business plan narrative

The Daily MBA

Tips, Tools, and Techniques to be a Better Entrepreneur

Writing Your Business Narrative

November 29, 2009 Jarie Bolander

Photo by  rawpixel.com  on  Unsplash

People love a good story. We gravitate to stories because they are easy to understand and if told well, stick with us. A narrative is a powerful tool to tell your business story, without all of the complexity of a business plan. People tend to have a difficult time starting a business plan or even a pitch because the ideas rattling around in their gray matter are just not cohesive. Throw in the desire to get the business off the ground or fund it and most people just give up.

Writing a narrative about your business is the first step in formulating those random thoughts into a story that you can tell prospective investors and employees. It’s also a great way to get past the anxiety of looking at detailed rows and columns of numbers that really won’t make sense until you formulate the genesis of your business.

Table of Contents

First Things First

Before getting started on your business narrative, you need to brainstorm or free write. Doing this allows your brain to get geared toward creating a good narrative. So, before you move on, do one of the following exercises:

Exercise #1: Free write for 15 minutes, without stopping, about your new business idea. Just write. Don’t edit. Don’t correct spelling. Just write about it.

Exercise #2: For 15 minutes, brainstorm all the words and phrases you can think of about your business. Write them all down on a piece of butcher paper or record it.

Now that your brain is primed, it’s time to start structuring those thoughts into a narrative. Take another 5 minutes to circle or underline the main themes, words, sentences from the exercises about. These themes will be used to answer and expand upon the questions below. To better illustrate the process, I will build an example narrative in parallel along with you.

Question 1: Name Your Business

Naming your business is the first step in making it real. This is the main character of your story and the name should reflect the attitude of the company. Look at the items you circled in the brainstorming session. Are there any recurring themes or words? What jumps out at you? Try and incorporate that into your name. Spend 5 minutes to name your company.

Business Name: The Daily MBA

Question 2: Describe What the Business Does

Be as specific as you can when it comes to describing your business and what it does. The more specific the better. Being too general will defocus your efforts. Use action words or phrases that are easily understandable. Try to refrain from fuzzy words or muddled concepts. Again, make it simple.

What The Daily MBA does: The Daily MBA is about helping new entrepreneurs and managers navigate the complex world of business  Through relevant posts and topical discussions, The Daily MBA provides a fresh perspective on the day to day hardships that face entrepreneurs and managers.

Question 3: What Makes the Business Special?

Like any good character, your business needs to have that something special that resonates with readers/customers. This description needs to be written with vivid words that conger up feelings that people can relate to. Even though it’s a business, that personal touch will make it memorable.

What Makes The Daily MBA Special: The Daily MBA is written by a practicing manager and entrepreneur who knows firsthand how painful it can be to start and manage a business. His unique perspective allows for readers to connect with his point of view because he can empathize with their plight. The Daily MBA style is also informal and comes across more like a mentor or friend than a stodgy professor.

Question 4: What Market Does the Business Address?

Understanding your market space is vital to a successful business. Markets are complex, so it’s best to be as specific as possible in choosing what market you will address. You don’t have to be formal about it or even know the correct buzzwords. Just simply describe the market that your business addresses.

Markets Addressed: The Daily MBA addresses the management and entrepreneurship education market worldwide.

Question 5: Who Are Your Customers?

Customers are an important part of your marketing effort. You need to reach them in order for them to purchase your goods and services. The best way to think about this is to describe your ideal customer. Ideal customers may not exist but they are a great way to focus your products and services to customers that come close.

Customers: The people who read The Daily MBA are either in business or want to start a business. They have a natural drive to create products and services and tend to seek out advice. The ideal customer for The Daily MBA would be the new entrepreneur or manager that wants to start a business or manage their group better.

Question 6: What Customer Pain/Benefits Do You Cure/Provide?

Most customers only buy something they need (or want). These purchases are usually driven by solving a problem or curing the customer’s pain. These pain points are what drive your customers to seek out your products or services.

Customer Pain Solved: The Daily MBA provides a comprehensive resource that answers the questions entrepreneurs and managers have while also giving them a step by step way to succeed. Too often, new entrepreneurs and managers don’t have good mentors or resources to answer their pressing questions. Schools do provide some instruction but this is mostly theoretical.

Question 7: What are Your Long Term Business Goals?

It’s always a good idea to look ahead a bit to see where you want your business to go. When doing this, be pragmatic and realistic. Don’t assume your next gig will be as big as Facebook or Google. Rather, look at what you want to achieve and set realistic goals. These goals can be one, two or five years out. Whatever it may be, put it down.

Long-Term Goals: Within two years, The Daily MBA will be garnering 10,000 unique visitors a month, generating $5,000 dollars in revenue per month (via ads and related book sales) and be ranked as a top entrepreneur and management advice site.

Question 8: What Resources/Actions Are Need to Achieve the Goals?

Now that you have a long-term goal, you need to figure out what it will take to achieve it. This may be getting investors, developing products or services or hiring staff. This is critical since, without some idea on how to achieve your goal, you will flounder.

Resources Needed: To achieve our long-term goals, The Daily MBA needs to apply Inbound Marketing techniques to get found. Part of this strategy will be to guest blog, be an active part of the entrepreneur/management community, publish topical books, develop seminars, produce at least one original post per week and provide three to five commentary posts per week on topical business posts outside The Daily MBA.

Question 9: Summarize Why You Will Succeed

It’s always best to end with a summary of what the reader just read and come to some resolution. This pulls the narrative together and allows the reader to leave satisfied. The summary does not have to be long or fancy or even original. It can just be a compact synopsis of what you just said.

Summary: The Daily MBA is all about helping entrepreneurs and managers thrive in the chaotic world of business. It’s a content rich site that provides a needed resource for entrepreneurs and managers. Through original content, community stewardship and topical books, The Daily MBA will achieve upwards of 10,000 unique visitors and $5,000 in revenue per month within the next two years.

Assembling The Narrative

Now that we have the pieces (or bones) down, we can assemble the bits into a flowing narrative. To do this, you need to read your pieces again and edit them for grammar and content. Once you have something you think is pretty good, read it aloud to see how it sounds. The way the written word sounds is a great way to refine your voice. If it sounds weird, then it will read weird. You also want to ensure that it actually sounds like the way you talk. It’s okay to be informal as long as it’s clear and communicates your vision.

Once you have gone through the pieces, the next step is to assemble them together. Start with question #2 and string together your pieces into paragraphs. In the end, you should have between 3-5 paragraphs. Now that you have your business narrative, you can start to fill in the details and refine what you want to achieve. The narrative will be your anchor during the business planning process. It will provide the focal point when your plan starts to get messy or you stray from your desired objectives. Good luck.

Example Business Narrative: The Daily MBA

The Daily MBA is about helping entrepreneurs and managers navigate the complex world of business  Through relevant posts and topical discussions, The Daily MBA provides a fresh perspective on the day to day hardships that face entrepreneurs and managers. It is written by a practicing manager and entrepreneur who knows firsthand how painful it can be to start and manage a business. His unique perspective allows for readers to connect with his point of view because he can empathize with their plight. The Daily MBA style is also informal and comes across more like a mentor or friend than like a stodgy professor.

The Daily MBA addresses the management and entrepreneurship education market worldwide. The people who read The Daily MBA are either in business or want to start a business. They have a natural drive to create products and seek out advice. The ideal customer for The Daily MBA would be the new entrepreneur or manager that wants to start a business or manage their group better. The Daily MBA provides a comprehensive resource that answers the questions entrepreneurs and managers have while also giving them a step by step way to succeed. Too often, new entrepreneurs and managers don’t have good mentors or resources to answer their pressing questions. Schools do provide some instruction but this is mostly theoretical.

Within two years, The Daily MBA will be garnering 10,000 unique visitors and $5,000 dollars in revenue per month (via ads and related book sales) and be ranked as a top entrepreneur and management advice site.To achieve these long-term goals, The Daily MBA needs to apply Inbound Marketing techniques to get found. Part of this strategy will be to guest blog, be an active part of the entrepreneur/management community, publish topical books, develop seminars, produce at least one original post per week and provide three to five commentary posts per week on topical business posts outside The Daily MBA.

The Daily MBA is all about helping entrepreneurs and managers thrive in the chaotic world of business. It’s a content rich site that provides a valuable resource for entrepreneurs and managers. Through original content, community stewardship and topical books, The Daily MBA will achieve upwards of 10,000 unique visitors and $5,000 in revenue per month within the next two years.

Special thanks go to Joe Malo at Jan Medical for his insights and discussion about writing a good business narrative.

Additional References

Jason has a great post about questions you should ask if you are thinking of starting a business. This lends itself nicely to a business narrative and you should try and include the answers to Jason’s questions as well.

Your Business Narrative is your internal compass while your PR Narrative is your external one. Once you finished your Business Narrative, then take a crack at your PR narrative. It should be a lot easier to write and give you some useful insights into how you want the external world to view your business.

Also published on Medium .

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December 2, 2009 at 11:17 am

Great post.

However, I feel that “Name Your Business” should not be on top of this list. Ideally after the sixth point. I think it would make more sense naming your business once you have answered questions 3, 4, 5, 6 and 7.

Overall, I like your points very much.

December 2, 2009 at 11:21 am

Harsh- Thanks for the comment. You make a good point. You can change the name at anytime since the process is iterative. My thought was it was good to name it something first so that it feels a little more real. Maybe I should change it to a working name or make it optional. I need to ponder that a bit.

[…] much more likely to succeed. If this seems too overwhelming, then you might want to work on your business narrative first and then come back and work on […]

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Creating a Narrative from Numbers

The key to a successful business plan is a coherent story built around financial projections and external context.

By Ali Al-Suhail

Ali has advised on equity transactions amounting to US $3 billion involving startups, mid-market companies, and private equity firms.

PREVIOUSLY AT

Business plans are a pivotal part of the strategic financial decision-making process . They help put thoughts down on paper, present market data to back up the rhetoric, and articulate the financial side of an argument. When it comes to business plans, it’s not only about the numbers; the narrative and the assumptions used to drive them is just as important, if not more important. There is an art to getting the story and the numbers right, and it’s not a process that can be “gamified.” However, there are common pitfalls that, if avoided, can increase the chances of success.

Scenario #1: Consistency, Consistency, Consistency

The most common error in business plans is the lack of consistency. In my experience, this is never intentional but comes as a consequence of how business plans are written. This is usually a result of different teams taking charge of different sections and working in silos, or through disconnected interactions with senior management. A business plan should read like a story. For example, insights gathered from the market and competition sections should be reflected in assumption drivers of the financial budget section.

Knowing how to engage the insights of the senior management team is critical. If you involve them too much in a business plan, the process can get tediously slow, but if you work too independently, then your final output may take a dangerously wide tangent.

What worked in my experience was to set up short meetings with leaders of the departments involved - after completing the first draft - to gather their thoughts and insights. In one instance, we used this approach to build a review team of a target company – an internet services provider. The operations team identified an underutilized part of the target’s network, the marketing team identified how to utilize it, and the financing team identified 30% of unrealized value that could be unlocked.

A very common example is a business plan that promises aggressive revenue growth with limited investment in marketing or CapEx. If you make more products (or get more users) to sell, you will need resources to produce and sell them. There are some services that have zero marginal cost structures - like software - where such strategies may work, but more often than not, there will be a budget disconnect. Let’s look at a simple example from an income statement budget:

Exhibit 1: Model

The model assumes the following:

• Revenue to grow by 10% over the coming five years.
• Gross margin will remain constant for the foreseeable future.
• Overhead expenses will increase by USD 250 year on year.
• Marketing and other expenses will remain constant.

Let’s suppose that we look at the industry section of the business plan and discover that consultants expect the market of the company to grow at a CAGR of 5% over the coming five years.

Our company’s budget assumes that its revenue will grow at a rate double that of the industry with a very limited investment in overhead and marketing expenses. This presents a break in the narrative—to grow at a higher rate than the market, you must take market share from other competitors, which (in a fair market) requires some form of investment. This investment could be into people, marketing channels, or in some other form of competitive advantage. The point to make is that the current presentation of data constitutes a break in the narrative, which will require good arguments to support.

Now, suppose that the consultants expect the market to grow at a CAGR of 20% over the coming five years. Well, the story now flips, and the company is set to underperform; the lower investment forecast now appears more logical. By spending less, the company will probably concede some of the market share, which is being taken into consideration in the growth forecast.

Scenario #2: Tunnel Vision

Another common pitfall is coming into a business plan process with a rigid mindset. While a business plan typically presents one scenario of how things will unfold in the future, feel free to explore other options as you build the plan and do not stick to one approach. Use the financial model and market research to explore what other possible paths the business can take. Use the financial analysis to explore other areas: for example, a pivot into a subscription model , or using tiered pricing. The plan gives you an opportunity to explore the impact of your strategy on other dimensions of your business, such as net working capital and CapEx.

In one case in a prior job, we had a manufacturing client that was looking to expand his operations massively, and he believed that the business would grow significantly over the coming years. The client planned to use the business plan as part of a transaction that would include selling a portion of the business. After conducting our analysis, we presented our findings to the client. The growth the client desired was not only unsupported by external market research but it would destroy value for the client. The net working capital investment was so significant that it would more than wipe out any benefit produced by revenue growth.

We helped the client rethink both his business plan and exit strategy. The analysis we provided identified other areas in the market that he could consider growing into, and that optimizing working capital should come before any significant growth efforts into the core business.

Initial Business Plan Provided by Client

Revised Business Plan

Note: The terminal value was arrived at using the perpetual growth model using a 3% terminal growth rate and a 10% discount rate.

As you can see from the tables, the final enterprise value in the revised plan is higher than in the client’s original. The only difference between the two is the revenue growth rate and the net working capital assumption. The original narrative was that the company sought aggressive growth and was therefore willing to invest heavily in its working capital to achieve it. However, the growth would end up costing the company more harm than benefit. While the narrative is clear, its implications were not fully thought out. Of course, there are other arguments that can be used. As an example, the terminal growth rate used in the first scenario could be higher or use a scenario where the current growth rate of 25% would linearly converge to 3% ( H-model ). These could be valid arguments, but you must substantiate them in your plan and provide the logic and data that support them.

Scenario #3: I Did It My Way

There is no right or wrong approach to building a business plan , so take your time; think about the idea and lay out a solution and a structure that has logic. If you are disrupting an industry, the focus should be on how your product is different from that of your competitors and what that means for the end customer. On the other hand, if you are looking to enter a regulated market, then you need to understand the laws and regulations that you intend to overcome. Pick an approach that works for you and will help you achieve your goal.

In one case, I worked for a client that was trying to launch an eCommerce business. The client was very focused on developing a detailed model for the business and used a return metric to evaluate the viability of the investment. Most eCommerce businesses are loss-making and take significant time and investment before becoming economically viable. I helped the client see why his current method may not help him get the desired result and shifted his focus toward understanding the opportunity cost of not starting the online business, and what it would take for him to build a profitable one. These were questions that we could answer much more reliably and provide the client with realistic data points to determine the required investment and the type of operations required to generate an attractive return.

Let’s look at an example of this scenario. Suppose that the total retail market size (including offline and online channels) is $1 billion, and projections estimate that eCommerce penetration will increase to 10% over five years and offline margins will decline by 5% due to eCommerce competitive dynamics. If your market share is 30% (i.e., your annual revenues are $300 million), then you risk losing 10% in market share and another 5% in margin. So your total loss is around $35 million annually. This is not a precise calculation and should be supported by further research, but it does give you a grasp of what you are at risk of losing. It gives a different perspective of your narrative and can help you close some of the gaps in your analysis.

Numbers <> Real Life?

There are certain norms about business plans and projections that continually prevail. Most prominently, that they are expected to present an optimistic (yet realistic) view of how the business can unfold. Keeping that in mind, have a think about what your numbers mean in real life. If you assume the price of products and margins will continue to improve, what will stop competitors from offering lower prices and getting a lower margin from you? If you are in a platform business and you assume a declining customer acquisition cost, how are you going to maintain your customer base and add to it? An often neglected part of a business plan is return measures, such as return to equity and return on invested capital. They do not have a necessary function within the plan but can be a great way to sense check your assumptions.

Building great business plans takes as much art as science. The essence of a business plan is the narrative of your business and the thought process behind it. If it feels overwhelming, just remember the words of Charles Munger: “It’s not supposed to be easy. Anyone who finds it easy is stupid.”

Understanding the basics

What is a business narrative.

Fulfilling an unmet commercial need with a collection of physical and intangible assets that come together to form a competitive advantage - relevant within external context - is what a business plan narrative entails.

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Ali Al-Suhail

London, United Kingdom

Member since August 5, 2019

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated July 29, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan

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How to Write a Business Narrative

How to Write a Philosophy Statement for Business Students

Stories sell, and in case you haven’t already noticed, they’re everywhere. From books and movies to TV commercials and print advertisements, stories help the audience imagine another world or what their life will be like with a certain product. A story can even help sell your business to potential investors and business partners.

While a complete business plan can be complicated to write, a business narrative is both easier to write and easier to read, two attributes that can help you sell your business. Writing a narrative report for your business plan is also a good way to make your ideas feel more cohesive. Sometimes ideas – even brilliant ones – can sound messy, but with a narrative, your ideas will sound better when they are thought out and composed.

Writing a narrative report for your business plan can also help you start thinking about how you will pitch your business in the future. Start brainstorming to tell a story about your business, and you’ll be off on the right track. However, like any kind of story, a business narrative has important components that you can’t skip. Find out what they are and how to put them together.

Do You Already Have an Idea for Your Business?

If you already have an idea for your business, that’s great. Start your business narrative by summing up your idea as quickly and succinctly as you can. Make sure you include what industry or sector your business is in, who your target market is and what you’re trying to sell.

If you don’t have an idea, it’s time to brainstorm . Try to think about things that are missing from the world or niches in the market that aren’t filled where you are. Your idea doesn’t have to be 100-percent original, but you do have to put your own spin on the concept, otherwise you might as well just be opening a franchise.

You can also try a free-writing exercise to get the ideas flowing. Get out a pen and a piece of paper and put your cell phone away. Write about possible business ideas for 15 to 20 minutes without stopping or looking anything up on the internet. At the end, read over what you’ve written to see if you can find the kernel of an idea.

Read an Example of a Business Narrative Report

Before you get started writing the narrative report for your business plan, you can prepare yourself to write a good one by reading as many examples as you can find . If you’re in business school, you can ask your professor or your classmates to share a business narrative report sample with you. You might also be able to find an example of a business narrative report at your business school’s library.

The best kind of business narrative report samples you can find are ones that were written to help start successful businesses. Your business school might have such samples from alumni businesses. You can also reach out to alumni to ask them about their business success. They might be more than happy to give you a few pointers.

Read each business narrative report sample carefully, making note of what they describe. Think about your own business concept in the same terms. After you read a great example of a business narrative report, ideas for your own business narrative will start to flow.

What Will You Call Your Business?

What a business does is important, but your business’s name is almost as critical. Having a catchy name for your business can mean the difference between success and failure. Will the name stick in anyone’s head, or is it forgettable?

Naming your business can be hard, but it’s important to stick to names with positive associations. Quirky is good too, but make sure your business name matches what your company will actually do and that it makes sense. Don’t be afraid to make interesting associations. If nothing immediately jumps to mind, read, surf the internet or use a thesaurus until you can make a list of possibilities .

Once you have a few candidates in mind, look each up in a search engine to make sure no one is already using it. You don’t want to have the same name as another business, and you definitely don’t want to infringe on someone else’s copyright. Do your due diligence to prevent problems from occurring down the line.

Business Narrative Report Sample Outline

All business narratives must include these details. First, it should start with your business’s name. Next, your business narrative should describe what your business does and how it sets itself apart from the competition. Your business narrative should answer the following questions:

• What does your business do?
• What makes your business unique?
• Who is your business’s target market?
• What are your customers like?
• What benefits does your business provide to your customers?
• What are your business’s long-term goals?
• What do you need to accomplish those goals?
• How will you succeed? (In other words, what does the rest of the story look like?)

How to Improve Your Business Narrative

You have to do more than complete those questions with straightforward answers. Try to be as specific as possible when describing each aspect of your business. The purpose of a business narrative is to help investors understand what your business is and how it can grow in the future given the right capital. The more precise you can be with your narrative, the easier it will be to convince people to invest in your ideas.

The next step in improving your narrative is to compare it to the stories of similar businesses . If you did your research to find sample business narratives before you wrote your own, those will come in handy now. If your business narrative sounds too similar to the ones you read, you’ll need to figure out a new angle for your business to help it stand out from the competition.

Don’t forget to ask for feedback . Just like with any other piece of writing, asking others to read it will offer different perspectives, and these fresh eyes can tell you how you can improve. Listen to the feedback you receive and use it to sharpen your narrative until it represents the company you would like to form.

Writing Nuts and Bolts

Even though business narratives tell a story, meaning you can get a little more creative with them, writing mechanics are still important. In fact, they are more important than ever because they can make a difference between investors taking your business seriously or not giving you the time of day.

After you’re finished composing your business narrative, read it over again, paying extra attention to spelling, grammar and punctuation . Don’t be fooled by the tools in your word processor; it’s more than likely that your computer will label some things as mistakes when they aren’t and miss other mistakes entirely.

If you’re unsure about your spelling and grammar skills, ask a friend to read over your work before you turn in your paper. If you’re working on a business narrative for a professional project outside of school, consider hiring a writer. You’re the head of a company now. The most important lesson you can learn at the start is to hire qualified people and not try to do every little thing by yourself.

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Rebecca Renner is a teacher and college professor from Florida. She loves teaching about literature, and she writes about books for Book Riot, Real Simple, Electric Literature and more.

Home > Business > Business Startup

How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

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Writing Your Business Narrative: Tips for Business Owners

Last Updated:  

December 5, 2023

In the fast-paced world of business, where competition and new ideas meet, it's important to have an interesting business story. Your company has a story that goes beyond its goods and services. It has your unique journey to start your business, your goal, and your values. As a business owner, you can express yourself, set your brand apart, keep customers coming back, and get investors interested by learning how to tell a good story .

Key Takeaways on Writing Down Your Business Narrative

• Storytelling as a Business Tool : Understanding the power of a compelling narrative in business is crucial. It's more than sharing your journey; it's about engaging, emoting, and making an impact.
• Challenge for New Entrepreneurs : For beginners, especially those juggling entrepreneurship and education, crafting a captivating business narrative can be daunting. Seeking help, like writing services, can be beneficial.
• Learning from Professional Writers : Observing how expert writers simplify complex topics into engaging narratives can be instructive for business storytelling. These professionals demonstrate effective communication skills applicable to business narratives.
• Embrace Vivid Language : Utilise descriptive, emotionally resonant language to make your story compelling. Avoid vague terms, opting instead for specific, sensory-rich descriptions.
• Craft a Strong Opening : Your story’s beginning should be intriguing, thought-provoking, or surprising to immediately capture the audience’s interest.
• Structured Narrative Flow : Organise your story logically and engagingly, with clear sections and headings for readability and coherence.
• Highlighting Success Stories : Share customer testimonials and case studies to demonstrate the tangible impact of your product or service.
• Editing for Clarity and Impact : Refine your narrative by editing for simplicity, clarity, and coherence. Remove superfluous details to strengthen the narrative's impact.
• Self-Editing and External Feedback : Regularly review and revise your story, seeking feedback from peers or mentors to ensure it resonates with a broader audience.
• Story as a Business Lever : Recognise that your business story is a strategic tool, capable of influencing, uniting, and paving the way for success.

Complex Task for Beginner Entrepreneurs

The business offers several products and services. A strong corporate narrative can assist your company in navigating market competition. A compelling tale goes beyond your company's history. It may engage listeners, evoke emotions, and leave a lasting impact.

For small business owners who are just starting out as entrepreneurs while still going to school, the expectations can be too much to handle. During this active time, unexpected problems may come up, such as the need to improve writing skills. Help is available in surprising places, like writing services, that you might not think of at first. These services, which are usually linked to academic help, can be a real gem for business owners who want to improve their stories. 

Thinking about how writers work will help you define an engaging business story. These writers take their work seriously, and business writers can, too. In the hands of professional essay writer complex topics are skillfully simplified into engaging narratives, showcasing their prowess in language and storytelling. This demonstrates their writing and language skills. Both novices and experts in business might benefit from employing these experts.

Expert writers compose well-organised, convincing material and teach others how to write. Their attention to detail, clarity of speech, and ability to tailor words to varied demographics can teach business writers. Business students can learn narrative, communication, and how to tell a memorable story from expert essay writers.

Writing Techniques for Entrepreneurs

Business leaders can make an interesting story with the help of good writing. Companies that do well stand out when they write strong copy to get investors, customers, and workers. To make your company story better, we'll talk about some important writing tips.

Use of Vivid Language

When you tell a business story, language is like a pen, and vividness is like a paint can. If you want to be specific, use emotional words instead of general ones. To get people interested in your story, use strong images and sensory details. Instead of calling your product "innovative," talk about how it makes things better for people who use them.

Building a Compelling Opening

The first few words of your story will grab people's attention. In the beginning, make the reader think, get them excited, or grab their attention. If you're telling a story, surprising them, or challenging them, the first few lines of your essay should grab their attention.

Structuring Your Narrative

The story format helps your idea stand out. Make sure that your writing makes sense and flows well , taking the reader on a trip. After a short opening, you should make a list of thoughts or events that make sense. Headings, bullet points, and subheadings make writing easy to read and help people keep track of what's going on.

Example: "Introduction - Our Vision Unveiled | Section 1 - The Genesis of [Your Company] | Section 2 - Mission and Values | Section 3 - Overcoming Challenges | Conclusion - A Glimpse into the Future." 

Showcasing Success Stories

Success stories are the best way to get people to care. Show how your product or service has helped people through reviews, recommendations, and case studies. Spread the word about the successes of people or companies that worked with your brand to tell your story.

Example: "Meet Sarah, a small business owner who, with the help of our solutions, not only streamlined her operations but witnessed a 30% increase in revenue within six months."

It's more than just giving people facts; you want to make them feel, be interested, and remember you. As you get better at writing, your company story will go from being a bunch of words to a strong force that motivates, engages, and wins.

Editing and Refining Your Narrative

After putting together the main parts of your business story, you can start rewriting and improving it. Each word, sentence, and paragraph is carefully shaped to make sense and have the most effect, just like sculpture. How to make your story better and more interesting.

Stress the Importance of Editing for Clarity and Coherence

Editors make small changes to stories that make them stand out and make sure the grammar is right. Make sure that your writing is easy to understand and that each line adds to the story. Get rid of details and words that aren't needed. This will make your material easier to read and keep people interested.

Example: "As we edit, let's focus on simplifying complex language, ensuring that every word adds value to the reader's understanding of our journey."

Tips on Self-Editing and Seeking Feedback

Encourage business owners to use two ways to change. After making changes, read your story again. Find places where the story gets boring, repeats itself, or doesn't make sense. Next, ask your peers, mentors, or professional editors for comments. Outside views can give you helpful feedback and help your story connect with many people.

When business innovation meets storytelling, stories lead the way. To finish this article, keep in mind that your story is a business tool. Stories that are well-written can change people's minds, bring them together, and set them up for long-term success. Leaders in business can make an impact on the ever-changing business world if they learn how to write well and tell stories that people can relate to. Your story is more than just words; it's the heart of your business.

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What is a Business Plan? Definition, Tips, and Templates

Published: June 28, 2024

Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.

But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.

And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.

In this post, I‘ll explain what a business plan is, the reasons why you’d need one, identify different types of business plans, and what you should include in yours.

Table of Contents

What is a business plan?

What is a business plan used for.

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Purposes of a Business Plan

What does a business plan need to include, types of business plans.

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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

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Discover the Best Tools for Business Plans

Learn from the business planning experts, resources to help you get ahead, narrative development, table of contents.

Welcome to the Narrative Development section of Businessplan.com. Crafting a business plan is an intricate process, blending strategic thinking, persuasive writing, and comprehensive documentation. It’s a challenge, particularly for newcomers, but understanding the art of narrative can make it more manageable and enjoyable.

Here, we explore the vital role of narrative in business planning. A compelling narrative is not just about storytelling; it involves thorough research, problem-solving, and practical modeling. It’s the backbone that supports and connects every component of your business plan. Whether you’re seeking funding, approval, licensure, or simply laying out your business vision, the way you tell your story can make all the difference.

In the Plan & Pitch section of Businessplan.com, we’ll delve into each aspect of this storytelling journey. From crafting an engaging Company Description to a succinct Executive Summary , we guide you through the nuances of narrative development. Keep in mind, each component of your business plan is interconnected.

As you navigate through this section, you’ll find links to other relevant topics within Businessplan.com. This interconnected approach allows you to explore each aspect of your business plan at your leisure, understanding how each part contributes to the overall narrative.

Remember, a well-told story in your business plan doesn’t just convey facts; it engages, persuades, and inspires.

Let’s begin this journey together, transforming what might seem like a daunting task into an enjoyable and rewarding experience.

The ‘Before-You-Plan’ Preparation

One of the fundamental errors in business planning is starting with a template, software, or a hired writer without first deeply understanding one’s own business. Remember, the most insightful and relevant data comes from you, the entrepreneur. To address this, we’ve developed two processes to assist entrepreneurs at different stages and with varying goals.

• This is a six-step program designed to evaluate your business idea thoroughly.
• It helps in sequentially assessing whether an idea is viable, needs refinement, or should be abandoned.
• The goal is to avoid premature commitments and the sunk cost fallacy.
• Ideal for those in established industries who need to develop a business plan quickly and efficiently.
• It streamlines the planning process while ensuring thoroughness and detail.

Both methods are tailored to help you organize and develop your business thoughtfully. By engaging deeply in this groundwork, you create a business plan that is not only persuasive but also ensures that your business is well-capitalized, structured, and manageable. The detailed exploration of your business at this stage is the key to a plan that doesn’t just win on paper but also in practice.

Section 1: The Company Description

Positioned about a quarter of the way through, the Company Description is a cornerstone of your business plan. Typically following the executive summary , legal details, and financial highlights, this section forms the substantive core of your document. It encompasses a company summary, product and service details, a problem statement, mission statement , value proposition , and competitive advantage.

Each subsection demands a nuanced understanding, some of which you might already possess, while others might require deeper exploration. We particularly emphasize starting with the value proposition — it’s the unique selling point that will attract customers to your product or service. Remember, the effectiveness of your value proposition and product/service design hinges on a profound understanding of your target customers. If this understanding is lacking, we strongly recommend exploring our resources on customer knowledge, especially the Pre-Vision Interview technique.

In crafting the Company Summary, it’s crucial to outline key elements of your business model. If your business model is still in development, we suggest visiting our Business Model Development page for comprehensive guidance.

Each part of the Company Description should be approached with the intent to convey not just information, but a compelling narrative about your business, its offerings, and its unique place in the market. Let’s delve into each section to ensure your business plan resonates with clarity and purpose.

For a more detailed and nuanced approach to each section of the Company Description in your business plan, consider the following guidelines:

• This should be a concise yet comprehensive overview of your business.
• Include your business’s core functions, target market, and unique aspects.
• It’s a snapshot of what your business does and for whom.
• Go beyond basic descriptions; explain how your products/services meet specific customer needs.
• Discuss the development process, any unique technologies or processes used, and how these contribute to the overall value of your offerings.
• This is central to your business’s appeal. Articulate what sets your offerings apart in the market.
• Focus on how your products/services create value for customers, solve problems, or meet needs better than competitors.
• Include customer testimonials or case studies if available to reinforce your value proposition .
• Identify and describe the specific problems your business aims to solve.
• Explain how these problems are currently underserved or ignored in the market.
• Use data or market research to substantiate these problems.
• This should reflect your business’s core values and long-term vision.
• Make it inspiring and reflective of your business’s purpose, culture, and ethical values.
• It should resonate with employees, customers, and stakeholders.
• Clearly define what gives your business an edge over competitors.
• This could be unique technology, superior customer service, cost advantages, or a strong brand.
• Use SWOT analysis to highlight your strengths and how they play into your competitive advantage.

Each section should be written with the understanding that it contributes to the overall story of your business plan. They are not isolated pieces of information but parts of a coherent narrative that showcases your business’s potential, strategy, and vision. 

Section 2: The Executive Summary

The Executive Summary is a pivotal component of your business plan, acting as a concise and compelling overview. It’s the first section readers encounter, yet it should be written last to accurately reflect the entirety of your plan. Here’s how to make it impactful:

• Brevity and Clarity:  Keep it succinct. Summarize the key points of your business plan, focusing on the highlights. This section should be a clear and concise snapshot of your business.
• Include Essential Elements:  Cover the most critical aspects of your plan, including your business concept, financial features, financial requirements, current business position, major achievements, and future plans.
• Engage the Reader:  Aim to captivate your audience immediately. Your summary should not only inform but also intrigue, compelling the reader to delve deeper into the details of your plan.
• Reflect the Plan:  Ensure that your Executive Summary aligns with the rest of your plan. It should mirror the content and tone of the detailed sections, providing a coherent overview.
• Customize for the Audience:  Tailor your summary to your audience. Whether it’s bankers, investors, or a potential landlord, ensure that the summary addresses their interests and concerns.

Writing the Executive Summary at the end allows you to distill the essence of your business plan into a powerful introduction, setting the tone and expectation for the reader. 

Integrating the Narrative Into Your Business Plan

Remember, a well-crafted narrative is the essence of a successful business plan. It’s not just about presenting facts and figures; it’s about weaving a story that encapsulates your vision, strategy, and competitive edge.

We encourage you to revisit the Pre-Planning Process or Model-Based Planning ® for additional guidance. These resources are designed to ensure that your plan is grounded in thorough research and strategic thinking.

Finally, keep in mind the sequential approach outlined in the Plan & Pitch section. Each step is carefully designed to build upon the previous one, creating a cohesive and comprehensive business plan. As you progress, your narrative will develop, reflecting the depth and clarity of your business idea.

Remember, your business plan is more than a document; it’s a reflection of your business’s potential and a roadmap to success. Take the time to develop your narrative thoughtfully, and you’ll create a plan that not only wins on paper but also guides your business towards its goals.

Up Next: Market Analysis

As we conclude our exploration of Narrative Development, remember the power of a well-crafted story in your business plan. It’s the backbone that connects all elements, giving life and context to your vision.

Now, it’s time to take your narrative to the next level by diving into Market Analysis . This next step is crucial for understanding your industry, target markets , and competition, ensuring that your business plan is grounded in reality and poised for success.

Proceed to Market Analysis

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How to Write a Business Narrative

by Danielle Smyth

Published on 20 Jun 2019

You have an idea. Not just any idea, either. You have an idea about a business venture that you think could work to serve your community and prove financially successful. You’ve seen a clear gap in some service, and now you want to move forward and get a plan out to investors. The best way to begin with that is to write down your business narrative.

Business Narrative Basics

The business narrative is an extremely powerful way to reach and interact with an audience. After all, people love stories. Books, movies and even video games reach people on a deeper level in part because they handle a narrative well.

Given the right narrative, you can not only create interest in your business project, but you can forge an emotional connection. This emotional connection can, in some instances, be the one thing that sets you apart from your competition.

Another thing that the narrative accomplishes is solidifying your thoughts into a clear message and importantly, a voice. The voice of your company and your brand can evolve, and what you begin with does not have to be what you end with. However, you still need to present your company, and a clear narrative is the best way to do that.

Getting Started with a Narrative

So how do you write a business narrative? Read on to follow an entrepreneur on their journey to write a business narrative.

Computers and cell phones have countless apps and programs that allow you to take notes, storyboard and visualize. You don’t need to buy a fancy project management program to get started. Instead, you can utilize a whiteboard, chalkboard or even old-fashioned pen and paper. Give yourself the space that you need to start brainstorming.

Starting to brainstorm can feel like a daunting process. Our sample entrepreneur doesn’t have access to all of the project management programs that they could use, and using a notepad system online doesn’t seem to work for them. Instead, they cleared off space in their living room and got out Post-It notes to begin writing.

The Brainstorming Process

Our sample entrepreneur wrote about the evident lack of purple llamas in their community. They drew a llama on a Post-It note and put it at eye level. Then, any word that came to them for the next hour got written on a Post-It and found a place on the wall.

This included the benefits that purple llamas brought to other similar communities, festivals and, of course, llama appreciation days. After several hours, the entrepreneur looked at all of these Post-Its; they represented the problems that the llama delivery service was meant to solve.

Organizing Your Thoughts

Next, the entrepreneur selected another color of Post-It notes and then began to write down all the words and thoughts about how their llama delivery service could solve the lack of purple llamas in their community. Llama maintenance, rental and pay-to-own llamas were the first things to come to mind. From there, they also started thinking about the logistics of their company.

Finally, they began to write about the big question on the third color of Post-It: the why. They talked about growing up close to llamas, and how the festival brought the community together. They also talked about how much llama access mattered to children; specifically, this gave their company a personality – a life and a reason that they wanted to start their llama business. They left their Post-Its on the wall as a visual aid while they began to write down answers to the basic questions of their business.

Business Narrative Report Sample

NAME: Your Purple Llama

The entrepreneur wants the business name to explain what their business will do (bring you a purple llama), and why (because llamas make people happy and bring communities together). Our entrepreneur knows about this because in the city where they grew up, they had purple llamas and the community interacted more because of them.

WHAT DOES THE BUSINESS DO: This business is about bringing people purple llamas. They will offer rentals, layaway and outright purchases of llamas. The business will service, repair and replace any llamas that are damaged if the customer will buy the warranty plan. They are debating allowing people to sample the warranty service for free during their first year of ownership.

Find Your Why

WHY THIS BUSINESS: Our entrepreneur knows that a good business needs to resonate with customers and with backers. Their description of their business has to pop as well. They know that they can dig into their own experiences and that these personal experiences are exactly what people look for to feel good about a particular company.

Determining Your Demographics

CORE DEMOGRAPHIC/NEED: Because the entrepreneur feels very strongly that every community needs access to purple llamas, they know the need very well. However, they have to think harder about the actual core demographic of their company.

New graduates are unlikely to be able to purchase their own purple llama; they would be the rental demographic. Established couples, by contrast, would want a llama to own. Then there would be those who could not afford a llama without layaway. Their final customer would be the people that only want to lease llamas to avoid the maintenance expenses.

Sample Demographics:

• New College Graduates: Rental.
• Couples Starting Out: Lease or Rent-to-Own.
• Established Families: Ownership.
• Wealthy Families: Lease with Full-Service Plan.

Identify Pain Points

Pain points for any population are the problems that they encounter in their day-to-day lives that can be solved with a service. In our sample llama business, the pain point is the same for all of their customers: the lack of a purple llama. Once customers are convinced that they need purple llamas, they will reach out to seek this service.

• New College Graduates: This demographic lacks the stable income of families or couples. While they may want to own their own purple llama one day, this demographic won’t have the buying power. Instead, they will rent llamas when they need them.
• Couples Starting Out: While they have more income than a single new grad, new couples have their own set of problems. While many homes are not complete without a purple llama, this group has lived without one because they cannot afford the costs of ownership. However, a lease/rent-to-own options will allow them to have their own purple llama for which they pay by installments.

Other Customers and Their Needs

Established Families: These families can afford to own their own llama. They may not want to get a full-service plan, however. Established families may want to have a service plan eventually but do not currently. They may also have a family member who works as a llama technician and thus, will not need a service plan.

Wealthy Families: Wealthy families will have plenty of money to lease a llama with a full-service plan. This plan will include quarterly maintenance and 24-hour customer support and troubleshooting that includes sending out a technician to repair the llama when needed.

Determining Business Goals

Business goals are not set in stone, but they should be extremely realistic for your industry niche. If you approach backers or investors with unrealistic goals, it will make you seem out of touch and alienate the very people you want to make excited about your business venture.

For goals, our entrepreneur should focus on unit sales, changes in the community and general sustainability. They are not expecting huge profits for the first year, but they can present a clear path and milestones that they expect to hit in the first five years of business.

Their short-term goals are to establish a name in the community and reach sustainability. Your goals do not have to be a 5-year-plan. They can be whatever you want them to be as long as they are reasonable to an outsider.

Business Resource Allocation

In the resource allocation section, a business narrative should move to a “how you can help” tone. The entrepreneur needs a truck to transport llamas, a llama storage area and a technician to maintain the llamas. They also need to be able to access all basic office supplies.

Finalizing Your Narrative

This critical step of figuring out what you need to make your business a reality shouldn’t be glossed over. You will need to do research to find out exactly what your operating costs are.

Has someone tried to start a business similar to yours and failed? Can you talk to them to see what advice they could offer? You could also ask people who have made a business like yours a reality.

You should research costs as realistically as possible. No story can erase bad planning, and incomplete or poorly researched presentations could not only kill your company before it gets off the ground, but it can also ruin your reputation with anyone you presented to. While your business probably isn’t going to be selling purple llamas, the same steps should give you the backbone of your narrative.

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7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

• Executive summary.  An introductory overview of your business.
• Company description.  A more in-depth and detailed description of your business and why it exists.
• Market analysis.  Research-based information about the industry and your target market.
• Products and services.  What you plan to offer in exchange for money.
• Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
• Logistics and operations plan.  Everything that happens in the background to make your business function properly.
• Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
• Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

• Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

• Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
• Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
• Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
• Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
• Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
• Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

• Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

• Target customers
• Unique value add  or what sets their products apart
• Sales pitch
• Price points  for products
• Shipping  policy
• Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

• Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

• Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

It then dives deeper into the financials to include:

• Funding needs
• Projected profit-and-loss statement
• Projected balance sheet
• Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

• Executive summary: truncated
• Market analysis: summarized
• Products and services: summarized
• Marketing plan: summarized
• Logistics and operations plan: summarized
• Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

• Market analysis: in-depth
• Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

• Market analysis: comprehensive outlook
• Products and services: for launch and expansion
• Marketing plan: comprehensive outlook
• Logistics and operations plan: comprehensive outlook
• Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

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Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

• Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
• Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
• Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
• Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

• Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
• Contents: Your content should include details about the products and services you provide, your target market, and your competition.
• Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

• What products or services do you provide?
• Who is your target customer?
• What are the benefits of your product and service for customers?
• How much will you charge?
• What is the size of the market?
• What are your marketing plans?
• How much competition does the business face in penetrating that market?
• How much experience does the management team have in running businesses like it?
• How do you plan to measure success?
• What do you expect the business’s revenue, costs and profit to be for the first few years?
• How much will it cost to achieve the goals stated in the business plan?
• What is the long-term growth potential of the business? Is the business scalable?
• How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

• Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

• Business concept. What will your business do?
• Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
• Product or service. What does your product or service do — and how is it different from those of competitors?
• Target market. Who do you expect to buy your product or service?
• Marketing strategy. How will you tell people about your product or service?
• Current revenue and profits. If your business is pre-revenue, offer sales projections.
• Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
• Financial resources needed. How much money do you need to borrow or raise to fund your plan?
• Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

• Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
• Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
• Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

• Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
• Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
• Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
• Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

Explore more

Editable business plan workbook

Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

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Blog Business 15+ Best Business Plan Examples for Entrepreneurs & Startups

15+ Best Business Plan Examples for Entrepreneurs & Startups

Written by: Jennifer Gaskin Jun 09, 2021

Not having a solid plan makes it unlikely for you to achieve the goals you seek, whether it’s getting your to-do list done or launching a successful organization.

In the early stages of a company, that means developing things like pitch decks, business plans, one-sheeters and more. With Venngage’s Business Plan Builder , you can easily organize your business plan into a visually appealing format that can help you win over investors, lenders or partners.

Learn more about how to create a business plan so you can hit the ground running after reading through this list for inspirational business plan templates .

15+ Best business plan examples for entrepreneurs and startups

Simple business plan example, startup business plan example, small business plan example, nonprofit business plan example, strategic business plan example, market analysis business plan example, sales business plan example, organization and management business plan example, marketing and sales strategy business plan example, apple business plan example, airbnb business plan example, sequoia capital business plan example.

While your business plan should be supported by thorough and exhaustive research into your market and competitors, the resulting document does not have to be overwhelming for the reader. In fact, if you can boil your business plan down to a few key pages, all the better.

Simple business plan outline:

• Table of contents : List all sections and sub-sections within the business plan.
• Business review : Include an overview of the business’s purpose, history, and key objectives.
• The market : Analyze the target market, including customer demographics and market needs.
• The competition : Evaluate the main competitors and their strengths and weaknesses in the market.

The simple, bold visual aesthetic of this  business plan template  pairs well with the straightforward approach to the content and various elements of the business plan itself.

Use Venngage’s My Brand Kit  to automatically add your brand colors and fonts to your business plan with just a few clicks.

An essential startup business plan should include a clear and compelling value proposition, market analysis, competitive analysis, target audience identification, financial projections, and a well-defined marketing and operational strategy.

For a typical startup, the need to appear disruptive in the industry is important. After all, if you’re not offering anything truly new, why would an investor turn their attention toward your organization. That means establishing a problem and the ways in which you solve it right away.

Startup business plan outline:

• The problem : Identify the specific issue or pain point your startup aims to solve.
• Target market & opportunity : Define your customers and the potential market size.
• The solution : Describe the product or service that addresses the identified problem.
• Traction and validation/roadmap : Outline the progress made so far and the future milestones and goals.

Whether it’s a full-scale business plan or, in this case, a pitch deck, the ideal way for a startup to make a splash with its plans is to be bold. This successful business plan example is memorable and aspirational.

In the Venngage editor, you can upload images of your business. Add these images to your plans and reports to make them uniquely your own.

All businesses start out small at first, but that doesn’t mean their communications have to be small. One of the best ways to get investors, lenders and talent on board is to show that you’ve done your due diligence.

Small business plan outline:

• Table of contents : List down of all the sections and sub-sections in the business plan.
• Business overview : Include a quick overview of what your business is all about, including your mission and goals.
• The market : Analyzes who your customers are, what they need, and how big the market is.
• The competition : Look into your main competitors and what they’re good at (and not so good at).
• Sales and marketing plan : Lay out your game plan for attracting and keeping customers.
• Operating plan : Explain how you’ll run the day-to-day operations and manage the business.

In this small business plan example, the content is spread over many pages, which is useful in making lengthy, in-depth research feel less like a chore than packing everyone on as few pages as possible.

Organizations that set out to solve problems rather than earning profits also benefit from creating compelling business plans that stir an emotional response in potential donors, benefactors, potential staff members or even media.

Nonprofit business plan outline:

• Table of contents : Lists all sections and sub-sections of your nonprofit business plan.
• Introduction : Provide an overview of your mission and purpose.
• Goal : State the specific objectives your nonprofit organization aims to achieve.
• Impact & strategy : Explain how you plan to create positive change and the methods you will use.

Simplicity is the goal for nonprofits when it comes to business plans, particularly in their early days. Explain the crisis at hand and exactly how your organization will make a difference, which will help donors visualize how their money will be used to help.

Business plans are also helpful for companies that have been around for a while. Whether they’re considering new products to launch or looking for new opportunities, companies can approach business plans from the strategy side of the equation as well.

Strategic business plan outline:

• The problem, issue, or job at hand : Define the specific challenge or task the strategic plan addresses.
• Approach & methodology : Describe the methods and strategies that will be used to tackle the problem or achieve the objective.

Strategic business plans or strategy infographics should be highly focused on a single area or problem to be solved rather than taking a holistic approach to the entire business. Expanding scope too much can make a strategy seem too difficult to implement.

Easily share your business plan with Venngage’s multiple download options, including PNG, PNG HD, and as an interactive PDF.

One-page business plan example

For organizations with a simple business model, often a one-page business plan is all that’s needed. This is possible in any industry, but the most common are traditional ones like retail, where few complex concepts need to be explained.

This one-page strategic business plan example could be easily replicated for an organization that offers goods or services across multiple channels or one with three core business areas. It’s a good business plan example for companies whose plans can be easily boiled down to a few bullet points per area.

Especially when entering a saturated market, understanding the landscape and players is crucial to understanding how your organization can fit it—and stand out. That’s why centering your business plan around a market analysis is often a good idea.

Market analysis business plan outline:

• Table of contents : Lists all sections and sub-sections of the market analysis business plan.
• Executive summary : Provide a brief overview of the key points of the market analysis.
• Business overview : Summarize your business’s mission, vision and core activities.
• The market : Analyze the target market, including customer demographics and market trends.
• The competition : Review the main competitors and their market positioning.
• Sales & marketing plan : Outline strategies for reaching and engaging customers.
• Operating plan : Details the day-to-day operations and management structure.

In this example, the majority of the content and about half the pages are focused on the market analysis, including competitors, trends, pricing, demographics and more. This successful business plan example ensures the artwork and style used perfectly matches the company’s aesthetic, which further reinforces its position in the market.

You can find more memorable business plan templates to customize in the Venngage editor. Browse Venngage’s  business plan templates  to find plans that work for you and start editing.

Company description business plan example

Depending on the market, focusing on your company story and what makes you different can drive your narrative home with potential investors. By focusing your business plan on a company description, you center yourself and your organization in the minds of your audience.

Company description business plan outline:

• Executive summary : Briefly summarize the key components and objectives of the company description section.
• Approach & direction : Outline the company’s strategy, goals and the direction it intends to take in achieving them.

This abbreviated plan is a good business plan example. It uses most of the content to tell the organization’s story. In addition to background about the company, potential investors or clients can see how this design firm’s process is different from their rivals.

With Venngage Business , you can collaborate with team members in real-time to create a business plan that will be effective when presenting to investors.

Five-year business plan example

For most startups or young companies, showing potential investors or partners exactly how and when the company will become profitable is a key aspect of presenting a business plan. Whether it’s woven into a larger presentation or stands alone, you should be sure to include your five-year business plan so investors know you’re looking far beyond the present.

With Venngage’s Business Plan Builder , you can customize a schedule like this to quickly illustrate for investors or partners what your revenue targets are for the first three to five years your company is in operation.

The lifeblood of any company is the sales team. These are the energetic folks who bring in new business, develop leads and turn prospects into customers. Focusing your energy on creating a sales business plan would prove to investors that you understand what will make your company money.

Sales business plan outline:

• Table of contents : List all sections and subsections within the sales business plan.
• Target market : Identify the specific segment or segments of customers the sales efforts will focus on.
• Customer profile : Provide detailed descriptions of the ideal customers, including demographics, preferences and needs.
• Action plan : Outline the specific steps and strategies to be taken to reach and engage the target market and achieve sales objectives.

In this example sales business plan, several facets of ideal buyers are detailed. These include a perfect customer profile that helps to convey to your audience that customer relationships will be at the heart of your operation.

You can include business infographics in your plan to visualize your goals. And with Venngage’s gallery of images and icons, you can customize the template to better reflect your business ethos.

Company mergers and shakeups are also major reasons for organizations to require strong business planning. Creating new departments, deciding which staff to retain and charting a course forward can be even more complex than starting a business from scratch.

Organization and management business plan outline:

• Table of contents : List all sections and subsections within the organization and management business plan.
• About us : Provide an overview of the organization, its mission, vision and values.
• Project summary : Summarize the key details and objectives of the project.
• Project timeline : Outline the milestones and schedule for completing the project.

This organization and management business plan focuses on how the company can optimize operations through a few key organizational projects.

Executive summary for business plan example

Executive summaries give your business plan a strong human touch, and they set the tone for what’s to follow. That could mean having your executive leadership team write a personal note or singling out some huge achievements of which you’re particularly proud in a business plan infographic .

Executive summary business plan outline:

• Table of contents : Lists all sections and subsections within the executive summary business plan.
• Executive summary : Provide a concise overview of the entire business plan, highlighting key points and objectives.
• Statement of problem : Clearly define the specific issue or challenge the business aims to address.
• Approach & methodology : Outline the methods and strategies that will be employed to solve the stated problem or achieve the desired goals.

In this executive summary for a business plan, a brief note is accompanied by a few notable achievements that signal the organization and leadership team’s authority in the industry.

Marketing and sales are two sides of the same coin, and clever companies know how they play off each other. That’s why centering your business plan around your marketing and sales strategy can pay dividends when it comes time to find investors and potential partners.

Marketing and sales strategy business plan outline:

• Table of contents : List all sections and subsections within the marketing and sales strategy business plan.
• Positioning : Describe how the business intends to position its products or services in the market to stand out from competitors.
• Value prop : Highlight the unique value proposition that the business offers to its target customers, including its benefits and advantages.
• Marketing strategy : Outline the overall approach and tactics that will be used to promote the products or services and attract customers.

This marketing and sales business plan example is the picture of a sleek, modern aesthetic, which is appropriate across many industries and will speak volumes to numbers-obsesses sales and marketing leaders.

Do business plans really help? Well, here’s some math for you; in 1981, Apple had just gone public and was in the midst of marketing an absolute flop , the Apple III computer.  The company’s market cap, or total estimated market value,  could hit $3 trillion this year.

Did this Apple business plan make the difference? No, it’s not possible to attribute the success of Apple entirely to this business plan from July 1981, but this ancient artifact goes to show that even the most groundbreaking companies need to take an honest stock of their situation.

Apple’s 1981 business plan example pdf covers everything from the market landscape for computing to the products that founder Steve Jobs expects to roll out over the next few years, and the advanced analysis contained in the document shows how strategic Jobs and other Apple executives were in those early days.

Inviting strangers to stay in your house for the weekend seemed like a crazy concept before Airbnb became one of the world’s biggest companies. Like all disruptive startups, Airbnb had to create a robust, active system from nothing.

Airbnb business plan outline:

• Problem : Identify the specific challenge or need in the accommodation industry that the Airbnb business aims to address.
• Solution : Describe how Airbnb’s platform provides a solution to the identified problem by connecting hosts with guests.
• Market validation : Demonstrate through research or evidence that there is demand for Airbnb’s services.
• Market size : Estimate the total addressable market for Airbnb’s accommodation services.
• Product : Detail the features and functionalities of the Airbnb platform for both hosts and guests.
• Business model : Explain how Airbnb generates revenue and sustains its operations.
• Market adoption : Discuss the rate at which Airbnb’s services are being embraced by hosts and guests.
• Competition : Identify other players in the accommodation industry offering similar services to Airbnb.
• Competitive advantages : Highlight the unique strengths or advantages that set Airbnb apart from its competitors.

As this Airbnb business plan pitch deck example shows, for companies that are introducing entirely new concepts, it’s helpful not to get too into the weeds. Explain the problem simply and boil down the essence of your solution into a few words; in this case, “A web platform where users can rent out their space” perfectly sums up this popular company.

Sequoia Capital is one of the most successful venture capital firms in the world, backing startups that now have a combined stock market value of more than $1 trillion, according to a Forbes analysis .

For young companies and startups that want to play in the big leagues, tailoring your pitch to something that would appeal to a company like Sequoia Capital is a good idea. That’s why the company has a standard business plan format it recommends .

Sequoia capital business plan outline:

• Company purpose : Clarify the core reason for the business and its overarching goals.
• Problems : Identify specific challenges or pain points that the business aims to solve.
• Solution : Describe how the business addresses the identified problems with its products or services.
• Market potential : Assess the size and growth opportunities within the target market for the business.
• Competition : Analyze existing competitors and their strengths and weaknesses in the market.
• Business model : Outline how the business plans to generate revenue and sustain its operations.
• Our team : Introduce the key members of the team and their relevant expertise and experience.
• Financials : Provide projections and forecasts for the financial performance of the business.
• Vision : Articulate the long-term aspirations and goals that the business seeks to achieve.

Using Sequoia Capital’s business plan example means being simple and clear with your content, like the above deck. Note how no slide contains much copy, and even when all slides appear on the screen at once, the text is legible.

Use Venngage to design business plans that will impress investors

Not every business plan, pitch deck or one-sheeter will net you billions in investment dollars, but every entrepreneur should be adept at crafting impressive, authoritative and informative business plans.

Whether you use one of the inspirational templates shared here or you want to go old school and mimic Apple’s 1981 business plan, using Venngage’s Business Plan Builder helps you bring your company’s vision to life.

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Every Company Needs a Narrative

• John Hagel III

It’s more than just a story.

Corporate narratives offer a powerful opportunity for differentiation. A good narrative helps companies go beyond the fear of things like ever-increasing competition and an unyielding the pace of change. Unfortunately, very few companies are good at crafting an inspiring, customer-focused narrative. To do one well, resist the temptation to simply hand task off to your PR team. An authentic narrative should be led by the C-suite. Second, go beyond your product or service to truly understand your customers’ unmet needs. Finally, find some stories of people who have already addressed the opportunities you’ve identified.

Companies are missing a big opportunity – to craft an inspiring corporate narrative.

• John Hagel III   recently retired from Deloitte, where he founded and led the Center for the Edge , a research center based in Silicon Valley. A long-time resident of Silicon Valley, he is also a compulsive writer, having published eight books, including his most recent one,  The Journey Beyond Fear . He will be establishing a new Center to offer programs based on the book.

Partner Center

7 Steps to Craft a Compelling Business Model Narrative

We really need to learn how to craft a story, to tell the narrative around why your business model idea stands out and is worth other people’s time and consideration.

This business model narrative along with your business model you are potentially better placed to test it, to talk about it, to validate it, to make it ‘sing for others’.

You are out to get engagement and contributions everywhere, from everyone, as you tell the story, describe your potential new business model you gain from their reaction and improve your understanding of the real need for your idea.

We need to think about the art of narratives and storytelling

So first things first, with setting about building your business narrative, we need to get comfortable, as each of us, in our own way are unique in how we would set about the initial thinking through of the business story.

We can certainly brainstorm, or free write, and it is certainly worth to complete some essential brain warming up exercises. All of these get that brain whirling again around your new business model but in a distinctly different way, as you are focusing this on the best way to communicate your story to others. You do need to really think about this, as it needs to appeal to them, even if you feel it is the best thing ever!

We need to find our own ways of doing this warming up. We are not warming up to figure out the business model, we have completed that; we are priming our brain to start structuring our thoughts to turn them into our narrative (about our business model story).

This can take as long as you feel it is useful. For me I take my time, I like to gather around me lots of my reference papers, all sorts of scribble notes and triggers to make a fairly exhaustive first ‘cut’. Then I set about circling or highlighting them with a yellow highlighter all the main themes, the important parts of what, why and how my business model came about.

Working through useful but measured steps is the key

The question you need to ask is: “ I certainly have to find within these notes a range of critical aspects that will make my business model story stand out”

Let’s go through these seven steps:

Firstly 1) you have to describe what your business model will do – even if this is still at this stage where it needs to be truly tested, what is it all about. You need to allow for action words that can be understood, keep it simple but on ‘message’ for others to quickly grasp the big idea.

2) What makes this business model special – I mean so special that it can resonate with others; they can see what it is going to do to change or challenge something they know. It needs to address identified needs but all the parts are seen as connected.

Then we move to the customer side

3) Who is it for? – who are those customers that will show initial interest, the potential market place you see this addresses and listen to the reaction back- does it resonate with those listening?

4) What does your business model resolve – those famous pain points or jobs-to-be-done you feel that need resolving or will be valued to overcome existing constraints you feel there is within existing offerings. Are you getting that nod of agreement, that confirming back or increasing questioning?

So far so good we are building our story , we are telling our story, we are getting valuable feedback and identification. Now we need to reflect on the part that gives the real growing confidence

5) Why you are thinking beyond the immediate – some of your longer term goals and ambitions and the way you are setting about this and what the listener can do to help.

6) What do you envisage are the resources and actions needed that will get this going and led you beyond just the idea and turning this into something real and valued by others.

If these remains unclear to the listener then you are beginning to flounder, you might be losing their attention. Maybe your business model or narrative is missing some important learning points.

You are testing your initial hypothesis in the real market place and getting the feedback you need to stop and rethink or it validates your original thinking.

Then there is one final part, our No.7

As you search through your notes, full of highlighted points being ticked off as you go.

That is the most important one, our number 7) you are looking to summarize why you will succeed

This summary ‘wraps-up’ your solution; it provides the story behind your thinking, the final piece, it brings it all together. It is conveying why the business model you see, is valuable. It transmits the value of your idea, sitting on your one sheet of paper.

Now this is not the easy part, it is the ‘ call to action ’, the real identification you are asking of others to value and invest into your business model, to identify with it.

The tighter the story, the faster you get feedback and identification

This narrative needs to be a really compact synopsis, the real kernel of your business model, it forms the basis for the narrative and why your story is valuable to the one listening.

Irrespective your business narrative need to spark action

It is the story that makes the sense of your business model. It conveys its value, its sense of mission, your personal visions, it offers the place where you communicate and connect the business model with the listener.

By talking about it you are generating and testing a market-making narrative, to hone your thinking, to win over others to your solutions and ideas. You are testing your business model in the real world.

Your story narrative will be significantly tested and will change I am sure.

Each step or new iteration is a ‘smart’ step forward, if it builds and learns from the last one. It becomes more and more compelling until it resonates and translates into a new, valuable business.

Your business model is closer to filling a real market need from this consistent telling of your evolving story. The business narrative is essential to your thinking.

image credit: exchange.smarttech.com

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Suite of Services > Training > Workshops

How to Write a Business Plan: Narrative

Are you wanting to start a business and are looking for guidance on best practices for how to plan your business for success?  Understanding what a Business Plan is, and how to write a Business Plan is the right first step. There are two primary parts to a Business Plan – the Financial Projections and the Narrative.   This workshop focuses on how to write the Narrative part of your Business Plan.

A good Business Plan guides you through each stage of starting and managing your business.  You’ll use your Business Plan as a roadmap  for how to structure, run, and grow your new business. Business Plans can help you get funding or bring on new business partners by describing important aspects of running your business.  Your Business Plan is the tool you’ll use to convince people that investing in your company or partnering with your business is a smart choice.  “ How to Write a Business Plan: Narrative ” focuses on how to describe your business using our Business Plan model.  It will help you sort through the reasons why you believe your business will be successful, the steps you can take to operate your business for success, and the tools you can use to plan for your business’s success.

In this 52-minute workshop, you will learn:

• The two parts of a Business Plan – Financial Projections & Narrative;
• Who needs a Business Plan;
• Business Plan tools available with Alaska SBDC;
• How many pages a Business Plan should be;
• The importance of your Financial Projections;
• The Business Plan outline;
• What order you should write your Business Plan in;
• How to write the Business Description section;
• How to write the Definition of the Market section;
• How to write the Products & Services section;
• How to write the Organization & Management section;
• How to write the Marketing & Sales Strategy section;
• Overview of what’s included in the Financials section;
• How to put it all together;
• What to include in the Supporting Documents section;
• How Alaska SBDC can help you in preparing your Business Plan; and
• Resources Alaska SBDC has that can help you prepare your Business Plan.

Presented by:  Julie Nolen, Former SBDC Assistant State Director

OTHER RELATED WORKSHOPS:

Starting a Business

Creating Financial Projections for Your Business Plan

Business Plan , Business Start-up/Preplanning

The link above will take you to our client portal, where you will be able to register for access to this training video.

Business Plan Narrative Report

Introduction

This business plan narrative report provides a detailed overview of a proposed business strategy, encompassing market analysis, operational plans, financial projections, and strategic objectives. It is designed to be clear, actionable, and comprehensive for potential investors, stakeholders, and team members.

Company Overview

Company profile.

• Company Name: [Company Name]
• Industry: [Industry Type]
• CEO: [CEO’s Name]
• Location: [Headquarters Location]
• Mission Statement: [Mission Statement]

Market Analysis

1. industry overview.

• Current Trends: [Description of current industry trends]
• Market Size: [Total market size and expected growth]
• Target Market: [Description of the target market]

2. Competitor Analysis

3. SWOT Analysis

![SWOT Analysis Chart: Strengths, Weaknesses, Opportunities, Threats]

Product and Services

1. product portfolio.

• Product/Service 1: [Description]
• Product/Service 2: [Description]

2. Unique Selling Proposition (USP)

• [Description of what makes the products/services unique]

Marketing and Sales Strategy

1. marketing plan.

• Channels: [Digital Marketing, Traditional Advertising, etc.]
• Target Audience: [Specific demographics or market segments]
• Budget: [Allocated budget for marketing activities]

2. Sales Strategy

• Sales Channels: [Online, Retail, B2B, etc.]
• Pricing Strategy: [Cost-plus, value-based, etc.]
• Sales Targets: [Monthly/Quarterly/Annual sales goals]

Operational Plan

1. production/service delivery.

• Facilities: [Location and description of production facilities or service centers]
• Processes: [Key processes involved in production/service delivery]

2. Supply Chain and Logistics

• Suppliers: [Key suppliers and terms]
• Distribution: [Distribution channels and logistics]

Financial Plan

1. financial projections.

2. Funding Requirements

• Total Capital Needed: $[Amount]
• Use of Funds: [Breakdown of how funds will be used]

3. Break-even Analysis

![Graph showing the break-even point]

Risk Management

• Risk 1: [Description and mitigation strategy]
• Risk 2: [Description and mitigation strategy]

Conclusions and Next Steps

• Strategic Goals: [Short-term and long-term goals]
• Action Plan: [Steps to be taken in the next phase]

Appendix A: Detailed Financial Projections

• [In-depth financial tables and forecasts]

Appendix B: Market Research Data

• [Detailed market research findings and analysis]

Text prompt

• Instructive
• Professional

Create a study plan for final exams in high school

Develop a project timeline for a middle school science fair.

• Insights & Analysis
• Nonprofit Jobs

Business Planning for Nonprofits

Business planning is a way of systematically answering questions such as, “What problem(s) are we trying to solve?” or “What are we trying to achieve?” and also, “Who will get us there, by when, and how much money and other resources will it take?”

The business planning process takes into account the nonprofit’s mission and vision, the role of the board, and external environmental factors, such as the climate for fundraising.

Ideally, the business planning process also critically examines basic assumptions about the nonprofit’s operating environment. What if the sources of income that exist today change in the future? Is the nonprofit too reliant on one foundation for revenue? What happens if there’s an economic downturn?

A business plan can help the nonprofit and its board be prepared for future risks. What is the likelihood that the planned activities will continue as usual, and that revenue will continue at current levels – and what is Plan B if they don't?

Narrative of a business plan

You can think of a business plan as a narrative or story explaining how the nonprofit will operate given its activities, its sources of revenue, its expenses, and the inevitable changes in its internal and external environments over time. Ideally, your plan will tell the story in a way that will make sense to someone not intimately familiar with the nonprofit’s operations.

According to  Propel Nonprofits , business plans usually should have four components that identify revenue sources/mix; operations costs; program costs; and capital structure.

A business plan outlines the expected income sources to support the charitable nonprofit's activities. What types of revenue will the nonprofit rely on to keep its engine running – how much will be earned, how much from government grants or contracts, how much will be contributed? Within each of those broad categories, how much diversification exists, and should they be further diversified? Are there certain factors that need to be in place in order for today’s income streams to continue flowing?

The plan should address the everyday costs needed to operate the organization, as well as costs of specific programs and activities.

The plan may include details about the need for the organization's services (a needs assessment), the likelihood that certain funding will be available (a feasibility study), or changes to the organization's technology or staffing that will be needed in the future.

Another aspect of a business plan could be a "competitive analysis" describing what other entities may be providing similar services in the nonprofit's service and mission areas. What are their sources of revenue and staffing structures? How do their services and capacities differ from those of your nonprofit?

Finally, the business plan should name important assumptions, such as the organization's reserve policies. Do your nonprofit’s policies require it to have at least six months of operating cash on hand? Do you have different types of cash reserves that require different levels of board approval to release?

The idea is to identify the known, and take into consideration the unknown, realities of the nonprofit's operations, and propose how the nonprofit will continue to be financially healthy.  If the underlying assumptions or current conditions change, then having a plan can be useful to help identify adjustments that must be made to respond to changes in the nonprofit's operating environment.

Basic format of a business plan

The format may vary depending on the audience. A business plan prepared for a bank to support a loan application may be different than a business plan that board members use as the basis for budgeting. Here is a typical outline of the format for a business plan:

• Table of contents
• Executive summary - Name the problem the nonprofit is trying to solve: its mission, and how it accomplishes its mission.
• People: overview of the nonprofit’s board, staffing, and volunteer structure and who makes what happen
• Market opportunities/competitive analysis
• Programs and services: overview of implementation
• Contingencies: what could change?
• Financial health: what is the current status, and what are the sources of revenue to operate programs and advance the mission over time?
• Assumptions and proposed changes: What needs to be in place for this nonprofit to continue on sound financial footing?

More About Business Planning

Budgeting for Nonprofits

Strategic Planning

Contact your state association of nonprofits  for support and resources related to business planning, strategic planning, and other fundamentals of nonprofit leadership. 

Additional Resources

• Components of transforming nonprofit business models  (Propel Nonprofits)
• The matrix map: a powerful tool for nonprofit sustainability  (Nonprofit Quarterly)
• The Nonprofit Business Plan: A Leader's Guide to Creating a Successful Business Model  (David La Piana, Heather Gowdy, Lester Olmstead-Rose, and Brent Copen, Turner Publishing)
• Nonprofit Earned Income: Critical Business Model Considerations for Nonprofits (Nonprofit Financial Commons)
• Nonprofit Sustainability: Making Strategic Decisions for Financial Viability  (Jan Masaoka, Steve Zimmerman, and Jeanne Bell)

Disclaimer: Information on this website is provided for informational purposes only and is neither intended to be nor should be construed as legal, accounting, tax, investment, or financial advice. Please consult a professional (attorney, accountant, tax advisor) for the latest and most accurate information. The National Council of Nonprofits makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

More From Forbes

Business story writing versus story narrative: how to use both.

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Divya Parekh , of The DP Group, covers business growth, storytelling, high-impact performance and authority building.

As an entrepreneur, you know the importance of telling your business story to connect with your audience and build a trusted industry brand. But do you know the key differences between business story writing and story narrative?

Knowing the five key differences will help you finesse the art of storytelling.

1. Purpose And Audience

The audience that business story writing caters to is usually potential customers or investors. The purpose of the story is to convey a message that lays the foundation for a meaningful connection or to persuade the audience to take action.

The audience for a story narrative can be anyone who enjoys reading or listening to stories. The aim is to educate or entertain the audience.

2. Structure And Plot

Structure refers to the way you organize and present a story, whereas plot refers to the events and actions that take place in the story. In business story writing, the structure is usually linear, with a beginning, middle and end. The goal is to focus the plot on the business problem or solution.

In contrast, a story narrative can have a more complex structure, with multiple plot lines and characters. You need to ensure that the plot's focus is on the characters and their journey.

3. Language And Tone

In business story writing, the language is usually straightforward and concise, with a focus on facts and data. The tone is professional and persuasive.

In contrast, a story narrative can have more poetic and descriptive language, with a focus on emotions and sensory details. The tone can be more playful or dramatic.

4. Characters And Setting

In business story writing, you have to co-relate the characters and setting to the business problem or solution. The characters can be employees, stakeholders, leaders, customers or investors, and the setting typically is the office, virtual conversations, boardroom or marketplace.

In contrast, a story narrative can have a wider range of characters and settings. The characters can be fictional or real, and the setting can be anywhere in the world or in the imagination.

5. Outcome And Impact

In business story writing, it is critical to connect the business goal with expected outcomes, such as increased sales or improved customer satisfaction. Business success becomes the measurement matrix, while story narrative can have a more personal outcome and impact.

In a story narrative, the outcome can be a moral lesson or a personal growth experience, and the impact can be on the reader's emotions or worldview.

Now that we've explored the five key differences, let's look at a story dialogue example for bringing your brand story to life.

Story Dialogue Example

Samantha, a leadership consultant, was struggling to create a business story that would resonate with her audience. She turned to her friend Michael, a professional writer, for advice.

Samantha: "Michael, I need your help. I want to tell my business story, but I'm not sure how to make it interesting."

Michael: "Well, Samantha, the first thing you need to do is think about your audience. Who are they, and what do they care about?"

Samantha: "My audience is mostly male and female entrepreneurs who want to create a positive impact in their industry and improve their leadership skills."

Michael: "Great. Now, let's think about the structure and plot. What's the problem you were trying to solve, and how did you solve it?"

Samantha: "The problem was that the market lacks a comprehensive approach to improving leadership skills. I solved it by creating a leadership consulting agency that focuses on developing leaders who can create a positive impact on their industry."

Michael: "Perfect. Now, let's think about the language and tone. How do you want your audience to feel when they read your story?"

Samantha: "I want them to feel inspired and motivated to become better leaders and make a difference in their industry. I want to show them that leadership is not just about making money but also about creating a positive impact in the world."

Michael: "That's a significant starting point. Now, let's look at the focus for both business story writing and story narrative. Business story writing is more straightforward and focuses on delivering key information about your brand or product. The story narrative is more creative and engaging, and it's focused on creating an emotional connection with your audience."

Samantha: "Okay, can you give me an example of each?"

Michael: "Sure. Business story writing might look something like this: 'Our leadership consulting agency provides a comprehensive approach to improving leadership skills. We believe in developing leaders who can create a positive impact on their industry.' This approach delivers a coherent message, but it may not be as memorable as a story narrative."

Samantha: "I see. So what's an example of a story narrative?"

Michael: "A story narrative might look something like this: 'When I started my leadership consulting agency, the lack of comprehensive resources available for improving leadership skills frustrated me. I wanted to create a program with a focus on developing leaders who could make a positive impact in their industry. It wasn't easy. My passion for leadership and my desire to create an impact kept me going. Today, I'm proud to say that our agency has helped entrepreneurs develop the skills they need to create a positive impact in their industry. And we've inspired a new generation of leaders who believe in making a difference.' This approach creates a memorable story that evokes emotion and inspires action."

Samantha: "I see. So which approach is better for my business story?"

Michael: "It really depends on your goals and your audience. I think we should use a combination of both approaches to create a story that resonates with your audience and inspires them to take action."

Samantha: "That sounds like a great idea. Thank you for your help, Michael."

Like Samantha, you can use the elements we have discussed today to create your brand story!

Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?

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