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Create a fundable business plan. Then use financial tools to bring it to life.

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With the right tools and a little guidance, you can achieve almost any business goal

Build your business plan faster and easier with AI

Say goodbye to writer’s block. Ensure your business plan is the best it can be with the AI-Powered LivePlan Assistant.

Get inspired by 550+ sample business plans

Browse hundreds of sample business plans that cover every industry imaginable. This helps you visualize what your completed plan should look like.

Organize & pitch your ideas

Clarify and vet your ideas in 30 minutes by creating a One-Page Pitch. Then use it to easily explain your business opportunity to investors.

Create financials without clunky spreadsheets

No more complicated formulas. LivePlan guides you through a simple process for building financial forecasts and reports for your business plan.

LivePlan has helped over 1 million business owners build better businesses

It’s proven, companies that plan and track against their plan grow 30% faster than those that don’t. No matter your industry, location, or size — LivePlan helps you get your business off the ground and grow

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Founder, Trots Dogs

“That’s what it does for your business; [using LivePlan] has got us all talking and much more engaged about what we are and what we’re trying to do.”

Owner & Founder, Web Ninja

“Before LivePlan, I was making decisions that were poorly informed. Now I test everything through my business first, before I take it to my clients.”

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Owner & Founder, Esquire Accounting

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“Before LivePlan, my team and I had no idea where or how to start [...] It helped us focus on and build every single area of our business strategy and recognize that some aspects of the company needed to be adjusted before we could launch.”

“LivePlan has eased my business planning processes and have provided me with easy access to credit from both banks and investors alike.”

“All businesses require solutions and tools [...] for control of expenses, spreadsheets were always the first option, but since the arrival of LivePlan, all work is easier and more automated.”

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“I didn’t have a business plan and using LivePlan helped give me an easy tool to build a strong business plan for myself and clients. My clients have gone on to enhance their plans and grow their businesses.”

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“LivePlan provides the balance between stating your vision, the framework to support it, and the numbers.”

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Create Your Business Plan in Minutes

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Business Plans Generated

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How it Works

Start With Your Idea

Craft Your Vision: Jumpstart your business journey with a brief description of your business. Acknowledge your business type and let us seamlessly transform it into a meticulously structured plan.

Series Of Guided Questions

Easily navigate through each section with Plannit's step-by-step guidance. Enter your own detailed solutions or leverage with AI-generated content and receive helpful prompts and ideas along the way. Plannit's AI capabilities provide insightful and precise content for market analysis, financial projections, marketing strategies, sales plan and more.

Collaborate With Your Partners

Bring your team over! PlannitAI provides a dedicated space where you can invite team members to view, shape and refine your online business plan. With or without the help of our AI model You can reword, rephrase, prolong and shorten sections to your liking. Collaborate in real-time to ensure your business strategy benefits from diverse insights and expertise, leading to a well-rounded and robust plan.

Present With Confidence

With a polished, expertly crafted plan in hand, You have already won half the battle. Confidently present business strategy to investors, stakeholders, or financial institutions.ć Start your journey with Plannit AI and transform your vision into a reality, creating a pathway for that entrepreneur life.

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Who can benefit from plannit.

Aspiring Entrepreneurs

Analyze your ventures through extensive business plans aligned with your vision and goals.

Business Owners

Back your business with a solid plan that aligns with your objectives. Perfect for small businesses.

Educational Institutions

Develop your business understanding and vocabulary by analyzing your business idea and creating a plan.

Startups Accelerators

Work alongside your founders as they build their plan to ensure they have a solid roadmap for scalability.

Funding Ready Business Plan

Executive summary, company overview.

Problem Statement

Business Description

Mission Statement

Business Model

Products and Services

Additional Features

Revenue Model

Market Analysis

Target Market

Market Size and Segments

Unique Value Proposition

Risks and Mitigations

Identified Risks

Mitigation Strategies

Financial Overview

Income Statement

Marketing and Sales Plan

Focus On Your Vision

Language support.

Key Features & Benefits

Ai editing companion.

Modify and regenerate sections of your business plan using premade or custom prompts. Our AI will help you refine your plan to perfection.

Multi-User Collaboration

Invite team members with easy sharing to collaborate on your business plan in real-time. Communicate and make changes together. Collaborate with your partners in real-time as you perfect your plan.

Education Center

Immerse yourself in a rich library of articles, tools, templates, webinars and resources for continuous business and professional growth. Learn all about the key aspects of starting, running and growing a business.

Powered by Chat GPT

Our algorithms are powered the latest in AI technology to ensure the most accurate and relevant output. We use OpenAI's GPT 4 and 3.5 engines for the perfect blend of accuracy and speed.

Business Resources

We recommend a variety of useful tools and resurces that help sustain your growth. We only recommend the best in the business. Filter your needs and equip yourself with the best tools.

Your plan in your language. We offer a choice of over 150 worldwide languages to ensure the best fit for your business plan.

Financial Projections

Take an additional questionnaire about your financial trajectory and get a detailed financial projection + 3 year income statement for your business.

Tools and Templates

Plannit's comprehensive suite that accompany business planning. From pitch decks to financial models, we have you covered.

Plan Export

Download your business plan in an editable .docx format. Fully edit & share your plan with investors, partners, and stakeholders.

Plannit Business Ecosystem

Frequently Asked Questions (FAQ)

• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
• Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
• Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.
• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.
• Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
• Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
• Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
• Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
• Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
• Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
• Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
• Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
• Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.
• Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
• Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
• Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
• Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
• Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
• Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.
• Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
• Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
• Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your plan.

Privacy & Security

Rest assured, we never share your data with third parties. Your privacy is our top priority, and we're committed to keeping your information safe and confidential.

Take The First Step Towards Success

The Best Business Plan Software

A good business plan helps you identify your mission and your value proposition. We test top business plan creation tools that help you build and track your organization's future.

Our team tests, rates, and reviews more than 1,500 products each year to help you make better buying decisions and get more from technology.

Table of Contents

Our top tested picks, palo alto software liveplan, tarkenton gosmallbiz, atlas business solutions ultimate business planner 5.0, netekspert iplanner.net, the business plan shop.

• Best Document Management Software

Pros & Cons

• An impressive range of customizable features.
• Lots of online learning help.
• Loads of customizable features necessitates a learning curve.
• Limited third-party integrations.

Bottom Line

Delivered in slick, cloud service packaging, Palo Alto Software's LivePlan is a very nice business planning tool that comes complete with loads of customizable features and solid online help and learning resources. Even so, the products sheer depth means you're still facing a bit of a learning curve.

Specs & Configurations

• Highly configurable and detailed business plan.
• Advice from business experts.
• Able to generate financial statements and projections without outside spreadsheet software.
• Links to third-party services.
• Few sample business plans.
• Only exports to Microsoft Word and PDF formats.

Heavy on the mentoring and advice side, Tarkenton GoSmallBiz delivers an an easy-to-use business planning application that works using step-by-step templates with built-in advice modules.

• Offers unique services that match entrepreneurs with investors, with business plan features to enable that process.
• Its design is in the framework of crowdfunding investments from people you don't know.
• If you simply need a plan to sell your local Angel investor on your process, EquityNet probably is overkill.

EquityNet doesn't focus exclusively on business plan creation. Instead, it's really a platform for those seeking investors as well as those looking to invest. Still, its bundled business planning tool is solid and can help speed startups toward getting funded.

• Strong budgeting and forecasting features.
• Links to analytics add-on.
• Breakeven analysis.
• QuickBooks support available.
• Requires some financial sophistication to use.
• Lacks sample business plan templates.

Less a business plan creator than a financial reporting tool, PlanGuru nevertheless does a creditable job for those seeking to build a worthwhile business plan document. Still, rank beginners or those less focused on financial calculations might need to look elsewhere.

• Adds project management tools to business planning.
• The price is unbeatable.
• It's a starting point rather than an entire toolkit.
• Expect to do more work on your own.

If you've got a clear idea of what you want your burgeoning organization to accomplish, but you just need some help with organizing and project management, then StratPad may be your ideal solution.

• Interview-based format.
• Useful graphics.
• Sample business plans.
• QuickBooks import.
• High degree of manual input and spreadsheet work needed.

ABS Ultimate Business Planner 5.0 works using a fairly intuitive interview format to gather the data needed for your business plan. Unfortunately, that process is marred by the need for extensive manual data entry and spreadsheet work.

• Plenty of customization options.
• Excellent automation of variable data.
• Doesn't provide much guidance for some important elements including how to enter some required fields.
• Not much help text provided for how to create missions and operations statements.

Enloop is a solid choice for those looking to build a business plan quickly. Good data syncing capabilities are enhanced by a solid collection of features, most of them customizable. While its help resources leave something to be desired, Enloop is a good choice for those with relatively simple planning needs.

• International, multilingual approach.
• Simple user interface.
• Variety of currencies and templates.
• Rudimentary set of options.
• Limited flexibility.

iPlanner.NET from NetEkspert is a fairly easy way to build a quick business plan, but the company seems more focused on helping consultants build plans for clients rather than on folks building business plans for their own use. On the other hand, fewer features mean a simple process and it's even got a fairly nice price.

• Lots of opportunity to customize business plan elements.
• Not much education or encouragement about what to say in a business plan.
• You get good structure but little inspiration.

The Business Plan Shop provides a good-enough business plan writing aid, but mainly for people who know what needs to be in the document. Beginners or those looking for plan writing guidance will need to keep looking.

What Is a Business Plan?

Many of us have been there: That sudden epiphany in the shower or at a bar chatting with friends. The slew of initial ideas hastily scribbled on napkins or perhaps simply forgotten entirely. Many great businesses started with these same events, but millions more never got beyond them. That's because the next step can be both difficult and labor-intensive, namely writing a coherent business plan. Going from random napkin-notes to an organized, thorough plan to get your business started, funded, and generating revenue for the foreseeable future can be a mammoth undertaking, especially for beginners and even more so for people trying to go it alone.

Fortunately, there's plenty of help if you know where to look, especially if what you really need is a written business plan that simply communicates a clear vision. This will help you attract the right people and resources to implement your idea. A business plan tells others how you will get customers and clients, who will run the business, and how early-stage venture capital (VC) will be raised. Business plans help you talk about yourself, explain your strengths, and ask for money to back up your idea.

So, people write business plans in order to acquire funding or to document the company's intended direction. That is, you want a bank loan, VC funding, or other help to get your startup off the ground. A business plan can also be the most concrete way to get everyone's agreement on "This is what we're doing, right ?!" Keeping the plan updated as the business matures is an easy way of measuring success.

In all of these cases, the business owner has to do something that can be scary: become a business document management expert by creating a structured document (that is, a business plan) with lots of numbers and compelling prose, with the awareness that this pitch is make-or-break for the company's vision. That's a tough job. It's hard to express your product's unique selling points, analyze competitors' strengths and weaknesses, and back up your assertions about why you need this much money. Believe me, I know. In my pre-journalistic life, I wrote two in-depth business plans. One plan taught me that I didn't have what it took to pull off that project and the other plan got my startup business accepted by a VC conference.

So, when we lack expertise, we should ask for help. Software with "follow the bouncing ball" instructions for business plans can serve the same role as online accounting services because, in each case, you rely on specialists to walk you through the process. Even better, many of the products we review in this business plan creation tool roundup back up their software offerings with in-person coaching and mentoring as well as loads of online learning resources, like videos and how-to articles.

Business Plan Software Options

The 10 online business plan software solutions examined in this roundup —Atlas Business Solutions Ultimate Business Planner 5.0, Enloop, EquityNet, NetEkspert iPlanner.NET, OnePlace, Palo Alto Software LivePlan, PlanGuru, StratPad, Tarkenton GoSmallBiz, and The Business Plan Shop — each promise to help you construct a polished business plan, with all of the numbers and narrative you need. So, whether you want to start your own accounting firm, real estate operation, or e-commerce business, you'll be all ready to go.

All of these online business plan software solutions certainly do deliver on their promise to help you, and none of them are bad choices. However, a few of them provide additional services such as connecting you to funding sources (EquityNet gets a nod here) or comparing your plan to others' plans in your industry (such as what Enloop's performance score does). Ultimately, though, the two Editors' Choice winners were clear: Palo Alto Software LivePlan and Tarkenton GoSmallBiz, both of which checked off most boxes on a typical entrepreneur's wish list.

These Software-as-a-Service (SaaS) applications can't give you the irresistible prose to convince an investor you will make your projections come true, but they do guide you in answering all of the questions that investor is likely to have. Here are eight key factors to look for when choosing a business plan software solution for your business:

1. Business Plan Structure Business plans have a lot of elements, some of which won't occur to someone who hasn't written one before. Ideally, the business planning software solution will walk you through each section that is appropriate for your class of business, ensuring you answer all of the relevant questions. These solutions may prompt you to respond to issues that you might not have thought to address.

2. Do the Numbers Ultimately, a business plan shows how your company will make money. Even the simplest plan needs to include financial reports such as charts for profit-and-loss, balance sheets, and month-by-month and yearly projections.

3. Context and Analysis Some business plan software solutions (such as EquityNet and Editors' Choice Palo Alto Software LivePlan) help you compare your numbers to others in your industry, including regions and company size. You might claim that the Jewish deli you propose to open in Asheville, North Carolina will turn a profit in three years, but the market data suggests five years is typical. This data helps you back up your assertions before a banker can raise an eyebrow. This is a "nice-to-have" feature for some businesses but an irrelevant one for others.

4. Helpful Advice Even if the business plan software solution gives you places to plug in data (think "Mad Libs" for businesses), ultimately you need a good idea (you're on your own, there) and to understand the information investors want to see. As with tax preparation software, it's reassuring when the business planning software solution defines terms, provides sample data, and explains the sort of information expected in each field. StratPad's educational videos are a model for how this sort of thing should work.

5. Report Depth and Presentation The result of all of this work is a business plan, a document for others to read. These don't always need to be works of art but it helps if the business plan software solution packages your business plan attractively and permits customization. Don't treat these tools as all-in-one solutions to your problems. Set your expectations correctly and you'll find these business plan software solutions to be far more helpful.

6. Treat the Business Plan as a Work-In-Process Collect everything you think is necessary before getting started. But I promise you that, at least once while you use these business plan software solutions, you will say, "Gee, I don't know; I have to look it up." That's a good thing as it means the software is asking for relevant information you didn't think to include on your own.

For any but the simplest of proposals, it's an iterative process. So, you need to highlight the parts to come back to (after your accountant responds, for example). Or, the software should at least save data in some kind of draft status. However, across all of these apps, some forms insist you must enter something in a field before it will save everything on the page, which is irksome. Worse, it could lead to errors because you might not remember to go back and fix the temporary guess. I kept wishing for a way to bookmark "temporary" data that needs to be double-checked ("I'll write in 800 for now…"); the best answer to this was Palo Alto Software LivePlan's comment field but it would be nice to see a business planning software solution that let me mark a field as "Don't forget."

7. You Still Need a Spreadsheet In general, these business plan software solutions will act as though you are reasonably organized before you log into their websites wherein you will paste summary information. However, based on my hands-on experience, I advise you to still expect to do background math yourself. For instance, if you need to fill in the projected head count for marketing for the next five years and you keep adjusting the number of people to hire (based on your spreadsheet guesswork), expect to keep manually updating the total in the software rather than having the data automatically sync. In other words, these business plan software solutions are helpers, not "I will do the thinking for you" kind of apps. And this is okay, as long as you don't expect them to be something they're not.

These are all SaaS apps, some of which have a free version with the basics as well as a paid version with more feature depth. If your needs are incredibly simple and you just need "fill-in-the-blanks" forms to give to a banker, then you may find several completely free options that do the trick.

8. A Plan for All Businesses These business plan software solutions must be relevant for everyone, from a solo entrepreneur trying to open a small to midsize accounting firm to an established manufacturing company aiming to fund a new factory. To judge suitability to task, I used data from two real business plans: a New Jersey restaurant startup and a nine-year-old horror film festival. I also measured the software against the business plan I once wrote with the help of professional advisors (back when I sought significant VC).

All of these business plan software solutions are good apps; none of them gravely disappoint. However, Palo Alto Software LivePlan and Tarkenton GoSmallBiz were head and shoulders above the rest. It won PCMag's admiration based on the clarity and understandability of their documentation and the impressive depth of their features and options. However, each of the 10 business plan software solutions reviewed has strengths that may make one a better choice over another for your business. So, look at all of the options to see which one is the best fit for you.

Compare Specs The Best Business Plan Software

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About Esther Schindler

Longtime tech industry journalist Esther Schindler has translated geek-talk into English since 1992. She loves to explain how technology can, indeed, improve the quality of life. Find her on Twitter at @estherschindler. Bring chocolate.

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5 Best Business Plan Software in 2022

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When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

Looking for tools to help grow your business?

Tell us where you're at in your business journey, and we'll direct you to the experience that fits.

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The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

7 Best Business Plan Software for Startups in 2024

| Written by

Launching a new startup is an exciting yet challenging endeavor. Crafting a comprehensive business plan is a critical first step for any founder to outline their vision, objectives, and strategy. It acts as a roadmap to help guide important decisions and next steps as a company grows.

With so many options available, finding the right business planning tool can be daunting. The best software should be affordable, user-friendly, and offer a robust set of features to aid in financial modeling, strategic planning, and more.

In this review, we’ll explore some of the top business plan software solutions designed specifically for entrepreneurs. We’ll compare capabilities, ease of use, templates and resources, integrations, pricing, and more. Whether you’re looking to create an investor-ready plan or simply organize your strategy, choosing the right tool can help you get started on the right foot.

Our #1 Pick: LivePlan

Save time and create a professional business plan with intuitive tools and step-by-step guidance.

Unsure if LivePlan is right for you? Continue reading our comprehensive review below to learn more and explore your options.

Best Business Planning Tools

In this review, we’ll look at seven of the best business plan software platforms — discussing their pros, cons, features, pricing, and more — so you can decide which one is right for your startup.

Best Business Plan Software for Startups 2024:

• LivePlan – Best Overall
• Bizplan – Easiest to Use
• Enloop – Best Automation Features
• PlanGuru – Best Financial Forecasting
• IdeaBuddy – Best for Idea Validation
• iPlanner – Best for Nonprofits
• Wise Business Plans – Best Professional Services

The following tools all have their own great features. Based on its affordable pricing and usability, LivePlan is our top business plan software choice for startups.

Try LivePlan today or continue reading to explore your options!

Best Business Plan Software: LivePlan

LivePlan is the overall best business plan tool, offering a large number of features at an affordable price.

1. LivePlan – $15/month to $30/month

We love LivePlan overall because it offers great value at an affordable cost. The software lets you quickly create a business plan from anywhere in the world using what is arguably the best business plan software available on the market. It does everything better than its competition and costs way less.

What’s more, the online “cloud-based” platform is easy to use and you are under no contract or obligation to keep paying for the service. Even better, if you decide to stop service for whatever reason, Palo Alto Software, the makers of LivePlan, will keep your account active and data preserved for at least a year should you decide to reactivate your account later.

• Create an unlimited number of business plans
• A forecast feature for those less mathematically inclined. Plug in data, and it will generate charts, graphs, figures, and even the profit and loss, balance sheet, and cash flow statements
• 500+ business plan templates spanning all major industries
• Real-time financial data tracking
• Performance dashboards track sales and budgeting
• Create one-page pitch plans for potential investors
• Milestone scheduling feature — Some people will use it when working with others on their plan; it will let you assign milestones to people.
• Low-cost annual plans
• Affordable pay-as-you-go plans
• No cancellation fees
• Data saved for 12-months, even after cancellation
• Clean, modern platform
• Cloud-based; works on any business machine (Linus, Windows, Mac)
• Integrates with Quickbooks and Xero to import your data easily
• Knowledgeable customer support to get help with your plan
• No valuation capabilities
• Templates built on Palo Alto Software’s earlier software Business Plan Pro require some modifications to be used on LivePlan

Insider Information

Talking to the nice people at LivePlan we learned some inside information that we wanted to share with our readers.

Here’s what we learned:

• LivePlan has been used by contestants on ABC’s hit show “Shark Tank” to win over angel investors to help them get their ideas and businesses funded.
• Accountants use LivePlan as an added-value service to sell to their clients.
• Businesses continue using LivePlan because of a feature called “Dashboard” which lets you manually enter your actuals or pull actuals from Quickbooks online to do comparative forecasting and analysis.
• LivePlan helps with business continuity planning (BCP).
• LivePlan executives use LivePlan to make important business decisions.
• “Dashboard” does profit and loss, cash flow, and balance sheet reports and lets you compare and contrast your actuals from your forecasts to be able to show to investors.
• LivePlan lets you create business plans in 1/5th the time it takes using templates.

Customer Reviews

LivePlan receives great feedback from customers. LivePlan reviews average 4.5 stars out of 5 on GetApp. LivePlan is an easy company for us to recommend for the best business plan software.

2. Bizplan – $29/month, $249/year, $349 lifetime

Bizplan rates high on our list because they offer a lifetime plan that gets you “forever access” to their business plan software. As an added bonus, you also receive free access to Startup Courses and LaunchRock, a landing page builder.

• Easy, “fill-in-the-blanks” plan builder
• Publish your business plan online
• Unlimited business plans
• Bizplan takes care of the financials
• Cloud-based (use any browser on any computer)
• Options to add more graphics and photos
• Low-cost yearly plans
• Create unlimited business plans
• Xero to import your data easily
• Excellent and responsive customer support (email/chat/phone)
• Free access to Startup.com and LaunchRock.com
• Discount at Fundable.com (connect with lenders and investors)
• Can’t export in Word
• Doesn’t currently integrate with QuickBooks
• No free trial
• No third-party app integrations

Talking with BizPlan insiders, we learned that the premise behind BizPlan is to help startups easily create professional business plans to give them a leg-up with lenders and investors.

Here’s what else we learned:

• BizPlan’s does all your financial calculations for you.
• BizPlan strives to be an all-in-one solution for Startups needing funding.
• BizPlan is constantly making improvements to its software.

BizPlan receives great feedback from customers. BizPlan reviews average 4.4 stars out of 5 on GetApp. Still a relatively new option, BizPlan already has over 30,000 satisfied customers. As their platform grows, we wouldn’t be surprised to see them integrate even more valuable features. Keep a close eye on this one.

3. Enloop – Free to $39.95/month

If you’re looking to try before you buy, Enloop is a strong choice as one of the only business planning software tools with a free trial.

• User-friendly platform
• Compare your financials against your industry’s performance
• Bank ready financial statements (Profit and Loss, Balance Sheet, Cash flow)
• Lets multiple team members work on a business plan
• 36-Month detailed financial reports
• Sync date and text into your business plan
• Real-time performance rating
• Generated business plan Pass/Fail report
• Multiple currency formatting
• Seven-day free trial (no credit card required)
• Advanced financial ratios
• Financial projections
• Video tutorials to help you with the writing process
• No phone or chat support, just a “contact us” form.
• Three business plan limit per account
• Doesn’t integrate with QuickBooks or Xero
• No financial forecasts beyond 36-months
• No 30-day money-back guarantee

We learned that the premise behind Enloop is to make business planning easier for entrepreneurs. Enloop achieves this by making software simple to navigate through and takes risks off the table with their no credit card needed seven-day free trial. Their business plan creation software offers financial forecasting features for up to 36 months.

• Enloop utilizes 16 financial ratios to get your business ready for investors.
• Enloop offers some sample business plans that are easy to modify.
• Enloop’s performance score increases as you create your detailed plan.
• A new business or small businesses benefit the most from Enloop’s solutions.

Enloop receives fair feedback from customers. Enloop’s reviews average 3 stars out of 5 on PCMag. Enloop’s main complaint is its lack of instructional text for writing mission statements and other key sections. What they rank high on is their efficiency and the speed at which the software lets you write a business plan.

Even beyond the free version, Enloop Basic is just $9.95/month ($6/month when paid annually), so they’re one of the least expensive tools for writing a business plan.

4. PlanGuru – $99/month to $299/month

PlanGuru is a good option if you’re looking for considerably more robust software that offers quite a bit more. The most notable feature we like is the valuation tool, only present on the desktop version of the software. PlanGuru lets you calculate the valuation of your business using three different methods. No other business plan software offers this that we know of.

PlanGuru also offers budgeting, forecasting, and performance tools to help you put together a business plan. In the main, PlanGuru allows you to get a custom-tailored three financial statement budget model up and running out of QuickBooks or Xero in a matter of minutes. PlanGuru’s business plan writing software takes you through a setup process where it asks you questions such as:

• What’s the first month of your fiscal year?
• How many historical years do you want to import?

And, once you answer these questions, PlanGuru then generates a model for you that you can then populate with your historical data if you have it. Then you can go through PlanGuru’s 20+ projection methods.

Some financial data projection methods include:

• Expenses, like payroll, etc.
• Balance sheet items, like accounts receivable, accounts payable, crude expenses, prepaid expenses, loans, etc.

These are only a few of the features the business plan software offers. Here are some more.

• Budgeting/Forecasting Software
• Analytics Service for Financial Performance & KPIs
• Valuation calculations (desktop software only)
• Desktop and cloud-based options
• Free 14-day trial and 30-day money-back guarantee
• Great customer support and knowledgeable sales staff
• Lower-cost yearly plans offered
• Advanced financial calculations
• Business valuation calculations
• No contracts
• Integrates with QuickBooks and Xero
• Costlier than LivePlan and most other business plan software options
• Additional cost per user can add up quickly

The great thing about PlanGuru is that the only thing you have to worry about is the income statement and balance sheet projections because the cash flow statement is automatically generated.

Then once you have the cash flow statement, income statement, and balance sheet in place, you can then lock down the budget.

• PlanGuru’s desktop version has three different types of valuation methods that calculate the worth of your business.
• PlanGuru has some really nice reporting tools that pull together your financial statements into table formats, say, for the bank, line-by-line.
• PlanGuru also has some nice charts, graphs, scorecards, and some easily digestible reports that can help you visualize how your company is performing.
• Exports to Excel, PDF, and Word documents –and, there’s even a tool that lets you create customized reports.
• You can print your plan off too to show partners, lenders, and investors.
• PlanGuru now offers a cloud-based version of its software, though it will take some time to catch up to the rich features offered by the current desktop software version.
• With PlanGuru you also get free updates, bug fixes, and new releases as they become available.

Important Note: These tools are important because investors may want to see not only historical performance but also projections.

5. IdeaBuddy – Free to $35/month

IdeaBuddy makes our list because of what’s behind their approach. IdeaBuddy focuses on helping entrepreneurs develop their idea first, then share it, and then refine it into a plan. If you have a business idea and don’t know what to do next, IdeaBuddy could be what you’re looking for in a business plan software.

• Single-page business plan pitch (Idea plan)
• Clean modern design platform combined with great financial tools
• Marketing plan for selling and promoting your products
• Market overview plan where you create targeted customer profiles, identify your competition and calculate the market potential
• Business plan creation that includes forecasting performance and cash flow projections
• A proprietary algorithm calculates a final score for your idea providing recommendations for improvement after you complete “Story Mode”
• Idea Journal, that is an internal business plan for you to show potential investors
• A lifetime plan costs only $178
• Great for developing ideas
• Great for doing market research
• Pay-as-you-go plans offered
• Email-only customer service
• Software lag time issues
• Fewer software options than most other small business options

IdeaBuddy has some great features that are fantastic from idea conceptualization down to cost projections and the laying out of steps to take to start a business. We would have liked, however, to been given more KPIs that would notify us of tasks, help with idea validation, and help us measure other objectives to better monitor the health of our business. Another thing lacking was the design of the finished plan–it contained some noticeable structural issues.

IdeaBuddy has received some outstanding customer reviews on GetApp. IdeaBuddy has earned a 4.6-star rating out of 5 possible stars.

6. iPlanner – Starts at $55/year

iPlanner is a comprehensive business plan software that has been aiding entrepreneurs since 2007, providing a robust framework for developing business plans, models, and financial forecasts online.

• Unlimited Team Members & Collaboration
• A La Carte Pricing Model vs Packages
• Discounts for Serial Entrepreneurs & Business Coaches
• Solid amount of industry knowledge and experience.
• They’ve got two trademarked business planning services, Startup Framework™ and Strategy Designer™
• All of their business planning packages allow you to have unlimited collaborators and assign people three different roles: Project Owners, Advisors, and Viewers.
•  Their Startup Framework software has a business modeling section where you can design a business model canvas and strategize as much as you need before diving into your plan.
• Doesn’t have a month-to-month option for either of their services. Their Strategy Designer is payable only annually, while their Startup Framework is available for 3-month, 6-month, or 12-month payments.
• They don’t offer refunds
•  Their website is pretty old school and tough to navigate.
•  Unlike other business planning software, iPlanner doesn’t offer a free version or trial. However, you can take a tour of their Startup Framework software or view a demo of the Strategy Designer to get a feel for them.

iPlanner’s Business Planning Software

If a simple framework is all you’re looking for, iPlanner can help you out. They don’t have many bells and whistles, but at these price points, they offer a good value for nonprofits and corporations.

7. Wise Business Plans – Pricing by Request

Wise business plans website is a little confusing to navigate, and pricing is by request only, which can get frustrating. They do have a lot of options for different kinds of business plans for various types of business types, which makes them versatile. They also have business building and funding options as well. And, if you wish to establish business credit, they offer net-30 accounts that get reported to Equifax business.

• Claim to be the only business plan company to write for Fortune 100 and 500 companies
• Business formation services
• Business license searches
• EIN services
• Digital marketing services
• Business website design and branding
• Has a lot of helpful information
• Helpful options for forming your business
• Options to help after you start your business
• Helps small businesses establish business credit
• Not an actual business plan software
• Expensive by comparison
• Website is difficult to navigate
• Pricing is by request only
• Limited products and features
• Turnaround is one month
• Requires some work on your end

Business Plan Software Pros and Cons

• By using business plan software providers, you’ll be able to create a solid outline for your business. Although some of the options above are better than others, each will walk you through from start to finish.
• No matter how you look at it, business plan software is cost-effective. As long as you actually use the tool, you’ll generate significantly more value than you’re spending on monthly subscription fees.
• If you spend the time to create a solid plan, you’re much more likely to hold yourself accountable. Think of planning software like an accountability buddy for entrepreneurship.
• Your business plan tool will help set realistic financial goals, and most can also keep your bottom line in check by integrating your accounting software.
• Business planning software enables you to collaborate with partners, mentors and investors.
• Some of the business plan tools don’t offer support and can have slightly buggy features. That said, if you’re serious about writing a solid plan, go with a tool that’s constantly updated and well made.
• Although some business plan tools have a collaboration feature, none of them can review it when you’re done. All business planning tools lack a human touch.

How to Choose the Right Business Plan Software

With the array of business planning tools available, it can be daunting to select the right one for your needs. Here are some tips for choosing a business plan software solution:

• Consider your skill level – Opt for software like a wizard-guided template if you are less experienced in writing plans. Choose more advanced software with greater flexibility once you know what you are doing. Look for drag-and-drop tools to easily organize sections.
• Determine your budget – Prices range from free to several hundred dollars. Know how much you can spend before shopping.
• Compare features – Look for software with the specific tools you need, like financial projections, sample text, customizable templates, and more.
• Evaluate the financial tool capabilities – The software should provide extensive financial tools like forecasting, modeling, projections, and dashboards to streamline financial planning.
• Check reviews and ratings – Get feedback from other users about their experience with the software. High reviews indicate easier, more user-friendly software.

Which Is the Best Business Plan Software?

You know the unique requirements of your startup better than we do. These are all quality services that offer business planning software tools for entrepreneurs like you. Feel free to read over our full reviews if you’d like to know more about any of them or even visit the websites directly.

In general, we do prefer LivePlan because they have a huge library of business plan templates, and we love their convenient dashboard. They’re the planning software that is most likely to help you via customer support, continue updating their tool, and figure out ways to make your business experience better. Enjoy!

What is the purpose of a business plan?

The purpose of a business plan is to provide a structured outline and roadmap for a business’s goals, strategies, and operations. It serves as a guide for decision-making, resource allocation, and management. 

Furthermore, it can be a crucial tool for attracting investors, securing loans, and ensuring that all stakeholders have a clear understanding of the business’s direction and objectives.

What does business plan software do?

Business plan software assists entrepreneurs and businesses in creating, organizing, and refining their business plans. It provides tools, templates, and guidance to streamline the planning process. 

Features often include financial forecasting, market analysis, visual aids like charts and graphs, collaboration capabilities, and even integration with other business tools. This software aims to simplify the task of creating a thorough and professional business plan.

How do you write a business plan?

To write a business plan, start by writing an executive summary that provides an overview of your business idea, products/services, market opportunity, and projected growth. Outline your company description, industry analysis, target customers, competitive advantage, marketing and sales plans, operations, management team, and financial projections.

How long should a business plan be?

The length can vary based on the complexity of the business, its stage, and its intended audience. In general, it might range from 15-50 pages. However, the key is to ensure that the plan is comprehensive yet concise. 

For many situations, especially when seeking investment, a more detailed one is preferable. Yet, for internal purposes or for businesses at very early stages, a shorter, more concise plan might suffice.

Are there business plan templates on Word?

Yes, Microsoft Word has business plan templates you can download and customize. The templates provide section headings, instructions, sample text, and tables to input your specific business information.

What is Palo Alto Software?

Palo Alto Software is a company that’s been around since the late 1980s. They created business management software for startups and existing businesses. The software has since been updated and rebranded as LivePlan and today happens to be one of the most sought-after business plan software available in the marketplace.

Individual Business Plan Reviews

Further Reading

• What Is a Business Plan? July 2, 2024
• Lean Startup Business Plan Guide July 2, 2024
• The 7 BIGGEST Business Plan Mistakes to Avoid July 10, 2024

Topics to Explore

• Startup Ideas
• Startup Basics
• Startup Leadership
• Startup Marketing
• Startup Funding

Browse Tags

Ready to embrace a better way to plan?

Manage the unexpected and make better decisions with a world-class business planning platform

Featured in G2’s Budgeting and Forecasting, Financial Analysis, Sales & Ops Planning, and Corporate Performance Management categories

Plans that scale with you

Professional.

For companies looking to increase decision-making confidence with advanced scenario planning, robust collaboration and customized reporting

Data ingestion, including API and scheduled imports

Core model building

Interactive dashboards

Unlimited what-if scenarios

Automated user provisioning (SCIM)

Google Authentication (SSO)

SAML-based SSO

Automations & Tasks

Organizational planning

Custom color palette

Monthly snapshots

12-month audit trail

Six data connectors

For companies with the most sophisticated use cases seeking the deepest modeling capabilities, best-in-class support and advanced controls

All the features and support from Professional, in addition to

Premium Support

Unlimited data connectors

Unlimited snapshots

Unlimited audit trail

Join the leading Finance, Sales & HR teams

The next generation integrated business planning platform with best-in-class services.

Data preparation time

Saved per month by automating ARR metrics report

Time saved for Financial monthly updates

A world-class customer & support team committed to your success

We bring together the highest level of service and best practice to ensure your team is using and achieving efficiencies with Pigment in weeks, not months.

Keep everything in sync

Pigment integrates with your existing business applications to free your team from time-consuming tasks and data imports errors.

Protecting your data is our priority

Pigment gives you peace of mind with enterprise-level security to ensure your data is secure.

Host all your plans, forecasts, and reporting in one beautifully designed platform

Integrated Financial Statements

Granular Revenue and OpEx Planning

Driver-based Assumptions & Scenarios

GTM Capacity Planning

Segmentation, Territory & Quota Planning

Sales Forecasting & Incentives

HR and workforce

Organization-level planning

Integrated Financial Impacts & Approvals

Forecasted Payroll, Benefits & Taxes

Frequently asked questions

Why should I use Pigment?

Pigment helps organizations make decisions they can trust, faster. Our customers see their data preparation time cut by over 75% and, more importantly, use that time to provide strategic guidance to their businesses.

Why is Pigment different from other tools?

Pigment combines a highly powerful modeling platform with a user-friendly interface which means business decisions can remain in the hands of business owners.

How do I know which plan is best for my organization?

Our plans are designed to meet the needs of different organizations. Please contact us to discuss which plan is best for you.

How long is the implementation phase?

Our Customer Success and Support teams will help you get started. Unlike other planning tools which can take months to implement, Pigment can be fully implemented in weeks. As a result, you can create a single source of truth and make decisions faster.

See Pigment in action

Best business plan software of 2024

For planning your business finance

Best overall

Best budget, best established, best for speed.

• How we test

The best business plan software makes it simple and easy to plan your business finances in order to present them to a bank or investors.

1. Best overall 2. Best budget 3. Best basic 4. Best established 5. Best for speed 6. FAQs 7. How we test

The whole point of a business plan is that it allows you to evaluate your strengths and weaknesses, not least via your Unique Selling Point (USP) ,and make product or service comparisons with competitors.

Of course, even the best business plan relies on estimates and guesstimates, as it's impossible to predict market changes, developments, and future performance under such conditions. 

Ultimately, though, a business plan will demonstratively prove why your business is a solid enough investment to risk putting money into, and shows that you have properly and thoroughly researched your market, and details the real potential of a new business opportunities.

Here then are the best business plan software providers currently available.

You may also be interested in our featured business guides on best business laptops , best business computers and best business smartphones .

The best business plan software of 2024 in fill:

Why you can trust TechRadar We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

Reasons to buy

Reasons to avoid.

Bizplan is the online business planning tool that claims usage of 30,000 startup founders from the Startups.co platform. They use a guided creator that can break the big project down into the component pieces that get tracked with a Progress Tracker, and expert guidance each step of the way including templates that can be dropped in, and completed, along with simple integration of visuals along the way.

Additional resources are also provided via the Bizplan Academy, with lessons on relevant topics, for example, “Building a Brand: How to Tell a Powerful Brand Story,” and “Critical Path Your Way to Higher Revenues,” among the many offerings. Those that need even more assistance also can take advantage of an expert consultation from a financial expert.

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2. PlanGuru

PlanGuru is a comprehensive, and powerful software package in the business planning space. Education is provided via a series of case studies at their PlanGuru University and a whole slew of video tutorials.

The feature set includes flexible budgeting that can handle a simple small business, or a larger multi-department operating budget, and financial forecasting that uses multiple methods, including intelligent and turn-key methods - twenty methods in total. Historical results can also be imported with the general ledger import utility which can then applied to produce a rolling forecast. They also offer PlanGuru Launch, a service to bring in expertise and is charged per hour of assistance.

A significant downside is Planguru charges a higher cost than other software options. The cheapest option is around $75 per month for one business entity when billed annually. While there is no free trial, PlanGuru does offer a 30 day money back guarantee. 

Our expert review:

Enloop is a great choice for business planning software for the cash strapped business as it is the rare offering that has a free tier. Step up up to the next tier, and this is no barebones product, as it has over 100 currency symbols, can automatically generate bank-ready financial reports, and even has automated text writing that can sync with financial data to turn it into text. There is also a real time performance score assigned, that dynamically changes as the business plan is strengthened.  

The plans start with the Free tier, which is limited to a single business plan with simple text, no images, and does not offer any advanced features. The next plan up is the Detailed plan, that supports three business plans, and offers a significant 55% discount when paid annually, making it even better value. This plan costs around $20 per month. For a more comprehensive package you can buy the Performance plan costing around $40 per month.

Read our full Enloop business plan software review .

4. LivePlan

LivePlan is business planning software that offers a simple pricing scheme as there is only a single plan to choose from. As they have a 15+ year track record, they offer a clean and simple interface, that can create business plans that look like they were done by an expert consultant, and the software includes a live dashboard that can track day-to-day performance. Those with writer’s block will benefit from the over 500 included sample plans that can be turned to for inspiration.  

Rather than complicate things with too many tiers to choose from, LivePlan only has a single plan which can be paid for monthly or annually.

5. Business Sorter

Business Sorter promises to simplify and speed up business planning and claims to be able to flesh out a plan in an hour or two, via a novel 273 card sort system that covers many common situations.

The ability to reword cards is included, or also to add cards to the already expansive deck, so no worries if there is not a pre-made card for your situation. Unlike some sites that have videos, the educational resources here are provided as PDFs and Word files, which can be quicker to access, but harder to follow for some learners. 

The lowest tier plan, Basic is fully featured, and includes up to three team leaders. 

Read our full Business Sorter review .

Other business plan software to consider

We've only covered some of the most popular business plan software platforms out there, but there are a number of other notables worth mentioning, plus a wide variety of providers of business plan templates. Below we'll briefly cover a range of some of the additional options out there that are worth considering to get your business plan right.

Go Business Plans is more of a consultancy than a software solution, but is worth mentioning for the simple fact that it's one of America's biggest business plan companies. While software might be able to do the job for you, if you're looking for significant funding, it's probably useful to get some professional advice, not least in terms of strategic planning, feasibility studies, and financial projections to ensure you have a solid base for your business plan.

Wise Business Plans provides a very wide range of templates to work from in constructing a business plan. These are particularly designed with funding in mind, no matter what kind of business you run. What is especially helpful is that Wise doesn’t simply deal with business plan templates for a diverse range of business types, the company also provides plan templates for franchises and non-profits.

Plan Writers  is another bespoke service that essentially listens to what you want and then puts the plan together for you. Again, this technically falls outside of business plan "software", but the chances are you'll use a software package as a platform to build from, and Plan Writers can then help you build up from that base.

Bplans is another provider of business plan templates, but goes beyond that with additional pitch and SWOT analysis templates. There are also business plan guides, industry reports, and a free course on writing a business plan. Bplans also publishes a lot of free-to-use articles on business planning, financials, and tax reporting, to help ensure you can keep your figures and projections accurate and compliant.

We've also listed the best free software for small business .

A business plan is essentially your roadmap to profitability from an initial investment. Whether it's your own money, or a loan from a bank, it's still a good idea to set up a business plan for yourself.

Main things to look to are a SWOT analysis to provide an idea of your business idea's strengths and weaknesses, as well as identify a unique selling point (USP) that will give your business an edge.

While business plans inevitably demand the use of figures, and while these can be impossible to be accurate with, at least by making intelligent guesses you can set yourself targets to work towards.

That's another common feature of a plan, so that specific periods you can review your business progress and make adjustments to your plan as required. This allows you to use real figures for your projections, allowing you to better plan ahead.

Which business plan software is best for you?

When deciding which business plan software to use, first consider what your actual needs are, as sometimes free platforms may only provide basic options, so if you need to use advanced tools you may find a paid platform is much more worthwhile. Additionally, free and budget software options can sometimes prove limited when it comes to the variety of tools available, while higher-end software can really cater for every need, so do ensure you have a good idea of which features you think you may require.

How we tested the best business plan software

To test for the best business plan software we first set up an account with the relevant software platform, whether as a download or as an online service. We then tested the service to see how the software could be used for different purposes and in different situations. The aim was to push each business plan software platform to see how useful its basic tools were and also how easy it was to get to grips with any more advanced tools.

Read how we test, rate, and review products on TechRadar .

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Best Business Plan Software

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Finding the best business plan software can help you reach your goals faster. But what factors matter when choosing a platform? How do you get the best deal? And which business planning software is right for your unique needs and preferences?

This guide answers all those questions while providing detailed guidance on choosing and using some of the top software options on the market today.

Our Top Picks for Best Business Plan Software

• IdeaBuddy : Best for Business Idea Evaluation
• LivePlan : Best for Financial Planning
• Wrike : Best for Team Collaboration
• Bizplan : Best for Startups
• Business Sorter : Best for Planning Multiple Businesses

Best Business Plan Software Reviews

Best for business idea evaluation: ideabuddy.

• Has affordable plans ranging from free to $22 monthly
• Allows 10 collaborators and 10 plan ideas on highest tier
• Includes several built-in features for simplified idea evaluation and collaboration
• Offers both monthly and annual billing options
• Laggy and buggy features
• Not much guidance

Why we chose it: IdeaBuddy is an affordable business plan software with many features to support idea generation and evaluation, including one-page plan summaries and a whiteboard for simplified collaboration.

IdeaBuddy is a good entry point into the world of business planning software. It’s free to begin using and has scalable plan options ranging from $5 for the Dreamer package to $22 per month for the Team Pro package with more features.

The software is an especially good fit for idea evaluation. Its one-page business plan summaries make it easier to evaluate a new idea from the top down. You also get virtual sticky notes and a whiteboard allowing multiple collaborators to contribute to your evaluating business ideas.

Some complaints about the software’s bugginess and slow load times have occurred. But these issues don’t appear to impact all users. There’s also not as much guidance as you might receive from other companies, but you can try IdeaBuddy for free to determine if it’s right for you before making a financial commitment.

Best for Financial Planning: LivePlan

• Helps you visualize company finances in different scenarios
• Allows unlimited guests and collaborators
• Integrates with QuickBooks and Xero
• Offers detailed instructions and guides to help you get started
• No free trial or plan
• Users report the software and the graphs it creates can be challenging to learn

Why we chose it: LivePlan automatically turns hard data into easy-to-understand graphs, charts and branching what-if scenarios. It also allows unlimited collaborators and can integrate with third-party accounting software.

Turning your company’s hard financial data into insightful reports and visualizations is challenging. LivePlan makes it easier to understand and learn from that data by automatically creating a variety of visualizations that you can program based on different what-if scenarios. The software also allows unlimited contributors and integrates with popular accounting software, such as QuickBooks and Xero. This integration is useful for businesses looking to streamline their accounting processes.

There’s no free trial or plan, but pricing is either $15 for Standard or $30 for Premium per month when you pay annually. That’s more affordable than some alternatives. Additionally, although LivePlan offers detailed step-by-step instructions to help you learn the platform, it’s still complicated enough that some users struggle to do so. But once you figure it out, the software can be a powerful solution to your financial planning needs.

Best for Team Collaboration: Wrike

• Includes on-platform team messaging
• Offers business plan templates to get you started
• Has a free plan option
• Doubles as project management software, so you can plan an idea and build it on the same app
• Premium plans are more expensive than the competition's
• Doesn't include financial planning tools

Why we chose it: Wrike is a multidimensional business tool you can use to plan a new idea, discuss it with your team and execute it through the platform’s project management features.

Wrike may be ideal for you if you want business plan software that allows you to communicate with team members within the same application. The platform also offers a variety of templates to get your planning started and has a free option so you can try it out without assuming any risk.

Plan options include the following:

• Free: for teams just getting started
• Team ($9.80 per user per month): for growing teams
• Business ($24.80 per user per month): for all teams across an organization
• Enterprise: custom pricing for large teams
• Pinnacle: custom pricing for teams with complex needs

Wrike was technically designed as a project management platform, but it offers enough business plan features to satisfy some companies. The downside is that you don’t get financial planning tools from Wrike, and you have to pay a monthly fee per user if you want access to more than basic features.

If you’re looking for robust business planning software with all the bells and whistles, Wrike may not be for you. But it could be a great fit if you want a versatile platform that enables idea planning, team communication and ongoing collaboration.

Best for Startups: Bizplan

• Paid plan gives you access to the crowdfunding platform Fundable
• Offers detailed guides and step-by-step instructions for creating business plans
• Allows unlimited contributors and business plans
• Offers online business courses
• No free trial
• Doesn't integrate with QuickBooks
• Offers limited options for layout customization

Why we chose it: Bizplan makes it easier for startups to create thorough business plans with guided walkthroughs, automatic chart generation and unlimited collaboration.

Bizplan offers various features that address startups' unique needs when creating business plans. It helps new business owners understand business planning with thorough, easy-to-follow guides and automatic forecasting. The app also allows for unlimited contributors and guests, so you can easily partner with a variety of freelancers to potentially save money.

Additionally, when you sign up for Bizplan, you get access to online startup courses and the crowdfunding platform Fundable. When you create a business plan through Bizplan, you can easily share it on Fundable to try and attract investors. No other software on our list offers something similar.

The downsides to Bizplan are that its third-party integrations are limited to Xero, and you can’t customize your layout as much as you can with other options. But it can be an effective tool to fuel your startup's growth goals. There’s also no free trial, and the only plan option that’s billed monthly costs $29. However, you can pay an annual fee which lowers your monthly cost to $20.75, or you can opt for lifetime access at $349.

Best for Planning Multiple Businesses: Business Sorter

• Allows you to work on up to 40 business plans with 30 or more users
• Features a card system that helps you stay on track with multiple projects
• Includes business plan templates
• Makes it easy to scale up or down as your needs change
• Offers limited third-party application integrations
• No in-app messaging

Why we chose it: Business Sorter is built for the large-team collaboration often needed when managing multiple businesses. It lets you create up to 40 business plans with teams of 30 users or more.

Business Sorter is a cloud-based business plan software that automatically analyzes the strengths, weaknesses and opportunities in the plans you create. It includes easy-to-follow plan templates and has a simplified card system to help you stay on track when working on multiple ideas simultaneously.

The platform also gives you the ability to create up to 40 unique business plans at the same time. Its pricing is based on the number of users you have, so you can easily scale up or down as your needs change. These features make planning and managing business ideas for multiple companies on Business Sorter easier than the competition.

There are a few downsides, however. For example, no in-app messaging and minimal integrations with third-party applications exist. But a free trial is available, and paid plans start at just $10 per month. You can choose from the following options:

• Small team (3 users): $10 per month
• Medium team (10 users): $30 per month
• Large team (30 users): $80 per month
• Enterprise (unlimited users): Customized pricing

Other business plan software we considered

There are other business plan platforms you may be able to benefit from using. Here are a few highlights of other options that almost made our list.

• Helps you automatically generate business plans
• Offers a free trial
• Includes helpful scorecards to indicate how likely a business plan is to succeed
• Doesn't offer strong tools for collaboration or ideation
• No way to communicate with teammates through the app
• No long-term free plan

Enloop stands out with strong financial forecasting and automated plan creation features. However, it didn’t make our list because it doesn’t include enough tools for collaborative strategizing as compared to the competition.

• Provides extensive advice and guidance from business experts
• Helps with financial projections
• Integrates with third-party services
• Includes only a few sample business plans
• Can only export business plans in Microsoft Word and PDF formats
• Complicated pricing structure

GoSmallBiz is another stand-out business planning software option that’s especially good for those looking for extensive advice and guidance. However, it didn’t make our list because you can get the same features from other platforms that are either more robust at similar prices or cost less.

• Very good at financial forecasting and budgeting assistance
• Integrates with QuickBooks and analytic tools
• Offers built-in break-even analysis
• Better for financial planning than business planning
• Not a good fit for beginners
• Doesn't include business plan templates

PlanGuru is a strong financial forecasting tool that also provides basic business planning services. It’s a great fit for entrepreneurs needing to focus on financial planning, but it didn’t make our list because its business plan features are more complicated and less effective than the alternatives.

Business Plan Software Guide

The best business planning software does more than show you how to write a business plan . It also helps you collaborate, create detailed visualizations with data and assess the likelihood of your business idea succeeding.

To get the most out of the business plan software you choose, research the different features platforms offer and how they may be able to help you achieve your goals.

That’s what this guide will focus on. Keep reading to learn more about business planning software and the factors that matter when choosing one.

What is a business plan?

To understand business plan writer software, you first need to know what a business plan is. It’s a document that describes your company, details its goals and provides guidance on how it will achieve them.

You can think of a business plan as a single document that anyone could look at to understand why your company exists, where it’s going and how it’s going to get there. This can be important to have, not just for your own purposes but also when considering how to get a business license and whether to seek investment from venture capital firms.

With that in mind, the average business plan contains the following pieces of information:

• Executive summary: Most business plans start with an executive summary. This provides a high-level overview of the company and its leaders. It’s also typically where you put your mission statement.
• Product and service descriptions: This section describes the products or services that your business will offer the public. You'll want to include details about pricing, benefits offered to the consumer and any manufacturing details that are important to your company's products.
• Market analysis: Your market analysis assesses how your company will compare to the competition. It should answer the question of why a customer would buy a product or service from your company instead of an existing firm.
• Marketing strategy: The marketing strategy section describes how your company will appeal to consumers, including the channels it will use to do so.
• Financial planning: Your business plan should include detailed financial planning and projection sections. This should cover balance sheets, financial statements and other information projecting your company’s sales and forecasted revenue.
• Budgeting details: This section outlines the costs your company will have and how it plans on paying for them. Be sure to include information about employees, manufacturing and rent, among other expenses.

Your business plan may include other details as well, such as a request for funding if you need it or a more detailed management structure if it’s a large company. It depends, to an extent, on the type of business you’re running and the goals you have in creating a business plan.

What is business plan software?

Business planning software is a tool designed to help business owners create better business plans. Platforms provide access to features that help with various parts of the business plan creation process.

For example, this type of software may give you access to each of the following features:

• Automated financial planning: One of the best features of many business plan software options is automated financial planning tools. These help you efficiently project your company’s finances and visualize budgets with automated graphics and charts.
• Built-in collaboration tools: This type of software typically makes it easier for multiple people to collaborate on a single business plan. Several leaders can simultaneously work on different aspects of a plan to finish it faster.
• Strength and weakness analysis: Some of the most powerful business plan software options also include automated analysis features. These tools help to identify the strengths and weaknesses of the business plans you create, so you can assess your best opportunities for improvement.
• Integrations with third-party applications: Many applications also integrate with third-party software like QuickBooks and Xero. These integrations make it easier to use existing company data to create detailed financial projections.
• Business plan templates: You'll also typically get access to business plan templates after purchasing software. These can be a great starting point for a well-structured business plan and may save you a lot of time.
• How-to guides: Many providers also include how-to guides and instructional manuals with their software. These may provide step-by-step instructions for creating a business plan and ongoing support for continued growth.

Some business plan software offers all of these features, while others, such as free business plan software, may not. You may want to compare the included features and pricing options for multiple providers to choose the best option for your needs.

How does business plan software work?

Online business plan software is designed to guide you through the process of creating your business plan. It does that by giving you templates to work from, instructions for filling in each section and the tools you need to collaborate and share your business plans.

Some business plan software providers also offer online educational resources. These can help you learn things like how to set up an LLC or choose between a sole proprietorship and LLC , among other tips.

It’s also worth mentioning that business plan software typically requires you to fill out each segment manually. Some automated data visualization and financial planning features may auto-populate into your business plan to save you time. But not every platform offers these features.

How to choose a business plan software solution

Choosing the best set of integrated business planning tools for your needs can be complicated, even if you’ve already made it this far. Here are a few additional tips to ensure you select the best possible fit for your company.

Jot down the basic and advanced business planning tools you'll need

It’s good to start by understanding the tools you'll need to achieve your goals. Your needs may require powerful financial planning features, built-in messaging capabilities, strength and weakness analyses or all of the above. The key is clarifying what matters most to you so you can start looking for business plan software to help you meet your goals.

Listing the features you don’t need from business planning software may even be helpful. Doing so could help you steer clear of more expensive options that go above and beyond what you need.

Have a budget in mind

You may also want to set a budget before going shopping. It’s easy to get swept away into the world of advanced features and spend more than you need. Although the budget you start with may not always be the budget you end up with, it’s good to have one in mind so that you don’t end up overspending.

As part of this, you may want to ask yourself if a free business plan software option offers enough tools to satisfy your needs. For example, IdeaBuddy has a forever-free plan option. Before setting a budget, evaluating whether that offers enough to help you reach your goals would be smart.

Decide how many users will need access to the software

The number of people you want to have using the software can play a large role in determining which option makes the most sense. Some platforms allow unlimited contributors, while others will limit you based on your plan tier.

Another question to ask is whether you want to use the business planning software you purchase to execute your strategies as well. If so, then you may need to add more employees and freelancers to your plan over time.

Opt for business planning software that has a simple and functional user interface

Finally, choosing software that’s easy for your team to use is important. If you’re going to invest a lot of time and energy into whatever software you select, you don’t want your employees wasting too much time trying to figure out how to use it.

Business Plan Software FAQs

What is the purpose of a business plan.

A business plan is meant to describe your company, what it offers the public and how it plans to grow over time. Many entrepreneurs use their business plans as a roadmap for future growth.

There are also plenty of businesses that never create a business plan. You can get away without having one as well, but it will likely be more difficult to lead your company toward its goals. The process becomes easier when you have a clear document telling you what those goals are and how you're going to reach them.

Why is a business plan important?

A business plan is an overarching document describing your company and how it will become successful. That's beneficial to leadership because it provides an outline of what needs to happen as the company grows.

Business plans are also important for funding purposes. Most investors and lenders will want to look at a business plan before considering investing in your business. Having a stronger business plan to show them may help you secure the funding you need to grow.

What is integrated business planning?

What is the best business plan software, how we chose the best business plan software.

Our analysis of the best business plan software packages was informed by careful consideration of each of the following factors:

• Features: We looked at the included features in every major business plan creation platform to assess which provides the best tools for business owners.
• Pricing: It’s not enough just to offer great features. Platforms also need to be priced competitively enough to be a realistic option. We considered which platforms offer the best features at the lowest prices.
• Ease of use: Your platform needs to be simple enough to learn quickly so that multiple contributors can help you bring your business plan to life. We looked at user reviews and ratings to assess this factor.
• Verified customer reviews: It was also important for us to assess how real customers feel about each of the software options we considered. We did this by analyzing verified reviews on trustworthy third-party websites.
• Inclusion of other software types: Some business planning software options can double as project management platforms and budget planning software for your business. We took this into account while comparing options with similar business plan creation features.

Remember, the features we emphasized on this list may not be the same ones that matter to you. You may want to conduct further research if other factors will play a role in your decision-making process.

Summary of Money’s Best Business Plan Software

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• 5 Best Business Plan Software and Tools in 2023 for Your Small Business

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change.

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A business plan can do a lot for your business. It can help you secure investors or other funding. It can give your company direction. It can keep your finances healthy. But, if we’re being honest, it can also be a pain to write.

Luckily, you don’t have to start from scratch or go it alone. Business plan software and services can help you craft a professional business plan, like our top choice LivePlan , which provides templates, guidance, and more.

You’ve got quite a few choices for business plan help, so we’re here to help you narrow things down. Let’s talk about the best business plan tools out there.

• LivePlan : Best overall
• BizPlanBuilder : Most user-friendly
• Wise Business Plans : Best professional service
• Business Sorter : Best for internal plans
• GoSmallBiz.com : Most extra features
• Honorable mentions

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LivePlan: Best overall business plan software

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. *With annual billing

LivePlan has been our favorite business plan software for a while now, despite the stiff competition.

There’s a lot to like about LivePlan. It has pretty much all the features you could want from your business plan software. LivePlan gives you step-by-step instructions for writing your plan, helps you create financial reports, lets you compare your business’s actual financials to your plan’s goals, and much more. And if you ever need inspiration, it includes hundreds of sample business plans that can guide your writing.

LivePlan software pricing

But the best part? You get all that (and more) at a very competitive price. (You can choose from annual, six-month, or monthly billing.) While LivePlan isn’t quite the cheapest business plan builder out there, it’s not too far off either. And if comes with a 60-day money back guarantee. So there’s no risk in trying LivePlan out for yourself.

With a great balance of features and cost, LivePlan offers the best business plan solution for most businesses.

BizPlanBuilder: Most user-friendly

Need something easy to use? BizPlanBuilder fits the bill.

BizPlanBuilder doesn’t have a flashy, modern user interface―but it does have a very clear, intuitive one. You’ll be able to see your plan’s overall structure at a glance, so you can quickly navigate from your title page to your market trend section to that paragraph on your core values. And as you write, you’ll use a text editor that looks a whole lot like the word processing programs you’re already familiar with.

BizPlanBuilder software pricing

Data effective 3/13/23. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

BizPlanBuilder also offers lots of helpful guidance for actually writing your plan. It gives you pre-written text, in which you just have to fill in relevant details. It offers explanations for what information you need to include in each section of your plan and way. It even gives you helpful tips from experts, so you’ll have all the information you need to plan like a pro.

So if you want planning software with almost no learning curve, you’ll like BizPlanBuilder.

Wise Business Plans: Best professional service

• Custom quote

Unlike all the other companies on this list, Wise Business Plans doesn’t offer software. Instead, it offers professional business plan writing services―meaning someone does all the hard work for you.

Now, you might think that sounds expensive―and you’re probably right (you have to request a custom quote for your plan). But there’s a lot to be said for expertise, and Wise Business Plans has plenty of that. Your business plan will get written by an experienced writer (with an MBA, no less). They’ll get information from you, do their own research, and then write your plan. You get one free revision, and you can always pay for more.  

Wise Business Plans service pricing

Your end result will be a polished, entirely original business plan. (You can even get printed copies.) And best of all, you won’t have to spend your precious time working on the plan yourself. Wise Business Plans takes care of all the hard parts, and makes your business look good while doing it. Sounds like a service worth paying for, right?

Put simply, if you want the most professional business plan possible, we recommend using Wise Business Plans’s writing service.

Business Sorter: Best for internal plans

Many businesses need plans to show to people outside the company (to get financing, for example). But what if you just need a plan for internal use? In that case, we suggest Business Sorter.

Business Sorter uses a unique card-based method to help you craft the perfect business plan. (You can watch a demo video to see how it works.) You’ll plan some of the usual things, like finances and marketing. But Business Sorter also lets you make plans for specific teams and team members. It also emphasizes more internal matters, like operations, that might get overlooked in a business plan for outsiders.

Business Sorter software pricing

After you’ve made your business plan, Business Sorter also helps you stay accountable to it. You can create tasks, give them deadlines, and assign them to team members―giving you basic project management tools to make sure your business plans become business actions. (Oh, and did we mention that Business Sorter has the lowest starting prices of any software on this list?)

It all adds up to a business plan software that works great for internal planning.

GoSmallBiz: Most extra features

Want to get way more than just business planning software? Then you probably want GoSmallBiz.

See, GoSmallBiz offers business plan software as part of its service―but it’s just one part of a much bigger whole. You also get everything from discounts on legal services to a website builder to a CRM (customer relationship manager) to business document templates. And more. In other words, you get just about everything you need to get your startup off the ground.

GoSmallBiz software pricing

Don’t worry though―you still get all the business planning help you need. GoSmallBiz gives you business plan templates, step-by-step instructions, and the ability to create financial projections. And if you get stuck, GoSmallBiz will put you in touch with experts who can offer advice.

If you want business planning and much, much more, give GoSmallBiz a try.

• PlanGuru : Best financial forecasting
• EnLoop : Cheapest tool for startups

We recommend the software above for most business planning needs. Some businesses, though, might be interested in these more specialized planning software.

Honorable mention software pricing

PlanGuru: Best financial forecasting features

PlanGuru is pretty pricey compared to our other picks, but you might find its forecasting features worth paying for. It has more forecasting methods than other software (over 20) plus it lets you forecast up to 10 years.

EnLoop: Cheapest tool for startups

EnLoop doesn’t have our favorite features or interface, but it does have really, really low pricing plus a seven-day free trial. It's the most affordable software for startup business planning and still provides all the essential features like financial analysis, team collaboration, charting, and more.

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. * With annual billing

Several of our previous favorite planning software, including BusinessPlanPro and StratPad, seem to have gone out of business.

A business plan is a written, living document that tells the story of your business and what you plan to do with it. It serves as the source of truth for you—the business owner—as well as potential partners, employees, and investors, but it also serves as a roadmap of what you want your business to be.

Why you need a business plan

While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business. For example, one 2016 study found that business owners with written plans are more successful than those that don’t. 1

Still too vague? Then let’s get specific.

If you ever seek business funding (from, say, banks, angel investors , or venture capitalists ), you’ll have to prove that your business deserves the money you want. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. (In fact, most potential investors will expect you to have a business plan ready.)

Even if you’re not seeking funding right now, a business plan can help your business. A formal plan can guide your business’s direction and decision making. It can keep your business accountable (by, for example, seeing if your business meets the financial projections you included). And a formal plan offers a great way to make sure your team stays on the same page.

What to include in your business plan

Not all business plans are created equal. To make a really useful business plan, you’ll want to include a number of elements:

• Basic information about your business
• Your products/services
• Market and industry analysis
• What makes your business competitive
• Strategies and upcoming plans
• Your team (and your team’s background)
• Current financial status
• Financial and market projections
• Executive summary

Of course, you can include more or fewer elements―whatever makes sense for your business. Just make sure your business plan is comprehensive (but not overwhelming).

How business plan software can help

With so many elements to include, business plan creation can take a while. Business plan software tries to speed things up.

Most business plan software will include prompts for each section. In some cases, you can just fill in your business’s specific information, and the software will write the text for you. In other cases, the software will give you specific guidance and examples, helping you write the text yourself.

Plus, business plan software can help you stay organized. You’ll usually get intuitive menus that let you quickly flip through sections. So rather than endlessly scrolling through a long document in a word processor, you can quickly find your way around your plan. Some software even lets you drag and drop sections to reorganize your plan.

Sounds way easier than just staring at a blank page and trying to start from scratch, right?

Choosing business plan software

To find the right business plan builder for your business, you’ll want to compare features. For example, would you rather write your own text, getting prompts and advice from your software? Or would you rather go with a fill-in-the-blank method?

Likewise, think about the elements you need. If your plan will have a heavy focus on finances, you’ll want to choose business plan software with robust financial projection features. If you care more about market and competitor analysis, look for software that can help with that research.

You may also want to find business plan software that integrates with your business accounting software . Some plan builders will import data from Xero, QuickBooks, etc. to quickly generate your financial data and projections.

And of course, you’ll want to compare prices. After all, you always want to end up with software that fits your business budget.

The right business plan software can make your life easier. With LivePlan ’s wide breadth of features and online learning tools, you can’t go wrong. Plus, BizPlanBuilder 's one-time pricing makes it easy to invest while Business Sorter has a low starting cost. And if you're business is looking to grow, GoSmallBiz and Wise Business Plans will scale with you.

But of course, different companies have different needs. So shop around until you find the software that’s best for you and your business.

Now that you've got a business plan, take a look at our checklist for starting a small business.  It can help you make sure you have everything else you need to get your startup off to a good start!

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Creating a business plan can take anywhere from a couple hours to several weeks. Your timeline will depend on things like the elements you choose to include, whether you use software or hire a writing service, and how much research goes into your plan.

That said, much of the business plan software out there brags that it can help you create a fairly detailed plan in a few hours. So if you’re going the software route, that can help you set your expectations.

If you want to get the most out of your business plan, you should update it on a regular basis―at least annually. That way, you can continually refer to it to inform your company’s strategies and direction.  

At the very least, you should update your business plan before you start looking for a new round of funding (whether that’s with investors or lenders).

Thanks to business plan software, you can easily write your own business plan rather than pay someone to do it for you. And in most cases, software will cost you less than a professional business plan service.

There are some times you might want to go with a service though. If time is tight, you might find that it’s worth the cost of a service. Or if you’ve got big investor meetings on the horizon, you might want the expertise and polish that a professional service can offer.

Ultimately, you’ll have to decide for yourself whether business plan software or a business plan service will work better for your company.

Methodology

We ranked business plan software and tools based on features, pricing and plans, and connections to project management and other services. The value of each plan and service, along with what it offers, was a big consideration in our rankings, and we looked to see if what was offered was useful to small businesses or just extra. The final thing we looked at was the ease of use of the software to see if it's too complex for small businesses.

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. Harvard Business Review, “ Research: Writing a Business Plan Makes Your Startup More Likely to Succeed .” Accessed March 13, 2023.

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Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our  Privacy Policy Page . |

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6 Best Business Plan Software Platforms (2024)

Read on for a list of our favorite software platforms for writing a business plan, plus advice on how to choose the right business plan software for your needs.

Every successful ecommerce business is supported by a foundation of solid business planning. A professional business plan sets the stage for your new business , acting as an internal and external roadmap for brand identity, financial planning, project management, and more.

Writing a business plan is an important and often difficult task for any entrepreneur or business owner. If you can't get your head around a business plan template , business planning software can help. If drafting a business plan from scratch sounds too daunting to tackle on your own, business plan software offers everything you need for business plan creation, including financial reports, sample business plans, how-to articles, and more.

Read on for a list of the best business plan software platforms, plus advice on how to choose the right business plan software for your needs.

6 best business plan software platforms for 2023

Affordable software with business plan templates and samples

• Pricing : standard plan is $15/month; premium is $30/month; annual discounts available
• Money-back guarantee : 60 days
• Capterra rating : 4.5/5
• G2 rating : 4.1/5
• Integrations : QuickBooks, Xero, open API

One of the most affordable pieces of business plan software on this list, LivePlan allows users to create unlimited business plans and offers more than 500 sample business plans and pages to start with. Get step-by-step guidance on how to write your plan and use templates for different types of business plans, making it easy to tailor your plan to your needs.

LivePlan also offers a robust set of financial forecasting tools, helping you to convert financial data like cash flow statements into easy-to-read charts and graphs.

Business plan software for entrepreneurs who struggle with writing

• Pricing : 7-day free trial; detailed plan is $19.95/month; performance plan is $39.95/month; annual discounts available
• Money-back guarantee : none, but no contracts are required
• Capterra : 4/5
• Integrations <: none

Enloop has many of the same features as other pieces of business plan software. It automatically syncs financial data and creates financial ratios. And when you write your plan, it assesses it and gives you a performance score, so you can improve it if needed. You can also add users for easy collaboration and sharing. Enloop is especially good if writing isn’t your strong suit, as you can plug in your metrics and let the software do the “writing” for you .

Business plan software for startups seeking investment

• Pricing : $29/month; $349 lifetime access; annual discounts available
• Money-back guarantee : 3 days
• Capterra : 4.4/5
• Integrations : Xero, QuickBooks

Bizplan is a business plan software that caters to small businesses and startups seeking external investment. The platform makes connecting with potential investors easy, and allows users to easily publish a business plan on Fundable, a popular crowdfunding platform.

Other standout features include drag-and-drop tools for creating business plan templates, access to self-guided business courses from Startups.com, and financial tools to help set salaries, forecast revenue, and track expenses.

Best business plan software for planning, forecasting, and scenario analysis

• Pricing : 3-day free trial available; app and desktop require separate subscriptions at $99/month each, plus $29/month per additional user; discounts available for annual billing
• Money-back guarantee : 30 days
• Capterra : 4.2/5
• Integrations : Xero, QuickBooks, Microsoft Excel

If the focus of your business plan is your business’s financial picture and potential, PlanGuru is an excellent option. In addition to offering most of the basic business plan software features you’d expect, PlanGuru offers tools for budgeting, financial forecasts and reports , strategic planning, and scenario analysis.

While PlanGuru supports additional users, each user also comes with an additional monthly fee of $29/month .

Best contract-free business plan software for new businesses

• Pricing : plans start at $15/month; Go service plan for $199/year; Guide service plan for $49/month; Grow service plan for $39/month; additional one-time services and recurring subscriptions available
• Capterra : n/a
• Integrations : MailChimp

While it may not have the longest list of business planning features, GoSmallBiz’s solution is part of a larger business continuity planning software platform that includes tools for everything from human resource management to tax payments. GoBizPlan also offers industry-specific business plan templates to kickstart your business plan creation. This is especially helpful if your business idea is destined for a specific vertical market .

GoSmallBiz users can create financial statements and projections for multiple years, including income statements , cash flow statements , and balance sheets . Finally, GoSmallBiz offers step-by-step guidance, prompts, and tutorials to help users get the most out of the platform .

Business plan software with the option to get help from professionals

• Pricing : free trial available; annual subscriptions available; PlanBuildr uses a custom pricing model; rates aren’t readily available on its website, but one landing page prices the business plan software at $3,500
• Money-back guarantee : none, but subscription may be canceled anytime within the first 30 days
• Integrations : various across accounting, CRM, and marketing tools

PlanBuildr is another user-friendly business plan software for people who aren’t as confident with the writing process. This software uses a fill-in-the-blank business plan creator to help you quickly build a simple but solid business plan. PlanBuildr also offers extensive financial reports and features, including charts and graphs and the ability to create various financial projections.

PlanBuildr has 10 business plan designs to choose from, and you can also hire PlanBuildr for additional business plan writing services .

Why use business plan software?

Entrepreneurs use business plan software to guide them through the process of turning a business idea into a complete business model. Only a select group of small business owners go into business for writing—the rest have stronger skills elsewhere. Business plan software can offer the exact support you need to get the wording, structure, and presentation just right.

Likewise, not every entrepreneur is good with numbers. Business plan software can help with financial forecasting by making sense of your cash flow and other financial data. Some software will even automatically generate financial statements for you, making it easier for you and your audience to understand the numbers.

Many business plan tools also offer a range of business plan templates . It’s almost always easier to follow a template or business plan example than to start with a blank page. Writing a business plan is a lot less intimidating this way. Plus, business plan templates can function as a checklist, ensuring that you don’t omit any important sections or information .

How to choose your business plan software

While most business planning software can accomplish the same end goal, each has its own pros and cons, depending on your needs. The best business plan software for you may be different than the best option for your fellow business owners. When shopping for business plan software, consider the following:

• Budget . Perhaps most obvious, the business plan software you choose needs to fit within your budget. Basic business plan tools may not have all the functionality you’re looking for, but more advanced features typically mean a higher price tag.
• Collaboration . If you’re collaborating on your business plan with a fellow founder, an accountant, or legal counsel, you’ll want a business plan tool that supports multiple team members. Some software also allow you to add users as viewers, which can be helpful for distributing the plan to shareholders, lenders, or potential investors, for example.
• Financial reporting . If business financials and reporting are important to you, choose business plan software that excels in this area. Look for business planning tools that offer financial forecasting features beyond basic data reporting, including marketing and performance reports and data visualization through charts and graphs. If you need more extensive financial tools, consider investing in accounting software .
• Interface . Every tool you use in your business needs to have an interface that’s easy to navigate. Choosing business planning software with a steep learning curve or difficult-to-navigate interface may make the process of creating a business plan more frustrating than it needs to be.
• Templates . One of the greatest advantages to using business plan software is access to business plan templates and examples. The best business plan software options offer a range of templates, enabling you to create business plans for multiple audiences and different contexts.
• Software integrations . If you have a tightly connected tech stack, it would behoove you to find a business plan software that can integrate seamlessly with other popular business tools, including Microsoft Office and popular platforms for marketing and accounting.
• Support. If you run into trouble with your business planning software, a great support team or library of business resources can help you get back on track. As a bonus, most business plan software providers also offer online learning tools to help you maximize your results, including video tutorials and built-in advice modules
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Business plan software FAQ

What is the best software to write a business plan, what are the 4 types of business plans.

• Startup business plan
• One-page business plan
• Internal business plan
• Strategic business plan

Is there a template for a business plan?

Do i need a business plan to start a small business.

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Imagine a symphony orchestra where each musician plays their own tune without listening to others. The result would be chaotic and dissonant, right? Similarly, in the business world, when decision-making happens in silos and planning processes are disconnected, it’s like having a group of individuals playing their own instruments without any coordination. The harmony is lost, and the organization becomes inefficient, misses opportunities, and struggles to keep up with the fast-paced market.

Integrated Business Planning (IBP) addresses these challenges by providing a comprehensive framework that integrates strategic, operational and financial planning, analysis, and reporting to drive better business outcomes.   A retail company experiences a sudden surge in online sales due to a viral social media campaign. Integrated planning incorporates supply chain planning, demand planning, and demand forecasts so the company can quickly assess the impact on inventory levels, supply chain logistics, production plans, and customer service capacity. By having real-time data at their fingertips, decision-makers can adjust their strategies, allocate resources accordingly, and capitalize on the unexpected spike in demand, ensuring customer satisfaction while maximizing revenue.   This blog explores the significance of IBP in today’s modern business landscape and highlights its key benefits and implementation considerations.

Integrated Business Planning (IBP) is a holistic approach that integrates strategic planning, operational planning, and financial planning within an organization. IBP brings together various functions, including sales, marketing, finance, supply chain, human resources, IT and beyond to collaborate across business units and make informed decisions that drive overall business success. The term ‘IBP’ was introduced by the management consulting firm Oliver Wight to describe an evolved version of the sales and operations planning (S&OP process) they originally developed in the early 1980s.

1. Strategic planning

Integrated Business Planning starts with strategic planning. The management team defines the organization’s long-term goals and objectives. This includes analyzing market trends, competitive forces, and customer demands to identify opportunities and threats. Strategic planning sets the direction for the entire organization and establishes the foundation for subsequent planning roadmap.

2. Operational planning

Operational planning focuses on translating strategic goals into actionable plans at the operational level. This involves breaking down the strategic objectives into specific targets and initiatives that different departments and functions need to execute.

For example, the sales department might develop a plan to enter new markets or launch new products, while the supply chain department focuses on inventory optimization and ensuring efficient logistics. The key is to align operational plans with the broader strategic objectives to ensure consistency and coherence throughout the organization.

3. Financial planning

Financial planning ensures that the organization’s strategic and operational plans are financially viable. It involves developing detailed financial projections, including revenue forecasts, expense budgets, and cash flow forecasts. By integrating financial planning with strategic and operational planning, organizations can evaluate financial profitability, identify potential gaps or risks, and make necessary adjustments to achieve financial targets.

 4. Cross-functional collaboration

A fundamental aspect of IBP is the collaboration and involvement of various functions and departments within the organization. Rather than working in isolation, departments such as sales, marketing, finance, supply chain, human resources, and IT come together to share information, align objectives, and make coordinated decisions.

5. Data integration and analytics

IBP relies on the integration of data from different sources and systems. This may involve consolidating data from enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, supply chain management systems, and other relevant sources. Advanced analytics and business intelligence tools are utilized to analyze and interpret the data, uncovering insights and trends that drive informed decision-making.

6. Continuous monitoring and performance management

The Integrated Business Planning process requires continuous monitoring of performance against plans and targets. Key performance indicators (KPIs) are established to measure progress and enable proactive management. Regular performance reviews and reporting enable organizations to identify deviations, take corrective actions, and continuously improve their planning processes.

By integrating strategic, operational, and financial planning organizations can unlock the full potential of IBP and drive business success and achieve their goals.

Enhanced decision-making

IBP facilitates data-driven decision-making by providing real-time insights into various aspects of the business. By bringing together data from various departments, organizations can develop a holistic view of their operations, enabling them to make better-informed decisions.

Improved alignment

By aligning strategic objectives with operational plans and financial goals, IBP ensures that every department and employee is working towards a common vision. This alignment fosters synergy and drives cross-functional collaboration.

Agility and responsiveness

In the rapidly changing business landscape, agility is crucial. IBP allows organizations to quickly adapt to market shifts, demand fluctuations, and emerging opportunities. By continuously monitoring and adjusting plans, businesses can remain responsive and seize competitive advantages.

Optimal resource allocation

Integrated Business Planning enables organizations to optimize resource allocation across different functions. It helps identify bottlenecks, allocate resources effectively, and prioritize initiatives that yield the highest returns, leading to improved efficiency and cost savings.

Risk management

IBP facilitates proactive risk management by considering various scenarios and identifying potential risks and opportunities. By analyzing data and conducting what-if analyses, companies can develop contingency plans and mitigate risks before they materialize.

Implementing an effective IBP process requires careful planning and execution that may require substantial effort and a change of management, but the rewards are well worth it. Here are some essential strategic steps to consider:

1. Executive sponsorship

Establish leadership buy-in; gain support from top-level executives who understand the value of Integrated Business Planning and can drive the necessary organizational changes. Leadership commitment, led by CFO, is crucial for successful implementation.

2. Continuous improvement

Continuously monitor and adjust; implement mechanisms to monitor performance against plans and targets. Regularly review key performance indicators (KPIs), conduct performance analysis, and generate timely reports and dashboards. Identify deviations, take corrective actions, and continuously improve the planning processes based on feedback and insights.

3. Integration of people and technology

To foster cross-functional collaboration, the organization must identify key stakeholders, break down silos, and encourage open communication among departments. Creating a collaborative culture that values information sharing and collective decision-making is essential.

Simultaneously, implementing a robust data integration system, encompassing ERP, CRM, and supply chain management systems, ensures seamless data flow and real-time updates. User-friendly interfaces, data governance, and training provide the necessary technological support. Combining these efforts cultivates an environment of collaboration and data-driven decision-making, boosting operational efficiency and competitiveness.

4. Technology

Implement advanced analytics and business intelligence solutions to streamline and automate the planning process and assist decision-making capabilities. These solutions provide comprehensive functionality, data integration capabilities, scenario planning and modeling, and real-time reporting.

From a tech perspective, organizations need advanced software solutions and systems that facilitate seamless data integration and collaboration to support IBP. Here are some key components that contribute to the success of integrated business planning:

1. Corporate performance management

A platform that serves as the backbone of integrated business planning by integrating data from different departments and functions. It enables a centralized repository of information and provides real-time visibility into the entire business.

2. Business intelligence (BI) tools

Business intelligence tools play a vital role in analyzing and visualizing integrated data from multiple sources. These tools provide comprehensive insights into key metrics and help identify trends, patterns, and opportunities. By leveraging BI tools, decision-makers can quickly evaluate financial performance, make data-driven business decisions and increase forecast accuracy.

3. Collaborative planning and forecasting solutions

Collaborative planning and forecasting solutions enable cross-functional teams to work together in creating and refining plans. These planning solutions facilitate real-time collaboration, allowing stakeholders to contribute their expertise and insights. With end-to-end visibility, organizations can ensure that plans are comprehensive, accurate, and aligned with business strategy.

4. Data integration and automation

To ensure seamless data integration, organizations need to invest in data integration and automation tools. These tools enable the extraction, transformation, and loading (ETL) of data from various sources. Automation streamlines data processes reduces manual effort and minimizes the risk of errors or data discrepancies.

5. Cloud-based solutions

Cloud computing offers scalability, flexibility, and accessibility, making it an ideal choice for integrated business planning. Cloud-based solutions provide a centralized platform where teams can access data, collaborate, and make real-time updates from anywhere, at any time. The cloud also offers data security, disaster recovery, and cost efficiencies compared to on-premises infrastructure.

6. Data governance and security

As organizations integrate data from multiple sources, maintaining data governance and security becomes crucial. Establishing data governance policies and ensuring compliance with data protection regulations are vital steps in maintaining data integrity and safeguarding sensitive information. Implementing robust data security measures, such as encryption and access controls, helps protect against data breaches and unauthorized access.

IBM Planning Analytics  is a highly scalable and flexible solution for Integrated Business Planning. It supports and strengthens the five pillars discussed above, empowering organizations to achieve their strategic goals and make better data-driven decisions. With its AI- infused advanced analytics and modeling capabilities, IBM Planning Analytics allows organizations to integrate strategic, operational, and financial planning seamlessly. The solution enables cross-functional collaboration by providing a centralized platform where teams from various departments can collaborate, share insights, and align their plans. IBM Planning Analytics also offers powerful data integration capabilities, allowing organizations to consolidate data from multiple sources and systems, providing a holistic view of the business. The solutions’s robust embedded AI predictive analytics uses internal and external data and machine learning to provide accurate demand forecasts. IBM Planning Analytics supports continuous monitoring and performance management by providing real-time reporting, dashboards, and key performance indicators (KPIs) that enable organizations to track progress and take proactive actions.  As the business landscape continues to evolve, embracing Integrated Business Planning is no longer an option but a necessity for organizations. To succeed in this dynamic environment, businesses need an integrated approach to planning that brings all the departments and data together, creating a symphony of collaboration and coordination.

Learn more about IBM Planning Analytics

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Blog Business 8 Best Business Plan Software for 2024

8 Best Business Plan Software for 2024

Written by: Krystle Wong Jan 01, 2024

Gone are the days of staring at blank pages and struggling to structure a business plan effectively. With user-friendly interfaces and a wide range of business plan templates catering to various industries, creating business plans that are polished, professional and data-driven can now be done in a fraction of the time.

For startups, business plan software guides them through the crucial early stages with comprehensive business plan templates and financial modeling tools. Established businesses on the other hand benefit from the software’s collaborative features, enabling seamless teamwork as they pivot, innovate and pursue new growth opportunities.

In this article, let’s delve into exploring the seven best business plan software for 2024. Whether you’re an aspiring entrepreneur with a groundbreaking idea or a seasoned business owner ready to elevate your enterprise to new heights, these software solutions have all you need to create a solid business plan.

Click to jump ahead:

What is a business plan software?

• 7 Best business plan software for 2024

Factors to consider when choosing a business plan software

7 steps to create your own business plan, business plan software faq, key takeaway.

A Business plan software is a specialized digital tool designed to assist entrepreneurs, startups and established businesses in creating, organizing and presenting comprehensive business plans. 

Business plan software significantly reduces the time and effort required to create a comprehensive business plan . The availability of business plan templates, financial modeling tools and automated features streamlines the process of business planning and eliminates the need for starting from scratch.

Some advanced business planning software even integrates market research capabilities. This feature provides users with access to market trends, industry benchmarks and relevant data. Access to such data helps users make informed decisions and demonstrate a thorough understanding of their target market.

8 Best business plan software for 2024 

1. venngage.

Venngage specializes in transforming traditional business plans into captivating visual stories. Visuals can communicate complex information effectively, ensuring your ideas stand out and resonate with your audience.

When it comes to business planning, conveying your ideas with impact is just as important as the content itself. In this digital age, visual storytelling has emerged as a powerful way to captivate audiences and leave a lasting impression. That’s where Venngage steps in.

With a rich library of templates, Venngage offers a variety of themes and styles to suit different industries and business types. Customize your business plans with our user-friendly drag-and-drop tools by adding your brand elements, customizing colors, fonts and visuals to make your business plan truly unique. Check out our library of sample business plans to get started today.

However, while Venngage excels in visual storytelling, it might not be the go-to tool for in-depth financial forecasts and analysis. Users seeking extensive financial modeling might want to complement Venngage with a comprehensive business planning tool.

Pricing options:

Create your first 5 designs with Venngage for free and upgrade to a premium or business plan for $10/month per user and $24/month per user respectively to enjoy premium features. For larger teams who need extra support, controls and security, the enterprise plan starts from $499/month for 10+ seats.

Can I collaborate with team members using this business plan software?

Yes, absolutely! Venngage offers collaborative features that allow you to work seamlessly with multiple team members when creating business plans. You can invite team members to join your Venngage account and they can contribute to the design process in real time. 

Can I export my business plan to different file formats?

Upgrade to a premium or business plan on Venngage to export your professional business plan to different file formats. After designing your business plan, you can choose to export it as a high-quality PDF document, which is ideal for sharing and printing. Additionally, Venngage allows you to export your business plan as an image file (PNG or JPG), making it easy to use in presentations or on your website. 

Is this business plan software suitable for startups or established businesses? 

Venngage is great for entrepreneurs and businesses looking to enhance their business plans with visually engaging infographics and visual assets.

Instead of sharing a lengthy, 50-page document that may bore your audience and fail to effectively convey your message — present your business plan with infographics. Here’s how you can create a business plan infographic that will wow your readers and showcase your business at its best. 

2. LivePlan

Source: Screenshot from LivePlan

In the realm of business planning software, LivePlan stands out as a reliable and user-friendly tool. With a focus on seamless financial forecasting and budgeting capabilities, LivePlan streamlines the planning process, helping businesses transform their visions into reality.

The software’s financial forecasting tools provide users with the ability to project revenue, expenses and cash flow accurately. This financial insight is invaluable for making informed decisions and setting realistic goals.

For hassle-free data integration, the business plan software offers seamless integration with accounting software . This feature allows users to import financial data effortlessly, saving time and reducing manual data entry.

While LivePlan excels in financial planning and user-friendliness, some users may find the customization options for design and layout to be limited. For businesses seeking highly tailored visual aesthetics, LivePlan’s template-based approach might be less ideal.

The standard plan is available at $20/month for monthly billing and $15/month for annual billing. For businesses seeking extensive financial tools to support their operations and growth, the Premium plan costs $20 for the first month and $40/month (monthly billing) or $30/month (annual billing) for subsequent months.

LivePlan facilitates seamless collaboration among users within your account, allowing multiple individuals to work on the same plan concurrently. To prevent conflicting edits, LivePlan restricts access to specific sections, allowing only one user to edit at a time while others observe the locked section.

You can export your business plan by using the print to PDF feature. This generates your plan content in a standard file format compatible with Adobe Reader and other free reader programs. Alternatively, you can export your plan to Microsoft Word (2007 or later).

A great tool for small businesses, startups and entrepreneurs looking for easy-to-use software with solid financial planning tools.

3. Upmetrics

Upmetrics is an AI-powered business planning software that helps businesses of all sizes and industries write their business plan.

With Upmetrics AI Assistant, you can write your plan faster, get answers to any business-related queries, and prepare financial forecasts in no time. 

Besides, the subscription includes access to 400+ sample business plans, various informative guides, and video tutorials to keep your business plan writing process on track. 

Additionally, it has collaborative features, so that everyone on the team can share their insights. Not just that, the software provides you with an AI pitch deck generator, so you can make a stellar pitch.

As an AI business plan builder , Upmetrics is suitable for entrepreneurs, startups, and small businesses to write their plans at any stage. Although it has various cover page designs and immense customization options, it might still lack visual appeal. 

Pricing plan options 

• Starter plan – $7 monthly 
• Premium plan – $14 monthly 

Yes, you can collaborate with your team members while using Upmetrics. It offers collaboration tools that allow you to work effortlessly with your team on the business plan. You can invite team members to collaborate, assign tasks, and track the progress together. 

You can download your business plan as a PDF or directly as a document in Word. Besides, you can share the business plan directly to any email, and they will get the viewer access to the plan. 

Upmetrics is a versatile business planning software suitable for startups and established businesses. But its financial planning features, step-by-step guidance, and AI Assistant make it more useful for startups writing business plans for the first time.

4. BizPlan by Startups.com

Source: Screenshot from BizPlan

If you’re a startup aiming to raise investments, BizPlan is the one for you. As a universal professional business plan builder, BizPlan offers the added advantage of seamless integration with all the tools within the Startups.com network.

Designed with startups in mind, BizPlan’s step-by-step approach allows you to break down the entire scope of work into manageable steps and the built-in Progress Tracker tool keeps you on track towards success.

Once you subscribe, BizPlan opens the door to utilizing all the tools offered by Startups.com, making it a one-stop shop for your entrepreneurial needs. Whether it’s lifetime access to the service, connectivity to Findable to attract financial investments, a wealth of online educational programs or the ability to connect multiple owners to a single account, BizPlan delivers comprehensive support.

While the business plan software offers an array of benefits, it’s essential to consider the possible downsides. The absence of a free version and a mobile app, along with a lack of industry-specific templates for business plans may be worth considering before making your decision

Pricing plan options:

• Monthly plan ($29 per month)
• Annual plan ($20.75 per month or $249/year)
• Lifetime access (one-time fee of $349)

Bizplan encourages collaboration with partners, team members, advisors and subject matter experts by allowing threaded comments throughout the entire plan. It provides control over who can access sensitive financial data and enables convenient cloud-based access from anywhere.

Bizplan provides multiple options for sharing your business plan with others. You can generate an online version of your plan, which can be set as private by default or made publicly accessible through a unique shareable URL. Additionally, Bizplan offers the option to create a custom-branded PDF of your business plan. 

BizPlan is great for entrepreneurs and small businesses who value a vast collection of resources and need support in financial analysis.

Source: Screenshot from Enloop

Enloop emerges as one of the best business plan tools for startups, catering to entrepreneurs who crave a streamlined planning process. With the ability to automatically generate basic text for each section of your plan, Enloop saves time and effort in crafting your business vision.

A highlight of the business plan tool is its automatic generation of financial projections, offering accurate insights based on your entered data. This powerful feature empowers entrepreneurs to make informed decisions and project future outcomes with confidence.

For those with a penchant for strategic thinking, Enloop’s “what-if” scenario analysis becomes an invaluable tool. It allows users to explore various business strategies and assess their potential impact on plan outcomes, enabling sound decision-making.

Enloop doesn’t stop at generating numbers; it goes a step further by providing a business plan grading system. This insightful feature assesses plan quality, giving users valuable feedback to refine and enhance their business plans.

However, it’s essential to consider the software’s limitations as customization and design options are relatively limited. Additionally, the basic version of Enloop might not meet the needs of all users, as it lacks certain advanced features. 

• Seven day free trial (no credit card required)
• Detailed plan ($19.95/month or $11/month when billed annually)
• Performance plan ($39.95/month or $24/month when billed annually)

Enloop’s online business plan writing app lets you invite and collaborate with anyone on your business plans using the ‘Invite & Share’ feature.

Enloop allows you to download your business plan in PDF format whenever you’re ready. The plans remain accessible in your paid account, encouraging regular updates to keep track of your business’s health and have an up-to-date plan ready for financing needs.

Suitable for entrepreneurs seeking a tool that simplifies financial forecasting and scenario analysis.

6. PlanGuru

Source: Screenshot from PlanGuru

PlanGuru’s standout feature lies in its ability to forecast all three financial statements – income statement, balance sheet and cash flow statement so that users can make data-driven decisions.

Creating detailed analyses becomes a breeze with PlanGuru’s general ledger import utilities, allowing seamless historical data import. The software facilitates budget vs actual reporting and enables building rolling forecasts with just a few clicks each month.

Unlimited budgeting flexibility is another advantage offered by the business plan builder. Users can craft simple high-level small business budgets or delve into intricate multi-department operating budgets with ease.

With scenario analysis capabilities, PlanGuru empowers users to interpret the financial impact of specific events accurately. This feature enables making critical investments and strategic decisions with confidence, knowing thorough due diligence has been performed.

Given its sophisticated features, PlanGuru may be more suitable for financial professionals and analysts looking for in-depth financial analysis and budgeting tools. Users not familiar with financial modeling may face a steeper learning curve when utilizing Enloop’s robust capabilities.

• Single entity ($99/month or $75/month when billed annually)
• Multi-department consolidations ($299/month or $225/month when billed annually)

You can add up to 3 users with the multi-department consolidation plan. Additionally, all plans allow you to add on $29/month (billed monthly) or $25/month (billed annually) for each extra user.

What other apps does PlanGuru integrate with?

The cloud-based platform is also accessible as a Windows-based desktop version, giving you the freedom to choose the format that suits you best. Additionally, PlanGuru seamlessly integrates with MS Excel, QuickBooks Online and Xero, providing further flexibility and convenience in using the software.

The cloud-based version is suitable for SMBs or nonprofits budgeting for a single entity while the multi-department consolidations plan is for companies with multiple departments needing consolidated budgets.

7. Business Sorter

Source: Screenshot from Business Sorter

With Business Sorter’s card sort system, crafting the foundation of your plan becomes a breeze. Featuring 273 cards covering various business situations, the business plan generator offers flexibility, allowing users to customize their plan by adding their cards or modifying existing ones, tailoring the plan to their specific needs.

The platform also provides the convenience of viewing your plan on any device, including smartphones, which not many business plan apps have. Additionally, guidance is at hand with Business Sorter as the software provides valuable tips and advice for every key step, empowering users to implement their business strategy with confidence.

While Business Sorter excels in its interactive features, it may not offer as extensive financial analysis tools as other business plan software. For businesses requiring advanced financial modeling capabilities, Business Sorter might not fully meet their requirements.

• For small teams with up to 3 users ($10/month or $80/year)
• For medium teams with up to 10 users ($30/month or $240/year)
• For large teams with up to 30 users ($80/month or $640/year)
• For enterprises with unlimited users (custom pricing)

Your business plan can be edited by only one user at a time. When a user opens a plan, it automatically locks to prevent any data loss and remains locked until the user finishes their work and exits the plan.

You can print each business plan directly from the plan summaries on your dashboard. 

Suitable for both entrepreneurs and businesses looking for an interactive and visually appealing planning approach.

9. AchieveIt

Source: Screenshot from AchieveIt

AchieveIt stands as a versatile software for business plans, designed to simplify the planning process for businesses of all sizes and planning methods. With AchieveIt, you can easily build plans, ensuring alignment and engagement among your employees and optimizing plans for seamless execution.

Regardless of your preferred planning method, AchieveIt empowers you to construct plans effortlessly, providing a flexible solution for any planning use case. The software ensures your plans are well-aligned with your organization’s objectives, engaging all team members for successful plan execution.

The business plan tool provides robust tracking and reporting features, allowing businesses to monitor the progress of their plans and measure performance against set goals. Users can create customized dashboards to visualize key performance metrics, making it easier to identify trends and insights.

That said, In comparison to most business plan software, AchieveIt’s pricing might be relatively higher with its extensive features. On top of that, for users new to strategic planning software, AchieveIt may present a learning curve during the initial adoption phase.

The business plan software packages for AchieveIt varies based on factors like organization size, required functionality and the number of users. AchieveIt being an enterprise-level software offers custom pricing to cater to the specific needs of each business. For accurate pricing details, it’s best to contact their sales or customer support team.

AchieveIt allows team members, stakeholders and advisors to have shared access to the platform, providing them with visibility into the latest updates and progress on the plans. Users can assign tasks to team members and track their progress within the platform. 

Can AchieveIt integrate with existing systems?

AchieveIt’s Data Integration API lets you import key metric data from existing systems, saving time and reducing errors by eliminating the need for data entry in multiple places.

AchieveIt is best suited for medium to large-sized businesses and organizations that require a comprehensive and collaborative strategic planning platform. It caters to teams and enterprises seeking to improve their planning processes, track performance and drive organizational alignment to achieve business objectives effectively.

No idea what your business plan should look like? Check out these business plan examples for inspiration. 

When searching for the best business planning software, you may be wondering — what features should I look for in business plan software? You want to make sure it meets your specific requirements and streamlines the planning process effectively. Here are the top six factors to consider:

Ease of use

The software should have a user-friendly interface that simplifies the process of creating a business plan. Look for intuitive navigation, clear instruction and a layout that makes it easy to input and organize your information.

Features and business plan templates

Check the range of features and business plan templates the software offers. Look for a diverse selection of business plan templates catering to various industries and business types. The software should provide essential sections like executive summaries, market analysis, financial projections and more.

Financial modeling tools

Your business plan software should allow you to input financial data and generate accurate and comprehensive financial projections. These business plan creation tools are vital for assessing the financial viability of your business.

Collaboration and sharing

If you’ll be working with a team or seeking feedback from others, consider software that enables real-time collaboration and easy sharing. The ability to work together seamlessly can enhance productivity and improve the quality of your business plan.

Built for fast-moving teams that need to be on the same page, Venngage’s real-time collaboration enables you to polish your design with your team in real time, leave comments on each other’s work,and save your designs in one shared folder. With your  Venngage Business  account, you can easily invite and manage your team members to collaborate on a design, all in real time.

Security and data protection

Since a business plan contains sensitive information, prioritize software that prioritizes security. Ensure that the software uses encryption and data protection measures to keep your data safe from unauthorized access.

Exporting and sharing options

Check the software’s export options. You’ll likely want to share your business plan with others, so ensure it can be exported in popular formats like PDF or PowerPoint.

Are you an entrepreneur starting a new business or expanding your existing business? This guide on how to create a small business plan might come in handy for you. 

Creating business plans can be a crucial step in setting your entrepreneurial vision on the right track. To help you through the process, here are 7 steps to guide you in crafting a comprehensive business plan:

Step 1: Executive summary

Start with an attention-grabbing executive summary. This section provides an overview of your business. In your executive summary, make sure to highlight your mission, goals, products or services, target market and the unique value you offer. Keep it concise, yet compelling.

Step 2: Company description

Give a detailed description of your company. Explain your business’s history, its legal structure (e.g. sole proprietorship, LLC, corporation) and the reasons why your business will succeed in the market.

Step 3: Market analysis

Conduct thorough market research to understand your industry, target market and competition. Identify your ideal customers, their needs and preferences. Analyze your competitors and highlight your competitive advantages.

Step 4: Products and Services

Describe your products or services in depth. Explain their features, benefits and how they meet the needs of your target customers. Emphasize what sets your offerings apart from the competition.

Step 5: Marketing and sales strategy

Outline your marketing and sales strategies to reach your target audience. Explain your promotional activities, pricing strategies, distribution channels and sales tactics. Detail how you plan to acquire and retain customers.

Step 6: Financial projections

Project your financial performance over the next three to five years. Include estimated revenue, expenses and cash flow. Detail your startup costs and funding requirements if applicable. Be realistic and supported by market research.

Step 7: Implementation plan

Create a detailed roadmap for executing your business plan. Set specific goals and milestones. Break down tasks and assign responsibilities. Include timelines and a plan for measuring progress.

A great tip here is to start with a well-structured outline. This guide on how to create a business plan outline will help you in creating your blueprint to easily identify your business’ resource needs, including finances, personnel and equipment. 

Is my business data safe with business plan software?

Most reputable business plan software providers prioritize data security and employ encryption and other measures to keep your business data safe from unauthorized access.

What are the benefits of using business planning tools?

Business planning tools offer time efficiency, professional presentation, error reduction, collaborative features and accessibility, making it easier to create a comprehensive business plan that impresses investors and stakeholders.

Do I need any specific skills or expertise to use business plan software?

No, many business plan software solutions are designed to be user-friendly, requiring no specific skills or expertise. They often come with templates and step-by-step guidance to assist you through the planning process.

In the dynamic landscape of 2024, businesses are on the lookout for innovative tools to stay ahead of the curve and drive their growth. These 7 business plan software picks for 2024 offer a wide range of features, from user-friendly interfaces and real-time collaboration to sophisticated financial analysis tools and customizable dashboards.

Whether you’re looking for user-friendly platform business planning tools that aligns with your business planning processes or a business plan writing software that allows you to tailor the business plan according to your industry, goals and unique requirements — I’m quite certain I’ve got them all covered. 

The value of these business plan software options lies not only in their efficiency but also in their ability to save time and reduce errors. By integrating with existing systems through Data Integration APIs, users can seamlessly import key metric data, eliminating redundant data entry and streamlining the process.

If you’re still unsure about which is the right business plan software for your business, you can always take advantage of free trials or video tutorials and demos offered by software providers. Testing the platform firsthand will give you a practical understanding of its usability and suitability for your business.

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10 Best Business Plan Software and Tools in 2024

Got a million-dollar idea but find yourself staring at a blank page when it comes to crafting a business plan?

Yes, a business plan. It’s essential for your company, just like it is for any other firm. No entrepreneur is new to the importance of the plan.

But does the thought of spending endless hours and resources on creating one seem daunting?

Here’s the game-changer—with business plan software , you can craft a solid, engaging plan that attracts investors in just days.

These platforms not only assist in writing your plan but also in creating financial projections, cover pages, and more. But with so many options available, finding the perfect fit for your company can be confusing.

To help you with that, we’ve compiled a list of the top 10 business plan software based on user interface, features, pricing, and more.

Let’s dive in and explore your best options!

Best Paid and Free Business Plan Software and Tools

Jump to section.

Before getting into detailed analyses of each tool, let’s take a look at them to understand their suitability, impressive features, and base price.

How do we analyze these business planning tools?

Following extensive research and evaluation, we’ve compiled a list of the top business planning platforms. We considered factors like user experiences, ratings and reviews from G2 and Capterra, cost, and scalability.

Additionally, we’ve assessed these tools based on their automation capabilities, integrations, and other features. This list is tailored for business owners and individuals looking to streamline and optimize their business planning process.

1. Upmetrics

About Upmetrics

Upmetrics is the leading AI-powered business planning and financial forecasting tool for business students, entrepreneurs, and small business owners.

Upmetrics’ AI assistance helps you draft an entire business plan within an hour; you only need to answer a few questions and refine the initial draft. The platform allows you to work with your partners, advisors, or consultants in real time, ensuring everyone’s on the same page.

Besides, if you have burning business questions, you can’t seem to find the answer, shoot. Upmetrics’ AI Assist will provide practical answers for them. It’s like a business coach or co-pilot working with you on your plan.

Wait. That’s not all! Besides all these features, Upmetrics offers an automated financial forecasting tool with a visual dashboard, an AI-powered pitch deck creator, an extensive library of 400+ sample plans, a strategic planning tool, and a lot more.

Here’s the cherry on top: All these features won’t cost you a fortune. Upmetrics is affordable, reliable, and best for beginners (no technical knowledge needed).

Let’s have a look at what more you get using Upmetrics:

AI business plan generator

With an AI business plan generator, you answer a few questions and your plan will be ready.

Automated financial projections

Our AI does all the hard work and provides realistic financial projections without any complex calculations.

400+ business plan templates

Upmetrics has a library of customizable business plan templates to give you a great start on your plan.

AI co-pilot

Our AI co-pilot is your research assistant & business advisor, answering questions and providing insights.

Integration

Integrate your actual financial data from Xero and QuickBooks directly for seamless financial planning.

Real-time collaboration

The tool lets teams work together on business plans simultaneously, enhancing efficiency.

Other key features of Upmetrics include:

• AI pitch deck creator: With our AI business pitch builder, you can effortlessly auto-write sections, integrate business plan data, and create compelling presentations that capture investor interest.
• Guided business plan builder: With practical tips and examples you get inspiration on what exactly to write. Besides that, our drag-and-drop builder ensures a clear and visually appealing design.
• AI assistance: Enhance the business plan writing with AI assistant, through which you can auto-write, change the tone, alter the language, adjust the length, make financial statements, and more.
• Create actionable business strategies: Simplify the creation, management, and execution of your business strategy with our powerful planning tools and business canvases.
• Business resources: The tool offers various business resources like checklists, guides, and video tutorials to give you a great head-start for your business plan writing journey.
• Scenario planning: Easily see how different decisions affect your finances by testing various scenarios. This helps you prepare for any future financial situation.

Upmetrics pricing

Upmetrics provides the most affordable plans, and it also offers a 15-day money-back guarantee. Here are the two plans that the tool offers:

Create winning Business Plans with ultimate

AI Business Plan Generator

Plans starting from $7/month

What People Say About Us

2. Liveplan

About Liveplan

LivePlan is one of the best and most renowned business planning, budgeting, and performance-tracking tools for startups and small business owners.

Whether you’re a startup looking to attract potential investors or an established organization that needs help creating a forecast of your business’s financial future—LivePlan can help.

LivePlan simplifies the process of creating a professional business plan with its instruction manuals, tutorials, and expert guidance, whereas its automated financials built-in with formulas ensure precise financial forecasting.

LivePlan provides a wide range of features which may include:

• AI-powered business plan creator: It helps you write your business plan and answer your business-related doubts. It also helps you change the tone and length. However, the price may be prohibitive for some users.
• Budgeting and expense tracking: The tool helps you manage your finances with ease, providing real-time insights and detailed reports.
• Online learning tools & resources: From tutorials to step-by-step guides and a library of templates, LivePlan provides the resources needed to create a successful business plan.
• Collaborative planning: It enables teams to collaborate on business plans with real-time editing and commenting from anywhere.
• Pitch deck creator: With a customizable template and easy-to-use tools, you can create professional pitch decks that effectively communicate your business idea and vision.

What I didn't like about LivePlan?

Compare Liveplan with Others

Liveplan vs. Enloop: Which is Best for Your Business?

IdeaBuddy vs. Liveplan: Which is Best for Your Business?

Bizplan vs. Liveplan: Which is Best for Your Business?

About Enloop

Enloop is a business planning and financial forecasting tool. It helps business owners measure the strength of their business plan through their performance score feature to help them begin their venture with confidence. 

Unlike Upmetrics and LivePlan—Enloop is designed for individuals with prior financial knowledge and business planning experience.

Understanding all of its functionalities can be tough since it’s not the most intuitive and user-friendly application in this space. So it may take a while to get used to it.

Enloop provides a wide range of financial tools and business planning features, which may include:

• Business plan creation: Enloop's business plan creation feature guides you through the process of creating a professional business plan.
• Automated financial forecasts: The tool automatically generates financial forecasts in your business plan, which you can edit later. Although, there aren’t many verified reviews to back their claims.
• Collaboration features: It allows collaboration but lacks real-time editing and commenting. Members must save changes before others can access the plan.
• Real-time performance score: The real-time performance score goes up as you complete each section helping you improve your plan.

What I didn't like about Enloop?

4. IdeaBuddy

About IdeaBuddy

IdeaBuddy is an innovative business planning tool that helps new-age entrepreneurs turn their ideas into successful business plans. 

Customizable templates, industry-based guides, as well as streamlined idea and business plan creation, make it one of the most user-friendly applications on the list.

It’s designed on a principle where users can develop, test, and launch their business ideas—all in one place. While it’s great for idea creation, it may lack several comprehensive business planning features.

Financial forecasting is vital to a business plan, but IdeaBuddy may not provide all the necessary financial features for accurate projections.

So if your business is in the idea stage—choosing IdeaBuddy could be a fair call, but if you plan to build a comprehensive business plan, you need another tool.

IdeaBuddy provides a wide range of features, which may include:

• Modern business plan builder: It compiles all the sections from the business guide to generate a modern business plan.
• Mobile-friendly platform: It lets you manage your business plans from any mobile device with ease. You can collaborate in real-time and make quick edits and updates.
• Customizable templates: IdeaBuddy’s customizable templates offer a flexible and professional framework for creating business plans, financial forecasts, and pitch decks. But it doesn’t offer extensive design customization features.
• Test to score your idea: This feature evaluates your business concept's viability using a structured scoring system, competitive advantage, and financial feasibility.
• Brainstorm ideas with your team: This feature facilitates collaborative idea generation and development. It allows members to contribute their insights in a shared environment.

What I didn't like about IdeaBuddy?

About Planful

Planful is a business planning and financial performance management cloud software. It provides a structured framework for industry-wide businesses to develop, track, and execute their plans.

The tool specializes in financial performance management with advanced features like—financial close management, reporting, and consolidation.

While the tool has numerous advanced features and functionalities—they all come with a high price tag as it’s mainly designed for medium and large-scale enterprises.

Let’s have a look at the extensive financial tools and features you may get with a planful subscription:

• Budgeting and forecasting: With features like forecasts, driver-based planning, and what-if scenario analysis organizations can align budgets with business goals.
• Financial consolidation: Real-time consolidation updates and detailed reporting capabilities offer insights into financial performance across the organization.
• Scenario modeling: Users can create multiple scenarios and compare them to make informed decisions.
• Anomaly detection: Planful helps you spot unusual or out-of-the-ordinary things in a company's financial information to improve data accuracy.
• Data integration and connectivity: The platform integrates seamlessly with ERP, CRM, and other systems, ensuring that data is up-to-date and accurate.

What I didn't like about Planful?

6. iPlanner

About iPlanner

iPlanner is a business planning tool that has been helping entrepreneurs develop their business plans since 2007. It’s suitable for businesses looking to secure funding, better understand and manage risks, or communicate the company’s business model and strategy to the team.

Though this business planning tool has been around for over a decade now, it hasn’t seemed to cope with technological advancements, so it may not provide the most intuitive and visually appealing user interface.

But if you’re searching for an affordable business planning and performance tracking tool with KPIs, analytics, and reporting features, iPlanner can be a good investment.

Here’s an overview of the key features of iPlanner—a business planning tool: 

• Financial forecasting: There are tools to create comprehensive financial forecasts, including income statements, balance sheets, and cash flows.
• Scenario analysis: The scenario analysis feature enables you to evaluate various business scenarios by adjusting key variables and assumptions.
• How-to articles and guides: There are how-to articles and other resources to guide you in your business plan writing journey.
• Collaboration and sharing: With real-time editing and commenting, team members can collaborate from anywhere, ensuring everyone is on the same page.

What I didn't like about iPlanner?

7. PlanGuru

About PlanGuru

PlanGuru is a business planning tool that helps entrepreneurs make better decisions, increase profits, and accomplish their business goals through strategic business planning and accurate forecasting.

Budgeting & financial analytics, rolling forecast, and strategic planning are three critical components of PlanGuru’s feature list. 

PlanGuru specializes in forecasting financial statements, scenario analysis, budgeting, and gaining insights through reporting tools.

It offers many advanced financial forecasting features but is quite expensive— making it unsuitable for startups with limited investment capital.

PlanGuru provides a wide range of financial tools and business planning features to create business plans, which may include:

• Business valuation tool: With advanced valuation methods and sensitivity analysis, it enables informed decision-making for strategic planning and investments.
• 20+ standard forecast methods: The platform offers over 20 standard forecast methods, empowering businesses to protect their financial performance.
• Archive budget feature: This feature enables businesses to store and organize past budgets for easy reference and analysis.
• Custom report builder for Excel: It allows users to create tailored financial reports within Excel, leveraging the platform's analytical and visualization tools.

What I didn't like about PlanGuru?

8. The Business Plan Shop

About The Business Plan Shop

The Business Plan Shop is a business & financial planning and analysis platform for small and medium-sized business owners and financial advisors.

Its industry-specific business plan templates make it easier for beginners to get started.

Despite its many features, the business plan tool specializes in financial analysis, forecasting, and KPI tracking. It surely has a few advanced features but can be expensive for startups and small businesses.

This business planning tool provides a wide range of features, which may include:

• Financial forecasting: It automatically generates key financial metrics and allows for scenario commentary to explore different outcomes.
• Sync accounting data: It seamlessly integrates with your accounting software to import financial data directly into your business plan.
• Drag and drop templates and editor: This feature offers you a flexible way to create your plan. Users can easily customize templates by dragging and dropping sections.
• Faster than Microsoft Word: Unlike the manual formatting required in Word, this platform automates many aspects of the process, significantly speeding up the process.

What I didn't like about The Business Plan Shop?

About Bizplan

Bizplan is a comprehensive business planning tool that helps startups, entrepreneurs, and small business owners create business plans with direct access to planning experts. 

Financial tools help create detailed financial projections and financial and cash flow statements in no time, so entrepreneurs can spend more time growing and scaling their businesses.

The platform also has a fundraising tool to help startups connect with potential investors—which has already helped raise over $500 million for startups.

It has all the features to create a basic business plan but may lack industry-specific guidance or assistance.

Let’s have a look at the wide range of features that come with a Bizplan subscription:

• Drag and drop functionality: Customizable templates with drag-and-drop functionality for easy organization and editing.
• Financial modeling: It allows users to easily visualize financial data through charts and graphs, making complex financial information more understandable.
• Reporting and presentation: Track progress and metrics with detailed reports, and easily create professional presentations to showcase your business plan.
• Progress tracking: It enables users to monitor the development of their plan in real-time. It provides a visual overview of completed sections to stay organized.
• Step-by-step guidance: The tool provides users with a structured framework for creating their business plans. It ensures that users cover all aspects of business plans.

What I didn't like about Bizplan?

About Brixx

Brixx is a financial forecasting tool for cash flow, budgeting, and financial planning. Apart from helping users create a basic business plan, the platform also helps them with financial modeling, scenario planning, and goal tracking.

Its interactive charts and graphs can help you present your financial data and cash flow statements for enhanced reader understanding.

Integrating Brixx and other accounting software automates the syncing of your actuals and forecasts, giving you a head start using Brixx.

The tool primarily focuses on financial projections and forecasting, so there are only a few features for other parts of the business plan.

Let’s have a look at some features that come with a Brixx subscription:

• 1-10-year financial forecasts: This tool enables businesses to create detailed projections for profit & loss, cash flow, and balance sheet statements for up to 10 years.
• Automated tax forecasts: It simplifies tax planning by automatically calculating future-based and practical tax liabilities based on your financial data and projections.
• Business resources: The tool includes step-by-step guidance, pre-built templates, and a library of sample plans to help users create professional plans. But if you need help beyond that, the technical support may not be as helpful.
• Scenario planning: It allows users to create and compare multiple financial scenarios to understand the potential impact of different business decisions.

What I didn't like about Brixx?

How to choose the right business planning platform?

All the business plan tools on our list are credible and can help you create a winning business plan. However, it’s critical to understand each tool specializes in certain aspects of business planning.

Let’s understand which factors to consider while choosing the right tool to help you create a professional business plan:

The most obvious factor. Ask yourself how much you can afford to spend on a business plan maker.

A free or low-cost tool may provide only some necessary functionalities to create a detailed plan. So, figure out your budget and shortlist the tools that you can afford to invest in.

Your specific requirements

The next step. Learn your specific requirements. For instance, if your business is in the idea stage, you may not require a tool with advanced financial features like—PlanGuru; Ideabuddy may work.

Both tools cater to specific audiences; if you’re not sure, you may go with Upmetrics. It has pricing plans suitable for all business sizes.

Business plan templates

Custom designing a business plan can be tedious, so make sure the business planning tool you choose has industry-specific templates to help you get started.

AI assistance

Artificial Intelligence has revolutionized the way people get their things done. Make sure you select a platform that also provides AI assistance while creating a business plan.

With tools like ChatGPT and AI business plan generators , you can draft a business plan in a breeze.

Charts and graphs

Let’s face it, no one likes to read long paragraphs. The tool you choose must be able to turn your financial data and balance sheets into appealing and easy-to-understand charts and graphics.

Financial projections

The most critical section of a business plan. Understand your requirements regarding financial projections and the level of features the tool provides.

For instance, a large-scale organization may require a tool that can easily do business financials for ten or more years.

Contribution and sharing features

Make sure the tool you choose provides the contribution and sharing features so that you can work with multiple team members.

Convenience and user-friendliness

A no-brainer. Ensure the platform you choose has a user-friendly user interface and a manageable learning curve to understand all the working features.

Integrations

Some of the best business planning tools integrate with accounting software. This feature can be handy while importing your existing financial details into your business plan.

Step-by-step guides

These user guides and tutorials can help you easily outline and prepare the first draft of your business plan, so make sure you consider this as one of the factors while selecting a tool.

When you’re new to business planning tools, you may need help using some of its features. A responsive support team can help you get back on the right track.

Think of these factors as a checklist while researching the right business planning platform. Once you have checked off all the boxes, you will have the right business plan software by your side.

Pros and Cons of Using Business Plan Software

Undoubtedly, a business planning tool can be a worthwhile investment for your business, but it indeed has a few disadvantages too. Let’s get to that:

• Time Saving: business plan software can be a big time-saving investment.
• Step-by-step guidance: These guides make it easier to get started for beginners.
• Accurate reporting: Good business plan software guarantee the accountability and accuracy of the reports generated.
• Customizations: Business plan tools also offer options to personalize your reports.
• Generic templates: These planning tools often provide generic templates that may not suit your requirements.
• Limited flexibility: In terms of formatting, content, design, and layout.
• Learning curve: Using these tools requires a learning curve to navigate the software.

There have to be a few disadvantages, but they are negligible when you look at the positive side of having a business plan software onboard.

And this section leads us to our conclusion!

That was the article for today with some of the best business plan software. Now over to you. Revisit the top business planning software on the list, do your research, and select the one that best suits your requirements.

Got any more burning questions in mind? The FAQ section starts right after we wrap this article up, feel free to explore. Happy business planning! 

Other Business Plan Software Alternatives

• Best Liveplan Alternatives
• Best Bizplan Alternatives
• Best Growthink Alternatives
• Best Ideabuddy Alternatives
• Best Enloop Alternatives

Say No to Expensive Business Planning Software!

Get Affordable and Feature-Packed Business Planning with Upmetrics

Frequently Asked Questions

What is the best business plan software for startups.

We’ve already mentioned the best business planning tool in the blog post earlier; you may choose one amongst those depending on your specific needs.

However, Upmetrics can be a go-to business planning tool for startups as it only costs $7 per month to get started—which is worth it against the value you get.

Which tool is used as a one-page business plan?

There are many business plan software providing features to create one-page business plans like—Upmetrics and Ideabuddy. You can use Upmetrics’ canvas modeling feature to develop actionable and entrepreneur-focused one-page business plans.

Can I write a business plan myself?

Of course, you can. It’s easier than ever to write a business plan with the emerging use of tools like ChatGPT. Though you can write a business plan, you need assistance making it presentable for your investors.

And business planning tool providers like Upmetrics can help you do that. With 200+ sample business plans, you can easily write the first draft of your business plan.

What is the best way to write a business plan?

There can’t be a standard answer to this question. There are various business planning processes, which might not work for you. Still, considering the time-saving approach, using an industry-specific template and editing it as per your requirements can be an easy way to write a business plan.

Using ChatGPT for business plan writing can also be one of the best ways to write a business plan. As mentioned, there can’t be a specific answer to this question; find a way that best suits your needs.

Is there any free business planning platform available?

It’s really challenging to find the perfect business planning tool, that too, for free. IdeaBuddy from our list has a free plan, but it comes with very limited features, not so helpful for creating a business plan.

A Business planning platform like Upmetrics, Bizplan, and LivePlan also have free demos and trials, so you may try their features before purchasing. Furthermore, you can get 30% off on an Upmetrics subscription if you’re a nonprofit or student.

How much does a business plan tool typically cost?

The cost of a business plan software can widely depend on the level of features and functionalities it provides. Still, the monthly subscription of a business plan tool can range anywhere between $5 to $300.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Nandini Sharma

Strategic planning software solutions: top 11 picks for 2024

Introduction

Every business has some ambitious goals to achieve. And it is only solid strategic planning that makes them attainable.

This involves establishing clear objectives and developing a thoughtful, actionable strategy that helps them realize their vision.

Yet, with ever-shifting priorities, fluctuating market conditions, and dynamic resources, managing these plans manually through spreadsheets and documents becomes problematic quickly. Teams become directionless and are often held up, missing deadlines and struggling with inefficiencies.

This is where strategic planning software comes into play. By shifting to this, businesses can streamline their processes, ensure alignment, and enhance collaboration through centralized information and real-time updates.

If you are looking to build a strategic plan or want to renew your current one, I have listed the 11 best strategic planning tools after a thorough evaluation. But let’s first understand strategic planning software in detail.

What is a strategic planning software?

Strategic planning software, or SPS, is a set of tools that help business managers build an actionable organizational strategy, execute initiatives precisely, and adapt to changes in real-time.

It creates a central command centre for businesses to analyze their current performance, define performance objectives, distribute resources, facilitate collaboration, and track performance towards the set business goals to stay on track. Imagine having a system that transforms your r visionary ideas into concrete actions, by aligning team efforts with the company’s mission and vision. That is the power of strategic planning software. Alongside helping you stay on course, it enables you to adapt to changes in real-time, ensuring all your strategies remain relevant and practical.

11 Best strategic planning software for business

If you are a data-driven decision maker or a streamlined strategist, here is an outlook of the top tools for strategic planning to choose the one that best compliments your workflow.

1. ProofHub

ProofHub is an all-in-one project management software that streamlines strategic planning by bringing focus and clarity to your plan. With all the advanced features consolidated under one roof, strategists do not require multiple applications to execute strategies seamlessly. They can leverage insightful foresight to identify potential roadblocks,  minimize risks, and promote proactive problem-solving. Also, having a clear view of tasks and responsibilities also keeps teams aligned with a shared vision and effectively achieves milestones.

Key features:

• Map out strategic initiatives by defining goals, setting dependencies, and assigning ownership.
• Gantt chart to build a visual timeline for your milestones, deliverables, and deadlines.
• Multiple customized reports like resource capacity, project status, time utilization, and workload to analyze work status, team performance, and potential loopholes.
• Online proofing to review and share feedback on strategic documents.
• Robust collaboration features like discussion, chat, @mentions, and notes to loop team members in on your strategic plan.
• Easy and intuitive user interface with all-in-one functionality.
• Highly customized platform to tailor to your specific needs.
• Supports scalability with its flat and no per-user pricing.
• Caters to global users with multilingual support and time zone settings.
• Provides comprehensive to granular level control over teams and projects.
• Not recommended for solopreneurs and freelancers.
• Invoicing is accessible via integration only.

You can know ProofHub’s plans on the Pricing page !

User ratings:

• Capterra: 4.6

Ready to streamline your strategic planning process? Try ProofHub and experience the difference.

2. Airtable

Airtable is a database management tool with a spreadsheet-like interface. It captures all your plan information – from macro-level insights to smaller details into one board. It allows you to assign tasks, track goals, and collaborate with the team – all in a unified space. Also, you can evaluate progress via dashboards configured with customizable extensions.

• Shared data ensures everyone has access to a single and centralized source of truth.
• Sync keeps everyone informed of real-time updates.
• Built-in case-specific templates to get started in no time.
• Intuitive and user-friendly interface.
•  Integrates with a range of third-party applications.
• Supports real-time collaboration features.
• There are collaboration limits for each database (or base, as they like to call it).
• A free plan doesn’t get you access to the project timeline and data dependencies.
• Expensive in comparison to what it offers.

The three paid Airtable plans are:

• Team: $20/seat/month when billed annually
• Business: $45/seat/month when billed annually
• Enterprise Scale: Contact team for custom pricing
• Capterra: 4.7

Also, check out our list of the best Airtable alternatives

Cascade is a comprehensive strategy execution platform based on the OKR strategy framework. This means you can create quality OKRs and align them with the strategy for effective execution and alignment across the organization. You can keep your strategy, defining mission, key results, and actions in focus by sharing them with others. Also, it offers tools such as performance tracking to monitor your KPIs and reports to capture advancements toward objectives.

• 1000+ strategy templates to avoid scratch work.
• Widget library to add custom visualizations to the dashboard.
• Metrics library to centralize your goals in one frame.
• Supports strong integration capabilities.
• Offers a collection of free strategy resources, like toolkits, ebooks, and more.
• Provides a guide for users to get used to its interface.
• The free plan is limited to four users.
• No in-house collaboration features and functionalities.
• Does not support multiple languages.

Cascade has one free plan and two paid plans.

• Essentials: You have to connect with the team for a tailored pricing solution
• Enterprise+: Contact team for custom pricing
• Capterra: 4.9

Previously known as LiquidPlanner, now (Tempo Portfolio Manager), it is a project management software with innovative solutions to support strategic planning. The smart schedule bars in your roadmap define the estimated completion timeline, along with a red schedule risk alert showcasing possible Target Finish (a term used for deadlines). Moreover, it depends on Slack integration to facilitate team coordination.

• Priority-based scheduling to work on what is important.
• Insightful dashboards to get a glance at project data.
• Range estimates to schedule tasks and define uncertainty.
• Ultimate plan users can have more than one workplace.
• Provides intelligent and automatic scheduling and resource-leveling.
• Promotes transparency across your strategic plan.
• You cannot customize access roles and controls in essentials and professional plans. 
• There is a limit to the number of tasks in the low-tier plans. 
• Does not provide a mobile application. 

LiquidPlanner offers three pricing plans:

• Essentials: $15/user/month when billed yearly
• Professional: $28/user/month when billed yearly
• Ultimate: $42/user/month when billed yearly
• Capterra: 4.3

Explore the list of best LiquidPlanner alternatives to drive efficiency to your strategic plan

5. Profit.co

Profit.co is an OKR -based software designed to assist you in building and executing your strategy with precision. You can use it to create task boards for each task and team so that nothing slips through and goes unnoticed. Also, you can conduct employee performance reviews to ensure their efforts align with your overarching goals.

• Task boards for easy task organization and tracking.
• Alignment dashboards to see how company goals align with team efforts.
• Heatmaps and dashboards to measure progress and spot bottlenecks.
• Provides a comprehensive set of features to support OKR.
• It is easy to measure task progress of both measurable and trackable KPIs.
•  400+ in-built and customs KPIs to track results.
• No built-in chat is available.
• Offers only a board view for visualizing your workflow, lacking multiple task views.
• The extensive functionality feels overwhelming to users.

Profit.co offers two primary modules:

• OKRs & Task Management and Performance Management & Goals . You need to book a demo or contact the sales team for customized bundled purchases. 
• Capterra: 4.8

6. monday.com

monday.com is a powerful work management platform that can enhance strategic planning. It supports project management and team collaboration through multiple task views, templates, dashboards, and automation. Apart from providing insights through customizable dashboards, it enables you to build custom workflows for your strategic plan.

It also provides solutions for CRM and development teams.

• Customizable dashboards to support data-driven decision-making.
• 200+ customizable project templates to avoid wasting time in the initial setup.
• Workload view for fair job distribution and effective resource management.
• Minimal learning curve. 
• Promotes seamless and robust collaboration among teams. 
• Provides 24/7 live customer support. 
• You cannot purchase any plan for a single user. You need to pay at least 3 seats.
• Features like time tracking and Gantt view are available in high-tier plans. 
• Offers limited task dependencies compared to other tools. 

Apart from monday.com’s free plan, the other four paid plans are: 

• Basic: $9/seat/month (billed yearly)
• Standard: $12/seat/month (billed yearly)
• Pro: $19/seat/month (billed yearly)
• Enterprise: Contact the sales team for enterprise-scale features

Look if Monday.com stands the test of effectiveness with our review of monday.com

7. ClearPoint Strategy

ClearPoint Strategy is a well-known name in the strategic planning software market. From building strategies to aligning them to objectives and key results and providing actionable insights to obtain the goals faster, seamless strategic management is facilitated. Also, it is flexible enough to adapt to your business models and enhance your current processes.

• Discussions, reminders, notifications, @mentions for real-time collaboration.
• Tracking dashboard to keep work on track.
• Automated workflow to consolidate updates from strategy owners.
• A great user-friendly, intuitive, and flexible interface.
• Keeps everyone updated with a daily digest of changes and requests.
• Saves time wasted in generating and distributing reports by scheduling them.
• The starter plan is limited to five uses.
• Lacks features to support workload management.
• You cannot configure role-based access in lower-tier plans.

Offers three pricing plans: Starter, Pro, and Enterprise. You need to contact the team to get a quote on all the plans.

ClickUp is one of the popular cloud-based project management software with powerful features, including whiteboards, dashboards, projects, task collaboration, and more. By customizing fields and defining milestones, you can effectively build your roadmap and communicate it to involved stakeholders. Also, it has ClickUp University with helpful resources to help users navigate through the interface without hiccups.

• Visual roadmaps to execute your strategic plan.
• Whiteboards to brainstorm ideas and collaborate in real-time.
• Customized dashboard to focus on what matters the most.
• The free plan is suitable for single users or freelancers.
• Tasks can directly be converted from whiteboards. 
• Similar goals can be seamlessly grouped into a single folder for easy tracking. 
• Overwhelming user interface. 
• No security measures are offered, even in the most popular Business plan.
• Advanced features like time tracking and goal management are available only in top-tier plans. 

Apart from it free plan, ClickUp offers three pricing plans:

• Unlimited: $7/user/month on annual billing
• Business: $12/user/month on annual billing
• Enterprise: Contact the sales team for advanced features

To see how ClickUp stacks against other tools, check out our guide to the best ClickUp alternatives

9. Adobe Workfront

Adobe Workfront is a great tool for enterprise-grade work management activities and processes. Workfront lets you create and compare scenarios, automate task assignments, and seek real-time updates, promoting responsive strategic planning. It offers robust integration with other Adobe applications like Creative Cloud and Experience Manager, along with other popular applications, including G-suite.

• Goal alignment to ensure the team’s daily contributions align with the company’s long-term vision.
• Check-in conversations to collaborate and exchange feedback. 
• Insightful reports with customized reporting elements. 
• Supports agile methodologies. 
• Promotes greater transparency throughout project workflow. 
• Supports data-driven decision-making by transforming complex information into meaningful insights. 
• Not suitable for small businesses. 
• No transparent price listing on the website. 
• The Select plan does not support strategic planning.

Adobe offers three paid pricing plans named, Select, Prime, and Ultimate. To get a customized quote on each plan, you need to contact the team.

• Capterra: 4.4

Wrike is a dynamic project management platform with enterprise-grade features to streamline workflow and support strategic planning. Using Wrike, you can gain insights into team utilization through pre-built reports and track if the team efforts align with shared goals. Additionally, it assists organizations in communicating plans across the departments, keeping everyone informed about every step of the process.

• Report builders to gain insights and make decisions in strategic direction.
• Dashboard templates to enhance transparency among stakeholders.
• Internal and external collaboration features to streamline communication.
• Supports a great range of integrations.
• Highly customizable and collaborative platform.
• Easy to invite collaborators to the interface even in a free plan.
• Advanced reporting and team utilization dashboards are limited to the Enterprise plan.
• Its free plan has limited capabilities, making it less suitable for large or complex projects.
• No built-in chat is available. Can only be accessed through Slack integration.

Wrike offers four pricing plans, including one free plan. 

• Team: $9.80/user/month (billed annually)
• Business: $24.80/user/month (billed annually)
• Enterprise: Contact teams for enterprise-level security
• Pinnacle: Reach out to the team for advanced features 

Explore everything you need to know about Wrike project management software with our comprehensive guide

Aha!, marketed as a complete product management solution, is a great tool for teams to build strategic product development plans. It is a perfect tool for blending the two dimensions of strategic planning and agile methodology.  You can either build your customized roadmap by simply dragging and dropping goals or choose from multiple purpose-built templates and get started in seconds.

• 75+ pre-built product reports and 200 data fields.
• Use Gantt charts to create a visual strategic roadmap.
• Shared dashboard to monitor real-time progress.
• Effortlessly prioritize customer feedback based on value and bring it to the roadmap.
• You can seamlessly create a roadmap and share it with teams to run quickly.
• Linking product goals to strategic initiatives for direct action.

Cons: 

• The per-user pricing plan structure of the tool is expensive.
• Not suitable for teams with a smaller employee base.
• Best suited for users familiar with product development features.

Aha! offers three pricing plans –

• Premium: $59/user/month (on annual billing)
• Enterprise: $99/user/month (on annual billing)
• Enterprise +: $149/user/month (on annual billing)

What are the features of strategic planning software

Now that you understand strategic planning software and have explored your options, here is a list of features to look for. These will help you find the software that best compliments your business workflow.

• Goal setting: A good strategic planning tool helps you define your strategic goals to ensure shared understanding across the organization. Not only that, but you can also prioritize and track your goals with the software.

Learn more about work organizational goals and effective ways to reach them

• Strategic mapping: Strategy maps are necessary to visualize strategic plans and other components. These maps help illustrate how different strategic initiatives are interconnected, giving you a clear view of your plan’s structure and alignment.
• Resource management: A strategic management tool helps you align your resources to strategic goals. By looking into resource utilization and workload, you can ensure that you are utilizing your assets effectively and focusing efforts on the right initiatives.
• Task management: The software you choose should be able to provide you with granular control over tasks. With this functionality, you can break down your strategic initiatives into actionable tasks, set deadlines, delegate responsibilities, ensuring clear accountability and progress tracking.
• Collaboration tools: Your strategic plan isn’t something that must be built and implemented in silos. Choose software that offers features for communication, collaboration, idea sharing, real-time updates, proofing, and helping everyone contribute towards common goals.
• Real-time tracking and reporting: The tool you choose must support data and information visualization using real-time reports . You should be able to track your goals, KPIs, and performance for strategic plan adjustment as and when required.

What are the benefits of strategic planning software

Strategic planning application software enhances the strategic planning process and helps organizations achieve optimal execution. Even though companies with business plans grow 30% faster , implementing strategic planning software amplifies this growth even further.

Let’s explore other benefits you can gain from strategic planning software.

• Streamlined goal tracking: Setting ambitious goals is the basis of building a strategic plan. With an SPS tool, you can easily define your business objectives, milestones , and key performance indicators. This ensures everyone clearly understands what they are expected to achieve.
• Data-driven decision making: The software consolidates real-time performance and past result data points for you to analyze and interpret. You can use the information to measure operational efficiency, identify risks, tailor strategies, and make data-driven decisions.
• Improved collaboration: Strategic planning software creates a unified workspace for brainstorming discussing ideas, sharing updates, and collaborating in real-time. Enhanced transparency and cohesion among team members lead to more effective planning and execution.
• Increased accountability: One study suggests that only 5% of company employees completely understand the company strategy. However, strategic planning software increases this figure by facilitating shared visibility and ensuring everyone takes responsibility for their tasks.
• Resource optimization: SPS software optimizes your resource allocation process by identifying which resources are underutilized and which are overextended. With this information, you can successfully and strategically plan and allocate your resources.
• Better adaptability:  The software increases your ability to quickly adapt to market changes and stakeholder requests, ensuring your plan’s long-term sustainability. By getting these insights, you can adjust strategies and bring everyone on the same page.

Tips to choose the right strategic planning software for business

While different strategic planning software offers different features and capabilities, you must evaluate your options based on some additional parameters. 

• User-friendly interface: Choose software that offers an intuitive, user-friendly interface with a lower learning curve. You and your team must be able to navigate it with ease and without any hiccups.
• Scalability: An SPS software should be able to scale with your business growth. Also, remember that it should accommodate increasing users and evolving features without adding financial burden.
• Ease of use: The software you choose should be straightforward and efficient. Your team should not struggle to keep up with the tools to meet their daily goals. Also, it should offer a mobile app for on-the-go accessibility, ensuring your team can stay productive from anywhere.
• Data security: Security is a major concern for data-driven companies, especially enterprise powerhouses. Therefore, your chosen tool must offer advanced security features to safeguard sensitive information.
• Customization: Strategic planning software should not be rigid in its approach and usability. It should be flexible enough to modify it to your needs and strategic plan requirements.
• Integrations: When evaluating strategic planning software, look for its ability to integrate with other third-party user applications. This connectivity ensures all components of your organization are functional and in alignment with your strategic plan.

Strategic planning is not a yearly or quarterly event, but a continuous process. Where spreadsheets fail to adapt to evolving needs, strategic planning software provides the tools necessary to keep your plans responsive and robust.

Despite the abundance of strategic planning software, selecting the right software can be overwhelming. However, remember, that the right SPS software aligns with your organizational preferences, enhancing your ability to achieve your strategic vision and drive growth.

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How does strategic planning software improve decision-making?

Strategic planning software allows you to define goals, build strategies, allocate resources, facilitate collaboration, and provide data-driven insights to make decisions far beyond intuitive guesswork and more practical.

How long does it take to implement strategic plan?

Although there is no standard timeline that defines the exact duration for successful strategic plan development. The time frame, however, varies from weeks to months, depending on every organization’s unique requirements. Factors influencing the timeframe include the complexity of goals, the availability of resources, and the efficiency of the decision-making process.

How do I measure the effectiveness of strategic planning software?

There are various parameters such as measuring KPIs, tracking milestones, analyzing overall business performance, and collecting feedback from users to understand how the software impacts daily operations and decision-making.

How do I choose the right strategic planning software for my business?

There are various parameters to look for when making the selection of the right strategic planning software for your business.

• Start by identifying your business-specific needs and goals. Considers factors like team size, complexity of strategic plans, and necessary features.
• Look for the functionalities you need such as goal setting, collaboration tools, security measures, reporting capabilities, and more.
• Read user reviews on software review websites like G2 and Capterra to gather real-life experiences with the software.
• Consider scalability by ensuring software grows with your business and adapts to changing needs without excessive costs.

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Best Workforce Planning Software

Workforce planning software is used by companies to plan and budget for current and future headcount across their organization. Human resource (HR), finance, and talent teams use these products to forecast current and future staffing issues by aligning expectations between department leadership on issues like baseline headcount, hiring workflows and approvals, and compensation bands. Workforce planning platforms provide a coherent overview of a business by merging and organizing employee life cycles into a single perspective.

Workforce planning solutions are commonly implemented in HR teams involved in recruitment and payroll but also have applications with finance teams. Workforce planning software frequently integrates with similar and complementary solutions like applicant tracking systems , workforce management , corporate performance management , HR analytics , accounting , org chart , and onboarding software.

To qualify for inclusion in the Workforce Planning category, a product must:

Best Workforce Planning Software At A Glance

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• Italian (1)
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• Overview Expand/Collapse Overview

Bob is the HR platform that simplifies people management and modernizes the work experience for every employee—driving engagement, culture, and productivity. Bob is configurable for the way you operat

• Head of People
• Information Technology and Services
• Computer Software
• 78% Mid-Market
• 19% Small-Business
• HiBob is a human resources information system (HRIS) designed to streamline HR processes, automate tasks, and provide a centralized hub for all HR-related activities.
• Users like the system's user-friendly interface, its ability to automate processes, the wide range of features it offers, and the responsive customer support.
• Reviewers noted that the system's reporting capabilities could be improved, some features are missing or need improvement, and the implementation process can be challenging.
• Pros and Cons Expand/Collapse Pros and Cons
• User Satisfaction Expand/Collapse User Satisfaction

Streamline your business with Rippling’s all-in-one platform for HR, IT, payroll, and spend management. Effortlessly manage the entire employee lifecycle, from hiring to benefits administration. Autom

• Software Engineer
• 57% Mid-Market
• 42% Small-Business
• Rippling is a HR software that provides features such as global payroll, onboarding of new employees, and integration with other applications.
• Users frequently mention the ease of use, the intuitive interface, and the convenience of having all HR needs covered in one system, including payroll, benefits, and training.
• Users mentioned issues with the initial setup, lack of color coding for different features, and the need for improvements in certain areas such as the mobile app and software provisioning flow.

Everybody plans, and strategic planning is a crucial process for every business. Our business planning software enables your team to create budgets, forecasts, and models in less time and with greater

• Financial Analyst
• Senior Financial Analyst
• 61% Mid-Market
• 30% Enterprise
• Workday Adaptive Planning is a web-based solution for budgeting and forecasting needs, offering flexibility in modeling various financial scenarios and adjusting plans according to changing business needs.
• Reviewers appreciate the product's user-friendly interface, advanced analytics, and its ability to integrate with various software applications like ERP, CRM, and HR systems, consolidating data sources for a holistic view of the business.
• Reviewers experienced challenges with the complexity of implementation, the need for thorough training and expertise, and issues with the user interface, which some found less intuitive compared to other planning tools.

TeamOhana is a strategic headcount management platform that helps growing companies track headcount spend, collaborate on hiring plans, and forecast burn in real time. Most growing companies today p

• 92% Mid-Market
• 6% Enterprise

Abacum is the most scalable financial planning solution to automate, analyze, and forecast for strategic impact. Seamlessly integrating with your ERP, CRM, HRIS, and data warehouse, Abacum provides r

• Financial Services
• 88% Mid-Market
• Abacum is a planning and reporting software that provides integration, modeling, and usability for budgeting and reporting needs.
• Users frequently mention the ease of use, the supportive implementation team, the ability to integrate with major platforms, and the time-saving aspect of the platform.
• Reviewers mentioned the lack of certain dynamic features, occasional technical errors, and the need for a basic understanding of the system's logic and limitations.

ChartHop is on a mission to create healthy transparency within organizations, so that employees and organizations thrive. A dynamic People Operations Platform, ChartHop connects and visualizes people

• People Operations Manager
• 85% Mid-Market
• 8% Enterprise
• Charthop is a platform designed to enhance performance management and pay review processes by consolidating all data in one place and simplifying financial planning.
• Users like the user-friendly features of Charthop, such as the Org chart and Data sheet, which provide a clear view of the organization and facilitate cross-collaboration among teams.
• Users reported that Charthop's HRIS system is not fully complete, and that all data pulled into ChartHop must be tied to an active employee account, limiting the tracking of high-level organizational metrics.

Keka HR is a people enabler. It automates people processes and helps build a motivated and committed workplace culture, transforming your company from good to great. With Keka, you can foster a high-p

• HR Executive
• 73% Mid-Market
• 21% Small-Business
• Keka is a comprehensive HRMS tool that supports payroll, benefits, attendance management, and talent acquisition, designed to manage the entire employee life cycle on one platform.
• Reviewers like the user-friendly interface, the ease of implementation, the variety of features, and the responsive customer support that Keka provides, making it a daily essential tool for HR operations.
• Users mentioned some issues with the product, such as limited integrations, complex reporting, lengthy process flow, occasional technical glitches, and the lack of support services on weekends.

What is Pigment? Pigment is a business planning platform. By bringing together people, data and processes into an intuitive, adaptable, integrated platform, teams can quickly build trusted strategic

• FP&A Manager
• 75% Mid-Market
• 20% Enterprise

• Org design and workforce planning platform to drive organizational transformation. Enable strategic decision-making using a fast, easy, and interactive org design, workforce planning, and dynamic pe

• 55% Mid-Market

Headcount365 replaces spreadsheet based recruiting operations processes, eliminating the work and meetings it takes to maintain an accurate headcount plan. Recruiting leaders have tools to ensure hir

• 83% Mid-Market
• 17% Small-Business

CandorIQ is the modern way to scale and manage your people spend. Through one easy, integrated platform, we automate and simplify headcount, pay strategy, and manage compensation for your workforce. D

• 100% Mid-Market

QVANTUM is a cloud solution for agile, operational corporate planning. The solution provides companies with valid planning data - automated, cross-departmental, and with the highest degree of user-fri

• Non-Profit Organization Management
• 82% Mid-Market
• 18% Small-Business

Bridgit is the pioneering force in construction workforce management software. Our flagship solution, Bridgit Bench, is today's leading workforce planning platform, having partnered with over one-thir

• 80% Mid-Market
• 20% Small-Business

Praisidio is a Conversational People Analytics company. Praisidio unifies business and people data and applies patented machine learning and generative AI to answer people analytics questions instant

• 56% Enterprise
• 33% Mid-Market

Trace Headcount is the workforce planning solution of choice for Lucid, Guild, Lastpass, and Abnormal Security. Headcount is too important to leave to spreadsheets. With Trace, you can create headc

• 100% Enterprise

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Better Knowledge. Your Insight Is Sharper

• From Idea to Implementation: Essential Business Planning Strategies

Updated: August 25, 2024 · Reviewed by: Ahmad Nasrudin

This post may contain affiliate links, meaning we may earn a small commission if you purchase through our links. This helps support our work.

Business planning is a crucial step in starting and growing a successful enterprise. It provides a roadmap for your venture, outlining your goals, strategies, and financial projections.

Whether you’re a budding entrepreneur or an established business owner, a well-crafted business plan can help you:

• Define your business goals and objectives
• Conduct thorough market research
• Develop a sound financial strategy
• Attract investors and secure funding
• Measure progress and make informed decisions

In this comprehensive guide, we’ll walk you through the process of creating a business plan, from understanding the key components to developing effective strategies. By the end, you’ll be equipped to build a solid foundation for your business and increase your chances of success.

Understanding Business Planning

What is a business plan.

A business plan is a comprehensive document that outlines your business strategy, goals, and financial projections. It serves as a roadmap for your venture, guiding your decisions and attracting potential investors.

There are several types of business plans, each with its own specific focus:

• Operational plans: These plans focus on a business’s day-to-day operations, including production, marketing, sales, and customer service.
• Strategic plans: Strategic plans outline a company’s long-term goals and objectives, and the strategies for achieving them.
• Marketing plans: Marketing plans focus on the specific marketing strategies and tactics that a business will use to reach its target market.

Why is a business plan important?

A well-crafted business plan offers numerous benefits, including:

• Improved decision-making: A business plan helps you make informed decisions by providing a clear framework for your business strategy.
• Attracting investors and securing funding: Investors are likelier to invest in businesses with well-thought-out plans.
• Enhanced credibility: A business plan demonstrates your understanding of the market, your industry, and your business’s potential.
• Increased focus and accountability: A business plan helps you stay focused on your goals and measure your progress.
• Risk mitigation: By identifying potential risks and challenges, a business plan can help you develop strategies to mitigate them.

A business plan is essential for any entrepreneur or business owner, providing a foundation for success and growth.

Creating a Business Plan

What are the key components of a business plan.

A well-structured business plan typically includes the following key components:

• Executive summary: A concise business overview, including your mission, vision, and key value proposition.
• Company description: A detailed description of your business, including its legal structure , ownership, and management team.
• Market analysis: An in-depth analysis of your target market, competition, and industry trends.
• Organizational structure: A breakdown of your company’s organizational chart and responsibilities.
• Products or services: A detailed description of your offerings, including their features, benefits, and pricing.
• Marketing and sales plan: Your strategy for promoting your products or services and generating sales.
• Financial projections: Your projected income statement, balance sheet, and cash flow statement.

Each of these components is essential for a comprehensive business plan. Together, they provide a clear picture of your business, its market potential, and its financial viability.

How long should a business plan be?

While a business plan has no strict length requirement, it is typically 15-25 pages long . However, the length may vary depending on the complexity of your business and the level of detail required.

A shorter plan may be sufficient for a small, simple business, while a larger, more complex business may require a more detailed plan. The key is to ensure that your plan is clear and concise and provides the necessary information to attract investors or secure funding.

Who should read my business plan?

Your business plan can be valuable to a variety of stakeholders, including:

• Investors: Investors may use your business plan to assess the potential return on their investment.
• Lenders: Lenders may use your business plan to evaluate your creditworthiness and determine whether to provide funding.
• Employees: Employees can use the business plan to understand the company’s goals, strategy, and their role within the organization.
• Suppliers: Suppliers may use your business plan to assess your financial stability and future growth potential.
• Partners: Partners can use your business plan to understand your business goals and how you plan to collaborate.

By sharing your business plan with relevant stakeholders, you can build relationships, secure funding, and gain valuable insights and support.

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Market Analysis

What is market research.

Market research is the process of gathering and analyzing information about a market. It helps you understand your target market, competition, industry trends, and consumer behavior.

There are two main types of market research:

• Primary research: Collecting original data through surveys, focus groups, interviews, or observations.
• Secondary research: Analyzing existing data from government agencies, industry reports, academic studies, and other sources.

How can I conduct market research?

There are numerous methods for conducting market research, both online and offline. Here are some common approaches and resources:

• Surveys: Gather quantitative and qualitative data by creating surveys using online tools like SurveyMonkey or Google Forms.
• Focus groups: Conduct group discussions to obtain insights and feedback from potential customers.
• Interviews: Interview individuals in your target market to gain deeper understanding and perspectives.
• Online research: Use search engines, industry databases, and social media platforms to find information on market trends, competitors, and consumer behavior.
• Government data: Utilize government agencies like the U.S. Census Bureau and the Bureau of Labor Statistics for demographic data and economic indicators.
• Industry reports: Consult reports from organizations like Forrester, Gartner, and IBISWorld for in-depth market analysis.
• Social media listening: Monitor social media platforms to track conversations and sentiment about your industry and competitors.

When conducting market research, consider the following tips:

• Define your research objectives: Clearly outline what you want to learn from your research.
• Choose appropriate methods: The research methods best suit your objectives and resources.
• Develop a sampling plan: Determine who you will survey or interview and how you will select your sample.
• Analyze your data: Use statistical tools and techniques to analyze your research data and draw meaningful conclusions.
• Interpret your findings: Consider the implications of your research findings and how they can inform your business strategy.

By following these guidelines and combining various research methods, you can gather valuable insights to inform your business decisions and develop effective marketing strategies.

What is a target market?

Your target market is the specific people most likely to purchase your product or service. Identifying your target market is essential for effectively marketing your business and tailoring your offerings to meet their needs.

Here are some strategies to help you identify your target market:

• Create customer personas: Develop detailed profiles of your ideal customers, including their demographics (age, gender, income, education, location), psychographics (lifestyle, interests, values, beliefs), and behaviors (purchasing habits, brand preferences, online behavior).
• Analyze your existing customers: If you have an existing business, analyze the characteristics of your current customers to identify patterns and trends.
• Conduct market research: Use surveys, focus groups, and interviews to gather data about potential customers and their preferences.

By understanding your target market, you can tailor your marketing efforts and product offerings to meet their specific needs and preferences, increasing your chances of success.

Financial Projections

What financial statements should i include.

When creating your business plan, you should include the following financial statements :

• Income statement: Also known as a profit and loss statement, this shows your business’s revenue, expenses, and net income over a specific period.
• Balance sheet: This statement shows your business’s assets, liabilities, and equity at a specific point in time.
• Cash flow statement: This statement shows the cash flow in and out of your business over a specific period.

These three interrelated statements provide a comprehensive picture of your business’s financial health.

How do I create financial projections?

Financial projections are estimates of your business’s future financial performance. To create accurate projections, you’ll need to use a combination of historical data, industry benchmarks, and assumptions about future growth.

Here are some steps to follow:

• Gather historical data: Collect data on your past sales, expenses, and cash flow.
• Analyze industry trends: Research industry trends and forecasts to identify potential opportunities and challenges.
• Make assumptions about future growth: Make reasonable assumptions about your business’s future sales, expenses, and other factors.
• Create financial projections: Use this information to create projections for your income statement, balance sheet, and cash flow statement.

Remember that financial projections are just estimates, and actual results may vary. It’s important to regularly review and update your projections as your business grows and changes.

What is a break-even analysis?

A break-even analysis is a financial tool that helps you determine the sales volume you need to cover your costs and start making a profit. It calculates your break-even point, the point at which your total revenue equals your total costs.

To calculate your break-even point, you’ll need to know your fixed costs (costs that remain constant regardless of sales volume) and your variable costs (costs that vary with sales volume). You can then use the following formula:

• Break-even point = Fixed costs / (Selling price per unit – Variable cost per unit)

By understanding your break-even point, you can assess the feasibility of your business model and make informed decisions about pricing, sales targets, and cost-cutting measures.

Attracting Investors and Securing Funding

How can i attract investors.

Attracting investors requires effective communication , networking, and showcasing your business’s potential. Here are some key strategies:

• Create a compelling pitch deck: Develop a visually appealing and informative presentation highlighting your business idea , market opportunity, financial projections, and team.
• Network with potential investors: Attend industry events, connect with investors through online platforms, and leverage your professional network to identify potential investors.
• Highlight your business’s potential: Emphasize the growth potential of your business, the return on investment for investors, and the unique value proposition of your product or service.

What types of funding are available?

There are various funding sources available for businesses, each with its own advantages and disadvantages:

• Angel investors: Individuals who invest their own money in early-stage businesses. Angel investors often provide capital in exchange for equity.
• Venture capital firms: Companies that invest in high-growth businesses. Venture capital firms typically invest larger sums of money and expect higher returns.
• Banks: Banks offer loans to businesses, which can be used to finance operations, purchase equipment, or invest in growth.
• Crowdfunding platforms: Online platforms that allow individuals to raise funds from many people. Crowdfunding can be a valuable source of funding for startups and small businesses.

The most suitable funding source for your business will depend on your specific needs, its stage, and your ability to meet the requirements of different investors.

What should I include in my funding pitch?

A strong funding pitch should clearly articulate the following:

• Your business idea: Explain what your business does and the problem it solves.
• Market opportunity: Demonstrate the size and growth potential of your target market.
• Competitive advantage: Explain what sets your business apart from competitors.
• Financial projections: Present your financial projections, including revenue, expenses, and profitability.
• Team: Highlight your team members’ skills, experience, and passion.
• Investment requirements: Clearly state the funding you seek and how the funds will be used.

By following these guidelines and tailoring your pitch to your specific audience, you can increase your chances of attracting investors and securing the funding you need to grow your business.

Measuring Progress and Making Informed Decisions

How can i track my business’s progress.

Tracking your business’s progress is essential for identifying areas of strength and weakness, making informed decisions, and ensuring you’re on track to achieve your goals. Key performance indicators (KPIs) are metrics you can use to measure your business’s performance against specific goals.

Some examples of KPIs include:

• Sales revenue: Total revenue generated by your business.
• Profit margin: The percentage of revenue that remains after deducting expenses.
• Customer acquisition cost : The cost of acquiring a new customer.
• Customer retention rate: The percentage of customers who continue to do business with you.
• Market share: The percentage of a market that your business controls.
• Employee satisfaction: The level of satisfaction among your employees.

By tracking these KPIs and comparing them to your goals, you can identify areas where you are succeeding and areas where you need to improve.

How can I make informed decisions?

Making informed decisions is crucial for the success of your business. Here are some tips for making effective decisions:

• Regularly review your business plan: As your business evolves, it’s important to review and update it to ensure it aligns with your current goals and strategies.
• Analyze data: Use data from your KPIs and other sources to identify trends, opportunities, and challenges.
• Be prepared to adapt: The business landscape constantly changes, so adapt your strategy as needed.
• Seek advice and guidance: Don’t be afraid to seek advice from mentors, advisors, or other experts.
• Trust your instincts: While data and analysis are important, sometimes you must trust your gut and make decisions based on intuition.

By following these tips, you can make informed decisions to help your business grow and succeed.

Additional Tips

How often should i update my business plan.

Your business plan should be a living document that evolves as your business grows and changes. Reviewing and updating your plan regularly is important to ensure it remains relevant and effective.

The frequency of updates will depend on several factors, including:

• Business growth: As your business expands, you must update your financial projections and market analysis.
• Market changes: If your industry or target market undergoes significant changes, you may need to revise your business strategy.
• Performance: If your business is not meeting its goals, you may need to adjust your plan.

A general guideline is to review and update your business plan annually or more frequently if necessary.

Can I use a business plan template?

Using a business plan template can be a helpful starting point, but it’s important to customize it to fit your specific business. Templates can provide a structure and outline but may not include all the necessary sections or address your unique needs.

Advantages of using a template:

• Saves time: Templates can help you start quickly and avoid common mistakes.
• Provides structure: Templates can help you organize your thoughts and ensure that you include all the essential elements of a business plan.

Disadvantages of using a template:

• Lack of customization: Templates may not be tailored to your specific industry or business model.
• Limited flexibility: Templates can be restrictive, limiting your ability to add or remove sections as needed.

When choosing a template, look for one that is well-structured, easy to use, and adaptable to your specific business needs.

Should I seek professional help?

While you can create a basic business plan on your own, consulting with a business advisor or accountant can provide valuable guidance and expertise. Professionals can help you:

• Develop a comprehensive plan: Ensure that your plan includes all the necessary components and is well-structured.
• Conduct market research: Gather and analyze data to inform your business strategy.
• Create financial projections: Develop accurate financial projections based on industry benchmarks and your business’s specific circumstances.
• Identify potential challenges and opportunities: Assess the risks and rewards associated with your business venture.
• Provide guidance and support: Receive ongoing support and advice as you implement your business plan.

If you’re unsure about your ability to create a high-quality business plan, consider consulting with a professional. They can help you develop a plan to increase your chances of success.

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About Ahmad Nasrudin

Introverted writer with a passion for storytelling. Leveraged analytical skills from financial background (equity research, credit risk) at a leading rating agency to enhance writing with a unique statistical and macroeconomic perspective. Learn more about me

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How To Start A Business In 11 Steps (2024 Guide)

Updated: Jul 29, 2024, 8:15pm

Table of Contents

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business .

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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?
• What do you hate to do?
• Can you think of something that would make those things easier?
• What are you good at?
• What do others come to you for advice about?
• If you were given ten minutes to give a five-minute speech on any topic, what would it be?
• What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

• What type of funding do you have?
• How much time do you have to invest in your business?
• Do you prefer to work from home or at an office or workshop?
• What interests and passions do you have?
• Can you sell information (such as a course), rather than a product?
• What skills or expertise do you have?
• How fast do you need to scale your business?
• What kind of support do you have to start your business?
• Are you partnering with someone else?
• Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

• Start a Franchise
• Start a Blog
• Start an Online Store
• Start a Dropshipping Business
• Start a Cleaning Business
• Start a Bookkeeping Business
• Start a Clothing Business
• Start a Landscaping Business
• Start a Consulting Business
• Start a Photography Business
• Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

• Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
• Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
• Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
• Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
• Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
• Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
• Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
• Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
• Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

• Selling the business to another party
• Passing the business down to family members
• Liquidating the business assets
• Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

• Subscription-based businesses
• Businesses that sell digital products
• Franchise businesses
• Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

• LLCs offer liability protection for the owners
• They’re one of the easiest business entities to set up
• You can have a single-member LLC
• You may be required to file additional paperwork with your state on a regular basis
• LLCs can’t issue stock
• You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

• Partners have limited liability for the debts and actions of the LLP
• LLPs are easy to form and don’t require much paperwork
• There’s no limit to the number of partners in an LLP
• Partners are required to actively take part in the business
• LLPs can’t issue stock
• All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

• Sole proprietorships are easy to form
• There’s no need to file additional paperwork with your state
• You’re in complete control of the business
• You’re personally liable for all business debts
• It can be difficult to raise money for a sole proprietorship
• The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

• Corporations offer liability protection for the owners
• The life span of a corporation is not limited
• A corporation can have an unlimited number of shareholders
• Corporations are subject to double taxation
• They’re more expensive and complicated to set up than other business structures
• The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

Helpful Resources

• How To Set Up an LLC in 7 Steps
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There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

• It can help you open a business bank account under your business name
• A DBA can be used as a “trade name” to brand your products or services
• A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

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Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are 40 cents per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards
• Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

• Small business loans
• Small business grants
• Angel investors
• Venture capital
• Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

• Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
• Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
• Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
• Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
• Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
• Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

• Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
• Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
• Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
• Product liability insurance protects against claims that your products caused bodily injury or property damage.
• Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
• Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

• Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
• Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
• Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
• Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
• Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
• Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
• Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
• Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

• Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
• Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
• Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
• Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

Understanding Tax Planning for Innovative Business Models

As innovative business models continue to reshape industries and challenge traditional norms, effective tax planning has become a vital component of their success. By understanding the intricacies of novel revenue streams, digital assets, and peer-to-peer transactions, companies can tap into new opportunities and mitigate potential risks. However, staying ahead of regulatory developments is essential, as the mismanagement of tax strategies can lead to significant liabilities and reputational damage. The question remains: how can companies navigate this complex landscape to optimize their tax efficiency and comply with international tax laws and treaties?

Table of Contents

Defining Innovative Business Models

Innovative business models deviate from traditional norms by introducing novel revenue streams, reconfiguring value chains, or leveraging emerging technologies to create distinctive market offerings. These pioneering approaches often give rise to digital ventures, which capitalize on the intersection of technology and entrepreneurship to create new markets or disrupt existing ones. Within these digital ventures, business ecosystems emerge, comprising interconnected networks of organizations, customers, and suppliers that co-create value through collaborative relationships. By redefining the traditional boundaries of a firm, innovative business models can tap into new revenue streams, reduce costs, and enhance customer experiences. For instance, platform-based business models, such as Airbnb or Uber, have revolutionized the hospitality and transportation industries, respectively, by creating new marketplaces that connect buyers and sellers. Similarly, subscription-based models, like Netflix or Spotify, have transformed the entertainment industry by offering consumers access to a vast library of content for a flat monthly fee. These innovative business models have far-reaching implications for tax planning, requiring a deep understanding of their underlying structures and revenue streams.

Tax Implications of Disruption

The emergence of innovative business models has triggered a paradigm shift in traditional industries, introducing novel revenue streams and, consequently, uncharted tax territories. As disruptors challenge established norms, they must navigate complex tax implications that can substantially impact their bottom line. Effective tax planning is vital in these circumstances, as it enables businesses to capitalize on new opportunities while mitigating potential risks and liabilities.

Disrupting Traditional Industries

How do emerging business models, fueled by technological advancements and shifting consumer preferences, redefine the tax landscape of traditional industries? The answer lies in the Industry Shift, where innovative companies disrupt traditional industries, creating a Market Leap that fundamentally changes the way business is conducted. This shift has significant tax implications, as new players enter the market and existing ones adapt to stay competitive.

The disruption of traditional industries leads to changes in revenue recognition, profit margins, and supply chains, all of which have a direct impact on a company's tax obligations. For instance, the rise of digital marketplaces has led to new challenges in taxing intangible goods and services. Similarly, the increased use of data analytics and artificial intelligence has created opportunities for tax optimization. As a result, businesses must navigate complex tax laws and regulations to comply with tax requirements and minimize their tax liability. Effective tax planning is vital in this environment, as it enables companies to stay competitive and thrive in the face of disruption. By understanding the tax implications of disruption, businesses can better position themselves for success in the rapidly evolving market landscape.

New Revenue Streams

Disruption-driven business models often give rise to novel revenue streams that can substantially alter a company's tax profile, necessitating a nuanced understanding of the tax implications associated with these new sources of income. As innovative companies explore alternative revenue streams, they must consider the tax implications of these novel income sources to maintain compliance and optimize their tax strategy.

The tax implications of new revenue streams can be complex and far-reaching. For instance:

• Digital Assets : The rise of digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), has created new opportunities for revenue generation. However, the tax treatment of these assets is still evolving, and companies must stay ahead of regulatory developments to remain compliant.
• Alternative Currencies : The use of alternative currencies, such as stablecoins, has created new revenue streams for companies operating in the digital economy. However, the tax implications of these currencies are still unclear, and companies must carefully consider their tax obligations to avoid penalties.
• Token-based Revenue Models : The use of tokens as a means of generating revenue has become increasingly popular. However, the tax implications of these models are still unclear, and companies must carefully consider the tax treatment of token-based revenue streams to minimize their tax liability.

Uncharted Tax Territory

Navigating the uncharted tax territory spawned by disruption requires a deep understanding of the complex, ever-evolving regulatory landscape to mitigate potential tax risks and seize opportunities. The rise of innovative business models has led to a proliferation of cryptic regulations, making it challenging for companies to stay compliant. Tax authorities are scrambling to keep pace with the rapid evolution of digital technologies, resulting in a landscape of uncertainty.

To navigate this terrain, businesses must embark on tax expeditions, carefully charting their course through the complex web of regulations. This requires a detailed understanding of the tax implications of disruption, including the treatment of digital assets, the taxation of intangible goods, and the application of value-added taxes in the digital economy. By staying attuned to the shifting regulatory landscape, businesses can identify opportunities for tax optimization and minimize the risk of non-compliance. Effective tax planning in this uncharted territory demands a deep understanding of the intersection of technology, business, and tax law .

Sharing Economy Tax Challenges

The sharing economy, characterized by peer-to-peer transactions and on-demand services, presents unique tax challenges. A primary concern is the taxation of income earned through these platforms, as individuals may not be reporting their full earnings or paying the corresponding taxes. Additionally, the classification of workers as employees or independent contractors has significant implications for tax withholdings, benefits, and compliance.

Taxing Peer-to-Peer Income

Peer-to-peer income, a hallmark of the sharing economy, poses unique tax challenges due to its decentralized and informal nature. This shift towards peer-to-peer transactions has created complexities in tracking and reporting income, making it difficult for governments to collect taxes. The lack of a centralized authority and the use of digital wallets have made it easier for individuals to conceal their income, potentially leading to tax evasion.

Moreover, the sharing economy has given rise to new opportunities for tax avoidance, including the use of tax havens. Some individuals may choose to route their peer-to-peer income through tax havens, taking advantage of the lower tax rates or lack of transparency.

Some of the key challenges in taxing peer-to-peer income include:

• Tracking and reporting income from multiple platforms and sources
• Ensuring compliance with tax laws and regulations across different jurisdictions
• Preventing tax evasion and avoidance through the use of digital wallets and tax havens

Classifying Worker Status

As the sharing economy continues to blur the traditional boundaries between employees and independent contractors, accurately classifying worker status becomes a vital challenge in maintaining fair taxation and compliance with labor laws. The misclassification of workers can result in significant tax liabilities, penalties, and legal consequences.

In the sharing economy, companies often struggle to determine whether workers are employees or independent contractors. This distinction is essential, as employees are entitled to certain rights and benefits, such as minimum wage, overtime pay, and workers' compensation, whereas independent contractors are responsible for their own benefits and taxes.

To accurately classify worker status, companies must consider factors such as the degree of control, the level of independence, and the intent of the working relationship. Freelance benefits, such as flexibility and autonomy, may suggest an independent contractor status, while employee rights, such as job security and benefits, may indicate an employer-employee relationship. By properly classifying workers, companies can maintain compliance with tax laws and regulations, avoid potential penalties, and foster a positive relationship with their workforce.

Subscription-Based Tax Strategies

Subscription-based business models, where customers pay recurring fees for access to products or services, necessitate careful tax planning to maximize cash flow and minimize liabilities. These models can generate significant revenue, but also create complexities in tax compliance and reporting. Effective tax planning is vital to guarantee that subscription-based businesses take advantage of available tax savings opportunities and avoid unnecessary liabilities.

To achieve efficient tax management, subscription-based businesses should consider the following strategies:

• Tax Shielding : Leverage tax deductions and credits to reduce taxable income, thereby minimizing tax liabilities.
• Revenue Smoothing : Manage revenue recognition to reduce tax volatility and optimize cash flow.
• Matching Revenue with Expenses : Guarantee accurate matching of revenue with expenses to minimize tax liabilities and maximize cash flow.

Decentralized Platforms and Taxes

Decentralized platforms, characterized by distributed networks and open-source protocols, introduce unique tax complexities that necessitate a nuanced understanding of their implications on taxable income and liabilities. The decentralized nature of these platforms creates challenges in identifying taxable events, assigning value to digital assets, and determining the tax residency of participants.

Blockchain compliance is critical in decentralized platforms, as it guarantees that transactions are recorded accurately and transparently. Token valuations, in particular, require careful consideration, as their fluctuating values can substantially impact taxable income. Additionally, the decentralized nature of these platforms raises questions about the tax treatment of rewards, fees, and other forms of compensation paid to participants.

Tax authorities are still grappling with the implications of decentralized platforms, and regulatory guidance is often unclear or inconsistent. As a result, businesses operating in this space must stay vigilant and adapt to evolving tax laws and regulations. By doing so, they can minimize tax liabilities, confirm compliance, and optimize the benefits of decentralized platforms.

Navigating International Tax Laws

Operating across borders, businesses leveraging decentralized platforms must traverse a complex web of international tax laws, treaties, and regulations that can substantially impact their tax obligations and liabilities. This Cross Border Complexity arises from the varying tax jurisdictions, rates, and compliance requirements that businesses must adhere to. To mitigate this complexity, businesses must prioritize Global Harmonization, ensuring consistency in their tax strategies and compliance across different territories.

Key considerations for addressing international tax laws include:

• Tax residency and permanent establishment : Understanding the tax residency rules and permanent establishment concepts to determine the tax obligations in each jurisdiction.
• Withholding taxes and double taxation : Managing withholding taxes and mitigating the risk of double taxation through tax treaties and credits.
• Transfer pricing and value chain analysis : Ensuring arm's length transactions and accurate transfer pricing to avoid disputes and penalties.

Optimizing Tax Efficiency Measures

By implementing strategic tax efficiency measures, businesses can substantially reduce their tax liabilities and enhance their overall financial performance, thereby freeing up resources to drive growth and innovation. To achieve effective tax efficiency, companies must conduct a thorough Risk Assessment to identify potential tax risks and opportunities. This involves analyzing the company's financial structure, supply chain, and business operations to pinpoint areas of tax exposure.

Financial Forecasting plays a critical role in tax efficiency planning, as it enables businesses to anticipate and prepare for potential tax liabilities. By projecting future income and expenses, companies can identify opportunities to minimize tax burdens and realize significant tax savings. Additionally, financial forecasting helps businesses to refine their tax strategies, ensuring compliance with tax laws and regulations while minimizing tax liabilities.

Frequently Asked Questions

What tax incentives are available for sustainable business models?.

Sustainable business models can benefit from various tax incentives, including green subsidies for eco-friendly investments and carbon credits for reducing greenhouse gas emissions, which can be traded or sold to offset tax liabilities.

How Do Taxes Impact Employee Equity in Innovative Startups?

Taxes substantially impact employee equity in innovative startups, as vesting periods and equity dilution can lead to substantial tax liabilities, necessitating strategic planning to minimize tax burdens and optimize equity distribution.

Can Tax Authorities Keep Pace With Emerging Tech Advancements?

Tax authorities face significant challenges in keeping pace with emerging tech advancements, exacerbating the Digital Divide and perpetuating Regulatory Lag, as outdated policies and limited resources hinder their ability to effectively regulate and tax innovative technologies.

Are There Tax Benefits for Businesses Using Blockchain Technology?

Blockchain-based businesses may benefit from tax incentives, such as reduced rates or exemptions, on Crypto transactions, depending on jurisdiction-specific regulations, which can foster innovation and drive adoption in this emerging technology space.

How Do Taxes Affect the Valuation of Intangible Assets?

Taxes substantially impact the valuation of intangible assets through amortization strategies, which depend on accurate asset classification. Proper classification and amortization treatments can result in considerable tax savings, while misclassification can lead to unfavorable tax consequences and reduced asset value.

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