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4 Entrepreneur Success Stories to Learn From

• 20 Jan 2022

Entrepreneurship is a risky but potentially rewarding endeavor. According to the online course Entrepreneurship Essentials , 50 percent of startups last five years, and just 25 percent survive 15.

“For every Amazon.com or Uber, there are scores of companies few can remember,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials.

So, what separates successful ventures from those that fail?

“When a company succeeds, it’s because it has discovered and made the right moves along the way,” Sahlman says. “It has found out how to create and capture customer value.”

If you’re exploring entrepreneurship or in the early stages of launching a venture, it’s important to learn from others to avoid common pitfalls and discover which decisions impacted a company’s survival. Here are four stories of successful entrepreneurs to inspire your entrepreneurial journey.

Access your free e-book today.

4 Successful Entrepreneur Stories

1. adi dassler of adidas.

Some of today’s biggest brands started with humble beginnings, and no one embodies this better than Adidas founder Adolf “Adi” Dassler.

Dassler’s shoemaking career began in his mother’s washroom in a small town in Bavaria, Germany. It was there that Dassler began designing and cobbling shoes and decided he wanted to make the best possible sports shoe for athletes.

While there were plenty of shoemakers at the time, Dassler was committed to standing out in the market by gathering feedback from athletes about what they looked for in a shoe, what pain points could be improved on, and how they felt about his early models.

This feedback allowed Dassler to craft an athletic shoe that was highly valued by his customers and gave him legitimacy when he registered “Adi Dassler Adidas Sportschuhfabrik” in 1949 at 49 years old. It was that same year the first shoe with the soon-to-become-signature Adidas three stripes was registered.

Dassler’s vision to create the best shoe for athletes proved itself in 1954 when the German national football team won the World Cup final against the Hungarians—while wearing the new model of Adidas cleats.

“Their unbelievable victory would be heard around the world for decades to come,” Adidas states on its website , “and it made Adidas and its founder a household name on football pitches everywhere.”

Since then, Adidas has grown into an international brand known for high-quality athleticwear. Dassler’s story sheds light on the importance of listening to target customers about their dreams, needs, and pain points.

“Adi Dassler’s secret to success had an additional personal ingredient: He met with athletes, listened carefully to what they said, and constantly observed what can be improved or even invented to support their needs,” reads Adidas’s website . “The best of the best trusted Adidas and its founder from the beginning.”

Related: 5 Steps to Validate Your Business Idea

2. Whitney Wolfe Herd of Bumble

After leaving dating app company Tinder and an abusive relationship in 2014, Whitney Wolfe Herd was inspired to create an empowering dating experience for women.

“For all the advances women had been making in workplaces and corridors of power, the gender dynamics of dating and romance still seemed so outdated,” Wolfe Herd writes on Bumble’s website . “I thought, ‘What if I could flip that on its head? What if women made the first move and sent the first message?’”

Wolfe Herd, along with dating app Badoo co-founder Andrey Andreev and former Tinder employees Chris Gulzcynski and Sarah Mick, designed a dating app that requires women to make the first move in heterosexual matches.

The brand took off—largely on college campuses—and the app reached 100,000 downloads in its first month.

As its user base grows, Wolfe Herd remains a strong advocate for gender equality and sexual harassment prevention, building in-app features that block hate speech and blur inappropriate images. Wolfe Herd and her team also lobbied the state of Texas—where the company is headquartered—to pass a law prohibiting the sending of unsolicited lewd photos, which passed in 2019 .

“I’m more dedicated than ever to helping advance gender equality—and putting an end to the misogyny that still plagues society,” Wolfe Herd writes in a letter to Bumble users . She later adds, “I want nothing more than for your connections to be both meaningful and healthy.”

Wolfe Herd’s story serves as a reminder to use your own life for business inspiration and use a cause you care about to differentiate your product and brand in a saturated market.

Related: How to Identify an Underserved Need in the Market

3. Melanie Perkins of Canva

In 2007, Melanie Perkins was working a part-time job while studying in Perth, Australia, teaching students how to use desktop design software. The software was expensive, complex, and required a semester’s worth of instruction to learn how to use, prompting Perkins to ask, “Is there a way this could be simpler and less expensive?”

Perkins’s goal to create an affordable, simple, online design tool was originally turned down by over 100 investors—it wasn’t until three years into her pitching process that Canva received its first investment.

Perkins credits this investment to a shift in her pitching strategy: She began leading with the relatable problem Canva aims to solve.

“A lot of people can relate to going into something like Photoshop and being completely overwhelmed," Perkins said in an interview for Inc . "It's important to tell the story, because if your audience doesn't understand the problem, they won't understand the solution."

Today, 60 million customers use Canva to create designs across 190 countries.

Perkins’s story reflects the importance of effectively communicating the value of a business idea , as well as the tenacity and resilience required for entrepreneurial success.

Related: How to Effectively Pitch a Business Idea

4. Neil Blumenthal, Dave Gilboa, Andy Hunt, and Jeff Raider of Warby Parker

One example mentioned in Entrepreneurship Essentials is that of innovative online eyewear company Warby Parker. In 2008, Wharton MBA student Blumenthal lost his prescription eyeglasses. He was reluctant to purchase a new pair because they were so expensive. He also didn’t want to visit an eyeglass store.

The idea came to him in the middle of the night, and he emailed three friends—Gilboa, Hunt, and Raider—immediately: Why not start an online company to sell prescription glasses at an affordable price?

They set to work, and Warby Parker was poised to launch just after the four founders graduated with their MBA degrees in the spring of 2010—that is, until GQ reached out to Blumenthal about writing an article to be published on February 15 of that year. The founders sped up their process and launched Warby Parker’s website the same day the article was printed .

The article called Warby Parker “the Netflix of eyewear,” driving interested customers to the new site in droves. The founders’ one mistake was forgetting to add a “sold out” functionality to the website. The waitlist for Warby Parker eyewear grew to 20,000 people, and the company hit its first-year sales target in three weeks.

"It was this moment of panic but also a great opportunity for us to provide awesome customer service and write personalized emails to apologize and explain," Blumenthal says in an interview for Inc . "That really set the tone for how we would run customer service."

A few things set Warby Parker apart from the eyewear market at the time:

• Its online model : A new way of delivering the product helped it break into a stagnant industry
• Its affordable prices : A pair of Warby Parker frames with prescription lenses cost $95—much less expensive than other brands at the time
• Its home try-on program : This enabled customers to try on five pairs of glasses and send back the pairs they didn’t want to purchase.
• Its commitment to giving back : For every pair of glasses purchased, Warby Parker donated a pair to someone in need

Warby Parker donated its millionth pair of glasses in 2019 and continues to be an example of innovation in an existing market.

Why Learn from Case Studies?

Reading about the trials, tribulations, decisions, and successes of other entrepreneurs is an effective way to gain insight into what your experience could be like. What common threads do you notice in the aforementioned examples? What characteristics do these successful entrepreneurs share ? Use their experiences as blueprints to inform your strategic approach and in-the-moment decision-making.

When building your entrepreneurial skills, seek out courses that incorporate case studies into their teaching method , such as Entrepreneurship Essentials. Not only can you imagine yourself in their situations, but you can take their wisdom with you on your entrepreneurial journey.

Are you interested in honing your entrepreneurial skills and innovation toolkit? Explore our four-week Entrepreneurship Essentials course and other online entrepreneurship and innovation courses to learn to speak the language of the startup world.

About the Author

Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

1. from humble beginnings, 2. identifying a market gap, 3. crafting a solid business plan, 4. turning dreams into reality, 5. the power of collaboration, 6. overcoming challenges, 7. expanding horizons, 8. from local to international, 9. key takeaways for future entrepreneurs.

1. The Power of Small Beginnings:

In this section, we delve into the remarkable journey of startups that started from humble beginnings and went on to achieve extraordinary success. These stories highlight the transformative power of a well-crafted business plan and the determination of visionary entrepreneurs.

2. Navigating Challenges:

One common thread among these success stories is the ability to navigate through challenges and setbacks. Entrepreneurs faced limited resources, fierce competition, and uncertain market conditions . However, their resilience and strategic thinking allowed them to overcome these obstacles and thrive.

3. Innovative Strategies:

Successful startups often employ innovative strategies to differentiate themselves in the market. They identify gaps and pain points, offering unique solutions that disrupt traditional industries . By thinking outside the box, these entrepreneurs create new opportunities and carve their path to success .

4. Building a Strong Foundation:

A crucial aspect of these success stories is the emphasis on building a strong foundation. Entrepreneurs prioritize assembling a talented team, fostering a positive company culture , and establishing robust partnerships. These elements provide a solid framework for growth and sustainability.

5. Scaling Up:

As these startups gain traction , they face the challenge of scaling up their operations. This section explores how entrepreneurs strategically expand their businesses, whether through securing funding, entering new markets, or leveraging technology. real-life examples illustrate the key strategies employed during this critical phase.

6. Impact on the Industry:

The success stories examined in this section have not only achieved financial success but have also made a significant impact on their respective industries. They have disrupted traditional business models , introduced innovative products or services , and inspired a new wave of entrepreneurship.

By exploring these diverse perspectives and insights, we gain a comprehensive understanding of how startups can transform from humble beginnings to billion-dollar success stories. These examples serve as inspiration for aspiring entrepreneurs and highlight the importance of a well-crafted business plan in achieving remarkable growth and impact.

From Humble Beginnings - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

1. understanding the Market landscape :

Before a startup can thrive, it must first identify an unmet need or gap in the market. This involves a comprehensive analysis of the existing landscape, including competitors, customer behavior, and emerging trends. Here are some essential steps:

- market Research and analysis :

Conduct thorough research to understand the market dynamics. Analyze data related to customer preferences , demographics, and purchasing patterns. Look for patterns that suggest underserved segments or unaddressed pain points.

- Competitor Assessment:

Study your competitors closely. Identify their strengths, weaknesses, and gaps in their offerings. Often, where competitors fall short, there lies an opportunity for your startup.

- Emerging Trends and Technological Shifts:

Keep an eye on industry trends, disruptive technologies, and changing consumer behaviors . These shifts can create new gaps or alter existing ones.

2. Types of Market Gaps:

Market gaps can manifest in various ways. Let's explore some common types:

- Product/Service Gap:

This occurs when there's a lack of suitable products or services to meet a specific need. For instance:

- Example: Airbnb identified a gap in the accommodation market by offering unique stays in local homes, bridging the gap between hotels and budget options.

- Price Gap:

Price gaps arise when existing solutions are either too expensive or too cheap for a particular segment. Startups can exploit this by offering value-for-money alternatives.

- Example: Dollar Shave Club disrupted the razor market by providing affordable, high-quality razors through a subscription model.

- Distribution Gap:

Sometimes, products don't reach certain geographical areas or specific customer groups due to distribution limitations.

- Example: Amazon's expansion into remote regions addressed this gap by ensuring timely delivery to even the most distant locations.

3. Case Studies:

Let's examine real-world success stories where startups identified and capitalized on market gaps:

Tesla recognized the gap in the electric vehicle market . While existing EVs were either too expensive or lacked performance, Tesla introduced high-performance electric cars with sleek designs, appealing to both eco-conscious consumers and car enthusiasts.

Slack identified a communication gap in workplaces. Traditional email and chat tools were cumbersome. Slack's user-friendly interface and seamless collaboration features filled this gap, revolutionizing team communication.

- Beyond Meat:

Beyond Meat saw the gap in the plant-based protein market . Existing veggie burgers lacked taste and texture. Beyond Meat's realistic meat substitutes appealed to health-conscious consumers and flexitarians.

In summary, recognizing a market gap requires keen observation, research, and a willingness to challenge the status quo . Successful startups thrive by addressing these gaps creatively, ultimately leading to billion-dollar success. Remember, the next billion-dollar idea could be hidden within an unmet need waiting to be discovered!

crafting a solid business plan is a crucial step towards achieving success in the competitive business landscape . In this section, we will explore the nuances of developing a comprehensive business plan , drawing insights from the article "Business plan success stories: From Garage to Global: How a Startup's Business plan Led to Billion-dollar Success."

1. Identifying the Vision: A strong business plan begins with a clear vision that outlines the purpose and goals of the venture. By defining the mission statement and core values , entrepreneurs can establish a solid foundation for their business .

2. Market Analysis: Understanding the target market is essential for crafting a business plan that resonates with customers. conducting thorough market research helps identify customer needs, preferences, and potential competitors. By analyzing market trends and consumer behavior , entrepreneurs can tailor their strategies to meet market demands effectively.

3. Competitive Advantage: Highlighting the unique selling proposition and competitive advantage is crucial in a business plan. Entrepreneurs should identify what sets their product or service apart from competitors and how it addresses customer pain points . By showcasing their competitive edge, businesses can attract investors and gain a foothold in the market.

4. Financial Projections: A well-crafted business plan includes detailed financial projections that demonstrate the venture's profitability and sustainability . Entrepreneurs should outline revenue streams, cost structures, and projected financial performance over a specific period . By presenting realistic financial forecasts, businesses can instill confidence in potential investors and stakeholders.

5. marketing and Sales strategy : A comprehensive business plan should outline a robust marketing and sales strategy . Entrepreneurs should identify target customer segments , define marketing channels, and develop a compelling brand message . By aligning marketing efforts with business objectives, entrepreneurs can effectively promote their products or services and drive sales .

6. risk Assessment and mitigation : addressing potential risks and challenges is crucial in a business plan. Entrepreneurs should conduct a thorough risk assessment , identifying potential obstacles and outlining strategies to mitigate them. By demonstrating a proactive approach to risk management , businesses can instill confidence in stakeholders and investors.

To illustrate these concepts, let's consider the example of a tech startup that developed an innovative mobile app . Their business plan focused on identifying the target market , conducting market research to understand user preferences, and highlighting the app's unique features. They projected revenue growth based on user adoption rates and outlined a comprehensive marketing strategy to reach their target audience.

Remember, crafting a solid business plan requires careful consideration of various factors, including market analysis, competitive advantage, financial projections, marketing strategies, and risk assessment. By incorporating these elements effectively, entrepreneurs can increase their chances of success and attract potential investors .

Crafting a Solid Business Plan - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

1. understanding Investor perspectives : When seeking funding, it's crucial to consider the perspectives of potential investors. Investors often look for a compelling business plan that outlines the startup's vision , market potential, and growth strategy. By showcasing a clear path to profitability and addressing potential risks, entrepreneurs can attract investors and secure funding .

2. Crafting a Convincing Pitch: A well-crafted pitch is essential for capturing the attention of investors . Startups should highlight their unique value proposition , market differentiators, and competitive advantage. By effectively communicating the problem their product or service solves and the market demand for it, entrepreneurs can demonstrate the potential for significant returns on investment.

3. building Relationships with investors : Building strong relationships with investors is crucial for securing funding . Entrepreneurs should actively network and engage with potential investors, attending industry events and conferences. By establishing trust and credibility , startups can increase their chances of securing funding from investors who believe in their vision and potential.

4. exploring Funding options : startups have various funding options to consider, such as venture capital, angel investors, crowdfunding, or government grants. Each option has its own advantages and considerations. Entrepreneurs should carefully evaluate which funding source aligns best with their business goals and growth plans.

5. showcasing Traction and milestones : Investors often look for evidence of traction and milestones achieved by the startup. This can include user acquisition, revenue growth, partnerships, or product development milestones. By demonstrating progress and a clear path to future success , entrepreneurs can instill confidence in potential investors.

To illustrate these concepts, let's consider a hypothetical startup in the tech industry. This startup has developed an innovative mobile app that revolutionizes the way people manage their finances. By showcasing the app's user-friendly interface, robust security features , and integration with popular banking platforms, the startup can attract investors who recognize the potential for disruption in the financial technology sector.

Remember, securing funding is a multifaceted process that requires careful planning, effective communication, and a compelling business proposition. By following these strategies and adapting them to their specific industry and target investors, entrepreneurs can increase their chances of turning their dreams into reality .

Turning Dreams into Reality - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

1. Synergy of Skills: When team members with complementary skills collaborate, they can combine their strengths to overcome individual limitations. For example, a visionary leader with a strong business acumen can partner with a technical expert who excels in product development. Together, they can create a winning formula that aligns market needs with innovative solutions .

2. Cross-functional Expertise: Collaboration enables teams to tap into a diverse range of expertise. By bringing together professionals from different disciplines such as marketing, finance, operations, and design, teams can gain a holistic understanding of the business landscape. This cross-functional knowledge empowers them to make informed decisions and devise comprehensive strategies.

3. Enhanced Creativity: Collaboration sparks creativity by encouraging the exchange of ideas and perspectives. When team members brainstorm together, they can generate innovative solutions that may not have been possible individually. For instance, through collaborative ideation sessions, the team can explore unconventional approaches, challenge assumptions, and uncover breakthrough opportunities.

4. Effective Communication: Collaboration fosters effective communication within a team . By promoting open dialogue, active listening, and constructive feedback, team members can build trust and strengthen their working relationships. Clear and transparent communication ensures that everyone is aligned with the team's goals, minimizing misunderstandings and enhancing productivity.

5. Shared Accountability: Collaboration cultivates a sense of shared accountability among team members. When individuals work together towards a common objective, they feel a collective responsibility for the team's success. This shared ownership motivates them to go the extra mile, support one another, and overcome obstacles as a cohesive unit.

Within the context of "Business plan success stories: From Garage to Global: How a Startup's Business Plan led to Billion-Dollar success ," the section on building a strong team through collaboration highlights the transformative power of collective effort. By leveraging diverse skills, cross-functional expertise, enhanced creativity, effective communication, and shared accountability, teams can unlock their full potential and achieve remarkable success.

In the section titled "Executing the Plan: Overcoming Challenges" within the article "Business plan success stories : From Garage to Global: How a Startup's Business Plan Led to Billion-Dollar Success," we delve into the intricacies of navigating obstacles and achieving success. Here, we explore various perspectives and insights, providing a comprehensive understanding of the challenges faced during the execution phase.

1. adapting to Market dynamics : One of the key challenges faced by startups is the ever-changing market landscape. Successful entrepreneurs understand the importance of staying agile and adapting their business plans to align with market demands. For instance, companies like XYZ Corp. Recognized the need to pivot their strategies in response to emerging trends, allowing them to gain a competitive edge .

2. Securing Funding: Another significant hurdle for startups is securing adequate funding to support their growth plans. Entrepreneurs often face the challenge of convincing investors and lenders about the viability of their business models . By showcasing a well-thought-out plan, demonstrating market potential, and highlighting a strong value proposition, startups like ABC Inc. Were able to attract the necessary funding to fuel their expansion .

3. building a Talented team : As businesses grow, assembling a skilled and dedicated team becomes crucial. startups must overcome the challenge of attracting top talent and fostering a collaborative work environment . By offering competitive compensation packages, providing opportunities for professional growth, and cultivating a positive company culture , companies such as DEF Co. Were able to assemble high-performing teams that contributed to their success.

4. Scaling Operations: scaling a business requires careful planning and execution. Startups often face challenges related to operational efficiency, supply chain management , and infrastructure development. By implementing streamlined processes, leveraging technology solutions , and forging strategic partnerships , companies like GHI Ltd. Were able to effectively scale their operations and meet growing customer demands.

5. customer Acquisition and retention : acquiring and retaining customers is a critical aspect of business success . Startups must overcome the challenge of building brand awareness, attracting new customers, and ensuring customer satisfaction . Through targeted marketing campaigns , personalized customer experiences , and exceptional customer service , organizations such as JKL Corp. Were able to establish a loyal customer base and drive sustainable growth .

By incorporating these diverse perspectives and insights, we gain a comprehensive understanding of the challenges faced during the execution phase of a business plan. Through real-world examples , we emphasize the key ideas and strategies employed by successful startups to overcome these challenges and achieve billion-dollar success.

Overcoming Challenges - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

In the section "Scaling Up: Expanding Horizons" of the article "Business plan success stories: From Garage to Global: How a Startup's Business Plan Led to Billion-Dollar Success," we delve into the intricacies of expanding a startup's operations and reaching new horizons.

1. Embracing Growth Opportunities: One key aspect of scaling up is identifying and seizing growth opportunities . startups need to explore new markets , expand their customer base , and diversify their product offerings . By doing so, they can tap into untapped potential and maximize their revenue streams .

2. Strategic Partnerships: Collaborating with strategic partners can be instrumental in scaling up. By forming alliances with complementary businesses or industry leaders, startups can leverage their expertise, resources, and networks to accelerate growth . These partnerships can open doors to new markets, provide access to distribution channels, and enhance brand visibility .

3. Scaling Infrastructure: As a startup expands, it becomes crucial to scale its infrastructure to support increased demand. This includes investing in robust technology systems, optimizing supply chains , and building a scalable workforce. By ensuring that the necessary infrastructure is in place, startups can effectively handle growth without compromising on quality or customer experience.

4. International Expansion: Going global is often a significant milestone for startups. It involves adapting to new markets, understanding cultural nuances , and navigating regulatory frameworks . successful international expansion requires careful market research, localization strategies, and building strong relationships with local partners.

5. Customer Acquisition and Retention: Scaling up necessitates a focus on both acquiring new customers and retaining existing ones. Startups should implement targeted marketing campaigns, customer retention programs , and personalized experiences to attract and retain a loyal customer base. By prioritizing customer satisfaction and loyalty, startups can fuel sustainable growth.

To illustrate these concepts, let's consider the example of a tech startup that initially focused on a niche market. As they scaled up, they identified opportunities to expand their product line and target a broader customer base. By forming strategic partnerships with established industry players, they gained access to new distribution channels and increased their market reach. They also invested in scaling their infrastructure, upgrading their technology systems, and hiring additional talent to support their growth. Through targeted marketing campaigns and exceptional customer service, they successfully acquired and retained a loyal customer base, propelling their business to billion-dollar success.

Expanding Horizons - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

### 1. building a Solid foundation : Local Success Breeds Confidence

At the heart of any startup's ascent lies its local impact. Successful startups begin by establishing themselves within their immediate community. Here's how they do it:

- Community Engagement : Startups actively engage with local stakeholders—customers , suppliers, and neighboring businesses. They participate in local events, sponsor community initiatives, and build relationships. For instance, a small coffee roastery hosts tasting sessions at neighborhood farmers' markets, creating a loyal customer base .

- word-of-Mouth marketing : Local success often spreads through word of mouth. satisfied customers become brand advocates , sharing their positive experiences with friends and family. Consider the artisanal bakery that gains a cult following because of its delectable pastries.

- Adaptation to Local Needs : Startups tailor their offerings to meet specific local needs. A ride-sharing service might focus on solving transportation challenges in a congested city, offering affordable rides and flexible routes.

### 2. Scaling Up: Regional and National Recognition

Once a startup establishes itself locally, it aims for broader recognition. Here's how it achieves regional and national prominence:

- Strategic Partnerships : Startups collaborate with other businesses, industry associations, and government bodies. These partnerships provide access to resources, networks, and expertise. For example, a health tech startup partners with hospitals and insurance providers to expand its reach.

- Media Coverage : Regional media outlets cover success stories, highlighting innovative startups. Newspapers, TV channels, and online platforms feature interviews, profiles, and case studies. A software company gains visibility when a tech magazine publishes an in-depth article about its groundbreaking app.

- Awards and Accolades : Startups actively participate in industry awards and competitions. Winning or even being nominated boosts credibility. The organic skincare brand that receives the "Best Sustainable Product" award gains recognition beyond its local market.

### 3. Going Global: Strategies for International Recognition

The leap from national to global recognition requires deliberate planning and execution. Here's how startups achieve it:

- Market Research : Startups analyze global markets to identify opportunities and cultural nuances. They adapt their products, marketing, and communication to resonate with diverse audiences . An e-commerce platform expands to multiple countries, tailoring its user interface and payment options accordingly.

- Localization : Beyond language translation, startups localize their content, branding, and customer support. They understand that what works in one country may not resonate elsewhere. A fitness app incorporates region-specific workout routines and nutritional advice.

- Global Networking : Startups attend international conferences, trade shows, and networking events. They forge connections with investors, potential partners, and industry leaders. A renewable energy startup secures funding after pitching at a clean energy summit.

- Digital Presence : A strong online presence is crucial. Startups optimize their websites for search engines , engage on social media , and create valuable content. A fashion brand gains followers worldwide through Instagram collaborations and influencer marketing .

### Conclusion

From humble beginnings to global acclaim, startups follow a trajectory that combines local impact, regional recognition, and international strategies. By understanding their unique context and leveraging diverse perspectives, these startups transform their business plans into billion-dollar success stories. Remember, every global giant was once a local hero—proof that the journey from garage to global is both challenging and exhilarating.

1. Embrace Innovation: One of the crucial lessons learned from this success story is the importance of embracing innovation. The startup's business plan showcased a unique and disruptive idea that set them apart from their competitors. By constantly seeking new and creative solutions, entrepreneurs can position themselves for long-term success.

2. market Research is key : Another takeaway is the significance of conducting thorough market research. The entrepreneurs in the article recognized the importance of understanding their target audience , market trends, and potential competitors. This allowed them to tailor their business plan to meet the specific needs and demands of their customers.

3. Build a Strong Team: Building a strong and capable team is essential for any startup's success. The entrepreneurs highlighted in the article understood the value of assembling a diverse team with complementary skills and expertise. By surrounding themselves with talented individuals, they were able to execute their business plan effectively and overcome challenges along the way.

4. Adaptability is Crucial: The startup's journey from garage to global success was not without its obstacles. However, their ability to adapt to changing circumstances and pivot when necessary played a significant role in their triumph. Entrepreneurs should be prepared to adjust their strategies and business plans as they navigate the ever-evolving business landscape.

5. Persistence and Resilience: The path to success is rarely smooth, and setbacks are inevitable. The entrepreneurs showcased in the article demonstrated unwavering persistence and resilience in the face of challenges . They remained committed to their vision and were willing to learn from failures, ultimately leading them to achieve their billion-dollar success.

By incorporating these key takeaways into their own entrepreneurial journeys, future entrepreneurs can increase their chances of building thriving businesses . Remember, innovation, market research, team-building, adaptability, persistence, and resilience are all vital elements in the pursuit of entrepreneurial success.

Key Takeaways for Future Entrepreneurs - Business plan success stories: From Garage to Global: How a Startup'sBusiness Plan Led to Billion Dollar Success

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Top 10 Business Success Stories, Learn & Grow

Post Highlight

Ask any entrepreneur about the difficulties of starting your own business. Sometimes hearing some business success stories can help, especially when you're bogged down in the details of writing a business plan, obtaining a business loan, or finding a space. Even the most successful businesses , whether small, medium, or large, faced difficulties. And it can be extremely beneficial to remind yourself that you are not crazy for feeling overwhelmed. When you're deep in the weeds of starting a business, it's easy to feel like giving up, but hearing about other people's successes can help lift your spirits. Take a look at these 10 business success stories for inspiration, and see what you can learn from each to help you make better business decisions. #TWN

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Continue reading.., inspirational business success stories of entrepreneurs.

Let’s explore the top 10 Inspirational Business Success Stories of Entrepreneurs :

1. Spark Vision, founded by MaryBeth Hyland

The business success story.

MaryBeth Hyland founded Spark Vision to assist businesses in creating and maintaining collaborative and inclusive office cultures. Hyland and Spark Vision, which specialize in millennial engagement, provide workshops to help offices foster collaboration and connections among employees.

As an abused child, Hyland has faced numerous challenges to her self-esteem and confidence. She uses her survival daily to motivate herself to succeed in business, drawing on her past experience to connect with the people she works with. According to her website, Hyland believes her experience helps her succeed in her business.

The Takeaway

Everyone has a past, and not all of them are pleasant. Even if your experiences aren't particularly positive, using your background and experience to inform your business can be beneficial. In Hyland's case, a difficult childhood motivates and drives her, and her company benefits as a result.

2. Zoom, founded by Eric Yuan

Eric Yuan moved to the United States from China in the mid-1990s to take advantage of the internet boom, but it took him a long time to get here. He was denied a visa the first eight times he applied. He was finally approved after the ninth attempt, but the process took two years.

Yuan founded the communication platform Zoom in 2012, after years of working for a Silicon Valley communication startup. Yuan told Thrive Global that Zoom began as a daydream, an alternative to a long-distance relationship that necessitated a 10-hour train ride to see each other.

Zoom is now used by over 750,000 businesses to keep their teams connected via video and audio conferencing, collaborative workspaces, chat, and other features. Zoom's real-time, the face-to-face feature allows companies to stay in touch more easily, allowing employees to work from home or stay connected while working remotely or across multiple office locations.

Yuan's difficult visa situation is common among immigrants. But it also shows what can be accomplished if you are persistent and willing to keep trying. Whether you're applying for a formal document such as a visa or a permit, or simply trying to solve a difficult problem, perseverance will pay off—even if it takes a few years.

3. Halfaker & Associates, founded by Dawn Halfaker

Halfaker & Associates, a Virginia-based contracting firm, works with the federal government on data analytics, data security, software engineering, and IT infrastructure. Dawn Halfaker worked on Capitol Hill and with various other contractors after being wounded in combat in Iraq, looking for a way to continue working with the military after being medically retired.

Halfaker, a veteran herself, understands what troops in combat require to succeed, and she saw a gap between those needs and what Washington could provide. This prompted her to start her own business and provide practical, common-sense solutions to aid the military's effectiveness.

Halfaker's story is a shining example of perseverance and rising from adversity, as well as what can be accomplished with determination. But perhaps the most important aspect of her commitment to her community is how it benefits not only those in her immediate vicinity but also her business. Halfaker improves her company by hiring veterans and wounded warriors because of their experience and expertise.

4. Night Owl Cleaning Services, founded by Arlete Turturro

Arlete Turturro graduated from the Fashion Institute of Technology with a degree in merchandising and a real estate license from Queens College. But she is no longer in the fashion or real estate industries. She has been the owner of Night Owl Cleaning Services for nearly three decades.

Night Owl provides a wide range of services, including commercial cleaning, party attendants, and 24-hour emergency services. Turturro was featured in the Westchester Business Journal in 2004 and was named Woman of the Year. She is still alive and well.

You can plan for one thing and end up in a completely different place. Turturro, for example, changed fields several times before finding the business that worked for her, and it has paid off.

Flexibility and openness to new possibilities can lead to great things, as can hard work. Starting out by cleaning homes and offices on the weekends isn't the most glamorous job in the world, but it's a necessary one that led to Turturro owning her own company.

5. Xaviars Restaurant Group, founded by Peter X. Kelly

Chef Peter X. Kelly is self-taught. He did not attend culinary school, but his restaurants and catering business grossed around $10 million per year. In 2006, he defeated Bobby Flay and rose to become an Iron Chef (no small feat, as any Food Network fan, can tell you). At the age of 23, he became the chef at the Highlands Country Club in Garrison, New York. When asked if he was nervous about being so young in such a position, he said he knew if he failed, he could pick up and try something else.

He did not fall short. Quite the opposite, in fact. He later opened Xaviars at Piermont and the Freelance Cafe & Wine Bar (both of which were sold in 2016), as well as X2O Xaviars on Hudson in Yonkers and Restaurant X & Bully Boy Bar in Congers. Restaurants are risky, as anyone considering opening one will hear over and over. However, in Kelly's case, the gamble paid off. Kelly is also a vintner (a wine merchant) and the founder and culinary director of Impromptu Gourmet, a company that delivers chef-inspired foods made with real, fresh ingredients right to your door.

Entering the workforce in any field, but especially one as competitive as the culinary world can be difficult. Even if you lack formal training, you can compensate through passion and hard work, as Kelly did. This approach does not work in all fields, but it is not an unusual story. You might be able to make it big if you're willing to put in the effort and learn by doing.

6. CorpNet, founded by Nellie Akalp

Nellie Akalp is the founder of not one, but two massively successful businesses, as well as a mother of four, author, and speaker. Even though new entrepreneurs are often advised not to start businesses with their significant others, she and her husband founded MyCorporation.com in their living room and sold it to Intuit in 2008.

Rather than retiring from that sale, Akalp founded a new company, CorpNet, intending to assist potential small business owners by preparing and filing the documents required to start a business in any state. CorpNet can assist those who are already in business with ongoing paperwork such as filing annual reports, changing a brand name, and more.

In the case of the Akalps, defying advice not to start a business together led to a hugely successful company and a $20 million sale. When you're starting a business, you'll get advice from a variety of sources, including the internet, other business owners, family, and friends. However, you must ultimately make your own informed decisions. Definitely take advice from those who have been there before. But keep in mind that you've done your homework and are free to choose your own path.

7. GooRoo, founded by Scott Lee

GooRoo is an online tutoring platform that helps people find tutors for everything from basic reading and writing skills to SAT prep and college admission essays. In New York, GooRoo has over 1,000 tutors and has facilitated over 3,500 sessions. And the figures continue to rise.

While still in high school in South Korea, Scott Lee founded his first company, Peertutor. Since then, he's returned to the Korean army, founded an online clothing retailer, worked for JPMorgan, and served as an Olympic advisor in Pyeongchang in 2018. After all, he's returned to his roots in education to found GooRoo and provide low-cost education to those who need it—and he can use all of his life experience to better inform his business decisions.

Having a diverse set of experiences can help you run your business more effectively. All of Lee's experiences, he says, helped him be a better CEO when he returned to what he knew he wanted to do in high school. Of course, you don't have to abandon ship and return to the roost, but you should include outside-the-box experiences so you can think outside the box.

8. Red Rabbit, founded by Rhys Powell

Red Rabbit was founded in 2005 by former Wall Street trader Rhys Powell to provide healthy, nutritious meals to schoolchildren. Red Rabbit collaborates with various schools to provide students with fresh, homemade meals at reasonable prices.

Powell founded Red Rabbit after speaking with parents who were having difficulty finding healthy meal options for their children consistently. Initially, the plan was for parents to order meals online and have them delivered to the school. They quickly realized that doing things this way was expensive and yielded little return, so they changed their business model and made schools the primary customer rather than parents. Every day, Red Rabbit delivers more than 20,000 fresh meals to students.

Powell was able to increase profits and reduce Red Rabbit's overhead costs by shifting his focus from parents to the schools themselves. Being adaptable and open to what the data tells you is critical to the success of your small business. No matter how extensively you plan and how well you stick to that plan, you will need to make adjustments from time to time. However, if you remain adaptable, your changes may pay off significantly.

9. Wine & Design, founded by Harriet Mills

Harriet Mills had a young child and had recently been laid off from her sales job in 2010. Rather than panicking, she took a deep breath and signed up for a paint-and-sip class. As she relaxed with her girlfriends, she realized that group painting for fun was a largely untapped market. Her own spin on the concept, Wine & Design, now has nearly 80 franchise locations across the country, offering a variety of events such as children's parties and corporate get-togethers.

Always be on the lookout for market whitespace to fill—where that's your company will thrive. And if you're looking to start, pivot, or grow a business, opportunities may present themselves when you least expect them. Increase your awareness of areas in your own life that could use a boost to get started.

10. Grubhub and Seamless, founded by Matt Maloney and Jason Finger

Grubhub was founded in 2004 by two web developers who were fed up with keeping track of paper menus and reading credit card numbers over the phone. Replace web developers with lawyers in the origin story of Seamless, which merged with Grubhub in 2013.

Grubhub and Seamless now serve 80,000 local takeout restaurants in over 1,600 cities across the United States. In addition to their original single-meal model, they have a corporate catering wing where you can order larger-scale meals on a company card and have them delivered to the office. Even though they are owned by the same parent company, they operate as separate brands.

The Final Word

Although each of these businesses has a unique history and set of circumstances, there is one thing they all have in common: the road to business success is not an easy one. You will face hardship, obstacles, detractors, and seemingly impossible decisions—but with hard work, smart planning, and a brilliant idea you believe in, you can put yourself on the path to success.

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Small business success stories for entrepreneurial inspiration

• Julie Moir Messervy Design Studio
• The Huffington Post

What does every small business success story have in common?

Starting a small business is not for the faint of heart. There’s a lot of hard work and many bumps in the road to face in order to become a successful business. However, most entrepreneurs will tell you that it’s well worth the struggle to own your own business. 

These small business success stories will lift your spirits and inspire you to keep working through the challenges with the hope that your business will thrive.

👀  Looking for more small business success stories? Get our free eBook to dive into five small business success stories.

1. Julie Moir Messervy Design Studio

Located in Saxtons River, VT, Julie Moir Messervy Design Studio (JMMDS) may be a small landscape architecture and design firm, but there’s nothing small about its vision and impact. Its founder, Julie Moir Messervy, is an innovative leader in landscape and garden design theory and practice. Julie has written nine books on the topic and has presented too many high-profile lectures to count.

The firm is committed to bringing nature back into people’s lives, whether through a private garden or a community space that draws those appreciative of what Mother Earth has to offer. 

As a woman-owned business, JMMDS is highly aware of the need to provide a healthy work-life balance, so it offers its employees flexible work arrangements . That, combined with creating its own unique design app, has helped the design firm to thrive and grow for almost four decades. 

The willingness to embrace innovative technologies to help the business grow is one of the keys to the firm’s success. Even though its mission is all about getting back to nature, JMMDS uses technological advances to push that message to a much wider audience. 

The dedication JMMDS shows have led to multiple successes and honors, such as a Leonardo Da Vinci Award for innovation and creativity, bestowed on the firm for its work on the Toronto Music Garden, and recognition as one of Deluxe’s 100 Small Business Revolution Stories .

Key takeaways for entrepreneurs:

• Stay true to your vision and mission
• Offer flexible work arrangements to your employees where possible
• Embrace technology to help your business grow

2. The Huffington Post

The Huffington Post is one of the most successful online publications in the world. It was founded by Arianna Huffington in 2005 and has since grown into a massive media conglomerate.

Huffington had previously been working as a conservative commentator and political activist for many years when she decided to start her own business—she created a website called The Huffington Post .

The website was an immediate success, but it almost went bankrupt within its first year of operation. Huffington was forced to lay off most of her staff and sell her home to keep the business afloat.

However, she refused to give up and eventually turned The Huffington Post into the powerhouse that it is today. The website now has over 200 million readers and employs over 2,000 people.

Huffington is a true testament to doing whatever it takes to be successful. Not very many entrepreneurs would take such drastic measures to keep their business alive, but she did, and it paid off in a big way.

• Be persistent, even in the face of adversity
• Be flexible and adaptable to changing conditions and circumstances
• Be alert to market gaps that your product or service can fill

3. Netpicks

Netpicks is an online trading platform that offers users both the education and tools they need for day trading and swing trading forex, futures, stocks, options, and ETFs. The business has grown rapidly in recent years, with the advent of online trading rooms and real-time trading communities. 

Interestingly, when Netpicks started back in 1996, the technology was not yet in place to do what the company does today. But the interest, expertise, and passion for trading were a large part of what has made Netpicks so successful. Once the technology caught up with the passion of its founder, Netpicks has been off to the races in the growth department. 

Netpicks employees don’t just talk the talk–they walk the walk as well. Being active traders themselves, they don’t just give clients guidance. They follow their own advice, staying active in the trading community and keeping their fingers on the pulse of the industry. 

Founder Mark Soberman sums up the business philosophy this way:

“We continue to never rest on our laurels, always looking to improve our abilities, systems, and training.”

—Mark Soberman, Founder of Netpicks

• Choose a business idea that caters to your passions and interests
• Adopt new technologies that make sense for your business
• Be authentic

4. Red Rabbit

Red Rabbit founder Rhys Powell was a Wall Street trader by profession, but he became passionate about something else when he talked to parents who were struggling to find healthy meal options for their children.

He decided to create a company that would make it easy for parents to get their kids healthy lunches at school. At first, the business model was to have parents order meals online that would then be delivered to the schools, but that model created unacceptable costs and generated little return. 

So Powell switched things up, deciding instead to tackle the challenge of providing healthy, nutritious meals to children by partnering with the schools instead of the parents. Now, Red Rabbit provides made-from-scratch, fresh meals to over 20,000 kids per day. 

Red Rabbit is now a multimillion-dollar company with over 100 employees. It’s been recognized as one of the fastest-growing companies in the United States and has won numerous awards for its innovation and entrepreneurship.

• If you see that your business plan is not working as well as you’d like, don’t hesitate to make changes based on solid data
• Stick to your mission and be persistent in following through
• Be agile and adaptable

In 2008, Dustin Muskovitz and Justin Rosenstein founded Asana , a project management tool that helps teams manage their projects and tasks.

Muskovitz and Rosenstein were both working at Facebook when they came up with the idea for Asana. They were frustrated with the way that tasks were managed at Facebook, and they realized that there was a need for a project management tool that would allow team members to collaborate effectively.

At first, they were not sure how to get the business off the ground, but they eventually landed a deal with Peter Thiel, an early investor in Facebook. With Thiel’s help, they were able to launch Asana and grow it into a successful business.

• Never underestimate the power of networking
• Find market needs and develop a way to fulfill them
• Use your technical skills to create solutions

Did you notice any common themes in these stories? One of the most important things each of these businesses has done is to adopt new technologies when they become available. The other common theme is that each of these small business success stories highlights the need to be adaptable and flexible in a changing business environment.

Having the right communications technology can help simplify your workstreams and offer flexibility . How so? For starters, a cloud-based communications system can make it easy for your team to collaborate with one another and customers from anywhere, at any time, on any device. Your business can stay connected 24/7 so that you never miss a sale.

Ask yourself the following:

• Do you have a clear way to communicate with your team members in the office or on the go? 
• Can you connect with your customers via any communication channel they choose? 

RingCentral offers communication tools at a price you can afford. With RingCentral, you can improve your customer service, sales, and marketing efforts with a comprehensive suite of communication tools that includes:

• Phone, messaging, videoconferencing, SMS, and more all in one app
• Call center capabilities, including omnichannel routing
• 99.999% uptime that keeps your business connected during outages and disasters
• Dynamic end-to-end encryption (E2EE) and seven layers of enterprise-grade security 
• 250+ integrations in the RingCentral App Gallery (including Salesforce, Google Cloud, and Microsoft 365) and open APIs through the RingCentral developer portal to customize all your workflows
• 24/7 support by phone, chat, and email

Improve how your small business communicates and collaborates with RingCentral. Ready to see how it works? Watch a demo today !

Thank you for your interest in RingCentral.

Originally published Apr 13, 2022, updated Dec 30, 2022

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Startup advice: Quotes from 7 famous entrepreneurs

If you’re looking for solid startup advice, it can be hard to find tips to trust. The startup world is still relatively new, despite the recent explosion of these small-yet-mighty companies. In a crowded market where everyone is jockeying for investment and survival, whose opinions can you trust?  How about the CEOs of top thriving ...

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The 7 Best Business Strategy Examples I've Ever Seen

Most entrepreneurs dream of an innovative product or service that surprises their rivals and takes new markets by storm. What they tend to forget is that there needs to be an excellent business strategy accompanying the product. 

I get it - it’s not nearly as interesting to fantasize about a competitive strategy. Yet without it, even genius products can quickly drown in the harsh business sea. Most strategies fail. A sobering 9 out of 10 organizations fail to execute their strategy.

I’ve already written about the 5 worst business strategy examples of all time and why many strategies fail . But today, we’ll flip the script and take a look at products and strategies that delighted their target customers and wildly exceeded initial business goals.

From Tesla, Airbnb, and Toyota to Hubspot, Apple, and Paypal - let’s dive into their business strategies and see why these 7 are the best ones I’ve ever seen:

• Tesla - Playing the long game
• Airbnb - Forgetting all about scalability
• Toyota - Humility can be the best business strategy
• HubSpot - Creating an industry then dominating it
• Apple - iPhone launch shows tremendous restraint
• PayPal - Daring to challenge the status quo
• Spotify - Changing the rules of the music industry

But before we get into these business strategy examples, let's briefly go over some of the basics...

What is a business strategy?

A business strategy , also known as a company strategy, is a crucial aspect of running a successful business. It is a defined plan of action that outlines the direction a business wants to take and defines how the plan will cascade through the organization by the allocation of resources. The importance of a business strategy cannot be overstated as it sets the direction for the entire organization and helps to align all employees towards a common goal . Overall, a business strategy serves as a roadmap for a company, guiding its actions and decisions to achieve its goals and stay competitive in the marketplace. 

👉 If you have any unanswered questions about business strategies, check our FAQs at the end of this article! 

🎁 Struggling to build your Business Strategy? Use our free customizable  Business Strategy Template to easily develop and execute it!

Best business strategies #1: Tesla Playing the long game

Conventional business logic is that when you're starting something new, you create a 'Minimal Viable Product' or MVP.

Essentially that means that you make a version of your product that is very light in terms of functionality and focuses mostly on showcasing your main competitive advantage.

It also means that the first version of your product usually has to be sold at a reasonably low starting price to compensate for its lack of features and generate interest.

Some organizations (including many tech startups) take this concept even further and base their growth strategy around a freemium pricing model . In this business model, the most basic version of the product or service is free, but any new or upgraded features cost money. 

Tesla, on the other hand, did things the other way around. It's been known for a long time that Tesla's long-term goal is to be the biggest car company in the world. They know that in order to become the biggest by volume, they're going to have to succeed in the lower-end consumer car space (price tag US$30,000 or less).

But Tesla did not focus on this market first. It did not create a cheap low-featured version of their electric car (and therefore benefit from economies of scale ).

Instead, Tesla created the most luxurious, expensive, fully-featured sports car they could afford. That car was the Tesla Roadster, and for context, the newest generation of the Roadster will retail from upwards of US$200,000 for the base model. 

This was the first car they ever produced - knowing that they couldn't achieve the necessary scale or efficiency to turn a profit (even at such a high price). However, such a car was in-line with Tesla’s vision statement where they aim “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”

Fast-forward to today, and Tesla dwarfs the competition as the most valuable car company in the world. So their differentiation strategy certainly seems to be working, but why?

What can we learn from Tesla?

The first thing to note is that Tesla has made incredible progress towards its business objective of mass-produced, affordable electric cars. They've even made a genuine annual profit for the first time in their history. 

Secondly, much of Tesla's business strategy was actually forced upon it. There was no way they could have created a cost-effective mass-market electric car.

As a startup, they didn’t have the resources or capabilities to reap the benefits of economies of scale. Because they were creating such a unique car, they couldn't rely on outsourcing or suppliers to gain mass-production benefits.

Fortunately, Tesla's supply chain strategy is one of the most brilliant moves they've made. They knew early on that batteries would present the biggest technological hurdle to their cars and the biggest bottleneck to production.

Rather than let this derail them, they took complete control of their supply chain by investing in battery manufacturers. This has the additional benefit of simplifying diversification as Tesla can use those same batteries in parallel business ventures such as their Powerwall.

Of course, Tesla’s business strategy required vast capital and fundraising (Elon is rich but not quite rich enough to fund it all himself). That's where the marketing genius of Tesla kicks in. 

For the most part, their marketing efforts are only partially about their cars. Tesla is seen as Elon Musk's personal brand, and that had an enormous impact on whether or not they got the investment they needed.

He's smart, divisive, wild, and ambitious. But whatever you think about Elon Musk, you'd be hard-pressed to traverse more than a couple of consecutive news cycles without seeing him on the front page. And that's a fantastic recipe for getting the attention of investors.

Tesla studied and adapted to the industry and business environment they would operate in. They knew their strengths, understood their market position, and built their strategy around their own findings instead of following conventional wisdom.

👉 Use the Tesla Strategy Plan Template to get inspired by Tesla's Strategy to build your own!

📚Learn more about Tesla in our Strategy Study: How Tesla Became The World’s Most Valuable Automotive Company.

Best business strategies #2: Airbnb Forgetting all about scalability

Airbnb is one of the fastest-growing tech companies. Shortly after their IPO in December 2020, they reached a US$100B+ valuation, and the company has quite possibly changed the way we travel forever. But did you know they started out about as low-tech as you can get?

It all began with co-founders Brian and Joe renting out 3 air mattresses on their apartment’s floor. They made $80 per guest. It seemed like a great idea for a startup, so they launched a website and invited other people to list their own mattresses for hire.

They got a few bookings here and there, but things didn't go well for the most part. So much so that in 2008, they resorted to selling cereal to make ends meet.

They had plenty of listings on the site and plenty of site traffic. Potential customers were out there, but they weren’t making enough bookings.

They identified the most likely problem - the low quality of listings that were simply not enticing. So Brian and Joe decided to take matters into their own hands.

The co-founders grabbed their cameras and visited every one of their NYC listings. They persuaded the owners to let them take a ton of photographs of their places.

They touched them up a bit and uploaded them to the website, replacing the old, usually bad photos. Within a month of starting this strategy, sales doubled. Then tripled. The rest is history.

What can we learn from Airbnb?

The thing I love the most about this story is that it opposes one of the most commonly stated principles of building a tech startup - “everything must be scalable” .

What Brian and Joe did was anything but scalable. But it got them enough traction to prove that their concept could work. 

Later, they did scale their initial solution by hiring young photographers in major locations and paying them to take professional photos of owners’ listings (at no charge to the owner).

They also added a bunch of guidelines and articles on the site to educate owners on how they can make more money by taking better photos.

Airbnb's story shows that business strategies don’t have to be grand and super long-term affairs.

They can revolve around a specific challenge preventing the business from taking off. Once the challenge is solved, the company progresses on its roadmap and integrates the solution into the revamped business strategy.

Source: Airbnb third quarter 2022 financial results

👉 Use the Airbnb Strategy Plan Template to get inspired by Airbnb's Strategy to build your own!

Best business strategies #3: Toyota Humility can be the best business strategy

In 1973, the 'Big Three' car makers in the USA had over 82% of the market share. Today they have less than 50%. Why? Because of the aggressive (and unexpected) entry of Japanese carmakers into the US market in the 1970s - led by Toyota.

Cars are big, heavy, and expensive to ship around in large numbers. That's one of the reasons the US market was caught off guard when Toyota started selling Japanese-made cars in the US at lower prices than they could match.

The car industry was a huge contributor to the US economy, so one of the first reactions from the government was the implementation of protectionist taxes on all imported cars - thus making Japanese cars as expensive as locally made cars.

But the tactic failed. Within a few years, Toyota had managed to establish production on US soil, thus eliminating the need to pay any of the hefty new import taxes. At first, US carmakers weren't all that worried.

Surely by having to move production to the US, the costs for the Japanese carmakers would be roughly the same as those of the local car companies. 

Well, that didn't happen. Toyota continued its cost leadership strategy. It still manufactured cars for significantly less money than US companies could.

Their finely honed production processes were so efficient and lean that they could beat US carmakers at their own game. You've probably heard of the notion of ' continuous improvement '. In manufacturing, Toyota is pretty much synonymous with the term.

US Car Sales Graph- January through May 2021 vs 2020

Source: GOODCARBADCAR

What can we learn from Toyota?

Most business success stories involve bold moves and daring ideas. But not this one. 

Toyota spent years studying the production lines of American carmakers such as Ford. They knew that the US car industry was more advanced and efficient than the Japanese industry. So they decided to be patient.

They studied their competitors and tried to copy what the Americans did so well. They blended these processes with their strengths and came up with something even better.

Toyota proved that knowing one's weaknesses can be the key to success - and be one of the best business strategies you can ever deploy.

Not just that. Can you name a single famous executive at Toyota? I can't. And one of the reasons is that Toyota's number one corporate value is humility. It helped them crack the US market, and it runs deep in the organization - from top management to assembly workers.

Toyota’s success is based on continuously improving its functional level strategy , which focuses on day-to-day operations , decisions, and goals. They understood that the bigger picture consists of thousands of small tasks and employees.

They took a big goal, such as “becoming a cost leader in our category without compromising quality”, and ensured that their mission impacted every level of the organization while staying true to their core values.

👉 Use the Toyota Strategy Plan Template to get inspired by Toyota's Strategy to build your own!

📚Learn more about Toyota in our Strategy Study: How Toyota Went From Humble Beginnings To Automotive Giant .

Best business strategies #4: HubSpot Creating an industry then dominating it

HubSpot might not be as famous as Airbnb or Toyota. However, being valued at $22.72 billion in 2022 means, they’re certainly no slouch.

And most impressively, they’ve become such a successful company in an industry that didn’t even exist before they invented it.

Most of the marketing we experience is known as 'interruption' marketing. This is where adverts are pushed out to you whether you like it or not. Think tv adverts, billboards, Google Adwords, etc. 

In 2004, HubSpot created a software platform that aimed to turn this marketing concept on its head. The HubSpot marketing platform helped companies write blog posts, create eBooks, and share their content on social media.

The theory was that if you could produce enough good quality content to pull people to your website, then enough of them might stick around to take a look at the product you're actually selling. Useful content created specifically for your target market should also increase customer retention.

This approach was a big deal. I can tell you from personal experience that 'interruption marketing' is really expensive. We pay Google around $10 each time someone clicks on one of our AdWords adverts. Remember, that's $10 per click, not per sale. It adds up pretty fast.

On the other hand, this blog receives more than one million clicks per year. Each article keeps generating clicks at no additional costs once it’s written and published. 

Inbound marketing basically saved our business - so it's fair to say that this example is pretty close to my heart!

Hubspot coined the term 'inbound marketing' - and long story short, they're now one of the biggest SaaS companies in the world. But that's not the interesting part of the story.

What can we learn from HubSpot?

Hubspot’s successful business strategy is based on a new type of marketing. Now here’s the twist that separates it from generic strategies: Hubspot used their new marketing approach to market their own company, whose sole purpose was to sell a platform that created that new type of marketing. Head hurting yet? Mine too.

Most companies would have taken that new approach and applied it to something they were already selling. But instead, the HubSpot guys decided to monetize the marketing strategy itself. 

They took a whole bunch of concepts that already existed (blogging, eBooks, etc.) and packaged them into an innovative product - ‘a new way of doing things'. 

They created an awesome narrative and proved how powerful their new way of marketing could be by building a business worth billions around it. 

Their best and biggest case study was their own product, and they had all the numbers and little details to showcase to the world it really works.

Source: Hubspot overview

👉 Use the Hubspot Strategy Plan Template to get inspired by Hubspot's Strategy to build your own!

Best business strategies #5: Apple iPhone launch shows tremendous restraint

Ok, I hear you - this is such an obvious inclusion for the 'best business strategies'. But as one of the first people to adopt smartphones when they came out in the 1990s, this is something else that's close to my heart. 

I remember using Windows Mobile (the original version ) on a touchscreen phone with a stylus - and it was horrible. I loved the fact that I had access to my email and my calendar on my phone.

But I hated that my phone was the size of a house and required you to press the screen with ox-like strength before any kind of input would register.

Thankfully, a few years later, BlackBerry came along and started to release phones that were not only smart but much more usable. Sony Ericsson, Nokia, HTC, and a whole host of other manufacturers came out with reasonably solid smartphones well before 2007 when Apple finally released the iPhone.

I remember arriving at the office one day, and my boss had somehow gotten his hands on one of the first iPhones to be sold in the UK. I was shocked. Normally I was the early adopter. I was the one showing people what the future looked like.

And yet, here was this guy in his mid 50's, with his thick glasses, showing off a bit of technology that I'd never even seen before.

Apple could easily have created a phone much earlier than it did and sold it to me and a few other early adopters.

But it didn't. Instead, it waited until the technology was mature enough to sell it to my boss - someone who is far less tech-savvy than me. But also far more financially equipped to spend plenty of money on new tech products.

What can we learn from Apple?

The big learning here is that first-mover advantage is often not an advantage. A well-executed 'follower' strategy will outperform a less well-executed 'first mover' strategy every single time. 

One of the most common misconceptions in the startup world is that it's the 'idea' that matters the most. The truth is, the world's most successful companies were rarely the original innovators. I'm looking at you, Nokia. At you, Kodak. And at you as well, Yahoo.

In fact, being first is probably a disadvantage more often than it's an advantage. Why?

• Your market isn't well defined and doesn't even know your product type exists.
• If you have a market, it's probably just the early adopters - by definition, that's a niche market.
• Technology will often hold you back rather than power you to success.
• Every business that comes after you will have the advantage of learning from your mistakes.

People, and especially tech companies, get carried away with being first and forget that it’s a competitive position with pros and cons. Deciding to be a 'first mover' or 'smart follower' is crucial for strategic planning .

It’s a decision that should be based on research such as swot analysis and not on pride or blind optimism as it can make all the difference between success and failure.

Bonus reading : 18 Free Strategic Plan Templates (Excel & Cascade)

👉 Use the Apple Strategy Plan Template to get inspired by Apple's Strategy to build your own!

📚Learn more about Apple in our Strategy Study: How Apple Became the Top Non-Corporate Tech Brand .

Best business strategies #6: PayPal Daring to challenge the status quo

There are certain industries that you just don't mess with. Industries like aerospace, big supermarkets, semiconductors, and banking. Actually, banking is probably the toughest industry to try to disrupt because the barrier to entry is huge.

You need mountains of capital, a ton of regulatory approval, and years of building trust with your customers around their most important asset - cash.

Banks are old. Their business models have been essentially unchanged for hundreds of years. They're insanely powerful and almost impossible to displace. But for some crazy reason - PayPal didn't seem to care.

I can tell you from personal experience (I worked for a bank) that the name which strikes the most fear into the executives of the banks is PayPal.

Here's why:

• PayPal spends less money on technology than even a medium-sized bank does. Yet its technology platform is far superior.
• Consumers trust PayPal as much if not more than they trust their bank. Even though PayPal has been around for a fraction of the time.
• When a customer uses their PayPal account, the bank has no clue what the customer bought. The transaction appears on the bank statement as merely 'PayPal'. That gives PayPal all the power when it comes to data mining.
• PayPal is quicker to market with just about any kind of payment innovation.
• PayPal refuses to partner with banks - instead opting to partner with retailers directly.

In a very short time, PayPal has emerged as a new payment method - giving a very real alternative to your trusty debit or credit card. PayPal has also become one of the best payment platforms for digital nomads , tapping into one of the fastest-growing business trends in the world.

But how the heck did it manage to do it? Let's take a look at why PayPal had one of the best business strategies ever.

What can we learn from PayPal?

There are two main reasons behind PayPal's success story. 

The first is simple - stone-cold balls. They got a fairly lucky break when they accidentally became the favored payment provider for eBay transactions. A few years later, Paypal was even acquired by eBay for US$1.5bn.

eBay was smart enough to mostly leave Paypal alone, and their newfound sense of boldness saw them strike a series of deals with other online retailers to try and replicate the success they'd had with eBay.

This is where the second reason comes in. Partnerships. Banks had always been wary about forming partnerships with retailers directly. Instead, they relied on their scheme partners (Visa / MasterCard) to do it for them.

They didn't want the hassle of managing so many different relationships and were extremely confident that credit and debit cards would always be at the heart of the payment system. But the problem was that MasterCard was already working on a partnership with PayPal. 

Today, PayPal commends an amazing 54% share of the payment processing market. Almost all of that growth has come from their direct relationships with large and small merchants.

It shows that even in the toughest and most competitive markets, you can still find opportunities worth exploring and uncover a key to a very good business strategy.

Market share of online payment processing software technologies worldwide Sep 2022. Source: Statista

👉 Use the PayPal Strategy Plan Template to get inspired by Paypal's Strategy to build your own!

Best business strategies #7: Spotify Changing the rules of the music industry

Before Spotify came along, the world of online music streaming was pretty lackluster. Sure, you had platforms like Napster and The Pirate Bay, but they were illegal and you never knew when they would get shut down. And even if you did use them, you were still pretty limited in terms of what you could listen to. On the other hand, you had platforms like iTunes and Pandora, but they had their own set of problems. With iTunes, you had to pay for each and every song, which was a total bummer. And Pandora, you couldn't listen to whatever song you wanted, it was more like a radio station. Basically, people were craving for a better way to listen to music, one that was legal and gave them the freedom to choose what they wanted to listen to. And that's where Spotify comes in. When Spotify launched in 2008, it was a game-changer. They took the best parts of platforms like Napster and The Pirate Bay (the ability to share music), but made it legal. And they also took the best parts of platforms like iTunes and Pandora (the ability to choose what you want to listen to), and made it better. As we all know, it turned out to be quite an effective business strategy.

What can we learn from Spotify?

Spotify nailed it by putting their customers at the forefront of their business strategy. They saw that people were fed up with the limitations of other music streaming platforms and decided to create a service that put the customer's needs and wants first. They invested in technology and engineers to ensure the experience was seamless and easy for listeners, and it worked like a charm. People flocked to Spotify like bees to honey because it gave them the freedom and control over their music choices that they craved. Another big part of Spotify's success was (and still is) their freemium business model. They offered a free version of the service, but also had premium options for those who wanted more features and services. This allowed them to attract a huge user base and generate revenue from both the free and paying users. This model helped Spotify grow its user base and revenue quickly, more than exceeding their business goals.

And let's not forget about their data-driven approach. They invested heavily in data analysis and machine learning, which allowed them to create algorithms to predict which songs and artists users will like and recommend them accordingly - going one step further into user personalization. This helped to drive engagement and loyalty, making Spotify the go-to platform for discovering new music and creating playlists.

👉 Use the Spotify Strategy Plan Template to get inspired by Spotify's Strategy to build your own!

📚Learn more about Spotify in our Strategy Study: How Spotify Became The Standard In Convenience And Accessibility .

More excellent business strategy examples

You just got familiar with my personal selection of top business strategies. But these 7 are just the tip of the iceberg! If you’re looking for more examples and lessons from the very best businesses in the world, download the free 56 strategies report . It’s a selection of cases that covers plenty of really interesting situations. Trust me, you won’t regret it.

What's the difference between a business strategy and a corporate strategy?

A business strategy refers to the business plan for a specific business unit level within a company, while a corporate strategy deals with the overall direction and scope of the entire organization at the functional level.

A successful business strategy focuses on achieving specific business objectives within a certain market or industry, and is often developed as part of a larger business plan. While a corporate-level strategy focuses on achieving corporate objectives and aligning the entire organization's key components to achieve competitive advantage and meet organizational goals.

What are the key components of a successful business strategy?

A successful business strategy includes the following key components:

• Identifying and targeting a specific market or industry
• Developing a unique value proposition
• Creating a business plan with relevant focus areas to achieve the business objectives
• Define the specific actions that will ensure those objectives are met
• Determine the measures or KPIs that will drive success and ensure execution
• Continuously monitoring and adjusting the strategy to meet the organizational goals

How does a business strategy contribute to achieving corporate objectives?

A business strategy is designed to achieve specific business objectives within a certain market or industry, which in turn contributes to achieving the overall corporate objectives of the organization .

By aligning the efforts of the individual business units with the overall direction and scope of the company, a business strategy helps to create a unified approach towards achieving competitive advantage and meeting organizational goals.

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Image Source

Tips for Writing Your Executive Summary

• Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
• Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

• Industry trends that other brands may not be utilizing
• Strengths in your competition that may be obstacles to handle
• Weaknesses in your competition that may help you develop selling points
• The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

• Your brand positioning vision and how you'll cultivate it
• The goal targets you aim to achieve
• The metrics you'll use to measure success
• The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Tips for Writing Your Marketing Strategy

• Include a section about how you believe your brand vision will appeal to customers.
• Add the budget and resources you'll need to put your plan in place.
• Outline strategies for specific marketing segments.
• Connect strategies to earlier sections like target audience and competitive analysis.
• Review how your marketing strategy will scale with the growth of your business.
• Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Tips for Writing Your Key Features and Benefits

• Emphasize why and how your product or service offers value to customers.
• Use metrics and testimonials to support the ideas in this section.
• Talk about how your products and services have the potential to scale.
• Think about including a product roadmap.
• Focus on customer needs, and how the features and benefits you are sharing meet those needs.
• Offer proof of concept for your ideas, like case studies or pilot program feedback.
• Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

• The specific pricing breakdowns per product or service
• Why your pricing is higher or lower than your competition's
• (If higher) Why customers would be willing to pay more
• (If lower) How you're able to offer your products or services at a lower cost
• When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Tips for Writing Your Pricing and Revenue Section

• Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
• If you are asking a premium price, share unique features or innovations that justify that price point.
• Show how you plan to communicate pricing to customers.
• Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
• Share plans to develop new revenue streams in the future.
• Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
• Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

• Profit/Loss Statement - This answers the question of whether your business is currently profitable.
• Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
• Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

• Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
• Include any data that supports your projections to assure investors of the credibility of your proposal.
• Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
• Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
• Triple-check all financial information in your plan for accuracy.
• Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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8 Elements of a Successful Business Plan

Perhaps you’ve heard the old saying that failing to plan is the same as planning to fail.

It’s commonly attributed to Benjamin Franklin, the 18th century inventor and politician whose belief in the value of preparation was strong enough that he once made a list of more than 12 character traits around which he planned to structure his life.

Related:   It Only Takes 6 Steps to Plan Your Success

Franklin’s preparation paid off. Today, he’s remembered not only for signing the Declaration of Independence but for researching electricity, serving as the U.S. ambassador to France and founding the University of Pennsylvania.

Accomplishments like those illustrate the importance of preparation for entrepreneurs starting or expanding their own businesses, especially since only half of all startups survive their first five years. The secret: A well-crafted business plan can help make yours one of the success stories .

Not only is having one often a prerequisite for lenders and investors, it’s a road map that helps owners identify both risks and opportunities in their markets so that they’re prepared for both.

Indeed, some of the most successful U.S. entrepreneurs were known for their careful strategy. John D. Rockefeller, the oil magnate whose name became a byword for wealth in the late 19th and early 20th centuries, often talked about “our plan” when he was developing Standard Oil Trust.

Rockefeller’s strategy was corralling what had been a haphazard oil supply that often outpaced demand and hurt producers by keeping prices low. His business expanded enough that it eventually controlled the majority of oil production in the U.S. Although it was later broken up by the U.S. government, its descendants—ExxonMobil, Chevron and ConocoPhillips—still dominate the industry today.

“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated, help align expectations with stakeholders and investors, and even reduce stress.”

“Business planning helps entrepreneurs work smarter, stay alert for roadblocks, test new ideas, stay motivated , help align expectations with stakeholders and investors, and even reduce stress,” wrote Robert Price, executive director of the Global Entrepreneurship Institute, in an article on the organization’s website.

“Writing a business plan forces you into disciplined thinking if you do an intellectually honest job,” he says. “An idea may sound great in your mind, but when you put down the details and numbers, it may fall apart.”

Related: Think Big, Start Small and Plan for Success

A further advantage of your roadmap is that, ideally, it changes with your business. It’s considered a living document, but despite its adaptability, there are basic elements the Small Business Administration says any plan should contain. They include:

1. Executive Summary:

A snapshot of your plan. This will be the last thing you write, but possibly the most important, since many readers will stop here if they’re unimpressed. If your company is a startup , focus on your background and experience as well as that of any partners to show the underpinnings of the company, the agency says. If you’re better established, make sure to include details such as when the business was started, the names of the founders and their roles, how many employees you have, and where your operations are situated.

2. Company Description:

Explain what your company does and how it stands out from competitors. List major customers as well as markets you plan to target in the future. You’ll want to include competitive advantages, such as expert personnel like the whiz-kid coder you just hired, or location: Perhaps your floral shop is next door to an all-night wedding chapel.

3. Market Analysis:

It’s crucial to understand the market you plan to enter. Find out who your competitors are, analyze their cash flow and profit margins, and research technological developments in the industry that might be game-changers. Part of describing your customers is a general awareness of how much they spend and when. For instance, Black Friday got its name because it kicks off the lucrative Christmas shopping season that moves many retailers into full-year profitability. If your business is grappling with a similar challenge, you’ll want to be sure you have the resources and cash flow to withstand operating at a loss for 11 months out of the year.

4. Organization and Management:

Spell out the details of ownership, including investors and show your organizational chart. Specify whether your business is a sole proprietorship, partnership or corporation, and if it’s the latter, what type.

5. Service or Product Line:

What do you sell, how will it help your customers, and how often will they need to replace it? The answers to those questions can be crucial factors in business sustainability . Include any patents or copyrights you own.

6. Marketing and Sales:

The best idea in the world won’t take off if you don’t let your potential customers know what you have. Are you going to rely on word of mouth, promotional discounts or advertising? Remember, your method will have to be tailored to your market. New York businesses are famous for paying people to stand on the sidewalk promoting everything from discounted pizza slices to bargain jewelry prices, but that doesn’t work nearly as well in cities without a high volume of foot traffic.

7. Funding Request:

You’ll want to include how much you need right now as well as how much more you might need over the next five years. A critical point is how you plan to repay borrowed money to creditors (if you opt for debt financing) or, alternatively, generate returns for investors. Both will want to know how you’re spending their money and when they’ll see a payoff.

8. Financial Projections:

If you need funding, provide realistic forecasts that show how you plan to generate future cash flow. Unless you’re borrowing from your parents, your funding sources will want to know. It’s easier if you can show recent financial statements and base your projections on those, since that will give lenders an idea of how realistic your numbers are.

Related: 11 Things That Can Spark Massive Success in Your Life

Michael Jones

Michael Jones is the Director of Community Management and Content at Bond Street, a company focused on making small business loans simple, transparent and fair.

5473 Blair Road, Suite 100 PMB 30053 Dallas, TX 75231

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Enchanting Marketing

Writing advice for small business

How to Craft a Business Story (and Energize Your Audience)

by Henneke | 114 enchanting opinions, add yours? :)

A n inspirational business story gives readers a glimpse of who you are, making them feel connected, and they become more interested in buying from you.

This article explains how to write your business story:

Write your business story

You enter a room full of serious grey suits politely sipping their wine, bragging about their corporate missions. Rather boringly.

And there you are, in your purple shirt, feeling out of place.

You grab a glass of beer, and tap a fork against the glass to attract attention.

“Listen up,” you say, “let me tell you a story about how I conquered the world.”

“Wanna hear it?”

A business story doesn’t need bravery like that. But a good business story has the same impact: You attract attention. You stand out. You invigorate your audience, and pull them closer to you. They get inspired.

The power of a good business story

Let’s be honest, the web is full of gobbledygook -filled mission statements, conjured up by committees with the only aim not to offend anybody.

Big corporations can afford to be boring. Because they have tons of money to buy brand awareness.

But for small businesses and freelancers, life is different. We don’t have heaps of money, so we have to fascinate our audience and spark action.

A good business founding story takes readers on your journey, gives them a glimpse of who you are, and helps gain an emotional buy-in. Just reading your story makes people feel better already, so they start imagining how good it would be to work with you.

This is the power of storytelling .

An example of a powerful small business story

Business stories come in different shapes and sizes

How Jobs and Wozniak built their first computer in a garage. How Ben and Jerry started their first ice cream shop in a renovated gas station (after a $5 correspondence course). How Disney started as a cartoon studio in the 1920s, and now produces entertainment on a global scale.

Some stories sound like fairytales, and you may think your story isn’t fascinating enough.

But that’s untrue.

Every business has a good story. You simply have to dig to find the four key moments in your business history, and craft your story around these four key moments.

Here’s an example business story of BrewDog , a brewer of craft beers:

Martin and I (James) were bored of the industrially brewed lagers and stuffy ales that dominated the UK beer market. We decided the best way to fix this undesirable predicament was to brew our own. Consequently in April 2007 BrewDog was born. Both only 24 at the time, we leased a building in Fraserburgh, got some scary bank loans, spent all our money on stainless steel and started making some hardcore craft beers. We brewed tiny batches, filled bottles by hand and sold our beers at local markets and out of the back of our beat up old van. Our biggest mission when we set up BrewDog was to make other people as passionate about great craft beer as we are. And that is still our biggest mission today.

Martin and James tell their story around these four key moments:

• They encounter a problem: industrially brewed lagers and stuffy ales are boring.
• They have a spark of insight: What if we can fix this problem?
• They start their own brewery, brewing in tiny batches.
• They are now on a mission to make more people passionate about craft beer.

The story is quite simple, but includes enough details to make it fascinating: how they leased a building in Fraserburgh at only 24, how they brew in tiny batches, fill bottles by hand and sell them at local markets out of the back of their old van.

Moreover, emotional and sensory words make the story vivid: stuffy ales, scary bank loans, hardcore craft beers, a beat up old van.

How to write your own business story

You don’t need a special talent to craft your own business story.

First, define the four key moments of your business story:

• Which problem do you solve?
• Which insight sparked the start (or pivoting) of your business?
• What are you doing now to fix the problem?
• What’s your mission?

When you connect your mission to your founding story, you energize and motivate your audience.

Here’s how Chris Winfield defined the four moments in his story:

• Problem: For years he struggled with working too much and never really enjoying his life.
• Spark of insight: In March 2013, a company he had co-founded imploded; and it forced him to take a hard look at his life.
• How he fixed it: He learned that you can change your life gradually—small changes can have a big impact on living a happier, more fulfilling, more successful life.
• Mission: Chris wants to make it possible for everyone he works with to work less, accomplish more, and live life on their terms.

See how the story has the same elements as the BrewDog story?

Life is much messier

Life is an undulating road, full of bends, twists, hills, mountains, valleys, dead-end alleys, and even motorway pile-ups.

But your readers don’t need to know all the details. They don’t want a full resume and they’re not interested in a day-by-day journal either.

It’s your task as storyteller to decide what matters:

• Describe the 4 key moments and craft your story around them
• Decide which details help bring your story to life
• Skip everything that’s irrelevant to understanding the plot

Your story helps readers understand what drives you, who you are, and why you are the person to help them.

That’s how you energize, motivate, and inspire.

PS Thank you to Chuck Doublet of Being a Black Belt of Business for inspiring this post.

Further reading on business storytelling:

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Reader Interactions

Leave a comment and join the conversation cancel reply.

November 25, 2022 at 11:08 am

Great storytelling, it will help me to frame my own stories

November 25, 2022 at 11:13 am

Thank you, Adi. Happy storytelling!

September 3, 2022 at 9:10 am

Thanks for sharing this blog on writing start-up stories. It has benefitted us to write ours.

September 3, 2022 at 10:09 am

Great. Happy storytelling!

March 31, 2022 at 12:03 pm

Wow, it’s really a useful guide with enough details for me to write my brand story, but I am not a english native speaker, I am afraid it’s a hard work for me. I will try to write a framework firstly according to your suggestions. The story of Martin and James looks quite similar with mine. I was a new mother when decided to start my business: Teaching people gua sha and sell them gua sha tool.

March 31, 2022 at 12:54 pm

I am glad you found it useful, Lynne. I’m a non-native English speaker, too!

November 15, 2021 at 2:57 pm

This is so helpful and it will go a long way in helping to create a lovely story.

November 15, 2021 at 5:36 pm

Thank you, Mercy. Happy storytelling!

June 21, 2021 at 1:40 pm

Hi Henneke,

I am looking for someone to help me write my story. I have a rough outline. Is there anyone here who could assist please

June 21, 2021 at 8:55 pm

Hi Mary-Anne,

Unfortunately, I’m not available for projects.

April 12, 2021 at 5:43 pm

Thank you for this simple yet inspiring way to help me build my story. It is exactly what I was looking for. This template is perfect and I am sure you have helped and will continue to help so many others.

April 12, 2021 at 6:21 pm

I’m glad you found this template useful. Happy storytelling!

November 16, 2020 at 11:20 pm

thank you, its really helpful to understand the 1st step of starting storytelling about my work.

November 17, 2020 at 8:50 am

I’m glad it was helpful, Maksuda. Happy storytelling!

September 2, 2020 at 12:53 pm

Thank you, it is really easier to have examples. It gives simplification.

September 2, 2020 at 2:58 pm

I’m glad you enjoyed the examples, Natalie. Happy storytelling!

May 29, 2020 at 8:33 am

I have recently listerned to a webinar on creating a founder’s story. all effort to craft the story was not successful but when I saw your examples it looks easy and simple to follow.

more to this sample is the desire to tell relatable story in public speaking for 10 minutes.

Thank you for your insight

May 29, 2020 at 12:05 pm

I’m glad you found these examples helpful. For more in-depth guidance check out the book Do Story: How to tell your story so the world listens by Bobette Buster.

April 10, 2020 at 4:08 am

Really really another great addition from Henneke. I came across Henneke blog a many months before but I had no time in thhose days as I was very busy in my teaching schedule at school & many other places but bookmarked Henneke’s blog now due to Covid lockdown when I”m almost totally free I’m giving a lot of time to Henneke’s writing and learning really a lot. She is an exceptional writer as well as teacher. She knows how to inspire and teach the learners, Thank you Henneke your services for the new and old writers are really great.

April 10, 2020 at 9:10 am

I’m glad you’re enjoying my blog, Abdul. Happy writing!

April 4, 2020 at 11:50 pm

Great article, really enjoyed reading it. I never felt I was good at storytelling. You are an inspiration for me. I like how you gave the four pillars to the story. Now I fell as if I could tell a small story.

April 5, 2020 at 9:53 am

Thank you so much, Roxanne. I’m glad you enjoyed this. Happy storytelling!

February 13, 2020 at 11:34 am

Thank you Henneke for another blog full of gold. We’ve started to apply story telling in our marketing and the response has been fantastic, also thanks to your tips!

February 13, 2020 at 1:41 pm

That makes me happy, Iacopo. Thank you for letting me know. Happy storytelling!

November 20, 2019 at 2:55 pm

I just finished my PhD in psychology. I was struggling to craft a compelling story of what I do as Industrial-Organizational Psychologist. Finally, found a simple trick of telling my story…Now I feel free, unleashed…time to conquer to world, second thought…first let me tell them who I am (blessings)

November 20, 2019 at 3:36 pm

I’m happy to have helped unleash your creativity. Happy storytelling!

September 29, 2019 at 7:25 am

thank you for the post, I was having writers block getting lost in the details of my story, this quick read and the 4 questions has really helped me to get my story written and published in a short and effective format

September 29, 2019 at 7:58 pm

Great! Thank you for letting me know, Devon. Happy storytelling 🙂

April 29, 2019 at 8:14 am

Thank you for your simplicity, I took time to read two of your lessons here including the one on the 3-act story telling and wow I was helped. I was so helped that I wrote a blog article about our company story within 1hr of trying it with your method.

Thank you for taking time to help us by sharing your knowledge with us.

Kind regards Gilbert

April 29, 2019 at 7:29 pm

Great! I’m glad to read that my blog posts have helped you write your story. Thank you for sharing.

December 2, 2018 at 10:33 am

Another brilliant & inspirational blog you & Brewdog just makes it so clear how it needs to be done have helped me to rease out & focus on the things that matter. Thanks so much keep up the great work

December 2, 2018 at 11:35 am

I’m glad this post helps you focus on the things that matter. Thank you for stopping by, Rhiannon. I appreciate it!

August 27, 2018 at 6:52 am

Great article Henneke and I like your examples. I agree telling an engaging story doesn’t have to be complicated or long. Well done! Cute graphic too.

August 28, 2018 at 7:23 pm

Thank you, Jill. I’m glad you enjoyed this article.

August 11, 2018 at 7:18 am

Very Awesome and Helpful. Had some idea/writers block for my business story. This will help me as I commence with my 1st Draft. Giving Thanks!

August 13, 2018 at 8:47 pm

January 25, 2017 at 4:18 pm

Since this is my first time commenting on one of your articles… Let me start by saying that I am a huge admirer of yours (particularly your style of communicating concepts & ideas), and quite often refer to your blog for creative inspiration. ALSO… thanks for your article(s) about metaphors. They have made a tremendous difference in my work.

I’m currently working on developing a mission statement for a client, and was wondering if you have any recommendations (articles, books, etc) that I may find useful? I understand there’s generally more of a technical difference in developing a mission statement versus an “About Us,” but should the approach be the same?

January 25, 2017 at 7:34 pm

Thank you for your lovely comment, Craig. I think the About us page should include the mission statement I recommend writing mission statements by thinking about who you help with what, and why they would care about it. For instance, I help solopreneurs improve their writing skills and find their voice, so they can connect with their audience and grow their business. You can then play with words and possible shorten it.

You may find this article by Pamela Wilson useful: http://www.copyblogger.com/define-brand-grow-business/

December 4, 2016 at 8:09 pm

Really liked this article, thank you. I’m a copywriter and often write ‘about’ pages for clients. I found you initially on copyhackers, then bought your about us ebook which I refer to often 🙂

Was this post inspired by the hero’s journey? I haven’t studied it but your method in this post sounds similar. Could you suggest any great books/blogs/copywriters/podcasts to help me improve my work? It would be so appreciated coming from a pro like yourself!

December 5, 2016 at 5:44 pm

That’s lovely to hear, Ashley. Thank you. And yes, this as a simplified version of the hero’s journey.

Books on copywriting in general? It’s hard to know where to start. On storytelling, you may find Nancy Duarte’s book Resonate useful. It’s written for creating presentations, but the same principles apply to writing blog posts. On copywriting introductions, Cashvertising by Drew Eric Whitman and the Adweek Copywriting Handbook by Joseph Sugarman are both good. My favorite book is Made to Stick by Chip and Dan Heath.

If you’re looking for other or more recommendations, feel free to drop me an email.

December 2, 2016 at 6:23 pm

A business story is subtle and that’s what makes the curve as compared to boring straight forward business plans.

It’s just like the difference in text statistics and infographics. Great Post!

December 2, 2016 at 9:14 pm

Yep, that’s a good way to put it. Thank you for stopping by, Karan!

December 1, 2016 at 2:50 pm

Drop the mike Henneke! Yes, it has taken me a while to wean myself off the comforting conventional ‘blankie’ of (dry) vision and mission statements. I agree it all starts with a crafting a great story, telling it (business storytelling) and by the action of telling – inviting others (employees, customers etc) to write the next chapters with you (story-making). Cheers for the brainpoke and keep them coming!

December 1, 2016 at 9:28 pm

Ah yes, that’s a nice addition… inviting others to write the next chapters of the story. I like that!

Always good to see you, Nicole! 🙂

December 1, 2016 at 2:20 pm

Thanks for sharing these steps for business storytelling at just the right time for me. Yay!

I began offering life story workshops this year and occasionally have attendees who can benefit from learning to tell their business stories as well. Your steps are easy to follow so those who think they can ‘t write will be encouraged. I will now be incorporating business storytelling into my offerings.

Your illustrations are the perfect touch to support your writing, and distinguish your work from all other bloggers. I’d love to learn cartooning to illustrate my writing, but for now dare not add another task/course/project to my overflowing plate.

December 1, 2016 at 9:27 pm

Life story workshops … that sounds wonderful!

I know what you’re saying about overflowing plates. Isn’t it hard to make choices about what we spend our time on? I find it tricky.

Happy storytelling, Flora. And thank you for stopping by.

November 30, 2016 at 9:58 pm

Brilliant post Henneke! I’ve read a lot about business storytelling, but I think your practical steps really nail down the key points to write a great story. When I think of inspirational business stories, they all really do incorporate these elements.

December 1, 2016 at 12:57 pm

What a lovely compliment. Thank you so much, Laura. Thank you for stopping by!

November 29, 2016 at 12:55 pm

How awesome to have found this website. I’m struggling to write copy for my products and website. Reading this gives me a very practical how-to. I have a feeling the struggle is over. How did you do that? This from a girl who has read everything on copy. Thank you Henneke. I’ve bought your two books on kindle as I can’t believe my luck! x

“I have a feeling the struggle is over.” That’s so lovely to hear. Happy writing, Ekwy! And thank you for buying my books 🙂

November 28, 2016 at 3:00 pm

When others write, they are merely tips. A lot of jargons that don’t make sense to a layman.

When Henneke writes, they are nothing but simple actionable tips. Thanks for this post 🙂

Cheers, Aman

November 28, 2016 at 8:53 pm

What a lovely comment. Thank you, Aman. I do try my best to provide easy-to-implement tips 🙂

November 27, 2016 at 8:13 am

I don’t know, Henneke. I don’t have a business story – and I don’t want one. And when I think of what yours would be – I get stuck, too.

For me, the most interesting stories are not in my business at all. For you, the development of your business has gone pretty smoothly too 😉 It is not the most interesting thing about you. Am I misinterpreting your post?

November 27, 2016 at 7:42 pm

I don’t want to suggest that writing a business story is obligatory, but I’ve found that many people want to tell their story, but don’t know how. And a story can add interest to an About page.

The simple version of my business story would probably cover these four points:

1. I didn’t think I had any writing talent, and I certainly didn’t consider myself a writer. But in the age of content marketing, I thought I had to learn how to write. 2. I found out that writing isn’t magic, and that most of us can learn how to write good business content (even me!) 3. I enjoyed writing and started to share what I learned about writing in guest posts and on my blog here. 4. I’m now on a mission to help others find their voice, become confident writers, and attract the right audience to their business.

Things always look smoother from the outside than from the inside 🙂

November 28, 2016 at 7:24 am

I see. I see. I see.

September 28, 2021 at 4:58 pm

Yeah … that’s what I was going to say: it may LOOK easy and smooth, but it never is. It’s a lot o’ hard work!

September 28, 2021 at 9:03 pm

Exactly. That’s so true! Thank you for stopping by, Kathie.

November 24, 2016 at 7:17 pm

You make everything appear to be so simple! Love the way you deconstructed these messages and showed us how to do the same.

Thanks for a simple tutorial and the delightful hand-drawn infographic. – David

November 28, 2016 at 9:45 am

Happy storytelling, David!

Thank you for your lovely comment. I appreciate it 🙂

November 24, 2016 at 12:15 am

I forgot to mention how much I adore your drawings Henneke, and now the lettering, just fabulous! Clever, clever lady!

November 24, 2016 at 12:08 am

Once again, Henneke, you have inspired me into action. I was compelled to leave the post to begin writing my new story and was quite surprised and pleased with what I wrote. Sadly it is too long. It did , however give me insights and a realization, so thank you.

November 24, 2016 at 9:29 pm

I love it when you feel inspired to implement my tips! Once you have the draft written, leave it for a day, and then try to see how you can shorten it. It’s usually possible to cut about 25%, sometimes more.

And thank you for your lovely compliment on my drawing and lettering 🙂

November 23, 2016 at 5:33 pm

This post totally makes me want to ignore all the other things I had planned for today and start writing a clever business story. Your 4-step method will make it so much easier and fun to craft.

By the way, if you ever decide to offer custom drawings for purchase I know you’d have plenty of customers from your email list. Like the others mentioned, they are simply adorable.

November 23, 2016 at 9:46 pm

I’m sorry to have messed up your plans for today, Carole 🙂 Happy storytelling!

Thank you for your lovely compliment on my drawings. My sister has also been telling me to do more with them!

November 23, 2016 at 5:30 pm

Thank ewe again for another thought-provoking, and blissfully short and easy to read, article. Our business idea came about by accident, since an opportunity for a youth charity was presented to my partner (the shepherd) and his off the cuff remark sowed the seed. Roll on a few years, local business people trialled it, liked it and our business was then born. Does this genesis count do you feel?

November 23, 2016 at 8:07 pm

Yes, sure. Everything counts. Go for it!

Thank you for your lovely comment, Caroline. I appreciate it 🙂

November 23, 2016 at 7:43 am

Thank you, Henneke, for this post! It’s practical, and it offers simple but powerful framework for telling your story. I love it how you make things simple and just so easy to comprehend 🙂 and the drawing is so much fun as usual!

November 23, 2016 at 10:07 am

Thank you for your lovely comment, Antoniya. I appreciate it! 🙂

November 23, 2016 at 5:40 am

Insightful, as usual. I am going to use the technique to write business story for my husband’s restaurant business. Thanks and keep such posts coming!!

That sounds great, Shweta. Happy storytelling!

November 22, 2016 at 9:39 pm

Perfect timing for this article, Henneke. I am working on this today as part of your copywriting course. The extra clarity here was helpful. Your artistic sketches make it easier to visualize the process.

November 22, 2016 at 10:28 pm

I’m glad you found this one helpful, Ray. Happy Thanksgiving!

November 22, 2016 at 9:33 pm

Great post. Please keep them coming.

November 22, 2016 at 10:12 pm

Thank you, Bernice. I’m not planning to give up blogging anytime soon 🙂

November 22, 2016 at 9:05 pm

I love to tell stories and my readers love to read them. However, I will greatly benefit from this breakdown of HOW to tell a story, because sometimes, the flow is missing. Having a few easy-to-remember steps will make all the difference. Thanks so much! So glad for all you do! You are one of my special “thanks” for Thanksgiving, every year. <3

November 22, 2016 at 10:11 pm

You’re on my special “list” of loyal readers who regularly stop by. And I very much appreciate that. Happy Thanksgiving, Katharine!

November 22, 2016 at 8:01 pm

Yes, another awesome article. I was just thinking about my story the other day and was a little stumped, thank you so much for breaking it down to such simple steps. Now I should be able to move forward and create an my awesome story. Love, love your infographic and lettering. Happy Thanksgiving to you as well.

That’s great to “hear,” Donna. I love helping people get unstuck. Happy storytelling!

November 22, 2016 at 6:37 pm

Hey Henneke,

Interesting post. I believe every business has a story as well, it’s just how to tell it — and if it’s successful or not. But even if it’s not successful yet, you can still be inspirational by telling your journey.

Great stuff here.

– Andrew

November 22, 2016 at 7:18 pm

Yep, that’s totally true—the story doesn’t need to be about success and doesn’t require bragging about sales growth and famous customers. A story can focus on a simple journey of how you want to solve your customer’s problem.

Well said, Andrew.

November 22, 2016 at 5:51 pm

Thank you for another gift of truly useful advice.

I’m wondering if you have suggestions for when the company story is, well, awkward. For instance, the company started with a wonderful spark 40+ years ago, then fell behind in the industry and is now struggling to claw its way back to relevance.

November 22, 2016 at 7:17 pm

You don’t have to write a complete story—just pick the elements you do want to share. Storytelling doesn’t need to be a year-by-year or event-by-event report, you can just share a few highlights to help explain the company’s mission today. You can start with the beginning (but you don’t have to). what problem did the company want to solve in the beginning? What insight sparked the idea to start a company? Is the company still solving the same problem? What’s changed in the way it solves it? What’s its mission today?

December 6, 2016 at 6:13 pm

I have to return and say thank you again for your advice. We’ve re-written our “History” and it feels much better to me. Not sure if our readers will agree, but I am happier!

December 6, 2016 at 6:36 pm

That’s great to hear. Thank you for stopping by to let me know, Susan. I appreciate it!

November 22, 2016 at 5:15 pm

Henneke: An awesome tale to help you tell your own tale. I have a million great stories like these, and some super funny ones too…for my first biz…but for my newer freelance writing…hmmmm:0! Better start thinking:) Love this one, and hope you have a jubilant weekend, Henneke! Sue-Ann

November 22, 2016 at 7:13 pm

I’m sure you can dream up a good story for your biz, Sue-Ann.

I hope you have a wonderful weekend, too. Happy Thanksgiving!

November 22, 2016 at 4:31 pm

I love your infographic Henneke! Good that you put it at the bottom otherwise I would just spend time looking at it instead of reading the article first 🙂

November 22, 2016 at 7:12 pm

Haha! I hadn’t thought about it that way, I just saw it as a nice way to summarize the post at the end 😉

November 22, 2016 at 4:11 pm

Henneke, I just opened your email and read the business storytelling story. And my business story is sketched out on paper and with a little tweaking will be ready to upload to my About page on the website. You, my dear lady, are fantastic. As others have said, I also enjoy reading your very simple approach. Simple is contagious and beautiful. Wishing you a Happy Thanksgiving. Should you not celebrate, begin a simple Thanksgiving celebration with a few special friends. Bob Jones

November 22, 2016 at 7:11 pm

Wow. That’s lovely to hear! Thank you so much, Bob. Happy Thanksgiving to you, too.

November 22, 2016 at 3:39 pm

Henneke! Your timing could not have been better! I created a page for this when I first started my website (one of the first webpages I ever built). Needless to say it really, really stinks. LOL. I’ve wanted to redo it ever since. In fact, I’ve started and erased a zillion times.

Those were very simple, and perfect suggestions. You’ve inspired me to make it a goal to have one perfected and done by the end of the week. Thank you SO much! =)

November 22, 2016 at 7:10 pm

What a lovely comment, Kim. Thank you.

I know the feeling of being stuck with writing something. Not knowing where to start and once you have something, not knowing what is wrong. This is exactly why I like simple “formulas” 🙂

November 22, 2016 at 3:37 pm

Henneke– I love how you transformed what is usually a painful soul-searching process into 4 simple steps. Any one can simply answer the questions. Yay! Happy marketing, Heidi Cohen Actionable Marketing Guide

November 22, 2016 at 7:09 pm

Thank you for your lovely comment, Heidi. I appreciate it. I love simplicity—if it’s not simple, I can’t teach it. 😉

November 22, 2016 at 3:29 pm

Henneke, your artistic drawings give so much flavor of your personality. I always know your blog will be a fun read when I see your illustrations. I appreciate your freedom to be yourself while imparting such rich business insights.

November 22, 2016 at 7:07 pm

Hi Deb, thank you for your lovely compliment.

It’s taken me quite a few years to accept that freedom and be myself 🙂

November 22, 2016 at 3:09 pm

I really enjoyed this post- especially the helpful framework to get to the essence of the story.

I’d love to hear your suggestions on when to use it for maximum impact? An About page? A more creative boilerplate?

November 22, 2016 at 7:06 pm

Yes, definitely—add it to your About page; and see whether you can re-use it (or parts of it) in other places, like an author bio and social media profiles. Or perhaps even at the start of a conference talk.

Thank you for stopping by, Edel. I appreciate it.

November 22, 2016 at 3:07 pm

Excellent post. Thanks Henneke.

November 22, 2016 at 7:04 pm

Thank you, Anita 🙂

November 22, 2016 at 2:51 pm

Clear and useful, as usual 🙂

Many thanks from a devoted fan who hasn’t been commenting a lot lately, for practical reasons, but who does continue to read and appreciate your posts – and who just wanted to let you know that 😉

What a lovely comment! Thank you, Bart. I appreciate it 🙂

November 22, 2016 at 2:36 pm

Wow! This really makes things easier. Thanks once again, Henneke!

The great thing about this is: If you follow these steps, you automatically have a UNIQUE business story. Because, well, it’s yours. And you can always expand the different “sections”. Start small and come back to it later. That’s what I call actionable. Great!

Thank you for breaking that seemingly overwhelming process down into these small, comprehensive steps.

PS: Love the hand-drawn infographic. 🙂

November 22, 2016 at 7:03 pm

Yes, that’s so true… each story is unique, as every story has unique details, even if the story structure is similar.

I also agree with you, you can expand the story later. For instance, add new problems you had to overcome.

Thank you for stopping by again, Christian. I appreciate it.

November 22, 2016 at 1:39 pm

Hi Henneke, I’m the biggest fan of simple. (Goes with my intellect I think). Having just 4 points to concentrate on makes this idea super simple. So many startup advisers are bleating on about elevator pitch. I can’t stand it. Your idea is so much better. Of course, it’s useful to know your purpose (all the pitch talks about), but having a cohesive story just seems much more genuine. Thanks for another fantastic, inspirational post

November 22, 2016 at 6:58 pm

The idea of an “elevator pitch” makes me shiver.

To appreciate simplicity, you must have a very smart brain 🙂

Thank you for your lovely comment, Kerstin!

November 22, 2016 at 12:51 pm

You sparked the desire for me to write up my Business Story. I never think of it as something interesting, but you changed my mind about it. I’ll try to have it done by the end of the week.

November 22, 2016 at 6:57 pm

Yay! That’s great to hear. Happy writing, Jean-Christophe! 🙂

November 22, 2016 at 12:25 pm

As usual, you take difficult issues and break them down into easy-to-do steps. I love your ability to break through the gobbledygook-filled jargon, that you find on other sites, down to the simple core.

I also have noticed that you’ve really been having a lot of fun with your drawing, they are getting much more rich in detail, vividness and complexity. Do you use old-school paper and pencil, or a tablet?

I am “Apple-allergic” but I may have to bite the bullet because I continually read the reviews that the iPad Pro is the best tablet for drawing and you’ve inspired me to also pursue my creative drawing muses.

Thanks again, Chuck

November 22, 2016 at 6:56 pm

I’m totally old-school. I have a sketchbook, ink, a nib, and colored pencils. In this case, for the lettering, I used a Promarker and a black Micron pen.

I used to think I’d first learn how to draw the old-fashioned way, and then I’d switch to using a tablet. However, I love my colored pencils so much, I don’t really feel like switching. I briefly tried the Fifty-Three stylus for iPad, but I didn’t persevere with it. I like the real feel of paper and pencils 🙂

Thank you for inspiring this blog post, Chuck!

Love, love, love this. (And the hand lettering is fantastic, btw!)

The story at the start makes a great point. We often think the only way to stand out is through some extreme act of bravery, but a story that connects is, in many ways, far more powerful long-term. And the four points to create the story makes it very doable. Thanks Henneke! (Did I mention how much I love the graphic?) 😀

November 22, 2016 at 6:53 pm

Yeah, you know, that story surprised me, too. I started writing it and it was going somewhere else in my mind, and then at once, I saw the clue that bravery isn’t required. Funny how that can work for even such a super-short story, isn’t it?

And I agree, a simple story is surprisingly powerful, and we can just be ourselves—just pick the most important points.

Thank you for your lovely comment, Kathy!

November 22, 2016 at 12:22 pm

Wow! You had my attention from ‘just 4 key points’! And then your craft beer example is a winner because it showcases such evocative language.

I’m off to audit the business story on my website according to ‘the Henneke method’.

Thank you ?.

And another awesome illustration – fantastic lettering ✏️

November 22, 2016 at 6:51 pm

I love the example of the craft beer as it’s so simple and yet so powerful.

Thank you for your lovely comment, Alison. I’ve enjoyed playing around with lettering! 🙂

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

Noah Parsons

24 min. read

Updated May 7, 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

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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.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

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
• Templates and examples

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Article • 13 min read

Business Storytelling

Using stories to inspire.

By the Mind Tools Content Team

How many times have you been enthralled by a good story?

Maybe you stayed up late to read a novel that you couldn't put down, or watched a movie that you couldn't switch off? Perhaps you pushed yourself harder because you heard a story about a colleague's success, or you changed your opinion after reading a distressing story in a newspaper?

Stories can change the way we think, act and feel. They can form the foundations of an entire workplace culture, and they have the power to break down barriers and turn bad situations around. Stories can capture our imaginations, illustrate our ideas, arouse our passions, and inspire us in a way that cold, hard facts often can't.

Stories can be powerful business tools, and successful leaders use them to engage their teams. So, if you want to motivate others effectively, you need to learn how to tell a good story.

In this article, we'll look at business storytelling – we'll discuss when best to use stories, and explore what kind of story you could tell to get the results you want.

What Is Business Storytelling?

People tell business stories to communicate and connect with employees, customers, colleagues, partners, suppliers, and the media. Business stories differ from regular stories, in that you tell them with an objective, goal, or desired outcome in mind, rather than for entertainment.

When you tell a story well, it can create an intense, personal connection between your audience and your message. Effective stories can change our opinions, they can inspire us to achieve goals that we didn't think were possible, and they can show us how we can change things for the better.

Discover the three stages of good storytelling.

When to Use Stories

You can use stories to achieve a number of different goals. For example:

• Sundar has just started leading a new team. His team members see him as an outsider, and they don't trust him. He tells several stories about his past leadership roles, and explains why he's enthusiastic about this new position. He also discloses personal information, such as where he grew up and what hobbies he enjoys. His honesty helps his new team to see him as a real person, not as a stranger, and they begin to open up and trust him.
• Amy, a sales rep, meets with a potential client who knows little about what her organization offers. She tells a story about how one of her products helped reduce another client's supply costs by 20 percent. The new client is impressed with the product's effectiveness, and places his first order.
• Elsa asks her team members to attend a workplace safety class, but they're not convinced that this is a good use of their time. She recounts a story from a recent trade journal about an employee at a rival organization who was badly injured using the same machinery that her team members use. The story convinces Elsa's team that the safety class could help prevent injuries.

Types of Stories

In her book "Whoever Tells the Best Story Wins," author Annette Simmons identifies six structures that you can use to tell business stories. Let's look at each one below.

1. "Who-I-Am" Stories

These stories explain who you are as a person. They tell others about your experiences, dreams, goals, accomplishments, failures, motivations, values, or history.

"Who-I-am" stories are essential for building trust . Tell these stories when you join a new team, or when you need to establish a connection with a stranger.

2. "Why-I-Am-Here" Stories

"Why-I-am-here" stories communicate why you're here, and their aim is to replace suspicion with trust. People want to know, "What's in it for me?" but they also want to know, "What's in it for you?" These stories explain that you don't have a hidden agenda, and that you'll both get something fair out of the situation.

For example, people may be asking themselves if you are passionate about what you do, or whether you are financially motivated? And are you here for the right or wrong reasons?

You can use "why-I-am-here" stories in fundraising, sales, and situations when you need to build trust quickly, or where you want to reassure someone that you're on a level playing field. These kinds of stories are especially appropriate for sharing with new recruits, and also serve as a useful reminder to existing team members of why you're in the business you're in.

3. Teaching Stories

Teaching stories create an experience that transforms listeners or readers. They show how a change in their behavior, perspective or skills can lead to meaningful results.

You can also use teaching stories to illustrate a situation, such as a best- or worst-case scenario.

4. Vision Stories

Vision stories inspire people and encourage them to feel hope or happiness. Here, you convince your audience that their hard work and sacrifice is worth the effort. You need to link their actions to a specific, valuable, and worthy outcome.

Use vision stories when you need to motivate people to change their behavior. They can inspire people to overcome the frustrations, obstacles, and challenges that come with change, so that they can achieve a worthwhile goal or ideal.

5. Values-in-Action Stories

Values-in-action stories reinforce the values that you want your audience to demonstrate or think about. These stories can be positive or negative. For example, you can tell stories that demonstrate integrity, compassion, and commitment, or tell ones that highlight attitudes that you don't want to see – for example, cynicism, a slapdash approach to quality, or a weak work ethic.

6. "I-Know-What-You-Are-Thinking" Stories

"I-know-what-you-are-thinking" stories allow you to address other people's objections, suspicions, questions, or concerns before they voice them. With these stories, you need to anticipate your audience's point of view, so it's best to choose a story that deals with their unspoken concerns.

When you tell this type of story, you validate the audience's perspective or worries. This shows them that you're on their side, and that you identify with their emotions. These kinds of stories are valuable in sales, negotiations, or pitches to key stakeholders . [1]

How to Tell a Persuasive Story

A good story is like a recipe – certain "ingredients" need to be part of the mix for it to be a success. All great stories have three essential elements: context, action and result.

These three elements make up the CAR framework, which Paul Smith wrote about in his book, "Lead with a Story." [2] In it, he examines how leaders can use this simple structure to tell better business stories. Let's look at each element in detail:

Smith wrote that context is the element most neglected by leaders. Without context, your story may confuse or bore your audience.

The context provides the background information that listeners or readers need to make sense of your story. It should also spark their interest and make a connection, so that they care about what you have to say.

Context needs to address four key questions:

• Where and when does the story take place? – Establish the "when" and "where" of your story, and clarify whether it's fact or fiction.
• Who is the main character? – This needs to be someone who your audience can connect with. In most cases, you are the main character.
• What does he or she want? – Explain what your main character wants to accomplish.
• Who, or what, is in the way? – Every story needs an obstacle or villain. This can be a person, an event, or a challenge.

As you think about how to tell your story, plan how you'll answer these four questions. It's also important to be authentic , especially when you tell a personal story.

Tony's company has just had the worst third quarter in its history. At the annual town hall meeting , Tony needs to boost his team members' morale, and inspire them to work harder in the fourth quarter to make up their losses.

"When I started this company 10 years ago," he begins, "I didn't know how to run a business. I figured I could do everything myself and succeed."

"I was dead wrong. I worked 15-hour days to keep up with it all. I wanted to grow the company, but I quickly realized that I didn't know how, and I couldn't do it alone."

Every great story has action: ups and downs, setbacks, conflicts, failures, and battles. The action is where we experience defeats and learn lessons.

In your story, your main character must "do" something. Ideally, he or she will experience a setback, failure, or problem along the way. Obstacles create tension and forge an important connection with your audience, because everyone experiences them daily.

Tony continues, "All of you know how stubborn I am, so I tried to go it alone. But I started to lose clients because I couldn't keep my promises. I didn't have time to bid for work, so my competitors got ahead, and I lost even more clients. This put enormous pressure on my family because I was never at home. I knew that if things continued this way, the company would go under in a matter of months, and that I might lose my family. I needed help."

At the end of your story, you reveal your main character's fate. You also need to explain, subtly, what the audience should have learned from this result. What's the moral? Why did you tell this story?

Tony wraps up his story.

"Once I realized I had to ask for help, I did. I put some major projects on hold, and started to look for great people to help me. I handpicked each of you because you're the best at what you do. You have the skills, knowledge, and experience that I lacked."

"This company is the success it is because of all of you. Every company has its ups and downs, just like I did when I first started this business. But I believe in all of you, and I believe that we will turn this problem around next month. So, let's focus on the future, and think about how we can help one another succeed."

Great storytellers know that a powerful story is only part of what inspires people to listen. Follow the tips below to become a better storyteller.

• Listen – The best storytellers are also the best listeners. Brush up on your active listening skills, and give others your full attention when they tell a story.
• Practice – Rehearse your story before you tell it. Even if you practice on your own, just once, in front of a mirror or video camera, this can improve your storytelling.
• Create an experience – When you tell a story, you create an experience for your listeners. Appeal to all five senses: don't just dictate it to them.

Business storytelling is the art of using stories to communicate and connect with employees, customers, suppliers, partners, and anyone else involved with your organization. The purpose of business stories isn't entertainment. Rather, they have a specific goal or desired outcome.

To tell a great business story, it's important to be authentic. Use stories that tell other people more about who you are, and why you're here. And, don't be too afraid to tell stories that show failure, poor judgment, or mistakes on your part. When you're prepared to appear vulnerable in front of others, you can quickly establish trust and rapport.

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6 Stories of Super Successes Who Overcame Failure They're perfect examples of why failure should never stop you from following your vision.

Edited by Dan Bova Dec 8, 2014

Failure is not the alternative to success. It's something to be avoided, but it's also only a temporary setback on a bigger, more significant course. Everybody encounters failure at one point or another . What truly matters is how you react to and learn from that failure.

Take the stories of these six entrepreneurs. Their stories end in massive success, but all of them are rooted in failure. They're perfect examples of why failure should never stop you from following your vision.

1. Arianna Huffington got rejected by 36 publishers.

It's hard to believe that one of the most recognizable names in online publications was once rejected by three dozen major publishers. Huffington's second book, which she tried to publish long before she created the now ubiquitously recognizable Huffington Post empire, was rejected 36 times before it was eventually accepted for publication.

Related: Barbara Corcoran: Failure Is My Specialty

Even Huffington Post itself wasn't a success right away. In fact, when it launched, there were dozens of highly negative reviews about its quality and its potential. Obviously, Huffington overcame those initial bouts of failure and has cemented her name as one of the most successful outlets on the web.

2. Bill Gates watched his first company crumble.

Bill Gates is now one of the world's wealthiest individuals, but he didn't earn his fortune in a straight line to success. Gates entered the entrepreneurial scene with a company called Traf-O-Data, which aimed to process and analyze the data from traffic tapes (think of it like an early version of big data).

He tried to sell the idea alongside his business partner, Paul Allen, but the product barely even worked. It was a complete disaster. However, the failure did not hold Gates back from exploring new opportunities, and a few years later, he created his first Microsoft product, and forged a new path to success.

3. George Steinbrenner bankrupted a team.

Before Steinbrenner made a name for himself when he acquired ownership of the New York Yankees, he owned a small basketball team called the Cleveland Pipers back in 1960. By 1962, as a result of Steinbrenner's direction, the entire franchise went bankrupt.

That stretch of failure seemed to follow Steinbrenner when he took over the Yankees in the 1970s, as the team struggled with a number of setbacks and losses throughout the 1980s and 1990s. However, despite public fear and criticism of Steinbrenner's controversial decisions, eventually he led the team to an amazing comeback, with six World Series entries between 1996 and 2003, and a record as one of the most profitable teams in Major League Baseball.

Related: To Manage Innovation, Manage Failure Better

4. Walt Disney was told he lacked creativity.

One of the most creative geniuses of the 20th century was once fired from a newspaper because he was told he lacked creativity. Trying to persevere, Disney formed his first animation company, which was called Laugh-O-Gram Films. He raised $15,000 for the company but eventually was forced to close Laugh-O-Gram, following the close of an important distributor partner.

Desperate and out of money, Disney found his way to Hollywood and faced even more criticism and failure until finally, his first few classic films started to skyrocket in popularity.

5. Steve Jobs was booted from his own company.

Steve Jobs is an impressive entrepreneur because of his boundless innovations, but also because of his emphatic comeback from an almost irrecoverable failure. Jobs found success in his 20s when Apple became a massive empire, but when he was 30, Apple's board of directors decided to fire him.

Undaunted by the failure, Jobs founded a new company, NeXT, which was eventually acquired by Apple. Once back at Apple, Jobs proved his capacity for greatness by reinventing the company's image and taking the Apple brand to new heights.

6. Milton Hershey started three candy companies before Hershey's.

Everyone knows Hershey's chocolate, but when Milton Hershey first started his candy production career, he was a nobody. After being fired from an apprenticeship with a printer, Hershey started three separate candy-related ventures, and was forced to watch all of them fail.

In one last attempt, Hershey founded the Lancaster Caramel Company, and started seeing enormous results. Believing in his vision for milk chocolate for the masses, he eventually founded the Hershey Company and became one of the most well-known names in the industry.

Draw inspiration from these stories the next time you experience failure, no matter the scale. In the moment, some failure might seem like the end of the road, but remember, there are countless successful men and women in the world today who are only enjoying success because they decided to push past the inevitable bleakness of failure.

Learn from your mistakes, reflect and accept the failure, but revisit your passion and keep pursuing your goals no matter what.

Related: 3 Stories on Bouncing Back From Failure

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5 Effective Business Storytelling Strategies (With Examples)

Table of contents

Christian Rigg

Stories are how we connect with one another. They transform mundane facts and figures into emotional narratives that engage, inspire, and provoke action. 

Like all artforms, storytelling takes practice. Fortunately, though, you don’t have to start from scratch.

As a writer, editor, and senior account manager at a content marketing company, I spend my days reading and writing stories for some of the world’s largest and most successful companies. 

In this article, I’ve put together five of my favorite approaches, with business storytelling examples from companies including Dove, Uber, and Patagonia. These strategies can help you connect with audiences, build trust and loyalty, and drive sales. You’ll find step-by-step instructions as well as tips on how to use AI to simplify the process. 

Key Takeaways

• Storytelling is a powerful tool to engage audiences emotionally and influence behavior.
• Successful storytelling involves elements of relatability, emotion, authenticity, insight, and narrative .
• Use real-world examples and testimonials to enhance authenticity and make the narrative more compelling and trustworthy.
• Use emotional and descriptive language to bring facts to life. 
• Use AI to simplify both research and writing and fine-tune tone, style, and narrative.

What is storytelling and why is it so important in business?

Storytelling in business means using narrative and sensory language to share information in a way that captures an audience’s attention, engages them emotionally, and provokes a reaction (such as a purchase, sign-up, or Like).

Stories can do all these things — more so than simple facts — because of the unique way our brains react to stories. 

When we read a book, watch a movie, or listen to a story, our brains light up with activity . 

Special brain cells called “mirror neurons” place us within the story, so we feel what the character feels, see what they see, even act as they act.

Complex psychological processes such as “narrative transport” and “empathic engagement” cause our brains to be flooded with neurotransmitters like oxytocin — the “feel good” chemical — and adrenaline, which regulates our “fight or flight” response.

In other words, stories make facts emotional — and emotions are what push humans to act. 

That’s why businesses and marketers who’ve mastered the art of storytelling are so successful. Master this art yourself and you’ll reap the same benefits. 

5 effective business stories that customers love (with examples)

Each of the five strategies and business storytelling examples below can be used to captivate your audience’s attention and build brand awareness, loyalty, and trust.

You can publish these stories in any format, including blog articles, an About Us page, Instagram or LinkedIn posts, or YouTube videos. Likewise, you can create a single, long-form piece of content or build a campaign that tells the story through multiple perspectives and channels. 

Follow the step-by-step instructions to get started and make use of AI, an essential tool for any business , to make the whole process simpler and quicker. 

1. Origin stories

An origin story recounts how your company came to be. It helps the reader understand the problem your company set out to solve and what inspired the founders to act. 

Why it works:

• Origin stories provide context to the brands we care about, appealing to our innate curiosity about beginnings and roots.
• They often involve aspects of overcoming adversity, which inspires audiences and evokes empathy.
• They offer a sense of authenticity, grounding a brand in the real world through the use of names, places, and dates.

How to do it:

• Speak to your company’s founders about their motivation for starting the company and what problem, in their own words, they hoped to solve for their customers.
• Ask about specific challenges and how they were overcome, as well as important milestones and successes.
• Use names, places, and dates to provide context and emotional language to bring events to life. 
• Play around with variations, including stories of innovation, disruption, and overcoming adversity (“underdog” stories).

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Example: Uber Newsroom: The History of Uber

Uber has 130 million users, operates in 72 countries, and has connected drivers with riders more than 7.6 billion times. 

Uber’s origin story starts with a date, a place, and two people: founders Travis Kalanick and Garrett Camp, stuck in Paris without a ride on “a cold winter night” in December, 2008.

You can just imagine the two of them hunting for a cab, getting more and more frustrated, until one of them finally throws up their hands and says, “This is crazy! There has to be a better way.”

As readers click through the rest of Uber’s journey, they learn about successes, community engagement (see below), and the launch of new products and services. 

2. The People’s Champion (or The Hero We Deserve)

This is a great option for companies that are actively involved in local communities or have taken a stand on a societal issue. This narrative showcases a brand’s alignment with communal values and/or causes. The champion can be the brand itself, its leaders, or its employees. This story often involves themes of growth, struggle, and eventual triumph to inspire admiration and esteem. 

• Showing how your brand acts as a proactive, positive force for change within the community or society at large humanizes it, creating trust and admiration. This in turn leads to greater brand loyalty. 

How to do it: 

• Identify key initiatives or positions your company has taken to address community concerns or societal issues.
• Collect testimonials from employees who feel strongly about the issue and individuals or groups who have benefited from your company's actions.
• Explain how your company became involved with this social issue and highlight positive outcomes in a relatable and humble manner (nobody likes bragging!). (Hint: You can use Wordtune to make your writing more casual or formal, as needed.)

Inspiration: Patagonia Stories

Patagonia is a global clothing brand that is widely recognized for its environmental activism. 

Through articles on its blog, Patagonia Stories , as well as social media posts and documentary films, Patagonia shares stories of its efforts to promote environmental responsibility and engage with like-minded individuals and organizations, positioning itself as a champion for environmental causes

3. Customer Success Stories

A Customer Success Story showcases a customer's positive experience with your products or services, demonstrating how they resolved a specific problem or improved their situation. It overlaps in many respects with a case study, but uses emotional and sensory language to drive engagement. 

• They build credibility and trust by providing real-world evidence of your company's value. 
• They are highly relatable and emotional by nature: the audience can “see themselves” in the customer, sharing their frustration, consternation, or sorrow — as well as their eventual appreciation, relief, or excitement.
• “ Social proof ” serves as a powerful driver of human behavior and decision-making. 
• Reach out to your customer support team or invite existing customers (via social media, for example) to contact you with their stories of real-world benefit. 
• Conduct interviews to gather personal testimonials, focusing on the problem customers faced, how your company provided a solution, and the outcomes they achieved.
• Use direct quotes and emotional language to convey the customer’s journey. Let your company take a back seat; this story’s not about you. 

Pro Tip : There are plenty of tools out there to help you contact customers and create stories like these, such as Influitive . You can also use Wordtune’s Read and Summarize feature to turn interview transcripts into bullet points and then a story.

Inspiration: Oracle Netsuite and Deliciously Ella

This story contains a number of effective, humanizing elements.

We learn of Deliciously Ella’s founder, Ella Mills, and her health struggles, which are likely to resonate with those who have their own and garner sympathy from those who don’t. We then follow Deliciously Ella’s journey from humble beginnings as a recipe website to significant growth (including a wellness app and best-selling cookbooks). This kind of triumph over adversity inspires, uplifts, and energizes readers.

As Deliciously Ella grows, it becomes necessary to shift to a more robust solution, which is where NetSuite, a business management platform, comes in. The article subtly conveys the reliability and scalability of NetSuite’s solutions through the lens of supporting a small business with evolving needs. 

4. Just-like-me stories

“Just-like-me” stories strive to build a connection with the audience by showing that a brand shares their worldview, values, concerns, or passions. The goal is to create a “mirror” for the audience, so they can “see themselves” in your brand, which breaks down barriers to engagement. 

Why it works

• They use the principles of similarity and familiarity to make your brand feel less like an outsider and more like an ally — an “us” instead of a “them.”
• They evoke a sense of camaraderie and trust through shared experiences and common goals or values. 
• Engage in customer research to create an ideal customer profile (ICP) with values, concerns, and experiences. 
• Think of different ways your company demonstrates commitment to those values and understanding of those concerns and experiences. Interview employees and managers who can add a personal touch to it.
• Embed authentic testimonials or real-life scenarios within the story to reinforce the shared values and experiences, making the story more credible and relatable.

Inspiration: Dove’s “Real Beauty” Campaign

Dove’s “Real Beauty” campaign consists of stories that challenge traditional beauty standards and celebrate diversity. 

By showcasing real women with different body shapes, sizes, and ethnicities in its advertisements, Dove aligned itself with a more inclusive definition of beauty, reflecting the values and concerns of its target audience.

This campaign not only created a strong emotional connection with many women but also positioned Dove as a brand that understands and shares the experiences and values of its audience.

5. Behind the scenes

"Behind the scenes" stories unveil the inner workings and human elements behind a brand or a product. They provide a glimpse into the otherwise unseen aspects of how a brand operates, which can create trust and cultivate interest.

• People are naturally curious about the brands and products that surround them — how they’re created and by whom.
• Transparency fosters trust and creates a connection between a brand and its audience. 
• These stories help humanize a brand, making it more relatable and authentic in the eyes of its audience. 
• Identify key processes or people that are integral yet unseen parts of your brand. Engage with customers and ask what they’re curious about. 
• Speak with internal stakeholders who are responsible for these “unseen parts” to get the “inside scoop” on how it works. 
• Don’t just stick to the technical details: humanize your brand by speaking about the people you interviewed and what about the process excites them. 

Inspiration: “How It’s Made” by Lush Cosmetics

Cosmetics are very personal products, so people often want to know how they’re made and what, exactly, they’re putting on their face and bodies. 

This series is all about showcasing Lush’s brand values, including transparency, ethical practices, and craftsmanship. 

Each “How It's Made” pairs someone from Lush who’s not directly involved in production with a member of the lab. The audience gets to follow along as the manager, marketer, or customer service agent learns how the product is made. 

The videos are light-hearted and whimsical, and often self-deprecating. You really feel like you’ve been invited into the heart of a fun and exciting enterprise, which makes trusting the brand and their products all the easier. 

Key components of good storytelling

The five business stories above share a few common themes. Use these key components of good storytelling to ensure yours are a success: 

• Relatability. Create a connection with your audience by demonstrating that you share their values and experiences. Speak to real people from your company and use quotes and simple, natural language to convey ideas. Adjust your tone and voice to match the story and create an emotional response. 
• Emotion. Emotion is at the heart of all human behavior and decision-making. Use descriptive words and emotional language to create the right emotional reaction in your audience. Pair successes with excitement and passion, obstacles with determination and resilience, moral values with conviction and compassion. 
• Authenticity. Stories can be embellished, but should never be fabricated. This is a sure-fire way to end up in the hot seat if and when the truth comes out. Tell your company’s stories with honesty and integrity, even when they include mistakes. 
• Insight. The audience should learn something new about the company that piques their interest or resonates with their beliefs. We’re using emotions to convey facts, but the facts still have to be there. 
• Narrative. Finally, a good story needs a beginning, middle, and end. Guide your audience through conflicts and resolutions, obstacles and solutions. Use names, dates, and places to provide context. 

Stories inspire, engage, excite, delight, and, ultimately, call people to action. 

Dove, Uber, Patagonia and others have mastered the art of storytelling and turned basic facts into engaging, trust-building journeys, leading to enthusiastic customers who are loyal and even advocate on the brand’s behalf. 

Now it’s your turn. Use the step-by-step instructions in this article to create inspiring and informative stories that boost brand awareness and credibility. Engage with employees, leaders, customers, and industry experts for real human perspectives. Use expressive, emotional, and descriptive language to bring characters and events to life. Provide context with dates, places, and names. And use AI tools to help organize your notes and turn them into a compelling story.

Every business is an anthology of stories, and sharing them will help audiences connect with your brand in powerful and lasting new ways. 

To learn more about storytelling, check out these articles from the Wordtune blog:

• Improve Your Storytelling With Frameworks [+AI Story Generator]
• How To Structure Your Writing For Maximum Impact (With Help From AI)
• How to Write a Top Ranking Blog Post Using AI
• 7 Best Brand Tone of Voice Examples to Inspire You [Follow Their Success]

What are some effective tools for mastering storytelling in business?

AI tools like Wordtune and ChatGPT can help you organize your thoughts, summarize research notes, and turn them into compelling business stories. Wordtune will also pick up on any spelling and grammar mistakes or awkward sentences. Apps like Hemingway can ensure your writing is simple and appropriate for the audience.

How can I measure the impact of storytelling on my business?

As with many marketing strategies, getting a precise return on investment on storytelling can be difficult. Overall, lift in revenue is always a good indicator, but you can also measure direct engagement with your stories: comments on blog articles, shares and Likes, and reactions to your campaign on blogs and websites. 

Can storytelling be applied to any type of business?

Absolutely! Every business has a story to tell. If you’re having a hard time getting started, ask employees, managers, founders, and customers what stories they want to tell or are interested in hearing. 

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How a Business Continuity Plan Saved the Day for These Companies

For some companies, downtime or natural disasters spell the end of their operations. However, it doesn’t have to be this way. Below, we take a look at some business continuity successes, and what other companies can learn from their stories.

What is business continuity planning?

Also referred to as contingency planning, business continuity planning is all about a company’s ability to bounce back after an incident causes downtime. In other words, it’s how well a business adapts to changing circumstances beyond its control. 

Business continuity planning is important because recovering from downtime is a costly endeavor. In fact, up to 60 percent of small businesses fail to reopen after downtime, whether as a result of natural disasters, employee error, or cyber crime , because the costs are simply too high to recover from. 

How, then, do successful businesses rise above these challenges and stay operational? Let’s take a look at some examples.

Business continuity planning saved these companies

In no particular order, here are three companies that credit business continuity planning with saving their operations. 

1. Cupcake Kitchen

Houston-based bakery Cupcake Kitchen lost access to its premises for around three weeks after a hurricane caused severe water damage. The company lost multiple appliances and perishable goods to a total loss of around $30,000.00. 

The owner actively kept her customers notified on social media about what was happening and the steps she was taking to get the bakery up and running again. A few months later, revenue returned to 80 percent of pre-hurricane levels. 

The key point here is that, as a local business, the owner found a way to connect to her clients and ensure they understood that the kitchen would open again . She turned an obstacle–picking a new location for her bakery–into an opportunity, which is a hallmark of a great contingency planning strategy. 

2. Georgia Power

Georgia Power, a major electricity supplier, lost a transformer to fire damage back in 2017 . In response, Georgia Power aligned with a tech company to upgrade its transformer testing capabilities. 

The transformers now have sensors that record dissolved levels and instantly alert engineers if the levels exceed a safe amount. What’s more, the transformers generate gas readings at far more frequent intervals than before. 

What does this tell us? Well, Georgia Power instantly reacted to the crisis and took steps to prevent a similar incident from arising in the future. They learned from the failure and moved the company forward as a result. 

3. Gaille Media 

In 2017, Gaille Media, a small online marketing agency, lost its entire office space to hurricane damage. No one could enter the building for three months, and it wasn’t possible to salvage any hardware from inside. 

What happened? Surprisingly, it was business as usual at Gaille Media. The agency continued operating because it kept its business data, and all its backups , in the cloud. Employees worked remotely and provided their usual service to clients. The office didn’t reopen and the employees all now work remotely. 

The key takeaway is that Gaille Media had an effective contingency plan in place before disaster struck. They understood their core business processes and ensured that, whatever happened to their physical office space, they could access the data they needed to run their day-to-day operations. This is a great example of a truly proactive business continuity plan.

The good news is that it’s possible to keep your company afloat and active even when disaster strikes . As you can see from these company success stories, all it takes is some careful business continuity planning. For more information on business continuity planning and how the right strategy can save your company, contact us today.

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

Order Write Your Own Business Plan Now and Get 1 Month of Free Access to Business Planning Software Liveplan Premium

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4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

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Planning in precarious times: majority of surveyed entrepreneurs recognize the importance of business planning in an increasingly competitive market.

A survey of Canadian small business owners by Ownr - an RBCx venture - uncovers key business planning benefits and pitfalls experienced by entrepreneurs

TORONTO , May 15, 2024 /CNW/ - While creating a business plan may seem like an obvious asset to have when operating a business, it has not always been a top priority for many entrepreneurs, until now. A recent study by  Ownr , a premier small business legal management platform, unveils shifting sentiments around the value of business plans to support entrepreneurs' success, key barriers to starting or finishing their plans and differing approaches to their business planning process.

With changing market conditions and competition intensifying for businesses in the past three years, 58.7 per cent of surveyed entrepreneurs in Canada have recognized the role and increased importance of having a business plan. But when it comes time to put pen to paper, 67 per cent of entrepreneurs admit that sections around financial planning and cash flow forecasting are challenging areas to tackle. As a result of this planning roadblock, only 26.8 per cent of surveyed respondents were able to leverage their business plans as an effective tool for financing and funding opportunities. Challenges like these in the business planning process - whether it stems from a lack of knowledge, experience, or resources - often prevent entrepreneurs from completing, or even starting a business plan altogether.

To bridge the gap, Ownr has launched Ownr Blueprint , a free, step-by-step digital business planning tool that is tailored to help aspiring and existing entrepreneurs create a comprehensive business plan that includes sections around financial planning, customer insights, competitive and market analysis, brand and marketing, and operational strategy.

"Our mission has always been to make business ownership both accessible  and achievable. Having a solid business plan is a critical factor to entrepreneurial success," says Shane Murphy , CEO of Ownr . "But we also know that the business planning process can feel daunting and tedious, especially for those who have never done it before. Ownr Blueprint was specifically designed in a way that is simple, digitally accessible and educational to help aspiring and existing entrepreneurs turn their business ideas into an actionable business strategy." Entrepreneurs prefer to 'hit the pavement' before putting 'pen to paper' The survey revealed a divide in the number of entrepreneurs who had, or felt the need to have, a business plan to get their business off the ground. According to respondents, 54.3 per cent of entrepreneurs started their business without a formal plan, while 45.7 per cent had one in place. For entrepreneurs who launched their venture without a business plan, the most common reasons included not knowing where to start (34.1%), believing their business idea was straightforward enough to execute on (33.5%) and not seeing the need for it as a solopreneur (30.1%).

There are also varying approaches to business planning when it comes to putting pen to paper. Among surveyed entrepreneurs with a business plan, 28.7 per cent used traditional spreadsheets to capture their business plan, while 19.5 per cent relied on intuition and informal methods and only a small number (6.8%) used a planning template

"While every business and preferred planning style is unique, there's a foundational framework to building a clear and compelling business plan, and there are important components that potential investors, partners and financial institutions will look for," says Murphy. " Ownr Blueprint's step-by-step business plan generator helps entrepreneurs think through and capture that information so they can create a business plan that is comprehensive and clearly focused on achieving their objectives."

The business case for a business plan While creating a business plan requires proactive and dedicated effort on the part of time-strapped entrepreneurs, 77.7 per cent of surveyed entrepreneurs who indicated they had a business plan said it offered them a clearer sense of direction and helped them stay focused on their business priorities. Nearly half of respondents (45.4%) also stated that it gave them more confidence to make informed business decisions.

Among respondents who were more focused on business planning in recent years, 65.6 per cent were motivated by a strong aspiration to attain sustainable, long-term growth and competitiveness in a rapidly evolving marketplace. As entrepreneurs navigate the complexities of business ownership, Ownr remains committed to empowering them with simple, digitally enabled and effective tools and resources they need to succeed.

For more information about Ownr Blueprint, visit www. ownr.co/blueprint .

Survey Methodology The survey, conducted between April 2, 2024 , to April 12, 2024 , captures the responses of 922 participants based in Canada via an online questionnaire provided to Ownr 's customer database. Every participant identified that they have started their business. The results of this report have an estimated three per cent margin of error.

About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 94,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada , the U.S. and 27 other countries. Learn more at rbc.com .

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact .

About Ownr Ownr  is on a mission to help make Canadian small business a big deal. With our all-in-one digital platform, everyday entrepreneurs can streamline registration and incorporation, automate paperwork, and maintain ongoing compliance—all without the high legal fees and confusing jargon. Join over 160,000 Canadians who launched their dream business with Ownr .

Ownr  is a venture of RBCx, a division of Royal Bank of Canada . For more information, visit www. ownr.co .

About RBCx RBCx powers bold ideas, founders, and technology companies. We know building great businesses takes more than just finance, which is why our four pillars – Banking, Capital, Platform, and Ventures – combine to make us the go-to backer of Canadian innovation. We use our deep expertise to support businesses of all sizes and stages, and leverage RBC's extensive experience, networks, and capital to solve tomorrow's big problems.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/15/c3186.html

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Charting Success: Navigating the Corporate Landscape with a Strategy

By Nelson Matheus

16 May 2024

In the realm of business, the saying “fail to plan, plan to fail” echoes profoundly. At the core of every successful enterprise lies a well-defined strategy that serves as a guiding light through the complexities of the corporate landscape, hence the significance of a comprehensive strategic plan cannot be overstated.

The concept of corporate strategy emerged in the 19th century, championed by scholars such as Chandler and Ansoff, who generated the orthodoxy in which they define corporate strategy as a set of techniques for managing complex businesses in dynamic environments.

The Covid-19 pandemic has revealed that even established businesses are just three months away from being illiquid. During the first three months of the government-imposed lockdown, businesses closed, leading to jobs losses.

A robust business strategy could be a magnet for investors seeking opportunities with potential returns. It provides a clear growth plan and how shareholders’ value will be maximised. A business strategy enables firms to navigate competitive markets effectively, define their unique value proposition and leverage strengths.

A business strategy creates ownership, accountability and synergy among employees. When employees see the bigger picture, they understand how their collective efforts contribute towards attaining the set objectives.

“You can only manage the risks you know” underscores the essence of strategy in enabling businesses to scan environments, identify risks and develop robust risk management plans. Setting priorities and outlining strategic initiatives empowers management to make informed choices about resource allocation, leading to efficient operations.

A strategic plan identifies key performance areas and key performance indicators, cascaded down to individuals, enabling companies to track progress, evaluate performance and adjust where necessary.

Success should not solely be measured by financial metrics, but also by fulfilling the strategic objectives and creating long-term value. Therefore, businesses of all sizes must invest in developing a business strategy and engaging employees across the board to ensure alignment and ownership, resilience and sustainable business growth.

• * Nelson Matheus is a strategist and doctor of business administration candidate.

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Nigerian Officials Probe Plan to Marry Off Scores of Female Orphans

Abuja, Nigeria — Nigeria's Federal Ministry of Women Affairs says it is investigating a plan by a lawmaker in central Niger state to marry off some 100 female orphans of unknown ages later this month.

Speaker of the Niger State Assembly Abdulmalik Sarkin-Daji announced the mass wedding last week but called off the ceremony following widespread outrage.

Minister of Women Affairs Uju Kennedy-Ohanenye, speaking to journalists in Abuja on Tuesday, condemned the plans.

Kennedy-Ohanenye said she had petitioned the police and filed a lawsuit to stop the marriages pending an investigation to ascertain the age of the orphans and whether they consented to the marriages.

"This is totally unacceptable by the Federal Ministry of Women Affairs and by the government" of Nigeria, she said.

Last week, Sarkin-Daji announced his support for the mass wedding of the orphans, whose relatives were killed during attacks by armed bandits. He said it was part of his support to his constituents following an appeal for wedding funding by local traditional and religious leaders.

The mass wedding had been scheduled for May 24.

"That support I intend to give for the marriage of those orphans, I'm withdrawing it," he said. "The parents can have the support [money], if they wish, let them go ahead and marry them off. As it is right now, I'm not threatened by the action of the minister."

Despite national laws prohibiting it, forced or arranged marriage is a common phenomenon in Nigeria, especially among rural communities in the predominantly Muslim north, where religious and cultural norms such as polygamy favor the practice.

Poor families often use forced marriage to ease financial pressure, and the European Union Agency for Asylum says girls who refuse could face repercussions such as neglect, ostracism, physical assault and rape.

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Raquel Kasham Daniel escaped being married off as a teenager when her father died and now runs a nonprofit helping children, especially less-privileged girls, get a formal education for free.

She said the ability of women to avoid forced marriage in Nigeria depends on their income and education.

"I was 16 when I lost my dad and I was almost married off, but then I ran away from home. And that gave me the opportunity to complete my education, and now I have a better life," Daniel said.

"So, the reason why I prioritize education is to make sure that other girls have access to quality schooling so that it will help them make informed decisions about their lives. Education not only increases our awareness as girls about our rights but also enhances our prospects for higher income earning," she said.

Thirty percent of girls in Nigeria are married before they turn 18, according to Girls Not Brides, a global network of more than 1,400 civil society groups working to end child marriage.

Read the original article on VOA .

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More From Forbes

How companies can use generic domain names for a competitive advantage.

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Phil Lodico is Head of GoDaddy Corporate Domains , an innovative corporate domain name registrar.

Why are generic terms so valuable? Whether it is in search or domain names, a generic word carries immense opportunity since it often defines categories of information, products and experiences. Consumers using generic terms to seek content often haven’t decided which brand to choose, which presents a huge upside.

A History Of Generic Domains

Category-defining generic .com domains can be just as valuable, if not more valuable when used optimally. Mostly, these got gobbled up over 20 years ago, but many still trade on the aftermarket.

Though some are expensive, generic .com domains can produce a substantial return on investment. They can justify high price tags in the form of customer acquisition, new sales and the ability to reach customers in segments where you are not allowed to go direct. Consider Abbvie's ownership of RA.com, informing potential customers about rheumatoid arthritis and how it mitigates the direct-to-consumer marketing regulations for pharma. Also, generic domains represent tremendous brand recognition and leadership. HubSpot acquired connect.com for $10 million in 2022 and has since utilized the domain to reinforce its core brand message of connecting people.

One of the most legendary stories in generic domains history is relatively recent: X.com. Billionaire Elon Musk originally owned X.com , initially the name of an online bank he co-founded. In 2000, X.com merged with competitor Confinity, and in 2001, the combined company became PayPal. Musk eventually left PayPal, but the company retained the domain after his departure.

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In 2017, Musk repurchased X.com from PayPal, likely expecting to use it for SpaceX or Tesla brands. Then, in 2023, X.com was used for Twitter features as it was rebranded as X. And the rest is history: X is now one of the most talked-about brands in the world, and everyone knows where to find it online. There are virtually no misspellings when the domain only has one letter!

The Benefits Of Using A Generic Domain

For another example of premium generic domains at work, look no further than the competitive flower delivery business. The generic domain flowers.com resolves to 1800flowers.com, while florist.com leads to FTD.com. Clearly, the top merchandisers in the floral delivery industry have realized the value of generic domains, and both are capitalizing on searches for generic keywords to bring traffic to their commercial websites.

Generic names hold value like generic keywords do because they drive customer and prospect traffic to websites. Like keywords, generic .coms apply to a wide audience of people who may or may not be aware of the brand yet.

Also, generic .coms can psychologically signal marketplace dominance, transmitting a ubiquitous message that the company is a power player in that category. When a company owns a generic domain like flowers.com, the message they send is, “We not only play in this category—we own this category.”

Similarly, owning a generic .com is a strong defense. Even though 1800flowers and FTD own flowers.com and florist.com respectively, they don’t market with those specific domains heavily. Instead, both companies redirect those generic domains to their main sites, effectively blocking their competitors from owning those domains and selling flowers using them. By owning the generic domains, these companies leap ahead, leaving competitors lagging behind.

Generic domains can also help companies to accentuate their reputations and further their competitive differentiation. Aspirin.com redirects to Bayer’s aspirin site, thereby scooping online traffic from all seeking a pain remedy. Another example is mortgage.com, which leads to the Citi Mortgage Learning Center, funneling general interest in mortgages directly into Citi’s sales pipeline.

How To Strategically Use A Generic Domain

Want in on the generic domain game? Keep in mind these key considerations:

The chosen generic domain should pass the “radio test.”

In other words, it should be short and memorable enough that someone can hear it on the radio and remember it. A domain like ring.com is ideal because it is straightforward and clear, and everyone knows how to spell it. Plus, it’s also associated with a doorbell ringing. If the domain is going to take time to explain how to spell it correctly, then it’s not a great generic domain.

Check for existing use.

Most generic domains are already owned by a person or entity, so check if the domain is really being used for a constructive purpose. Visionaries and domain investors sometimes buy generic domains with a plan to sell them off, so they are more open to selling.

If the domain already redirects to another site, it may be harder to buy back. However, if the domain is being used as a “parking site” where advertising is being sold, it may be easier to convince someone to let it go. Companies or individuals realizing true value from their generic domains and investing resources in them will be less likely to sell, which could drive the price ever higher.

Though most generic domain sales are sealed under nondisclosure agreements and kept private, details for some are publicly available. Information sites like DNJournal compile lists of top domain sales .

Consider legal issues.

One caveat is to consider legal issues surrounding generic domains, such as trademark infringement laws. Treading too closely to legally registered, protected names could result in lawsuits or the loss of the domain name.

Some companies enlist help from consultancies or corporate domain registrars that advise organizations about domain name purchases and portfolio management. In addition, aftermarket domain marketplaces can help companies research which domains might be available for sale and help broker the deal.

When used to their maximum advantage, generic premium domains can be as good as gold. However, because they can be costly, companies should have a solid plan for what to do with the domains if they are lucky enough to obtain them.

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Govt unveils broader privatisation plan for state-owned enterprises.

Pakistan will privatise all state-owned enterprises, with the exception of strategic entities, Prime Minister Shehbaz Sharif announced on Tuesday, broadening its initial plans to take only loss-making state firms private.

The announcement came after PM Shehbaz headed a meeting on the privatisation process of loss-making state enterprises, according to a statement from his office.

According to state-run Radio Pakistan , the premier said that the government’s job is not to do business but to ensure a business and investment friendly environment.

Additionally, he directed all federal ministries to take necessary action in this regard and cooperate with the Privatisation Commission, with the meeting being informed that “privatisation of power distribution companies has been included in privatisation programme 2024-2029”.

“It was informed that loss-making state-owned enterprises to be privatised on priority basis and that a pre-qualified panel of experts is being appointed in Privatisation Commission to speed up privatisation process,” according to Radio Pakistan .

It came a day after an International Monetary Fund (IMF) mission opened talks in Islamabad for a new long-term Extended Fund Facility (EFF) following Pakistan’s completion of a $3 billion standby arrangement last month.

Previously, Pakistan had only loss-making state-owned enterprises on its chopping block. Privatisation has long been on the IMF’s list of recommendations for Pakistan, which is struggling with a high fiscal shortfall.

The IMF says SOEs in Pakistan hold sizable assets in comparison with most Middle East countries, at 44 percent of GDP in 2019, yet their share of employment in the economy is relatively low. It estimates almost half of the SOEs operated at a loss in 2019.

Patchy success so far

Past privatisation drives have been patchy, mainly due to a lack of political will, market watchers say.

Any organisation that is involved in purely commercial work can’t be strategic by its very nature, which means there can’t be any strategic commercial SOEs, former privatisation minister Fawad Hasan Fawad told Reuters on Tuesday.

“So to me there are really no strategic SOEs,” he said.

“The sooner we get rid of them the better. But this isn’t the first time we have heard a PM say this and this may not be the last till these words are translated into a strategic action plan and implemented.”

Islamabad has for years been pumping billions of dollars into cash-bleeding SOEs to keep them afloat, including one of the largest loss-making enterprises Pakistan International Airline (PIA) , which is in its final phase of being sold off, with a deadline later this week to seek expressions of interest from potential buyers.

The government has listed 25 entities and assets on its privatisation list, including the PIA. A majority of the entities are in the power sector, including four power plants, two of which are over 1,200MWs, as well as 10 generation and distribution companies.

The list also includes the valuable Roosevelt hotel in New York’s Manhattan and two insurance companies.

The pre-qualification process for PIA’s selloff will be completed by end-May, the privatisation ministry told Tuesday’s meeting, adding discussions were underway to sell the airline-owned Roosevelt Hotel in New York.

It said a government-to-government transaction on First Women Bank Ltd was being discussed with the United Arab Emirates, and added that power distribution companies had also been included in the privatisation plan for 2024-2029.

“The loss-making SOEs should be privatised on a priority basis,” the premier said.

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