn who the big players in the market are and what you can do to compete with them. People will always enjoy soft drinks, but it’s extremely difficult to rival Coca-Cola and Pepsi.

TIP: When you have enough data, do a SWOT (strength, weakness, opportunity, threat) analysis in an impartial way. It will give you a better idea of how your business may perform in the market and how your products or services compare to competitors.
Download a free SWOT template here .

MORE: Best cities for kickstarting your career

3. Write a Business Plan

A business plan is a document that details the goals of your company and serves as a roadmap. It’s an important document that helps investors, financial institutions, and business management easily understand your business model and vision.

While it might seem tedious and unnecessary for a one-man company at first, it’s an important step that will help you guide the business. There are several ways you can write a business plan and use different templates. A well-written plan should contain:

  • Executive summary,
  • Company description,
  • Market analysis,
  • List of products and services,
  • Marketing plan,
  • Operational plan,
  • Financial plan,
  • Mission and vision.

4. Choose Your Business Structure

With a business plan in place, it’s time to choose your business structure. While it’s possible to begin as a corporation, it’s unlikely that it will be the best starting point. For small business startups, the choice is usually between a limited liability company (LLC) , limited liability partnership (LLP) , and sole proprietorship (SP). Check out the table below to learn more about these structures:

TIP: Before you jump into choosing a structure and founding your business, you should test the waters and start offering your products or services as a side hustle. Being an entrepreneur is exciting, but don’t quit your job before you’re sure the risk is worth it. Eren Bali was still working on freelance projects when his website, Udemy, hit the first million in 2010.

MORE: Types of startups

5. Choose a Business Name

Naming a business is a crucial step in starting a business. If you don’t already have the perfect name in mind, it can be a lengthy process that involves brainstorming, market analysis, and customer feedback.

When choosing a business name, make sure that it’s catchy, memorable, and easy to spell so that people will recall it and look it up online with ease. Think of industry-relevant keywords and buzzwords people think of when imagining your product or service.

Use our AI-powered business name generator to get 1,000+ unique name ideas for free. Pick a name that accurately sums up your business’s mission, represents your values, and is relevant to your niche. It’s also better to pick a name with an available domain name (preferably .com) to establish your online presence more easily.

Once you settle on a name, check if it’s already taken before taking further action.

Expert Opinion

“I was searching for a name that was tied to our business model, featured a combination of the word ‘ads,’ and illustrated the Adventure of building our business. I was looking for a .com domain and bought Adventrum as I thought it sounded nice and fitted well with our business.” Kristoffer Lindstrom, CEO of Adventrum

6. Fund Your Company

While creating your business plan, you should have established the budget for setting up operations and going public with your company. If you have the necessary funds, lucky you. Otherwise, you’ll need to rely on external resources.

If you’re having trouble determining the necessary funds, conduct a break-even analysis to determine when you’ll become profitable:

Once you define your break-even point, determine expenses, and set a price for your products or services, it’s time to raise some funds. There are various ways you can do this, including:

  • Business loans,
  • Business grants ,
  • Accelerator and incubator programs.
TIP: Consider raising your capital through crowdfunding platforms like GoFundMe, Kickstarter, Patreon, and Indiegogo. Some projects managed to raise billions of dollars this way. The current Kickstarter record holder is “Surprise! Four Secret Novels by Brandon Sanderson,” which gathered $41.75 billion in 2022.

MORE: Startup funding tips

7. Register the Business

If you thought everything up to now seems tedious, you won’t like this step. It’s time to set up your company and complete all the required paperwork.

This process will vary depending on the location of your company, i.e., the local laws you’re subjected to. In the United States, most small businesses only need to register the business name with their local and state governments.

Registering a business is also different depending on your business structure. For each structure, you need to file different paperwork:

  • LLC : articles of organization, employer identification number (EIN), business licenses and permits, annual reports (to maintain legal status), and operating agreement. 
  • LLP : partnership agreement, statement of qualification, EIN, business licenses and permits, and annual reports.
  • Sole proprietorship : business name registration (registering a DBA), EIN, social security number (SSN), business licenses and permits, local permits, and sales tax permit.
TIP: You can protect yourself by trademarking your business and getting insurance. These steps are not obligatory, but we advise you to carry them out to minimize risks and get legal protection for your intellectual property.

MORE: Best and worst countries to start a business

8. Acquire Licenses

Regardless of your company’s structure, industry, and the state you’re in, you’ll need to gain licenses and permits to conduct business. Most companies require local, state, and federal licenses to operate, especially for online sales.

Which licenses and permits you need depends on your business activity and the issuing agency. If you’re looking for licenses outside the U.S., you can find the necessary information via your local government website.

TIP: Acquiring licenses can be a lengthy process that requires legal expertise. It’s best to leave it in the hands of a professional and hire a business attorney.

9. Get the Word Out

Now that all the prerequisites are fulfilled, it’s time to actually get to work. Your marketing plan will make or break your business, and depending on your advertising success, you can have zero or tens of thousands of customers in a couple of months.

A crucial step in this is establishing an online presence. First, get a domain name that matches your business name and optimize the website for SEO. Post unique content that will establish you as an authority in the space and promote your products and services.

You should also develop a social media presence by posting content that resonates with your audience. If you’re not familiar with how this works and want to focus on the operational side of running a business, hire marketing professionals to help you out.

Online advertising and search engine optimization are becoming increasingly more prevalent in marketing. Nowadays, it’s almost unimaginable to think that a company can be successful without an online presence. That’s why businesses increase their investment in this area all the time.

According to Statista , companies around the world spent $197.54 billion in 2023. The projections show that worldwide search ad spending will grow to $260.97 billion in 2028.

Search ad spend worldwide 2018-2028

TIP: A marketing plan will vary a lot, depending on your type of business and target audience. For example, promoting on TikTok is great for brands aimed at teenagers, but not as much for construction companies. To create a business plan, you need to: – Define your audience, – Identify objectives and key results (OKRs), – Choose marketing channels, – Define your competition, – Set your budget, – Outline methods for achieving OKRs (e.g., SEO and social media,).

MORE: Marketing tips that helped small businesses convert more clients

10. Scale the Business

If you’ve reached this point, it’s onward and upward for you. Remember, there’s no such thing as standing still; if you’re not moving forward, you’re moving backwards. You need to constantly work on expanding your customer base and increasing your revenue.

Make sure to always reinvest in the company. Increase marketing budgets, improve your product development process, use automation software, and collaborate with other companies. Better yet, come up with a unique and innovative way to scale your business.

There’s no such thing as a perfect way of scaling a business. You need to make decisions and not let fear of making wrong ones stop you. But, always keep an eye on your finances and make sure you remain profitable.

TIP: In the current era of remote work, you can go international to source the best talent and hire new employees. For instance, neither the U.S. nor the U.K. ranks among the top 20 hardest-working countries in the world .

Get Extra Support

Business grants.

Getting financial support is one of the major stumbling blocks when it comes to starting your own business. One solution to this problem is a business grant. A grant can be government-issued or private, with the former being more common.

A startup grant is a special way of helping out a company. Unlike business loans (which provide the financials), grants don’t need to be repaid. They also often come with some form of mentorship, guidance, and additional support. You should always check out your eligibility for a grant before turning to a bank.

Check out the following resources to find a U.S. grant you may be eligible to apply for:

  • Grants.gov ,
  • Small Business Development Centers (enter your ZIP code to find the closest one),
  • U.S. Economic Development Administration (EDA),
  • State Trade Expansion Program (STEP),
  • OpenGrants ,
  • EU Small Market Programme ,
  • Horizon Europe ,
  • EU Funding .

Full Startup Solutions 

So, you have a great product/service idea and know all the steps to starting your business; what now? Knowing and doing something are two different things, and most upcoming entrepreneurs still need help to complete the steps we’ve laid out.

If you need a helping hand, you can use various services made specifically to automate and ease the process of starting a business.

One such tool is the GoDaddy Airo™ , an AI-based solution that handles all the steps of business setup. With it, you can build your website, get business name ideas, design your logo, register an LLC (for U.S.-based companies), and get support for online and social media ads. You get all of this for the standard price of a domain name registration .

Shopify also offers a similar solution. You can use it to quickly set up an eCommerce website, market your products or services, and manage your company as it grows. One of the main reasons behind Shopify’s popularity is its ease of use, even for people with zero tech experience.

How to Start a Small Business in 10 Steps: Infographic

How to Start a Business in 10 Steps Infographic

Key Takeaways

Starting a business requires attention to detail and can be a lengthy process. Make sure not to rush it; every step is important and can be your downfall if you’re not meticulous.

They say a high-quality product will always find its way to the customer, but that’s not really the case in the modern business world. Don’t take any chances; follow our steps to give yourself the best shot at success. Good luck!

Frequently Asked Questions (FAQ)

How can a beginner start a business, how to start a business with no money, how easy is it to start a business in the u.s..

Miloš Soro

Miloš Soro is a content writer dedicated to the technical side of running a business. He is our expert on domain names, eCommerce, and product development. Soro combines his six years of writing experience with an educational background in IT and is interested in the latest technology trends to provide his readers with the latest insights.

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9 Real Estate Marketing Strategies to Expand Your Business

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Sarah Smith

5 min. read

Updated February 25, 2024

The real estate market goes through many ups and downs and is dependent on several factors such as interest rates, economic conditions, and job growth.

Regardless of how the market behaves currently, both novices and pros can apply many strategies that can propel the business forward. This article examines some of the key strategies that can be employed to expand your real estate business.

See Also:  Resources to Help You Start a Successful Real Estate Agency

  • 1. Identify the target market

This is probably the number one strategy that you can use to  become truly successful as a real estate agent.

Many real estate brokers and businesses focus on a niche market and become an expert in that market. This gives you an idea about what’s driving the target market currently, what risks are involved, and most importantly where the market is headed in the short and long term.

For example, a real estate broker who knows the details about a new transportation or school project coming locally could change his marketing strategies accordingly.

Additional resources to help you identify your target market:

  • What Is Target Marketing?
  • How to Define Your Target Market
  • Market Research Resources
  • 2. Budget for marketing expenses

Another major factor in successfully expanding your real estate business is to develop a marketing budget and stick to it.

There are literally hundreds of avenues to spend your marketing dollars on, such as real estate websites, email marketing, social media marketing, and postal marketing.

Your spend must be based on your target audience. For example, customers in the San Francisco bay area might require internet-based marketing, whereas customers in a rural area might require a different approach.

Additional resources to consult for marketing-related activities:

  • Estimating Realistic Startup Costs
  • Banners, Signs, and More: Our Top Picks for Offline Marketing Materials
  • How to Do Your Own PR If You Can’t Afford to Hire an Agency
  • How to Handle and Avoid Negative Publicity
  • 20 Marketing Tools Every Small Business Owner Should Try

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3. Create a website and use social media

Regardless of the market, you must establish your presence on the internet with the help of a professional website, as well as dedicated accounts on social media sites such as Facebook, Twitter, and LinkedIn. These are relatively inexpensive, with the potential for huge outreach.

You can also market your business on search engines such as Google and Bing, by paying for ad campaigns.

Additional resources to consult for social and internet activities:

  • A Comprehensive Guide to Creating a Business Website
  • 4. Encourage referrals and word-of-mouth

Most successful real estate agents generate several deals through referrals from previous customers. A customer referral is most valued by a new buyer or seller.

For example, new customers are more comfortable selecting a real estate agent when referred by a friend, colleague, or relative. You can always boost this approach by offering referral bonuses to the person who refers a new customer.

5. Respond quickly

We live in a world that is moving at a much faster pace than ever before. It is very important to respond to customer queries or else you will risk losing new business.

You must have access to email via a smartphone at all times and ensure that you respond to a customer request as soon as possible. You cannot wait to respond until the next day in this business. If you are prompt in responding, it adds to your credibility and reputation.

  • 6. Publish a real estate newsletter

If you are serious about your long-term success, then you may consider publishing a weekly or monthly newsletter with updates on current mortgage rates, changes in real estate laws, benefits of homeownership, how to develop a real estate investment portfolio, health checks on the local market, and so on.

All current and prospective customers would appreciate the insights from such a newsletter, as it shows your knowledge and commitment to the business.

  • 7. Dispel questions on the need for a real estate agent

Disintermediation refers to the mindset where customers wonder whether they really need a real estate agent or not. Disintermediation marketing targets such customers to convince them of the value offered by a real estate professional.

You can educate the customers via your website or marketing channels on the need for a real estate agent and lawyer during the sales or purchase of a house or piece of land.

  • 8. Plan for success

Regardless of whether you are a real estate agent or a real estate developer, you will need a real estate development business plan. This will set you up for success. You can plan your expenses, contingencies, and other risks with the help of a  real estate development business plan.

Many people fail when they work in a vacuum without such planning. For example, you can plan your budget for next year’s real estate marketing strategies with the help of a well-documented business plan.

Additional resources to help you write a business plan:

  • Free Real Estate Sample Business Plans
  • Free Business Plan Template
  • The Complete Guide to Business Planning
  • 9. Develop brand awareness

Just like big brand businesses, your real estate business must also strive to develop a brand of its own. It could be under your name or your business’s name. Any real estate sales strategy that you apply must keep this concept in mind.

People often wonder how to get into real estate sales and how to successfully build a business. The answer lies in planning to develop a name brand and using it to market the business for years to come.

Additional resources to help you with branding your business:

  • The Complete Guide to Branding Your Small Business
  • Branding Checklist: 10 Essentials Before You Launch
  • Tools to Help You Name Your Business

Developing a successful real estate business takes effort and time. The strategies listed in this article are worth your effort if followed carefully and diligently.

Success does not come from random acts of work without planning;  instead, it comes from developing and following a plan.

Clarify your ideas and understand how to start your business with LivePlan

Content Author: Sarah Smith

I'm a small business owner, and I'm currently learning about marketing, using the internet. Aside from working on my own business, I like to use social media, and read travel books.

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17 Tips to Take Your ChatGPT Prompts to the Next Level

5 blue balls riding on 5 randomly arranged curved black tubes against a bright green backdrop

ChatGPT, Google Gemini, and other tools like them are making artificial intelligence available to the masses. We can now get all sorts of responses back on almost any topic imaginable. These chatbots can compose sonnets, write code, get philosophical, and automate tasks.

However, while you can just type anything you like into ChatGPT and get it to understand you, there are ways of getting more interesting and useful results out of the bot. This “prompt engineering” is becoming a specialized skill of its own.

Sometimes all it takes is the addition of a few more words or an extra line of instruction and you can get ChatGPT responses that are a level above what everyone else is seeing—and we've included several examples below.

While there's lots you can do with the free version of ChatGPT, a few of these prompts require a paid ChatGPT Plus subscription —where that's the case, we've noted it in the tip.

ChatGPT can give you responses in the form of a table if you ask. This is particularly helpful for getting information or creative ideas. For example, you could tabulate meal ideas and ingredients, or game ideas and equipment, or the days of the week and how they're said in a few different languages.

Using follow-up prompts and natural language, you can have ChatGPT make changes to the tables it has drawn and even produce the tables in a standard format that can be understood by another program (such as Microsoft Excel).

If you provide ChatGPT with a typed list of information, it can respond in a variety of ways. Maybe you want it to create anagrams from a list of names, or sort a list of products into alphabetical order, or turn all the items in a list into upper case. If needed, you can then click the copy icon (the small clipboard) at the end of an answer to have the processed text sent to the system clipboard.

Screenshot of ChatGPT

Get ChatGPT to respond as your favorite author.

With some careful prompting, you can get ChatGPT out of its rather dull, matter-of-fact, default tone and into something much more interesting—such as the style of your favorite author, perhaps.

You could go for the searing simplicity of an Ernest Hemingway or Raymond Carver story, the lyrical rhythm of a Shakespearean play, or the density of a Dickens novel. The resulting prose won't come close to the genius of the actual authors themselves, but it's another way of getting more creative with the output you generate.

ChatGPT can really impress when it's given restrictions to work within, so don't be shy when it comes to telling the bot to limit its responses to a certain number of words or a certain number of paragraphs.

It could be everything from condensing the information in four paragraphs down into one, or even asking for answers with words of seven characters or fewer (just to keep it simple). If ChatGPT doesn't follow your responses properly, you can correct it, and it'll try again.

Another way of tweaking the way ChatGPT responds is to tell it who the intended audience is for its output. You might have seen WIRED's videos in which complex subjects are explained to people with different levels of understanding. This works in a similar way.

For example, you can tell ChatGPT that you are speaking to a bunch of 10-year-olds or to an audience of business entrepreneurs and it will respond accordingly. It works well for generating multiple outputs along the same theme.

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Screenshot of ChatGPT

Tell ChatGPT the audience it's writing for.

ChatGPT is a very capable prompt engineer itself. If you ask it to come up with creative and effective inputs for artificial intelligence engines such as Dall-E and Midjourney , you'll get text you can then input into other AI tools you're playing around with. You're even able to ask for tips with prompts for ChatGPT itself.

When it comes to generating prompts, the more detailed and specific you are about what you're looking for the better. You can get the chatbot to extend and add more detail to your sentences, you can get it to role-play as a prompt generator for a specific AI tool, and you can tell it to refine its answers as you add more and more information.

While ChatGPT is based around text, you can get it to produce pictures of a sort by asking for ASCII art. That's the art made up of characters and symbols rather than colors. The results won't win you any prizes, but it's pretty fun to play around with.

The usual ChatGPT rules apply, in that the more specific you are in your prompt the better, and you can get the bot to add new elements and take elements away as you go. Remember the limitations of the ASCII art format though—this isn't a full-blown image editor.

Screenshot of ChatGPT

A ChatGPT Plus subscription comes with image generation.

If you use ChatGPT Plus , it's got the Dall-E image generator right inside it, so you can ask for any kind of photo, drawing, or illustration you like. As with text, try to be as explicit as possible about what it is you want to see and how it's shown. Do you want something that looks like a watercolor painting, or like it was taken by a DSLR camera? You can have some real fun with this: Put Columbo in a cyberpunk setting, or see how Jurassic Park would look in the Victorian era. The possibilities are almost endless.

You don't have to do all the typing yourself when it comes to ChatGPT. Copy-and-paste is your friend, and there's no problem with pasting in text from other sources. While the input limit tops out at around 4,000 words, you can easily split the text you're sending the bot into several sections and get it to remember what you've previously sent.

Perhaps one of the best ways of using this approach is to get ChatGPT to simplify text that you don't understand—the explanation of a difficult scientific concept, for instance. You can also get it to translate text into different languages, write it in a more engaging or fluid style, and so on.

If you want to go exploring, ask ChatGPT to create a text-based choose-your-own-adventure game. You can specify the theme and the setting of the adventure, as well as any other ground rules to put in place. When we tried this out, we found ourselves wandering through a spooky castle, with something sinister apparently hiding in the shadows.

Screenshot of ChatGPT

ChatGPT is able to create text-based games for you to play.

Another way to improve the responses you get from ChatGPT is to give it some data to work with before you ask your question. For instance, you could give it a list of book summaries together with their genre, then ask it to apply the correct genre label to a new summary. Another option would be to tell ChatGPT about activities you enjoy and then get a new suggestion.

There's no magic combination of words you have to use here. Just use natural language as always, and ChatGPT will understand what you're getting at. Specify that you're providing examples at the start of your prompt, then tell the bot that you want a response with those examples in mind.

You can ask ChatGPT for feedback on any of your own writing, whether it be emails you're sending to friends, the short story you're submitting to a competition, or the prompts you're typing into the AI bot. Ask for pointers on spelling, grammar, tone, readability, or anything else you want to scrutinize.

ChatGPT cleared the above paragraph as being clear and effective, but said it could use a call to action at the end. Try this prompt today!

Screenshot of ChatGPT

Get ChatGPT to give you feedback on your own writing.

In the same way that ChatGPT can mimic the style of certain authors that it knows about, it can also play a role: a frustrated salesman, an excitable teenager (you'll most likely get a lot of emoji and abbreviations back), or the iconic Western film star John Wayne.

There are countless roles you can play around with. These prompts might not score highly in terms of practical applications, but they're definitely a useful insight into the potential of these AI chatbots.

You can type queries into ChatGPT that you might otherwise type into Google, looking for answers: Think “How much should I budget for a day of sightseeing in London?” or “What are the best ways to prepare for a job interview?” for example. Almost anything will get a response of some sort—though as always, don't assume that AI responses will always be 100 percent accurate.

If you're using the paid ChatGPT Plus tool, it will actually search the web (with Bing) and provide link references for the answers it gives. If you're using the free version of ChatGPT, it'll mine the data its been trained on for answers, so they might be a little out of date or less reliable.

Your answers can be seriously improved if you give ChatGPT some ingredients to work with before asking for a response. They could be literal ingredients—suggest a dish from what's left in the fridge—or they could be anything else.

So don't just ask for a murder mystery scenario. Also list out the characters who are going to appear. Don't just ask for ideas of where to go in a city; specify the city you're going to, the types of places you want to see, and the people you'll have with you.

Your prompts don't always have to get ChatGPT to generate something from scratch. You can start it off with something and then let the AI finish it off. The model will take clues from what you've already written and build on it.

This can come in handy for everything from coding a website to composing a poem—and you can then get ChatGPT to go back and refine its answer as well.

You've no doubt noticed how online arguments have tended toward the binary in recent years, so get ChatGPT to help add some gray between the black and the white. It's able to argue both sides of an argument if you ask it to, including both pros and cons.

From politics and philosophy to sports and the arts, ChatGPT is able to sit on the fence quite impressively—not in a vague way, but in a way that can help you understand tricky issues from multiple perspectives.

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More From Forbes

5 sustainability ideas to help your company become an environmental trendsetter.

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Founder and Principal Analyst, ZK Research with a focus on emerging technologies that enable organizations to transform digitally.

I recently toured Climate Pledge Arena in Seattle, and I was so impressed by the creative things the stadium is doing to pursue sustainability. Climate Pledge Arena operates on 100% renewable energy , ices its NHL ice hockey rink with roof-harvested rainwater, is eliminating fan-facing single-use plastics and that’s just the beginning. It’s awe-inspiring to see what an organization can do when its leaders put their minds to being kinder to the planet.

My tour of the arena got me thinking that there is so much companies can do to make themselves more sustainable and environmentally friendly. I’ve spent countless hours researching sustainability in my work as an analyst, and I’ve been attending Climate Week in New York for the last several years, too. New and exciting ideas around sustainability are being developed every day, and while your business may not be able to grow produce onsite like Fenway Park or donate 1% of your profits to environmental charities like Patagonia, there are plenty of things you can do to pursue a greener Earth and become a sustainability trendsetter in your industry.

Why Sustainability Matters

Sustainability goals do more than help protect our planet. The 2023 Business Sustainability Index report by PDI Technologies found that:

• 68% of consumers are willing to pay more for environmentally made products.

• 74% of consumers are concerned about the environmental impact of the products they use.

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• 91% of consumers ages 18-26 prefer to buy from companies that are considered sustainable.

And it’s not just consumers who are passionate about sustainability. Employees have more options for employment than ever before with the rise of remote work and the gig economy, and that freedom of choice allows them to choose employers that match their own goals and values. Employees want more than a paycheck. They want purpose. Showing that your company values sustainability can help you attract and retain top talent.

Ideas For Working Sustainability Into Your Business Plan

Making your business more sustainable doesn’t stop at putting recycling bins in the employee break room. Today’s plethora of different working arrangements including gig workers, remote employees and hybrid workers have led companies to create various innovative ways to meet their sustainability goals. Here are some ideas you can use to meet the sustainability goals of your business.

1. Subsidize public transportation for your employees. This is a great perk no matter if your workers are in-office, remote or hybrid. You can purchase and fill metro cards for your employees, who can use them to avoid adding to their city’s commuter traffic and the atmosphere’s greenhouse gasses.

2. Provide local food to on-site employees on-site. If your company has a brick-and-mortar location, consider providing company lunch made from ingredients sourced locally. Not only does this reduce the carbon footprint of the meals you serve, but you may be able to reduce how much plastic, single-serve packaging from employee lunches ends up in the landfill. You’ll also reduce carbon emissions by encouraging employees to skip the drive to a restaurant and eat lunch at the office.

3. Go remote. While it’s not possible for every company, switching to a remote working model can eliminate exhaust from your employees’ commutes, save money on office overhead and allow employees more time to invest in work/life balance they crave.

4. Host events virtually. If your company hosts events or retreats that usually require attendees to fly in from around the country or the globe, consider hosting those events virtually, instead. There are plenty of high-tech web-hosting platforms that allow you to host a virtual event with audience participation, breakout rooms, speakers and more. Plus, with the money you’ll save by hosting virtually rather than renting a conference space, you may be able to hire more impressive keynote speakers, give better bonuses to your employees or re-invest in your company.

5. Hold your suppliers accountable. When your company commits to working only with suppliers that use green business practices, source materials ethically and work toward their own sustainability goals, you create positive change in the world as well as send the message that your company takes sustainability seriously.

Metrics And Promises

Consumers and potential employees don’t just want to hear your promises. They want to see your results. That’s why it’s critical to set goals you can reach, because metrics don’t lie.

When setting goals, avoid getting too specific, and stay away from making promises over things you have little control. For example, promising that you’ll make sure your supply chain is carbon neutral by 2025 is both too specific and out of your control. Don’t set yourself up for public failure. Set goals that you fully believe you have the power to reach, track your progress and then publish your results.

Be An Environmental Trendsetter

Setting and achieving sustainability goals is a win for your company, your employees and the planet. It doesn’t have to be difficult to give back and reap the benefits. With these ideas above, you can take a big leap toward being an environmental trendsetter in your industry.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Zeus Kerravala

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COMMENTS

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

    Bottom Line Frequently Asked Questions Show more Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and...

  2. How To Start A Business In 11 Steps (2024 Guide)

    1. Determine Your Business Concept 2. Research Your Competitors and Market 3. Create Your Business Plan 4. Choose Your Business Structure 5. Register Your Business and Get...

  3. How to Come Up With a Good Business Idea in 7 Steps

    1. Solve a problem Your business must solve a real problem . The most successful businesses always do. But how do you identify a real-world problem? Try one (or all) of the following: Think about issues you've encountered in your own life. Reach out to friends, family, or colleagues. Look through Reddit, Quora, and other forums. Run a survey.

  4. How to Pitch a Business Idea: 5 Steps

    How to Pitch a Business Idea 1. Know Who You're Pitching Some entrepreneurs try to get in front of every investor, despite their industry expertise or firm's investment stage. Consider that, when you accept an investment, it's about more than money; you enter a partnership.

  5. How to Write a Business Plan: Guide + Examples

    Grow strategically Keep your business on the right track As you start to write your plan, it's useful to zoom out and remember what a business plan is. At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to.

  6. How to Write a Simple Business Plan

    Write the Executive Summary. This section is the same as in the traditional business plan — simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company. Add a Company Overview. Document the larger company mission and vision.

  7. Write your business plan

    Executive summary. Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

  8. Simple Business Plan Template (2024)

    How To Write an Effective Business Plan in 6 Steps Frequently Asked Questions While taking many forms and serving many purposes, they all have one thing in common: business plans help you...

  9. How to Create a Good Business Idea

    5. Build on existing products or services. If you're struggling to come up with new ideas for a business, it often helps to build on products or services that already exist. You won't have the pressure of coming up with something completely new, and you can focus on improving upon what's already out there.

  10. How to Come Up with an Innovative Business Idea

    One place to start brainstorming potential business ideas is by asking yourself, "What task can I make easier?" A common denominator for successful businesses is their ability to fulfill customer needs. In this case, the need is to create a product or service that makes people's lives easier.

  11. 70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

    Published: July 31, 2023 A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss. Maybe you already have an idea of the business you'd like to start.

  12. 9 Steps to Put Your Business Idea into Action

    1. Validate your idea The best way to validate your business idea is by asking people for their thoughts on it. Don't ask for money or investment. Ask them for specific feedback about...

  13. How to Start a Business: A Startup Guide for Entrepreneurs [Template]

    In order to refine your business idea and set yourself up for success, consider doing the following: 1. Write a business plan. Your business plan maps out the details of your business, including how it's structured, what product or service you'll sell, and how you'll be selling it.

  14. How To Write a Business Plan in 9 Steps (2024)

    blog | Guides How To Write a Business Plan in 9 Steps (2024) Business plans aren't just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide. by Desirae Odjick Dec 15, 2023

  15. How to Write a Business Plan: Beginner's Guide (& Templates)

    Step #1: Write Your Executive Summary Step #2: Put Together Your Company Description Step #3: Conduct Your Market Analysis Step #4: Research Your Competition Step #5: Outline Your Products or Services Step #6: Summarize Your Financial Plan Step #7: Determine Your Marketing Strategy Step #8: Showcase Your Organizational Chart

  16. What Makes a Great Business Idea?

    Turn your idea into a great business plan. There are many other considerations that go into building a business, from legal requirements to your supply chain to the exact products or services you will sell. But hopefully these questions have helped you find more confidence in your business idea or choose an idea that you want to see all the way ...

  17. 24 of My Favorite Sample Business Plans & Examples For Your Inspiration

    I've compiled some completed business plan samples to help you get an idea of how to customize a plan for your business. I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple. Let's take a look. 1. LiveFlow. One of the major business expenses is marketing.

  18. 13 Steps to Turn Your Business Idea Into a Workable Strategy

    How to turn an idea into a business plan That lightbulb moment—that realization of "I have a business idea"—was the introduction to the concept you can't stop thinking about. Now it's time to turn all that creativity into action by developing your business plan.

  19. How to Turn Your Idea into a Business

    As a first step, it is always best to research the market to identify the need for your product, pinpoint your target customer, and understand what (or if any) competition is out there. After ...

  20. "I Have a Business Idea": How To Get Started in 9 Steps

    1. Write out your business idea When you're developing a business idea, it's important to consider all of the details and information you may require. You can write them down to help you track and identify the key elements as you continue to formulate your business concept.

  21. How to pitch your business idea to investors

    Spend as much time on your script as you have on your slides. Practice in front of your team, friends, and family before your first call with an investor. " Start by writing your key messages as ...

  22. How to Start a Business (2024 Guide)

    TIP: Since you're in an idea-defining step, try and figure out the exact ways of achieving your vision. Check out the mission and vision statements of successful companies to get inspired. For example, Spotify's mission is to "unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy ...

  23. 19 Small Business Ideas For 2024

    4. Pet Care Services. A dog walking business is an excellent opportunity for someone who loves dogs and is good with other people's dogs. You get out every day and enjoy fresh air with grateful ...

  24. Consulting Business Ideas: 15 Types of Consulting Jobs (2024)

    Management consultant. A business management consultant may advise teams on many aspects of their business's operations. You might be an expert on business process improvement—optimizing workflow, inventory management, or fulfillment efficiency—or work through a broader lens, advising companies on business strategy, business planning, team building, talent acquisition, leadership ...

  25. 9 Real Estate Marketing Strategies to Expand Your Business

    Additional resources to help you write a business plan: Free Real Estate Sample Business Plans; Free Business Plan Template; The Complete Guide to Business Planning; 9. Develop brand awareness. Just like big brand businesses, your real estate business must also strive to develop a brand of its own. It could be under your name or your business ...

  26. How To Find Your Business Idea And Validate Its Potential

    2. Identify a problem or need. Every successful business addresses a problem or fulfills a need. A problem that you or your family and friends frequently face may be key to unlocking a great ...

  27. How to Start an Event Planning Business?

    Event planning can be quite a profitable business.Especially, if you build a good reputation for your brand. If you are passionate about creating memorable experiences and have a knack for organization and creativity, this might be the perfect business idea for you.. The most significant things in event planning are client satisfaction (like in any business), managing expectations (finding the ...

  28. 17 Tips to Take Your ChatGPT Prompts to the Next Level

    Don't just ask for ideas of where to go in a city; specify the city you're going to, the types of places you want to see, and the people you'll have with you. Give ChatGPT a Starting Point

  29. 5 Ideas To Help Your Company Become An Environmental Trendsetter

    Ideas For Working Sustainability Into Your Business Plan. Making your business more sustainable doesn't stop at putting recycling bins in the employee break room. Today's plethora of different ...