A business plan is important for any serious entrepreneur or business owner. Without a plan, you can lose your vision. It’s easy to get distracted by the next new thing, and without an established WHY, it’s hard to keep going when things get tough. If you’re feeling overwhelmed by your business plan, there’s a solution. A free business plan template for small businesses.
In this article, you’ll find a free business plan template, what it does, and tips to create a business plan that’s ready for success.
- What is included in the business plan template?
- Use one of your favorite free business plan templates
- Tips for writing an effective business plan
- Business Plan Template Frequently Asked Questions
What’s included in the business plan template?
Business plan templates cover all kinds of business areas. The best thing about our free business plan template for startups is that it acts as a guide to effectively crafting your plan.
I’ve highlighted the sections that are commonly included in the template. Below you’ll find 7 of the best business plan templates and what we love about them, so you can choose the one that best suits your needs.
Introduce your business plan and outline the key points. Include a brief overview of your business plan, its purpose, mission statement, and a summary of what to focus on.
A company profile is a detailed description of your business, including your values and mission statement.
The company goals section should include specific key performance indicators and strategies. This allows you to track your progress and celebrate your successes along the way.
Products and services
Your business plan outlines what you are selling. Again, you might start thinking about your target market.
Include a comprehensive assessment of the industry and market. This section should be thorough, especially if you are presenting to investors. They will feel more comfortable investing in you if they believe you have been well researched and know your market. You should consider analyzing how you’re trying to close the gap to disruptive, ambitious competitors.
Marketing and sales strategy
Create a marketing and sales roadmap in your business plan. Advertisements, promotions, and sales strategies should show you how to reach and engage your customers. In this section, you should choose your priorities and explain why you are focusing on a particular marketing or sales strategy.
In-depth financial analysis including revenue and expense forecasts. A break-even analysis should be included to indicate when funders can expect to recover their funds. This section is especially important if you are starting with someone else’s cash.
Supporting documents such as key person resumes, market research data and financial statements.
Use our free business plan template
For your convenience, we offer free business plan templates in several formats. Simply download the template in the format you want, follow the instructions to create your own text, and replace the examples.
Ready to get started? you got this!
Tips for writing an effective business plan
Here are some key tips for creating a business plan that works.
Let’s be clear about what we mean by plan.
When developing a business plan, you will focus on each aspect of your business. Now is the time to focus on your business. If you’re aiming to have your plan perfectly clear, your business plan will help you identify potential problems so you can solve or plan for them now so you’ll thank them later.
Conduct thorough market research.
Market research is paramount. Most of the time you have to think about online and offline markets. The research should prove well thought out so that investors don’t have a hard time spotting failures and missed opportunities.
Develop a focused marketing plan.
It’s so easy to get addicted to marketing, but you have to stay focused and realistic. Marketing costs money. You have to choose your channels wisely based on data, and it’s better to focus on a few channels rather than many channels inadequately.
Project your finances realistically.
Investors will not be happy with unrealistic financial projections or break-even timelines.
Keep your language clear and concise.
A business plan should use simple terminology to avoid confusion.
Include an executive summary.
The abstract provides a brief overview of your business plan. This plan needs to be reviewed by all stakeholders, so the executive her summary is a great reminder of the important details.
Review and update your plan regularly.
The initial business plan was a four-year plan, but we achieved most of the plan in one year. After the first year, we reviewed the plan, so the business was evolving rapidly.
think about why.
your real why It may not put you in front of investors, but when we created our business plan, we added a page dedicated to personal reasons. I use it to keep me motivated and inspired. My “why” includes improving work-life balance, supporting friends and family, pursuing businesses that can hire new talent, donating to charities, and attracting aspiring entrepreneurs. This includes earning enough income to teach.
Business Plan Template Frequently Asked Questions
Are Business Plan Templates Really Free?
yes! Business plan templates are free and highly customizable. You should be able to start with the free plan. Feel free to add or remove sections to tailor the template to your business.
How do you write a business plan?
If you want to learn how to write a business plan, a free business plan template is an absolute must to start with. A template guides you through each of the required phases.
To create a business plan, you should outline your mission, target market and unique value proposition. Your business plan should include market research and an understanding of who your immediate and potential competitors are. Also where exactly it fits in the market and how unique the product is.
The most important thing, especially if you want to convince funders and investors, is to show that you have a clear understanding of the market, your competitors, and your financial projections. It requires a pragmatic yet bold and knowledgeable approach. Investors need to feel very safe that their money (and more) will be returned to them in a reasonable amount of time.
Why do you need a business plan to start a business?
All that matters is that a business plan is in place for you.Help you Clarify your vision. You may already know what you want to do with your business, but taking the time to write down your thoughts can help clarify your thoughts and direction.
A well-thought-out business plan can help you solve the “why” of both your online business and your offline venture. It also helps you stay on track as your business grows by providing a framework for measuring progress and making informed decisions.
Writing a business plan also helps assess the viability of a business idea. When you plan your business, think about the details so you can highlight obstacles and things that go wrong before you start. This will help you avoid costly mistakes later.
Beyond your entrepreneurial needs, you may need a business plan to secure funding from investors and lenders. Without a plan, you have no real backing to show why you need the funds and how quickly you can get them back.
The information contained in this guide is provided for informational purposes only and should not be construed as legal advice from GoDaddy on any subject.