A good business plan is essential to running a successful business.— The easiest way to simplify the task of writing a business plan is to start with a business plan template.
You’ve already invested time and energy into refining your business model and planning your launch. There’s no need to reinvent the wheel when it comes to writing a business plan. Instead, use proven structures created by other entrepreneurs and startups to help you create a complete and effective plan.
Read on to learn what it takes to create a solid business plan, download Shopify's free business plan template, and start making your dreams come true today.
What's included in this free business plan template
- executive summary
- Company Profile
- Products or services offered
- Market Analysis
- Marketing Plan
- Logistics and Operations Planning
- Financial Planning
This business plan outline has been created to take into account all the important aspects of starting a new business. It is intended to help new business owners and entrepreneurs consider the full scope of their business operations and identify areas of functionality they may not have considered before and areas where they may need to level up their skills as they grow.
However, it may not include the specific details or structure that potential investors or lenders prefer. If your goal with your business plan is to secure funding, check with your target organizations (usually banks and investors) to see if they have a business plan template to help you maximize your chances of success.
Our free business plan template contains seven key elements commonly found in a traditional business plan format.
1. Executive Summary
This is a one-page summary of the entire plan, and is usually written after the rest of the plan has been completed. The executive summary narrative section also includes information about your management team, business goals and strategies, and other background information about your brand.
2. Company Profile
This section of your business plan answers two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions will clarify why your company exists, what makes you different, and why you're a good investment opportunity. This section details why your business exists, your goals, and your guiding principles.
3. Products or Services Offered
What you will sell and the most important features of your product or service, including your plans for intellectual property, such as patent applications and copyrights. If you do market research for a new product line, it will show in this section of your business plan.
4. Market Analysis
This section will include everything from estimated market size to target market to competitive advantages. A competitive analysis of your industry will also be conducted to address the strengths and weaknesses of your competitors. Market research is a key component in ensuring that you have a viable idea.
5. Marketing Plan
How you plan to advertise your business, what strategic decisions you have made about your pricing strategy, etc. Also, describe your potential customer demographics, your sales plan, and your success metrics and milestones.
6. Logistics and Operations Planning
Everything it takes to turn raw materials into finished products and get them into the hands of customers.
7. Financial Planning
It's important to consider your financial projections, including projections for both revenue and expenses. This section includes templates for the three main financial statements: an income statement, a balance sheet, and a cash flow statement. You can also include whether you'll need a business loan, and how much you'll need.
Business Plan Examples
What do your financial projections look like on paper? How do you write an executive summary? What should your company profile include? A sample business plan can help you answer some of these questions and turn your business idea into a workable plan.
Professional Business Plan Example
Inside the template you'll find a sample business plan featuring a fictitious e-commerce business.
This sample is designed to give you an overview of each section and how they apply to the planning and evaluation stages of your business plan. If you are looking to raise capital, this sample is not a complete or formal description of a business plan, but it is a great starting point and notes on where to expand.
Lean Business Plan Example
A concise business plan format is a shortened version of a more detailed business plan. It can be useful when tailoring your plan for a specific audience, such as investors or new employees.
Also known as a one-page business plan, it contains only the most important, need-to-know information, such as:
- Company Profile
- supplier
- Key members of the team
- Customer Segments
- Marketing Plan
💡 Tips: For a step-by-step guide to writing a lean business plan (including a sample business plan), read our guide on how to write a lean business plan.
The benefits of having a solid business plan
When you're excited about a new business or side project, it's tempting to hit the ground running, but taking the time to create a thorough business plan and get your ideas down on paper provides many benefits, including:
- Test the feasibility of your business idea. Whether you have one business idea or several, a business plan will help you make your idea more concrete, see if it is truly feasible, and ensure that you find your target market.
- Plan the next phase. Whether your goal is to start a new business or expand your existing business to the next level, a business plan will help you understand what needs to be done and identify any gaps that need to be addressed.
- Clarify your marketing strategy, goals, and tactics. Writing a business plan provides actionable next steps to turn your big, abstract ideas into reality. It also helps you refine your strategy and identify clear tactics to support it.
- Determine the scope of work required. Without a concrete plan, cost overruns and delays are almost certain. A business plan helps you understand the full scope of work that needs to be done and align your investments of time and money accordingly.
- Hire and build partnerships. Especially in the early stages of your business, when you need to gain buy-in from potential employees and business partners, a clearly written business plan is one of the best tools you can use. A business plan details the goals of your business and allows your partners to decide for themselves whether they agree with your vision.
- Secure funding. Raising business funding from venture capitalists, financial institutions, Shopify Capital, etc. is one of the most common reasons for creating a business plan.
Why Use a Template for Your Business Plan?
A business plan can be as informal or formal as your situation requires, but even if you prefer the back-of-the-napkin approach to planning, there are some key advantages to starting your planning with an existing outline or a simple business plan template.
No blank page paralysis
A blank page can be intimidating for even the most seasoned writer. Using an established business planning process and template can help you break the cycle of business plan writing and save you the work of creating an outline from scratch. You can always adapt the template to suit your needs.
Guidance on what to include in each section
If you've never taken a business class, you may never have created a SWOT analysis or financial projection. With easy-to-understand instructions on how to fill out each section, this template can help you make sense of sometimes arcane business jargon and create a complete, effective plan.
Taking into account all sections
In some cases, you may not need to complete every section of a startup business plan template, but its initial structure suggests that you are choosing to omit sections rather than forgetting to include them from the start.
Tips for writing a successful business plan
Beyond the advice contained in this free business plan template, there are some high-level strategic guidelines that can help you create an effective, complete plan while keeping the chore to a minimum.
Understand who you are planning for
If you're writing your own business plan to clarify your idea or your industry as a whole, it may not need the same level of detail or sophistication as a business plan you send to potential investors. Knowing who will be reading your plan can help you decide how much time to devote to it.
Know your goals
Understanding the goals of your plan will help you set the appropriate scope. If your goal is to use the plan as a roadmap for growth, you'll likely spend more time on the plan than if your goal is to understand the competitive landscape of a new industry.
Take it one step at a time
Writing a 10-15 page document can seem daunting, so try to tackle one section at a time. Choose a few sections you feel most confident in and start there. Once those sections are complete, move on to the next section. Before you start writing, jot down bullet-point notes for each section to help organize your thoughts and streamline your writing process.
Maximize your business planning efforts
For any type of business, be it a startup, nonprofit, or corporation, planning is key to financial success.
To focus your efforts on the most valuable parts of business planning — clarifying your goals, setting your strategy, and understanding your target market and competitive landscape — use a business plan outline to control structure and format. Even if you end up skipping sections, starting with a framework you already have can save you time and effort.
Business plan template FAQs
What is the purpose of a business plan?
The purpose of a business plan is to describe a new or existing business opportunity. A business plan articulates your business strategy, marketing plan, financial projections, potential providers, and other information about your company.
How do I write a simple business plan?
- Choose a business plan format such as a traditional business plan or a one-page business plan.
- Find a business plan template.
- Read a sample business plan.
- Complete the business plan section.
What is the best business plan template?
If you need help creating a business plan, Shopify's template is one of the most beginner-friendly options. It's comprehensive, well-written, and helps you fill out all the sections.
What are the five key parts of a business plan?
The five key parts of a traditional business plan are:
- executive summary: This is a brief summary of your business plan, summarizing the key points and highlighting the key points of your plan.
- Business Description: This section gives an overview of the business concept and how it is implemented.
- Market Analysis: This section will provide more detail on your target market and how your company will compete in it.
- Financial planning: This section details the financial projections for your business, including sales projections, capital requirements, and break-even analysis.
- Management and organization: This section describes the management team and organizational structure of the business.
Are there any free business plan templates?
There are several free business plan templates online for small business owners, including Shopify's own version. Download a copy for your business.
