opening statement for business plan

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

Noah Parsons

24 min. read

Updated April 17, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

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

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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Opening Statements of Goals & Objectives

• Small Business
• Business Planning & Strategy
• Strategic Development Plans
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Writing an Organization's Goals & Objectives

Policy statement guidelines, objectives of measurable marketing.

• The Objectives of a Sales Letter
• Relationship Between Strategic Planning & Marketing Strategies

Strategic planning is a critical activity for any business. The starting point for any strategic plan is the development of effective -- and actionable -- goals and objectives. Understanding how to craft these opening statements can ensure commitment and buy-in and set the stage for deployment of the company's plan. Effective goals and objectives also provide clear guidance to all involved in ensuring that the plan is implemented.

Goals are broad statements of where a company would like to see itself in the future. Goals differ from mission and vision statements in that they are more targeted to specific areas of action (e.g., marketing or operations). Goals are supported by objectives, which are measurable, but goals themselves are general statements. For example, goals can be: "achieve best-in-class performance" or "reduce defect rates." The development of and agreement to goals is the first step in the strategic planning process and will provide direction for the implementation of the plan.

Objectives support goals and provide measurable detail. For instance, if a goal is to increase market share, a supporting objective might indicate for which products, in which market areas, by how much and by what point in time. It is important that objectives are stated specifically enough that, when the planning period is over, two independent observers could clearly agree to whether or not the objective had been met. To make more money is not an objective (it's a goal). To make 25 percent more revenue over the next quarter is an objective that might support a goal of making more money.

Writing Effective Goals

Effective goals are brief and actionable. Goal statements generally start with a verb: "increase," "decrease," "raise," "generate," etc. While goals should be brief, they should also clearly indicate what the general direction of the organization will be and set the stage for the development of supporting objectives. "Make money" is not specific enough; "make $30,000 next quarter" is too specific and stated more like an objective. "Increase revenue in XYZ market" provides some general direction without being too specific.

Writing Effective Objectives

Effective objectives are often described with the acronym SMART, which stands for: specific, measurable, actionable, realistic and time-framed. A well-written objective will meet each of these requirements -- for instance, "increase market share in XYZ territory among women aged 25 to 55 by the end of next fiscal year." A good test of a well-written objective is to predict future outcomes and determine whether the objective, as written, will allow independent observers to judge whether or not the objective has been met.

• Fast Company Expert Blog; Strategic Planning Is Dead; Norman Wolfe; March 2010
• Fast Company Expert Blog; Forget About Strategic Planning?; David Gardner; February 2010
• "Entrepreneur"; Strategic Planning for the Real World; Bill Bartmann; January 2010
• "Strategic Planning for Dummies"; Erica Olsen; 2006
• "Simplified Strategic Planning"; Robert W. Bradford and Brian Tarcy; 2000

Leigh Richards has been a writer since 1980. Her work has been published in "Entrepreneur," "Complete Woman" and "Toastmaster," among many other trade and professional publications. She has a Bachelor of Arts in psychology from the University of Wisconsin and a Master of Arts in organizational management from the University of Phoenix.

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6 Small Business Financial Statements for Startup Financing

Financial Statements You'll Need for Your Startup Business Plan

You're ready to start your small business and your're working on a great business plan to take to a bank or other lender. A key part of that plan is the financial statements. These statements will be looked at carefully by the lender, so here are some tips for making these documents SELL your business plan . 

Financial Statements You Will Need

You may need several different types of statements, depending on the requirements of your lender and your own technical expertise. 

The statements you will certainly need are:

• A startup budget or cash flow statement
• A startup costs worksheet
• A pro forma (projected) profit and loss statement
• A pro forma (projected) balance sheet 

Your lender may also want these financial statements: 

• Sources and uses of funds statement
• Break-even analysis

Putting these Statements in Order

First, work on your startup budget and your startup costs worksheet. You'll need to do a lot of estimating.

The trick is to underestimate income and overestimate expenses, so you can create a more realistic picture of your business over the first year or two.

Then work on a profit and loss statement for the first year. A lender will definitely want to see this one. And, even though it's not going to be accurate, lenders like to see a startup balance sheet. 

Some lenders may ask for a break-even analysis, a cash flow statement, or a sources and uses of funds statement. We'll go over these statements so you can quickly provide them if asked.

Business Startup Budget

 A startup budget is like a projected cash flow statement, but with a little more guesswork.

Your lender wants to know your budget - that is, what you expect to bring in and how much to expect to spend each month. Lenders want to know that you can follow a budget and that you will not over-spend. 

They also want to see how much you will need to pay your bills while your business is starting out (working capital), and how long it will take you to have a positive cash flow (bring in more money than you are spending). 

Include some key information on your budget:

• What products or services you are selling, including prices and estimated volumes
• Key drivers for expenses, like how many employees you'll need and your marketing initiatives  

A typical budget worksheet should be carried through three years, so your lender can see how you expect to generate the cash to make your monthly loan payments.

Startup Costs Worksheet

A startup costs worksheet answers the question "What do you need the money for?" In other words, it shows all the purchases you will need to make in order to open your doors for business. This could be called a "Day One" statement  because it's everything you will need on your first day of business. 

• Facilities costs, like deposits on insurance and utilities
• Office equipment, computers, phones
• Supplies and advertising materials like signs and business cards
• Fees to set up your business website and email
• Legal fees licenses and permits

Profit and Loss Statement/Income Statement

After you have completed the monthly budget and you have gathered some other information, you should be able to complete a Profit and Loss  or Income Statement. This statement shows your business activity over a specific period of time, like a month, quarter, or year.

To create this statement, you'll need to list all your sources to get your gross income over that time. Then, list all expenses for the same time.

Because you haven't started yet, this statement is a called a projected P&L, because it projects out your estimates into the future.  

This statement gathers up all your sources of income, including shows your profit or loss for the year and how much tax you estimate having to pay.

Break-Even Analysis

A break-even analysis shows your lender that you know the point at which you will start making a profit or the price that will cover your fixed costs . The break-even analysis is primarily for businesses making or selling products, or to set the right price for a product or service.  

It's usually shown as a graph with sales volume on the X axis and revenue on the Y axis. Then fixed an variable costs (those you must pay) are included. The break-even point marks the place where costs are covered.

This analysis can also be useful for service-type businesses to show an overall profit point for specific services. If you include a break-even analysis, be sure you can explain it.

Beginning Balance Sheet

A startup balance sheet is difficult to prepare, even if there isn't much to include. The balance sheet shows the value of the assets you have purchased for startup, how much you owe to lenders and other creditors, and any initial investments you have made to get started. The date for this spreadsheet is the day you open the business.

Sources and Uses of Funds Statement

Large businesses use Sources and Uses of Funds statements in their annual reports, but you can create a slightly different simple statement to show your lender what you need the money for, what sources you have already, and what's left over to be financed.

To create this statement, list all your startup and working capital(on-going cash needs), how much collateral you will be bringing to the business, other sources of funding, and how much you need to borrow. 

Optional: A Business Requirements Document

 A business requirements document is similar to a proposal document, but for a larger, more complex project or startup. It gives a complete picture of the project or the business plan. It goes into more detail on the project that will be using the financial statements. 

Include Financial Statements in Your Business Plan

You will need a complete startup business plan to take to a bank or other business lender. The financial statements are a key part of this plan. Give the main points in the executive summary and include all the statements in the financial section. 

Finally, Check for Mistakes!

Before you submit your startup business plan and financial statements, check this list. Don't make these  common business plan mistakes !

Check all numbers for accuracy and consistency. Especially make sure the amounts you are requesting are specific and that they are the same throughout all the parts of your business plan.

SCORE.org. " How to Set Up and Maintain a Budget for Your Small Business ." Accessed Sept. 10, 2020.

SCORE.org. " Financial Projections Template ." Accessed Sept. 10, 2020.

Harvard Business Review. " A Quick Guide to Breakeven Analysis ." Accessed Sept. 10, 2020.

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

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.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Crafting an Opening Sales Statement You've got just eight short seconds to grab your prospect's attention and land an executive sales appointment. This sales expert shows you how.

By Tony Parinello

Opinions expressed by Entrepreneur contributors are their own.

Before you pick up the phone to make a sales call to an executive, I'd like to suggest you remember the following true story:

A few months ago, one of my salespeople, Daniel, had some car problems, so I offered to give him a ride to work. Not wanting to pass up the opportunity to do a little one-on-one role-playing, I suggested we go over some appointment-setting phone skills. I've had a long-standing, well-proven statistic that you have just eight seconds to grab an executive's attention whenever they pick up their phone. Daniel was a bit skeptical about my eight-second standard. He looked at me and said, "Boss, eight seconds is too short a period of time! That's hardly enough time to take a deep breath, let alone make a meaningful opening statement."

We happened to be waiting at a red light when he said this. As the light turned green, I kept my foot on the brake and started counting: "One thousand one, one thousand two...." People started honking. By the time I got to "one thousand four," Daniel was begging me to get moving. By the time we hit the sixth second, the guy behind us was starting to get out of his car, and Daniel was looking for a place under the floorboards to hide. When I finally hit eight, the intersection was a symphony of honking horns, "pointing fingers" and shouting mouths. I hit the gas.

Daniel's never questioned me again on how long eight seconds really is or whether you can make an impact in that length of time.

If you've been reading my columns, you understand what motivates people to buy; you know the relevant specifics about your product, service or solution; and you have a good idea about the strategies at your disposal for contacting people who may give you new business. When you find yourself getting ready to pick up the phone to call an executive, what do you say?

I'm going to assume that your goal for picking up the phone is to develop new business. I'm also going to assume that:

• You've decided to use the phone to do this, either by means of a follow-up call on a written communication (see my prior article on this topic), or as your first contact with the target business.
• Your aim is to get an appointment or create the next step with a top executive who is the person who can actually buy whatever it is you're selling.

You have three big goals when it comes to developing an opening statement that works. You want to:

• Make it sound conversational.
• Deliver it with confidence.
• Get a favorable interruption--one that will put your prospect in control as soon as possible.

Five Key Opening Statement Components

You're picking up the phone to call your prospect. For right now, let's assume you actually do get through to the executive. (You should read last month's column to learn exactly how to get past the gatekeepers.) Here are the five key ingredients your opening statement needs to contain:

1. An Introduction. Usually, when an executive (or anyone else) picks up a direct line, they say their name: "This is Jane Smith," or "Jane Smith speaking." Your first step will be to repeat this person's name. Keep things formal for now--use Mr. or Ms., then the contact's last name.

Prospect: This is Jane Smith.

You: Ms. Smith?

Prospect: Yes.

This first step will earn you Ms. Smith's undivided attention. Whatever she was doing prior to you saying her name, she's now stopped doing. She's paying attention to you, and that's a good thing!

What most salespeople do now--despite ample and endlessly repeated evidence that they shouldn't--is say something like this: "Hi, Ms. Smith. This is Will Perish, with the ABC Insurance Company." Unless your name is, say, James Bond, or your company affiliation is, say, the Prize Disbursement Division of Publishers Clearing House, I can tell you exactly what's going to happen next in the vast majority of such calls: The prospect will respond to this self-defeating "verbal handshake" by tuning out, asking you to send written information, pretending the building just caught fire, or otherwise disengaging from the call. In other words, you'll have only been on the line about a second and a half, and you'll be done.

2. The Pleasantry. Here's an alternative plan. What I'm about to tell you will contradict what you've been taught. Do it anyway.

When Jane Smith says "Yes," you're going to respond with something positive and enthusiastic, something that doesn't directly identify you, your company or the product or service you eventually want to discuss. It's too early in the relationship for you to pass along that kind of information. Instead, you're going to use a pleasantry, such as one of these:

• "It's an honor to finally speak with you!"
• "Thanks for picking up the phone!"
• "Thanks for taking my call."
• "Your time is important. Let me cut to the chase."

Get the idea? Each and every one of these pleasantries will do a far better job for you than simply volunteering your name and company affiliation at the outset of the conversation. Or saying something totally lame like "How are you today?" or "Do you have a minute?"

3. The Hook. Immediately after your pleasantry, you're going to catch the person's attention by using a hook that's keyed directly to something likely to be of interest to this prospect.

"We've helped (three of the top five widget corporations reduce overhead costs by twelve percent this quarter--and they did it without laying off staff or sacrificing product quality)."

Now there's a tangible benefit if ever there was one! Keep your hook focused and just one or two sentences long, and you can't go wrong.

The Interruption. More often than not, here's where you'll get interrupted if your hook is doing its job. Your prospect is likely to cut in and say something along the lines of one of these statements:

• "This sounds interesting--tell me all about it."
• "I haven't heard of this before, but I must admit it sounds vaguely interesting."
• "I have absolutely no interest."

(Don't worry. You'll be learning how to deal with any not-so-favorable interruptions in next month's column.)

As I said, you'll almost certainly get interrupted by this point. For the sake of completeness, though, you need to finish developing your opening statement, so you know what to say in those cases where you don't get interrupted at this point.

4. Naming Names. Once you've shared your hook, the other person knows the reason for your call--the cat's out of the bag. This is the perfect time to identify yourself and, if you like, your organization. If you choose to identify the name of your business, give it a brief "commercial." What you say will fit in one sentence. It should sound like this:

"This is Will, Will Prosper, with ABC Insurance Company--the hardest-working company in the insurance industry today."

5. Your Ending Question. If you don't get interrupted by this point, you're going to conclude your opening statement with an ending question that incorporates some element of time. Try one of these:

• "Ms. Smith, does this touch on issues that are of concern to you this (month/year/quarter)?"
• "Are you wanting to accomplish something like this by the end of this (quarter/year)?"
• "Is this something you'd like to explore further?"
• "Who on your team would you like for me to continue this conversation with between now and the end of this business (day/week)?"

Putting It All Together

Here's an example of an opening statement that works. Yours shouldn't sound exactly like this one, but it should be about this long, and it should, like what follows, hit all the bases you've been reading about.

Prospect: "This is Jane Smith."

You: "Ms. Smith?"

Prospect: "Yes...."

You: "(Pleasantry) It was a pleasure to read that your company has successfully expanded into the European marketplace. By the way...(Hook) after studying another client's operation, we suggested an idea that provided revenue gains of more than $25,000 per year. The real surprise is that we did this without taking one bit of Acme's hard-earned capital. (Your Name) This is Will Prosper at Zenith. (Ending Question) Acme's impressive results may be tough to duplicate. But would you be open to taking the next step between now and the first of the year?"

Again, you shouldn't try simply to insert your company specifics into the script you see above. You should use all the ideas in this article to craft an opening statement that is uniquely yours and that best fits the business you're pitching.

Tony Parinello has become the nation's foremost expert on executive-level selling. He's also the author of the bestselling book bearing the name of his sales training program, Getting to VITO, the Very Important Top Officer, 10 Steps to VITO's Office, as well as the host of Club VITO , a weekly live internet broadcast.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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Opening Statement

In events, affairs, literary pieces, scholastic articles, and general resumes , and even resume opening statements , an opening statement is always a must. Take note, it is not a need but a must. Any statement could come into play but nothing is more thrilling than an opening statement, specially a well-prepared and compelling one.

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What Is an Opening Statement?

An opening statement could also be incorporated in a personal setting and a business setting.  Cash flow statements ,  income statements , and even  financial statements . For a personal statement , it is often found and seen as an introduction or an opening. They all should have an opening statement. It is important because it provides the reader a taste of what the content is and sheds light to any doubts in their minds.

How Do You Write an Opening Statement?

Writing an opening statement doesn’t have to be like writing a bank statement  where you can just provide a sentence or two. Here are the steps to write an effective opening statement.

Step 1: Create an Outline

First thing is to create an outline. Either create one from scratch or create one from an outline template. An outline is most important to guide you throughout the course of your writing. It allows you to lay down your ideas in a cohesive manner.

Step 2: Start Strong

There is nothing more convincing than putting out the best words you have from your vocabulary. Make your opening sentences compelling and emotion-stirring.

Step 3: State Your Main Points

The opening statement will allow you to convince your readers to keep on reading an income statement of a company . So on your opening statement, include your main points but do not overstate them.

Step 4: Understand the Purpose of the Opening Statement

In a financial statement , a good introduction is needed to present factual data. The information to be presented is not merely based on fabrications but on truth. In any kind of opening statements, facts will always matter. Even when you write your thesis paper opening statement, facts are preferred.

What Is the purpose of an opening statement?

There is only one reason why an opening statement is necessary. It is an essential part of an article or a narrative to bring to life the reader’s interest. Let us look at opening statements in court proceedings. Lawyers use it to present introductory arguments to the jurors and present strong evidence.

What is an opening statement?

An opening statement is a paragraph that talks or introduces the reader about what the document is about. The opening statement is also an introduction provides a brief overview of what the whole story is all about. It acts as a lens to provide readers a chance to get a glimpse of the entirety of your work. Moreover, opening statement allows a writer to build a connection with the reader.

What is the difference between an opening and closing statement?

First of all, these two different statements vary in the way that they are used in a story or an article. In addition to that, the main difference lies in the objective statements  of a closing and an opening statement. The former is a summary of the whole point while the latter is an introduction. At one point, the way they are written is most likely the same. Both of them needs to include a main point. However, an opening statement stirs readers attention to continue with the documents or article while a closing statement helps readers recall the main points.

When you write an opening statement, you know for a fact that it is necessary to capture the attention of your readers. Any statement could come into play but nothing is more thrilling than an opening statement, specially a well-prepared and compelling one.

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Gym Business Plan Template

Written by Dave Lavinsky

Gym Business Plan & Example

You’ve come to the right place to create a gym business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their gyms.

Gym Business Plan Example

Use the example below as a template to write a gym business plan.

Executive Summary

Business overview.

Steven’s Gym is a startup locally owned gym located in El Paso, Texas. Steven’s Gym will include various exercise equipment, strength training equipment, free weights, aerobic equipment, and plenty of cardio equipment. The gym will also offer HIIT group classes, spin classes, strength training instruction, and personal training.

Located in an up and coming, newly developed, and highly trafficked area of town, Steven’s Gym will attract both men and women ages 16 to 75+. There is something for everyone at Steven’s Gym, whether someone is just beginning their fitness journey or is a seasoned athlete and gymrat. The gym will have a welcoming atmosphere, experienced personal trainers, friendly staff, and frequently cleaned equipment and restrooms.

The membership options are affordable and will be offered on a month-to-month basis, a 6 or 12 month contract, or the ability to pay for an entire year upfront. Discounts will be offered to military, teachers, and healthcare workers.

Service Offering

The following are the services that Steven’s Gym will provide:

• Strength training equipment
• Cardio equipment
• Free weights/dumbbells
• Aerobic equipment
• HIIT group classes
• Strength training instruction

Customer Focus

Steven’s Gym will target all men and women ages 16 – 75+ who are interested in achieving and maintaining a healthy and active lifestyle. El Paso is a very diverse city that includes men and women from all walks of life. There are numerous blue collar individuals, white collar individuals, government employees, and military members as the local Army base is one of the largest in the country. Since Steven’s Gym will be very affordable, it will be able to attract people from all walks of life.

Management Team

Steven will manage the day-to-day tasks of running the gym. Steven will hire a gym manager to manage membership and three trainers. Steven will outsource a local CPA to handle payroll, accounting, and tax payments. He will also outsource a local advertising company to develop the gym’s logo, branding, photography, social media accounts, website, and billboard design.

Success Factors

Steven’s Gym will be able to achieve success by offering the following competitive advantages:

• Large, clean, and spacious fitness center that has all the necessary equipment for their fitness routine.
• Knowledgeable and friendly staff of trainers.
• Best value for membership pricing. The membership pricing options are affordable and offer military, teacher, and healthcare employee discounts.
• Convenient hours of operation.

Financial Plan Highlights

Steven’s Gym is seeking $300,000 in debt financing to begin operations of the business. The funding will be dedicated towards securing the warehouse space, gym build-out, and purchase of the equipment. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and working capital. The breakout of the funding is below:

• Securing warehouse space, gym build-out, and design: $25,000 to $125,000
• Gym equipment purchase: $50,000 to $100,000
• Three months of overhead expenses (payroll, rent, utilities): $15,000 to $55,000
• Marketing & advertising: $15,000
• Working capital: $10,000

Company Overview

Who is steven’s gym.

Steven’s Gym is a new, locally owned gym located in El Paso, Texas. Steven’s Gym will include strength training equipment, free weights, aerobic equipment, and plenty of cardio equipment. The gym will also offer fitness classes, strength training instruction, and personal training. Located in an up and coming, and highly trafficked area of town, Steven’s Gym will attract both men and women ages 16 to 75+. There is something for everyone at Steven’s Gym, whether someone is just beginning their fitness journey or is a seasoned athlete and gymrat. The gym will have a welcoming atmosphere, experienced trainers, friendly staff, and frequently cleaned equipment and restrooms. The membership options are affordable and will be offered on a month-to-month basis, a 6 or 12 month contract, or the ability to pay for an entire year upfront. Discounts will be offered to military, teachers, and healthcare workers.

Steven’s Gym History

Steven’s Gym is owned by Steven Malone, a retired Army Master Sergeant who is also a seasoned powerlifter. Steven was stationed at El Paso’s Fort Bliss for many years before eventually retiring and deciding to stay in El Paso and embark on his dream of eventually owning his own gym. As a frequent gym goer, Steven recognized that El Paso lacks high quality independent gyms. The nicest and most equipped gyms in El Paso are large franchises that have too many rules and regulations. Steven envisioned a gym that was welcoming to all types of people that is encouraging, clean, and adequately equipped for those who are focused on sustaining an active, healthy lifestyle.

Since incorporation, Steven’s Gym has achieved the following milestones:

• Found a 10,000 square foot warehouse space for lease in El Paso, Texas that can easily be converted to a gym.
• Registered Steven’s Gym, LLC to do business in the State of Texas.
• Began the branding image, logo, website, and social media accounts for the gym.
• Began researching and pricing out equipment.

Steven’s Gym Services

The following will be the services Steven’s Gym will provide:

Industry Analysis

The Gym industry is expected to grow to an annual revenue of $38 billion in the next five years. This growth is likely a result of increased per capita disposable income, in addition to growing health-consciousness. As consumers’ disposable income levels rise, individuals are usually more willing to purchase gym memberships. Additionally, time spent on leisure and sports is expected to increase over the next five years, effectively increasing the potential pool of consumers.

During this period, demographic changes are expected to drive revenue growth for operators. In particular, as healthcare costs continue to escalate, health insurance providers may implement incentives to promote preventive health practices, including the use of fitness centers among individuals within their provider network. Additionally, initiatives that promote the health benefits of exercise will likely increase over the next five years, stimulating industry revenue.  

Customer Analysis

Demographic profile of target market.

Steven’s Gym’s target audience will include all men and women ages 16 – 75+ who are interested in achieving and maintaining a healthy and active lifestyle. El Paso is a very diverse city that includes men and women from all walks of life. There are numerous blue collar individuals, white collar individuals, government employees, and military members as the local Army base is one of the largest in the country. Since Steven’s Gym will be very affordable, it will be able to attract people from all walks of life.

Customer Segmentation

Steven’s Gym will primarily target the following customer profiles:

• High school and college students
• Locally-based Military
• Athletes who frequently train for fitness competitions

Competitive Analysis

Direct and indirect competitors.

Steven’s Gym will face competition from other companies with similar business profiles. A description of each competitor company is below. Gold’s Gym Gold’s Gym is a large franchise-owned gym with two locations in El Paso. Gold’s Gym gives access to everything one needs to transform their life: state-of-the-art amenities, a variety of fitness classes tailored towards someone’s fitness needs, and the world’s best trainers. There are weekly fitness classes for group workouts ranging from martial arts-inspired cardio classes to foundational yoga sessions. There are also certified trainers if someone is new to exercise or just looking for more guidance and coaching. Gold’s Gym’s amenities include cardio equipment, group exercise, personal training, a pro shop, sauna/steam rooms, group cycle, free weights, functional training, kids club, locker rooms, and wifi.

Planet Fitness Planet Fitness is for people from all walks of life, whether they’re a first-time gym user or a veteran member, they are there to provide a workout environment in which anyone and everyone can be comfortable. All Planet Fitness members enjoy unlimited access to their home club and the support of their friendly, knowledgeable staff anytime they need it. PF Black Club members receive additional benefits, including the ability to bring a guest for free and access to any of their 2,000+ PF locations. Also, the PF member can take advantage of their free fitness training or find motivation by reading real member experiences on Planet of Triumphs. The goal of Planet Fitness is to provide a clean, safe, welcoming environment for anyone who walks through the door, and all the equipment, amenities, and support they need once they arrive.

Anytime Fitness Anytime Fitness is a welcoming gym that exists to help someone get to a healthier place – by giving the right support at the right times, in the ways the member wants. Every member receives a free, personalized Get Started Plan when they join. Their friendly, professional staff is trained to help someone along their fitness journey, no matter how much support they need. Aside from a large selection of strength and cardio equipment, Anytime Fitness offers the following services – 24-hour access, 24-hour security, convenient parking, anywhere gym access, private restrooms, private showers, health plan discounts, wellness programs, cardio TVs, and HDTVs.

Competitive Advantage

Steven’s Gym will be able to offer the following advantages over their competition:

• Large, clean, and spacious facility that has all the necessary equipment for their fitness routine.

Marketing Plan

Brand & value proposition.

Steven’s Gym will offer the unique value proposition to its clientele:

• Large, clean, spacious, and well-equipped facility.
• Dedicated team of trainers.
• Affordable membership pricing plans.

Promotions Strategy

The promotions strategy for Steven’s Gym is as follows: Social Media Marketing Strategy Steven’s Gym will invest in advertising the gym on social media platforms Facebook and Instagram. By using targeted social media marketing, Steven’s Gym will be able to reach the appropriate target audience of El Paso. Before opening, Steven will hire an advertising agency to develop the branding and photography needed to create captivating social media posts.

Billboards Steven will invest in two billboards strategically located at busy intersections that receive thousands of traffic daily. The advertising agency will develop the print for the billboard design. Website/SEO Marketing Strategy Steven’s Gym will invest in a strong SEO presence so that when someone enters “El Paso gym” or “local gym near me” in their Google or Bing search bar, Steven’s Gym is at the top of the list. Their website will list all of Steven’s Gym’s services, location, pricing, and contact information. Word of Mouth Word quickly spreads around town and once a few people experience the clean, affordable, and professional staff at Steven’s Gym, more and more people will come in to see for themselves and sign up for a membership plan.

The pricing of Steven’s Gym will be moderate and on par with competitors so customers feel they receive value when purchasing their services.  

Operations Plan

The following will be the operations plan for Steven’s Gym.

Operation Functions:

• Steven Malone will be the sole gym owner and operator of Steven’s Gym. He will oversee the staff, maintain that the cleaning schedules are being enforced, and ensure that all equipment is working per standard and safely. He will also manage all ordering of new and replacement equipment, schedule the group HIIT classes, and daily management tasks.
• Steven will hire a gym manager to be in charge of members and member management.
• A team of three trainers will run all of the fitness classes. As the membership grows and clients require more attention, more trainers and fitness classes will be added.
• A local CPA will manage all high level accounting functions, such as payroll and tax payments.
• Steven will also hire an advertising agency to develop the gym’s branding, photography, website, social media accounts, and billboard design.

Milestones:

Steven’s Gym will have the following milestones completed in the next six months. 8/1/202X – Finalize contract to lease warehouse space. 8/15/202X – Begin build-out and design converting warehouse space into a functional gym. 9/1/202X – Hire advertising company to begin developing gym’s branding, logo, social media accounts, website, and billboard design. 9/15/202X – Order all equipment. 10/5/202X – Hire gym manager and team of personal trainers. 10/15/202X – Train staff on proper policies and procedures. 11/1/202X – Grand Opening of Steven’s Gym.  

Steven’s Gym will be solely owned by Steven Malone. Steven is a retired Army Master Sergeant who has been stationed off and on at El Paso’s Fort Bliss for the past twelve years. Upon retirement, Steven decided to make El Paso his permanent home and embark on his dream of owning his own gym. Steven recognizes the lack of quality, independent gyms in El Paso and wants to open a gym that fits his idea of what a high-quality gym should be.

As a former powerlifter and personal trainer while serving in the military, Steven is aware of the proper equipment and facilities a gym should have. Steven envisions his gym to be friendly, clean, well-equipped, and affordable for the average person so that people from all walks of life will feel comfortable going to the gym and achieving their fitness goals. Steven will dedicate his life and focus on ensuring that his gym is always clean, staffed with the best trainers, and members are happy with what the gym has to offer.  

Financial Plan

Key revenue & costs.

The revenue drivers for Steven’s Gym are the membership fees it will charge each person that signs up to become a member. Each member will be placed on a membership plan where they can either pay month to month, enroll in either a 6 or 12 month contract, or pay for the entire year upfront.

The cost drivers will be the payroll for the staff, rent, utilities, cleaning supplies and equipment, and gym equipment purchase and maintenance. Other cost drivers will be the targeted marketing costs on social media and monthly fees for the CPA and advertising company.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Initial Number of New Clients per Month: 60
• Average Monthly Membership Fee: $150
• Gym Lease per Year: $100,000

Financial Projections

Income Statement

Balance Sheet

Cash Flow Statement

Gym Business Plan FAQs

What is a gym business plan.

A gym business plan is a plan to start and/or grow your gym. Among other things, it outlines your business concept, identifies your target customers, presents your marketing strategies and details your financial projections.

You can  easily complete your gym business plan using our gym business plan template here .

What Are the Main Types of Gyms?

There are many types of gyms or fitness centers. There are large, franchise gyms that have multiple locations across the country. There are also large single facility gyms. Finally, there are smaller gyms that tend to focus on a particular fitness segment, such as strength training, CrossFit, or group HIIT training.

What Are the Main Sources of Revenue and Expenses for a Gym Business?

The primary source of revenue for a gym or fitness center are membership fees. Typically, members pay month-to-month, or fulfill a year-long contract.

The key expenses for a gym or fitness center are the costs associated with payroll, purchase and maintenance of equipment, cleaning supplies, marketing costs, and working capital. Other expenses will be rent, utilities, taxes, accounts payable, and other licensing fees (if necessary).

How Do You Get Funding for Your Gym?

Gym businesses are most likely to secure funding from banks. Typically you will find a local bank and present your gym business plan to them. Family and/or friends could also be potential investors and other types of capital-raising such as crowdfunding are other common funding sources.

A well-crafted gym business plan, complete with a solid financial plan is essential for attracting any type of potential investor. This is true for a new gym business or established businesses looking to grow.

What are the Steps To Start a Gym Business?

Starting a gym or fitness center can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Write A Gym Business Plan - The first step in starting a business is to create a solid gym business plan that outlines all aspects of the venture. This should include market research on the fitness industry and potential target market size, information on the services and/or products you will offer, marketing strategy, mission statement, business model and pricing strategy and a detailed financial plan.  Our business plan template is the perfect guide to show you how to start a gym business plan.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your fitness   business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your gym business is in compliance with local laws.

3. Register Your Gym Business - Once you have chosen a legal structure, the next step is to register your gym business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your gym business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Gym Equipment & Supplies - In order to start your gym business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your gym or fitness   business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising to reach your target audience.

Learn more about how to start a successful gym or fitness business:

• How to Start a Gym Business

Where Can I Get a Gym Business Plan PDF?

You can download our free gym business plan template PDF here. This is a sample gym business plan template you can use in PDF format.

Other Business Plan Templates

Food Truck Business Plan Template Event Venue Business Plan Template

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Disneyland cast members take step toward joining actors’ equity; union files election petition, breaking news.

Seven Jurors Selected For Donald Trump’s Hush Money Case, Former President Attacks Judge For “Rushing This Trial” – Update

By Sean Piccoli , Ted Johnson

UPDATE: A seventh juror was sworn in to serve during Donald Trump ‘s hush money trial, as proceedings ended for the day.

The juror, a civil litigation lawyer, was selected after a long day in which prospective panelists were grilled about their views and past social media posts. Although Judge Juan Merchan excused some potential jurors who had posted egregious anti-Trump messages, he allowed others who had posted political content indicating their views.

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Merchan has been telling selected jurors to expect to return on Monday for opening statements.

Still to be selected are five additional jurors as well as alternates.

Speaking to reporters outside the courtroom, Trump again attacked the judge, calling him “totally conflicted” and accused him of “rushing this trial and doing as much as he can for the Democrats.”

Jury selection will resume on Thursday, as Merchan has indicated that Wednesdays will be dark due to his other obligations. That could change if the case falls behind.

PREVIOUSLY: The first six jurors have been sworn in in Donald Trump’s hush money trial, after extensive questioning that included queries about past social media posts.

Twelve jurors and as many as six alternates have to be seated before testimony begins.

Judge Juan Merchan also told the jury that they could plan for opening statements on Monday.

Merchan then continued jury selection. Among those queried was a retired New York city law enforcement officer who now works for two security firms. He said that he was once to serve on a jury in a lawsuit involving Trump and Merv Griffin, but it was settled out of court.

“Donald Trump was one of the parties?” Merchan asked. “I think so. I’m not 100 percent sure.”

Trump sued Griffin in 1988 during a battle over control of Resorts International Inc. It was ultimately settled under a deal in which Trump retained ownership of the Taj Mahal in Atlantic City.

PREVIOUSLY: Donald Trump’s lawyers have been reviewing potential jurors’ social media posts, calling out those whose pledges to be impartial may conflict with their affinities on Facebook and other platforms.

But Judge Juan Merchan scolded the former president’s legal team for Trump’s audible reaction as one potential juror was being questioned over her past Facebook post that showed an outdoor celebration, captioned a “full-on dance party,” apparently tied to the 2020 election.

The potential juror defended the post, telling the judge that she had been re-parking her car when she spotted the celebration. She said that “regardless of my thoughts about anyone or anything or political feelings or convictions,” the “job of a juror is to understand the facts of a trial and to the judge of those facts,” per a pool report.

After the juror left the courtroom, Merchan told Trump’s lawyers that as she was being questioned, “your client was audible.” He said that he could not hear what Trump was saying but that he was “muttering” and “gesturing.”

“I will not have any jurors intimidated in this courtroom,” the judge said, during Trump’s lawyers to speak to their client.

Merchan declined to dismiss the potential juror.

But he did excuse another potential juror who had a past social media post during the Trump presidency that read, “Good news!! Trump lost his court battle on his unlawful travel ban!! Get him out, and lock him up.” As the potential juror was being questioned over the post, Trump “flashed him a smirk,” according to the pool report.

Another juror also was excused over social media posts, including a parody video generated by AI titled “I’m dumb as f—” and featuring Trump.

But the judge declined to dismiss another prospective juror over social media posts that her husband made or shared in 2016, showing the extent to which Trump’s team is investigating the backgrounds of those in the mix.

“These are three posts. They are all fairly characterized as satire, I believe,” Merchan said. “None of them expresses the sentiment we saw in some others, a desire to see your client locked up or beheaded or something or other of that nature.”

He added, “The question is not whether someone agrees with your client politically or not. The question is whether or not they can be fair and impartial.”

PREVIOUSLY: Kara McGee, a jury pool candidate who was excused on Tuesday morning during the latest round of jury selection in Donald Trump’s hush money trial, told reporters outside the Manhattan courthouse she was disappointed to not be able to serve because of scheduling conflicts with her cybersecurity job. 

“I don’t approve of what he did as a president,” McGee told reporters, but added that the right to a fair trial was important enough to her that she could have put her feelings aside and judged the case impartially. 

“We all have prior opinions about the defendant,” she added.

McGee described the mood among jury candidates in the courtroom on Monday and Tuesday as tense as they took turns answering a 42-item juror questionnaire covering jobs, hobbies, family life, political activities and feelings about the case. “People did seem nervous … like no one wanted to talk to each other,” she said  

She said the gravity of the occasion was palpable: “You walked in and you felt like history was happening.”

Video via Sean Piccoli.

(WATCH) Kara McGee, the excused juror from the Trump trial in NYC, talks with the media pic.twitter.com/7azWL9yPCr — Deadline Hollywood (@DEADLINE) April 16, 2024

PREVIOUSLY: Donald Trump again blasted the judge in his hush money trial, before entering the courtroom this morning for what is a long slog through jury selection.

In what is likely to be a routine moment for each day’s proceedings, the former president stopped in the courthouse hallway to make brief remarks to reporters, seizing on the media’s need for visuals given the restrictions on cameras in the courtroom itself.

Trump called Judge Juan Merchan a “Trump hating judge” who should be recused from the case, although efforts to remove the judge have so far been rejected. Trump also again claimed that the case, involving hush money payments paid to Stormy Daniels in advance of the 2016 election, was orchestrated by Joe Biden. After Trump’s remarks, CNN quickly went to a fact check to note that the case is brought in the state of New York, not at the federal level, and by Manhattan District Attorney Alvin Bragg.

Earlier today, on Truth Social Trump railed at some of the reporting on the trial’s first day, complaining of people “lying and spewing hate all day long” on TV. The New York Times’ Maggie Haberman reported that Trump dozed off at one moment during the proceedings, something that was quickly picked up by cable news and even late night comics.

Trump is under a partial gag order that prevents him from attacking the judge’s family and potential witnesses, among others.

The charges against Trump have to do with the recording of payments to his former attorney Michael Cohen as “legal expenses.” The indictment alleges that those expenses were actually reimbursement for hush money payments, and that it was part of a scheme to cover up damaging information in advance of the 2016 election. Trump told reporters today that “I was paying a lawyer and marked it down as legal expense. An accountant I didn’t know marked it down as a legal expense. That’s exactly what it was.”

Jury selection is expected to continue throughout the day today, with some 32 potential jurors remaining from an initial pool of 96. The process is slow, as each juror is given a list of 42 questions to answer as part of the voir dire process.

Outside the courthouse, the scene was quiet, with no demonstrators in the park across the street from the Manhattan complex.

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Global smartphone shipments climb nearly 8% in 1st quarter as samsung retakes the lead.

Associated Press

Global smartphone shipments rose nearly 8% in the first quarter, according to preliminary data from International Data Corp. It's the third straight quarter of shipment growth and marks the return of Samsung to No. 1.

There were 289.4 million units shipped in the period, according to IDC's Worldwide Quarterly Mobile Phone Tracker.

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Claiming the top spot was Samsung, with 60.1 million units shipped in the quarter, down about 0.7% from last year. Apple came in second, with 50.1 million units shipped, down 9.6% from last year. Apple was at the top spot in the last quarter of 2023.

The third and fourth smartphone makers, Xiaomi and Transsion, saw their market share leap 34% and 85% respectively year over year.

Nabila Popal, research director with IDC’s Worldwide Tracker team, said in a statement that average selling prices continue to improve, with consumers buying more expensive devices because they know they're going to hold onto them longer.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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