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Starting your business
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Choosing an idea
Choosing the right idea can signal the success or failure of your business. A great place to start is by looking at your skills and interests.
Can I turn my hobby into a business?
For many aspiring entrepreneurs, there is a clear opportunity in turning a hobby or leisure activity into a small business idea. Many highly profitable businesses begin life this way. Anita Roddick, founder of the Body Shop, began by making skincare products on her kitchen table to give to friends. Don't write off your interests as something that you do just for fun - you may have a skill that other people would be happy to pay for.
Where can I look for an idea?
If you want to run your own business but are unsure of what you want to do, there are a number of ways to identify a sound business idea, including:
- Look at your current job. If you work for a business where people are constantly complaining about one aspect of their work, there may be an opportunity to create a solution to their problem and market it through a new business.
- Do you have money to invest but no idea what you would like to do? Purchasing a franchise may be the solution for you. Franchises are members of existing business networks (many of them popular high street outlets), which provide a packaged business opportunity with marketing, stock supply and administration taken care of.
- Is there a business idea that you are really interested in, but you don't have any experience? Carefully researching the market and developing a small business in this area may be the ideal solution.
- Do you have any hobbies that could be turned into part- or full-time business opportunities?
Can I buy an existing business?
Buying an existing business is possible, although it can have some pitfalls. You must be clear why the previous owner is selling the business and have all documentation thoroughly checked by your accountant and lawyer.
There are specialist agencies that deal with the sale of businesses and they can advise you on the availability of commercial businesses in your area. In addition, trade journals and local papers can be a good source of information on existing businesses for sale.
Where can I find this market information?
Business information is available from a variety of sources, much of which is free of charge.
Sources of market information include:
- Your local library's reference section will carry market reports, Government statistics, trade publications and local business directories, all of which can provide information on competitors and market trends.
- The Internet is a good source of market and trend-related information. However, you must take care to check that the sites used are providing up-to-date, UK-based material and that it is from a reputable source, such as a trade association or leading business journal.
- Local business directories such as your local telephone directory can be trawled for details of direct local competitors.
- Trade publications and directories specific to your particular business sector are another useful resource. See www.tradepub.com for a directory.
How do I know if my idea will work as a business?
Once you have identified your business idea, you will need to find out whether it will work as a business. At this point it will be useful to carry out some local research to find out whether there is a market for the goods or services you plan to offer.
Points to consider include:
- Competitor information: find out whether anyone else offers the same goods and services locally. These businesses will be your direct competitors and could have an adverse effect on your business.
- Indirect competitors: such as businesses offering similar goods and services to those you plan to provide.
- Customer information: who will buy the goods or services you plan to offer, and what market share must you achieve if your business is going to survive?
- Market sector information: this will enable you to build up a picture of trends and issues that may affect the market you plan to work in. You should consider whether the market is growing or shrinking, and if it is near saturation point. Any trends that may increase or decrease demand should also be considered.
Getting advice
Access a wealth of knowledge and experience available to help you set up in business. There are hundreds of business advice services, yet many people are still unaware of the wealth of knowledge and experience available to help them set up in business, much of it free. Business advisers help potential, new and established businesses. They can offer general advice based on their experience and knowledge of business matters, as well as focusing on specific areas of expertise such as finance or marketing.
Why should I consult a business adviser?
There are a number of reasons for consulting an independent business adviser, as they can provide new ideas and ways of looking at issues that will help you to develop your business.
A business adviser can offer:
- Objectivity - it is easy to get so involved in developing your business idea that the ability to be objective can be lost.
- Business concepts and methods - an adviser can provide advice on methods of business analysis and new management techniques that may help you to structure and run your business effectively.
- Contacts and local knowledge - an adviser will know a great deal about the local market conditions and commercial networks that can help you carry out your market research and set up your business.
- Experience - advisers have normally worked in industry or run their own small business, and will be able to pass on practical experience, insights and strategies that have worked for them.
- Access to additional resources - advisers will have information about local grant schemes, business publications, research material and reports, all of which can be useful when setting up a new business.
Why should I consult an accountant?
An accountant can provide advice and assistance on a variety of issues affecting the start up of your business, including:
- What type of accounting system is needed and how to set it up.
- Keeping proper books of accounts to meet relevant legal requirements. Many firms use accountants or bookkeepers to prepare their accounts for them, although there is a danger that managers of small firms can lose touch with up-to-date financial information if they pass on all of the responsibility.
- How to organise the Pay As You Earn (PAYE) income tax contributions for yourself and any staff.
- Whether you will need to register for Goods & Services Tax and the procedures involved.
- The tax implications of running a business from home.
- The tax implications of employing family members.
Why should I consult a solicitor?
There are a number of reasons for consulting a solicitor when setting up a business.
Solicitors can provide advice on a range of legal issues, including:
- Company formation and administration - a solicitor can draw up the articles of association or deeds of partnership, and assist in making sure that your business complies with necessary legal requirements.
- Contracts- expert help will be required in drawing up effective terms and conditions of trading.
- Premises - when buying or leasing premises, a solicitor is essential. They will give advice on contracts and on how to avoid contravening planning law.
- Franchises - if you are considering taking on a franchise, the agreement may be quite complex. It will be worth having a solicitor study the contract before making a commitment.
Why should I consult a trade association?
Trade associations have always been a fundamental part of business life. Their strength and importance continues to grow, with many associations regulating the industry or offering specialist legal and insurance services.
They often offer a range of services that can be useful when starting up a business, including:
- Information services - including up-to-date developments within the industry, market research and trends that may affect the future development of your business. During the start up or planning phase of your business, they can provide a range of material that will be useful when drawing up your marketing plan.
- Industry standards - many trade associations set standards and have a code of conduct with which members must comply. They often have a complaints service offering independent arbitration over grievances between members and their customers.
- Training - the availability of short courses or Continual Professional Development (CPD) will ensure that your skills remain up-to-date and that you are aware of changes within your industry.
- Networking - many associations have regional branches that meet on a regular basis, offering you the chance to meet and talk to other people working in the same business, sharing ideas and resolving difficulties common to the industry.
Hints and tips
- You should not hesitate to ask your business adviser, in an informal way, about their qualifications and background. The adviser should feel comfortable about disclosing this type of information.
- It is important not to allow an adviser to undermine your opinions. They can only offer advice and will not have all the answers.
- Different agencies will be able to offer different levels of advice. It may be useful for you to contact a number of organisations before committing to an adviser.
- An accountant should be recruited during the planning phase of your business. Receiving advice from the start can prevent problems in the future.
- It is important to shop around to find the accountancy firm best suited to your business' needs.
- Before choosing an accountant, you should find out the basis on which fees are calculated. You should not be afraid to question and negotiate fees.
- The level of services required must be agreed with the accountant. If this is not clearly specified, they may end up doing more or less work than they expected.
- A directory of legal firms and individual solicitors that are affiliated to the Law Society can be found on the website www.solicitors-online.com and can be searched by name, area and specialisation. The printed version, entitled The Law Society's Directory of Barristers and Solicitors, should be available through your local library.
- The Law Society also operates a scheme called Lawyers For Your Business (LFYB), a network of 1,400 independent legal firms that specialise in commercial legal problems.
- It is advisable to talk with other businesses in the industry to find out about associations and professional bodies that have been particularly useful to them.
- Anyone looking at options for starting their own business can receive invaluable information about particular business ideas from trade associations by contacting them by phone, post or e-mail.
Getting funding
Before you begin trading you may need finance, both to set the business up and cover initial running costs.
What type of finance is available?
Businesses are funded through four main types of finance:
- Private equity, which is money that is invested in the business in return for a share of the business.
- Debt, which is an overdraft, loan or credit card finance.
- Grants and awards, which are normally given for a specific project or to reward a particular achievement, and do not usually have to be paid back
- Retained earnings, or funding that is carried over from the previous year's profits.
Start up businesses don't have access to retained earnings, so normally rely on equity or debt funding. However, some businesses may be eligible for grant aid and business advisers should be able to provide details of any locally available funding.
What are the main sources of equity funding?
Equity funding, or money invested in the business, is available from a number of sources, including:
- Personal savings or the money you have available to invest in the business raised from family and friends. Most investors will expect to see you investing in your business before they are willing to support you. This is the most common source of funding for businesses just starting up.
- Business angels are personal investors who invest relatively small amounts of money (usually between £10,000 - £100,000), in helping a business reach a level of turnover where other investors aren't willing to support the enterprise.
- Venture capitalists provide businesses with access to large amounts of money, often in excess of £1 million. In return they expect a share in the business, rapid growth and a detailed exit strategy.
Where can I find out more about equity funding?
Contact your business bank manager who will be able to offer advice on making the most of your capital. He or she will also be able to offer advice on business angels and venture capitalists that may be willing to support your business.
What type of debt finance is available to a business start up?
Debt finance can range from short-term solutions such as an overdraft, to long or medium-term loans. You should consider the length of the loan period, the interest rate charged and the need for security, before committing yourself to any form of debt finance. Soft loans are an attractive alternative to the traditional bank loan and are usually provided by business support organisations and other agencies working to encourage small business development.
Where can I find out more about debt finance?
Banks are usually the first stop for anyone considering debt finance. They provide a range of financial solutions from overdrafts to loans and mortgages, all of which can be useful sources of working capital. For information on non-bank loans, contact your business adviser who will provide information on soft loan schemes in your area.
Where can I find out more about grants and awards?
Grants are usually available for a specific purpose, such as training or marketing costs. Awards are often made to reward a specific achievement. Grants and awards do not normally need to be paid back and are only available to businesses that meet certain criteria. Your business adviser and local business support organisations are the ideal starting point for information on grants and awards in your area.
What financial information do I need to prepare?
Preparation is vital before approaching anyone for grant aid or financial assistance. Before anyone provides funding, they will expect to see evidence that you have thoroughly researched your business idea and that it has the potential to lead to a viable business. The best way of demonstrating that you have done this is to produce a business plan. The information included should include a cash flow forecast, balance sheet forecast, profit and loss forecast, business plan and personal budget. Your business adviser or local business banker will be able to provide more details on preparing and presenting this information.
What is a cash flow forecast?
A cash flow forecast will show the expected receipts of money coming into the business and payments of cash going out. The forecast will then indicate how much cash will be available in the business. You must demonstrate that you are monitoring cash flow carefully. If you are paying your suppliers, but your customers are failing to pay you, you will quickly run out of money.
What is a balance sheet forecast?
A balance sheet forecast shows fixed assets, such as equipment, and current assets, such as stock and debtors - people who owe your business money. The balance sheet forecast should also show how your assets are financed - equity, loans and current liabilities such as creditors. This will show your business' net worth and whether the business is solvent.
What is a profit and loss forecast?
This gives an indication of your predicted income, usually as a result of sales, and the likely expenditure on a month-by-month basis. This is different from cash flow as it takes into account any outstanding invoices for money owed to you and any invoices that you need to pay. It also shows non-cash expenditure such as depreciation. The difference between income and expenditure is profit - something anyone considering investing in your business will be keen to see.
Why do I need a business plan?
This will provide evidence that your business has the potential to be a success. A good business plan will contain:
- An overview of the business and what it will do.
- Details about the business, such as its legal status, aims and objectives and key personnel.
- Details of the products or services your business will supply.
- Details of your target customers and estimated numbers.
- Assessment of your competitors and their strengths and weaknesses.
- How your business is different from the competition.
- Details of how you intend to market your business.
- How and where the business will operate.
- Financial requirements - including how much money is needed, and, crucially, when it will be needed.
What is a personal budget?
You must work out all your personal expenditure, such as your mortgage repayments or rent, gas, electricity, telephone bills, water rates and council tax bills. Anyone offering additional finance to your business will want to see that you have considered how much you must earn from the business in order to meet your living expenses. As the business develops, you will probably be able to take more out of it. However, initially it is a good idea to reinvest the profits, further funding your own business development.
- Be realistic when preparing financial forecasts, as potential investors will want to see evidence backing up your claims.
- Without a good cash flow and credit control system your business could fail.
- Be thorough when estimating financial requirements - forgetting or leaving out a budgetary area to make your forecasts look better could lead to serious cash flow problems.
- Be sure that you can afford to meet repayments before taking on any loans or debt finance arrangements.
- It often takes longer than predicted to get a business running on a sound financial basis, so make sure that you have sufficient revenue to keep you going while the business is growing.
- Take professional financial advice before setting up your financial management systems.
Is business for me?
Starting a business can be an exciting, but at the same time rather daunting, experience. Good planning and detailed research can remove some of the pressures and help you get your new venture up and running.
Do I have the right personality to run my business?
While anyone running their own business must have some skills or knowledge of the market in which they plan to work, there are a number of personality traits that will make it easier for you to succeed.
These 'softer' skills include:
- The ability to handle pressure - you will have to rely on your own abilities and motivation in meeting deadlines and making decisions.
- Perseverance - starting a business demands determination and hard work, and at the outset this can often be for little financial reward. You must have the personal drive to keep going if your business is to succeed.
- Dealing with other people - as a self-employed business owner you will need tact and diplomacy to deal with other people and negotiate effectively.
- Self-confidence - you must feel comfortable promoting your business and the services or products it offers to a wide range of people.
- Organisational skills - you will have to manage your time, carry out administrative tasks, handle the bookkeeping and find new customers, while still delivering goods or services to existing customers.
What specific skills will I need?
As well as a range of softer personal attributes that will help you run your business, it is advisable to have some knowledge of the market in which you intend to work.
Relevant skills include:
- Professional qualifications - as some trades require professional qualifications or standards from people working in that field, you must check that you have the necessary qualifications in order to obtain licences or accreditation. A good starting point to research this is the Sector Skills Development Agency website at www.ssda.org.uk .
- Business skills - such as bookkeeping or knowledge of employment legislation, may be useful. If you have no prior experience of running a business, it may be worth taking a business start up or management course. Learn Direct provides information on courses aimed at new entrepreneurs: For further details please visit www.learndirect.com/business-hub .
Have I got the right motivation?
You need to be clear as to why you want to run your own business and what you want out of it. There is no right or wrong reason for running a business, but by understanding your motivation, you can create a business that is more likely to meet your aims and objectives.
For example, will the business be your main source of income, or will it supplement the income from another job? Is the business an investment that you intend to build up and sell off, or is it a long-term commitment that you see providing financial security for your family? The answers to these questions will help you get the planning for your business right at the outset.
- Honestly assess your reasons for starting a business and plan accordingly.
- Look at your own personality, your strengths and weaknesses and create a business that suits you.
- Assess your existing skills and areas where you may have gaps in your knowledge and consider training to fill these gaps.
- Make sure you have the necessary professional qualifications to run a business in your chosen field.
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Write a business plan
Download free business plan templates and find help and advice on how to write your business plan.
Business plan templates
Download a free business plan template on The King’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.
Business plan examples
Read example business plans on the Bplans website.
How to write a business plan
Get detailed information about how to write a business plan on the Start Up Donut website.
Why you need a business plan
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to:
- clarify your business idea
- spot potential problems
- set out your goals
- measure your progress
You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.
It can also help to convince customers, suppliers and potential employees to support you.
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This topic teaches students how to set up their own sustainable business. View all the resources below. You can download the delivery guide and business plan template in one go using this button.
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Students find out what is involved in setting up a new sustainable business by listening to the real-life experience of two entrepreneurs.
Use the delivery guide to support delivery of both lessons. In the first lesson, play the video content in parts to allow for activities and class discussion in between. In the second lesson, students use the business plan template.
Delivery guide
Use the delivery guide to support delivery of both lessons.
Video (Lesson 1)
The two entrepreneurs (Matt Pollen and Maddie Booth) guide students through the journey of setting up a business.
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Students use this template sheet to record planning and costs for their business.
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4 Free Business Plan Templates: Where to find them and what you get
While some people argue about whether you need a business plan to be successful, you almost certainly will need one when opening bank accounts and seeking funding. Fortunately there are some good free business plan templates and advice online. Here we will review 4 of the best covering what you get and where to find them.
1) Gov.uk – The ‘write a business plan’ page of the UK government’s website includes advice and a selection of different business plan templates so you can select which one is best for your business.
2) The Prince’s Trust – Although The Prince’s Trust specialise in supporting young people their business plan template is available to anyone. At 16 pages it is substantially shorter than the one from Business Link and is less formal in tone. The Prince’s Trust plan also goes into more depth on the logistics of how the company is going to work and the reasons for starting it up.
3) Microsoft Word – Microsoft have a start-up business template which you can download. When you open it up in word it runs to 28 pages and is full of questions, advice and points to consider. Compared to The Princes Trust and Business Link plans it is a lot more text heavy and takes some reading. It is also a lot more focussed on the financials of the company than the other two plans, concentrating on accounts payable, pricing and other financial planning considerations.
4) Your Bank – One of the main reasons people do a business plan is because their bank asks them to. If this is your motivation then it makes sense to use a template your bank will like. Our business banking partners HSBC have a business plan tool, Natwest have an online form and Barclay’s offer plenty of advice . Many of the other main UK banks also have templates or advice online. Using the bank’s own forms should mean that you tick all of the boxes and answer all of the questions they are likely to be looking at which can only help make your meeting go more smoothly.
Whichever template you choose it is important that you invest the time to get your plan right before you try to use it. Most of these plans require you to do a considerable amount of research into your target market, customers and competitors. Don’t leave it until the night before your bank meeting to get it done!
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How to Build a Detailed Business Plan That Stands Out [Free Template]
Updated: September 20, 2024
Published: June 14, 2017
When you already have a well-established business and need a business plan, it’s usually not difficult because you know everything inside out.
But when you’re a startup and need to create your first detailed business plan, it’s a challenge. A serious challenge. Been there — done that.
My first business plan was, to put it mildly, a disaster. It had so many unnecessary details and lacked essentials that it was practically a novel.
So, I sought professional help with writing the business plan and learned everything I’m going to share with you today.
Let’s learn how to craft an organized and well-thought-out business idea that answers potential investors’ questions.
Table of Contents
Business Plan Template
Building a successful business plan, how to build a business plan, from mistakes to milestones: what my business plan taught me.
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Free Business Plan Template
The essential document for starting a business -- custom built for your needs.
- Outline your idea.
- Pitch to investors.
- Secure funding.
- Get to work!
Download Free
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You're all set!
Click this link to access this resource at any time.
To make this post practical from the get-go, I’ll walk you through the process of filling out your business plan template, like this free, editable version :
Download the template for free.
1. Cover Page
Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.
Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.
At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.
The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with the express written permission of [your company name] ."
Keep your cover page simple and concise — and save the important details for other sections.
Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.
Examples of a Cover Page
There is no single ideal cover page that every business should follow.
For instance, if you're in real estate, you might want a catchy design showcasing luxury villas, jacuzzis, palm trees, and so on — you get my point.
On the other side, if you're in finance, you might prefer a more corporate style like this:
Our goal is to generate approximately $50,000 in monthly revenue within the first six months. We expect to reach a break-even point around this time. As we scale, we project significant growth, aiming for $200,000 in monthly revenue by the end of the first year."
10. Appendix
A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.
In many cases, the appendix is the longest section.
Because it includes the supportive materials mentioned in previous sections.
To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e., the appendix.
Aside from what I've already mentioned — marketing plan, sales plan, department budgets, financial documents — you may also want to attach the following in the appendix:
- Marketing materials.
- Market research data.
- Licensing documentation.
- Branding assets .
- Floor plans for your location.
- Mockups of your product.
- Renderings of your office space or location design.
Adding these pieces to the appendix enriches the reader‘s understanding of your business and proves you’ve put the work into your business plan without distracting from the main points throughout the plan.
Example of Appendix
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2 Essential Templates For Starting Your Business
Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform
8 Business Plan Templates You Can Get for Free
8 min. read
Updated July 3, 2024
A business plan template can be an excellent tool to simplify the creation of your business plan.
The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.
The only issue? There are SO many free business plan templates out there.
So, which ones are actually worth using?
To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now.
These are listed in no particular order, and each has its benefits and drawbacks.
What to look for in a business plan template
Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:
- Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
- Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections.
- Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
- Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum.
1. Bplans — A plan with expert guidance
Since you’re already on Bplans, I have to first mention the templates that we have available.
Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.
The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources.
Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.
Download: Traditional lender-ready business plan template or a simple one-page plan template .
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2. SBA — Introduction to business plans
The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide.
While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.
The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.
Explore: The SBA’s planning guide and free templates
3. SCORE — Planning workbook
SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.
The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.
You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.
Download: SCORE’s business plan template
4. PandaDoc — A template with fillable forms
PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions.
These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.
But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options.
Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.
Explore: PandaDoc’s business plan template library
5. Canva — Pitch with your plan
Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.
You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan.
You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.
Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used.
To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva.
Explore: Canva’s business plan gallery
6. ClickUp — The collaborative template
Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.
Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool.
There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team.
These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors.
But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.
Sign Up: Get a free trial of ClickUp and explore their template library
7. Smartsheet — A wide variety of templates
I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide.
They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.
Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.
At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.
8. ReferralRock affiliate marketing business plan
I’m adding ReferralRock’s template to this list due to its specificity.
It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business.
Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.
So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.
Download: ReferralRock affiliate marketing business plan template
Does it matter what business plan template you use?
The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work.
What it ultimately comes down to, is what sort of value you hope to get from the template.
- Do you need more guidance?
- A simple way to structure your plan?
- An option that works with a specific tool?
- A way to make your plan more visually interesting?
Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit.
And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running.
If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool .
If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.
Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.
Table of Contents
- Qualities of a good template
- ReferralRock
- Does the template matter?
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What file formats are available for this business plan template?
Our free template is available to download in many common file formats including Google Docs, Microsoft Word (docx), or as a free business plan PDF.
Can you print out this template for a business plan?
This is a printable template—whether you download it as a pdf or word document, or access it via Google Docs. The business plan template is pre-formatted and structured to fit lender and investor standards, but can be edited and adjusted to suite your needs before printing.
Just be aware that any changes may unintentionally break the template, so make sure to review before printing.
What are the steps to write a business plan?
The steps to write a business plan include:
- Defining the opportunity: Explain the problem your business solves, the solution you offer, your target market, and the competitive landscape.
- Describing how you'll execute: Outline your marketing and sales strategies, operational plan, milestones, and success metrics.
- Adding company details: Provide information about your business structure, ownership, and team.
- Creating a financial plan and forecasts: Include detailed financial statements, forecasts, and funding requirements.
- Adding supplementary info to your appendix: Add any additional information, such as resumes, permits, and other relevant documents.
- Summarizing your plan: While it may be first, do your executive summary last. In it, you'll briefly summarize your business, highlighting key points such as mission, product/service, and basic financial information.
For additional information, check out our full step-by-step guide to write a business plan in as little as 30-minutes.
Is writing a business plan easy?
Writing a business plan can be easy if you use the right tools, understand your business, and come in prepared to write your business plan.
Using a template or dedicated business plan builder can make writing a business plan easier. Additionally, if you focus on just getting your information down quickly, with the expectation that you'll revisit and revise your plan, you can speed up and simplify the process.
Can someone else write my business plan for me?
Yes, you can hire a professional business plan writer to write your business plan for you. Working with a professional can be especially useful if you're still struggling to write your business plan even when using a template. Just be prepared to talk about your business, provide the appropriate details, and review the finished plan to be sure it actually reflects your business.
If you want to learn more about the process, go ahead and schedule a consultation with a LivePlan-approved professional business plan writer .
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Simple Business Plan Templates
By Joe Weller | April 2, 2020
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In this article, we’ve compiled a variety of simple business plan templates, all of which are free to download in PDF, Word, and Excel formats.
On this page, you’ll find a one-page business plan template , a simple business plan for startups , a small-business plan template , a business plan outline , and more. We also include a business plan sample and the main components of a business plan to help get you started.
Simple Business Plan Template
Download Simple Business Plan Template
Word | PDF
This simple business plan template lays out each element of a traditional business plan to assist you as you build your own, and it provides space to add financing information for startups seeking funding. You can use and customize this simple business plan template to fit the needs for organizations of any size.
One-Page Business Plan Template
Download One-Page Business Plan Template
Excel | Word | PDF | Smartsheet
Use this one-page business plan to document your key ideas in an organized manner. The template can help you create a high-level view of your business plan, and it provides easy scannability for stakeholders. You can use this one-page plan as a reference to build a more detailed blueprint for your business.
For additional single page plans, take a look at " One-Page Business Plan Templates with a Quick How-To Guide ."
Simple Fill-in-the-Blank Business Plan Template
Download Simple Fill-in-the-Blank Business Plan Template
Use this fill-in-the-blank business plan template to guide you as you build your business plan. Each section comes pre-filled with sample content, with space to add customized verbiage relevant to your product or service.
For additional free, downloadable resources, visit " Free Fill-In-the-Blank Business Plan Templates ."
Simple Business Plan for Startup
Download Startup Business Plan Template — Word
This business plan template is designed with a startup business in mind and contains the essential elements needed to convey key product or service details to investors and stakeholders. Keep all your information organized with this template, which provides space to include an executive summary, a company overview, competitive analysis, a marketing strategy, financial data, and more. For additional resources, visit " Free Startup Business Plan Templates and Examples ."
Simple Small-Business Plan Template
Download Simple Small-Business Plan Template
This template walks you through each component of a small-business plan, including the company background, the introduction of the management team, market analysis, product or service offerings, a financial plan, and more. This template also comes with a built-in table of contents to keep your plan in order, and it can be customized to fit your requirements.
Lean Business Plan Template
Download Lean Business Plan Template
This lean business plan template is a stripped-down version of a traditional business plan that provides only the most essential aspects. Briefly outline your company and industry overview, along with the problem you are solving, as well as your unique value proposition, target market, and key performance metrics. There is also room to list out a timeline of key activities.
Simple Business Plan Outline Template
Download Simple Business Plan Outline Template
Use this simple business plan outline as a basis to create your own business plan. This template contains 11 sections, including a title page and a table of contents, which details what each section should cover in a traditional business plan. Simplify or expand this outline to create the foundation for a business plan that fits your business needs.
Simple Business Planning Template with Timeline
Download Simple Business Planning Template with Timeline
Excel | Smartsheet
This template doubles as a project plan and timeline to track progress as you develop your business plan. This business planning template enables you to break down your work into phases and provides room to add key tasks and dates for each activity. Easily fill in the cells according to the start and end dates to create a visual timeline, as well as to ensure your plan stays on track.
Simple Business Plan Rubric Template
Download Simple Business Plan Rubric
Once you complete your business plan, use this business plan rubric template to assess and score each component of your plan. This rubric helps you identify elements of your plan that meet or exceed requirements and pinpoint areas where you need to improve or further elaborate. This template is an invaluable tool to ensure your business plan clearly defines your goals, objectives, and plan of action in order to gain buy-in from potential investors, stakeholders, and partners.
Basic Business Plan Sample
Download Basic Business Plan Sample
This business plan sample serves as an example of a basic business plan that contains all the traditional components. The sample provides a model of what a business plan might look like for a fictional food truck business. Reference this sample as you develop your own business plan.
For additional resources to help support your business planning efforts, check out “ Free Strategic Planning Templates .”
Main Components of a Business Plan
The elements you include in your business plan will depend on your product or service offerings, as well as the size and needs of your business.
Below are the components of a standard business plan and details you should include in each section:
- Company name and contact information
- Website address
- The name of the company or individual viewing the presentation
- Table of Contents
- Company background and purpose
- Mission and vision statement
- Management team introduction
- Core product and service offerings
- Target customers and segments
- Marketing plan
- Competitive analysis
- Unique value proposition
- Financial plan (and requirements, if applicable)
- Business and industry overview
- Historical timeline of your business
- Offerings and the problem they solve
- Current alternatives
- Competitive advantage
- Market size
- Target market segment(s)
- Projected volume and value of sales compared to competitors
- Differentiation from competitors
- Pricing strategy
- Marketing channels
- Promotional plan
- Distribution methods
- Legal structure of your business
- Names of founders, owners, advisors, etc.
- Management team’s roles, relevant experience, and compensation plan
- Staffing requirements and training plans
- Physical location(s) of your business
- Additional physical requirements (e.g., warehouse, specialized equipment, facilities, etc.)
- Production workflow
- Raw materials and sourcing methods
- Projected income statement
- Projected cash flow statement
- Projected balance sheet
- Break-even analysis
- Charts and graphs
- Market research and competitive analysis
- Information about your industry
- Information about your offerings
- Samples of marketing materials
- Other supporting materials
Tips for Creating a Business Plan
It’s easy to feel overwhelmed at the thought of putting together a business plan. Below, you’ll find top tips to help simplify the process as you develop your own plan.
- Use a business plan template (you can choose from the variety above), or refer to the previous section to create a standard outline for your plan.
- Modify your outline to reflect the requirements of your specific business. If you use a standard business plan outline, remove sections that aren’t relevant to you or aren’t necessary to run your business.
- Gather all the information you currently have about your business first, and then use that information to fill out each section in your plan outline.
- Use your resources and conduct additional research to fill in the remaining gaps. (Note: It isn’t necessary to fill out your plan in order, but the executive summary needs to be completed last, as it summarizes the key points in your plan.)
- Ensure your plan clearly communicates the relationship between your marketing, sales, and financial objectives.
- Provide details in your plan that illustrate your strategic plan of action, looking forward three to five years.
- Revisit your plan regularly as strategies and objectives evolve.
- What product or service are we offering?
- Who is the product or service for?
- What problem does our product or service offering solve?
- How will we get the product or service to our target customers?
- Why is our product or service better than the alternatives?
- How can we outperform our competitors?
- What is our unique value proposition?
- When will things get done, and who is responsible for doing them?
- If you need to obtain funding, how will you use the funding?
- When are payments due, and when do payments come in?
- What is the ultimate purpose of your business?
- When do you expect to be profitable?
To identify which type of business plan you should write, and for more helpful tips, take a look at our guide to writing a simple business plan .
Benefits of Using a Business Plan Template
Creating a business plan can be very time-consuming, especially if you aren’t sure where to begin. Finding the right template for your business needs can be beneficial for a variety of reasons.
Using a business plan template — instead of creating your plan from scratch — can benefit you in the following ways:
- Enables you to immediately write down your thoughts and ideas in an organized manner
- Provides structure to help outline your plan
- Saves time and valuable resources
- Helps ensure you don’t miss essential details
Limitations of a Business Plan Template
A business plan template can be convenient, but it has its drawbacks — especially if you use a template that doesn’t fit the specific needs of your business.
Below are some limitations of using a business plan template:
- Each business is unique and needs a business plan that reflects that. A template may not fit your needs.
- A template may restrict collaboration with other team members on different aspects of the plan’s development (sales, marketing, and accounting teams).
- Multiple files containing different versions of the plan may be stored in more than one place.
- You still have to manually create charts and graphs to add to the plan to support your strategy.
- Updates to the plan, spreadsheets, and supporting documents have to be made in multiple places (all documents may not update in real time as changes are made).
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The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed.
When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. Try Smartsheet for free, today.
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Business plan templates
From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.
Big Data Startup Business Plan Template
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Virtual Assistant Business Plan
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Virtual Reality (VR) Business Plan
Our free virtual reality (VR) business plan helps you customize your document and create a winning strategy to land investors.
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Laundromat Business Plan
Create your success roadmap with a laundromat business plan template, designed to arrange the essentials of the laundry business.
5-Year Business Plan Template
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Car Wash Business Plan Template
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Airbnb Business Plan Template
Unlock your path to success with our Airbnb business plan template, made to guide you in structuring the fundamental aspects of your Airbnb business.
Clothing Line Business Plan
Use this free and customizable clothing line business plan to appeal to investors and set up your fashion brand.
Gym Business Plan Template
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Handyman Business Plan Template
Start a new handyman business using a well-researched handyman business plan template to meet your goals faster.
Vending Machine Business Plan Template
If you’re starting a new vending machine business, a well-rounded vending machine business plan can improve your chances of success.
Bar Business Plan Template
Create your path to success with our bar business plan template, designed as a valuable tool to help entrepreneurs organize the bar business.
Massage Therapy Business Plan
This massage therapy business plan template helps you cover the basics of starting or expanding a massage business.
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Event Venue Business Plan Template
Launch and grow your event venue with our customizable business plan template.
Event Planning Business Plan
Prepare your event planning business for success with our ready-to-fill and easily downloadable event planning business plan template.
Rental Property Business Plan
Develop a rental property business plan tailored to serve as a valuable resource for entrepreneurs to organize their rental business.
Coaching Business Plan Template
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Candle-Making Business Plan Template
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SBA Business Plan Template
Use our free and fully customizable SBA business plan template to get started when writing a successful proposal for an SBA loan.
Cleaning Business Plan Template
Discover a hassle-free way to document a roadmap for your cleaning business with this free business plan template.
Real Estate Business Plan Template
Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.
Trucking Business Plan Template
Empower your journey to success with our trucking business plan template, designed as a valuable tool to organize the essentials of your trucking business.
Food Truck Business Plan Template
Find a fully customizable, free food truck business plan template that helps you create an effective proposal for interested investors.
Simple Business Plan Template
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Solar Farm Business Plan
Give your solar farm business the best start by creating a professional business plan to keep your company on the right track.
Ecommerce Business Plan Template
This Ecommerce Business Plan Template is tailored particularly to e-commerce companies, and all you require to do is add the elements related to your business.
Accounting Firm Business Plan
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Campground Business Plan Template
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Firewood Business Plan
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Funeral Home Business Plan
A Funeral Home Business Plan covers detailed data on the courtesies offered by the company, market analysis, administration strategies, personnel procedures, budget and financing plans, and other applicable topics.
Community Center Business Plan
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Gas Station Business Plan
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Beauty Supply Store Business Plan
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Flower Shop Business Plan Template
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Electrical Contractor Business Plan
This Electrical Contractor Business Plan template include information about the services you offer, who your target consumers are, why they should prefer you over your opponents and how much capital you require to get started.
Car Dealership Business Plan
A Car Dealership Business Plan is a detailed plan that will help you take your business to the next level. Use this template to create your plan.
Farm Business Plan
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Consultant Business Plan Template
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Construction Company Business Plan
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Fashion Business Plan Template
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Daycare Business Plan
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Convenience Store Business Plan
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Startup Business Plan Template
We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.
Business Plan Template
This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.
What is a business plan?
A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.
Typically, a good business plan consists of the following:
- Executive summary
- Company description
- Mission statement
- Product and services
- Marketing plan
- Operations plan
- Management organization
- Financial plan
- Conclusion & appendix
Every section involved in a business plan is designed to help startup businesses reach their target market.
A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.
However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.
Should I use a business plan template?
Yes. If you’ve never written one, a business plan can be challenging to write.
Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.
However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.
Business plan templates for free
Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.
Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.
Grab a free template to get started!
Frequently asked questions
How many pages should my business plan be.
This depends on the kind of business plan you need to write and how you intend to use the plan that you create.
For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).
These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.
Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.
Who needs a business plan?
Every business should have a business plan. This is an essential guidance document for any founder or CEO.
Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.
Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.
What is the best business plan template?
Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.
If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.
PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.
Should I hire someone to write my business plan for me?
No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee. These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.
The reason for this is simple: You know the most about your business, and your business needs you to succeed.
A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.
Those ideas and guiding principles aren’t something you can outsource.
Should I use business planning software?
Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.
You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.
Get started with PandaDoc today
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NatWest UK Business Cities Opportunities Index
We’re searching to find the UK’s best cities for business opportunities, startups and more. Read on to learn where to start a business in the UK.
Discover the best cities to build a business
Finding your perfect match.
Picking the perfect location can make all the difference to a business. Whether you’re just starting out or growing an existing company, the right infrastructure could push you to the next level.
But when researching the best cities in the UK to build a business, bigger doesn’t necessarily mean better. The NatWest UK Business Opportunities Index ranks the 20 most populous UK cities for business on everything from digital investments to green spaces and house prices.
And while London tops the overall table, it won’t be the best city for every business. As our data shows, different cities lead the way for specific wants and needs.
Providing a helping hand
Our Business Opportunities Index is a valuable tool for company owners, CEOs, CFOs, budding entrepreneurs and more. By breaking down data from think tanks, the UK Government, charities and other reputable sources, it reveals the cities that are excelling in particular areas.
You might be keen to prioritise broadband speeds, green initiatives or employee qualifications, for example. Whatever your goals, our rankings could offer useful pointers.
Top-performing UK business cities at a glance
Tops the overall business opportunities index
Scores the best for broadband speeds
Is among the top cities for green spaces
Has some of the most affordable house prices
Which cities lead the way for overall business opportunities?
The Greater London Authority (GLA) region tops our overall Business Opportunities Index. Edinburgh, Bristol and Birmingham also perform well. This is perhaps unsurprising, given the size and stature of these powerhouse cities.
But don’t pack your bags just yet. Digging deeper into the research shows that plenty of other cities rank strongly in specific business areas.
Just a word on the figures before we dive in – the higher a city’s score, the greater the business opportunity identified there. So, those with the highest scores are the top performers.
Which cities excel in specific areas?
London has long been viewed as the beating heart of the UK’s business community and, therefore a prime region for opportunities in business. As the home of Parliament, the financial services sector, and multiple head offices, the Greater London region is impossible to ignore.
Yet despite its size and population, London doesn’t top every business opportunity list. By breaking our research down into 10 specific themes, other cities get a chance to shine too. And some of the findings may surprise you.
Digital infrastructure
The East Yorkshire city of Hull offers the greatest business opportunity when it comes to broadband and digital investment. After reviewing the rate of megabits per second (Mbps), Hull achieves a score of 9.
Fast broadband and digital services can drive efficiencies for businesses. Reliable connections can reduce delays in completing orders, enable you to manage your business banking on the go and ensure smooth virtual meetings. This could make it one of the best cities for for start-ups , as faster connections and tech can help keep operations streamlined, and services moving.
Edinburgh follows Hull (scoring 7), while the Greater London region only scores 6.
At the other end of the scale, Glasgow, Stoke, Newcastle, Cardiff, Leicester, Sheffield and Manchester still have work to do on boosting their digital offering (all scoring 4).
Qualifications and access to talent
Edinburgh is the top performer when comparing the proportion of the working-age population with NVQ level 4 qualifications or above. The Scottish capital posts a score of 9, narrowly beating the Greater London region (8). Glasgow, Bristol and Belfast follow (all on 7).
However, London is the clear winner when combining access to talent, nearby universities and NVQ level 4 qualifications. Its score of 10 is followed by Birmingham (7), suggesting that size does sometimes matter.
A talented local workforce may prove vital to startups with expansion plans. After all, having skilled, well-qualified professionals right on your doorstep should make recruitment easier. Things may prove trickier if you’re forced to cast the net wider.
Support for green spaces
Of course, business life isn’t all about accessing digital infrastructure and qualifications. Green space is another valuable part of the urban fabric.
On the one hand, it could make your city – and company – more attractive when recruiting. On the other, it might improve the mental wellbeing of both you and your workforce.
When reviewing green space provisions per person, Bristol , Belfast , Newcastle and Stoke are out in front, all scoring 10.
The Greater London region joins Manchester, Leicester, Coventry, Bradford, Hull and Southampton at the bottom of the pack for green space. All these cities score 3.
Funding for green initiatives
Green initiatives also play an important role in ensuring the sustainability of our cities. Scottish locations top the table for the number of green grants handed out. Both Glasgow and Edinburgh earn a score of 7.
Green funding can make all the difference if sustainability is at the heart of your business. It could help get new products and services off the ground. Or simply show staff and investors that you’re serious about the planet’s future.
Belfast (3) and Cardiff (4) have the lowest scores in this category. The Greater London region appears in the middle of the pack, with a score of 6.
Gross Value Added (GVA)
GVA measures the economic contribution of a particular city. Our research looks at the amount contributed per hour, with the Greater London region achieving the best score (9). This isn’t unexpected, given the importance of the UK capital to the wider economy.
Edinburgh (7), Manchester, Coventry, Cardiff and Southampton (all 6) also score relatively well here.
In contrast, Bradford, Stoke and Hull have the lowest GVA rates in our study. These three cities each score 4.
GVA can be a useful way to measure overall activity within a city. It could give company owners a general flavour of each location’s economic performance.
Backing for start-ups
The Greater London region also stands out as one of the best cities for start-ups . [CW4]
It scores 10 for the total number of start-ups within its innovation ecosystem. But other cities aren’t too far behind. Southampton achieves a score of 9, while the north-west giants Liverpool and Manchester both score 8.
On a related note, the Greater London region comes first for business starts (per 10,000 members of the population). Its score of 10 is followed by Birmingham, Manchester, Leicester and Cardiff (all on 7).
Comparing start-up rates may reveal the cities with the strongest support networks for brand-new ventures. While not every start-up is guaranteed to succeed, it’s a way of measuring the places where entrepreneurs are clustered.
Business closures
Nobody wants to think about their business shutting its doors. Yet closure rates might prove a useful metric when weighing up a city’s business opportunities.
High closure rates could point to strong competition, a shortage of customers or significant costs, for example. Whereas lower rates may suggest untapped potential.
Our research team looked at closures per 10,000 members of the population. Hull and Nottingham appear to benefit from the fewest closures, both scoring 8.
Things appear trickier in Leeds, Manchester and Southampton (all on 4), and Leicester (3). And closures are at their highest level in the Greater London region (1).
‘New economy’ firms
Businesses in the new economy are classed as being cutting-edge. They can offer innovative technology with the potential to support economic growth and boost productivity.
When adding up new economy firms (per 10,000 members of the working-age population), the Greater London region comes top. Its score of 9 is closely followed by Bristol and Cardiff (both on 8). Liverpool has the weakest score here, with a reading of 3.
The number of new economy firms can show how forward-thinking and creative a particular place is. Some cities may be hotbeds for exciting technologies, for example, which could make them great cities for startups. While others could specialise in fast-moving sectors like fintech, eCommerce or digital marketing.
Earning power
Employee earnings can have a significant impact on business budgets. And staff may expect more money in cities with higher averages. Freelancers and the self-employed may consider the earning potential in different cities when choosing a location and setting prices before opening a business bank account .[CW5]
When it comes to average weekly workplace earnings, the Greater London region (7), and Bristol, Edinburgh, Coventry and Derby (all on 6) are at the top of the list.
Leicester, Hull and Stoke appear towards the bottom, all scoring 4.
House prices
Our final metric considers average house prices in each city. After all, if you’re going to move somewhere new, you’ll want to know the state of the local property market.
High house prices could take a bigger bite out of your earnings – and potentially impact employee wage demands. Meanwhile, cities with lower prices might make things more cost-effective.
The most affordable cities for property are Liverpool , Belfast , Hull and Stoke (all scoring 8).
However, house prices are higher in Edinburgh, Cardiff and Southampton (all on 4), and Bristol (3). And they reach their peak in the Greater London region (1).
The view from our experts
A spokesperson at NatWest Business, said, “Understanding these results is important whether establishing a new business, scaling up, or looking to advance your business to the best position within the market. The data and results of the index can support entrepreneurs to craft their business journey around what their business needs most.
“Whilst it’s clear that London is still very much an attractive proposition for businesses, it’s also encouraging to see so much opportunity across the UK, from Edinburgh to Birmingham to Bristol. “Each area across the UK can provide distinct opportunities and success for various sectors, highlighted through the index metrics ready to take to the boardroom and feed into business strategies.”
“Alongside understanding where is the best location, it’s vital that businesses have the right bank account that suits their wants, needs and size. For example, the requirements of a start-up are vastly different to that of a long-standing organisation, with multiple different offices and locations.
- “At NatWest we offer a wide range of business current accounts designed to suit and support a wide variety of business”. NatWest business banking is available to eligible customers over 18. Eligibility criteria and Terms apply.
Staying on top of your day-to-day finances
As a new business owner, you’ll have lots on your plate. From employee earnings to hiring, each decision requires careful thought.
But you don’t have to go it alone when managing your daily finances. NatWest offers a variety of products and tools that could help support your growth. Whether it’s a business bank account , loan or business credit card , there are plenty of options. As a NatWest business account customer, you can attend local Business Growth Events to help you leverage opportunities in your new area.
Useful links
Ready to set up your business in your UK city, or move to a new one entirely? Our business bank accounts and products can help:
Business bank accounts
NatWest business banking is available to eligible customers over 18. Eligibility criteria and Terms apply.
Business loans
A personal, director or member's guarantee may be required. Over 18s only. Subject to status, business use only.
Entrepreneur accelerator programme
The NatWest Accelerator supports and empowers UK entrepreneurs to scale their businesses to the next level.
Business banking services
Find all you need to know about business and start up accounts, cards, loans and more with Natwest. How can we help you today?
Related articles
This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.
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