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Business Plan: What It Is and How to Write One in 9 Steps

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.

A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business .

Not every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.

Learn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.

What is a business plan?

A business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like market analysis , financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.

Often, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.

The key components of a business plan

Putting together a business plan will highlight the parts of your company’s strategy and goals. It involves several key business plan components that work together to show the roadmap to your success.

Your business plan’s key components should include: 

• Executive summary: A brief overview of your entire plan.
• Company description: An explanation of what your business does and why it’s unique. 
• Market analysis: Research on your industry, target market, and competitors.
• Organization and management: Details about your business structure and the people running it.
• Products or services: A description of what you’re selling and how it benefits customers. 
• Customer segmentation: A breakdown of your target market into different groups.
• Marketing and sales plan: The strategy for promoting and selling your products and services.
• Logistics and operations: An overview of how your business will run its daily activities and manage resources.
• Financials: A complete look at projected income, expenses, and funding needs. 

How to write a business plan in 9 steps

• Draft an executive summary
• Write a company description
• Perform a market analysis
• Outline the management and organization
• List your products and services
• Perform customer segmentation
• Define a marketing plan
• Provide a logistics and operations plan
• Make a financial plan

Few things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.

Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).

Once you have your business plan template in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.

1. Draft an executive summary

A good executive summary is one of the most crucial sections of your business plan—it’s also the last section you should write.

The executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.

Again, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.

An executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. 

Your business plan’s executive summary should include:

• Business concept. What does your business do?
• Business goals and vision. What does your business want to accomplish?
• Product description and differentiation. What do you sell, and why is it different?
• Target market. Who do you sell to?
• Marketing strategy. How do you plan on reaching your customers?
• Current financial state. What do you currently earn in revenue?
• Projected financial state. What do you foresee earning in revenue?
• The ask. How much money are you asking for?
• The team. Who’s involved in the business?

2. Write a company description

This section of your business plan should answer two fundamental questions: 

• Who are you?
• What do you plan to do? 

Answering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. 

For example, clean makeup brand Saie shares a letter from its founder on the company’s mission and why it exists.

Clarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.

Here are some of the components you should include in your company description:

• Your business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)
• Your business model
• Your industry
• Your business’s vision, mission, and value proposition
• Background information on your business or its history
• Business objectives, both short and long term
• Your team, including key personnel and their salaries

Brand values and goals

To define your brand values , think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.

Your company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your goal setting includes SMART goals : specific, measurable, attainable, realistic, and time-bound.

Vision and mission statements

Once you know your values, you can write a mission statement . Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.

Next, craft your vision statement : What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.

3. Perform a market analysis

Market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.

No matter what type of business you start, whether a home-based business or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. 

If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.

How big is your potential market?

The potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.

Since this can be a daunting process, here are some general tips to help you begin your research:

• Understand your ideal customer profile. Look for government data about the size of your target market , learn where they live, what social channels they use, and their shopping habits.
• Research relevant industry trends and trajectory. Explore consumer trends and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.
• Make informed guesses. You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.

Some sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.

Read more: What is a Marketing Analysis? 3 Steps Every Business Should Follow

SWOT analysis

A SWOT analysis looks at your strengths, weaknesses, opportunities, and threats. 

That involves asking questions like: 

• What are the best things about your company? 
• What are you not so good at? 
• What market or industry shifts can you take advantage of and turn into opportunities? 
• Are there external factors threatening your ability to succeed?

SWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.

Competitive analysis

There are three overarching factors you can use to differentiate your business in the face of competition:

• Cost leadership. You have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like Mejuri and Endy .
• Differentiation. Your product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like Knix and QALO .
• Segmentation. You focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like TomboyX and Heyday Footwear are great examples of this strategy.

To understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.

You’ll always have competition in the market, even with an innovative product, so it’s important to include a competitive overview in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.

For example, if you’re selling jewelry , your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.

If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.

4. Outline the management and organization

The management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.

If you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.

5. List your products and services

Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.

If you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. 

For example, bag shop BAGGU sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.

Describe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than trending products for a dropshipping business, for instance.

6. Perform customer segmentation

Your ideal customer, also known as your target market, is the foundation of your marketing plan , if not your business plan as a whole. 

You’ll want to keep this buyer persona in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.

To give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. Customer segmentation often includes:

• Where they live
• Their age range
• Their level of education
• Some common behavior patterns
• How they spend their free time
• Where they work
• What technology they use
• How much they earn
• Where they’re commonly employed
• Their values, beliefs, or opinions

This information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.

For example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.

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7. Define a marketing plan

Your marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.

If you’re planning to invest heavily in Instagram marketing or TikTok ads , for example, it makes sense to include whether Instagram and TikTok are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.

Market your business with Shopify’s customer marketing tools

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Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.

• Price: How much do your products cost, and why have you made that decision?
• Product: What are you selling and how do you differentiate it in the market?
• Promotion: How will you get your products in front of your ideal customer?
• Place: Where will you sell your products? On what channels and in which markets?

Promotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.

8. Provide a logistics and operations plan

Logistics and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.

Cover all parts of your planned operations, including:

• Suppliers. Where do you get the raw materials you need for production, or where are your products produced?
• Production. Will you make, manufacture, wholesale , or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?
• Facilities. Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?
• Equipment. What tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.
• Shipping and fulfillment. Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?
• Inventory. How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach inventory management ?

This section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.

9. Make a financial plan

No matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.

The level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.

Here’s a spreadsheet template that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.

Let’s review the types of financial statements you’ll need.

Income statements

Your income statement is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.

Balance sheets

Your balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). 

This provides a snapshot of your business’s shareholder equity, which is calculated as:

Assets - Liabilities = Equity

Cash flow statements

Your cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.

When the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to access funding to keep your business solvent .

It can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.

📚 Read more: Cash Flow Management: What It Is & How To Do It (+ Examples)

Why write a business plan?

Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan. 

Business plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of Kapow Meggings .

There are several other compelling reasons to consider writing a business plan, including:

• Strategic planning. Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.
• Evaluating ideas. If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.
• Research. To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.
• Recruiting. Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.
• Partnerships. If you plan to collaborate with other brands , having a clear overview of your vision, your audience, and your business strategy will make it much easier for them to identify if your business is a good fit for theirs.
• Competitions. There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. 

If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.

Business plan types

Business plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.

Common business plans we see include, but are not limited to, the following types:

Traditional business plans

These are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.

Lean business plans

A lean business plan is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go. 

Nonprofit business plans

A nonprofit business plan is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.

📚 Read more: 7 Business Plan Examples to Inspire Your Own (2024)

7 tips for creating a small business plan

There are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.

1. Know your audience

When you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.

2. Have a clear goal

When creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.

3. Invest time in research

Sections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.

4. Keep it short and to the point

No matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.

5. Keep the tone, style, and voice consistent

This is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.

6. Use a business plan template

You can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.

7. Try business plan software

Writing a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. 

Fortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.

A few curated picks include:

• LivePlan : the most affordable option with samples and templates
• Bizplan : tailored for startups seeking investment
• Go Small Biz : budget-friendly option with industry-specific templates

📚 Read more:  6 Best Business Plan Software Platforms (2024)

Common mistakes when writing a business plan

Other articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. 

The last thing you want is for time and effort to go down the drain, so avoid these common mistakes:

• Bad business idea. Sometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for small business ideas that require low startup costs.
• No exit strategy. If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.
• Unbalanced teams. A great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally. 
• Missing financial projections. Don’t forget your balance sheet, cash flow statements, P&L statements, and income statements. Include your break-even analysis and return-on-investment calculations in your financial projections to create a successful business plan.
• Spelling and grammar errors. All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience. 

Updating and revising a business plan

Business plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale. 

Here’s a good rule of thumb for business plan revisions:

• Monthly: Update KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.
• Quarterly : Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.
• Yearly : Think of this as a big overhaul. Compare projections to actuals and update your forecasts. 

When updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.

Remember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive. 

How to present a business plan

Here are some tips for presenting your business plan to stakeholders.

Understand your audience

Start by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations. 

Consider the following about your presentation audience:

• Background: What’s their professional experience?
• Knowledge level: How familiar are they with your industry?
• Interests: What aspects of your plan will excite them most?
• Concerns: What might make them hesitant about your idea?

Depending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis. 

Structure your presentation

Once you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points. 

Your opening should grab attention and give a snapshot of what’s to come. It’s kind of like an elevator pitch that gives an overview of your business idea. 

From there, break your presentation into clear sections:

• Problem: What issue are you solving?
• Solution: How does your business address this problem?
• Market: Who are your potential customers?
• Competition: Who else is in this space, and how are you different?
• Business model: How will you make money?
• Financial projections: What are your expected costs and revenues?
• Team: Who’s involved, and what makes them qualified?

Use visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience. 

Handle objections and questions

Facing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm. 

Try to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.

When handling questions:

• Listen carefully: Make sure you fully understand the question before answering.
• Stay positive: Even if the question seems critical, respond with enthusiasm.
• Be honest: If you don’t know something, it’s OK. Offer to find out and follow up. 

Use questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”

Handling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan. 

Prepare your business plan today

A business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues. 

Whether you’re working on starting a new online business idea , building a retail storefront, growing your established business, or purchasing an existing business , you now understand how to write a business plan that suits your business’s goals and needs.

Feature illustration by Rachel Tunstall

Business plan FAQ

How do i write a business plan.

Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:

• Executive summary
• Company description, including value proposition
• Market analysis and competitive analysis
• Management and organization
• Products and services
• Customer segmentation
• Marketing plan
• Logistics and operations
• Financial plan and financial projections

What is a good business plan?

A good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape. 

A business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are: 

• To clarify your plans for growth
• To understand your financial needs
• To attract funding from investors or secure a business loan

What are the different types of business plans?

The types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.

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Get serious with our free business plan template

Turn your business vision into a reality with our free, customisable business plan template. Available in single and multi-page format.

Download your free business plan template

Complete the form and we’ll send you our free, customisable template, so you can get down to business.

Bring your business ideas to life

Our easy-to-use, guided templates give you a roadmap for success.

Map your goals

Start moving in the right direction with a plan that covers all of the essential business basics. Outline your executive summary, vision statement and future goals.

Define products and services

Highlight your unique offerings and market strategy, including what you'll sell (and how you'll sell it). It’s time to show the world how you’re better than anyone else at what you do.

Attract investors

Show potential partners why they should invest in your business. A comprehensive financial forecast is key when looking to secure funding.

Why you need a business plan

Whether you’re an established company or just starting out, a business plan is vital for success. A well thought out plan helps you consider the essential elements of your business and define a winning strategy.

And through the process of writing a business plan, you’ll uncover new opportunities and unlock your business’s true potential.

We’re here to help you grow your business

Access everything you need to start planning your vision and how you’ll achieve it.

A guided experience

Our business plan templates are intuitive and easily accessible, for every business. Each section has helpful tips, prompts and instructions to guide you through all the components of your business plan.

Designed for your needs

We know that writing a business plan is not a one-size-fits all activity. That’s why we’ve put together both a streamlined single-pager and a comprehensive multi-pager. Now you can map out your needs at a high level, or outline your strategy in precise detail.

Helpful resources

Looking for more help on how to write a business plan? We’ve got you covered. Check out our resources on  how to start a business , or our  12-step guide on how to write a plan for your business .

All your questions answered about the MYOB business plan template

What’s included in the business plan template.

Both our single and multi-page templates cover all the essential elements of a business plan, including an business details, vision statement and goal setting, market strategy and customer demographics, funding and investment information. Our multi-pager adds further detail and contains helpful guidance for each section.

Is the business plan template customisable?

Yes! Our templates are completely editable, customisable and available in multiple formats, allowing you the flexibility to choose the structure that best suits your needs.

Do I need a business plan to start a business?

Technically no, however as the saying goes, if you fail to plan you are planning to fail. For instance, how can you measure how things are going, if you don’t know where you're at?

Why create a business plan?

A strong business plan can help you plan for the future, enabling you to foresee potential roadblocks and author the roadmap that will drive you toward success. Through the process of planning, you’ll analyse all the important aspects of your business, provide certainty to future investors, reduce risk and plot an actionable pathway to achieving your ultimate vision.

How often should I update my business plan?

It’s a good idea to update your plan to align with the current state of business, market and strategy. Set aside some time on a regular, periodic basis to review your plan and see what’s working and what needs adjusting.

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How to write a business plan.

A good business plan is essential when thinking about starting a new venture. It will help you apply for business finance and keep your vision on track once things are up and running. Here are four steps to help you create and implement an effective business plan.

1. Set out your strategic vision

Ask yourself what your company stands for. Think of everything you'd want a potential investor, partner, employee or customer to know about it. This includes:

• Vision statement: Should be brief and aspirational, yet achievable. Take the time to get it right. Try to sum up in one sentence what your business is all about, where you want it to go and how you'll get there
• Unique selling proposition (USP): Sets out why you believe customers will come to you rather than a competitor. What makes your business unique?
• Target market identification: While you don't want to limit your customer base, the clearer picture you have of your target market, the easier it will be to communicate with them. You may initially have to assume who you think your customers are, but once your business is live you should be able to update this using real sales data
• Explanation of products and services: Should be designed in line with your USP and meet the needs of your target market
• Key goals: Must be measurable, achievable and consistent with the financial plan
• Capital requirements: How much will you need to start and run the business and where will you get the funding? Amounts should be supported by calculations in the financial plan

2. Set out the details

Now it's time to see how your vision will work. Who will help you bring it to life? What business structure are you considering? Here are some other things to include:

History and structure

Outline your business' background and introduce key people like employees, managers, partners and investors.

Goals and milestones

Set out major business goals for the period covered by the plan, plus various milestones you want to reach along the way. Make these goals specific and measurable, so you can see your progress further down the track.

Competitors

Do a detailed analysis of the competitive landscape, including:

• Information on the industry
• Size and characteristics of the target market
• Your competitors' strengths and weaknesses

SWOT analysis

Put your business model to the test by identifying the strengths and weaknesses of your idea and potential opportunities and threats in the market you will be operating in.

Strengths What does, or will, your business do well? What makes you better than the competition?

Weaknesses What doesn't your business do well at the moment and how will you improve this?

Opportunities Where are the areas for growth, both within and outside of the business?

Threats What are the external factors that could change or threaten your business?

Business assets

Identify what you have already and what you need, including:

• Plant and equipment
• Information systems
• Intellectual property

Business strategy considerations

Sales & Marketing

• What's the best way to reach your customers?
• What is your budget for sales and marketing? How will you get repeat business?
• How can you collect useful data on your customers? For example, loyalty programmes, customer relationship management systems, online sales channels.
• How will you use this data to create targeted and relevant messages?
• Where will you be located?
• Can you work from home initially? This may help to keep your costs down early on.
• Do you need resource consent for your premises or operations?
• What IT infrastructure will you need?
• How will you get your product to market?
• What about insurance?
• Have you thought about your supply network?
• What is your business continuity plan? If disaster strikes, it's important to have contingency plans in place to ensure your business can trade afterwards.
• List your start-up costs and capital requirements as well as your projected cash flow, profit and loss and balance sheet forecasts and a break-even analysis.
• Budgets showing costs, income and cash flow are particularly important for seasonal businesses.
• As a rule of thumb, when it comes to finances and forecasting, be conservative; double your expenditure and halve your sales forecasts.
• Do you have enough money to get up and running as well as cover costs in the short term?
• When will your business turn over enough money to be profitable?

3. Make necessary changes

Writing your business plan may bring up questions about your business, and once you reach the end you may not be happy with certain parts of your plan or your prospective day-to-day operations. Before finishing, ask yourself:

• How can I counter the strengths of my competitors?
• How can I overcome the weak points in my business plan?
• Do the assumptions I’ve made based on various financial projections make sense?

Also, you might consider sharing your plan with others to sense check it.

4. Put the plan to work

Once it's ready, treat your business plan as a guide to running your business. Remember that it's a working document, so if your goals and circumstances change, update the plan. The business.govt.nz website has some great tools and templates to help get your business started.

Keep reading

Five things you need to do before starting a business, how to write a financial plan, naming your business, what's next, small business banking.

Every business is different and has unique banking needs, discover your options.

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This page is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and should not be relied on. This information has been prepared without considering your objectives, financial situation or needs. We recommend you seek independent professional advice and contact Inland Revenue before acting on this information.

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5 Best Free Business Plan Templates 2024

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Whether you're starting a new business or looking to update your existing plan, having a well-crafted business plan is essential for guiding your growth. If you're unsure of where to begin, we've compiled a list of the top free online business plan templates specifically designed for New Zealand businesses. These templates will provide you with the necessary structure and guidance to set your goals and steer your business in the right direction.

1. Ministry of Business, Innovation and Employment Business Plan Templates

MBIE, in collaboration with Stats NZ, has developed two Business Plan templates to cater to the needs of aspiring entrepreneurs and established businesses alike. The comprehensive full business plan template, available in Word format, is specifically designed for those venturing into the world of business. It offers a ready-to-use structure complete with detailed explanations and convenient links throughout. On the other hand, the quick-focus template, presented as a PDF, is ideal for regular business health and strategy check-ins, making it perfect for quarterly or yearly assessments. Fill it out by hand for a more personalized touch.

Tip: MBIE recommends using Stats NZ’s Data for Business website to find useful business tools and statistics.

2. ANZ Biz Hub Business Plan Tool

Are you new to business planning? If so, this convenient online template is perfect for beginners. It will guide you through the process of writing a comprehensive business plan step-by-step, providing helpful prompts and tips for each section. Once you've completed your plan, you can easily download and print the finished version in Word document format.

3. One-Page Business Plan By The $100 Start-up

This template is a valuable tool for exploring innovative business ideas, as well as for experimenting with new products, services, or promotional strategies for existing businesses. It can also serve as a concise summary of your comprehensive business plan, which you can refer to during your monthly or quarterly business planning sessions.

4. Microsoft Office Business Plan Template

Microsoft Office provides a diverse selection of complimentary business document templates that seamlessly integrate with their suite of products. These templates are equipped with a variety of charts and graphs to effectively showcase your market research and forecasting data. Additionally, they offer comprehensive, step-by-step instructions throughout the templates to assist you in creating a professional and organised business plan.

Tip: Don't forget to add your logo and change the document colours and font to suit your brand

5. Strategyzer Business Model Canvas

The Strategyzer Business Model Canvas is not your typical business plan template. Instead, it is a powerful visual tool that allows you to effectively map out all the crucial elements of your business and gain a deeper understanding of how they interconnect. This canvas serves as an excellent brainstorming aid, enabling you to jot down all your brilliant ideas, important facts, and essential figures before diving into the creation of your comprehensive business plan. It's the perfect way to organise your thoughts and set a solid foundation for your future success.

Tip: Use the Business Model Canvas as a tool for running a thought-starter exercise with your team to review and refine your strategy and goals before you write your business plan.

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Free business plan template for small business

Create a professional business plan with our our easy-to-use business plan template., the importance of a business plan.

Writing a business plan gives your business the best chance of success helping you to flesh out your business proposal, outline key business processes and gives an action plan of what you want to achieve over time. While it can seem overwhelming, the time and effort you put in is worth it for your long-term success. Use our free business plan template below to get you started!

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Business plan template FAQs

What should a business plan include.

A business plan consists of a single document with different sections that represent different aspects of your business. Most business plans include the following:

• Business overview
• Executive summary
• Team & Management
• Product & Services
• Market Analysis
• Competitor Analysis
• Marketing & Promotions
• Financial Analysis
• Future & Goals

How do you write a business plan?

Writing a multi page business plan when you are just starting out can seem overwhelming. The key to getting started is to keep it simple and add to it as you grow. Start with key headings (or use our template) and some bullet points mapping out your business overview, vision, market analysis and financial forecasts.

Tips for writing a business plan?

Check out this blog article for more information

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‘Tell us more Fonterra’: Shareholders anxious for information on potential $3b-plus consumer business sale

Fonterra is New Zealand's biggest business and the world's sixth largest dairy company by revenue. Photo / Michael Craig

Fonterra’s farmer-owners are “hungry” for information on the dairy heavyweight’s plan for its global consumer businesses, how the billions of dollars from any sales would be used and what their co-operative will look like after.

Farmer watchdog council chairman John Stevenson said while Fonterra had not led farmers to expect any information before now from a sale assessment of the $3.3 billion revenue consumer product businesses, they are “really hungry for more information” and detail so far is “not significant”.

New Zealand’s biggest business surprised shareholders and the public in May, announcing a change in strategic direction which could involve full or partial sale options for some, or all, of its global consumer businesses. These included its integrated New Zealand-Australia business Fonterra Oceania, home to iconic brands such as Anchor, Mainland, Kāpiti, Anlene, Anmum, Fernleaf, Western Star, and Perfect Italiano.

The milk processor and leading exporter indicated it would seek farmer-shareholder support for any divestment. This means it will need the support of the Fonterra Co-operative Council watchdog.

Investors in Fonterra’s listed dividend-carrying units would not be entitled to vote. The sales assessment process was expected to take 12-18 months.

Stevenson said as the representative of Fonterra’s owners, the council had gathered farmer feedback on the announcement and had sent questions to the board. It expected responses and a discussion on progress when it met the board after Fonterra’s 2024 financial results next week (September 25).

“In terms of the scale of proposals Fonterra has put to farmers in the past, this is right up there. This is a really significant announcement.

“Farmers want to know what this proposal means for them in the short-term but also what our co-operative looks like afterwards.

“Where are we going to invest (the money)? Who are we going to be selling our products to? What are the pros and cons? It’s important that farmers are really well-informed before they make any decisions on this.”

Stevenson said so far Fonterra had kept farmers in the loop in as much as they made the announcement early and advised shareholders when advisers had been appointed.

“But we’re getting to a stage where farmers will be really keen to hear more.”

Fonterra Oceania was created in May this year by the merger of New Zealand and Australian operations. The division comprises consumer, food services and ingredients businesses.

The consumer business review also covers Fonterra Sri Lanka, a consumer and food service product business.

Market analysts have suggested a sale of the global consumer business group could fetch up to $3.5 billion. In FY23 the consumer business contributed $3.3b in revenue and $781m in gross profit to Fonterra’s books. It represented 7% of New Zealand milk solids sold and around 19% of group operating earnings in the first half of FY24. Its brands are most prominent in New Zealand, Australia, Sri Lanka, China, and Southeast Asia.

Fonterra said its strategy direction change called for it to become a world-leading provider of high-value, innovative dairy ingredients.

Meanwhile, the farmer-elected 27-member council has sent its annual letter of expectations to the Fonterra board. The letter is on behalf of Fonterra’s 7900 farmer-owners and milk suppliers. It has also shared the results of its annual survey of Fonterra farmers, which shows a reversal this year of a downward trend of confidence in Fonterra and the dairy industry.

Of the 887 survey respondents to the proportional survey, 64% were confident in the long-term sustainable future of Fonterra, compared to 54% last year, with 60% confident of the dairy industry’s future (52%).

The letter of expectations seeks to define success from the collective perspective of owners, investors, suppliers and members of the cooperative community, and provide “a basis to hold the board to account”.

Over the next month the council will assess the extent to which its 2023 letter has been met. The assessment, and the board’s response, will be included in the council’s 2024 annual report.

Responses from the independently conducted annual survey of farmers provide a solid basis for the letter of expectations, Stevenson said.

“It doesn’t leave much room for backwards and forwards in terms of what is the sentiment of the members.”

The expectations in the 2024 letter varied little from that of last year’s because farmers were consistent in their survey responses to what they required of Fonterra, Stevenson said.

Headline expectations are that the Fonterra board ensures transparency of the company’s strategy, plans and targets over the short and longer-term; Fonterra is to set aspirational but achievable performance targets and to transparently report against them; that Fonterra’s plans enhance members’ farming businesses; that there is genuine consultation with members; that members’ capital is to be respected, allocated and managed effectively to maximise returns on investment; that Fonterra invest in research and development and to innovate to maximise the value of their milk.

Andrea Fox joined the Herald as a senior business journalist in 2018 and specialises in writing about the $26 billion dairy industry, agribusiness, exporting and the logistics sector and supply chains.

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Planning your business

Why you need a business plan

Writing a business plan may be less exciting than dreaming about your business – but it could be the key to making your business dreams come true. Here’s why you need one.

In this article

Keeps you on track.

A good business plan helps you plan where you want to go; your future end destination illuminated by the milestones along the way. At any time, a quick glance at your business plan lets you determine if you’re on track to achieve your goals, or whether you might have to steer the boat back on course. 

Decision-making tool

Your business may feel like it’s getting somewhere – but is it where you’d choose, or is there a better way? A business plan helps you steer towards a clear destination by giving you a blueprint for future growth. 

A business plan also identifies areas of your business you might have previously overlooked that need attention, or areas that present an opportunity to implement something new or different. 

A smart investment

Completing a business plan will help you think through each aspect of your proposed business and transform your ideas into practical steps that you can follow. The process will sharpen your ideas which will give clarity to your purpose and concept.

Sharing your vision

A business plan provides a focus and motivation for you and your staff. It’ll help you share your vision for the business, turn that vision into action, and measure your progress along the way.

Your business plan demonstrates confidence by showing you’ve thought through your ideas and translated them into achievable steps. 

People who will use your business plan

You, along with your management team and staff, will be the main users of your business plan and financial forecasts. But the information will also be useful to professionals who provide you with business services. 

For example, a business plan will give your bank the information they need when:

• Setting up your cash management
• Setting up funding and investment services
• Considering applications for finance. 

Your accountant will often help you prepare your business plan (particularly the financial statements), but they’ll also use the information you provide in the plan to offer further advice.

Your lawyer can provide advice on the way you structure your business and enter agreements (such as leases) with other parties. Business plans and financial forecasts give the background information your lawyer needs. 

A business plan is also vital for showing investors what your business is about and how you plan to make them money.

Before you begin 

Before you launch into writing your plan, consider some of these useful tips. 

Gather all the necessary information

If you’ve already made some sales, you should have financial statements that include profit figures, sales figures, and business costs.

Be realistic

It’s easy to be overly optimistic about new ideas – but beware of rose-tinted glasses. Think about the targets you’ve set and whether they’re appropriate at this stage in your business’ life cycle.

Plan for balanced growth

Growth that is too rapid or too slow could cause difficulties.

Change is constant

Your business plan should recognise that things like markets, consumer needs, trends, technology, products, and services are constantly evolving. Can you show how your business will keep up?

Think long-term

Your business plan will naturally focus on the year ahead. But you should also consider issues that will affect your business as far ahead as five years’ time. That way, you can put a plan in place that will set your business up for future success.

How to create an effective business plan

Create a simple, yet effective business plan: from setting SMART objectives to conducting a SWOT analysis, understanding your customers to marketing strategies.

How to get started

Your business plan can take any shape, but it can be helpful to work to a template. The key is to keep your plan short, simple, and practical, so it’s easy to implement. Otherwise, it’ll end up gathering dust on a shelf. 

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Our specialists understand your kind of business and the challenges you face as a business owner. We can help you figure out how to make your business grow and succeed.

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Essential tips for business goal setting, how to write your business elevator pitch, how to gain awareness for a new business, how to plan for a new business, business plan template, how to write a simple business plan, anz business start-up package.

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We’ve provided this material as a complimentary service. It is prepared based on information and sources ANZ believes to be reliable. ANZ cannot warrant its accuracy, completeness or suitability for your intended use. The content is information only, is subject to change, and isn’t a substitute for commercial judgement or professional advice, which you should seek before relying on it. To the extent the law allows, ANZ doesn’t accept any responsibility or liability for any direct or indirect loss or damage arising from any act or omissions by any person relying on this material.

Please talk to us if you need financial advice about a product or service. See our financial advice provider disclosure at anz.co.nz/fapdisclosure

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