the best business plan in the world

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.

Start selling online now with Shopify

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 

Oberlo uses cookies to provide necessary site functionality and improve your experience. By using our website, you agree to our privacy policy.

START YOUR ECOMMERCE BUSINESS FOR JUST $1

• Skip to primary navigation
• Skip to main content

A magazine for young entrepreneurs

The best advice in entrepreneurship

Subscribe for exclusive access, how to write a business plan (tips, templates, examples).

Written by Jesse Sumrak | May 14, 2023

Comments -->

Get real-time frameworks, tools, and inspiration to start and build your business. Subscribe here

Business plans might seem like an old-school stiff-collared practice, but they deserve a place in the startup realm, too. It’s probably not going to be the frame-worthy document you hang in the office—yet, it may one day be deserving of the privilege.

Whether you’re looking to win the heart of an angel investor or convince a bank to lend you money, you’ll need a business plan. And not just any ol’ notes and scribble on the back of a pizza box or napkin—you’ll need a professional, standardized report.

Bah. Sounds like homework, right?

Yes. Yes, it does.

However, just like bookkeeping, loan applications, and 404 redirects, business plans are an essential step in cementing your business foundation.

Don’t worry. We’ll show you how to write a business plan without boring you to tears. We’ve jam-packed this article with all the business plan examples, templates, and tips you need to take your non-existent proposal from concept to completion.

Table of Contents

What Is a Business Plan?

Tips to Make Your Small Business Plan Ironclad

How to Write a Business Plan in 6 Steps

Startup Business Plan Template

Business Plan Examples

Work on Making Your Business Plan

How to Write a Business Plan FAQs

What is a business plan why do you desperately need one.

A business plan is a roadmap that outlines:

• Who your business is, what it does, and who it serves
• Where your business is now
• Where you want it to go
• How you’re going to make it happen
• What might stop you from taking your business from Point A to Point B
• How you’ll overcome the predicted obstacles

While it’s not required when starting a business, having a business plan is helpful for a few reasons:

• Secure a Bank Loan: Before approving you for a business loan, banks will want to see that your business is legitimate and can repay the loan. They want to know how you’re going to use the loan and how you’ll make monthly payments on your debt. Lenders want to see a sound business strategy that doesn’t end in loan default.
• Win Over Investors: Like lenders, investors want to know they’re going to make a return on their investment. They need to see your business plan to have the confidence to hand you money.
• Stay Focused: It’s easy to get lost chasing the next big thing. Your business plan keeps you on track and focused on the big picture. Your business plan can prevent you from wasting time and resources on something that isn’t aligned with your business goals.

Beyond the reasoning, let’s look at what the data says:

• Simply writing a business plan can boost your average annual growth by 30%
• Entrepreneurs who create a formal business plan are 16% more likely to succeed than those who don’t
• A study looking at 65 fast-growth companies found that 71% had small business plans
• The process and output of creating a business plan have shown to improve business performance

Convinced yet? If those numbers and reasons don’t have you scrambling for pen and paper, who knows what will.

Don’t Skip: Business Startup Costs Checklist

Before we get into the nitty-gritty steps of how to write a business plan, let’s look at some high-level tips to get you started in the right direction:

Be Professional and Legit

You might be tempted to get cutesy or revolutionary with your business plan—resist the urge. While you should let your brand and creativity shine with everything you produce, business plans fall more into the realm of professional documents.

Think of your business plan the same way as your terms and conditions, employee contracts, or financial statements. You want your plan to be as uniform as possible so investors, lenders, partners, and prospective employees can find the information they need to make important decisions.

If you want to create a fun summary business plan for internal consumption, then, by all means, go right ahead. However, for the purpose of writing this external-facing document, keep it legit.

Know Your Audience

Your official business plan document is for lenders, investors, partners, and big-time prospective employees. Keep these names and faces in your mind as you draft your plan.

Think about what they might be interested in seeing, what questions they’ll ask, and what might convince (or scare) them. Cut the jargon and tailor your language so these individuals can understand.

Remember, these are busy people. They’re likely looking at hundreds of applicants and startup investments every month. Keep your business plan succinct and to the point. Include the most pertinent information and omit the sections that won’t impact their decision-making.

Invest Time Researching

You might not have answers to all the sections you should include in your business plan. Don’t skip over these!

Your audience will want:

• Detailed information about your customers
• Numbers and solid math to back up your financial claims and estimates
• Deep insights about your competitors and potential threats
• Data to support market opportunities and strategy

Your answers can’t be hypothetical or opinionated. You need research to back up your claims. If you don’t have that data yet, then invest time and money in collecting it. That information isn’t just critical for your business plan—it’s essential for owning, operating, and growing your company.

Stay Realistic

Your business may be ambitious, but reign in the enthusiasm just a teeny-tiny bit. The last thing you want to do is have an angel investor call BS and say “I’m out” before even giving you a chance.

The folks looking at your business and evaluating your plan have been around the block—they know a thing or two about fact and fiction. Your plan should be a blueprint for success. It should be the step-by-step roadmap for how you’re going from Point A to Point B.

How to Write a Business Plan—6 Essential Elements

Not every business plan looks the same, but most share a few common elements. Here’s what they typically include:

• Executive Summary
• Business Overview
• Products and Services
• Market Analysis
• Competitive Analysis
• Financial Strategy

Below, we’ll break down each of these sections in more detail.

1. Executive Summary

While your executive summary is the first page of your business plan, it’s the section you’ll write last. That’s because it summarizes your entire business plan into a succinct one-pager.

Begin with an executive summary that introduces the reader to your business and gives them an overview of what’s inside the business plan.

Your executive summary highlights key points of your plan. Consider this your elevator pitch. You want to put all your juiciest strengths and opportunities strategically in this section.

2. Business Overview

In this section, you can dive deeper into the elements of your business, including answering:

• What’s your business structure? Sole proprietorship, LLC, corporation, etc.
• Where is it located?
• Who owns the business? Does it have employees?
• What problem does it solve, and how?
• What’s your mission statement? Your mission statement briefly describes why you are in business. To write a proper mission statement, brainstorm your business’s core values and who you serve.

Don’t overlook your mission statement. This powerful sentence or paragraph could be the inspiration that drives an investor to take an interest in your business. Here are a few examples of powerful mission statements that just might give you the goosebumps:

• Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
• Tesla: To accelerate the world’s transition to sustainable energy.
• InvisionApp : Question Assumptions. Think Deeply. Iterate as a Lifestyle. Details, Details. Design is Everywhere. Integrity.
• TED : Spread ideas.
• Warby Parker : To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.

3. Products and Services

As the owner, you know your business and the industry inside and out. However, whoever’s reading your document might not. You’re going to need to break down your products and services in minute detail.

For example, if you own a SaaS business, you’re going to need to explain how this business model works and what you’re selling.

You’ll need to include:

• What services you sell: Describe the services you provide and how these will help your target audience.
• What products you sell: Describe your products (and types if applicable) and how they will solve a need for your target and provide value.
• How much you charge: If you’re selling services, will you charge hourly, per project, retainer, or a mixture of all of these? If you’re selling products, what are the price ranges?

4. Market Analysis

Your market analysis essentially explains how your products and services address customer concerns and pain points. This section will include research and data on the state and direction of your industry and target market.

This research should reveal lucrative opportunities and how your business is uniquely positioned to seize the advantage. You’ll also want to touch on your marketing strategy and how it will (or does) work for your audience.

Include a detailed analysis of your target customers. This describes the people you serve and sell your product to. Be careful not to go too broad here—you don’t want to fall into the common entrepreneurial trap of trying to sell to everyone and thereby not differentiating yourself enough to survive the competition.

The market analysis section will include your unique value proposition. Your unique value proposition (UVP) is the thing that makes you stand out from your competitors. This is your key to success.

If you don’t have a UVP, you don’t have a way to take on competitors who are already in this space. Here’s an example of an ecommerce internet business plan outlining their competitive edge:

FireStarters’ competitive advantage is offering product lines that make a statement but won’t leave you broke. The major brands are expensive and not distinctive enough to satisfy the changing taste of our target customers. FireStarters offers products that are just ahead of the curve and so affordable that our customers will return to the website often to check out what’s new.

5. Competitive Analysis

Your competitive analysis examines the strengths and weaknesses of competing businesses in your market or industry. This will include direct and indirect competitors. It can also include threats and opportunities, like economic concerns or legal restraints.

The best way to sum up this section is with a classic SWOT analysis. This will explain your company’s position in relation to your competitors.

6. Financial Strategy

Your financial strategy will sum up your revenue, expenses, profit (or loss), and financial plan for the future. It’ll explain how you make money, where your cash flow goes, and how you’ll become profitable or stay profitable.

This is one of the most important sections for lenders and investors. Have you ever watched Shark Tank? They always ask about the company’s financial situation. How has it performed in the past? What’s the ongoing outlook moving forward? How does the business plan to make it happen?

Answer all of these questions in your financial strategy so that your audience doesn’t have to ask. Go ahead and include forecasts and graphs in your plan, too:

• Balance sheet: This includes your assets, liabilities, and equity.
• Profit & Loss (P&L) statement: This details your income and expenses over a given period.
• Cash flow statement: Similar to the P&L, this one will show all cash flowing into and out of the business each month.

It takes cash to change the world—lenders and investors get it. If you’re short on funding, explain how much money you’ll need and how you’ll use the capital. Where are you looking for financing? Are you looking to take out a business loan, or would you rather trade equity for capital instead?

Read More: 16 Financial Concepts Every Entrepreneur Needs to Know

Startup Business Plan Template (Copy/Paste Outline)

Ready to write your own business plan? Copy/paste the startup business plan template below and fill in the blanks.

Executive Summary Remember, do this last. Summarize who you are and your business plan in one page.

Business Overview Describe your business. What’s it do? Who owns it? How’s it structured? What’s the mission statement?

Products and Services Detail the products and services you offer. How do they work? What do you charge?

Market Analysis Write about the state of the market and opportunities. Use date. Describe your customers. Include your UVP.

Competitive Analysis Outline the competitors in your market and industry. Include threats and opportunities. Add a SWOT analysis of your business.

Financial Strategy Sum up your revenue, expenses, profit (or loss), and financial plan for the future. If you’re applying for a loan, include how you’ll use the funding to progress the business.

5 Frame-Worthy Business Plan Examples

Want to explore other templates and examples? We got you covered. Check out these 5 business plan examples you can use as inspiration when writing your plan:

• SBA Wooden Grain Toy Company
• SBA We Can Do It Consulting
• OrcaSmart Business Plan Sample
• Plum Business Plan Template
• PandaDoc Free Business Plan Templates

Get to Work on Making Your Business Plan

If you find you’re getting stuck on perfecting your document, opt for a simple one-page business plan —and then get to work. You can always polish up your official plan later as you learn more about your business and the industry.

Remember, business plans are not a requirement for starting a business—they’re only truly essential if a bank or investor is asking for it.

Ask others to review your business plan. Get feedback from other startups and successful business owners. They’ll likely be able to see holes in your planning or undetected opportunities—just make sure these individuals aren’t your competitors (or potential competitors).

Your business plan isn’t a one-and-done report—it’s a living, breathing document. You’ll make changes to it as you grow and evolve. When the market or your customers change, your plan will need to change to adapt.

That means when you’re finished with this exercise, it’s not time to print your plan out and stuff it in a file cabinet somewhere. No, it should sit on your desk as a day-to-day reference. Use it (and update it) as you make decisions about your product, customers, and financial plan.

Review your business plan frequently, update it routinely, and follow the path you’ve developed to the future you’re building.

Keep Learning: New Product Development Process in 8 Easy Steps

What financial information should be included in a business plan?

Be as detailed as you can without assuming too much. For example, include your expected revenue, expenses, profit, and growth for the future.

What are some common mistakes to avoid when writing a business plan?

The most common mistake is turning your business plan into a textbook. A business plan is an internal guide and an external pitching tool. Cut the fat and only include the most relevant information to start and run your business.

Who should review my business plan before I submit it?

Co-founders, investors, or a board of advisors. Otherwise, reach out to a trusted mentor, your local chamber of commerce, or someone you know that runs a business.

Ready to Write Your Business Plan?

Don’t let creating a business plan hold you back from starting your business. Writing documents might not be your thing—that doesn’t mean your business is a bad idea.

Let us help you get started.

Join our free training to learn how to start an online side hustle in 30 days or less. We’ll provide you with a proven roadmap for how to find, validate, and pursue a profitable business idea (even if you have zero entrepreneurial experience).

Stuck on the ideas part? No problem. When you attend the masterclass, we’ll send you a free ebook with 100 of the hottest side hustle trends right now. It’s chock full of brilliant business ideas to get you up and running in the right direction.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

Related Posts

How to Create an Online Course That Sells in 2024

I Used this Product Launch Checklist to Start 5 Ecom Brands

How to Get Sponsored: From 0 to $50,000 in 4 Weeks

How Shay Mitchell Is Disrupting a $17B Industry

MaryRuth Ghiyam: From $700K in Debt to $100M in Revenue

His Ecommerce Funnel Generated $70M Last Year

How Do You Launch a Product?

Why Erin Deering Sold Swimwear Sensation Triangl

How Suneera Madhani’s Rejected Pitch Led to a Billion-Dollar Startup

When to Quit Your Job and Go All-in on Your Side Hustle

How to Choose the Right Color for Your Logo: The Ultimate Cheat Sheet

How becx’s Becky Verma Gained the Confidence to Become an Entrepreneur

How the D’Amelios Built an Empire Using TikTok

Almost Failed Startups: What You Can Learn from 8 Startups That Made It Big

How to Implement AI in Your Business from Consultant Nat Choprasert

FREE TRAINING FROM LEGIT FOUNDERS

Actionable Strategies for Starting & Growing Any Business.

Don't Miss Out! Get Instant Access to foundr+ for Just $1!

1000+ lessons. customized learning. 30,000+ strong community..

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

Published: February 06, 2024

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

hbspt.cta._relativeUrls=true;hbspt.cta.load(53, 'e9d2eacb-6b01-423a-bf7a-19d42ba77eaa', {"useNewLoader":"true","region":"na1"});

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

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

Table of Contents

Business Plan Format

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

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

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

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

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

Free Business Plan Template

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

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

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

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

1. Executive Summary

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

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

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

Company Description

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

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

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

Products and Services

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

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

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

Executive Summary Business Plan Examples

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

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

Image Source

Tips for Writing Your Executive Summary

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

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

2. Market Opportunity

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

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

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

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

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

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

Market Opportunity Business Plan Example

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

Tips for Writing Your Market Opportunity Section

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

3. Competitive Landscape

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

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

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

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

Competitive Landscape Business Plan Example

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

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

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

Tips for Writing Your Competitive Landscape

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

4. Target Audience

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

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

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

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

Target Audience Business Plan Example

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

Tips for Writing Your Target Audience Section

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

5. Marketing Strategy

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

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

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

Marketing Strategy Business Plan Example

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

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

Tips for Writing Your Marketing Strategy

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

6. Key Features and Benefits

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

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

Key Features and Benefits Business Plan Example

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

Tips for Writing Your Key Features and Benefits

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

7. Pricing and Revenue

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

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

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

Pricing and Revenue Business Plan Example

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

Tips for Writing Your Pricing and Revenue Section

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

8. Financials

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

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

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

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

Financials Business Plan Example

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

Tips for Writing Your Financials Section

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

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

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

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

1. Startups

Startup business plans are for proposing new business ideas.

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

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

2. Feasibility Studies

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

3. Internal Use

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

4. Strategic Initiatives

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

5. Business Acquisition or Repositioning

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

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

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

1. HubSpot's One-Page Business Plan

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

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

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

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

Why I Like It

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

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

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

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

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

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

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

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

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

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

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

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

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

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

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

4. ThoughtCo’s Sample Business Plan

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

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

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

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

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

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

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

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

7. HubSpot’s Complete Guide to Starting a Business

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

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

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

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

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

8. Panda Doc’s Free Business Plan Template

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

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

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

9. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

Let’s take a look.

1. LiveFlow

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

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

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

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

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

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

2. Lula Body

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

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

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

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

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

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

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

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

4. Vesta Home Automation

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

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

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

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

5. NALB Creative Center

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

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

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

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

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

6. Curriculum Companion Suites (CSS)

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

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

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

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

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

7. Culina Sample Business Plan

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

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

8. Plum Sample Business Plan

Don't forget to share this post!

Related articles.

20 Free & Paid Small Business Tools for Any Budget

How to Write a Powerful Executive Summary [+4 Top Examples]

What is a Business Plan? Definition, Tips, and Templates

Maximizing Your Social Media Strategy: The Top Aggregator Tools to Use

The Content Aggregator Guide for 2023

7 Gantt Chart Examples You'll Want to Copy [+ 5 Steps to Make One]

The 8 Best Free Flowchart Templates [+ Examples]

16 Best Screen Recorders to Use for Collaboration

The 25 Best Google Chrome Extensions for SEO

Professional Invoice Design: 28 Samples & Templates to Inspire You

2 Essential Templates For Starting Your Business

Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform

Home > Business > Business Startup

How To Write a Business Plan

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

By signing up I agree to the Terms of Use and Privacy Policy .

Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

Compare the Top Small-Business Banks

Data effective 1/10/23. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

Related content

• 5 Best Business Plan Software and Tools in 2023 for Your Small Business
• How to Get a Business License: What You Need to Know
• What Is a Cash Flow Statement?

Best Small Business Loans

5202 W Douglas Corrigan Way Salt Lake City, UT 84116

Accounting & Payroll

Point of Sale

Payment Processing

Inventory Management

Human Resources

Other Services

Best Inventory Management Software

Best Small Business Accounting Software

Best Payroll Software

Best Mobile Credit Card Readers

Best POS Systems

Best Tax Software

Stay updated on the latest products and services anytime anywhere.

By signing up, you agree to our Terms of Use  and  Privacy Policy .

Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our  Privacy Policy Page . |

© Business.org 2024 All Rights Reserved.

SMALL BUSINESS MONTH. 50% Off for 6 Months. BUY NOW & SAVE

50% Off for 6 Months Buy Now & Save

Wow clients with professional invoices that take seconds to create

Quick and easy online, recurring, and invoice-free payment options

Automated, to accurately track time and easily log billable hours

Reports and tools to track money in and out, so you know where you stand

Easily log expenses and receipts to ensure your books are always tax-time ready

Tax time and business health reports keep you informed and tax-time ready

Automatically track your mileage and never miss a mileage deduction again

Time-saving all-in-one bookkeeping that your business can count on

Track project status and collaborate with clients and team members

Organized and professional, helping you stand out and win new clients

Set clear expectations with clients and organize your plans for each project

Client management made easy, with client info all in one place

Pay your employees and keep accurate books with Payroll software integrations

• Team Management

FreshBooks integrates with over 100 partners to help you simplify your workflows

Send invoices, track time, manage payments, and more…from anywhere.

• Freelancers
• Self-Employed Professionals
• Businesses With Employees
• Businesses With Contractors
• Marketing & Agencies
• Construction & Trades
• IT & Technology
• Business & Prof. Services
• Accounting Partner Program
• Collaborative Accounting™
• Accountant Hub
• Reports Library
• FreshBooks vs QuickBooks
• FreshBooks vs HoneyBook
• FreshBooks vs Harvest
• FreshBooks vs Wave
• FreshBooks vs Xero
• Free Invoice Generator
• Invoice Templates
• Accounting Templates
• Business Name Generator
• Estimate Templates
• Help Center
• Business Loan Calculator
• Mark Up Calculator

Call Toll Free: 1.866.303.6061

1-888-674-3175

• All Articles
• Productivity
• Project Management
• Bookkeeping

Resources for Your Growing Business

How to make a business plan: a comprehensive guide.

So you have a great business idea. But how do you make a great business plan? 

Not all good businesses start with a business plan. But that doesn’t mean there isn’t a huge amount of value in creating one.

Many business founders find value in taking the time to really hone in on their idea and thoroughly research the market they’re hoping to enter. 

They’re also a great way to set long-term goals to keep your business viable.

We know there’s nothing worse than staring at a blank page. So we’ll break down what makes a solid business plan to help you on your way to creating your dream business. 

Here’s What We’ll Cover:

What Is a Business Plan?

Why should i write a business plan, how to make a business plan, key takeaways.

A business plan is a mission statement that the business owner puts together to describe their idea.

It lists all of the relevant details that potential investors would want to know. 

You’ll often see business plans associated with getting a business loan. 

This is because business plans are an easy way for potential investors to evaluate the feasibility of a business before helping fund it. 

Even though this is often the case, some people think a business plan is just a way to secure funding. It can be seen as a pitch full of fantasies and unrealistically high profit margins. 

However, a business plan is as much to do with convincing yourself of your business as it is with other people.

No matter what type of business you intend to make, a thorough, well-thought-out business plan is key. It can help you identify and lock down your business strategy and tackle potential problems. It’s also useful to plan out what you’ll need financially and check the viability of your idea.

Business plans are also a useful tool when it comes to recruiting and enticing potential business partners.

A business plan is one of the easiest ways to portray your vision to potential new hires or companies you’re interested in collaborating with. 

Your business plan will be able to show them a clear overview of what you envision your business being. It’s also great for showing what your growth strategy is and the market you’ll be targeting. 

This makes it much easier to build their confidence in the idea and see if it’s a good match for what they are looking for. 

So now that you understand what a business plan is and why it’s important to create one, let’s discuss how to actually write one. 

There isn’t one single way to write a business plan, but most plans tend to follow the same rough narrative and set of rules . We have a free business plan template you can download for building out your own. 

Below are the steps we feel are most important. 

Step One: Executive Summary

The executive summary’s purpose is to concisely summarize everything that you’ve laid out below in your business plan. 

Think of it as the back cover of a book, if the blurb sounds interesting you will want to read on. If it sounds dull and uninteresting, you most likely will stop reading. 

That’s why it’s such a key part of your plan. 

You don’t want to be too long-winded so don’t write more than a page. You want it to be short, snappy and leave the reader wanting to know more. 

Step Two: Company Description

As the title suggests, this is where you describe your company. 

Who are you? What makes you different? What are you planning to do?

This is an introduction to you, your business and why you’re in the field you’re in. Think of it as a chance to sell you as well as your business. After all, it is a package deal.  

If your business plan isn’t for investors and is just for you, don’t skip this stage. Identity in business is important. It helps ground you and your business and helps build your brand. 

Market Analysis

It’s vital that you understand your market. 

Your product needs to match your audience. After all, it’s your target market that will make or break you as a business. 

If you spot a gap in your market and manage to fill it, you’ll be far along the road to success. 

Timing is also a key issue, sometimes you have everything else in place but you’re either too early or too late. 

That’s why it’s so important to heavily research your market so you can make the biggest impact possible. 

Management and Organisation

This section of the business plan should tell the reader about who is running the business. It’s a great chance for your readers to see what a great team you have assembled, or plan to assemble.

Make sure to include the skill sets, roles and responsibilities of each member. It’s also good to communicate how each person involved will contribute to the success of your business. 

Products and Services

If this is the first time you’ve mentioned your products or services, you’re on the wrong track.

However, this is a great chance to go into far more detail about what you will be providing. 

If you have a lot of items, you don’t have to go through every single one in fine detail. It’s perfectly fine to give a general overview. 

But if you only provide a few products or services, it’s best to give as many details as you feel is necessary to properly convey their worth. 

This is also a great chance to talk about how you source your products. Are they handmade? Are they eco-friendly? 

Key buzz words and phrases like these are guaranteed to attract attention.

Customer Segmentation

Customer segmentation is the process of separating your potential customers into groups based on common characteristics. This is done so companies can market to each group appropriately. 

Your target market is one of the cornerstones of your business plan. 

Most companies will create an ‘ideal customer’, and create a backstory for them. They will describe where they live, their age range, level of education, how much they earn and many other details. 

This is so that you can make it crystal clear exactly who you are trying to sell your product to, and why you believe they will buy it. 

It also shows that you understand your target market, as there is nothing worse than not knowing who you are trying to sell to. 

Marketing Plan

Now that you’ve laid out what your market is and who your ideal customer is, it’s time to show how you are going to target them with your marketing plan. 

Here you will lay out your marketing strategy and your price points. You should also show how you intend to promote your business or product and it’s also a good idea to show your geographical targeting.

It’s important to show how much your product will cost and why you have made that decision. Being able to show a healthy price point that has a realistic and sustainable profit margin is a key element in any effective business plan. 

Pricing things too high or low can lead to disastrous results. This is because customers either won’t want to buy your product due to the high price, or the price will be so low that you’re not making any profit. 

Promoting your business is also key. Many businesses around the world attract huge attention on social media sites such as Instagram or TikTok. So it makes sense to include whether these platforms are viable for your audience. 

Logistics and Operations Plan

If you’re writing your business plan for yourself, it’s still important to include this section, but feel free to not include the same level of detail. 

If it’s for investors, this is a key part as it shows whether your ideas can become a reality. 

Here you will want to outlay who your suppliers will be and what the production process is. It’s also where you can show what your facilities are, what equipment you need, your shipping process and how you will house your inventory. 

This section needs to be full of detail as it will show the reader that you have a solid understanding of your supply chain. It’s also important to show you have a strong backup plan to cover for any potential setbacks. 

Financial Plan

You could have the best, most exciting business plan in the world but if your numbers don’t add up, you are doomed to fail. 

At the end of the day, a business needs to make money. 

Running out of money is a small business’s biggest risk. According to a U.S. Bank study, 82% of small businesses fail because of poor cash flow management and understanding. 

That is why it is vital to show a detailed understanding of your financial situation. 

You’ll want to include three major overviews of your financials: an income statement, a balance sheet and a cash-flow statement. It would also be ideal to include your financial projections for the next year, five years, and ten years. 

According to data from the U.S. Bureau of Labor Statistics, around 20% of small businesses fail within the first year. But by the end of their fifth year, roughly 50% have gone down.

Why is that?

Most businesses fail because of money running out. They also fail due to being in or targeting the wrong market, a lack of research, poor marketing and not being well versed enough in the industry.

Almost all of these reasons can be ironed out with a solid business plan.

When starting a business, make sure you set achievable goals. Research your market to within an inch of its life. Be realistic about your short-term and long-term success. 

If you follow the above steps, you’ll be one step closer to creating a successful business.

The best way to avoid failure is to plan.

Are you looking for more business information on everything from starting a new business to new business practices?

Then check out the FreshBooks blog for hundreds of helpful articles that are guaranteed to give you a helping hand in your business.

RELATED ARTICLES

Save Time Billing and Get Paid 2x Faster With FreshBooks

Want More Helpful Articles About Running a Business?

Get more great content in your Inbox.

By subscribing, you agree to receive communications from FreshBooks and acknowledge and agree to FreshBook’s Privacy Policy . You can unsubscribe at any time by contacting us at [email protected].

👋 Welcome to FreshBooks

To see our product designed specifically for your country, please visit the United States site.

• Search Search Please fill out this field.

What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

• How to Start a Business: A Comprehensive Guide and Essential Steps
• How to Do Market Research, Types, and Example
• Marketing Strategy: What It Is, How It Works, How To Create One
• Marketing in Business: Strategies and Types Explained
• What Is a Marketing Plan? Types and How to Write One
• Business Development: Definition, Strategies, Steps & Skills
• Business Plan: What It Is, What's Included, and How to Write One CURRENT ARTICLE
• Small Business Development Center (SBDC): Meaning, Types, Impact
• How to Write a Business Plan for a Loan
• Business Startup Costs: It’s in the Details
• Startup Capital Definition, Types, and Risks
• Bootstrapping Definition, Strategies, and Pros/Cons
• Crowdfunding: What It Is, How It Works, and Popular Websites
• Starting a Business with No Money: How to Begin
• A Comprehensive Guide to Establishing Business Credit
• Equity Financing: What It Is, How It Works, Pros and Cons
• Best Startup Business Loans
• Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
• Partnership: Definition, How It Works, Taxation, and Types
• What is an LLC? Limited Liability Company Structure and Benefits Defined
• Corporation: What It Is and How to Form One
• Starting a Small Business: Your Complete How-to Guide
• Starting an Online Business: A Step-by-Step Guide
• How to Start Your Own Bookkeeping Business: Essential Tips
• How to Start a Successful Dropshipping Business: A Comprehensive Guide

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

The 7 Best Business Strategy Examples I've Ever Seen

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

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

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

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

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

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

What is a business strategy?

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

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

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

Best business strategies #1: Tesla Playing the long game

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

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

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

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

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

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

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

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

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

What can we learn from Tesla?

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

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

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

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

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

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

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

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

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

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

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

Best business strategies #2: Airbnb Forgetting all about scalability

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

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

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

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

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

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

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

What can we learn from Airbnb?

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

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

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

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

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

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

Source: Airbnb third quarter 2022 financial results

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

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

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

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

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

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

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

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

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

US Car Sales Graph- January through May 2021 vs 2020

Source: GOODCARBADCAR

What can we learn from Toyota?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What can we learn from HubSpot?

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

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

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

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

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

Source: Hubspot overview

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

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

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

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

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

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

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

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

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

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

What can we learn from Apple?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Here's why:

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

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

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

What can we learn from PayPal?

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

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

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

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

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

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

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

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

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

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

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

What can we learn from Spotify?

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

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

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

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

More excellent business strategy examples

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

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

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

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

What are the key components of a successful business strategy?

A successful business strategy includes the following key components:

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

How does a business strategy contribute to achieving corporate objectives?

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

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

Popular articles

Viva Goals Vs. Cascade: Goal Management Vs. Strategy Execution

What Is A Maturity Model? Overview, Examples + Free Assessment

How To Implement The Balanced Scorecard Framework (With Examples)

The Best Management Reporting Software For Strategy Officers (2024 Guide)

Your toolkit for strategy success.

How to Come Up With a Good Business Idea

7 min. read

Updated January 5, 2024

Some entrepreneurs have a natural gift for generating ideas—most struggle. But without a good idea, starting a business will be an uphill battle.

Luckily, this is a skill you can improve with the right process and a little practice.

This guide will teach you how to generate hundreds of business ideas and identify what makes a good idea. We even have curated lists of ideas for you to explore. Let’s get started.

How to come up with a good business idea

Coming up with a business idea isn’t a strict process. It’s a series of methods to tap into, explore, and see if something sticks. 

Here are a few tried-and-true ways to generate a business idea:

1. Solve a problem

Your business must solve a real problem . 

The most successful businesses always do. But how do you identify a real-world problem? 

Try one (or all) of the following:

• Think about issues you’ve encountered in your own life.
• Reach out to friends, family, or colleagues.
• Look through Reddit, Quora, and other forums.
• Run a survey.

These are just a few ways to uncover actual problems. Once you’ve identified a few persistent issues, dream up possible solutions. That may lead you to a highly desired business idea.

2. Talk to family and friends

It’s challenging to think up ideas solo. So, reach out to someone you trust.

Your family and friends can be a great source of inspiration. Discuss your desire to start a business with them and ask for their ideas. 

They may have noticed a gap in the market, have a problem that needs solving, or have a unique perspective for harnessing your skillset. 

This outside input can be the spark you need to find a great idea. Plus, you’ll open the door for additional support—such as funding or partnership.

Brought to you by

Create a professional business plan

Using ai and step-by-step instructions.

Secure funding

Validate ideas

Build a strategy

3. Make tasks easier

The best and most lucrative businesses are often the most mundane. They help solve basic problems by making them easier or more efficient.

To hone in on these simple issues, walk through your day. What tasks do you dread? What undesired work takes up your time? 

These often overlooked pain points are likely screaming for solutions.

4. Build on an existing product or service

A great business idea doesn’t require reinventing the wheel. 

Instead, take an existing product or service and make it better. Improve the design, add new features, or find a new way to market it. You may even be able to introduce a product or service to an underserved market. 

Start looking at the things around you and ask—how could this be easier? How could it be more intuitive, less stressful, and more pleasant? How could it be more affordable?

You may find that even the slightest change will create something unique.

5. Start with a hobby

Your hobbies and passions can be a great source of business ideas. Whether you love baking, photography, or gardening—there’s likely a way to turn your hobby into a business . 

You just need to determine how to monetize your skills or the products you create. If you’re unsure how take it slow and start with a side hustle . You’ll still need to consider pricing, expenses, and how much time to invest—but you’ll have less risk and more time to adapt your hobby into a business.

6. Jump on a trend

Trends can provide excellent business opportunities. Whether it’s a new technology, a fashion statement, or a change in consumer behavior—spotting and capitalizing on emerging trends can lead to successful business ideas. But, there are potential complications you should be aware of.

A very small or non-existent market for this product or service is likely. You’ll need to showcase the problem to stimulate a need many didn’t know they had. Just be sure it has staying power (like AI tools) and is not just a fad (like fidget spinners).

You should expect multiple competitors to emerge as the trend gains traction. Focus on solidifying your brand and build loyalty early on to stay ahead of imitators. 

7. Innovate

Innovation involves developing something new or finding a novel approach to an existing product or service. This requires creativity and a willingness to take risks. Still, it can lead to unique and successful business ideas.

Remember that this may mean no current market for your product or service exists. But if you believe there will be a problem and can convince others, you may be at the forefront of an untapped movement.

What are the qualities of a good business idea?

There’s no genuinely perfect business idea. However, there are clear signs that an idea is worth pursuing and more likely to succeed. 

Clear market demand

There must be a need for your product or service. Meaning your idea needs to, at a minimum, solve a real-world problem for your target customers . 

That’s just the start. 

Will people pay for a solution? Is there a real opportunity to disrupt pre-existing alternatives? 

It may not be a good idea if the answer is no to either question. 

Scalable and profitable

Scalability and profitability are tied together. 

An idea is scalable if you can:

• Attract more customers.
• Accommodate this increased demand.
• Lower costs as you grow.

An idea is profitable if revenue exceeds expenses. 

Now, your business may take time to be profitable. But it should display the ability to grow and scale to achieve profitability. 

If your business idea can’t bring in more customers or decrease costs—you’ll struggle to be profitable.

Fits your goals

Do you want to monetize your passion? Grow quickly and sell? Create a legacy to pass down to your kids?

You need to know what you hope to get from being an entrepreneur. Because only some business ideas will fit your goals. 

So, make sure the business fits your motivation. If it doesn’t, you’ll find it is far more challenging to keep up long-term. 

• No business idea? Try these

If you’re struggling to develop a business idea, check out one of our curated guides for inspiration.

Business ideas you can start for free

Is the idea of spending money holding you back from starting a business? Don’t worry, there are plenty of business ideas out there that require little to no upfront investment.

30+ business ideas using skills you already have

Whether you’ve developed skills from a hobby, work experience, or online courses—there’s a good chance you can use them to start your own business.

Online business ideas

Skip setting up a brick-and-mortar storefront and go digital. Here are some low-cost online businesses you can start right now.

Subscription service business ideas

While we may be past the gold rush for this business type—the right subscription service could still capture consumers’ attention.

Business ideas to start during a recession

An economic downturn typically spells trouble for business owners. It also presents an opportunity for new entrants to fill gaps in the market.

How to generate business ideas with LinkedIn

Learn to use your professional connections to explore, develop, and test potential business ideas.

Questions to reveal customer pain points

Learn how to speak with potential customers and understand what challenges could be solved with the right business idea.

Hottest industries to start a business

What industries show the most significant growth potential for new businesses? Check out our regularly updated list for insights on what industries may provide the best opportunity for entrepreneurs.

Coming up with an idea is just the first step

Once you have your business idea, it’s time to validate if it will work . 

You’ll need to chat with potential customers, run tests, and explore the financial implications of starting your chosen business. If that sounds tough, don’t worry, the next section of our startup guide will help you understand if you have a good business idea.

For now, pat yourself on the back for getting this far. 

Sorting through the thousands of potential options and finding something you believe can be turned into a business is a big step. Now, you need to determine if your idea can become a legitimate business .

Resources and tools to find your business idea

Make researching and selecting a business idea easier with these templates and tools.

Business idea validation checklist

Want to find out if your business idea is a winner? Work through this checklist to test it.

Download Tool

One-page business plan template

Document your research, explore the specifics of your idea, and outline how it could work as a business.

Download Template

Explore your business idea with LivePlan

With a library of real-world sample business plans, industry benchmarks, and step-by-step guidance—you can quickly determine if your business idea will work.

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• How to come up with a business idea
• Qualities of a good business idea
• Your idea is the first step
• Resources and tools

Related Articles

12 Min. Read

What Defines Your Company Culture?

8 Min. Read

How to Hire Employees: 15 Steps to Help You Hire

10 Min. Read

How to Use Google Tag Manager for Google Ads Remarketing

7 Min. Read

How to Start a Business—Even If You’re Drowning in Debt

The Bplans Newsletter

The Bplans Weekly

Subscribe now for weekly advice and free downloadable resources to help start and grow your business.

We care about your privacy. See our privacy policy .

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

• Starting a Business
• Growing a Business
• Small Business Guide
• Business News
• Science & Technology
• Money & Finance
• For Subscribers
• Write for Entrepreneur
• Entrepreneur Store
• United States
• Asia Pacific
• Middle East
• South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

63 Small Business Ideas to Start in 2024 We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

By Eve Gumpel Edited by Brittany Robins Mar 15, 2024

Opinions expressed by Entrepreneur contributors are their own.

Many people dream of starting their own business. Running an enterprise in your home, garage or on the go means you can take more control over your professional goals, set more ambitious financial targets and achieve a more desirable work-life balance.

But what if you're ready to start a business but don't know what type of services to provide? You've come to the right place if you need profitable business ideas. Below, find a detailed breakdown of 63 small business ideas — from financial services to physical labor and creative contracting — to help you chart a path forward.

Related: Want to Start a Simple Business That Helps the Planet? After 'One Night's Worth of Research,' He Started an Eco-Friendly Gig And Now Makes $200K a Year

Some of these opportunities require more experience or credentials than others. Some can be started from home for cheap, while others require dedicated office space and capital investment. To ensure you choose the right business venture for yourself, it's crucial to consider a few factors before you pursue a sole proprietorship.

How do you determine the best small business idea?

Consider your current skill set and credentials..

For instance, if you already have a CPA license, venturing out as a freelance accountant (as detailed below) would be a natural avenue to explore. If you have experience as a writer, you might consider editorial services, or if you've spent years working in the food and beverage industry, you could explore catering or becoming a personal chef.

As you explore your options, consider if you'll need to secure special licenses (for example, hairstylists and electricians) or if the work requires additional education and credentialing.

Determine the goals of your small business.

For some people, starting a small business means leaving their full-time gig and committing to the new endeavor. For others, a part-time business provides meaningful supplemental income and can be managed in addition to other work. Consider how much money you're hoping to earn from the business, how many clients or customers you'll need to be profitable and how many hours you'll need to work each week to make it feasible.

Think about capital costs, as well as growth: Will launching the business require the purchase of equipment or other serious financial investment? Do you plan to hire employees? Will you expand to multiple locations? At the outset, it's a good idea to create a formal business plan .

Study your location and identify what's most feasible there.

Finding customers and clients is essential to any small business, so conduct a market analysis before you open shop. For instance, your boat cleaning business will be significantly more successful if you live near a coast, and your side hustle as an interpreter will likely be more profitable if you live in a diverse community.

You should also research what businesses already exist. Is there a dearth of dependable landscapers in your market? Is there a glut of professional photographers in your town? Answering these questions will help you determine the viability of your idea.

Decide if you want to run a business online or in person.

The digital age has created many opportunities for entrepreneurs to run a business from behind a laptop, meaning their enterprise can go wherever they choose. That's not for everyone, though. If you want to run a brick-and-mortar shop at the heart of your community or are more comfortable interacting with customers and clients in person, launch a business that will allow you to achieve those goals.

Related: TV Shows All Entrepreneurs Should Be Watching

Financial and Business Service Ideas

1. accounting and tax services.

Experience, training or licensing may be needed

At some point, most people seek the advice of a good bookkeeper or accountant, whether to prepare for tax season, get advice for starting a business or simply plan for the future. If you're already a Certified Public Accountant, you can earn good money by going out on your own.

If you're not already trained as an accountant or licensed by the state you live in, you'll want to explore the recommended educational prerequisites and plan to obtain the appropriate credentials. Most tax preparation franchises offer courses, seminars and training to get you ready to work for them.

You'll also want to think about the types of services you'll provide:

• Do you want to simply do bookkeeping for small businesses?
• Or do you also want to prepare balance sheets, income statements and other financial reports?

Other specializations can include tax accounting — a huge area of potential work.

2. Business Consulting

Has expansion possibilities

With a consulting business, you can work with a wide range of businesses on a variety of business problems. You could help new entities get off the ground by creating business plans , conducting market research and organizing a management structure.

Depending on your level of experience, you could also help large organizations through difficult transitions and periods of restructuring or outline a successful exit strategy by providing executive-level advice and guidance on an array of matters core to the business' mission.

A good calendar app will likely come in handy as time-tracking is crucial to accurate billing.

3. Financial Planning and Advising

Financial advisors help millions of Americans save for things like retirement and college funds while also helping them grow their wealth through various investments. If your goal is to become a Certified Financial Planner (CFP), you'll have to complete coursework and ultimately pass an exam. This will earn you a certificate that shows potential clients you have expertise and credibility. Once you're certified, working as an independent financial advisor can provide a steady income.

4. Buying a Franchise

Some business experience needed

The benefits of buying a franchise are many: You'll have a proven business model, the market research is already done and the brand typically provides support to franchisees as part of the purchase. Plus, many franchises can be launched for less than $10,000, including:

• Dream Vacations
• Cruise Planners
• Jazzercise Inc.

To learn more about how to buy and launch a franchise, read Entrepreneur's basics of buying a franchise business .

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

5. Notary Public Services

In most states, a notary public is a state officer who is authorized to witness and attest to the legalities of certain documents by stamping a seal and signing. Most states require that you pass an exam and a background check, but it costs very little to become a notary. You can generate significant income from notary work by charging fees for services such as loan-signing notarizations.

Manual Labor Business Ideas

6. general construction.

If you have experience working in construction, you may be ready to start your own handyman business and take on projects of your own. From building a fence to hanging drywall or framing an addition, many people need skilled laborers who can do quality work on time.

If you have a network of skilled people whose work you trust, you could also subcontract some of the construction and spend more time finding clients and growing your business. Check with your state to determine what permits and licenses you need to get started.

7. Landscaping

Put your green thumb to work. Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, their shrubs trimmed and their trees cared for. Your landscaping business could also offer irrigation services, including the installation and repair of sprinkler lines, as well as blowing them out before winter.

Garden work, such as planting annuals and perennials and vegetable garden preparation, can also be a lucrative business. There is plenty to do in the yard that has nothing to do with plants: stone wall restoration, fencing, artificial turf installation and more.

Read This: Start Your Own Lawn Care or Landscaping Business by The Staff of Entrepreneur Media and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

8. House Painting

Regardless of the season, you can make good money with a residential painting business — inside and out. Before you begin offering services, you'll want to work with professional painters and learn the basics:

• Masking a house
• Laying a drop cloth
• Choosing the appropriate paints and brushes for various indoor and outdoor climates

You'll also need to invest in some basic equipment — ladders, brushes, trays and more. Once you're set up, you can begin marketing your services to customers through a variety of online platforms with relatively low upfront costs.

9. Carpentry

Woodworking is in high demand these days, and if you're a talented carpenter, there are a variety of ways you can make money. Residential projects like cabinets, tables and shelves are often high on homeowners' lists and typically pay well. You can also make good money with boutique projects like gallery frames, hand-carved figurines and other work. In some cases, you can work for general contractors to frame doorways and support larger construction projects.

10. Electrical Work

Becoming an electrician is not easy — you must take classes, work as an apprentice and pass licensing exams before you can start your own business — but there's no shortage of work for electricians. Master electricians are always in demand for small and large projects, and you'll have the ability to hire apprentices, build a team and scale your business offerings.

11. Moving Services

When people move, they often want to hire someone to do the heavy lifting for them — literally. You can focus your work on local moves across town or to the town next door. As your business ramps up, you may also offer large-scale, long-distance moving services if you have the personnel and equipment to accommodate it. Advertise around town to convince the locals to let you take care of their move, provide excellent customer service and watch your business grow.

Read This: Start Your Own Freelance Writing Business and More by Entrepreneur Press and George Sheldon | Amazon | eBooks.com | Barnes & Noble

Creative Work Business Ideas

12. content and editorial contracting.

Almost every business or organization needs good writers and editors, and if you have the skills to go out on your own, you'll likely find a bevy of work. From copyediting to developmental editing, ghostwriting and digital content production, freelance writers and editors can find clients in a host of industries, including marketing, communications, journalism and book publishing. To get started, you'll need to create a portfolio of work that exemplifies your skills for writing, content creation and/or editing–this will help you build relationships with potential clients.

13. Graphic Design

Have an eye for design? Logos, fliers, newsletters, information sheets and advertisements are just a few of the types of design materials that businesses hire independent designers to create for them. Websites and online advertising need graphic design services as well. You can offer clients a suite of services to take their project from beginning to end, including coordinating with content creators and print shops and getting products ready to mail and present.

Read This: Start Your Own Graphic Design Business by Entrepreneur Press and George Sheldon | Amazon | eBooks.com | Barnes & Noble

14. Web Development

Many in-person and online courses exist to teach you the language of coding and website creation. With some specialized training, you can master the basics of building a website from scratch — a service you can offer to many small businesses, whether they're looking for an ecommerce platform or just a landing page to describe their services. You may also find clients who will hire you to not only design their website but manage their online presence on a day-to-day basis.

15. Marketing or Public Relations Agency

Every business has a story to tell, but not everyone has the know-how to get their message into the world. With your marketing or public relations agency, you can help businesses identify new audiences, craft messages that resonate with new customers and produce newsletters and other products — potentially winning the media's interest along the way. You'll want experience working in this field before you set out on your own, as potential clients will want to hire someone who understands the world of marketing and public relations.

Read This: Start Your Own Consulting Business by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

16. Photography

Independent photographers can run successful businesses with one or more specialties. You can offer:

• Portraits or senior pictures
• Wedding photography
• Editorial shots for newspapers or magazines

To get your photography business off the ground, you'll want to create an online portfolio of your work so potential clients can see your style and inquire with you. Being active on social media platforms is also a great strategy for growing your brand.

Read This: Start Your Own Photography Business by Entrepreneur Press and Charlene Davis | Amazon | eBooks.com | Barnes & Noble

17. Videography

If you can do quality work behind a camera and edit footage well, there are plenty of opportunities for videography work, from creating brand videos for organizations to filming events, weddings and interviews. Your clients could include outdoor brands, small nonprofits and big corporations, but you'll want to have some filming and editing training and experience creating quality content before you launch your business.

18. Audio Editing

Audio storytelling is a growing industry, with countless podcasts being streamed daily by listeners all over the world. If you have experience recording and editing audio, you could shop your services to media brands, businesses or individuals who might want to launch their own podcasts. And who knows? Maybe you can use your skills to launch and monetize a podcast of your own.

19. Social Media Management

Some experience needed

Although many businesses want to enhance their social media presence, they often don't have the skills or internal bandwidth to grow their following and post engaging content.

If you're skilled at brainstorming content plans and writing snappy copy — and you already spend many hours on social media — it might be worth launching your own social media marketing enterprise. Clients might have you create a content marketing plan, monitor and reply to comments and report growth statistics monthly.

If making art is already your hobby, you might be able to turn it into a profitable business. You can sell your work on sites like Etsy, enter your work in shows or ink contracts with clients who need illustrators or custom art as part of their brand assets. Other potential art business offerings include creating portraits, painting murals and teaching art classes.

21. Music Lessons

Turn down the volume and listen up: Your music skills could be in high demand. There are a few ways to approach running your own music business. You can be mobile and teach in your clients' homes or run it out of your own space (a separate building or designated area of your home).

Some people teach music lessons online by recording lessons on YouTube and offering subscriptions. To get started, try connecting with local music schools for part-time gigs. This will allow you to see if you like it and help you build a reputation with potential clients.

Related: 10 Essential Tips For a Long and Lucrative Music Career

Repair and Maintenance Business Ideas

22. mechanic shop.

If you've spent years working on your vehicles and know your way around an engine, it could be time to offer your services to customers. Depending on where you live, you may not need to obtain a mechanics license, but taking some formal classes and earning a certification will help build trust with customers.

Many shops require licensing before hiring mechanics, so if you're looking to get some experience before launching your own business, you'll likely want to take some classes.

23. Appliance Repair

Every household has several appliances — from refrigerators to dishwashers to dryers — and appliances tend to break down, so appliance repair is one of the best business ideas for any area. You can work on your own or contract with appliance stores to cover their warranty service calls — or some of each.

Start slow and build your customer base on recommendations and referrals from work well done. You could also develop relationships with contractors to be the go-to person to install appliances in newly constructed houses.

24. Bicycle Repair

Almost every bike needs a good tune-up. This business tends to be seasonal in many parts of the country, but you can find ways around that. If you have the space, you could offer to store people's bicycles during the winter after you do a tune-up and any needed repairs on them.

And if you keep Saturday shop hours, you could make your shop a meeting place for cycling enthusiasts. If you live in a bike-oriented place, you may be able to purchase and sell used bikes, making some money as a retailer on top of your repair business.

25. Boat Cleaning

Boats hauled out of the water for the winter or even just for mid-season repairs will need their hulls cleaned. Depending on the type of boat, it might also be time for a major cleaning of everything else—the decks, the sleeping quarters, the head and the holds.

Start by advertising on Nextdoor, Craigslist or Facebook Marketplace, reaching out to homes with boats sitting in their yard, or marketing your services to a local marina.

26. Car Cleaning & Detailing

Making a car shine inside and out isn't easy work, which is why many people don't want to do it themselves. Plus, because drive-thru car washes don't clean every corner, there's a market for car cleaning and detailing across the country. With a little investment in materials (soaps, scrubs, hoses, vacuums, etc.), you could make house calls or rent a garage space where customers can drop off their vehicles.

27. Electronics Repair

Whether it's a laptop, a television, a tablet or a specialized radio, if you're handy with circuit boards, you could run a profitable business for customers whose electronics are on the fritz. You'll want to run the business out of your home or a storefront so people can bring equipment directly to you. Not unlike other repair shops, your business may evolve to the point where you're buying used electronics and selling them to your customers.

28. Furniture Restoration

If you have a knack for sewing and woodwork, upholstery and restoration might be a natural business idea. Many books and online videos can be helpful as you learn the trade, but nothing will be as helpful as finding some discarded furniture and tearing it apart before restuffing and constructing it.

Often, furniture in need of upholstering will also require repairs—sanding, staining, or reinforcing damaged areas. Much of this work is relatively minor (you don't have to be a carpenter) and can add significant upsell value to your services.

Read This: Spruce: A Step-by-Step Guide to Upholstery and Design by Amanda Brown | Amazon | eBooks.com | Barnes & Noble

29. Rug Cleaning

Most people don't have the time or space to do more for their rugs than a basic vacuum. As a rug cleaner, you will need to learn how to work with all kinds of carpet fabrics, from synthetic to wool. You should also decide whether you will take on valuable antique rugs and family heirlooms. If you do, you should consider getting specialized training in handling and properly cleaning these carpets.

Learn how to get tough stains and odors out of carpets — such as dog and cat odors — and customers will seek your services out. You'll need a dedicated space for people to drop off their rugs, so plan for that as you set up your business.

30. Jewelry Making and Repair

There are many different ways of getting into the jewelry business and different types of materials you can work with. Manipulating metal will require specific tools since you need to heat the metal and use tools to cut and engrave, but you'll likely also work with glass, gemstones, and maybe even wood. The wider the variety of materials you can work with, , the broader the range of repair services you can provide to your customers, including stone polishing and setting.

Read This: Start Your Own Fashion Accessories Business by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

Property and Real Estate Business Ideas

31. real estate.

Every community needs trusted real estate agents. Whether your clients are buying or selling property — or just seeking real estate advice — there are many opportunities to launch your own business. But, first, you'll need to become a licensed agent, and the requirements vary by state. Typically, you'll have to complete coursework and pass an exam. Once you've done that, you can start offering services and building your business from scratch.

32. Property Management

Many people manage properties as a side hustle. Maybe you have a vacation home that you use for short-term rentals or perhaps you have an additional property with a long-term lease. If you want to dive in full-time, you can acquire multiple properties and be a full-time landlord. In the case of rental units, your job will be to make sure the property is running smoothly, ensure tenants are paying rent and honoring their lease terms, and be available in case of any issues. You can also contract with individual property owners to serve as their property manager, lightening their load by taking care of the landlord duties for them.

33. Cleaning Service

No experience needed

There are many directions you can take this small business idea. If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can provide cleaning services to retail businesses and keep your customers within one or two blocks. Restaurants need daily thorough cleaning and can also be a great source of steady clients. But, if you're more interested in house cleaning, you can start with a small number of clients, and new customers will likely emerge via word of mouth.

Read This: Start Your Own Cleaning Service by Entrepreneur Press and Jacquelyn Lynn | Amazon | eBooks.com | Barnes & Noble

34. Professional Organizing

Spatial planning is not everyone's strength. If it's yours, you can make good money as a professional organizer for individuals and businesses. For individuals, you can choose either to do the organizing work — maybe a kids' playroom or a cluttered garage — or consult with the homeowner to help them better organize themselves.

Businesses, too, don't always know how to organize their office and maximize the efficiency of their spaces. You can consult on ways to better arrange furniture, desks, conference areas, stockrooms and more.

35. Home Inspection

To be a successful inspector, first establish contacts with real estate agents who can recommend your services to customers. Home inspection can be an incredibly competitive market so you will need to constantly update your education and knowledge. For instance, Builders are constantly introducing new materials. If you only know about wood decks, you will not know how to inspect and assess the new materials on the market, such as composites that look like real wood. Also, stay apprised of all safety updates regarding materials and problems with things like off-gassing, carbon monoxide production and other chemical hazards.

Read This: Start Your Own Home Inspection Service by Entrepreneur Press | Amazon | eBooks.com | Barnes & Noble

36. Home Energy Auditing

Homeowners are always looking for ways to save on their utility bills. With some specialized training, you can help by conducting an audit of their homes and calculating how much they might save on heating, cooling and electrical use by implementing new technology or upgraded appliances.

To grow your business, you can work directly with vendors to refer upgrades or gain a certification and learn how to do electrical work like installing solar panels and heat pumps yourself.

Read This: Toward a Zero Energy Home: A Complete Guide to Energy Self-Sufficiency at Home by David Johnston and Scott Gibson | Amazon | Barnes & Noble

37. Interior Decorating and Design

If you have an eye for design, market your interior decorating talents to building contractors. People purchasing new homes can often be overwhelmed with choices and possibilities. Create questionnaires for each major element and room in the house:

• How will the homeowner use the home?
• Are there children?

Depending on how involved your client wants to be, you can also help them purchase furniture, art, plants and more. You can also work with businesses, such as hotels and restaurants, to design their spaces.

Planning, Training and Coaching Business Ideas

38. event planning.

There are a variety of ways to launch an event-planning business, particularly if you have a professional background in planning large gatherings. First, you'll want to hone in on your niche, some of which include:

• Private parties at people's homes
• Kids birthday parties
• Corporate events

If you work with businesses, you must visit every potential event location you plan to work with. Tour each site and learn what's available, including capacity, AV equipment, chairs and tables and more. If you can nail a big party as an event planner, new clients will seek you out.

Read This: Start Your Own Event Planning Business by The Staff at Entrepreneur Media and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

39. Wedding Planning

You will need to be up-to-date on wedding trends, dress styles, popular colors — and almost every other facet of the wedding industry. Offer your customers an à la carte menu of services, from helping them choose flowers, a wedding gown and bridesmaid dresses to picking the venue and hiring the caterer.

Before you open your business, visit area wedding shops and see what kinds of services they provide. Wedding planners need to know every business detail to assure couples that they are in the right hands.

40. Vacation Planning

Some people take great joy in planning their vacations. However, if you're an experienced traveler and know how to save people money, you can still be very much in demand as a vacation planner for individuals or large groups. You can coordinate hotel and flight bookings, arrange transportation, provide daily itineraries and help your clients re-book in case of unforeseen travel crises. There's typically no required certification for this work, but there are courses you can take that will put you and your clients at ease.

41. Private Coaching

Active children and adults alike often seek athletic instruction beyond what they've learned in group formats. If you're highly skilled in an athletic discipline, you can help take athletes to the next level.

Common business options include:

• Baseball pitching

In terms of qualifications, you should already have some coaching experience and be able to offer high-level instruction. Depending on the community where you're coaching, you may need to have a license to run your business or a certification to use public amenities, like tennis courts, for profit.

42. Personal Training

Many people are looking to improve their overall fitness, and working with a personal trainer is one way to achieve their goals. To get started, you'll need to obtain a certification — especially if you're working with a gym — which will help your clients trust that you know what you're doing and can help them avoid injury. You can advertise your business at gyms and other public places, and having a strong social media and web presence is always helpful.

43. Nutritional Advising

With so many different dieting trends and supplements in the world, a nutritionist can help people better understand the landscape of healthy eating and living. Although nutritionists don't offer medical nutritional counseling or treat illnesses (as a dietitian does), there is still a wide market for the work.

First, determine what kind of nutrition service you want to provide — pediatric, sports, holistic or something else — and then work toward credentialing. At a minimum, you'll need to research the laws for becoming certified in your state and begin taking prerequisite courses to help you become licensed.

44. Life Coaching

Life coaching has exploded in popularity over the past decade, as many people are looking to recreate or realign their personal goals. Life coaches do not provide clinical mental healthcare (a therapist does), but they help people create and use tools to move closer to their ultimate goals. To become a life coach, you'll first want to determine what kind of client you're looking for:

• People with professional hurdles to clear
• Folks struggling with romantic endeavors
• Busy entrepreneurs looking to reclaim work/life balance

You don't technically need certification, though many practitioners take courses and have credentials.

45. Career Coaching

Career coaches help people navigate professional transitions, establish business goals and make the most of their skills. As a career coach, you might help people write cover letters and resumes, find new opportunities, establish business plans and success strategies or hone their niche in a crowded market.

Your background and specialty will determine what clientele you should work with:

• Recent graduates
• People looking to start second careers
• Someone who has been out of the workforce for years

Although there is no standard license or certification, many career coaches have earned credentials or successful careers of their own.

46. Tutoring

If you have a background in education, you can make significant supplemental income — or launch a full-fledged business — by offering tutoring services. Start by choosing the subject area that best fits your strengths. For instance, if you're a professional writer or English teacher, you could offer essay writing help. If you're skilled in math and sciences, you could help high schoolers with algebra or precalculus.

You don't have to be a licensed teacher to offer tutoring services, but being a subject matter expert will make it easier to sell your services to potential customers.

Hospitality Business Ideas

47. private chef service.

If you have experience working in restaurants or other areas of the food and beverage industry, you could tap into the growing private chef market. Whether potential customers are looking to accommodate specific dietary needs or an intimate event with friends, a positive experience should lead to client testimonials and referrals to help you grow your business.

You'll want to make sure you have proper training — either via work experience or formal courses — because your reputation is on the line with every dish you create.

48. Bed and Breakfast / Airbnb

Do you have a room that has its own bathroom and is private from the rest of the living space? Or do you own a property that could function as a small lodging establishment near a tourist area, sports stadium or large venue? Maybe you own a charming home in the country. If so, turn your property into a bed and breakfast or Airbnb rental and welcome guests into a home away from home.

Read This: Start Your Own Bed and Breakfast by Entrepreneur Press and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

49. Catering

Are you experienced with managing large-scale food operations? Consider branching out into catering to serve large events like weddings and corporate banquets. You'll need to make sure you have strong project- and personnel-management skills, because catering requires you to lead a team and deliver exceptional service for clients. You'll also need to obtain the proper licensing from the state in which you operate, similar to the requirements for opening a restaurant.

50. Food Truck

Do you want to deliver a specific type of cuisine to the masses without running an entire restaurant? Build (or purchase) a food truck and take your product on the go. You'll have to obtain appropriate operating licenses, but once you've checked those boxes, you can start working at festivals, breweries and other community events. As your reputation grows, you'll likely book business by word-of-mouth.

51. Brewery

Have you always wanted to run your own brewery? Maybe you've already been experimenting with brewing at home.? If so, opening a brewery could be an option. But first, you'll want to pursue training in brewing sciences and work as an apprentice to someone who knows the craft well. From there, you'll need to conduct a competitive market analysis to make sure there's room for another brewery in your area.

Other Small Business Ideas

52. dog walking.

If you have a flexible schedule and can make multiple house calls, you can generate significant revenue as a dog walker. Dog walkers take pooches out for their daily constitutional one or more times a day, individually or in small groups.

In some cities, like New York, dog walking alone can be a booming business. But, it's more common for dog walkers to offer additional services, including playing with and feeding pets, bringing in newspapers and mail and turning lights on and off.

Read This: Start Your Own Pet Business and More by Entrepreneur Press and Eileen F. Sandlin | Amazon | eBooks.com | Barnes & Noble

53. Pet Sitting or Boarding

Most people leave behind their pets when they travel. Although big daycare shelters exist, you can make decent money by offering a more personal pet-sitting service — either by staying at someone's house while they're out of town or by hosting their animal at your place.

Starting a pet-sitting service requires almost nothing in startup costs. Your list of credentials should probably include personal pet ownership — if not currently, at least in the past — and other pet-related experience, including referrals from pet owners whose pets you have taken care of before.

Read This: Start Your Own Pet Sitting Business and More by Entrepreneur Press and Cheryl Kimball | Amazon | eBooks.com | Barnes & Noble

54. Pet Grooming

Most animals need a bath or fresh cut from time to time. Most pet owners aren't equipped to do a full grooming themselves. This means there's a target market for professional groomers who do house calls or have a space where people can drop their pets for a few hours.

There are no required certifications, but most groomers begin by taking courses, which are widely available in most states.

55. At-Home Daycare

Childcare needs continue to soar in the United States, and many people prefer for their child to be cared for in a home environment as opposed to a more institutional setting. These factors make the market ripe for a home-based childcare business. The regulations for a home-based child care vary by state, so you'll need to pursue appropriate certifications and training depending on where you live.

Read This: Start Your Own Child-Care Service by The Staff of Entrepreneur Media and Jacquelyn Lynn | Amazon | eBooks.com | Barnes & Noble

56. Making Gift Baskets

Finding a niche is the best way to start out in the gift basket business. Are you a dog-lover, horse enthusiast or exercise guru who could put together baskets that hold the things that people with this interest would like?

Do you already create a product that a gift basket could be built around?

You could create custom, place-based gift baskets that could be shipped across the country or sold in a local store, or you can collaborate with local makers to get your business idea off the ground.

57. Hair Styling / Barber Shop

Styling hair or working as a barber is a popular business idea that can be lucrative if you have the right skills and online presence. Typically, a home-based hairstylist business or barber shop would be started by someone with a cosmetology career who wants to go out on their own. If you don't have experience, you can take courses and sharpen your skills by working in someone else's shop. You'll need to obtain the appropriate licenses before you can launch your own business.

58. Nail Technician

If you'd like to offer professional nail styling to clients, most states require that you complete cosmetology school — the number of hours varies depending on where you live. It can be smart to work with someone else before opening your own shop so you learn the skills and techniques you need to be successful.

Once you've completed these steps, you can run your own small business from home or a dedicated storefront.

59. Massage Therapist

Massage therapy can be a successful business, but you must have the proper education and training to not cause injury to your clients. At a minimum, you will want to become certified, which will help you practice safely and ultimately market your qualifications.

Certification courses cover not only human anatomy and physiology and the ways massage affects both, but also how to establish your own successful massage business.

60. Storage Facility

People tend to acquire more things than they can reasonably store in their homes. If you have land, you could make meaningful income by storing large items like recreational vehicles, boats, trailers and campers. Or, if you want to dive deeper into the self-storage business, you could consider opening a storage facility, which would require an increase in overhead costs, appropriate licensing and market analysis.

61. Independent Car Service / Ride-Sharing Driver

Driving experience needed

If you drive for companies like Uber and Lyft, you lose a percentage of your wage to the company. However, there are still market demands for private drivers. If you have a reliable vehicle — or can afford to manage a fleet and other drivers — you can cater to high-end clients not interested in using ride-share apps for their transportation needs.

Newer peer-to-peer car rental services like Turo (think Airbnb for cars) also allow potential business owners to rent out their vehicles to generate incremental income when not in use.

62. Online Reselling Business

Do you have items lurking around your household that you could sell? Or are you scouring Craigslist, eBay, Facebook Marketplace and thrift stores for deals on items you could flip?Here's a relatively straightforward online business idea: Auction or sell the items you find on one of online marketplaces.

Reselling products online can provide a major source of supplemental income, especially if you're willing to refurbish items and sell them at a higher rate. Anyone can get into this type of business as long as they're willing to hustle.

63. Interpreting or Translating Services

In communities with international populations, dependable interpreters and translators are extremely valuable. If you already speak multiple languages, you could earn extra income as an interpreter if you pursue a certification, which typically involves about 40 hours of training.

From there, you can determine what type of translation service clients you're seeking: business professionals, government officials, folks who need documents translated and more.

How to Get Started

Addressing these foundational "business checklist" elements early on can set a strong course for growth and operational efficiency for your entrepreneurial endeavor.

1. Create a Business Plan

Create a detailed business plan outlining your business goals, strategies for achieving them, market analysis, operational structure and financial projections. This document is crucial for guiding your strategy and securing business loans.

2. Decide on Legal Structure

Choose the appropriate legal structure for your business (e.g., sole proprietorship, LLC, partnership, corporation), and register your business according to local laws.

Your chosen business structure affects your taxes, liability and business operations, so consult an attorney and a certified accountant before finalizing your decision.

3. Keep Finances Separate

Set up a robust system for managing your finances, including budgeting, bookkeeping and financial forecasting. Consider your startup costs, ongoing expenses and how you will fund your business idea.

Keeping personal and business finances separate is also highly advisable.

• Open a business bank account and use it for all business-related transactions.
• Obtain a business credit card for company expenses.
• Pay yourself a salary from your business account, which then goes into your personal account, rather than directly using business funds for personal expenses.
• Keep all receipts and document all financial transactions meticulously.

4. Plan Operational Needs

Outline your business' operational needs, including staffing, location, equipment, technology and software needs. Consider how you will efficiently manage the production of goods or delivery of services.

5. Develop a Brand and Marketing Strategy

If through social media platforms, affiliate marketing or search engine optimization, consider how you will establish a strong brand identity and develop a marketing plan to reach your target audience.

This should include your branding elements (logo, color scheme) and your strategies for content creation, promotion and advertising.

6. Operate Within the Law

Ensure you know and comply with all relevant city and state laws, regulations and industry standards. This includes obtaining necessary licenses and permits, understanding labor laws if hiring employees and ensuring data protection and privacy.

7. Build a Support Network

Support networks can provide invaluable advice, feedback and connections. Build a network of mentors, advisors and fellow entrepreneurs.

This network might be close friends, former colleagues or paid mastermind groups.

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

Editor's Pick Red Arrow

• Lock 3 Things Your Business Idea Must Have to Succeed — as Proven By Famous Harvard Business School Startups
• This Couple Cashed in Their 401ks to Launch a Virtual Business — Here's How It Led to a 9-Figure Exit and Co-Owning 2 Professional Soccer Teams
• Lock The No. 1 State to Retire in Might Not Even Be on Your Radar, According to a New Report
• Lock 12 Books That Self-Made Millionaires Swear By
• Lock These Are the Highest-Paying Side Hustles for a Single Day of Work
• Use These 3 Steps to Find the Perfect Franchise Opportunity for You

Most Popular Red Arrow

How to become an ai-centric business (and why it's crucial for long-term success).

Learn the essential steps to integrate AI at the core of your operations and stay competitive in an ever-evolving landscape.

Kickstarter's CEO Explains Why the Platform Is Changing After 15 Years

In an interview with Entrepreneur, Kickstarter CEO Everette Taylor explains the decision-making behind the changes, how he approaches leading Kickstarter, and his advice for future CEOs.

Melinda French Gates Reveals Her Next Move After Leaving Gates Foundation: 'Set Your Own Agenda or Someone Else Will Set It For You'

French Gates announced that she is donating $1 billion over the next two years.

5 Steps to Preparing an Engaging Industry Presentation

You can make a great impression and generate interest with an exciting, informative presentation. Find out my five secrets to creating an industry presentation guaranteed to wow.

Amazon Fresh Is Lowering Prices on Thousands of Items to Keep Up With Competition

The grocer will offer weekly savings.

Save on a Lifetime of PDF Management for Memorial Day

Easily convert, edit, and annotate PDFs for work and business with this deal.

Successfully copied link

• Best for customer satisfaction
• Best for older adults
• Best for long-term care
• Best for high returns
• Best for agent support
• Best for term life
• How we review life insurance companies

Best Life Insurance of May 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Best life insurance companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best life insurance for customer satisfaction

State farm life insurance.

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review here.

Best life insurance for older adults

Prudential vul protector life insurance.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review here.

Best life insurance for long-term care

Columbus life insurance.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best life insurance for high returns on income

Allianz life insurance.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best life insurance for agents

New york life insurance.

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best life insurance for term life

North american life insurance.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Summary of the best life insurance companies

• Best for customer satisfaction:   State Farm Life Insurance
• Best for older adults:   Prudential Life Insurance
• Best for agent support:   New York Life Insurance
• Best for long-term care:   Columbus Life
• Best for high returns:   Allianz Life
• Best for term life:   North American Company

How to pick the best life insurance policy for you

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Methodology: How we review life insurance companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best life insurance FAQs

According to JD Power's 2023 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction. However, you still may want to shop around for quotes from various insurers if you're looking to purchase a new policy.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

The best type of life insurance policy for you will differ from someone else's, as your policy should be tailored to your needs. The best policy for you will be affordable and will offer the benefits best suited to your situation. For example, some policies are only meant to cover end-of-life expenses such as burial and funeral arrangements, whereas others include living benefits like a cash value insurance plan , which you can borrow against during your lifetime.

Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. Policies with no medical exam also tend to offer lower benefits with higher premiums. Most companies have a network of medical examiners, some of whom can come to your home. You can find our guide on the best no exam life insurance here.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

• Main content

Mobile Menu Overlay

The White House 1600 Pennsylvania Ave NW Washington, DC 20500

FACT SHEET: President   Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade   Practices

President Biden’s economic plan is supporting investments and creating good jobs in key sectors that are vital for America’s economic future and national security. China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses.   The Biden-Harris Administration’s Investing in America agenda has already catalyzed more than $860 billion in business investments through smart, public incentives in industries of the future like electric vehicles (EVs), clean energy, and semiconductors. With support from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, these investments are creating new American jobs in manufacturing and clean energy and helping communities that have been left behind make a comeback.   As President Biden says, American workers and businesses can outcompete anyone—as long as they have fair competition. But for too long, China’s government has used unfair, non-market practices. China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90 percent of global production for the critical inputs necessary for our technologies, infrastructure, energy, and health care—creating unacceptable risks to America’s supply chains and economic security. Furthermore, these same non-market policies and practices contribute to China’s growing overcapacity and export surges that threaten to significantly harm American workers, businesses, and communities.   Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China  failed  to increase American exports or boost American manufacturing as it had promised. Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created and new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade—lower than any year under the last administration.   We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices—rather than undermining our alliances or applying indiscriminate 10 percent tariffs that raise prices on all imports from all countries, regardless whether they are engaged in unfair trade. The Biden-Harris Administration recognizes the benefits for our workers and businesses from strong alliances and a rules-based international trade system based on fair competition.   Following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. To encourage China to eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation, the President is directing increases in tariffs across strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.   Steel and Aluminum   The tariff rate on certain steel and aluminum products under Section 301 will increase from 0–7.5% to 25% in 2024.   Steel is a vital sector for the American economy, and American companies are leading the future of clean steel. Recently, the Biden-Harris Administration announced $6 billion for 33 clean manufacturing projects including for steel and aluminum, including the first new primary aluminum smelter in four decades, made possible by the Bipartisan Infrastructure Law and the Inflation Reduction Act. These investments will make the United States one of the first nations in the world to convert clean hydrogen into clean steel, bolstering the U.S. steel industry’s competitiveness as the world’s cleanest major steel producer.   American workers continue to face unfair competition from China’s non-market overcapacity in steel and aluminum, which are among the world’s most carbon intensive. China’s policies and subsidies for their domestic steel and aluminum industries mean high-quality, low-emissions U.S. products are undercut by artificially low-priced Chinese alternatives produced with higher emissions. Today’s actions will shield the U.S. steel and aluminum industries from China’s unfair trade practices.   Semiconductors   The tariff rate on semiconductors will increase from 25% to 50% by 2025.   China’s policies in the legacy semiconductor sector have led to growing market share and rapid capacity expansion that risks driving out investment by market-driven firms. Over the next three to five years, China is expected to account for almost half of all new capacity coming online to manufacture certain legacy semiconductor wafers. During the pandemic, disruptions to the supply chain, including legacy chips, led to price spikes in a wide variety of products, including automobiles, consumer appliances, and medical devices, underscoring the risks of overreliance on a few markets.   Through the CHIPS and Science Act, President Biden is making a nearly $53 billion investment in American semiconductor manufacturing capacity, research, innovation, and workforce. This will help counteract decades of disinvestment and offshoring that has reduced the United States’ capacity to manufacture semiconductors domestically. The CHIPS and Science Act includes $39 billion in direct incentives to build, modernize, and expand semiconductor manufacturing fabrication facilities as well as a 25% investment tax credit for semiconductor companies. Raising the tariff rate on semiconductors is an important initial step to promote the sustainability of these investments.   Electric Vehicles (EVs)   The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.   With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China’s unfair trade practices.   This action advances President Biden’s vision of ensuring the future of the auto industry will be made in America by American workers. As part of the President’s Investing in America agenda, the Administration is incentivizing the development of a robust EV market through business tax credits for manufacturing of batteries and production of critical minerals, consumer tax credits for EV adoption, smart standards, federal investments in EV charging infrastructure, and grants to supply EV and battery manufacturing. The increase in the tariff rate on electric vehicles will protect these investments and jobs from unfairly priced Chinese imports.   Batteries, Battery Components and Parts, and Critical Minerals   The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024.   The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.   Despite rapid and recent progress in U.S. onshoring, China currently controls over 80 percent of certain segments of the EV battery supply chain, particularly upstream nodes such as critical minerals mining, processing, and refining. Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk. In order to improve U.S. and global resiliency in these supply chains, President Biden has invested across the U.S. battery supply chain to build a sufficient domestic industrial base. Through the Bipartisan Infrastructure Law, the Defense Production Act, and the Inflation Reduction Act, the Biden-Harris Administration has invested nearly $20 billion in grants and loans to expand domestic production capacity of advanced batteries and battery materials. The Inflation Reduction Act also contains manufacturing tax credits to incentivize investment in battery and battery material production in the United States. The President has also established the American Battery Materials Initiative, which will mobilize an all-of-government approach to secure a dependable, robust supply chain for batteries and their inputs.   Solar Cells   The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024.   The tariff increase will protect against China’s policy-driven overcapacity that depresses prices and inhibits the development of solar capacity outside of China. China has used unfair practices to dominate upwards of 80 to 90% of certain parts of the global solar supply chain, and is trying to maintain that status quo. Chinese policies and nonmarket practices are flooding global markets with artificially cheap solar modules and panels, undermining investment in solar manufacturing outside of China.   The Biden-Harris Administration has made historic investments in the U.S. solar supply chain, building on early U.S. government-enabled research and development that helped create solar cell technologies. The Inflation Reduction Act provides supply-side tax incentives for solar components, including polysilicon, wafers, cells, modules, and backsheet material, as well as tax credits and grant and loan programs supporting deployment of utility-scale and residential solar energy projects. As a result of President Biden’s Investing in America agenda, solar manufacturers have already announced nearly $17 billion in planned investment under his Administration—an 8-fold increase in U.S. manufacturing capacity, enough to supply panels for millions of homes each year by 2030.   Ship-to-Shore Cranes   The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.   The Administration continues to deliver for the American people by rebuilding the United States’ industrial capacity to produce port cranes with trusted partners. A 25% tariff rate on ship-to-shore cranes will help protect U.S. manufacturers from China’s unfair trade practices that have led to excessive concentration in the market. Port cranes are essential pieces of infrastructure that enable the continuous movement and flow of critical goods to, from, and within the United States, and the Administration is taking action to mitigate risks that could disrupt American supply chains. This action also builds off of ongoing work to invest in U.S. port infrastructure through the President’s Investing in America Agenda. This port security initiative includes bringing port crane manufacturing capabilities back to the United States to support U.S. supply chain security and encourages ports across the country and around the world to use trusted vendors when sourcing cranes or other heavy equipment.   Medical Products   The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0–7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026.   These tariff rate increases will help support and sustain a strong domestic industrial base for medical supplies that were essential to the COVID-19 pandemic response, and continue to be used daily in every hospital across the country to deliver essential care. The federal government and the private sector have made substantial investments to build domestic manufacturing for these and other medical products to ensure American health care workers and patients have access to critical medical products when they need them. American businesses are now struggling to compete with underpriced Chinese-made supplies dumped on the market, sometimes of such poor quality that they may raise safety concerns for health care workers and patients.   Today’s announcement reflects President Biden’s commitment to always have the back of American workers. When faced with anticompetitive, unfair practices from abroad, the President will deploy any and all tools necessary to protect American workers and industry.  

Stay Connected

We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better.

Opt in to send and receive text messages from President Biden.

Take the Quiz: Find the Best State for You »

What's the best state for you ».

Poland Fleshes Out Details of Plan to Beef up Eastern Border

FILE PHOTO: Polish soldiers and a local dog walk along the border fence on the Polish-Belarusian border in Usnarz Gorny, Poland, August 30, 2023. REUTERS/Kuba Stezycki/File Photo

WARSAW (Reuters) - Poland fleshed out details on Monday of "East Shield", a 10 billion zloty ($2.55 billion) programme to beef up defences along its eastern border with Belarus and Russia, saying it hoped to complete the plans by 2028.

The border has been a flashpoint since migrants started flocking there in 2021, after Belarus, a close Russian ally, opened travel agencies in the Middle East offering a new unofficial route into Europe - a move the European Union said was designed to create a crisis.

The Polish defence ministry presented details of the programme, including plans to build fortifications, hubs and telecommunication systems in coordination with other eastern frontline NATO allies - Finland, Estonia, Latvia and Lithuania.

"This makes up one complex system of defensive and deterrent actions. It connects access systems, but we will also purchase and implement modern anti-drone and reconnaissance systems," Defence Minister Wladyslaw Kosiniak-Kamysz said.

"This is the largest operation to strengthen Poland's eastern border, NATO's eastern flank, since 1945," he told a news conference.

Deputy Defence Minister Cezary Tomczyk said the investments would start in the first quarter of 2025 and were expected to be completed by 2028. Poland hopes to tap EU funds for some of the projects.

Poland's previous government built a fence on the Polish-Belarusian border that is more than 180 km long (112 miles) and 5.5 metres (18 feet) high to protect against illegal migration. It is complemented by a system of cameras and sensors monitoring the frontier.

Relations between Poland and Russia have also deteriorated sharply since Moscow sent tens of thousands of troops into neighbouring Ukraine on Feb. 24, 2022. Warsaw has ramped up defence spending in response.

The Latest Photos From Ukraine

($1 = 3.9177 zlotys)

(Reporting by Anna Wlodarczak-Semczuk, Pawel Florkiewicz and Barbara Erling; Editing by Gareth Jones)

Copyright 2024 Thomson Reuters .

Photos You Should See - May 2024

Join the Conversation

Tags: Ukraine , Poland , Russia , Lithuania , Estonia , European Union , Belarus , Europe , Finland , Latvia

America 2024

Health News Bulletin

Stay informed on the latest news on health and COVID-19 from the editors at U.S. News & World Report.

Sign in to manage your newsletters »

Sign up to receive the latest updates from U.S News & World Report and our trusted partners and sponsors. By clicking submit, you are agreeing to our Terms and Conditions & Privacy Policy .

You May Also Like

The 10 worst presidents.

U.S. News Staff Feb. 23, 2024

Cartoons on President Donald Trump

Feb. 1, 2017, at 1:24 p.m.

Photos: Obama Behind the Scenes

April 8, 2022

Photos: Who Supports Joe Biden?

March 11, 2020

Jurors Face 'Weight' of Trump Decision

Lauren Camera May 28, 2024

‘No Policy Changes’ After Rafah Strike

Cecelia Smith-Schoenwalder May 28, 2024

Deadly Storms, Tornadoes Hit U.S.

Laura Mannweiler May 28, 2024

The Week in Cartoons May 27-31

May 28, 2024, at 2:38 p.m.

LA’s Abortion Pill Law, Explained

Consumers Cheer Up a Little

Tim Smart May 28, 2024

We've detected unusual activity from your computer network

To continue, please click the box below to let us know you're not a robot.

Why did this happen?

Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy .

For inquiries related to this message please contact our support team and provide the reference ID below.

General election latest: Starmer gives blunt response on potentially rejoining EU - as police drop investigation into his deputy

Greater Manchester Police will take no further action after an investigation into Labour's Angela Rayner. Meanwhile, Rishi Sunak continues to sing the virtues of his national service policy proposal.

Wednesday 29 May 2024 00:47, UK

• General Election 2024

Please use Chrome browser for a more accessible video player

Election news

• Abbott given back Labour whip
• Police drop Rayner investigation | Labour deputy hits out at Tories
• Explained: What Starmer's deputy was being investigated for
• Starmer: 'No case' for rejoining EU | Reeves won't rule out tax rises
• Daily Podcast: How long will Labour's promise on taxes last?
• Live reporting by Faith Ridler  and (earlier)  Ben Bloch

Expert analysis

• Gurpreet Narwan: Farage already has eyes on elections to come
• Adam Boulton: What makes this election particularly exciting
• Sam Coates: Labour could have difficult decisions to make

Election essentials

• Trackers: Who's leading polls? | Is PM keeping promises?
• Campaign Heritage: Memorable moments from elections gone by
• Follow Sky's politics podcasts: Electoral Dysfunction | Politics At Jack And Sam's
• Read more: What happens next? | Which MPs are standing down? | Key seats to watch | How to register to vote | What counts as voter ID? | Check if your constituency's changing | Sky's coverage plans

Thanks for joining us as the general election campaign kicked into full swing - with just over a month to go until Britons head to the polls on 4 July.

You can catch up with the latest in our 10pm bulletin - or click here .

We'll be back in the morning with live updates.

Iain Dale, the LBC radio presenter, has announced he is quitting to run as a candidate in the general election on 4 July.

Sky News understands Dale will be trying to become the Tory candidate in Tunbridge Wells

Dale, 61, previously tried to enter parliament at the 2005 election but lost in Norfolk North.

He announced his decision live on LBC on Tuesday evening, saying: "I am putting my hat in the ring again to be a candidate at the general election.

"Whatever the result, I feel I can play a role in restoring trust and honesty in politics.

"There are no guarantees I will be selected, let alone elected, but I know that I would forever kick myself if I didn't at least have a go."

With the general election campaign officially under way, what better time to keep a close eye on the latest polling?

The Sky News live poll tracker - collated and updated by our Data and Forensics team - aggregates various surveys to indicate how voters feel about the different political parties.

See the latest update below - and you can read more about the methodology behind the tracker  here .

In her first major campaign speech, Rachel Reeves has pitched herself as the UK's next chancellor to an audience of company bosses, promising the "most pro-growth Treasury in our country's history" if Labour wins the election. 

 But after pledging not to announce any new tax hikes and that Labour policies would be fully funded and costed, how she intends to pay for Labour's plan for the UK remains unclear. 

Today on the Sky News Daily, Sophy Ridge speaks with our deputy political editor Sam Coates to discuss the woman hoping to be in charge of the public finances, and whether Labour will be able to please workers and businesses while delivering on a promise of "economic stability" at the same time.  

It's 10pm - here's your late night run-down.

We're still in the early days of the election campaign, but there has been plenty of divisive policy announcements, clashes and political stunts making a splash here in the Politics Hub.

Let us get you up to speed on everything you may have missed...

• Diane Abbott, the MP for Hackney North and Stoke Newington, has been handed back the Labour whip today, Sky News understands;
• She was suspended by the party more than a year ago after suggesting Jewish people did not experience racism, but rather prejudice similar to red heads. The MP swiftly apologised and withdrew her remarks;
• The Tories have lost a key attack line after news that Labour's deputy leader  Angela Rayner  will face no further action in an investigation over her living arrangements;
• The Labour frontbencher criticised the Tories for "reporting political opponents to the police during election campaigns to distract from their dire record". As a reminder, the investigation was launched after Tory MP James Daly complained about her to police;
• Rishi Sunak  was in the East Midlands, where he defended a Conservative plan to introduce the "triple lock plus". This will essentially result in a tax cut for pensioners by raising their tax-free allowance by either average earnings, inflation or by 2.5% - whichever is higher;
• However, it should be noted it was the decision of a previous Tory government to freeze income tax thresholds, bringing more people into paying the tax, including on income from pensions;
• Labour have been busy outlining their economic plans, but challenged by our deputy political editor Sam Coates , would-be chancellor Rachel Reeves refused to rule out further tax rises if Labour finds a black hole in the public finances;
• Meanwhile, over in the Liberal Democrat camp, the party's leader Sir Ed Davey fell off a paddleboard numerous times in Windermere today - but has admitted one of the plunges was intentional.

If you've got a bit more time on your hands, you can read more of some of the stories above in greater detail:

Stick with us for all the latest throughout the evening.

Sir Keir Starmer has pledged cut NHS waiting lists from day one, telling hospitals to immediately establish new clinics on evenings and weekends.

The Labour leader has pledged that 40,000 appointments per week will be rapidly rolled out, by sending staff from Guy's and St Thomas's NHS Foundation Trust to help set up high intensity schemes.

These teams have already "proven they can get their high intensity theatre lists on weekends up and running within six weeks", Labour said.

Sir Keir added: "It was NHS staff working in the hospital I can see from my office in parliament who led the way on this new model.

"Labour will take the best of the NHS to the rest of the NHS, so patients in every part of the country can be treated on time. 

"The NHS is personal to me. It runs through my family. 

"That's why I'm utterly committed to reforming this service, getting the NHS back on its feet, and making it fit for the future."

After a bumpy start to the Tory election campaign, day six has been somewhat smoother for Rishi Sunak.

That's not to say the Conservative election machine isn't on the lookout for potential missteps though.

During a TV interview in the changing room of a bowls club in Leicestershire, a hat was strategically placed to cover a name tag adorned with the blush-worthy surname "Glasscock".

While at a homeware factory in Staffordshire, a Tory aide spotted and swiftly removed a can of Monster energy drink from a worktop where the prime minister was about to inspect some ceramics.

Amid a slanging match over leaders taking 'duvet days' early in the campaign, a photo of the Tory leader next to a giant caffeine-stuffed beverage is probably not the message the party wants to send out.

You can read more from Sky News below:

What are the rules on voter ID?  How does tactical voting work? In what different ways can you cast your ballot?

The countdown to the election is on - and already the amount of information can seem overwhelming. 

We cut through the noise to bring you what you need to know, from registering to vote, to election day and what happens next.

Read on here...

We're still very much in the early days of the election campaign - but policy announcements are coming in thick and fast from the main two parties.

Here's a breakdown of what we've heard so far...

The Conservative Party

National service - The Conservatives have vowed to bring back a "modern" form of national service for 18-year-olds in the UK, which could involve military service of volunteer work.

'Triple lock plus' -   The party has promised to cut taxes for pensioners by creating a new "age-related" tax-free allowance - dubbed "triple lock plus". In short, a pensioner's allowance would rise in line with either average earnings, inflation or by 2.5% - whichever is higher - from next April.

Education - The Tories have promised to create a new qualification framework called the Advanced British Standard for those aged 16 to 18. The party also proposed making "some form" of maths and English compulsory up to the end of school.

Environment - Rishi Sunak has said he remains committed to plans to reach net zero by 2050, a goal adopted under Theresa May in 2019.

The Labour Party

Taxation - Labour has pledged not to reverse the two recent cuts to national insurance - and not to increase income tax. 

Economy - Two flagship economic pledges from Labour are the abolition of the non-dom tax status held by some wealthy foreign nationals, and the introduction of VAT to private school fees.

Waiting lists - The party has said it will get the NHS "back on its feet" by delivering 40,000 more evening and weekend appointments per week.

Environment - A major policy pushed by Labour is the formation of Great British Energy, which would be publicly owned. The party claims this would reduce household energy bills and create jobs.

Education - Also a headline policy from Labour is a plan to recruit around 6,500 new teachers in key subjects - and create a "national excellence programme" to support professional development.

Until voters go to the polls on 4 July, the Politics Hub will be looking back at some memorable moments from previous general election campaigns.

The big winner from the UK's first ever TV prime ministerial debate in 2010 wasn't primary contenders David Cameron and Gordon Brown.

No, it was Nick Clegg.

As the Tory and Labour leaders looked to take chunks out of one another, they saved their more conciliatory side for the insurgent Lib Dem.

He could do no wrong that night, with Messrs Cameron and Brown both finding it completely irresistible not to simply "agree with Nick".

Cleggmania took him all the way into Number 10 as part of the coalition, where he stayed until his party was turfed out by voters in 2015.

Previous entry: The Prescott punch

Be the first to get Breaking News

Install the Sky News app for free

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

39K Student Loan Borrowers Just Got Forgiveness. Here’s How To Get in Line

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

The Education Department is extending a key student loan forgiveness deadline and delaying the relief rollout.

Borrowers now have through June 30 to consolidate certain types of federal student loans to qualify for the one-time income-driven repayment (IDR) account adjustment , which counts more past periods of repayment toward IDR forgiveness. The account adjustment will be fully implemented in borrowers’ accounts sometime in September.

So far, the Education Department has approved roughly $51 billion in IDR account adjustment forgiveness for more than one million borrowers — including a recent wave of $1.9 billion in forgiveness for 39,200 longtime borrowers, announced on May 22.

The new consolidation deadline lengthens the program’s timeline by two months. Previously, the consolidation deadline was April 30, and the account adjustment was slated to wrap up by July 1.

“The department is working swiftly to ensure borrowers get credit for every month they’ve rightfully earned toward forgiveness,” U.S. Under Secretary of Education James Kvaal said in a statement.

Though the delay means a second chance for borrowers who didn’t consolidate by the previous deadline, it may also mean the Education Department is buying itself some time to finish implementing the forgiveness, says Karen McCarthy, vice president of public policy and federal relations at the National Association of Student Financial Aid Administrators.

“They don't expect to finish their work as early as they thought they were, so the window to apply to consolidate into the [direct loan] program has now been extended a little bit as well,” McCarthy says.

These types of loans require consolidation by June 30 to qualify for the maximum benefits of the IDR account adjustment:

Commercially held FFELP loans . (These are part of the Federal Family Education Loan Program; most federal student loans taken out prior to 2010 fall into this category.)

Federally held FFELP loans, but only if you're working toward Public Service Loan Forgiveness (PSLF) . 

Perkins loans . 

HEAL loans .

Parent PLUS loans in repayment for less than 25 years (or 10 years, if eligible for PSLF). 

Direct loans with different past payment counts.

If your loans aren’t on this list, you likely don’t need to take action to benefit from the IDR account adjustment — you’ll automatically get forgiveness either by the end of September, or sooner than you otherwise would.

“Without this extension, millions of borrowers who could benefit from the IDR account adjustment will be cut off from relief. For many, this extension could make the difference between being debt-free and years of additional payments,” says Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center, a nonprofit organization that advocates for student debt relief.

Don’t count on another deadline extension. If you need to consolidate your loans to benefit from the IDR account adjustment, here’s how to do it by June 30.

Check your loan types

Confirm which types of loans you have before attempting to consolidate.

“The really challenging part for some borrowers is the first step in identifying all of the loans that you want to be included in the consolidation and who those loan holders are,” McCarthy says.

To start that first step, log in to your StudentAid.gov account. Once logged in, select “loan breakdown” from your dashboard to see a list of your loans, along with their names and servicers. If the loan says “Direct,” it’s a direct loan. If you have a different loan type, “FFELP,” “Perkins” or “HEAL” may be in the name. You can also see how long you’ve been paying your loans, and how much you owe.

If your servicer name starts with “Dept. of Ed” or “Default Management Collection System,” your FFELP loans are held by the government — not a commercial lender — so you don’t have to consolidate, unless you’re pursuing PSLF.

If your FFELP loans do not include either of those terms, they are commercially held and you must apply to consolidate by June 30 to get credit for IDR forgiveness.

Complete the consolidation application

The free consolidation application is available online at StudentAid.gov/loan-consolidation . When logged in, this online form will automatically populate most borrowers’ contact and loan information. Confirm accuracy. Next, you’ll be prompted to:

Select which federal loans you want to consolidate. 

Preview the amount of your new direct consolidation loan and its interest rate. 

Choose a repayment plan, even if you’ll be eligible for forgiveness. (If you aren’t eligible for forgiveness now, you’ll want to sign up for an IDR plan going forward to keep earning credit toward forgiveness. The form will direct you to the IDR application, which requires you to input or recertify your income information.) 

Choose a federal student loan servicer for your consolidation loan.

Provide contact information for two references who can be contacted if the Education Department is unable to reach you. 

The entire process can take less than 30 minutes, and it does not need to be completed in one sitting. For assistance or to apply for consolidation over the phone, contact the Federal Student Aid Information Center at 800-433-3243.

The loans you consolidate will be paid off and replaced with a single “direct consolidation loan.” The Education Department says most consolidation loans are disbursed to borrowers within 60 days of applying.

“It does take a little bit of time for the consolidation to go through,” McCarthy says. “Make sure that you understand that it will take some time, because the Department of Ed is literally paying off your previous loans.”

After consolidation, your payment count may temporarily show as zero in your StudentAid.gov account. Don’t worry: Your payment count will be accurately updated by September.

Sign up for an IDR plan if you don’t get forgiveness

If you’ve been in repayment long enough to qualify for IDR forgiveness, and you consolidate if needed, your remaining balance will be erased by the end of September and you won’t have to make further student loan payments.

Generally, you must have the following repayment history to qualify for forgiveness under the IDR account adjustment:

At least 10 years of repayment, if you qualify for PSLF. 

At least 20 years of repayment, if you have undergraduate loans only.

At least 25 years of repayment, if you have loans for graduate school or parent PLUS loans. 

You could also get forgiveness after 10 years of repayment if you originally borrowed $12,000 or less, as a result of the new IDR plan, called SAVE . You must enroll in SAVE to qualify for this accelerated forgiveness.

Even if you think you’ll reach forgiveness after the adjustment in September, it’s a good idea to make payments in the meantime. Any overpayments made after consolidation will be refunded.

If you haven’t spent the required amount of time in repayment, you must enroll in an IDR plan, like SAVE, to continue making progress toward IDR forgiveness. You’ll be much closer to forgiveness after the account adjustment, because it will count more past repayment periods — including forbearances and payments not made on an IDR plan — toward the time needed to earn IDR forgiveness.

Know the implications of consolidation

Consolidation is irreversible, so consider the pros and cons of consolidation before taking this action. Outside of the IDR account adjustment, consolidating certain types of loans can open the door to PSLF and IDR plans that can shrink your monthly bills. It can also simplify your payments if you have loans with multiple servicers. On the other hand, the process could lengthen your repayment period, which could increase the amount of interest you pay over time.

The following loan types require additional considerations, ahead of the June 30 consolidation application deadline.

Perkins loans

Think twice before consolidating your Perkins loans if you’re eligible for Perkins loan cancellation , which can forgive your debt if you work a public service job for at least four to seven years — much faster than PSLF or IDR.

The government shuttered the Health Education Assistance Loan (HEAL) Program in 1998, but some borrowers are still repaying old HEAL debt. Unconsolidated HEAL loans aren’t eligible for IDR plans or the account adjustment.

If you consolidate a HEAL loan by June 30, your new consolidation loan will get credit toward IDR forgiveness for the oldest non-HEAL loan it includes.

If you have HEAL loans only, you should still consolidate them if you want to access IDR plans or PSLF. After consolidation, your IDR forgiveness clock will start at zero.

Parent PLUS loans

If you’ve been repaying parent PLUS loans for at least 25 years (or 10 years if you, the parent, are eligible for PSLF), you should automatically get forgiveness of your remaining debt under the IDR account adjustment. You don’t need to consolidate.

If you’ve been in repayment for close to 25 years, but you’re not there yet, consolidate by June 30 to get IDR credit for past periods of repayment for the oldest underlying loan. To keep making progress toward forgiveness, you must enroll in the Income-Contingent Repayment (ICR) plan, which is the only IDR option for consolidation loans containing parent PLUS loans.

Consider consolidation carefully if you’re far from the 25-year finish line; the ICR plan could increase your monthly bills. Use the Education Department’s loan simulator to gauge different repayment scenarios.

On a similar note...