Simple Business Plan Template: Create, Refine, and Succeed

Introduction

Despite their variety and multi-functionality, business plans typically assist you in identifying your objectives and outlining the steps necessary to reach them. Everything you need to know when starting a side project, small business, or solitary operation is covered in a straightforward business plan template. You may even discover a few other paths to success by pursuing this methodical approach.

Why it’s important to have a business plan

Whether you’re an experienced company owner or a first-time entrepreneur, the planning process forces you to consider the expenses and tasks associated with launching a service or product. You can focus on the most successful business models and identify new revenue streams with the aid of this approach.

While necessary, company planning doesn’t have to be a hassle. Lean startups & solopreneurs can create simple business plans that just include the idea of the firm, the sales pitch, the target market, and an outline of action for launching the product or service.

A business plan that includes information on market analysis, operational expenses, and revenue projections must be written, however, if you’re looking for starting capital or partnership prospects. If you’re a startup and don’t know where to start, our clear business plan template can help you get started in the correct direction.

How to develop a successful business plan in six easy steps

All business plans ought to include the six essential components listed in our no-cost business plan template that is described below, regardless of whether you’re writing an extensive strategy for investors or just a fast intro. Start-ups and investor-funded companies differ mostly in the financial and operational components of the concept support that comes with conducting market research.

1. Your vision or mission

Make a “dream statement” for your company to start. This might also be referred to as your mission statement, vision, or executive summary. Whatever the title, the first section of the business plan addresses five questions that help to summarize your concept. Like an elevator pitch, keep it succinct. In the subsequent sections of the basic business plan template, we will elaborate on these responses.

• What is the nature of your business? Are you offering goods, services, information, or all three
• In what location does this occur? Which platforms will you use to conduct business: mobile, in-store, online, or in a particular setting?
• Who benefits from your business? Who is the ideal client and target market for your idea?
• What may possibly interest potential customers? What would draw attention to your business from your ideal clientele?
• What distinguishes your goods and/or services from the competition? Why would a prospective client pick you over a rival?

If your business idea is sound, these answers should come to you with ease. If not, don’t panic if you run into obstacles. To generate ideas and strategies, use the remaining space in your business plan template. As you examine your thoughts and possibilities, you’ll probably discover these answers as well as some new ones.

2. Value Proposition and Offer

Here, you should describe your offer in full, including the reasons why anyone would be interested in buying your goods, services, or both. That represents the value offer. You’ll elaborate on your responses to the first & fourth mission/vision bullet points in particular.

You may discover, as you work through this part, that value proposition exploration leads to previously unconsidered yet viable company prospects. So give this part some thought and make a list of potential solutions.

For instance, a cottage bakery company that focuses on creating products that are keto- or gluten-free can be a compelling offer for some target markets. Additionally, you could enhance that value proposition by providing cakes for weddings and other special occasions that combine classic cake ingredients with gluten-free, keto-friendly options so that every guest may have a cake they appreciate.

3. Target Market and Ideal Client

This is the stage at which you examine bullet point three: the beneficiaries of your business. Determining your target market and figuring out your ideal client are crucial steps in developing a marketing and sales plan and refining your product or service offerings.

While there are various approaches to researching potential customers, one quick fix is to figure out what problem your service or good can solve for individuals. It’s simple to identify your target market and outline the needs and wants of your ideal client if you approach marketing from a problem-solving perspective.

Finding freshly baked gluten-free and keto-friendly desserts may be a challenge, to use the cottage bakery startup as an example. By looking at their requirements and wants, it may be possible to identify a target market that is willing to pay more for difficult-to-find things and is either health-conscious or is coping with health concerns.

A customer group that can sustain the business is necessary, though. Too much specialization is possible. For instance, our bakery startup can increase sales by reaching a larger market by providing a greater range of conventional baked goods in addition to its specialty items that are gluten-free and keto.

4. Marketing, Sales Channels, and Revenue Streams

Our internet-driven economy has given companies a lot of revenue prospects and multiple ways to reach target customers. Since sales channels and revenue streams are also marketing tools, one can discuss each of them in this part.

Revenue streams

There are numerous ways to generate income for your company, known as revenue streams. Incorporate strategies for future growth as well as a list of how you’ll generate revenue after launch in the business plan template. You could be surprised at the revenue opportunities.

For instance, our cottage bakery startup may take into account the following sources of income:

• Product sales: Future in-store sales, pop-up stores, wholesale, and internet
• Affiliate earnings: Using affiliate links, monetize your blog & social media content.
• Advertising earnings: Allocate space on your website for advertising.
• E-book sales: Release recipe e-books aimed at the dessert markets for people who are gluten- and keto-intolerant.
• Video income: Promote and monetize a how-to YouTube channel catering to the gluten-free & keto dessert markets.
• Webinars & Online classes: Make webinars and online courses with a coaching style that covers specialized baking skills and advice profitable.
• Members-only content: Profit from specialty content available only to subscribers of the website to enhance webinars and online courses.
• Franchise: Sell franchise owners the idea of a specialized cottage bakery and make money from it.

Sales channels

The earnings streams are put to use through sales channels. The “where would this happen” query in the 2nd bullet point of your vision is also addressed in this section.

For our example cottage bakery, the item’s sales channels can be as follows:

• Mobile POS: To manage direct sales at nearby marketplaces, fairs, and festivals, use a mobile platform like Square POS or Shopify.
• E-commerce: For orders involving online retail sales & wholesale sales, use a platform like Shopify, WooCommerce, or Square.
• Social media platforms: Shoppable articles and pins on Instagram, Facebook, and Pinterest to boost online sales through social media channels
• Brick & Mortar stores: Once the company has expanded to the point where it can sustain a physical location, in-store sales will commence.

Some revenue streams may be supported via the following channels:

• Affiliate income: Affiliate revenue is generated by the e-commerce website’s blog space and affiliate partner accounts.
• Revenue from advertising: Set aside areas for advertising on the online store.
• E-book sales: Amazon electronic book sales through Kindle Direct Publishing on Amazon
• Videos: YouTube channel monetizing ads generate revenue from videos.
• Online classes and webinars: Member accounts, playback, and recording capabilities for online classes and webinars
• Content reserved for members: Password-protected content on websites using membership tools like MemberPress

Marketing

These days, it’s difficult to distinguish between sales and marketing channels. Websites, blogs, e-books, videos, and social media platforms are being used as revenue streams in addition to marketing tools. For lean companies, they are great marketing channels because the majority are free and the ones that offer advertising are very affordable.

Nevertheless, traditional forms of advertising including local television, radio, postal mail, newspapers, and periodicals continue to be valuable to many businesses. These advertising expenses can be incorporated into your basic company plan template to assist in creating a budget and marketing strategy.

5. Operations, Suppliers, and Structure

The structure and management of your business are covered in this section of your basic business plan template. The kind of corporate structure your startup will use, job descriptions, supplier logistics, and daily operations are just a few of the details. Incorporate any licenses or certificates required to open your business in this part as well.

A structure & startup strategy similar to this one could be used in our cottage bakery example:

• Business configuration: Sole proprietorship under a DBA (doing business as).
• Certifications and Permits: State cottage foods certification and a food handling permit are given by the county for the home-based production of food. Consider renting a certified commercial kitchen as an option.
• Roles and obligations: All responsibilities and roles lie with the owner of a solopreneur.
• Chain of supplies: Sam’s Club, Costco, and Amazon Prime offer bulk goods and food packaging, but membership fees apply. Use Uline to ship materials; no membership is required.
• Regular activities: To fulfill regional and online orders, gather ingredients, and prepare three days a week. Allocate time for specialized sales, orders from wholesale partners, and events in the market as required. Ship internet orders on different days. On days that aren’t shipping, update your website and write blog entries about affiliate marketing.

6. Financial Projections

The last step is to include projected costs and profits for your business’s beginning and ongoing operations in your basic business plan form. Lean firms can start for very little money upfront because of free business tools like Square and free social media promotion. The cost of the items, packaging and shipping, company licenses, and business card printing are frequently your sole out-of-pocket costs.

Final Thought

Although creating a business plan with great care and attention to detail is usually beneficial, avoid becoming so mired in the planning process that you never really start your company. Furthermore, keep in mind that business ideas are subject to change.

As markets, consumers, and technologies evolve, so too will your objectives and methods for reaching them. Consider the business plan as a dynamic document that you should periodically review, revise, and reorganize in response to market developments and company expansion needs.