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Business Plans For New Businesses
Any entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources offer business plan templates and simple examples to help you write your own.
Solution: Business Plans
That’s why we’ve taken some real and hypothetical examples of product-based e-commerce businesses to show you how you can write your own business plan.
Below are some real and hypothetical examples of each of these sections to show how a business plan is put together.
Your executive summary is the page that provides a high-level overview of the rest of your business plan. It’s easiest to save this section for last.
In our Paw Print Post business plan template, the executive summary is four paragraphs long and takes up more than half a page:
Of The Best Business Plan Examples For 2022 — With Templates
You can reuse your business description elsewhere, such as on your About page, social media profile page, or other properties that require your business description.
Soap brand ORRIS has an easy-to-reuse guide to the company description section of their business plan on their About page.
You can also drill down to your company overview and include the following sections, as we did in the Paw Print Post:
Your work may also appear here. Passionfruit shares their mission statement on their company website, and it would also work well in their business plan example.
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Market analysis consists of research into supply and demand, your target market, industry trends and the competitive landscape. You can do a SWOT analysis and incorporate it into your business plan. Here’s an example of a SWOT analysis we did for a custom t-shirt made online:
You’ll also want to do a competitive analysis as part of your business plan’s market research. This will tell you who you’re dealing with and give you ideas to differentiate your brand. Your competitive analysis might look like this:
This section of your business plan outlines your offering: what products and services are you selling to your customers? Here’s what we wrote for the Paw Print Post:
Developing a marketing plan before starting your business is always a good idea. Your marketing plan shows how you will spread the word about your business, and is also an important component of your business plan.
How To Write A Business Plan
For the Paw Print Post, we focused on the four Petas: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy, or maybe you can break it down by different marketing channels. Regardless of the approach you take, your marketing plan should outline how you intend to market your business and your offerings to potential customers. It’s okay to go high class here.
A financial plan provides a breakdown of sales, revenue, profits, expenses, and other important financial metrics related to the financing and profitability of your business.
You can use this financial plan template to create your income statement, balance sheet, and cash flow statement.
A one-page business plan is high-level and easy to understand at a glance. You want to include all sections, but make sure they are cut and shortened:
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An initial business plan is for a new business. Typically, these plans are developed and shared to secure external funding. Therefore, there is a greater focus on financial areas as well as other areas that determine the viability of your business idea – market research, for example.
Your internal business plan is meant to keep your team on the same page and focused on the same goal.
A strategic business plan, or growth, is a longer-term vision for your business. As such, forecasts are more forward-looking, and growth and revenue targets may be higher. Basically, you want to use all the sections you would in a regular business plan and build on each one.
Your business viability plan is a pre-business plan; many refer to it as a feasibility study. This plan basically lays the groundwork and confirms that your idea is worth the effort to make a complete business plan. Therefore, it is mostly based around research.
The Business Plan Applicable To Medium And Large Companies
Building a business plan serves as a roadmap that you can use for your e-commerce business as you launch and achieve each of your growth goals. Business plans create accountability for entrepreneurs and synergy between teams, regardless of your business model.
Start your e-commerce business and set it up for success with deliberate business planning and the business plan examples above to guide your way.
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Try it free for 3 days, no credit card required. By entering your email address, you agree to receive marketing emails. Are you starting a new business or trying to get a loan for your existing business? If so, you need to know how to write a business plan. Business plans allow entrepreneurs to formally analyze and define all aspects of their business idea.
A Step By Step Guide To Starting A Business
In this post, you’ll learn how to put together a business plan and find the best resources to help you along the way.
A business plan is a formal document that describes your company’s goals and how you will achieve those goals. Entrepreneurs who start with business plans are 16 percent more likely to build successful companies, according to the Harvard Business Review. Developing a business plan ensures lasting success, guides you as you grow your business, legitimizes your business, and helps you secure funding (among many other benefits).
Most financial institutions and service providers require you to submit a detailed business plan in order to obtain financing for your business. Online businesses are likely to have low start-up costs, so they may not need funding and therefore no need to write a business plan. That said, writing a business plan is still a good idea because it can help you dramatically increase your credit card limit as your business grows or opens a business account. This varies from bank to bank.
If you’re growing your business, use it to help you raise expansion capital, create a growth strategy, identify opportunities, and mitigate risk.Palo Alto Software found that companies that create business plans are twice as likely to secure financing. .
Business Plan Templates
If you’re starting your own business, a business plan can help you identify your strengths and weaknesses, communicate your vision to others, and develop accurate forecasts.
Approaching your business plan through that lens will help you focus on the end goal during the writing process. These also provide measures to measure success.
Before writing your business plan, gather the necessary content and data to inform what goes into it. This includes researching your market and industry – from customer surveys to the legalities you need to consider. It is much easier to start with the information you already have than to research each section individually.
Use small business plan guides, samples, and templates to help. Many countries have an official administration or service dedicated to providing information, resources and tools to help entrepreneurs and business owners plan, launch, manage and grow their businesses.
Five Useful Tools For Writing A Business Plan: Make Your Business Strategy Quickly
These business resource sites provide a wealth of valuable information for entrepreneurs, including local and regional regulations, structuring, tax obligations, financing programs, market research data, and more. Visit the websites above or do these Google searches to find official local business resources in your area:
Some chamber of commerce websites offer resources for business owners, including business plan guides and templates. Check your local department to see if they have them.
Banks that offer business financing also have a resource department for entrepreneurs. Do a Google search to find banks that offer business financing and business plan advice to see which business plans are funded. If your bank doesn’t offer advice, find the biggest banks in your area:
If you’re looking for more business plan examples, Bplans has over 500 free business plan samples organized by business type, as well as a business plan template. Their collection includes 116 business plans for retail and online stores. Shopify also offers a business plan designed to help small business owners and aspiring entrepreneurs identify functional areas of a business that they may not have considered.
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Because business plans have different goals, you don’t always pitch them to the same audience. It’s important to understand who will be reading your business plan, what you’re trying to convince them to do, and what questions they might have.
This way, you can adapt your business plan. Therefore, your audience also determines the business plan format you use. Which brings us to the next point…
If the business plan is just for you and the people inside, write a lean startup company
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