You will find business plan tailored to your project in our list of 250+ business plans
All our business plans do include a business plan
How can you create a compelling business plan without feeling overwhelmed?
In this article, we provide a free tool to do so. If you're looking for something more tailored to your specific project, feel free to browse our list of business plans, customized for over 200 different project types here.
We'll also address the following questions:
What should be included in a business plan?
How many pages should a business plan have?
What financial details need to be in a business plan?
How much market research is needed for a business plan?
Why is the executive summary important in a business plan?
How detailed should the marketing plan be in a business plan?
What is the cost of creating a business plan?
How often should a business plan be revised?
How long does it take to complete a business plan?
How much funding should be requested in a business plan?
What are common mistakes to avoid in a business plan?
How does a business plan help in getting funding?
The document available for as a free example is a business plan. It includes all the elements mentioned in this blog post. It is tailored specifically to the realities of a fruit juice bar. If you need a document for your own project, feel free to browse through our list of business plans.
If you have any questions, don't hesitate to contact us.
What Should Be Included in a Business Plan?
Here are the key elements that should be included, all of which you will find in our financial forecasts tailored to 200+ different business projects.
| Section | Description |
|---|---|
| Executive Summary | A brief overview of the business plan, including the business concept, financial features, and current business position. It should capture the reader's attention and summarize the key points of the plan. |
| Company Description | Detailed information about the business, including its mission statement, goals, target market, and the unique value proposition. It should also cover the business's legal structure, ownership, and history. |
| Market Analysis | An analysis of the industry, market size, expected growth, and target market demographics. It should include a competitive analysis and an assessment of market trends and customer needs. |
| Organization and Management | An outline of the business's organizational structure, including details about the ownership, management team, and board of directors. It should highlight the qualifications and experience of key team members. |
| Products or Services | A detailed description of the products or services offered by the business. It should explain the benefits, lifecycle, and any research and development activities. Include information on intellectual property, if applicable. |
| Marketing and Sales Strategy | A comprehensive plan for marketing and selling the products or services. It should cover pricing, promotion, distribution, and sales strategies. Include information on customer acquisition and retention strategies. |
| Funding Request | If seeking funding, this section should detail the amount of funding needed, potential future funding requirements, and the proposed use of the funds. It should also outline the preferred funding structure and terms. |
| Financial Projections | Detailed financial forecasts, including income statements, cash flow statements, and balance sheets for the next three to five years. Include a break-even analysis and key financial ratios. |
| Appendix | An optional section that can include additional information such as resumes of key team members, legal agreements, detailed market research data, and other relevant documents that support the business plan. |
Our financial forecasts are comprehensive and will help you secure financing from the bank or investors.
Common Questions You May Have
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What are the key components of a business plan?
A business plan typically includes an executive summary, company description, market analysis, organization and management structure, and a description of the product or service line.
It also contains marketing and sales strategies, funding requests, financial projections, and an appendix with supporting documents.
Each section should be detailed and tailored to the specific needs and goals of your business.
How long should a business plan be?
The length of a business plan can vary, but it is generally recommended to be between 15 and 25 pages.
For more complex businesses, the plan might extend to up to 50 pages including detailed financial projections and appendices.
It's important to be concise and focus on the most critical information to keep the reader engaged.
What financial projections should be included in a business plan?
Financial projections should include income statements, cash flow statements, and balance sheets for at least the first three to five years.
These projections should be based on realistic assumptions and provide a clear picture of the business's financial health.
Including a break-even analysis can also help demonstrate when the business is expected to become profitable.
How much market research is necessary for a business plan?
Market research should be thorough enough to provide a clear understanding of the industry, target market, and competitive landscape.
Typically, this involves analyzing market size, growth potential, and trends, which can take several weeks to a few months depending on the complexity of the market.
Primary research, such as surveys and interviews, and secondary research, such as industry reports, should both be utilized.
What is the importance of an executive summary in a business plan?
The executive summary is crucial as it provides a concise overview of the entire business plan and is often the first section read by investors.
It should highlight the key points, including the business concept, financial highlights, and the unique value proposition.
A well-crafted executive summary can capture the reader's interest and encourage them to read the full plan.
How detailed should the marketing plan be in a business plan?
The marketing plan should be detailed enough to outline specific strategies and tactics for reaching the target market.
This includes identifying marketing channels, budget allocations, and key performance indicators (KPIs) to measure success.
Typically, a marketing plan section can range from 3 to 5 pages depending on the complexity of the strategies.
What is the typical cost to develop a business plan?
The cost to develop a business plan can vary widely depending on whether you do it yourself or hire a professional.
On average, hiring a professional business plan writer can cost between $2,000 and $10,000.
DIY options may only cost a few hundred dollars for software or templates, but require significant time investment.
How often should a business plan be updated?
A business plan should be reviewed and updated at least once a year to reflect changes in the market, financial performance, and business goals.
Significant events, such as securing funding or launching a new product, may also necessitate an update.
Regular updates ensure that the business plan remains relevant and useful as a strategic tool.
What is the average time to complete a business plan?
The time to complete a business plan can vary, but on average it takes between 2 to 3 months to develop a comprehensive plan.
This includes time for research, writing, and revisions to ensure accuracy and completeness.
Complex businesses or those requiring extensive market research may take longer to complete.
How much funding should be requested in a business plan?
The amount of funding requested should be based on a detailed analysis of the business's financial needs and growth projections.
Typically, businesses request enough funding to cover 12 to 18 months of operations, including startup costs and working capital.
It's important to justify the funding request with clear financial projections and a well-defined use of funds.
What are common mistakes to avoid when drafting a business plan?
Common mistakes include being overly optimistic with financial projections, lacking a clear value proposition, and insufficient market research.
Other pitfalls include failing to address potential risks and not tailoring the plan to the target audience, such as investors or lenders.
Ensuring accuracy, realism, and thoroughness can help avoid these common errors.
How can a business plan help in securing funding?
A well-crafted business plan demonstrates to investors and lenders that you have a clear vision, a solid strategy, and a thorough understanding of the market.
It provides detailed financial projections and a compelling case for the business's potential for success and profitability.
By addressing potential risks and outlining a clear use of funds, a business plan can build confidence and attract the necessary funding.