7 Business Plan Examples You Need to Know (2024)
As an aspiring entrepreneur, you must know the importance of creating a business plan for the company you're about to start. However, you might need to know more about a business plan or what details to include. Even when you're advised to create a business plan, few resources are available to guide you on effectively relaying your ideas.
For this reason, it's imperative to examine the different business plan examples and how they can benefit your business. Other terms that refer to a business plan include:
- Operational plans
- Strategic plans
- Traditional plans
- Feasibility plans
- Growth plans
- Internal plans
Depending on the business stage your company is at, there are unique plans for different situations. So, what sets apart each plan, and what factors should be considered when choosing one over the other?
A sample business plan template is like a real-world plan, guiding you on how to present your ideas confidently. This article will discuss the seven business plan examples you need to know (2024) and how to craft them to serve your needs.
How to Determine the Type of Business Plan You Need
The type of business plan you need depends on different factors like:
- Current business stage
- Intended audience
- How you intend to use the plan
Considering the factors above will determine what format works best for you. Remember, creating a plan will enhance your chances for success. Thus, landing the right option means it supports your needs and brings you closer to achieving your business goals.
So, how do you choose the right plan?
1. Understand Why You Need a Business Plan
What are the reasons you're creating a business plan?
Are you pitching to potential investors, applying for a loan, or trying to determine whether your business idea is feasible?
One or more of the above questions will likely fuel your need for a business plan. Understanding why you need one will help you determine which one suits your situation.
A detailed plan is necessary if you're looking to become an entrepreneur. However, if you're only testing a business idea, a short-format plan will suffice, as it consumes less time to create and only needs a few details.
2. Be Familiar with the Options Available
When creating a plan, you don't have to be an expert or understand every detail of each plan. However, knowing the following basics will help you make the right decision:
- What makes a plan unique?
- What are the benefits?
- What are the drawbacks?
- Which business types can use it?
Reviewing the details above will help you understand what you're getting involved in and how to complete your plan. Plus, you'll create a plan that's tailored to your needs.
3. Start Small
As you choose a suitable business plan format, begin with a short and simple option and build slowly. A humble start will save you time and effort, and you'll still come up with a working business plan for your business to serve the moment.
The small start helps you better understand if you need more planning. If you do, you'll only improve the plan you have and not begin from scratch. Plus, the type of business plan you need is dependent on the situation you're addressing and the use case. Performing this exercise will help you narrow down your options to what you need.
7 Business Plan Examples to Know in 2024
We'll walk you through the seven real-world examples of business plans, outlining every aspect to help you understand how it all comes together. They include:
1. Executive Summary
An executive summary will provide a high-level run-through of your business plan. It will contain a few paragraphs with detailed information about:
- A brief description of your company
- Market research
- Competitor analysis
- Financial information
2. Company Description
Your business description can be repurposed in other areas of your business like:
- The About page
- Social media profile pages
- Any other properties that need a further description of your small business
Here are more details to include in your company overview:
- Business structure - Here, you state the kind of business you registered: LLC, corporation, sole proprietorship, or partnership.
- Nature of the business - What are your business activities? Explain what activities your business will be involved in.
- Industry - State the industry you'll be operating under.
- Background information - Provide more information on your background in the industry you're venturing into and what's unique about your business.
- Business objectives - Write about your business goals (short and long-term)
- Team—Are you a sole proprietor, or do you rely on contractors to get the job done? This section will spotlight your team.
You can also display your mission statement on the company website and it will serve the same purpose as a business plan.
3. Market Analysis
Market analysis is all about:
- Research on product supply and demand
- Your target market
- The competitive landscape
- Industry trends
Analysing Strengths, Weaknesses, Opportunities, and Threats (SWOT) will help you understand your stand in the market. SWOT also aids you in identifying and understanding market gaps you can exploit to establish your base in the market. Here are the details of SWOT:
- Strengths - State what your business can deliver in a unique manner
- Weaknesses - What can bring you down or limit your profit margins?
- Opportunities - The openings you intend to capitalise on
- Threats - The challenges you anticipate your business will be facing
In addition, you need to run a competitive analysis as part of the market analysis in your business plan. The information you gather will show you who your competitors are and give you ideas on how to stand out.
4. Products and Services
In this part of your business plan, you describe the products or services you'll be selling to customers. You also provide details on the pricing of the product or services and how they'll compete against similar offers in the market. A few lines with little detail of this information will suffice as they're only meant to introduce the reader to your product.
5. Marketing Plan
Anyone starting a business must have a marketing plan to show how they'll spread the word about their new venture. A marketing plan is essential for a business plan as it highlights the promotion methods for the business and customer strategies you'll adopt. The main idea here is to show how you plan to promote your business to potential customers.
6. Logistics and Operations
Under the logistics and operations section in your business plan, you should offer information on the following:
- Production
- Facilities
- Equipment
- Shipping and fulfilment
- Inventory
7. Financial Plan
A financial plan or statement is a breakdown of the following:
- Sales
- Revenue
- Profit
- Expenses
- All other relevant financial metrics concerning funding and profiting from your business
The financial plan breaks down expenses, predicted revenue, and net profit in graphs diving deeper into these financial details:
- Funding needs
- Estimated profit-and-loss statement
- Projected balance sheet
- Estimated cash-flow statement
Types of Business Plans and Details to Include in Each
The business plan you decide to create will depend with the purpose and the stage your business is at. Let’s discuss the different plan types, details, and when to use them:
1. The Standard (Traditional) Business Plan
The traditional (standard) business plan is a detailed document that covers all business aspects. The plan must be broken down for potential investors and partners to comprehend. It's the most popular plan you'll come across and is detailed in 10 sections, which must be abbreviated:
- Executive summary
- Description of products and services
- Market analysis
- Competitive analysis
- Marketing and sales plan
- Business operations
- Key milestones and metrics
- Organisation and management team
- Financial plan
- Appendix
A traditional business plan is suitable for anyone approaching specific business planning events, like presenting it to a bank or an investor. It can also be used when you need more details on a particular business area.
2. One-Pager Business Plan
The one-pager plan is a simplified version of a traditional business plan. Its structure resembles a standard plan, but creating a one-pager is easy and can be used to pitch to investors. Here's the organisation on a one-pager:
- Value proposition
- Market need
- Your solution
- Competition
- Target market
- Sales and marketing
- Budget and sales goals
- Milestones
- Team Summary
- Key partners
- Funding needs
A one-pager covers crucial details like a traditional plan but in a more manageable format. If you're exploring a new business idea or upgrading your strategy, use a one-pager plan, as you can review and make changes quickly. However, presenting this plan to lending firms when borrowing money will not make sense. Lenders need to see detailed and accurate assessments of potential risks.
3. Startup Business Plan
A startup business plan helps secure funding for a new business from external parties. Typically, there's a big focus on the financials and other sections that help determine the viability of your business idea—market analysis, for example. Here are the details to include in a startup business plan:
- Executive summary
- Company description
- Market research: In-depth
- Products and services
- Marketing Plan
- Operations
- Financials: in-depth
4. Internal Business Plan
Your internal business plan keeps your team informed and on the same page to ensure they stay aligned and focused to achieve the same goal.
- Executive summary
- Company description
- Market analysis
- Products and services
- Marketing Plan
- Logistics and operations plan
- Financials
5. Feasibility Business Plan
The feasibility business plan is like a pre-business plan and is commonly referred to as a feasibility study. It lays down the groundwork that validates the effort of making a complete business plan. It's centred on research and provides the following information:
- Company description
- Products and services
- Market analysis
- Logistics and operations
- Financials
6. Nonprofit Business Plan
A nonprofit business plan is distinct from a traditional plan as it covers the sections of a feasibility statement to build a sustainable business. However, there are details in a nonprofit plan that detail funding and awareness accounting for:
- Fundraising sources and related activities
- Alliances and partnerships
- Promotion and outreach policies
At this stage, you also provide information about your team (if any), set goals and track performance to run a healthy organisation that complies with all regulations. Remember, you're chasing profits and trying to fulfil a mission.
However, an organisation must be financially stable to provide services to its community. If your business plan shows that it's a well-organised nonprofit organisation, attracting donors and convincing investors to fund it is feasible.
Frequently Asked Questions
Is a business plan mandatory for all businesses?
A business plan is an essential document for all companies, regardless of what they do or their size. The document provides an overview of the company's operations by organising, putting goals in perspective, and business strategies. You can also measure progress using a business plan, anticipate obstacles, and identify business opportunities.
What are the three main areas a business plan must cover?
A business plan must cover three main areas: concept (the main business idea), content (the product or service you're selling), and cash flow (discussing funding, how the business will make money, and the money you expect to make).
Is there a specific business plan for each business?
The type of plan each business creates depends on the business stage and the plan's purpose; pitching investors or taking out a loan. Any business format should help outline your business strategy, model, timeline, and operation tactics.
In Summary
A good business plan is like a roadmap to follow when launching a business and the path to achieve all set goals. The document creates accountability for entrepreneurs and team collaboration, regardless of the business model.
Creating a business plan is an intentional process to kickstart your business and set yourself up for success. Potential Investors get to understand more about a business from a business plan and the main activities the company is involved in. It should always start with a summary plan and end with the financial details or relevant information. Do you have any questions about business plan examples You Need to Know? Kindly contact one of our experts here for help today.