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Starting a business

Free business plan template and how to fill it out

Whether you’re a long-time business owner or just starting your business, to-do lists pile up fast, and writing a business plan can be a time-consuming task. Using a business plan template like the one below can be an easy way to jumpstart your business planning. 

When done right, business plans can help you successfully strategize and create goals. Start with a clear picture of the audience your plan will address. Is it for investors, your bank, your employees, or yourself? 

Jump to: 

What is a business plan?

A business plan is essentially your company’s roadmap. It lays out your goals, strategies, financial projections, and how you’ll run your day-to-day operations. It forces you to think through the details—how your business will make money, who your customers are, and what sets you apart from the competition. 

Having a business plan is also important because most venture capitalists and banking institutions require a formal plan before they even consider investing in a company. Even if you’re not looking for small business loans, a business plan keeps you accountable and on track.

Take a look at some eye-opening stats that highlight why having a business plan is important:

  • Entrepreneurs who create a business plan are 260% more likely to launch.
  • Businesses with a structured plan are 30% more likely to grow.
  • Around 70% of businesses that make it past the five-year mark follow a strategic plan.
  • The majority of high-growth companies (71%) have a business plan in place.
  • Companies with a written plan are 7% more likely to experience significant growth compared to those without one.
  • Businesses with a clear, structured plan were more than twice as likely to secure loans (30%) compared to those without one (12%).

Source: BusinessDasher

How long does it take to write a business plan?

How long it takes to write a business plan really depends widely on several factors, including the complexity of your business, the level of market research you need to do, and the purpose of the plan. For example, if you’re a solopreneur who needs a business plan for guidance and direction, you may not spend as much time on your plan compared to an established business that’s seeking major investments.

If you're wondering how much time you should set aside to write your business plan, here’s a general breakdown:

Free business plan template PDF download for 2025

Thinking about putting your business plan together? Whether you're starting fresh or updating an existing one, using a template can make the whole process much easier. It gives you a solid structure to follow, helps you stay focused, and saves you from staring at a blank page wondering where to begin.

Grab your free, downloadable business plan template below to kick things off.

What a business plan template or sample includes

Defining your audience helps you determine the language you’ll use in presenting your ideas. Once you have your audience in mind, you can start creating the 10 key components of your business plan:

There are 10 key parts of a business plan you’ll need to complete: 

  1. Executive summary
  2. Company description
  3. Market research and potential
  4. Competitive analysis
  5. Products and services
  6. Marketing and sales
  7. Business financials
  8. Management and leadership
  9. Funding request
  10. Appendix

Industries that need to use business plans

Business plans are valuable tools across nearly every industry. Whether you’re opening a coffee shop or launching a nonprofit, having a roadmap makes it easier to stay focused, secure funding, and grow sustainably. Here’s how a few key industries benefit from having a strong business plan in place:

  1. Restaurants

Running a restaurant comes with tight margins and high overhead costs, so a business plan can help you map out everything from menu pricing and food costs to staffing, marketing, and location strategy. Investors and banks also want to see detailed financial projections before signing on to help fund a new food venture. Be sure to use restaurant accounting software to help you stay on top of expenses, track profits, and make sure your financials match up with what’s in your plan.

  1. Startups

For startups, a business plan is essential, especially when trying to raise capital. Investors want to know your business model, how you plan to grow, and what kind of return they might expect. A clear plan shows that you’ve done your homework and are ready to hit the ground running. It also helps align your team around a shared vision and strategy.

  1. Nonprofits

Nonprofits may not operate for profit, but they still need a business plan. It helps articulate your mission, define the services you offer, and create a plan for fundraising and community impact. Grant providers and donors usually require one, and it’s a great way to keep your team aligned around your goals. Using nonprofit accounting software can also make it easier to manage donations, track spending, and stay financially transparent.

  1. Daycare centers

If you’re running a daycare, a business plan helps you figure out pricing, capacity, licensing, staff-to-child ratios, and safety standards. You’ll also want a financial plan that accounts for costs like insurance, supplies, and staff pay. It shows parents—and regulators—that you’re taking your business seriously.

  1. Real estate

Real estate agents, brokers, and developers use business plans to target specific markets, plan marketing strategies, and manage property portfolios. It’s especially helpful when pitching to investors or securing funding for large development projects. Also, tools like real estate accounting software can make your life much easier by helping you track income, manage commissions, and keep your financials organized and ready to share.

  1. Manufacturing

If you’re in the manufacturing industry, you need a detailed business plan to help you manage equipment, staffing, supply chains, quality control, and logistics. And if you’re applying for loans or grants, a strong plan shows lenders and investors that you’ve mapped out production costs, inventory needs, delivery timelines, and how you’ll scale efficiently without compromising quality.

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1. Executive summary

An executive summary lays out all the vital information about your business within a relatively short space. It’s typically one page or less and acts as a high-level overview that summarizes the other sections of your plan. 

Even though it appears first in most business plans, you’ll want to write this section last. It effectively summarizes the ideas from the other nine sections. Your executive summary should focus on the value proposition or unique selling point: an extended motto aimed at stakeholders. 

You can follow a straightforward problem/solution format or this fill-in-the-blanks framework:

  • For [target customers]
  • Who are dissatisfied with [current solutions]
  • Our [offering] solves [key customer problems]
  • Unlike [competing product], we have [differentiating key features]

This framework isn’t meant to be rigid but serves as a jumping-off point.

Tips for writing an executive summary

You can think of an executive summary as the written version of an elevator pitch, so it should be clear, concise, and engaging enough to capture the reader’s interest. Let’s look at a couple of tips to help you craft a great executive summary:

  • Keep it short and to the point: Aim for one to two pages max. You want to highlight the most important aspects of your business without overwhelming the reader.
  • Start with a strong hook: Your first few sentences should clearly state what your business does, who it serves, and why it matters.
  • Focus on key takeaways: Answer the big questions: What problem does your business solve? How does it make money? What’s your competitive advantage?
  • Tailor it to your audience: Are you pitching to investors? A bank? Potential business partners? Make sure you include the information they care about most.
  • Use simple, clear language: Avoid jargon or overly technical terms. Make it easy for anyone to understand your business at a glance.
  • Summarize your financials: Include high-level numbers like expected revenue, funding needs, and profit potential to give readers a quick snapshot of your financial outlook.
  • End with a call to action: If you’re seeking funding or support, make it clear what you need and why they should care.
Get tips on how to get started writing a business plan.

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2. Company description

Your company description should contain three elements, including your mission statement, company history, and objectives. These elements give context to the bigger picture, letting investors know the company’s purpose so your goals also make sense.

Your mission statement is your company’s reason for existing. It’s more than what you do or what you sell. It’s about why exactly you do what you do. Effective mission statements should be inspirational and emotional. 

Think about what motivates you, what experiences led you to start the business, the problems you solve, the wider social issues you care about, etc. Don’t worry about making your company history a dense narrative. Instead, write it like you would a profile. 

Your business objectives give you clear goals to focus on, so make sure they’re SMART:

  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time-bound

Tie these goals to your key results. When you don’t clearly define your objectives, it’s hard for your team to work toward a common purpose. What’s worse, fuzzy goals don’t inspire confidence from investors and other stakeholders.

The details who of needs a business plan, why, and what they use it for.

3. Market research and potential

For the market research part, you’ll outline your ideal potential customer as well as the actual and potential size of your market. 

Target markets identify demographic information like:

  • Location
  • Income
  • Age
  • Education
  • Profession
  • Hobbies

By getting specific, you’ll illustrate expertise and generate confidence. If your target audience is too broad, it can be a red flag for investors. The same applies to your market analysis when you estimate its size and monetary value. 

In addition to big numbers that encompass the total market, drill down into your business’s addressable market—meaning, local numbers or numbers that apply the total to your specific segments. 

You can even map your customers’ journey to better understand their needs and preferences.

    4. Competitive analysis 

    Competitive research begins with identifying companies that currently occupy the market you’re looking to enter. The idea of carving out time to learn about each potential competitor you have may sound overwhelming, but it will be an extremely useful exercise.

    Answer these questions about your most significant competitors:

    • Where do they advertise?
    • What kind of press coverage do they get?
    • How good is their customer service?
    • What are their sales and pricing strategies?
    • How do they rank on third-party rating/review platforms?

    Spend some time thinking about what sets you apart. If your idea is truly original, be ready to explain the customer pain points you see your business solving. 

    If your business has no direct competition, research other companies that provide a similar product or service. Next, create a table or spreadsheet listing your competitors (competitor analysis table) to include in your plan.


    note icon You can even map your customers’ journey to better understand their needs and preferences.



    5. Products and services

    Describe the benefits, production process, and life-cycle of your offering and how it’s better than your competitors.

    When describing benefits, focus on:

    For the production process, answer how you:

    • Create products or services
    • Source materials or components
    • Maintain quality control and quality assurance
    • Manage your daily operations, like bookkeeping and inventory

    Then, for your product life cycle portion, map elements like the time between purchases and up-sells, cross-sells, and down-sells. 

    How to distinguish yourself from the competition when writing a business plan.

    6. Marketing and sales 

    Your marketing plan can be the difference between selling a lot and a little. Growth strategies are a critical part of your business plan. 

    The marketing and sales section of your business plan should touch on your target market and customer segments and highlight your: 

    • Plan to attract new customers
    • Growth tactics for establishing partnerships 
    • Retention strategies like customer loyalty or referral programs
    • Advertising and promotion channels 

    You can also use this section of your business plan to reinforce your strengths and what differentiates you from the competition. Be sure to show your accomplishments, what you plan to do with your existing resources, and what results you expect from your efforts.

    7. Business financials

    If you’re just starting, your business may not yet have financial data, financial statements, or comprehensive reporting. However, you’ll still need to prepare a budget and a financial plan.

    If your company has been around for a while and you’re seeking investors, be sure to use the key financial statements:

    • Income statement: Also known as a profit or loss statement, this document shows how profitable your business is by highlighting your revenue, expenses, and net profit over a specific period. 
    • Cash flow statement: This document tells you how money moves in and out of your business so you understand how well you manage operational costs and ensure you have enough cash to cover expenses.
    • Balance sheet: This document is a snapshot of your business’s financial standing at any given moment. It lays out what you own (assets), owe (liabilities), and what’s left over (equity).

    Other figures you’ll want to include are profitability margins and debt levels. Make sure your figures are accurate. You can use a template to fill out your financials, such as a budget template.

    Make financial projections

    Financial projections give you (and potential investors) a clear picture of where your business is headed financially by estimating future revenue, expenses, and profitability. Ultimately, this helps make smarter decisions about growth, funding, and day-to-day operations. Here are some steps to help you create solid financial projections.

    Step 1: Estimate your revenue

    Look at market research, industry trends, and any past sales data you have. Make realistic estimates for the next one, three, and five years. Aim high, but stay grounded in real numbers.

    Step 2: Project your expenses

    Break down expenses into fixed costs (like rent and salaries) and variable costs (like marketing and inventory). Consider all costs, including overhead, operational, and unexpected expenses. Many new business owners forget this step and end up with thin profit margins.

    Step 3: Determine your break-even point

    The break-even point is when your total revenue equals your total expenses—meaning your business isn’t losing money, but it’s not making a profit yet, either. Run a break-even analysis to figure out how much revenue you need to cover all expenses before turning a profit. This will help set realistic pricing strategies and revenue goals.

    Step 4: Include cash flow forecasts

    Predict when and how cash moves in and out of your business to ensure you always have enough to cover your costs. Look at items in your income statement and balance sheet that impact cash flow, such as loan repayments, delayed payments from customers, or inventory costs. Typically, cash flow projections are made monthly for the upcoming year and then quarterly or annually for the following years.

    Step 5: Factor in growth and risks

    Account for potential expansion, market shifts, and unexpected expenses so you’re financially prepared for the future. Consider creating both conservative and optimistic projections to account for different scenarios.

    Again, using tools like a budget template can help you streamline this process.

    8. Management and leadership 

    Your business is only as good as the team that runs it. Identify your team members and explain why they can either turn your business idea into a reality or continue growing it. 

    Highlight expertise and qualifications throughout—this section of your business plan should show off your management team superstars. You should also note the roles you still need to hire to grow your company and the cost of hiring experts to assist operations.

    Here’s an example of how you could organize this section and highlight key members of your team:

    So why does this matter? A great team can turn an idea into a thriving business, while a weak one can sink even the best business model. Investors know this, which is why they prioritize strong leadership just as much as financials and market potential. According to the International Business and Quality Management Institute (IBQMI), a strong management team fosters creativity, ensures great organization, and helps provide sustainable growth, among other reasons.

    In addition to your core team, you may also need to budget for a bookkeeper or certified public accountant (CPA) to make informed business decisions. CPAs can help you review your monthly accounting transactions and prepare your annual tax return. 

    Get organized with simple tools right sized for your one person business

    Let QuickBooks streamline your books and your business, so you can focus on what you do best.

    9. Funding request

    When outlining how much money your small business needs, try to be realistic. You can provide a range of numbers if you don’t want to pinpoint an exact number. You can also include a best-case and worst-case scenario in your financial forecasting.

    Provide as much detail as possible on how much money you need and what you’ll use it for. When drafting your business plan, decide whether debt or equity funding—or a combination of both, works best for your business. 

    10. Appendix 

    Finally, assemble a well-organized appendix for anything and everything readers will need to supplement the information in your plan. Consider any info that helps investors conduct due diligence and gives context and easy access to you or your employees. 

    Useful details and items to include in your appendix are:

    • Deeds, local permits, sales tax licenses, and legal documents
    • Certifications that bolster your credibility
    • Business registries and professional licenses
    • Patents and intellectual properties
    • Industry associations and memberships
    • State and federal identification numbers or codes
    • Key customer contracts and purchase orders

    Your appendix should be a living section of the business plan, whether the plan is a document for internal reference only or an external call for investors.

    The differences between an internal and external business plan.

    The 7 main points of a business plan

    Whether you're looking for investors, applying for a small business loan, or simply setting goals for your business, a well-structured plan helps you stay on track and make informed decisions.

    While every business is different, a solid business plan should include these seven essential sections: An executive summary, a company description, a market analysis, details on your products and services, business structure and operations, marketing and sales strategies, and financial plans and projections.

    1. Executive summary

    An executive summary is a high-level snapshot of what you do, who you serve, and what makes you unique. It’s usually written last but placed first.

    2. Company description

    The company description explains your mission, vision, business structure, and goals. It tells the story of why your business exists and what problem it solves.

    3. Market research and analysis

    This covers your industry, competitors, and target audience. It helps prove market demand and defines your competitive advantage.

    4. Business structure and operations

    This details your organizational structure, daily operations, supply chain, and technology. Essentially, it shows how the business runs.

    5. Products and services

    This breaks down what you're selling, how it benefits customers, pricing strategy, and intellectual property (if applicable).

    6. Marketing and sales strategy

    This outlines customer acquisition and retention strategies, including branding, advertising, sales channels, and partnerships.

    7. Financial plan and projections

    Your financial plans and projections show how the business will achieve profitability. This includes financial statements, cash flow forecasts, and funding needs. 

    When to update your business plan

    Your business plan isn’t something you create once and forget about. It’s a living document that should evolve with your business. 

    The U.S. Chamber of Commerce (USCC) recommends reviewing and updating your business plan regularly to ensure it aligns with your company’s goals, market conditions, and financial health.

    According to USCC, here are eight key times when updating your business plan is a smart move:

    1. It’s been over a year

    If you haven’t looked at your business plan in over a year, it might be outdated. Markets shift, industries evolve, and new opportunities pop up. It’s a good idea to do a quick review every quarter and a thorough update at least once a year to keep your strategy relevant.

    2. You’ve expanded your products or services

    Launching a new product or service? This impacts your marketing, sales, and financial projections, so updating your business plan ensures your growth is strategic and well-funded.

    3. The market or competition has changed

    Your business strategy may need a refresh if a new competitor enters the market, customer preferences shift, or external factors like inflation or regulations change. Updating your business plan helps you stay competitive and responsive to industry trends.

    4. You’ve had a significant financial change

    Big wins (e.g., landing a major client) or setbacks (e.g., loss of revenue or rising costs) should trigger an update since these financial changes can throw your business off balance. Updating your business plan can help you realign your budget, cash flow, and growth plans based on your current numbers, not outdated projections.

    5. Your company has grown

    What worked when you were a small team might not make sense once you’ve hired more employees, opened new locations, or expanded into new markets. If your company feels different than it did a year ago, a business plan refresh will help redefine your leadership roles, operational strategies, and long-term goals.

    6. You’re seeking funding

    Lenders and investors want to see an up-to-date business plan before providing funding. If you’re planning to apply for a loan, pitch to investors, or secure a grant, make sure your plan reflects your most recent financials and market strategies.

    7. You’ve made major internal changes

    Major internal changes, like switching to a new technology, changing suppliers, or restructuring your leadership team, can all impact how your business runs. If any of these types of shifts happen, update your business plan so your goals, operations, and financial projections stay aligned.

    8. You’re not meeting your goals

    If sales are consistently falling short, expenses are higher than expected, or growth isn’t happening as planned, it’s time for a strategy adjustment. Updating your plan can help you identify weaknesses and make necessary adjustments before small problems turn into big ones.

    Best practices for updating your business plan

    It’s a good idea to periodically revisit your business plan, especially if you want to expand. Conducting new research and updating your plan can provide answers when you hit periods of slow growth.

    Here are three reasons you’ll want to consider updating your business plan: 

    • Refocusing your productivity: When you wrote your original business plan, you likely identified your specific business and personal goals. Take some time now to assess if you’ve hit your targets. 
    • Realigning with your goals: Do a gut check to determine whether your hard work aligns with your original business goals and your mission statement. 
    • Repurposing your offerings: If you focus more time on small projects than a large client list, consider packaging your existing products or services differently. 

    You must deliberately manage your revenue streams, which might require shuffling things around a little to focus on what works for you.

    Also, when updating your business plan. you typically want to avoid writing your business plan in the first person, as using terms like “I” and “we” can be too informal. Instead, the third person tends to work better for business plans for audiences like banks and investors.

    Tips to make your business plan stand out

    A business plan is a comprehensive road map for your small business’s growth and development. It communicates who you are, what you plan to do, and how you plan to do it. It also helps you attract talent and get funding for your business.

    You want your business plan to be as attractive and readable as possible. Here are the best ways to make sure your business plan stands out: 

    • Keep it brief: A typical business plan can range from 10 to 20 pages. As long as you adequately cover the essentials, less is more.
    • Make it easy to read: Divide your document into distinct sections so investors can quickly flip between key pieces of information.
    • Proofread: Double-check for typos and grammatical errors. Then, triple-check. Otherwise, you might risk your credibility.
    • Invest in quality design: Proper layout, branding, and decent printing or bookbinding give your business plan a professional feel.
    • Use a business plan template: A business plan template is an easy way to jumpstart your efforts.

    Include the five Cs of a business plan

    To make your business plan even stronger, include the 5 Cs, which are five essential elements that investors and lenders look for. These include:

    1. Character: Investors want to know that you and your team have the experience, skills, and reliability to make the business successful. Highlight past accomplishments, industry expertise, and leadership strengths.
    2. Capacity: Can your business generate revenue and handle debt? This is where you prove your company’s ability to succeed financially. Include details on sales projections, financial forecasts, and operational plans to show you can grow sustainably.
    3. Capital: How much money have you personally invested into the business? Investors want to see that you have skin in the game before they commit their own funds. Show what you've put in and how you're reinvesting profits.
    4. Conditions: Outline industry trends, competitive landscape, and economic factors that could impact your business. Investors want to see that you’ve done your homework and have a plan to handle challenges.
    5. Collateral: If you’re looking for funding, lenders may ask about assets you can use as security—things like equipment, inventory, or real estate. This helps lenders reduce risk, making them more likely to approve loans.

    note icon Mid-year is a good time to refocus and revise your original plans because it allows you to adjust any goals for the second half of the year.


    Start your business with confidence

    Business plans are useful for raising funding but can also be great for guiding your internal processes. A free business plan template ensures you focus on concrete objectives and helps reassure outside parties that you’re planning ahead.

    Accounting software can also help keep you on track, especially when it comes to presenting accurate financial information. Software like QuickBooks Online can also help you with budgeting and forecasting. Get started and sign up for your free QuickBooks Online trial today. You can also look at QuickBooks Online subscription levels and see a comparison of QuickBooks vs. Xero accounting software.


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