Simple Business Plan Template (2024) – Forbes Advisor India

Although they take many different forms and serve different purposes, they all have one thing in common. That said, a business plan helps you set goals and define the means to achieve them. Our simple business plan template includes everything you need to consider when starting a side hustle, sole proprietorship, or small business. By following this step-by-step process, you may find some alternative routes to success.

Why is a business plan important?

Whether you're a first-time solopreneur or a seasoned business owner, the planning process requires you to consider the costs and tasks required to bring your product or service to market. This process can also help you identify new income opportunities and focus on the most profitable business models.

Although a business plan is important, it doesn't have to be a chore. A business plan for lean startups and solopreneurs can easily outline your business concept, sales proposition, target customers, and outline a plan of action to bring your product or service to market. However, if you're looking for startup funding or partnership opportunities, you'll need to create a business plan that details market research, operating costs, and revenue projections.

No matter which startup category you fall into, if you're still starting from scratch, a simple business plan template can set you on the right path.

Get your free simple business plan template

Copy our free simple business plan template and fill in the blanks as you consider each element of your business plan. Need help bringing your ideas to life? Below we also provide some example launch scenarios.

How to create an effective business plan in 6 steps

Whether you need a quick startup overview or a detailed plan for investors, a business plan includes six key elements outlined in a free template and explained below. must be present. The main difference between starting a small business and starting an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your mission or vision

Start by declaring your dream for your business. This can be called an executive summary, vision statement, or mission. Whatever you call it, the first part of your business plan summarizes your idea by answering five questions. Keep it concise, like an elevator pitch. We expand on these answers in the next section of the simple business plan template.

1. What does your business do? Do you sell products, services, information, or a combination thereof?
2. Where does this happen? Do you conduct business online, in-store, through mobile means, or in a specific location or environment?
3. Who does your business benefit? Who is your target market and the ideal customer for your concept?
4. Why should potential customers care? How can you get your ideal customers to notice your business?
5. How is your product or service better than your competitors? Why would your ideal customer choose you over your competitors?

These answers are easy to come by if you have a solid business concept, but don't worry if you get stuck. Use the rest of the planning template to brainstorm ideas and tactics. As you consider ideas and options, you'll quickly find these answers and maybe even new directions.

2. Offer and value proposition

Here we break down the details of your offer, whether it's selling a product, providing a service, or both, and why everyone should care. That's the value proposition. Specifically, it expands on the answers to his first and her fourth items in Mission/Vision.

After completing this section, you may discover marketable business opportunities that you haven't considered yet by considering your value proposition. So take some time to brainstorm possibilities in this section.

3. Target audience and ideal customer

Now consider bullet point number three: Who does your business benefit? Identifying your ideal customers and increasing their acceptance of your products and services is essential in defining your sales and marketing strategy, and can also help you fine-tune your offerings. .

There are many ways to research your potential audience, but a shortcut is to identify the problems people have that your product or service can solve. If you start as a problem solver, it's easy to define your target audience for your marketing efforts and describe the wants and needs of your ideal customer.

4. Revenue sources, sales channels, and marketing

Thanks to the internet-driven economy, startups have many revenue opportunities and can connect with their target audience through various channels. Revenue sources and sales channels also serve as marketing instruments, so in this section he can cover all three.

source of revenue

Revenue sources are different ways to make money in your business. A planning template lists how you will make money at launch and also includes ideas for future expansion. The income potential may surprise you. There are several things to consider:

• Product sales: Online, pop-up shops, wholesale and (in the future) in-store sales
• Affiliate income: Monetize your blog and social media posts using affiliate links
• Advertising revenue: Reserve space on your website for advertising
• E-book sales: (Future) Publish a recipe e-book targeting the gluten-free and keto-friendly dessert sector
• Video income: (Future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niche
• Webinars and online classes: (Future) Monetize coaching-style webinars and online classes covering professional baking tips and techniques
• Members-only content: (In the future) Monetize the members-only section of your website for specialized content that complements your webinars and online classes.
• Franchise: (Future) Monetize specialty concepts and sell to franchise entrepreneurs

sales channel

Sales channels enable revenue streams. This section also answers the question “Where will this happen?” in his second item in the vision.

Product sales channels include:

• Mobile point of sale (POS): Mobile platform for managing in-person sales at local farmers markets, fairs, and festivals
• E-commerce platform: This is an online store where you can make retail sales and wholesale orders via the Internet.
• Social media channels: Shoppable posts and Pins for sale online via social media channels on Facebook, Instagram, and Pinterest
• Physical store location: For brick-and-mortar sales, once your business has grown to the point where it can support a physical location.

Channels that support other revenue streams may include:

• Affiliate income: Blog section for e-commerce websites and affiliate partner accounts
• Advertising revenue: Reserved advertising space on e-commerce sites
• E-book sales: Amazon e-book sales through Amazon Kindle Direct Publishing
• Video income: YouTube channel with ad monetization
• Webinars and online classes: Online class and webinar platform that supports member accounts, recording, and playback
• Members-only content: Password protected content for subscribers

marketing

Today, the lines between marketing and sales channels are blurring. Social media, e-books, websites, blogs, and videos serve as both marketing tools and income opportunities. These are ideal marketing tools for Lean Startups, as most are free and those with advertising options are very economical.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers, and magazines. Including these advertising costs in a simple business plan template will help you build your marketing plan and budget.

5. Structure, suppliers and operations

This section of the simple business plan template explains how to structure and run your business. Details include the type of business organization the startup will undertake, roles and responsibilities, supplier logistics, and day-to-day operations. Also, include any certifications or permits you need to start your company in this section.

You can also use a structure and startup plan similar to the following:

• business structure: A sole proprietorship “doing business as'' (DBA).
• Authorization and authentication: State-issued food permit.
• roles and responsibilities: Sole proprietorship, all roles and responsibilities are with the owner.
• supply chain: Bulk ingredients and food packaging through companies like Amazon Prime. There is an annual membership fee. Partnerships for the delivery of goods. No membership required.
• daily work: We source our ingredients, bake three days a week, and fill local and online orders. Reserve time for specialty sales, orders from wholesale partners, and market events as needed. We ship online orders every other day. Update your website and write marketing and affiliate blog posts on days other than shipping days.

6. Earnings forecast

The final task is to list your anticipated business start-up and ongoing cost and profit projections in a simple business plan template. Thanks to free business tools like Square and free marketing on social media, Lean Startups can be launched with little upfront cost. In most cases, you only have to pay for the product, shipping, packaging, business license, and business card printing.

conclusion

While it's always beneficial to put careful thought and detail into your business plan, don't get so bogged down in your plan that you never hit the start button to start your business. Also, remember that a business plan is not set in stone. As markets, audiences, and technology change, so do your goals and how you achieve them. Think of your business plan as a living document and periodically review, expand, and restructure it in response to market opportunities and the demands of business growth.