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Blog Feature Updates

Startup Business Plans 101: Your Path to Success

By Jay Nair , Jul 24, 2023

It’s time — you’ve got a promising idea and you’re now prepared to invest the necessary effort to turn it into reality. Startup business plans are vital hack tools that will guide you through your entrepreneurial journey and a business venture with clarity and purpose.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. These plans will serve as strategic documents outlining your company’s vision, mission statements, business objectives, target market, financial forecasts and growth strategies.

To simplify the creation of a robust business plan as an entrepreneur, you can harness the power of a business plan maker . This invaluable tool streamlines the process and ensures a polished and well-organized presentation.  Startup business plan templates provide pre-designed frameworks that can be customized to suit your specific industry needs, saving valuable time and effort while preserving the essential structure of a comprehensive business plan.

Ready to begin? Let’s go!

Just so you know, some of our business plan templates are free to use and some require a small monthly fee. Sign-up is always free, as is access to Venngage’s online drag-and-drop editor.

Click to jump ahead:

• Laying the foundation of your startup business plan
• Business plan executive summary
• Writing your business description
• Marketing & sales strategies
• Startup operational plans
• Financial plans – forecasting and projections
• Team and management
• Appendix and supporting documents

FAQs on startup business plans

• Use Venngage to create your startup business plan

Preparation and research: 6 steps to laying the foundation of your startup business plan

• What problem does your product or service solve? 
• Who are your target customers? 
• What differentiates your offering from existing solutions in the market? 

This self-reflection will help you establish a clear direction for your startup.

• Next, conduct market research to gather valuable insights about your target market , including demographics, preferences, and purchasing behavior . This data will enable you to tailor your product or service to meet the specific needs of your customers. Identify trends, industry growth projections, and any potential barriers or challenges you may encounter.
• Competitive analysis is another critical aspect of preparation and research. Study your competitors to understand their strengths, weaknesses, and strategies. Analyze their pricing, marketing tactics, customer experience, and product/service features. This analysis will allow you to identify gaps in the market and position your startup to offer a unique value proposition .
• Financial research is equally important during this phase. Calculate the costs associated with starting and operating your business , including overhead expenses, production costs, marketing expenses, and employee salaries. Assess potential revenue streams and estimate your expected sales. This financial analysis will help you determine the feasibility of your business idea and outline a realistic financial plan.
• Additionally, gather information about legal and regulatory requirements that apply to your industry and location . Understand the necessary permits, licenses, and certifications you need to operate legally. Complying with these regulations from the outset will prevent potential setbacks or legal issues in the future.
• Finally, organize your findings and insights into a coherent business plan. Create your business plan outline , list your business plan goals, strategies, target market, competitive analysis, marketing plan, financial projections and any other relevant information. This compilation will serve as a roadmap for your startup, guiding your decisions and actions moving forward.

You’ve just encountered a wealth of information and are well on your way to becoming a seasoned business owner! This can sometimes feel overwhelming. But don’t worry, take a moment to breathe deeply and remember how far you’ve come. You’ve got this!

To help you condense and organize your essential points, I have brilliant one-page samples of business plan layouts and templates that will capture everything in a concise format.

Knowing when to use a one-page business plan versus a more comprehensive plan depends on various factors. A one-page business plan is ideal for providing a quick overview, saving time, and internal planning. However, it may not suffice for detailed information, complex business models, or meeting external stakeholders’ expectations.

Ultimately, consider the purpose, audience, and complexity of your business when deciding whether to utilize a one-page business plan or opt for a more detailed approach.

Executive Summary: Your Startup’s Elevator Pitch

First impressions are crucial, and a concise yet comprehensive executive summary is your chance to grab potential investors’ attention.

To create a compelling elevator pitch, consider the following key elements:

Problem Statement : Clearly articulate the problem or pain point that your startup addresses. Emphasize the significance of the problem and the potential market size

Solution : Concisely describe your innovative solution or product that solves the identified problem. Highlight its unique features or benefits that differentiate it from existing alternatives.

Target Market : Define your ideal customer segment and outline the market potential. Demonstrate a deep understanding of your target audience’s needs, preferences, and behavior.

Competitive Advantage : Showcase the competitive edge that sets your startup apart from competitors. This could include intellectual property, strategic partnerships, cost advantages, or disruptive technology.

Business Model : Briefly explain how your startup generates revenue and sustains profitability. Outline your monetization strategy, pricing model, and any recurring revenue streams .

Traction and Milestones : Highlight any significant achievements or milestones reached by your startup. This could include customer acquisitions, partnerships, product development progress, or market validation.

Team : Showcase the expertise and qualifications of your founding team or business partners. Highlight key members and their relevant experiences demonstrating their ability to execute the business plan.

I can sense your eagerness to dive right in! To expedite your progress, I’m excited to present you with a collection of meticulously crafted executive summary templates. These templates have been thoughtfully designed and structured by Venngage designers, ensuring seamless integration into your thorough business plan. All you need to do is infuse them with your brilliant startup ideas, and you’ll be well on your way to success!

Now, remember that there’s still a ton of work to be done. Let’s take a moment to regroup and ensure we’re on the right track. Before diving into the process of writing your business plan , it’s imperative to gather a wealth of essential information. Conducting comprehensive research is key, and it should encompass the following aspects:

How to assess your target audience

To gain comprehensive insights into your potential user base, creating a user persona report is invaluable. This persona guide report will help you develop a detailed understanding of various user profiles, enabling you to tailor your products or services to meet their specific needs and preferences.

Understanding Your Market and Competition

Analyze your market and any trends relevant to your startup. Research your competitors, their strengths and weaknesses, and identify what differentiates your offering from the competition.

Developing a Unique Value Proposition

A business Unique Value Proposition (UVP) is a concise statement that communicates the unique advantage a product or service offers over competitors, addressing a specific problem or need. It highlights the distinctive value and benefits customers can expect, helping businesses attract and retain customers by differentiating themselves in the market.

Your unique value proposition (UVP) is the cornerstone of your startup, defining what sets you apart from your competitors. A strong UVP focuses on the specific benefits and solutions your startup offers to customers.

Company Description: Painting the Picture

Your company description allows you to showcase your startup’s unique features and provide more in-depth details about your business. This section should include:

The Purpose of the Company Description

Clarify the purpose of your business, your goals and how your startup is uniquely positioned to achieve them.

Essential Information to Include

Include details such as your company’s legal structure, location and a brief history of any founders or key personnel.

Showcase Your Company’s Unique Features

Emphasize the unique aspects of your startup, explaining how these features translate into a competitive advantage.

Allow me to provide you with a dash of inspiration to ignite the momentum for your startup business plan:

When it comes to showcasing your company’s unique features, keep in mind that it is essential to emphasize and highlight the distinctive aspects of your startup . Clearly articulate how these features set your company apart from competitors and translate into a tangible competitive advantage . 

Whether it’s through cutting-edge technology, innovative business models, exceptional customer service, or a combination of factors, conveying the value and impact of these unique features is crucial. By effectively communicating the benefits they bring to customers, investors, and partners, you can demonstrate the significance of your offerings and differentiate yourself in the market.

Product/Service Line: What You’re Bringing to the Table

This section highlights the finer details of your product or service offerings:

Detailing Your Product/Service Offerings

Provide a thorough description of your products/services, highlighting key features and their intended use.

Highlighting Features, Benefits, and Solutions

Demonstrate how your startup’s offerings solve specific problems or address customer needs through an analysis of product features and associated benefits.

Defining Your Pricing and Revenue Model

Outline your startup’s pricing strategy and how it aligns with the overall business model. Detail any plans for scaling or expanding your revenue sources in the future.

Presenting Your Market Research Findings

Share insights from your market research, including target customer demographics, market size, and growth potential.

Identifying Market Trends and Opportunities

Discuss current trends, emerging opportunities, and how your startup will capitalize on these developments.

Marketing and Sales Strategies: Spreading the Word

Developing a robust marketing and sales strategy plan aligns with your overall business strategy and ensures steady growth. Marketing planning will be an essential part of your journey once you’ve got your business plan tight-knit! Also, creating a marketing strategy can be the most fun part of your business plan!

Developing a Comprehensive Marketing Strategy & Plan

• Outline Specific Marketing Goals : Clearly define your marketing objectives, whether it’s increasing brand awareness, driving website traffic, generating leads, or boosting sales . Set measurable targets to track progress.
• Identify Target Audience : Conduct thorough market research to identify your ideal customer profiles. Understand their demographics, behaviors, preferences, and pain points. Tailor your marketing messages to resonate with their needs.
• Select Effective Marketing Channels : Consider both digital and traditional channels that align with your target audience and marketing goals. This may include online advertising, social media marketing, content marketing, search engine optimization (SEO), email campaigns, print media, events, or partnerships.
• Craft Compelling Messages : Develop persuasive and consistent messaging that highlights the unique value proposition of your products or services. Clearly communicate how your offerings solve customer problems or improve their lives.

5 Tips for Effective Sales Techniques and Growth Strategies + free templates

• Define Your Sales Strategy : Outline the approach and tactics your sales team will use to reach and convert customers. This may involve direct sales, channel partnerships, online sales, or a combination of strategies. Specify your sales process, including lead generation, qualification, nurturing, and closing.
• Expand Your Customer Base : Identify opportunities to expand your customer reach. Consider targeting new customer segments, entering new geographic markets, or exploring untapped market niches. Develop strategies to attract and engage these potential customers.
• Penetrate New Markets : Assess the feasibility of expanding into new markets or verticals. Market research will help you understand the dynamics, competition, and customer needs in these markets. Adapt your marketing and sales strategies accordingly to effectively penetrate and capture market share.
• Innovate Products/Services : Continuously evaluate and enhance your product or service offerings to meet evolving customer demands. Identify areas for innovation or improvement and develop a roadmap for launching new features, versions, or complementary offerings.
• Perform a SWOT analysis : By conducting a sales SWOT analysis , you will gather valuable insights to enhance your department’s performance. This analysis involves evaluating your company’s strengths, weaknesses, opportunities, and threats, enabling you to identify areas for improvement and capitalize on advantageous factors in the market.

Here’s a hack to get you organized – Get right into it with the help of these growth strategy templates and strategic planning templates :

Operational Plan: How Your Startup Will Run

Define an efficient and scalable operational plan, keeping in mind the following points:

Defining an Efficient and Scalable Plan

Outline the day-to-day operations, including processes, timelines, and necessary resources.

Legal Considerations for Your Startup Business

Identify any legal requirements or considerations, such as licenses, permits, or regulations that may apply to your startup.

Key Elements of Supply Chain Management and Logistics

Discuss supply chain and logistical aspects relevant to your business. Include details on how you plan to manage and scale these processes.

Here’s a kickstart on how you can structure your operating plans:

Financial Projections: Crunching the Numbers

A startup’s financial projections are vital in securing investor buy-in. This section should address:

The Importance of Financial Forecasting and Budgeting

Explain the significance of accurate financial forecasting, budgeting, and the assumptions made in your projections.

Identifying Key Performance Indicators (KPIs)

Highlight the KPIs used to gauge your business’s financial health and growth trajectory.

Outlining Funding Requirements

Detail the amount and type of funding your startup requires , including how the funds will be allocated and how this investment positions the company for growth.

Team and Management Structure: Building Your Dream Team

Your startup’s success depends on the people behind it. This section should cover:

Tips for Building the Right Team

Share your strategy for assembling a skilled team that supports your startup’s vision and growth trajectory.

Founders’ Background and Roles

Provide an overview of the founders’ backgrounds, their roles within the company, and how their skills contribute to the startup’s success.

Organizational Structure and Key Management Personnel

Outline your startup’s organizational structure, including any key management personnel who play a pivotal role in day-to-day operations.

Appendices and Supporting Documents: Backing Up Your Plan

Include any other relevant supporting documents, such as:

• Research data, market analysis, or competitor analyses.
• Financial statements, budgeting or forecasting data, and other financial documentation.
• Legal documents, agreements or contracts, and any patent or trademark information.

Finally, remember to review and update your business plan regularly as the industry, market, and competitive landscape evolve!

1. Why is a business plan essential for a startup?

A startup business plan is crucial for a startup because it provides a framework for strategic decision-making, facilitates financial planning, helps assess risks, aligns teams, communicates your vision, and ensures effective resource allocation. 

2. What should a startup business plan include?

A startup business plan should include:

• Vision and Direction : Set clear goals and objectives, and outline strategies to achieve them. With a well-defined plan, you will stay focused, make informed decisions, and ensure alignment with your vision.
• Market Analysis : A business plan necessitates thorough market research to understand your target market, identify competition, and assess product/service demand. These insights enable you to tailor offerings, meet customer needs, and gain a competitive edge.
• Financial Planning : By constructing a financial roadmap through projected statements such as income, cash flow, and balance sheets, a business plan unveils the expected revenues, expenses, and profitability. This comprehensive planning not only anticipates challenges and sets realistic goals but also serves as a magnet for attracting investors and securing funding.
• Risk Assessment : Devise strategies for risk mitigation and contingency planning. By proactively doing this, you can significantly enhance the likelihood of success by anticipating and effectively addressing potential obstacles.
• Communication and Team Alignment : From fostering effective communication with both internal and external stakeholders to aligning team members and showcasing your startup’s unique value proposition, a business plan plays a crucial role. It enables you to articulate target market insights, competitive advantages, and growth strategies to potential investors, partners, and employees.
• Resource Allocation : A business plan helps you identify the resources required to launch and operate your startup successfully. It includes an assessment of your human resources, technology needs, infrastructure requirements, and other key resources. By understanding your resource needs, you can allocate them effectively, ensuring that you have the necessary assets to execute your business strategy.
• Adaptability and Flexibility : Your business plan should be flexible enough to accommodate changes and adapt to new circumstances. Startups operate in dynamic environments, and a well-designed plan allows you to monitor progress, evaluate outcomes, and make adjustments as needed. This agility enables you to seize new opportunities and navigate challenges effectively.

3. What is the ideal length for a startup business plan?

The optimal length for a startup business plan typically depends on the specific requirements and intended audience, but a concise and focused plan of around 20 to 30 pages is often recommended.

4. How to write a good startup business plan?

To write a good and effective startup plan, include an executive summary, company description, market analysis, detailed products/services description and a clear marketing and sales strategy. Also incorporate a comprehensive financial plan, outline your organizational structure, and demonstrates your team’s expertise and capabilities. Your plan should be well-researched, concise, and compelling, with a focus on your company’s unique value proposition and market opportunity, making it attractive to investors and stakeholders.

Utilizing Venngage templates & other tools for success

A visually appealing and professional business plan needn’t be a daunting task. Leverage tools like Venngage Business Plan Maker for effective templates that cater to various industries and streamline the process. 

• Leveraging Venngage for Visually Appealing and Professional Business Plans

Venngage offers a range of templates designed specifically for business plans, allowing you to craft a polished and visually engaging plan without any design experience. Simply choose a template, customize it to suit your startup’s branding, and populate it with your content.

• Exploring Additional Resources and Tools for Entrepreneurs. In addition to Venngage, several other resources and tools can assist entrepreneurs in crafting the perfect business plan. Examples include:
• Small Business Administration (SBA) – Offers guidance on writing business plans and provides templates and resources for each section.
• SCORE – A nonprofit organization providing mentorship, workshops, and other resources for entrepreneurs.
• Industry-specific resources – Research relevant professional organizations, industry publications, and blogs to stay up to date on industry trends and insights.

Embarking on the entrepreneurial path may present formidable challenges, yet it offers abundant rewards in various aspects. Embrace the art of continuous learning, delving not only into the essence of your business idea but also immersing yourself in the vast world that surrounds it. Cultivate a genuine passion for understanding every facet of your enterprise, for it is through this journey of exploration that you will uncover invaluable insights and experience the true fulfillment of entrepreneurship.

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40 Startup Business Ideas to Try in 2024

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Aspiring entrepreneurs are often one brilliant startup business idea away from becoming their own boss. Of course, brilliance is easier said than done when starting a business .

The best startup ideas have business plans that solve a problem, meet an unmet demand or improve upon something already on the market — if not all of the above. Here are 40 ideas to help get your wheels turning as you look to bring a company to life.

40 best startup business ideas

Even startup ideas that seemingly come out of left field can yield incredible success. Read through this list for instant inspiration.

1. Create educational content or activities

Parents are always looking for tools and activities to keep their kids entertained and engaged. Printable activity guides for different age groups, home-school lesson plans or even virtual nature walks or story time could all be viable startup ideas.

2. Offer virtual team-building

Companies need new ways to boost morale and build camaraderie among remote and hybrid teams. Enter the virtual team-builder. Cheesemongers, mixologists, chefs, magicians, artists, historians, master gardeners — almost anyone can create and offer bonding experiences for virtual companies.

3. Start a meal-prep business

The U.S. market for meal kits is expected to grow 14.2% annually between 2023 and 2030, according to market analysis by Grand View Research [0] Grand View Research . Meal Kit Delivery Services Market Size, Share & Trends Analysis Report By Offering (Heat & Eat, Cook & Eat), By Service (Single, Multiple), By Platform (Online, Offline), Meal Type (Vegan, Vegetarian), By Region, And Segment Forecasts, 2023 - 2030 . Accessed Feb 21, 2024. View all sources . Tap into that market and start a meal-prep service to make people’s lives easier and cater to specialized diets (keto, vegan, Whole30).

4. Create a food waste solution

Creating a startup focused on reducing food waste could not only earn you some serious funding, but also positively change the food system and help save grocery stores and restaurants money.

5. Capitalize on plant-based foods

The U.S. plant-based market was worth $8 billion in 2022, with sales of plant-based foods projected to climb 44% over three years, according to the most recent annual report from the Good Food Institute [0] Good Food Institute . U.S. retail market insights for the plant-based industry . Accessed Feb 21, 2024. View all sources . Creating a vegan supermarket or making meat-free versions of traditional foods could be the ticket to success for aspiring entrepreneurs.

6. Start a dropshipping business

The e-commerce business model of dropshipping is especially attractive because it doesn’t require you to purchase inventory upfront. Selling higher-end products with low shipping costs could become profitable quickly if you do thorough competition research.

» MORE: 25 low-cost business ideas

7. Curate subscription boxes

Subscription boxes were a $32.9 billion business globally in 2023 (up from $22.7 billion in 2021), and the industry is still set to grow, according to a market research report by the International Market Analysis Research and Consulting Group [0] International Market Analysis Research and Consulting Group . Subscription Box Market Report by Type (Replenishment Subscription, Curation Subscription, Access Subscription), Gender (Male, Female), Application (Clothing and Fashion, Beauty, Food and Beverages, Pet Food, Baby Products, Health and Fitness, and Others), and Region 2024-2032 . Accessed Feb 21, 2024. View all sources . Pick a niche, and then curate a collection of specialized goods to deliver unique experiences to consumers. Some subscription boxes focus on a mix of products, like makeup or dog toys; others focus on a single item or theme, like shaving or sustainability. Find the right starting point for you and run with it.

Ready to get started? Here's what to do next

Open a business bank account.

Start keeping the books.

Build your website.

Protect yourself from liability.

8. Create an airport-centric app

Creating an all-in-one app that allows travelers tonavigate unfamiliar airports with real-time information is a relatively untapped startup idea. Though various travel applications exist, an app that shows amenities, TSA line wait times, ground transportation options and airport maps could be useful to passengers.

9. Become a destination wedding planner

Planning a wedding is stressful; planning a wedding from afar could fray any couple’s nerves. That creates a niche for a destination wedding planner who can advise on venue and vendor selections, as well as manage wedding and travel logistics for the bridal party and guests. If you love exploring, have expertise in a popular wedding locale and are great under pressure, this could be the startup idea for you.

10. Make local guides

Even if you don’t consider yourself a local expert, creating local guides can get you familiar with your surroundings and help tourists enjoy off-the-beaten-path experiences in your area. Make themed guides, highlight attractions and partner with local businesses for advertising opportunities.

» MORE: 25 side business ideas

11. Create a local grocery delivery service

A grocery delivery startup can come with minimal setup costs — you only need a vehicle and a cell phone to get started. Help older people or others who are too busy to shop by offering this community-friendly service. You can even approach grocery stores in your area to see if they're willing to partner with you to get the service off the ground.

12. Start a virtual event planning company

Virtual event planning is a new booming business as in-person gatherings go online or take a hybrid approach. A skilled planner who can ensure all attendees are engaged, regardless of location, will be in high demand for years to come.

» MORE: Best business credit cards for LLCs

13. Sell zero-waste products

Starting a zero-waste company is more than just a trendy thing to do; it can be an ethical, environmentally conscious decision. Selling sustainable products such as reusable bags, bamboo toothbrushes or products with zero-waste packaging could appeal to a growing number of sustainability-focused consumers.

14. Make products for pets

Create innovative pet products to take advantage of the fact that 66% of U.S. households (about 86.9 million households) have at least one animal companion, according to the annual pet ownership survey by the American Pet Products Association [0] American Pet Products Association . Industry Trends and Stats . View all sources . Developing toys, accessories or clothing for furry friends can help you tap into that expansive market. You can also go the service route and offer pet sitting, walking or virtual dog training. Or develop an app or tech solution that makes pet parents’ lives easier.

15. Create custom clothing

Selling custom clothing or offering a tailoring service could be your winning startup idea. The custom clothing industry is gaining popularity and offers room for long-term growth.

» MORE: How to open an Etsy shop

16. Sell vintage clothing online

Demand for sustainable fashion has helped propel second-hand clothing into a $39 billion industry in the U.S. with projections to hit $70 billion by 2027, according to an annual resale report by online consignment company ThredUp [0] ThredUp . ThredUp Resale Report 2023 . View all sources . Consider selling thrifted, vintage or upcycled clothing on social media, an ecommerce platform or an app such as ThredUp or Poshmark.

17. Begin niche blogging

Find a niche (think e-sports or urban farming) and create engaging content around it. You can earn money through advertising, affiliate links and even product sales once you build an audience.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

18. Become an e-book writer

If you’ve got a way with words, consider becoming a self-published author and selling e-books on virtual platforms.

» MORE: 14 profitable e-commerce business ideas

19. Start ghostwriting

Create content for busy professionals who don’t have the time or the skill to write themselves. If you don’t mind not attaching your name to your writing, ghostwriting is a great way to earn money with little to no startup costs attached.

20. Become a resume writer

Everyone needs a resume, but few people are skilled at or enjoy writing their own. If you’ve got writing experience and are looking to launch a startup with no setup costs, creating a resume-writing service could be the path for you.

21. Open a coworking space

Capitalize on the rising popularity of remote work by creating a modern coworking space that addresses pain points of entrepreneurs. Pick a convenient location and build it out with highly sought-after amenities.

» MORE: 35 businesses that every community needs

22. Become an online coach

If you enjoy helping others achieve their goals and are a people person, this startup idea could be fulfilling for yourself and for your clientele. You can provide wellness, business or life coaching.

23. Flip failing websites

Buy an existing website, make improvements on it and sell it for a profit. You’ll need to understand the market well and have some web development skills, but this can be a profitable pursuit.

24. Become a web developer

The need for custom websites isn’t ever going away, and if you know your way around WordPress or know a programming language or two, you can start a profitable website development startup.

25. Start a podcast

If you’re deeply knowledgeable or passionate about a subject, consider getting into podcast production or hosting. Building an audience takes time, but once established, podcasters can earn money through affiliate marketing, donations and sponsorships.

26. Be a social media influencer

Once you find a niche and build a personal brand, amassing a large following on Instagram or YouTube can lead to a solid source of income through influencer marketing.

» MORE: 30 Instagram business ideas

27. Create online courses

Obscure hobbies can lead to lucrative business ideas if you make them easy for others to learn. If you’d like to teach others but aren’t interested in the coaching route, creating an online course could lead to reliable passive income.

28. Become a marketing consultant

If you’ve got digital marketing chops, help small businesses reach their target audiences by providing SEO, social media or copywriting services.

29. Develop an app

If you’ve got a unique idea and the necessary technical skills, creating an app could be your gold mine. It’s also possible to build an app without extensive coding skills, and once it launches, it can bring in passive earnings.

» MORE: 25 tech business ideas

30. Make a smart appliance

Smart accessories and home appliances are all the rage and becoming an important part of daily life for the average consumer. For inspiration, take note of daily tasks at home or at work that would be easier with a smart appliance.

31. Tap into virtual reality experiences

VR is the future, and the future is now. Create virtual reality experiences or accessories to tap into a global industry that’s projected to grow to a $165.91 billion market by 2030, according to a report by Fortune Business Insights [0] Fortune Business Insights . The global virtual reality market size was valued at $19.44 billion in 2022 & is projected to grow from $25.11 billion in 2023 to $165.91 billion by 2030... Read More at:- https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378 . View all sources , a market research firm.

32. Make a niche dating site

The stigma around online dating has decreased over the past decade, so take the opportunity to help others find love. With various dating sites targeted to everyone from sea captains to farmers, there is market demand for specialty dating options.

33. Develop a chatbot

Create a chatbot — which uses artificial intelligence to communicate with people — to help businesses improve their communication. Chatbots have become more popular in recent years, and you can create one without knowing how to code.

34. Offer matchmaking skills

This is like creating a dating site but with a personal touch. If you have a knack for knowing what types of people and which personalities get along well, you might be the perfect person to start matchmaking. You can do this online or meet clients in person as well.

35. Be a virtual assistant

Being an online assistant for someone, or starting a company of virtual assistants, can be a huge success. Everyone could use a little extra help, and creating a startup focused around getting people that help for the administrative tasks in their lives, professional or personal, can be a huge moneymaker.

» MORE: Home-business ideas: 40 remote jobs to explore

36. Reinvent exercising

If there's one thing people get bored with, it's doing the same type of exercise day in and day out to stay healthy. Plenty of people have turned the exercise industry on its head, with businesses like CrossFit and Peloton popping up. You can do the same if you have an idea for a new regimen or activity for exercise enthusiasts.

37. Create eco-friendly, health-friendly makeup and beauty products

As people become more aware of the impact their personal choices have on their health and on the environment, they're looking for more health and beauty products that are also eco-friendly. Creating safe and eco-friendly products could be a great startup idea.

38. Open a food truck or restaurant pop-up

Opening a food truck or restaurant pop-up is a great startup idea for entrepreneurs with a knack for cooking. Both options are easier to launch than a full-scale restaurant and allow you to get started with a smaller staff and menu. You can open a food truck that only sells french fries with crazy toppings, for example, or launch a breakfast sandwich pop-up in your neighborhood coffee shop.

39. Start an organization business

Shows like "Tidying Up With Marie Kondo" and "The Home Edit" put professional organizing on the map, exposing millions to the magic of a tidy home. If you have a knack for making order out of chaotic spaces, you could start a business offering those services to those who need them. Organizing kitchen pantries, closets, bookshelves and more are all options you could offer customers at your new business.

40. Do interior design for young professionals

Have an eye for decorating? Start an interior design business, offering your services at an hourly rate virtually to young professionals looking for inspiration. It can be as simple as them uploading some images of their new space to your site and you sending back a few links with furniture in their budget and example images of what the room might look like when it's finished.

Start Your Dream Business

How to choose a startup idea

Do your homework before diving headfirst into a startup idea. First, make sure there's demand for the business you want to start, where you want to start it. More than 35% of businesses fail because there isn't a market need for their services or product, according to research from CB Insights [0] CB Insights . The Top 12 Reasons Startups Fail . View all sources .

You also need to write a business plan , which should include your company’s objective, sales plan, market analysis and financial projections. A good business plan can help to keep your business on track. Lenders will also want to see your business plan when considering you for a startup business loan . You should also consider the skills you already have and see how those align with any of the startup business ideas you might go with.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

The 7 Best Business Plan Examples (2024)

As an aspiring entrepreneur gearing up to start your own business , you likely know the importance of drafting a business plan. However, you might not be entirely sure where to begin or what specific details to include. That’s where examining business plan examples can be beneficial. Sample business plans serve as real-world templates to help you craft your own plan with confidence. They also provide insight into the key sections that make up a business plan, as well as demonstrate how to structure and present your ideas effectively.

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Example business plan

To understand how to write a business plan, let’s study an example structured using a seven-part template. Here’s a quick overview of those parts:

• Executive summary: A quick overview of your business and the contents of your business plan.
• Company description: More info about your company, its goals and mission, and why you started it in the first place.
• Market analysis: Research about the market and industry your business will operate in, including a competitive analysis about the companies you’ll be up against.
• Products and services: A detailed description of what you’ll be selling to your customers.
• Marketing plan: A strategic outline of how you plan to market and promote your business before, during, and after your company launches into the market.
• Logistics and operations plan: An explanation of the systems, processes, and tools that are needed to run your business in the background.
• Financial plan: A map of your short-term (and even long-term) financial goals and the costs to run the business. If you’re looking for funding, this is the place to discuss your request and needs.

7 business plan examples (section by section)

In this section, you’ll find hypothetical and real-world examples of each aspect of a business plan to show you how the whole thing comes together. 

• Executive summary

Your executive summary offers a high-level overview of the rest of your business plan. You’ll want to include a brief description of your company, market research, competitor analysis, and financial information. 

In this free business plan template, the executive summary is three paragraphs and occupies nearly half the page:

• Company description

You might go more in-depth with your company description and include the following sections:

• Nature of the business. Mention the general category of business you fall under. Are you a manufacturer, wholesaler, or retailer of your products?
• Background information. Talk about your past experiences and skills, and how you’ve combined them to fill in the market. 
• Business structure. This section outlines how you registered your company —as a corporation, sole proprietorship, LLC, or other business type.
• Industry. Which business sector do you operate in? The answer might be technology, merchandising, or another industry.
• Team. Whether you’re the sole full-time employee of your business or you have contractors to support your daily workflow, this is your chance to put them under the spotlight.

You can also repurpose your company description elsewhere, like on your About page, Instagram page, or other properties that ask for a boilerplate description of your business. Hair extensions brand Luxy Hair has a blurb on it’s About page that could easily be repurposed as a company description for its business plan. 

• Market analysis

Market analysis comprises research on product supply and demand, your target market, the competitive landscape, and industry trends. You might do a SWOT analysis to learn where you stand and identify market gaps that you could exploit to establish your footing. Here’s an example of a SWOT analysis for a hypothetical ecommerce business: 

You’ll also want to run a competitive analysis as part of the market analysis component of your business plan. This will show you who you’re up against and give you ideas on how to gain an edge over the competition. 

• Products and services

This part of your business plan describes your product or service, how it will be priced, and the ways it will compete against similar offerings in the market. Don’t go into too much detail here—a few lines are enough to introduce your item to the reader.

• Marketing plan

Potential investors will want to know how you’ll get the word out about your business. So it’s essential to build a marketing plan that highlights the promotion and customer acquisition strategies you’re planning to adopt. 

Most marketing plans focus on the four Ps: product, price, place, and promotion. However, it’s easier when you break it down by the different marketing channels . Mention how you intend to promote your business using blogs, email, social media, and word-of-mouth marketing. 

Here’s an example of a hypothetical marketing plan for a real estate website:

Logistics and operations

This section of your business plan provides information about your production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan (a.k.a. financial statement) offers a breakdown of your sales, revenue, expenses, profit, and other financial metrics. You’ll want to include all the numbers and concrete data to project your current and projected financial state.

In this business plan example, the financial statement for ecommerce brand Nature’s Candy includes forecasted revenue, expenses, and net profit in graphs.

It then goes deeper into the financials, citing:

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

You can use Shopify’s financial plan template to create your own income statement, cash-flow statement, and balance sheet. 

Types of business plans (and what to write for each)

A one-page business plan is a pared down version of a standard business plan that’s easy for potential investors and partners to understand. You’ll want to include all of these sections, but make sure they’re abbreviated and summarized:

• Logistics and operations plan
• Financials 

A startup business plan is meant to secure outside funding for a new business. Typically, there’s a big focus on the financials, as well as other sections that help determine the viability of your business idea—market analysis, for example. Shopify has a great business plan template for startups that include all the below points:

• Market research: in depth
• Financials: in depth

Internal 

Your internal business plan acts as the enforcer of your company’s vision. It reminds your team of the long-term objective and keeps them strategically aligned toward the same goal. Be sure to include:

• Market research

Feasibility 

A feasibility business plan is essentially a feasibility study that helps you evaluate whether your product or idea is worthy of a full business plan. Include the following sections:

A strategic (or growth) business plan lays out your long-term vision and goals. This means your predictions stretch further into the future, and you aim for greater growth and revenue. While crafting this document, you use all the parts of a usual business plan but add more to each one:

• Products and services: for launch and expansion
• Market analysis: detailed analysis
• Marketing plan: detailed strategy
• Logistics and operations plan: detailed plan
• Financials: detailed projections

Free business plan templates

Now that you’re familiar with what’s included and how to format a business plan, let’s go over a few templates you can fill out or draw inspiration from.

Bplans’ free business plan template

Bplans’ free business plan template focuses a lot on the financial side of running a business. It has many pages just for your financial plan and statements. Once you fill it out, you’ll see exactly where your business stands financially and what you need to do to keep it on track or make it better.

PandaDoc’s free business plan template

PandaDoc’s free business plan template is detailed and guides you through every section, so you don’t have to figure everything out on your own. Filling it out, you’ll grasp the ins and outs of your business and how each part fits together. It’s also handy because it connects to PandaDoc’s e-signature for easy signing, ideal for businesses with partners or a board.

Miro’s Business Model Canvas Template

Miro’s Business Model Canvas Template helps you map out the essentials of your business, like partnerships, core activities, and what makes you different. It’s a collaborative tool for you and your team to learn how everything in your business is linked.

Better business planning equals better business outcomes

Building a business plan is key to establishing a clear direction and strategy for your venture. With a solid plan in hand, you’ll know what steps to take for achieving each of your business goals. Kickstart your business planning and set yourself up for success with a defined roadmap—utilizing the sample business plans above to inform your approach.

Business plan FAQ

What are the 3 main points of a business plan.

• Concept. Explain what your business does and the main idea behind it. This is where you tell people what you plan to achieve with your business.
• Contents. Explain what you’re selling or offering. Point out who you’re selling to and who else is selling something similar. This part concerns your products or services, who will buy them, and who you’re up against.
• Cash flow. Explain how money will move in and out of your business. Discuss the money you need to start and keep the business going, the costs of running your business, and how much money you expect to make.

How do I write a simple business plan?

To create a simple business plan, start with an executive summary that details your business vision and objectives. Follow this with a concise description of your company’s structure, your market analysis, and information about your products or services. Conclude your plan with financial projections that outline your expected revenue, expenses, and profitability.

What is the best format to write a business plan?

The optimal format for a business plan arranges your plan in a clear and structured way, helping potential investors get a quick grasp of what your business is about and what you aim to achieve. Always start with a summary of your plan and finish with the financial details or any extra information at the end.

Want to learn more?

• Question: Are You a Business Owner or an Entrepreneur?
• Bootstrapping a Business: 10 Tips to Help You Succeed
• Entrepreneurial Mindset: 20 Ways to Think Like an Entrepreneur
• 101+ Best Small Business Software Programs 

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Here is a free business plan sample for a startup.

If you're an aspiring entrepreneur with a groundbreaking idea for a startup but aren't sure how to turn that idea into a reality, you've landed on the perfect page.

In the content that follows, we will guide you through a comprehensive business plan tailored for startups.

As you might already be aware, a robust business plan is crucial for any startup's success, as it outlines your mission, objectives, and the roadmap to achieve them.

To streamline your planning process and get started on the right foot, you can utilize our startup business plan template. Our team of seasoned professionals is also available to review and refine your plan at no cost.

How to draft a great business plan for your startup venture?

A good business plan for a startup must reflect the unique challenges and opportunities that come with launching a new venture in the tech-driven and innovative market landscape.

To begin with, it is crucial to articulate a compelling executive summary that captures the essence of your startup. This includes outlining the problem you are solving, your solution, and the potential market opportunity, as illustrated in our startup business plan template .

Your business plan should clearly define your value proposition and business model. Identify your target customer segments, the channels through which you will reach them, and your revenue streams.

Market analysis is vital. It should encompass a thorough examination of market size, growth projections, competitive landscape, and customer needs. Highlight how your startup stands out in terms of innovation, technology, or business model.

Product or service development is at the heart of a startup. Describe your offering in detail, including its features, benefits, development stage, and any intellectual property or proprietary technology.

The operational plan for a startup often includes the roadmap for product development, the technology stack, partnerships, and logistics. It should also cover the team's composition, highlighting the experience and skills of key members.

Startups must emphasize their go-to-market strategy. This includes marketing tactics, user acquisition strategies, and scaling plans. Digital marketing, network effects, and growth hacking techniques are often crucial components.

Financial projections for a startup are typically more speculative than for established businesses. Include detailed assumptions, cash flow forecasts, funding requirements, and a clear path to profitability or next funding round.

Unlike traditional business plans, a startup business plan must address the fast-paced nature of the startup ecosystem, the need for agility, and the potential for pivoting the business model based on market feedback.

A well-crafted business plan will not only help you clarify your strategic direction but also serve as a tool to communicate with potential investors, partners, and employees.

Investors are particularly interested in the scalability of the business, the founding team's expertise, and the startup's potential for high returns.

By presenting a detailed and well-researched plan, you showcase your commitment to building a sustainable and successful startup.

To streamline the process and ensure you cover all critical aspects, consider using our startup business plan template .

A free example of business plan for a startup

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a startup .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market overview and projections.

The startup ecosystem is a dynamic and rapidly evolving sector with significant growth potential.

Recent evaluations place the global startup economy at over $3 trillion, a figure that continues to rise as new technologies and innovative business models emerge. In the United States alone, startups play a critical role in job creation and economic development, with Silicon Valley being a notable hub for tech innovation.

These statistics underscore the critical role startups have in driving forward technological advancements and economic growth.

Industry Trends

The startup landscape is characterized by several key trends that shape the future of business and technology.

Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront, with startups leveraging these technologies to disrupt traditional industries and create new categories of products and services.

Blockchain technology is gaining traction beyond cryptocurrencies, offering solutions for secure and transparent transactions in various sectors.

The rise of the gig economy and remote work platforms reflects a shift in employment patterns, with startups often leading the way in offering flexible work arrangements.

Environmental sustainability has become a priority, with a surge in green startups focusing on renewable energy, waste reduction, and eco-friendly products.

Healthtech startups are revolutionizing healthcare by improving accessibility, personalization, and preventative care through technology.

These trends indicate a move towards more intelligent, decentralized, and sustainable business practices, driven by innovative startups.

Key Success Factors

For a startup to succeed, several factors are crucial.

Innovation is the cornerstone of any successful startup. Offering a unique product, service, or business model that addresses specific market needs can set a startup apart from the competition.

Scalability is essential, as a startup must be able to grow its operations and customer base without a corresponding increase in costs.

Access to capital is another critical factor, as startups need funding to develop their products and scale their businesses.

A talented and adaptable team is vital for navigating the challenges of a rapidly changing business environment.

Networking and partnerships can provide valuable resources, mentorship, and access to larger markets.

Lastly, a clear understanding of the target market and customer needs, along with an effective go-to-market strategy, is imperative for gaining traction and achieving long-term success.

The Project

Project presentation.

Our startup is dedicated to developing innovative software solutions for individuals and businesses seeking to optimize their workflows and increase productivity. Located in a tech hub with access to a pool of talented developers and entrepreneurs, our startup will offer a suite of applications and tools designed to streamline project management, enhance communication, and facilitate data analysis.

The focus will be on user-friendly interfaces, robust functionality, and seamless integration with existing systems to ensure a superior user experience.

This tech startup aspires to become a leader in the software industry, revolutionizing the way people and companies approach their daily tasks and long-term projects.

Value Proposition

The value proposition of our tech startup is centered on delivering cutting-edge software solutions that simplify complex processes and empower users to achieve their goals more efficiently.

Our commitment to innovation, user-centric design, and continuous improvement offers a competitive edge, while contributing to the productivity and success of our customers.

We are dedicated to fostering a culture of technological advancement where businesses and individuals can leverage our tools to overcome challenges and seize opportunities in the digital age.

Our startup aims to become a cornerstone in the tech community, providing indispensable software that enhances the capabilities of our users and drives forward the future of work.

Project Owner

The project owner is a seasoned software developer and entrepreneur with a keen insight into the evolving needs of the modern workforce.

With a background in computer science and a track record of successful project launches, he is determined to build a startup that distinguishes itself through innovation, reliability, and user satisfaction.

With a vision of transforming the landscape of productivity software, he is committed to delivering solutions that not only meet but exceed the expectations of users, while contributing to the efficiency of the global market.

His dedication to technological excellence and his passion for problem-solving make him the driving force behind this project, aiming to empower users with tools that unlock their full potential.

The Market Study

Market segments.

The market segments for this tech startup, which specializes in developing innovative health-tracking applications, are diverse and multifaceted.

Firstly, there is a significant segment of health-conscious individuals who actively seek out technology to monitor and improve their well-being.

Additionally, the market includes fitness enthusiasts and athletes who require precise data to optimize their training and performance.

Another important segment comprises patients with chronic conditions who need to track their health metrics regularly for better disease management.

Lastly, healthcare providers and wellness coaches can be a crucial segment as they may recommend the startup's applications to their clients for better health outcomes.

SWOT Analysis

A SWOT analysis of this health-tech startup reveals several key points.

Strengths include a strong technical foundation, innovative product features, and a user-friendly interface that appeals to a tech-savvy audience.

Weaknesses might encompass the challenge of gaining trust in a market with privacy concerns and the need for continuous investment in technology to stay ahead.

Opportunities can be found in the growing global emphasis on health and wellness, partnerships with health institutions, and the potential for international expansion.

Threats include rapid technological changes, the emergence of new competitors, and the potential for regulatory challenges as the health data industry evolves.

Competitor Analysis

Competitor analysis in the health-tech sector indicates a dynamic and competitive landscape.

Direct competitors include other startups developing health-tracking apps, as well as established tech companies expanding into the health and wellness space.

These entities compete on the basis of technological innovation, user engagement, data accuracy, and integration with other health services.

Key competitive advantages may include proprietary algorithms, partnerships with medical professionals, and a strong focus on user privacy and data security.

Understanding the competitive landscape is crucial for carving out a niche and ensuring the startup's offerings stand out in a crowded market.

Competitive Advantages

Our startup's competitive edge lies in our commitment to creating a seamless and engaging user experience.

We offer cutting-edge health-tracking features that are backed by scientific research, ensuring our users receive accurate and actionable insights.

Our dedication to privacy and data security sets us apart in an industry where users are increasingly concerned about their personal information.

Moreover, our ability to integrate with a wide range of health devices and services makes our application a central hub for our users' health management needs.

You can also read our articles about: - how to start a startup: a complete guide - the customer segments of a startup - the competition study for a startup

The Strategy

Development plan.

Our development plan for the tech startup spans over three years and is designed to establish us as a leader in innovative solutions.

In the first year, we will concentrate on product development and achieving a minimum viable product (MVP) to address market needs. We will also work on user acquisition and feedback to refine our offerings.

The second year will be focused on scaling our operations, enhancing our technology, and expanding our user base. We will seek to grow our team and secure strategic partnerships to bolster our market position.

In the third year, we aim to diversify our product line and explore international markets. We will also look into additional revenue streams and possibly prepare for a Series A funding round.

Throughout this period, we will prioritize innovation, user experience, and sustainable growth to adapt to the evolving tech landscape.

Business Model Canvas

The Business Model Canvas for our tech startup targets customers looking for cutting-edge technological solutions to their problems.

Our value proposition is centered around delivering user-friendly, efficient, and scalable tech products that solve real-world issues.

We will distribute our products through online platforms, leveraging key resources such as our development team's expertise and our technological infrastructure.

Key activities include continuous product development, market research, and customer support.

Our revenue streams will be generated from software subscriptions, service fees, and potentially, data analytics services. Our costs are mainly associated with product development, employee salaries, and marketing initiatives.

Access a complete and editable real Business Model Canvas in our startup plan template .

Marketing Strategy

Our marketing strategy is built on engagement and innovation.

We plan to connect with our target audience by showcasing the unique benefits of our technology and demonstrating how it can simplify their lives. Our strategy includes targeted online advertising, participation in tech expos, and webinars to educate potential users.

We will also establish partnerships with industry leaders to enhance our credibility and reach.

Additionally, we will leverage social media and tech influencers to amplify our message and create a buzz around our products.

Risk Policy

The risk policy for our tech startup is designed to mitigate risks associated with technology development, market competition, and cybersecurity.

We will adopt agile development practices to respond quickly to market changes and user feedback. We will also invest in robust cybersecurity measures to protect our data and that of our users.

Cost management will be prudent to ensure financial stability, and we will maintain a diversified customer base to reduce dependency on any single market.

Furthermore, we will secure appropriate insurance to cover operational and liability risks. Our focus is on delivering secure and reliable tech solutions while safeguarding our company's and customers' interests.

Why Our Project is Viable

We are committed to creating a tech startup that addresses pressing technological challenges faced by consumers and businesses alike.

With our focus on user-centric design, continuous innovation, and strategic growth, we believe we have the right formula to succeed in the competitive tech industry.

We are excited about the potential to drive technological advancements and make a positive impact on society through our solutions.

We remain flexible to pivot as needed and are enthusiastic about the future prospects of our tech startup.

You can also read our articles about: - the Business Model Canvas of a startup - the marketing strategy for a startup

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a startup and our financial plan for a startup .

Initial expenses for our tech startup include costs associated with software development, such as hiring skilled developers, purchasing necessary hardware and software licenses, securing cloud services for hosting and data storage, and investing in cybersecurity measures to protect our intellectual property. Additionally, we will allocate funds for legal fees to establish the company structure, patent applications, and compliance with data protection regulations. Brand creation and launching targeted marketing campaigns to reach our potential users are also part of the initial costs.

Our revenue assumptions are based on a comprehensive market analysis of the demand for innovative tech solutions in our niche, considering the rapid digital transformation and the need for efficient, user-friendly applications.

We anticipate a gradual increase in user acquisition, starting conservatively and expanding as the market becomes more aware of our unique value proposition and the effectiveness of our tech solutions.

The projected income statement outlines expected revenues from our software or service subscriptions, sales, or licensing fees, minus the costs of development, customer support, and operations (hosting, maintenance, updates), and other operating expenses (office space, marketing, salaries, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability and profitability of our tech startup.

The projected balance sheet will reflect assets specific to our business, such as intellectual property, software, hardware, and liabilities including debts and anticipated operational expenses.

It will provide a snapshot of the financial health of our tech startup at the end of each fiscal period.

Our projected cash flow statement will detail the inflows from customers and outflows for expenses and investments, enabling us to predict our financial needs at any given time. This is crucial for maintaining solvency and supporting growth initiatives.

The projected financing plan will outline the mix of equity, grants, and debt financing we intend to secure to fund our startup costs and fuel our growth.

The working capital requirement for our tech startup will be diligently managed to ensure we have the liquidity to support our day-to-day operations, including software development cycles, customer acquisition costs, and staff remunerations.

The break-even analysis will determine the level of sales or subscription volume required to cover all our costs, including initial investments, and begin generating profits.

It will signal the point at which our startup becomes self-sustaining.

Key performance indicators (KPIs) we will monitor include customer acquisition cost (CAC), lifetime value (LTV) of a customer, monthly recurring revenue (MRR), churn rate, and the burn rate of our capital. These metrics will provide insights into user engagement, revenue stability, and the efficiency of our financial management.

By tracking these indicators, we will be able to gauge the financial performance and overall success of our tech startup.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a startup .

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Free Startup Business Plan Templates and Examples

By Joe Weller | May 6, 2020

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In this article, we’ve rounded up a variety of the top, professionally designed startup business plan templates, all of which are free to download in PDF, Word, and Excel formats.

Included on this page, you’ll find a one-page startup business plan template , a business plan outline template for startups , a startup business planning template with a timeline , and a sample startup business plan .

Startup Business Plan Template

Download Startup Business Plan Template - Word

Word | Smartsheet

This startup business plan template contains the essential components you need to convey your business idea and strategy to investors and stakeholders, but you can customize this template to fit your needs. The template provides room to include an executive summary, a financial overview, a marketing strategy, details on product or service offerings, and more.

One-Page Startup Business Plan Template

Download One-Page Startup Business Plan Template

Excel | Word | PDF

This one-page business plan is ideal for startup companies that want to document and organize key business concepts. The template offers an easy-to-scan layout that’s ideal for investors and stakeholders. Use this plan to create a high-level view of your business idea and as a reference as you flesh out a more detailed roadmap for your business.

For additional resources, visit " Free One-Page Business Plan Templates with a Quick How-To Guide ."

Simple Fill-In-the-Blank Business Plan Template for Startups

Download Simple Fill-in-the-Blank Business Plan Template for Startups

This comprehensive fill-in-the-blank business plan template is designed to guide entrepreneurs through the process of building a startup business plan. This template comes with a customizable cover page and table of contents, and each section includes sample content that you can modify to fit the needs of your business. For more fill-in business templates, read our  "Free Fill-In-the-Blank Business Plan Templates"  article.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

This Lean business plan template takes a traditional business plan outline and extracts the most essential elements. Use this template to outline your company and industry overview, convey the problem you are solving, identify customer segments, highlight key performance metrics, and list a timeline of key activities.

Business Plan Outline Template for Startups

Download Business Plan Outline Template for Startups

You can use this business plan outline as a basis to create your own business plan. This template contains all the elements of a traditional business plan, including a title page, a table of contents, and information on what to include in each section. Simplify or expand this outline based on the size and needs of your startup business.

Startup Business Planning Template with Timeline

Download Startup Business Planning Template with Timeline

Excel | Smartsheet

As you create your business plan, this business planning template doubles as a schedule and timeline to track the progress of key activities. This template enables you to break down your plan into phases and provides space to include key tasks and dates for each task. For a visual timeline, shade in the cells according to each task’s start and end dates. The timeline ensures that your plan stays on track.

Business Plan Rubric Template for Startups

Download Business Plan Rubric Template for Startups

Excel | Word | PDF | Smartsheet

If you’re starting a business and want to keep all your ducks in a row, use this rubric to evaluate and score each aspect of your startup business plan. You can tailor this template to the needs of your specific business, and can also highlight areas of your plan that require improvement or expansion. Use this template as a tool to make sure your plan is clear, articulate, and organized. A sharp, insightful, well thought-out plan will definitely get the attention of potential investors and partners.

For additional resources to help support your business planning efforts, check out “Free Startup Plan, Budget, and Cost Templates.”

What’s the Best Business Plan Template for Startups?

The template you choose for your startup business depends on a number of factors, including the size and specific needs of your company. Moreover, as your business grows and your objectives change, you will need to adjust your plan (and possibly your choice of template) accordingly. 

Some entrepreneurs find it useful to use a Lean business plan template design in order to jot down a business concept and see if it’s feasible before pursuing it further. Typically one to three pages, a Lean business plan template encourages you to highlight core ideas and strategic activities and remain focused on key points.

Other entrepreneurs prefer a template with a more traditional business plan design, which allows you to go into greater detail and ensure you include every detail. A traditional plan can range from 10 to 100 pages and cover both the high-level and granular particulars of your overall concept, objectives, and strategy.

There is no one-size-fits-all solution, but the following section outlines the minimum that your business plan template should include in order to gain buy-in from potential investors.

What to Include in a Startup Business Plan

Whether you choose to use a template to develop your startup business plan or decide to write one from scratch, you need to include the following elements:

• An overview of your company and the industry in which it operates
• The problem you are solving and the proposed solution
• A description of your product or service offerings, including key features
• The existing alternatives that customers use and your competitive advantage
• The target customer segments and the channels you will use to reach them
• The cost structure and revenue streams associated with your business
• A financial plan, including sales and revenue projections (ideally 3-5 years)
• If applicable, the financial requirements to get your business running, including how you will source and allocate funds

Each of the following sections provides an example of a business plan that you can use for reference as you develop your own.

One-Page Lean Business Plan Example

This Lean business plan example displays a visually appealing and scannable one-page illustration of a business plan. It conveys the key strategies you need to meet your main objectives. Each element of this concise plan provides stakeholders and potential investors with links to resources that support and expand upon the plan’s details, and it can also serve as an investor pitch deck.

Startup Business Plan Sample

This business plan sample contains all the aspects of a standard business plan. Using a fictional food truck business as the basis for a startup business plan, this sample will give you all the ideas you need to make your plan outstanding.

Download Startup Business Plan Sample - PDF

When the time comes that you need more space to lay out your goals and strategies, choose from our variety of  free simple business plan templates . You can learn how to write a successful simple business plan  here . 

Visit this  free non-profit business plan template roundup  or of you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  free 30-60-90-day business plan templates  to find more tailored options.

Top 10 Tips to Create a Startup Business Plan

Putting together a business plan can be overwhelming and time consuming, especially if you aren’t sure where to begin. Below, we share tips you can use to help simplify the process of developing a startup business plan of your own. 

• Use a business plan template, or begin with a business plan outline that provides all the elements of a standard plan to get your ideas down on paper in a structured manner. (You can choose from the selection of templates above.)  
• Remove sections from your outline that aren’t relevant or that aren’t necessary to launch and operate your business.
• Compile the data you have gathered on your business and industry, including research on your target market and product or service offerings, details on the competitive landscape, and a financial plan that anticipates the next three to five years. Use that information to fill in the sections of your plan outline. 
• Get input and feedback from team members (e.g., finance, marketing, sales) and subject matter experts to ensure that the information you’ve included in the plan is accurate.
• Make certain that the objectives of your plan align with marketing, sales, and financial goals to ensure that all team members are moving in the same direction.
• Although this section of the plan comes first, write the executive summary last to provide an overview of the key points in your business plan.
• Prepare a pitch deck for potential clients, partners, or investors with whom you plan to meet in order to share vital information about your business, including what sets you apart and the direction you are headed. 
• Who are the founders and management executives, and what relevant experience do they bring to the table?
• What is the problem you are solving, and how is your solution better than what currently exists? 
• What’s the size of the market, and how much market share do you plan to capture?
• What are the trends in your market, and how are you applying them to your business?
• Who are your direct competitors, and what is your competitive advantage?
• What are the key features of your product or service that set it apart from alternative offerings, and what features do you plan to add in the future?
• What are the potential risks associated with your business, and how do you plan to address them?
• How much money do you need to get your business running, and how do you plan to source it?
• With the money you source, how do you plan to use it to scale your business?
• What are the key performance metrics associated with your business, and how will you know when you’re successful?
• Revisit and modify your plan on a regular basis as your goals and strategies evolve.
• Use a work collaboration tool that keeps key information across teams in one place, allows you to track plan progress, and captures updates in real time.

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How to Come Up with an Innovative Business Idea

• 21 Jul 2020

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.

For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.

If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.

Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.

Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.

Access your free e-book today.

How to Come Up with a Business Idea

Is there an easier way.

One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”

A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.

Related: How to Identify an Underserved Need in the Market

The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.

Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!

This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .

“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.

By centering your business plan on a particular need, you can increase your chances of building a profitable business.

Related: Jobs to Be Done: 4 Real-World Examples

Can I Make This More Accessible?

There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.

The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .

“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”

From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .

Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.

There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.

Related: 10 Characteristics of Successful Entrepreneurs

What Can I Improve About This?

For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.

1. Delivery Process

Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.

Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.

This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.

Related: 3 Effective Methods for Assessing Customer Needs

2. Location

One of the simplest improvements to a product or service is bringing it to a new location.

Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.

What products, services, or concepts have you experienced in other places that you’d like to bring to your community?

One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.

Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.

It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.

4. Customer Experience

Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.

One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.

Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.

She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.

If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.

Related: 6 Questions to Ask Before Starting a Business

Is It Time to Pivot?

When starting a business, you may need to pivot from your original idea as new needs arise in the market.

For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.

Another instance in which it makes sense to pivot is during technological evolution.

In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.

Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.

When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.

In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.

When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.

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Four Step Guide

A simpler business plan for a startup

The old way of business planning won't work for a modern startup — especially not in the post-pandemic economy we live in now.

Just think about how COVID-19 altered the way we work and hire contractors. Or how inflation changed demand for certain goods. Or how advances in AI opened up new opportunities.

Creating a rigid 40+ page business plan for a startup won't provide the ever-changing roadmap you need to make decisions that drive measurable success. But a growth plan will.

Growth planning is your best defense against startup failure

Because growth planning is a process — not just a document — it gives you a way to navigate challenges that have the potential to sink your startup. Just have a look at this list of top reasons that startups fail, according to a 2021 study by CB Insights , and how a growth business plan can help you avoid them.

Reason cited for failure

How growth planning helps

Ran out of cash/failed to raise new capital (38%)

Win over investors with a scannable business plan that covers everything they need to see.

Get a method for monitoring revenue and expenses, so you can keep your startup cash healthy.

No market need (35%)

Evaluate demand for your business before investing money and effort into it.

Flawed business model (19%)

Vet your business model with a data-driven process, so you can quickly make adjustments to keep your startup afloat.

Pricing/cost issues (15%)

Know how much to charge and where to spend money by monitoring your finances.

A growth plan is right for your startup if…

You need funding.

• A growth business plan includes all the information investors need to see, but in a scannable format. So they'll actually read it!
• The growth planning process also helps you figure out exactly how much funding you need.

You want to validate an idea

• Create a quick growth plan to clarify your ideas and understand how your startup might work.
• Get a process for validating your idea using research and industry benchmark data.

You want to drive growth

• Grow your startup up to 30% faster by tracking your actuals against your forecast.
• Set and review your goals regularly within your plan. One study found that doing this makes you 40% more likely to achieve them.

How to create a modern business plan for a startup

This requires a mindset shift: instead of thinking about your startup business plan as a document, think of it as a multi-step process instead.

Step One: Plan

Rather than spending hours writing a traditional business plan, start with a quick high-level overview of your startup that includes:

• The problem you're solving
• Your solution
• Target market
• Competitors
• Sales & marketing activities
• What funding you might need

This simple one-page plan might be the only strategy document you need for now. If you're asking an investor for funding, a one-page pitch will also help you clarify your vision and build a broader pitch deck.

If you're applying for an SBA or bank loan:

Starting with a one-page plan is a great way to vet your thoughts before working on a traditional business plan, which is typically required by banks. Have a look at this article on how to write a business plan for a bank loan .

If you're testing an idea:

Write your one-page plan based on your assumptions.You don't need to have all the answers just yet.

Step Two: Forecast

A cash flow forecast is essential for any startup business plan. You're still figuring out who to hire, what to ship and maybe even what business model would work for your company — things change fast. So as you learn about your business, you need to constantly update your forecast to see how it impacts your cash flow.

On top of that, making financial projections and tracking your actuals against them will help you stay focused and accountable to your goals.

If you're applying for a bank loan or investor funding:

Include your revenue projections for the next three to five years and make sure you explain your assumptions. It's also important to have projections for your profit and loss, and cash flow statements.

This shows investors that you've thought about all aspects of your business and that you have a good plan in place to maintain a healthy cash flow until your startup becomes profitable.

You'll be ‘forecasting’ using research instead to predict the potential of your business idea. Start by asking your ideal customers what they think. Are you solving an actual problem they have? How interested are they in your idea?

You could also try a ‘soft’ product launch to gauge interest. This might involve running digital ads that drive to a coming soon landing page. Be sure to write down everything you learn.

Step Three: Review

Once your startup has been operating for at least a month, it's time to compare your actual results to your forecast. You're looking for any numbers that don't line up with what you expected. These variances signal opportunities to improve. For example:

• Did you spend more than anticipated on contractors? Maybe it's time to consider hiring a full-time employee.
• Sales for a certain product lower than expected? Look at how much you charge or how you're positioning that product.

The most important part of your review is uncovering why that variance occurred. For example, you might find that decreased sales for one type of product were picked up elsewhere.

Reviewing your financial performance every month also keeps everyone on your team focused and accountable. You'll always understand if your startup is heading in the right direction or if you need to make some changes.

Look at all the feedback you gathered about your idea. Does it mesh with what you assumed about your startup idea? Did anything surprise you? Jot down all your observations.

Step Four: Refine

Update both your plan and your forecast based on what you learned. This helps you keep track of your future profit and cash projections using the most current information available. It can also help you brainstorm ways to improve your business strategy moving forward.

Here are some examples of when you might update your forecast:

• Your assumptions were off Your original guesses about sales targets, expense budgets, personnel costs or other things weren't quite on target.
• Your business model changes You make fundamental changes to your business model, such as raising prices, switching from unit pricing to an hourly rate, or launching a new product or service.
• You have new expenses Maybe you hired an employee or invested in a new marketing channel.

If you decide to make a major change to your business at this stage, you'll also want to update your one-page plan to reflect that.

Were you able to put some evidence behind your original assumptions? Do you need to tweak your idea based on the feedback you got? Go back to your plan and refine your problem, solution and target market sections based on what you've learned. Refining your plan and doing several iterations is key to figuring out whether or not you have a good idea.

Ongoing planning unlocks success

Startups with a growth plan will gain a competitive edge. In addition to helping you pitch investors and apply for funding, a growth planning equips you with the information you need to help your startup thrive.

Because today's world is so complex and fast-changing, the companies that can spot opportunities and pivot quickly will be able to grow twice as fast. Following the four-step growth planning process will give you that ability.

Build a business plan that'll guide your startup to success

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Home » Employer Resources » Startup Center » The Ultimate Guide to Creating Investor-Friendly Business Plans [Format Guide]

The Ultimate Guide to Creating Investor-Friendly Business Plans [Format Guide]

Are you an aspiring entrepreneur wondering what a business plan should look like and how to create one? A well-structured business plan is an essential part of any successful venture. But it may seem challenging to give shape to your business idea and not miss out on any important details.

In this blog, we’ll discuss the key elements of a business plan and provide you with a useful business plan format with sample statements to help you on your way.

Table of Contents

Business Plan: An Overview

A business plan is a detailed document that outlines the objectives, strategies, and tactics of a business. It is typically used to secure investments, financing, and other forms of support from stakeholders. The document should include information such as descriptions of the company, its products and services, its customers, its marketing and financial plans, and its operational plans. Having a business plan is crucial for any business. It can ensure that everything is taken into account and that the business is well-prepared to succeed.

Business Plan Format with Sample Templates

Writing a business proposal can be tricky. Whether it is a small or large business, there are a few key elements you should consider when discussing a business strategy to enhance your business plan. This section provides sample templates that can help you streamline your unique business proposal.

1. Give an Executive Summary

An executive summary in a business plan is a brief overview that outlines the major points of the plan. It should be concise and engaging so that it captures the attention of potential investors or lenders. The summary should be in paragraphs with comprehensible headings and points. To write an executive summary, you should briefly answer the following questions (not necessarily all):

• What is the mission of your business or your company/organization?
• How did the idea of business come up?
• Who has the highest leadership?
• Which industry does the business belong to?
• What is going to be the employee base?
• What are the business’s products and services?
• What are the competitive advantages of the business in the already existing market/industry?
• What marketing strategy will be used?
• How many different operational teams are going to form?
• What is going to be the location?
• Who are the stakeholders?
• How will you fund the business?
• How much money is required to set up the business?
• What are its future financial targets?

Here is an example of an executive summary of an organic food product start-up.

“[Company Name] is a start-up business venture that specializes in the production and distribution of organic health food products. It was founded by two entrepreneurs who have 10 years of combined experience in the health food industry. The company is located in a major metropolitan area.

Our goal is to become the top provider of organic health food products in our market. We plan to do this by providing high-quality products and services and excellent customer service. We have identified some key competitive advantages that will help us succeed, including our experienced management team, our strong network of suppliers, and our commitment to innovation.”

2. Talk About the Business’s Key Products and Services

In this section, talk about the key products and services that your business plans to offer, along with their value proposition. Here, the term value proposition means why a person will care to buy your product or service. It also uncovers unexplored and potentially marketable opportunities.

Here’s a business proposal example that includes details of key products and services for an organic healthy food product start-up:

“Our business offers organic foods that are healthier and more sustainable. Our value proposition is that our customers can enjoy healthy, farm-fresh foods while feeling good about contributing to the environment. We strive to offer a wide range of products, from organic produce to organic sauces, fruit bars, and snacks.

As dietary habits have evolved, there are a significant number of people who prefer or require gluten-free products due to their health issues. We strive to produce gluten-tolerance-tested, authentic, and trustworthy gluten-free products with delivery and online ordering to make purchasing easier for our customers.”

3. Insight on Competitive Market Analysis

Business planners need to possess comprehensive knowledge of their target industry and market. Having great business analysis skills can help a business planner get a clear understanding of how to compete effectively and gain a foothold in the market. This section should cover the following information:

• Market Size: Describe the size of the industry, the expected growth rate, and the potential earnings it offers.
• Target Audience: Who are the perfect customers for your business? Include details like their age, where they live, and their preferences.
• Competitors: Write about your key competitors’ strengths and weaknesses and how you plan to counter them.
• USP (Unique Selling Point): Cite what distinguishes your product or service from the competition. What’s your marketing plan to set yourself apart from the competition?
• Price and Profit: Share what pricing scheme your business will follow and the estimated profit margin.
• Rules and Regulations: Specify any special rules or laws you must follow in your industry.

An example to describe the market analysis in the business proposal template for an organic healthy food product’s start-up will be like this:

“The health food industry in India is rapidly expanding, with a compound annual growth rate (CAGR) of 20% and an expected CAGR of 16% by 2026, equivalent to $30 billion. This growth is attributed to the increasing number of health-conscious individuals, who are expected to grow from 100 million to 176 million by 2026. Healthy snacking categories like cookies, fruit snacks, snack bars, and trail mixes are expected to experience significant growth.

Our products and services stand out due to our commitment to quality and reasonable prices. Our experienced management team, strong supplier network, and innovation are key competitive advantages. We aim to market our products to health-conscious consumers seeking organic alternatives to conventional foods, aiming to become the leading organic food supplier.”

4. Target Audience Selection

A business’s success is incomplete without fostering and developing its customer base. “You must know your customers and the customers must know you” – this should be the motto for your business.

After in-depth research on target customers, you can form the right marketing and sales strategies. The best way to identify customers is to understand their problems and needs. Simply put, your business’s products and services must solve their problems and fulfill their wants. Here’s an example to share about the target audience selection for an organic, healthy food product start-up:

“Our target audience is adults aged 18-40 who are health-conscious and interested in organic options. We will focus our marketing and sales efforts on this demographic, as they are likely to be more open to trying new products and more likely to embrace organic alternatives. Our goal is to become the leading organic food supplier for this demographic.”

5. Structure of the Company’s Management and Team

This section of the business plan template will discuss the teams and departments that will make the business run. Briefly outline the roles and responsibilities of a position and create a job posting to hire the right employee.

Here is one way to briefly mention your company’s management team structure:

We will have a CEO, COO, CFO, and other executive positions to manage the company’s operations. Several teams will be involved in running the business, including a customer service team, administration, human resources, sales and marketing team, finance team, operations team, and product development team. Each team would have its own set of roles and responsibilities.”

6. Marketing and Promotional Strategies

This is one of the most crucial parts of your business plan. The right marketing and promotional plans help spread the word about your product or service, increase overall brand awareness, capture market share, and thereby, increase the customer base, sales, and profits. Here is a brief overview of marketing and promotional strategies in your business proposal:

“Our marketing strategy is centered around a multi-faceted approach to engaging with our customers. We will create interesting and relevant content for social media platforms, optimize our website for search engines, collaborate with influencers, run targeted online ads, and send out email campaigns.

Our promotional efforts will include limited-time discounts, loyalty programs, and exclusive events to connect with our customers on a personal level. We plan to expand our outreach through partnerships with complementary businesses and attending industry events. To measure the effectiveness of our strategies, we will leverage analytics tools and gather customer feedback to make necessary adjustments. Our ultimate aim is to build trust and credibility in our brand.”

7. Details of Developing Sales Funnel

The growth strategy of a business depends heavily on its sales funnel strategy. This is because successful sales will lead to revenue growth and business expansion. An example to mention about the sales funnel in the business plan model is:

“Our sales funnel is designed to help our business generate more leads and close more sales. We will start by optimizing our online presence to increase visibility and attract potential customers. From there, we will create content and campaigns to nurture leads and build valuable customer relationships. We will then use analytics and other data-driven tactics to identify qualified prospects and target them with effective messaging and emails. Finally, we plan to use automated tools to manage the sales process from start to finish.”

8. Lay Out Your Financial Plan and Budget

This point of your business proposal will include details of the budget, balance sheet, revenue generation, cost reduction strategies, and other expenses. It should talk about the costs required to cover all business operations, management, and estimated future revenue projections. Here is a template of a business budget.

9. Add Appendix to Provide Additional Details

The appendix to a business proposal template includes extra documents that give more information about the proposal. You can put in any part that needs evidence, facts, or reports. Normally, the appendix can have these documents:

• Market research with charts and data from other sources.
• Licenses, contracts, certificates, or patent papers.
• Maps and plans for expanding the business facility.
• Contact details for team members, board members, and current investors.
• Reports and statements from quality-check experts.
• Financial documents like the balance sheet and the company’s account statements.

Every business needs a one-of-a-kind business plan format. It should contain all the necessary information and documents to give the reader, investors, and stakeholders a comprehensive overview of the proposed business. By taking the time to structure and create a detailed business plan, entrepreneurs, business planners, and analysts can create a clear and concise guide to help them achieve their goals. Executing a successful business plan, therefore, requires skilled professionals. If you are interested in the field of business management and helping businesses make valuable decisions, then look for work from home accounts jobs to contribute.

Have you ever drafted a business plan? Tell us in the comments below!

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Sandipta Banerjee has completed her Master's in English Literature and Language. She has been working in the field of editing and writing for the past five years. She started her writing journey at a very young age with her poems which have now evolved into a poetry blog. She was working as Editorial Head in a US-based publishing house before joining Internshala.

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Creating a business plan for your startup: step-by-step guide

You’ve had a great idea for a startup or new business. Now you need to make sure it all makes sense and create a document that shows how and why your business will succeed.

Every company is unique and this will be reflected in its business plan. The steps below can be tailored to your requirements but should ensure the key elements are all included.

Step 1. Set out your stall

You may be clear about what will make your new business great, but you need to be able to communicate that to investors, customers and other stakeholders. An effective business plan will often start with a clear statement about what the business will do, and what product or service it will sell.

Step 2.  Set clear goals

Do you want to takeover the world or just a small corner of it? Is creativity, social impact or innovation more important than maximum profit? Decide on the business, financial and even personal goals you want to achieve in the short and medium term.

Step 3. Explain your product

Describe what your product or service will be, and what makes it unique or different. What are its limitations or downsides? How will you make, develop or source it?

Step 4. Introduce your customer and market

Who is your target customer and how big is your potential market? The better you understand the customer, the more likely you will create something they will buy. Market research is critical. Consider how you could test the market and assess demand with a Minimal Viable Product.

Step 5. Explain your sales and marketing approach

How will you make potential customers aware of your product or service? Marketing and advertising costs are often underestimated, especially in a crowded market with a lot of competition for customers. Will you have time to do the marketing yourself or will you need to hire staff or outsource tasks?

Step 6. Consider variable costs

These are the costs associated with the product or service itself, including manufacture, storage and delivery. For a digital business this could include development and testing.

Step 7. Estimate fixed costs

There will also be fixed costs that you will need to pay no matter how much you sell. These could include salaries and wages, National Insurance, tax, office costs, accountant’s fees, bad debts, interest payments and rates.

Step 8. Work out your pricing

Take the cost of the product or service away from the sales price and you have your gross profit. Subtract your overhead costs for the relevant time period and you’ll start to have an idea of how much you’ll need to sell to make a profit. There are various pricing models and you may need to experiment to find the right one for your business.

Step 9. Evaluate the competition

Identify other businesses that could compete for customers. Make a list of factors related to their product or service – everything from cost and service level to features and reputation. Assess your idea against the competition to spot risks and opportunities.

Step 10. Crunch the numbers

Financial calculations and forecasts are at the heart of a business plan. They could include capital requirements, profit and loss forecasts, cashflow forecasts, required assets and funding requirements. How much startup capital do you need and what runway will that give you before more investment or revenue is required?

Step 11. Decide on a legal structure and business organisation

Will you be a sole trader, limited company or set up a business partnership, perhaps with a co-founder? Do you need staff and will they be offered any equity?  What access to advice and expertise do you have – and what will you need to pay for?

Step 12. Assess the risks

With so much disruption and uncertainty it has never been more important to assess the risks your business may face. Be honest about gaps in the founders’ knowledge or experience and look to fill them. Work out contingency plans and stress-test your assumptions.

Step 13. Iterate your approach

A business plan should be an evolving document that reflects what you are learning and the data and insight that is being collected. The sections may need to be adapted or added to, depending on the nature of the business, its sales model and type of funding.

Step 14. Talk to Barclays Eagle Labs

The Ecosystem Managers at Barclays Eagle Labs are used to working with founders and entrepreneurs at the start of their business journey. They can advise you on approaches, considerations and next steps. Find your nearest Eagle Lab here.

Step 15. Find a business plan template to suit your needs

There are numerous business plan templates online with some specifically tailored for startups. No two are the same, so it pays to search widely and borrow from multiple sources to create the business plan that best fits your circumstances and concept.

This Barclays Business Plan Generator is a great first step in clarifying your business idea.

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70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Published: March 19, 2024

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

To help get you started, here's a list of small business ideas separated into a few sections:

• What makes a good small business?

Best Small Business Ideas

Best businesses to start with little money, home business ideas.

• Online Businesses Ideas

Easy Businesses to Start

Business ideas for students, creative small business ideas, how to start a small business at home, starting a small business: faq.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

What makes a good small business idea?

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

• Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
• Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
• Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
• Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
• Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

Free Business Startup kit

9 templates to help you brainstorm a business name, develop your business plan, and pitch your idea to investors.

• Business Name Brainstorming Workbook
• Business Plan Template
• Business Startup Cost Calculator

You're all set!

Click this link to access this resource at any time.

Airbnb Co-founder, Brian Chesky, said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

8. Life/Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker) or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements for freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While certification may be beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

• New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course .

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business. Still, we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

• Cornell’s Digital Photography Certificate Program
• New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

3. Travel Planner

The time of the travel agent might be passing, but people are still looking for those with a knack for more nontraditional travel coordination. If you always plan the perfect vacations complete with beautiful hotels, the ideal location, and a bevy of delicious restaurants lined up for every evening, consider advertising your services as a more modern approach to travel planning.

You don’t have to only plan trips for individuals, either. If you’re experienced enough, you can even start a group travel company, like Art N Soul Escapes .

You can become a travel planner by first volunteering to plan a few trips for your family and friends. Try it and see if you like it. Once you feel like you’ve gotten a good taste, attend a travel planner program and get certified. Some options include:

• The Travel Institute Training & Certification Program
• Penn Foster Travel and Tourism Specialist Diploma

You can also seek employment at a travel agency first, then strike out on your own once you’ve learned the basics.

4. Home Inspector

A home inspector examines a house’s drywall, electrical wiring, energy efficiency, and structural integrity to find potential issues on behalf of a home buyer. Home inspectors work in the field. They visit homes in person and provide a written inspection report. Alternatively, some home inspectors offer virtual inspections, which may be a good fit if you’d prefer to work from home.

Some consulting industries are more competitive than others, so be sure to complete your research before starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or is already dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not an easily automated job, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts.

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

• Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
• Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
• Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
• Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

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Eight Steps To Creating A Successful Startup Business Plan

By Candice Georgiadis

Candice Georgiadis

Creating a business plan is one of the first steps toward success as an entrepreneur. A well-crafted business plan can help you secure funding, attract customers and establish your brand. While there’s no single blueprint for creating a perfect business plan, there are some essential steps that all entrepreneurs should follow. This article will walk you through the eight essential steps to creating a successful startup business plan.

Create A Company Overview

When creating a startup business plan, the first step is to develop a company overview. This includes identifying the unique value proposition of your startup, defining the potential market and outlining your competitive advantage. It should also include details about your startup’s organizational structure, any partnerships or investors and financial goals.

Define Your Business, Products And Services

Defining your business, products and services is a crucial step in creating a successful startup business plan. Keep it simple and to the point: What is your company’s purpose? What products or services do you offer? How are you different from your competitors? Once you have clearly defined these elements for yourself, it can be much easier to create specific goals and strategies for success. 

Establish Your Goals And Objectives

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Next, determine specific, measurable, attainable, relevant and time-bound ( SMART ) objectives that align with your mission statement and long-term goals. It is also helpful to identify any potential obstacles or challenges in achieving these goals, as well as create action steps to overcome them. 

Detail Your Financial Projections

When it comes to creating a successful startup business plan, financial projections are essential. This includes analyzing your startup’s expenses, projecting revenue and forecasting cash flow. It is important to be realistic and conservative in your estimates, as well as provide justification for any major assumptions.

Investors will also want to see how your startup plans to bring in revenue and reach profitability. A thorough financial plan can give investors confidence in your startup’s ability to succeed financially. It is also important to regularly review and update your financial projections throughout the life of your startup, adjusting based on any changes in the market or within the company itself. 

Describe The Competitive Landscape

It is crucial to understand your competitive landscape. This means identifying both direct and indirect competitors, as well as analyzing their strengths and weaknesses. This information can help guide your own strategy and position in the market.

5 Traps to Avoid as a Startup Founder

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When creating a startup business plan, it is essential to accurately describe how funding will be used. This includes not only giving an overall breakdown of allocated expenses but also providing justification for each expense and explaining how it directly contributes to the success and growth of the startup. Furthermore, it is important to be able to demonstrate flexibility in the allocation of funds, showing that the startup team can respond nimbly to unexpected changes or opportunities.

Finally, potential investors want assurance that their funds will be used judiciously and responsibly, with a clear eye toward profitability and long-term sustainability. In sum, implementing a thorough and well-thought-out funding strategy in a startup business plan can not only secure funding from investors but also set the groundwork for future success.

Explain Your Marketing And Sales Strategy

When creating a startup business plan, it’s important to develop a clear and effective marketing and sales strategy . This means defining your target market, identifying their needs and pain points and positioning your product or service as the solution. It also involves determining how you will reach your target audience through channels such as advertising, public relations and events.

Additionally, having a solid understanding of your competition can help inform your pricing strategy and differentiators. Developing a proactive approach to sales is also crucial—this could include setting sales goals and establishing processes for lead generation and conversion. 

Designate A Management Team And Advisory Board

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When selecting individuals for the management team, look for those who complement each other’s skill sets and have a passion for your product or service. As for the advisory board, aim to bring on industry leaders or successful entrepreneurs who can offer valuable insights and advice. 

Creating a successful startup business plan is no easy feat. However, by following the steps outlined above, you can give your startup the best chance for success. From conducting competitive research to developing a marketing and sales strategy, each step is crucial in creating a solid foundation for your business. By taking the time to create a well-thought-out business plan, you’ll be setting your startup up for long-term success.

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Starting a Business! From Idea to Launch

Preparatory steps are needed in order for a startup to be successful.

Starting a business is very difficult. It requires a lot of planning and forethought before you leap.

This Guide is for the aspiring business owner and entrepreneur for the purpose of spuring thinking and investigation that will lead to the creation of a business plan followed by the business launch.

Once the decision has been made to go forward, there are very basic steps to setting up a business that formalizes the creation of the business and makes it operational which is addressed in a related article. 

• Personal & Professional Assessment of an Aspiring Entrepreneur and Small Business Owner

Starting up a business is very stressful and demanding. Therefore, being able to apply prior experience is important. By conducting a self-assessment of strengths and weaknesses, an entrepreneur is better prepared to meet the challenges as they arise.

The following offers the key points about personal and professional self-assessments:

Personal Self-Assessment as Leadup to Starting a Business

Pursue Self-awareness : Reflect on your attributes, values, goals, relationships, and life experiences. As the prospective leader of a new business, it is important to have the self-confidence necessary to engage with a broad range of people. Personal values are also important when interacting with employees, business partners, and customers.

• Seek out Insight from others: Seek out friends, family, co-workers, and mentors who may offer insight about your strengths and the areas needing improvement.  Request situations where they had an opportunity to observe your actions. Don’t decide to start a business in isolation.
• Remain Committed: Starting up a business and running it day in and day out for many years requires an unrelenting commitment to achieve success. Consider events or circumstances in the past when you persevered to attain something important. Having had prior tests of fire will help you overcome hard-to-solve challenges along your entrepreneurial journey.
• Leverage Passion: Most entrepreneurs advise others who want to start a business to choose one that evokes passion. Passion is what empowers you to survive the ups and downs of starting and growing a business. While passion provides self-motivation, it also serves to attract talent and investors to the venture.
• Build Relationships : Because an entrepreneur typically spends a lot of their time working alone, particularly during the startup period, they must seek out and build relationships that are important for long-term success.

When facing the challenges of starting a business, a founder needs to be resourceful—and that includes having a network of contacts who are supportive and available to help. Relationships may occur with potential employees, mentors, consultants, suppliers, and customers. Along your entrepreneurial journey, you may never know when a prior contact becomes valuable to your business building.

Find the networking arenas that align with your industry and entrepreneurial passion. Seek out industry associations, taking advantage of community events such as conferences, workshops, training opportunities, and more.

• Focus on Time Management : Since owning a business is a 24/7 endeavor, being able to efficiently manage one’s time is critical for success. Take a look at your management skills in terms of prioritizing tasks, the ability to set and meet goals, and how well you delegate lower-skill tasks to others—all of these areas add up to effective ways to move a business forward with less stress.

One may never have all of the skills necessary to be successful in starting a business, but identifying and acknowledging areas of weakness may lead to the p ursuit of a founding partner or to search out organizations that assist with skill building.  

• Entrepreneurial Personality Traits : While there is no proven formula to predict who will be a successful entrepreneur, some traits common to entrepreneurs have been identified. They are passionate, resilient, strongly focused, risk-taking, decisive, and adaptable. How do you match up?

Personality tests for entrepreneurs are available such as a free one offered by Psychology Today , titled “ Can you be an entrepreneur?” or a fee-based one offered by T he Enneagram Institute .

2. Professional Skill Assessment and Development

When beginning the startup journey it is very helpful to have gained skills that can be readily applied to the new business. But, also important, is knowing where to access top resources to help start a business that can be tapped to progress the business more quickly.   

Assess Your Professional Skills:   Take an inventory of existing skills that can be used when starting up a business apply to a startup that includes sales, marketing, operations, financing, human resources, hiring, communication networking, problem-solving, and more. Problem-solving is a very valuable skill for starting and growing a business because it is used almost every day once you decide to go down the startup path.

If you are missing a skill, research ways to fill in that gap. Seek out professional organizations in your industry, attend training sessions at local workshops, go back to your college for outreach programs they may offer, or seek outside talent such as consultants or part-time employees who fill a gap—without having to establish a full-time position.

Online tests are also available for skills assessment offered by several companies such as Coursera, Udemy, L inkedIn Learning , and others.

Possibly the greatest insight about being an entrepreneur is that it is a commitment to ongoing learning.

Financial Readiness: Many startups fail because the founder has underestimated the amount of capital needed to reach sufficient revenue and/or profitability.

Before starting up, conduct a full review of your financial health and assets. Most startups will require ongoing capital investment for years, while generating little to no income. Inventory your savings, learn your credit score, and familiarize yourself with basic financial and investment vehicles such as bank loans, grants, and investor funding.

If you have a low credit score, work to improve it in anticipation of one day needing outside financing. Seek out financial advice because it takes time to improve a score. Assistance can be obtained from companies such as Credit Karma, myFico and others. 

Education and Training: Many universities and colleges offer degrees or certificates in entrepreneurship. Not only do they provide coursework and training, but some offer venture funding and mentoring.

Centers of Entrepreneurship often host workshops, conferences, competitions, and online training courses. Many of these activities draw in professionals from the local entrepreneurial community to foster networking.

Mentorship:  Having access to someone with much greater experience is of tremendous value to a first-time entrepreneur. Mentors can provide situational insight during tough challenges, make introductions to others and bring to the venture a range of skills and experiences to fill gaps when one is starting a business through its growth stage.

Seek out a mentor who is an entrepreneur or someone who is involved in entrepreneurship such as those affiliated with universities or outreach programs .

3. Evaluating a Business Idea and Choosing the Right Business Model

Evaluating a potential business idea and the associated business model requires a lot of work. The following areas should be explored to determine the feasibility of the business under consideration will become sustainable and profitable.

The most important fundamental question is whether or not the founding entrepreneur has the right skills to take on the business model they choose to pursue. If not, finding a business partner may be needed.

Matching skills to the requirements of a business model may be accomplished thoroughly through the preparation of a business plan. An interim step to this is the validation of the startup idea.

Validate the Startup Idea

When starting a business the following preliminary steps will help validate the startup idea and the associated business model.

There are two types of startups: replicative and innovative. The former is a business model that has already been proven such as a computer repair shop or a restaurant, enabling the founder to follow what others have done to be successful. In contrast, an innovative startup must establish a business model or develop and introduce a product that has yet to be proven. The latter entails a lot more risk and other factors to succeed.

Is your idea to start a business a replicative model or an innovative model? Establishing a computer repair business may be validated through online research of already existing businesses or by speaking with former or current owners to learn their experience and gain their advice. The aspiring founder may also survey potential customers and analyze industry trends to reach a satisfactory validation.

However, validating a new innovative product or service is generally more difficult because the innovation occurs in the absence of a similar existing product and solution for comparison. Validation may be made by speaking with experts, doing surveys, creating a prototype for potential customers to use, and more.  This last point leads to the use of a Minimum Viable Product (MVP) to assess a new innovation.

Build a Minimum Viable Product (MVP)

Specifically in the case of the development and introduction of an innovative product/service, constructing an MVP can save a lot of time and money when starting a business. This is achieved by testing the intended product or service without making the expensive commitment to full production.

Once a prototype of an innovative product or service is made, test it with a number of prospective customers who agree to provide critical insight about its value to their business, as well as the price they would be willing to pay.  Very often changes need to be made to the innovation after conducting an MVP that better meets the needs of customers and is then brought to market at the right price.  

Through the use of an MVP, one may learn that there is no market for the product or service at all and the idea should be abandoned. Another insight might be that the company is unable to make the product or service at a price that is profitable to the company. MVP testing provides an enormous amount of insight on a relatively small budget, potentially saving a tremendous amount of money.

Know your Value Proposition

Every company has competition in some form that must be fought with better prices, quality, and service. This is known as the Value Proposition—-the benefits offered to customers that give them something of value in return for payment.  Knowing the Value Proposition is key to establishing a marketing strategy that distinguishes a company from its competition.

Every startup founder should know how the quality, delivery and price of their products/services stand up against the competition when deciding to start up a business.

Conduct Market & Industry Research:

When you are considering the startup of a business, market and industry research should be done to assess the potential of the business. Assess the target market which includes the size of the market, the customers’ needs, and if possible, the acquisition cost per customer for your product or service.

Given that AI and digital technology are now quickly altering competitive landscapes, look at industry trends to gain some insight and assurance that your prospective model is not being challenged by a new trend. That may occur as a result of a technology innovation or changes in customer preferences.

Seek to identify the pain points in the industry and the target market that can be monetized.  Then, build a strategy behind your assessment that will be part of your business plan.

Assess Risk

Businesses face a broad range of risks that must be managed to minimize its impact and potential liability to the company. Inside the business, maintaining proper human resources policies lessens the possibility of a lawsuit, while insurance is taken to limit cost of fires and natural disasters.

Of particular concern are the growing risks associated with climate change—necessitating steps such as maintaining a Disaster Recovery Plan which establishes how the technology within the company and associated business processes are to be readily re-constructed in the event of destruction from a natural disaster. 

The 9/11 terror attacks brought to the forefront the need for redundant networks and equipment and for the establishment of remote locations in the event, there is widespread destruction of the primary operations of the company.

Many risks are specific to an industry, so at a minimum, know industry standards for what will be required to set up the business operations, and how much it will cost.

Sales and Marketing Drive a Business:

Sales channels and sales cycles differ by industry. In addition, the digital economy is transforming almost all businesses, requiring them to have a strategy for online sales and online marketing. For the business idea and model being considered, identify and evaluate the various ways to grow s ales and the role that digital technology now has in a business for it to compete.

When a starting a business as a single founder, carefully review if the individual possesses the sales skills and training for solely taking on the enormous challenge of bringing in customers and executing all aspects of business development.

Marketing strategies vary greatly by industry, so inventorying the marketing efforts associated with your business is a start—making sure that digital marketing is included.  E stablishing a brand, knowing marketing influencers , and identifying current trends are all part of a solid marketing plan.

The sales and marketing plans are key components of a business plan.

Value Customer Service

Customer service can also be viewed as customer retention. Providing attentive services to existing customers, supports the sales and operations of the business. Consider a checklist that includes sound policies and procedures, and ways to assess customer satisfaction such as surveys and training of personnel to meet high standards set by the company.

Maintain Technology Proficiency

Since the digital economy is transforming businesses around the world, the assessment of the role of digital technology in a business is critical. Most technologies require an investment that may add significantly to startup costs. However, SaaS technology enables the use of technology via monthly subscription instead of the expense required for outright purchase.

Determine what skill set is needed in the business to be able to use the standard technology of the industry, particularly in the operations of the startup needed to deliver the product or service.  As a founder, evaluate your technology skills and then decide whether another individual such as a Chief Technology Officer or IT Manager is necessary to serve this role in the company or outside contractors should be pursued.

  Adapt and Innovate

Technological change driven by artificial intelligence and digital technology is occurring throughout business and society. In order for a business to remain competitive, it is essential they stay on top of new technologies being introduced into their industry.

Adaptability to the changes and being prepared to pivot the company’s strategy to deal with emerging challenges are critical for long term success. A business that is standing still—is moving backward relative to direct competitors.

Exit Strategy:

How is it possible to choose an exit strategy when you have not yet started a business? The key point is that in certain circumstances such decisions can be thought out in advance and be part of the long-term vision of the company.

One example is a pharmaceutical startup—which may be undertaken with the full intention that the company will be acquired by a large corporation.  Another example is a technology company in which the innovation causes an explosion of growth. With that hoped-for result in mind, the founders at the outset of starting the business may make early decisions such as the type of legal structure (LLC, C-Corporation, S-Corporation) that will work best for bringing in investors and potentially take the company public via an IPO (initial public offering).

Fintech entrepreneur David Hait shares how he successfully achieved an exit via acquisition by a private equity firm.

Typically, small businesses that grow in increments over a long period of time are exited via sale to an outside party or passed on to a family member. During the startup stage, consideration of the exit is generally not as important.  However, at a later date, the owner may bring in outside consultants to prepare the company for sale or to be transferred to a family member.

The Startup Competitive Landscape

Innovative ideas behind the startup of a business very often arise when someone identifies a gap or pain point that is not being met in the marketplace. Therefore, when assessing an innovative business idea or model, check out the competitive landscape in terms of the number of competitors, size of competitors, their access to resources to compete.

In contrast, when starting a small business, determine if the market is composed of large direct competitors to the startup or if there are a number of smaller niche players, of which your startup small business may be one. 

In the arena when there are large competitors, a small business should avoid competing directly on price—given the larger company’s resources to outlast a price war.  Rather, focus on quality and service to distinguish the business from those larger competitors, finding a niche or segment sufficient in size to pursue and be profitable.

All of the above is part of the market research that should be conducted to qualify the startup opportunity being considered and will later be part of a written business plan to go forward.

Become Knowledgeable about Legal and Regulatory Knowledge:

Given the broad range of startups, research is needed for any regulatory requirements such as licenses, registrations and certifications that exist at local, state and government levels.

In the technology and innovation areas, review requirements for protecting intellectual property such as trademarks, copyrights and patents.  There are law firms who specialize in intellectual property and can assist an entrepreneur with filings, as well as offer strategy.

Also, become familiar with various agreements that are commonly used in business such as non-disclosure agreements, and contracts, among others.

4. Planning and Strategy

Business Plan

The Business plan is the foundation for starting a new business. Plan templates are easily found on the internet offering different ones for a range of industries. Writing a business plan is a thoughtful process that covers the key areas of a business such as the startup’s mission, the founder’s vision, target market, competition, revenue model, financial projections, marketing strategy and more. Since it is a thorough process, it is a great way for a founding entrepreneur to learn areas of weaknesses that they can address early on.

When done well the business plan serves as a s trategic tool and roadmap to start the business as well as a fundamental tool when fundraising from investors.

Financial Projections

Estimating startup costs is one of the more difficult challenges facing a founder. It is very hard for a startup to project into the future as to when they will begin taking in revenue and how much. As a result, many startups run short of cash over time, jeopardizing their viability.

In addition to revenue, the projections include all associated expenses projected over three to five years. That includes personnel hiring, product development, marketing, and operational expenses.

Projections are essential for fund raising from investors or o btaining a bank loan . While it is difficult to accurately forecast out over a long period, investors seek to know if the founder understands the financial essentials such as gross margins, customer acquisition costs, sales cycles and more that are specific to their industry and underly the projections being presented.

Working with a chief financial officer who has handled high growth startups can provide great insight on this process, while controllers and bookkeepers are relied upon for starting a small business.

Legal Structure

Establishing a business requires the selections of a legal structure: sole proprietorship, partnership, LLC, S-Corporation or C-corporation. The choice of structure affects liability, taxes, and regulatory requirements. Consulting with an attorney and an accountant provides the insight necessary to choose the legal structure best suited for the vision of the company in the future, particularly if the business is expected to be acquired.

Establishing the Startup Team

One of the fundamental decisions in starting a business is whet her or not to have a business partner .  There are advantages and disadvantages for sharing ownership. Choosing a partner who has complementary skills is recommended, but consider very carefully whether ownership will be divided 50-50 because over time some partners contribute significantly more to the growth of the company.

First hires can also be a critical asset for a startup.  Bringing on personnel who share great passion for the business can take on key responsibilities that reduce the owner’s stress. Finding the right employee who also has an entrepreneurial mindset is very difficult, but they often work as if the company is theirs, but are not interested in the responsibility of ownership.

Company Culture

Many founders underestimate the importance of having a healthy company culture.  They also do not realize how their values and behavior greatly influence the culture that emerges as the company grows.  A great example of this is Sri Solur, CEO of Kenmore Brands, a guest on the podcast se ries Experienced Voices . Sri shares how he changed the culture of Kenmore Brands to re-brand Kenmore for the digital economy of the future.

To be a competitive company, a company needs to have a positive culture to attract the right talent .  Many employees will compromise on salary if they feel they have a stable position in the company and will have a satisfying role into its future. Ongoing training often keeps valuable employees who want to feel they are developing in their position.

When making first hires in a startup business, be aware of the values you are emphasizing within the company, evangelize the mission, and set expectations of what you want to achieve as a team. Diversity is found to be a positive contributor to the company because it brings in a range of other skills and different thinking that furthers success. What is most important is that you have the mindset to build a culture that it focused on success .

5. Funding Your Startup

Small businesses and startups have a range of financing vehicles available to them, but all require preparation to gain access. Here are alternative sources of fu nding for startups that change by stages of growth .

Investor Funding

Many startups are begun with the anticipation that outside funding will be needed in order to be successful. During the funding process they will seek out the support of angel investors , venture capital firms as well as crowdfunding platforms. They will utilize two common tools: the investor pitch and the investor slide deck.

The pitch is typically given when approaching an investor face to face. It is concise information about the startup to gain the investor’s interest and hopefully receive an invitation to a fuller presentation. While the investor needs to hear the basic information about the venture, they are most interested to learn why it is a compelling investment opportunity.  They want to hear what the expected return on investment will be for the high-risk investment they will make.

The investor pitch deck is a slide presentation that is typically given in front a group of investors that expands on the prior pitch made. The presentations follow a somewhat standard format and when presented the investors typically give an allotted amount of time that may be strictly adhered to. If the entrepreneur is serious about outside funding, it is very important that they spend time perfecting their pitch and their presentation. Practice sessions and critiques are very helpful to this process.  

If the pitch is successful, a number of steps are taken by the investors to do a deep dive into the startup.  As it becomes likely an investment will be made, the investors will conduct “due diligence” on the startup which verifies the information that has been presented and flushes out answers to their concerns.

Friends and family may be involved at the very beginning, but once the capital needs rise angel investors are next in line.  They are high-net-worth individuals who will make investments in startups.  Angel groups are a gathering of individual angel investors who serve as a collaborative of knowledge and money.

When the startup’s performance has gelled and shows its great potential, large investments are then made by venture capital firms which handle a pool of money from investor clients. High growth companies may receive an investment led by a venture capital firm with a group of other firms participating to reach a sizeable investment amount. 

Both angel and venture capital investments are made in exchange for part ownership of the startup or early-stage company. 

Another funding pathway for startups is crowdfunding.  These online platforms, overseen by the SEC, give startups a place to pitch their funding needs to individual investors. This route enables companies to reach their funding goals through an aggregation of small investment amounts in exchange for a defined amount of equity. Notable crowdfunding platforms include Republi c , StartEngine and numerous others.

When taking this route assess explore a number of crowdfunding platforms to learn their merits and fit for your startup. Bill Santana Li shares on a podcast how he raised $120 million via cro wdfunding and the other creative financial ways he funded his startup and early stage company.

Resource Government Grants and Programs

Government grants are potentially a great source of funding.  Federal grants are associated with federal agencies who post their grant programs on G rants.gov .  SBIR and STTR grants for science and technology startups are very well known and are accessed via programs run throughout the country, primarily through universities and colleges. Check out top small business grant programs to determine eligibility.

Grants also exist for those in underserved groups that includes women and minorities. A great example of a highly successful entrepreneur who tapped into a range of grant programs is Carol Craig, CEO of Sidus Space . She shared how various grant programs helped her start her company that eventually went public on the NASDAQ.

Bootstrapping

Bootstrapping is the term used to describe a company that has grown without outside investment. A good bootstrapping entrepreneur will have a mindset of finding ways to achieve results by being very cost efficient about the money they spend.

Some t echniques of bootstrapping include bartering, sharing rental space, negotiating better pricing and more. Successful bootstrapping may delay the need for external funding, whether from the bank or investors.

When starting a business the founder should reflect on how they spend their money and how comfortable they are about negotiating with others. While bootstrapping helps entrepreneurs move their businesses forward, many eventually need outside financial support.

While many think of bank loans or investors for funding, a less known form of financing is factoring that enables companies to receive advances against their accounts receivables.  Robyn Barrett, an entrepreneur and f actoring executive and guest on the podcast Experienced Voices describes how a business can obtain factoring financing for their business.  

6. Marketing and Brand Building

Strong Branding

Having a memorable brand identity is an important part of a marketing plan. Develop one through a combination of logo, brand colors and a voice that resonates with target customers. Consistency in presentation is necessary for building brand recognition. Udaiyan Jatar, former Coca-Cola Brand Executive and guest on the podcast series Experienced Voices shares his decades of experience building successful brands.

A Presence in the Digital Economy

The emerging digital economy that is transforming how the world does business and socializes needs to be considered as part of the marketing plan.  Address the fundamentals of an online presence through a professional website and active social media profiles. Digital marketing strategy is also fundamental, with search engine optimization (SEO) and content marketing as a way to draw in in customers through a funnel approach.

Setting up an appropriate size budget is key to creating the most effective online presence.

7. Launching and Scaling Your Startup

Value of a Soft Launch

A soft launch is similar to an MVP in that it is a limited way to test your product or service to obtain user feedback that enables the company to make any necessary improvements before the full launch. On a limited budget the product or service is introduced to small target audience, gaining their insight before committing to a full and costly launch.

Plan out the Marketing Campaign

Having well thought out and planned marketing campaign is instrumental for a success business launch. Fundamental to this is the use of social media channels, email marketing, and influencer partnerships, to reach your target audience. Establish a budget and a timeline for the rollout.

Scaling Your Startup: Pursuing the Scalable Business Model

How big can your startup become? Tech startup models often plan for rapid growth—utilizing outside capital to fund the rapid expansion of operations in support of growing revenues. They project out the revenue growth of the company over a period of years and then evaluate current operations to determine how to handle the growing demand so the delivery of orders is met.

The first step when starting a business is to analyze the potential sources of revenue that may occur, then determine what changes need to be made to scale operations to meet growing order demands. Labor intensive businesses tend to scale slowly, while technology companies typically scale quickly.

Continuous Innovation

The digital economy and AI are putting great pressure on companies across industries to adapt to the changes that technologies bring.  Companies must remain vigilant to impact of the latest technologies and innovations to remain competitive and relevant.

In order to do this, the company culture needs to embrace innovation, technology and change. A great example of this is Dr. Peter Bonutti who has over 500+ patents and ap plications .

Scaling Team and Operations

As a startup grows, it is important to assess hiring and operational needs. Hire additional staff , implement efficient processes, and invest in technology to support increased demand. As a company’s revenue grows and operations expand, an operating plan should be developed each year that lays out the operational changes to be made to fulfill growing sales.

Starting a business is a journey filled with great rewards and great challenges. By understanding the pluses and minuses of starting a business , the aspiring entrepreneur has a more realistic view of their entrepreneurial journey.

This Guide is foundational for any aspiring entrepreneur by helping them identify the numerous factors which impact their decision in selecting the right business to start and the elements that will make it a growing and sustainable business.

Jeanne Gray is a serial entrepreneur, having built three companies in three different industries. She is the founder and publisher of American Entrepreneurship Today and host of the podcast series Experienced Voices™.  She has received multiple awards including US SBA Journalist of the Year and NJBIZ Woman under 50 and was honored with a White House press credential to cover the Global Entrepreneurship Summit held in Silicon Valley.

She advises startups and businesses in various stages of growth through A EPConsulting.biz .

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The Creation and Evolution of a Startup Business Plan

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Entrepreneurs tend to follow the “don’t think, just do” model of starting a business. This attitude can serve founders well in the early days, but it often causes them to overlook some of the essential aspects of building a business.

Writing a business plan is a valuable experience for any company founder, and TechRepublic Premium presents a quick guide to assist you in this process.

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INTRODUCTION

In simple terms, a business plan should be a document that forces you to look at where your business is now and where you want it to go, then make decisions relative to that trajectory.

Arjun Chandar, Founder & CEO of IndustrialML, explains: “Very simply, plans are useless but planning is indispensable. The process of developing a business plan gives you a framework and general principles to both answer questions and to make key decisions as your business grows, even if the decisions themselves need to change with new circumstances relative to when you develop the plan.”

Boost your startup ambitions with our six-page PDF. This is available for download at just $9. Alternatively, enjoy complimentary access with a Premium annual subscription. Click here to find out more.

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Start » strategy, how startups contribute to innovation in emerging industries.

Discover how startups’ small business ingenuity drives innovation and impacts emerging industries with new ideas, according to new research.

Startups are known for thinking outside the box and creating revolutionary products and services. Driven by entrepreneurs who set out to meet consumers’ needs, these smaller businesses are more likely to spark innovation in emerging industries and accelerate the development of new technologies, according to research from Texas McCombs .

For small businesses, this underscores the importance of innovation as a strategic tool for differentiation and growth, demonstrating that even as newcomers with limited resources, small businesses have the potential to significantly influence their industries by introducing new ideas and solutions.

Researcher Francisco Polidoro, Jr., a Professor of Management at the University of Texas at Austin’s McCombs School of Business, outlined three key factors in the level of influence a startup’s innovations can wield:

• Resource disparities. Startups often lack resources in their early stages, which hinders development and can lead to business failure. While they may be unable to move forward, startups’ ideas and patents continue to live on, and when these concepts are particularly promising, more resource-rich companies may build upon their innovations and realize those goals.
• Academic citations. When academic institutions cite startups' patents in their research, it significantly boosts the visibility and credibility of those innovations. This implies the academic community's interest can elevate a startup's contributions, making them more influential in driving innovation.
• Lack of legal history. Established companies, known for their litigious and aggressive approach to protecting patents, may inadvertently discourage other companies from building upon their innovations out of fear of legal repercussions. Startups typically do not pose the same threat, making their patents more appealing for others to cite and build upon.

[Read more: What Every New Startup Can Do to Protect Their Intellectual Property ]

Startups with big ideas can leverage the industry know-how and deep pockets of bigger businesses through strategic collaboration to bring their vision to life.

The benefits and challenges of knowledge spillover in emerging industries

According to Polidoro, startup innovations lead to knowledge spillovers, where the developments of one company are utilized by others outside the original entity.

“Other entities can build on their ideas to create subsequent inventions, some of which may eventually benefit consumers in product markets,” said Polidoro in a press release.

Texas McCombs’ research, which analyzed 6,116 patents from the mid-1970s to 2016, demonstrated startups’ influence on innovation, with their patents cited 8.5% more annually — and 21% more over nine years — than those of established businesses.

However, Polidoro notes a downside: Startups’ resource constraints might hinder their ability to profit from their innovations, enabling wealthier companies to capitalize on these ideas. Research shows companies were more inclined to reference and build upon a startup’s patents, particularly when the startup showed limited capability in developing its innovations further.

[Read more: How Three Startups Scored Millions in Funding ]

Tips for startups looking to partner with larger businesses

Startups with big ideas can leverage the industry know-how and deep pockets of bigger businesses through strategic collaboration to bring their vision to life. Here are a few tips for forging a successful partnership to move your startup’s ideas forward.

Define your goals and ideal partnership

Before you seek out a partner, determine the goals and key objectives you hope to achieve through the partnership. From there, research businesses in your market that can help you reach those goals. Whoever you work with should have a good track record and ample experience in your specific area.

Establish a partnership agreement

A written agreement between you and your partner company should spell out the terms and conditions of the partnership, define the terms of intellectual property (IP) (including assets brought into the partnership versus those created jointly), and describe each party's responsibilities and expectations. Have both parties review the agreement with legal advisors to ensure it is legally binding and avoid any discrepancies or oversights.

Communicate openly and adapt as needed

Throughout your partnership, ensure consistent communication between both parties. Whether sharing success stories or challenges faced, keeping both entities in the loop about business happenings is key to addressing any problems before they arise.

Be flexible in your partnership, too. Situations can emerge that require sudden shifts, so it’s important to be adaptable and willing to switch gears when necessary.

[Read more: Micro-Business vs. Startup: What’s the Difference? ]

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Pitching To Funding And Having Plan B For Start-Up: How To Pitch Your Business Ideas To Investors

The path from a mere idea to a successful start-up involves several crucial steps, from pitching your concept to securing funding and, importantly, having a back-up plan.

By: Subhojit Sarkar | Updated at : 17 Apr 2024 06:55 PM (IST)

Pitch Your Business Ideas To Investors: A well-thought-out business plan is essential for attracting investors and guiding your start-up's growth. ( Image Source : Getty )

Entrepreneurial journey can be both exhilarating and challenging. The path from a mere idea to a successful start-up involves several crucial steps, from pitching your concept to securing funding and, importantly, having a back-up plan. Hence, launching a start-up is testing yet rewarding endeavour that requires careful planning. Here's a comprehensive guide on how to set a winning pitch for investors.

Crafting a compelling pitch

The first step in starting a start-up is to articulate your idea concisely and persuasively. Your pitch should clearly outline the problem you're solving, your unique solution, target market, competitive advantage, and potential for scalability. Practice your pitch until it's polished and can be delivered confidently in various settings, whether it's a formal presentation or an informal networking event.

Sridhar Samudrala , founder of Hecta, emphasised on a good pitch deck that explains the problem statement that they are solving and the design the product or service that solves the problem. "If you wish to get funding from Angels or VCs, then they look at size of the market and how technology or AI is being planned to scale up the business. Capturing this in a pitch deck is a process in itself, which will help sharpen the idea and think of the 'Art of Possible'.

Pitching ideas

Market validation.

Before seeking funding, it's essential to validate your idea in the market. Conduct thorough market research to understand your target audience, their pain points, and whether your solution resonates with them. Collect feedback from potential customers and iterate on your idea based on their insights. Demonstrating traction or early validation can significantly increase your chances of securing funding.

Hatching a solid business plan

A well-thought-out business plan is essential for attracting investors and guiding your start-up's growth. Your business plan should include a detailed analysis of the market, competitors, revenue model, marketing strategy, operational plan, and financial projections. It should also outline your team's expertise and roles. Continuously refine and update your business plan as your start-up evolves.

Building a strong team

Surround yourself with a talented and diverse team that shares your vision and complements your skills. A strong team can help overcome obstacles, bring fresh perspectives, and drive innovation. Invest in building a positive company culture that fosters collaboration, creativity, and accountability.

Seeking funding

Once you have a compelling pitch and a solid business plan, it's time to seek funding to fuel your start-up's growth. There are various sources of funding available, including bootstrapping, angel investors, venture capital, crowdfunding, and government grants. Research the pros and cons of each option and choose the one that aligns best with your start-up's stage and goals. Be prepared to pitch your idea to potential investors and demonstrate why your start-up is worth investing in.

ALSO READ | How To Maximise Tax Savings For Healthcare Benefits: Here's A Guide To Sections 80D, 80DDB, 80DD, And 80U

Having a Plan B

Despite your best efforts, not every start-up succeeds, and setbacks are inevitable. That's why it's crucial to have a Plan B – a contingency plan in case things don't go as expected. This could involve having alternative revenue streams, pivoting your business model, or even winding down the start-up if necessary. Being adaptable and resilient is key to overcoming challenges and navigating through uncertainty.

Yashraj Bhardwaj , co-founder, Petonic Infotech, tells the aspiring entrepreneurs to start with a persuasive pitch that will demonstrate the unique value of your product or service in the marketplace. "Present your business plan to potential investors, highlighting your vision, target audience and scalability. Focus on making good money, managing your work schedule and managing finances wisely. However, always prepare a Plan B that includes additional revenue and discounts to weather challenges or unexpected changes in the market. Always reiterate your strategy based on feedback and performance for long-term success."

Prerana Agarwal Saxena , founder and CEO at Theme Weavers Designs and WedEase, on the other hand, said, "Remember, a Plan B isn't a fallback; it's a strategic pivot point. Embrace the process of refining, pitching, funding, and evolving—each step a brushstroke on the canvas of innovation."

Iterating and adapting

The start-up journey is a continuous learning process, and it's essential to iterate on your idea based on feedback and market dynamics. Stay agile and be willing to pivot if needed. Keep a close eye on industry trends, customer needs, and competitive landscape, and adapt your strategy accordingly.

ALSO READ | Income Tax Alert: Here Are 5 High-Value Transactions That May Come Under Scrutiny

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Watch Now: Tapping into Your Unconventional Thinking and Using It to Create a Million-Dollar Business This husband-and-wife power duo is the founder of the fastest-growing direct-to-consumer kid's food brand in the U.S. Here's their advice to our subscribers.

By Entrepreneur Staff • Apr 17, 2024

As part of your Entrepreneur+ subscription , we look for opportunities to bring today's most innovative CEOs, celebrities, and successful entrepreneurs directly to you. We're excited to share this exclusive interview with the founders of Little Spoon, Angela Vranich and Ben Lewis. If you are not yet a subscriber, click here for one month free to Entrepreneur+.

This husband-and-wife power duo is the founder of the fastest-growing direct-to-consumer kid's food brand in the U.S. They sold over 1 million meals in their first year of business. And now, Ben and Angela turn their attention to our subscribers so they can pass on their expert marketing tips and growth strategies that can be applied to any small business. Here is what we asked them about:

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Life Sciences Technology Innovation Fellows Pitch Biotech Startups in NYC

By katharine downey.

(left to right) Rui Huang, PhD ’25 (biochemistry and molecular and cell biology), Kara Styers, MBA ’24, and Eman Said, MBA ’24, begin their pitch at the Life Sciences Technology Innovation Fellowship showcase. (photo by Sam Carter)

Cornell University’s Life Sciences Technology Innovation Fellows (LSTIF) gathered in midtown Manhattan at Cornell’s 570 Lexington Avenue space to pitch their startup ideas and celebrate a successful year at their culminating showcase event on March 16.

Cornell’s LSTIF program, offered by the Cornell SC Johnson College of Business and formerly known as the BioEntrepreneurship Initiative, aims to spawn collaboration between business students, graduate research students, and postdocs with an interest in health, pharma, medtech, biotech, vet-tech, molecular bioscience, and agritech from across our colleges to develop the next generation of life science entrepreneurs. It is inclusive of our Tri-Institutional partners, Memorial Sloan Kettering and the Rockefeller University.

The program’s 2023-24 cohort paired 15 MBA students at the Samuel Curtis Johnson Graduate School of Management with 12 researchers to collaborate on designing real-world startups. Once the interdisciplinary teams were formed, fellows began to work on developing business ideas based on Cornell research while also actively networking with life science communities based at Cornell and in New York City. Over the fall and spring semesters, fellows participated in workshops and courses that sharpened their entrepreneurial judgment.

Through alternating workshops held in Ithaca and in New York City, LSTIF fellows developed entrepreneurial judgment, learned from industry experts, and formed meaningful connections. To expose participants to a wide variety of life science innovations, sessions varied in location from the Ford Center Incubator at Rockefeller University, the Cornell Vet School, and Biolabs at NYU Langone. Guest speakers and mentors shared their distinct experiences to help guide the fellows on their entrepreneurial journey.

From September to March, LSTIF participants advanced their startup ideas through interactions with life science industry leaders, investors, experienced entrepreneurs, and Cornell faculty.

“LSTIF has transformed the way I think about building a life science startup and highlighted the importance of speaking to your future customers—providers, patients, payers, and beyond—to understand their needs first in order to create the best product,” said LSTIF participant Stephanie Azzopardi, MD/PhD ‘26.

“I’m thrilled that the Johnson School and New York State empower us as a teaching team to enable our fellows to interact with and learn from trailblazers in the life science innovation ecosystem,” said LSTIF program director Gregory Ray, PhD ’14. “I greatly appreciate the many speakers and mentors who joined us throughout the program and shared their experience and perspectives with the fellows.”

Showcasing biotech startups

The LSTIF showcase event began with Ray welcoming attendees and getting the program underway. Krystyn Van Vliet , vice president for research and innovation, shared a few words about her entrepreneurial journey with the fellows.

Teams then kicked off presentations, one by one, pitching their startups to a curated audience with the capacity to provide ongoing support. The goal was to apply the judgment and experience of the guests to each team’s business concept to help the participants build their entrepreneurial judgment.  At the conclusion of the pitches, Vishal Gaur , Anne and Elmer Lindseth Dean of the Johnson School, shared closing remarks and joined the showcase invitees for networking. At the networking session, attendees posed questions and gained insights into the fellow’s projects.

“Presenting at the showcase felt like a genuine biotech investor pitch, set against the backdrop of midtown NYC and attended by a diverse audience of investors, academics, and corporate executives,” said Evan Trofimchuk, MBA ’24. “Witnessing the remarkable advancements my peers achieved over the year, fueled by their evident passion and diligence, was truly astonishing. It was inspiring to learn about the business models that spurred from their PhD research projects, spanning AI-based drug discovery to cell-free nucleic acid therapeutics, among others.

“This experience not only highlighted the breadth of ambition within my LSTIF cohort,” said Trofimchuk, “but also served as a testament to the transformative potential of our collective efforts and the great importance for cross-functional academic endeavors on campus.”

As we complete this year’s cycle of the Life Science Technology Innovation Fellowship, recruitment is already underway for the program’s 2024-25 cohort. To learn more and apply, visit this  Life Sciences Technology Innovation Fellows web page.

Apply for LSTIF 2024-25 Cohort

Katharine Downey is a marketing and communications coordinator at the Center for Regional Economic Advancement.

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Mobile café start-up Jago lands $6 million in series A funding

Jago, which was inspired by Jakarta's mobile beverage vendors called "Starling", plans to use the funds to expand its coverage, upgrade its carts and invest in market-driven innovation for better cost efficiency.

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ago, a mobile café start-up based in Jakarta, has raised US$6 million in a series A funding round, which it plans to use to expand its service coverage.

The funding round was led by the start-up’s existing backers Indonesia’s Intudo Ventures and Singapore’s BEENEXT Accelerate, with participation from Thailand’s ORZON Ventures and the United States’ D Global Ventures.

Jago currently covers around 7 percent of Jakarta and aims to broaden its coverage to 50 percent by the end of the year.

“With this round of financing, Jago plans to expand service coverage, establish new depots and launch more carts,” cofounder and CEO Yoshua Tanu said in a statement on Wednesday.

The plan includes expanding from three to 15 depots and its fleet of fully electric carts from 300 to 1,500.

Jago also plans to invest in hardware upgrades for its carts, innovations around demand forecasting and supply routing as well as depot hardware improvements to streamline operations for greater cost efficiency.

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IGNOU Business Plan Competition 2024: Submit Your Innovative Business Ideas till April 30, 2024, Check More Details

Ignou business plan competition 2024: ignou has invited applications for the business plan competition 2024. interested candidates can apply till april 30, 2024, and submit their application at [email protected]. check the important details here..

IGNOU Business Plan Competition: Indira Gandhi National Open University’s (IGNOU) Institution's Innovation Council (IIC) is organizing a Business Plan Competition 2024 for university students and alumni. Interested students can register for the IGNOU-IIC Business Plan Competition 2024 by April 30, 2024. They have to submit their applications at [email protected].

IGNOU is holding this contest keeping in view the union government’s vision of Viksit Bharat@2047. The applications in the competition should concentrate on the Atmanirbhar Bharat project aiming at encouraging, supporting, and nurturing the startup culture in the country.

Who Can Apply For IGNOU Business Plan Competition 2024 ?

• The applicant should be a student or alumni of IGNOU.
• The applicant should have developed a prototype of an innovative business plan for starting a business or startup based on novel, socially relevant, and practical business ideas.

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