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Best Small Business Plan Template For 2024 in Canada

Looking to start a small business in Canada – in 2024 or beyond? Or maybe you’re more of a startup founder. In either case, the best way to begin is with our free business plan template. Here’s how to get going.

• What is a business plan?

A business plan is a framework a business owner can complete in order to make starting or optimizing a business easier. Whether you’re working on your business idea or you’re an established entrepreneur, creating a business plan can help you map out your values and overall approach. It’s one of the best ways to develop or refine your business strategy. A well-structured plan includes some financial projection, a marketing strategy, and operational information important for potential investors and your own purposes.

Many beginners get tripped up thinking about how to write a business plan, which is why we created this sample to point you in the right direction.

• How Canadian startups and small businesses can use a business plan template

If you’re a startup or small business owner, there are a few things you can do to make the best use of a business plan template:

• Get started! Whether you already have a business or you’re in the planning stages, working on a real business plan will help you discover aspects of your company that you may otherwise overlook.
• Make sure your business plan is tailored to your unique situation. It’s just a starting point, so feel free to add or subtract sections depending on your needs.
• Stay up to date on changes in your industry. Your business plan should be a living document that you revisit and update periodically.
• Make use of free resources. We have a lot of helpful content on starting and running a business, so make sure to visit some of our other articles for further education.
• Get feedback from someone with experience. Whether this is a mentor or another entrepreneur, external feedback can be critical to a solid business plan.
• How to write a simple business plan

Keep in mind these are only rough guidelines, because there’s really no “wrong” way to fill out a business plan template. That said, there are a few best practices you may find helpful.

• Leave the executive summary and business overview until the end

The executive summary is a high-level overview of your entire plan. It should include a brief description of your company, what you do, and your target market. The business overview takes a more in-depth look at your business, including your history, products and services, and how you plan to make money.

• Include your financials early on

The financial section is one of the most important parts of your business plan. This is where you’ll include your projected income and expenses, as well as your current financial status. Investors will want to see this information, so it’s important to include it even if you’re not seeking investment yet.

• Make sure your marketing and operations sections are fleshed out

Investors aren’t the only people who will be interested in your business plan. It will serve as your roadmap for navigating the twists and turns of entrepreneurship, so having well-defined marketing and operational objectives is key.

• The three main components of a business plan

Other than the executive summary and overview, there are three main sections to a business plan: the marketing section, the financial section, and the operations section.

There are also three different ways of thinking about each section: strategic, tactical, and operational.

Strategic thinking defines your larger overarching plans. An example of a broad marketing strategy is paid media (advertisements).

Tactical thinking defines the individual actions within your strategy. An example of tactics within a paid media marketing strategy would be split-testing your copy and creatives.

Operational thinking is all about what is required for the strategies and tactics to take place. For example, if you want to use paid media but lack the time or skills to create your own ads, you’ll need to hire a paid media specialist. This is an operational concern.

The marketing section should include your overall marketing strategy , including your target market, how you’ll reach them, and what you’ll offer them.

The financial section should include your projected income and expenses, as well as your current financial status. This information is important for investors, but it’s also helpful for you to gauge which marketing and operational initiatives you can afford.

The operations section should include your business’s organizational structure, as well as a plan for hiring and training new employees. This section should also include any documented processes and procedures you plan to use.

• Final tips for creating a business plan

Even if you’re not planning to approach investors, it’s important to have a well-defined business plan. Here are some tips that will make the process easier and more effective:

• Don’t let self-doubt or impostor syndrome stop you . Many entrepreneurs feel like they’re not qualified to write a business plan because they lack clarity around how they want their business to work. Filling out a business plan can actually help you find that clarity, so push through any nagging doubts and put in the work––you’ll be glad you did!
• Understand that the plan can grow with your business. As you evolve, so should your business plan. Keep it updated and track your progress against your goals so you can course-correct as needed.
• Don’t be afraid to make mistakes. Making mistakes is a normal and natural part of being an entrepreneur. What’s important is that you learn from them and continue moving forward.
• Make it your own. The best business plans are the ones that reflect the unique personality and values of the business owner. So don’t be afraid to put your own stamp on it!

Creating a business plan can be a daunting task, but it’s important to have one regardless of your stage in the entrepreneurial journey. The tips we shared will help you create a document that is both informative and reflective of your unique business. Remember to stay flexible as your business grows and make sure to update your plan regularly!

• Download the Canada Starts Business Plan here

This business plan has everything you need to put your best foot forward. Make sure to keep in mind everything you’ve learned, and feel free to add to the template where required. Download the template here .

This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.

Interactive Business Plan Builder

We understand that creating a business plan might be a new territory, our Interactive Business Plan Builder helps streamline the writing process and offers aspiring entrepreneurs and established business owners the guidance and support they need from the beginning to the end of the planning process.

What is a Business Plan?

A business plan is a strategic document that provides a detailed overview of a company’s goals, objectives, business structure, and strategies it will implement to achieve them. A business plan is crucial and beneficial to both startups and established small businesses.

Why is a Business Plan Important for Small Businesses?

Make informed business decisions

Set clear goals & strategy

Understand your customers & target market

Identify potential risks & mitigation

Secure funding & manage cash flow

Build & enhance credibility

What is Included in the Business Plan Builder?

The Business Plan Builder tool simplifies the process of developing your plan by breaking it down into essential topics and providing reference examples for each section

Executive summary & business description

Market research

Sales & marketing

Financial projections

Team structure

Why Use the Business Plan Builder?

Create a new business idea

Shift your existing business model

Develop a detailed business plan

Secure funding

Ready to Write a Compelling Business Plan?

Receive dedicated support from our Business Strategists as you go through each section.

Look Inside

Frequently Asked Questions:

Is there a time commitment to complete my business plan.

No, there is no specific time commitment. Take the time you need to conduct thorough research and complete your business plan at your own pace. The Interactive Business Plan Builder allows you to save your work at any point, allowing you the flexibility to complete it at your convenience.

Should I complete all sections in chronological order?

While the business plan is structured to guide you through the process, you have the flexibility to work on the sections in any order that suits you.

Can I create a copy of my business plan?

Certainly! Navigate to “My Business Plans,” locate the desired plan, and click on the “Duplicate” button to create a copy. You can then rename the duplicated business plan.

Can I invite another user or my business partner to be a collaborator on my business plan?

Unfortunately, the current tool doesn’t support this feature. However, you can export your plan as a Microsoft Word, PDF, or Google Drive and collaborate with others outside the platform if needed.

What if I need some help writing my business plan?

Business Link offers various resources and supports to assist you in crafting a business plan:

• Within each business plan section of the Business Plan Builder, you’ll find tips and examples to guide you.
• Check the right-hand side navigation bar for additional resources to help in your business plan development, including the option to download our Cashflow Template .
• If you need personalized assistance or have specific questions, our experienced business strategists, many of whom have entrepreneurial backgrounds, are available for one-on-one support. Feel free to reach out to us for assistance if needed!

Am I able to customize my business plan, such as adding a logo?

Absolutely! Export your business plan as a Word Doc or Google Doc to begin further customization, including the addition of a logo.

Will my business plan be shared with anyone?

Rest assured that your business plan is treated as your intellectual property (IP), and confidentiality is a priority. We will never share your data or business plan without explicit permission.

Did you have a business plan in our old Business Plan Builder? As of September 30th, 2023, access to your Business Link user account for exporting previous business plans has been discontinued due to the removal of this function. For copies of any plans created in the original builder, please contact our team, and we’ll gladly assist you.

Cash Flow Templates

Do you plan on asking for funding for your small business? Access the cash flow template you need to go with your funding request.

Have your business plan reviewed

Our small business strategists can review your business plan and provide you with feedback and coaching to get it to where it needs to be – whether you’re looking for financing, or just need to work out the details of your business idea.

Don’t have a business plan yet? Get started with our free interactive Business Plan Builder . The tool will walk you through the business planning process with details on what to include in each section, helpful tips, and examples. When you’re done, export your plan and submit it for review!

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Create Your Business Plan

Your business plan is a document that should grow with your business. It should undergo constant revisions as your business evolves and expands.

Navigation:

• What Your Business Plan Will Do For You
• Sample Business Plans
• General Business Planning Help

What Your Business Plan Will Do For You  

• Be a reality check! It will force you to identify your business strengths and weaknesses.
• Help you figure out your budget.
• Provide a clear direction, which can keep you focused and help eliminate stress.
• Be your timetable for operations
• Help you coordinate all the diverse activities that go into running your business.
• Serve as a resume when you seek lenders, suppliers, investors or partners.
• Ensure you evaluate the market for your product or services and size up the competition.
• Provide a clear starting point for future business planning.

Sample Business Plans  

Bplans.com This site offers a selection of free sample business plans, as well as articles on business planning. Bplans.com also sells business planning software.

Business Plans Handbook, Gale Publishing This is a database of actual business plans written by North American entrepreneurs seeking financing for their businesses. Includes examples of many start-up business ideas. Access is available through many BC public libraries, made possible by a generous donation from the Sutherland Foundation. Affiliates of UBC can start here .

Center for Business Planning The MOOT CORP® Competition simulated the experience of entrepreneurs pitching investors for funding. Although the competition is no longer held, the business plans presented by MBAs from the best business schools in the world can still be found on the Internet Archive's Wayback Machine.

Templates  

Futurpreneur - Business Plan Writer An interactive, online, tool that allows you to customize your business plan. Includes tips & tricks and can be downloaded to a word, excel or PDF file.

Business Development Canada (BDC) - Business Plan Template This is one of the best downloadable business plan templates. The business plan contains 2 sections, with a glossary and user guide.

Canada Business Site An excellent source for financing, permit, and business planning information. Includes a complete list of useful templates.

SCORE SCORE is a non profit association helping small businesses. Their library includes templates for business plans, SWOT analysis, financial projections and more.

General Business Planning Help  

Small Business BC (SBBC) SBBC is a great place to start for information on BC specific regulations and guidelines, for whatever stage you are in your business development. This is a great post  on the topic.

GoForthInstitute An excellent collection of free resources for entrepreneurs on diverse subjects. Of particular interest are the How-To Guides, templates and samples, and business calculators. They also offer low-cost video training.

Small Business Planner, the US Small Business Administration (SBA) This website includes information and resources that will help you at any stage of the business lifecycle. Watch their series of business planning videos here .

Need information on business research as you write your business plan? Check out our Beginner's Guide to Business Research , or go to our collection of 100+ Industry  Guides for industry-specific research help.

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Business plan writer

The interactive Futurpreneur business plan writer is designed to simplify the business planning process by allowing you to customize your plan. We also provide tips & tricks, and plenty of examples to guide you as you write.

Business plan example

Gain valuable insights from Futurpreneur’s Entrepreneur-in-Residence, Dominik Loncar, to learn how to articulate your vision with clarity and impact. We understand that writing a business plan can feel daunting, there’s so many pieces it’s hard to know where to start. So, to help you get started we’ve created a business plan example that includes insights and rationale from Dominik Loncar. He’s our Entrepreneur-in-Residence and he’s reviewed 100s of business plans from entrepreneurs.

Business plan essentials

Never written a business plan before? Fear not! With this crash course, you’ll be provided with an overview of the different components that make up a solid business plan ensuring you’re launch-ready and poised for success.

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Business Planning for Small Business

Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business.

In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. Here’s how Small Business BC can help you prepare your business plan.

Download Our Business Plan Checklist

So you have decided you want to run your own business, but have you started your business planning process? Start with Small Business BC’s Business Plan Checklist.

Business Plan Consulting And Review Service

No matter what stage you’re at in the business planning process, our review service can keep you on course for success. Currently 50% courtesy of a subsidy from Fortis BC.

Download Our Free Business Plan Template

Our business plan template allows you to map sales forecasts, project costs, coordinate marketing and determine an optimal financing request all in one simple easy to use tool.

Watch our Writing a Business Plan Webinar Recording

Hear from SBBC Business Plan Advisor, John Baxter, as he shares his expertise on how to approach writing a business plan.

Province of BC - Business Structures Wizard Tool

One of your most important early decisions when starting a new business is your choice of business structure. Use the Province of BC’s handy tool to compare your options and determine the best fit for your needs.

Creating an Accessible Workplace

Discover tips, resources and best practices for creating a workplace that’s accessible to those with disabilities.

Hear from Business Plan Clients

Our advisor asked probing questions about things like inventory, marketing expenses and sales forecasts – it made us recalculate our assumptions and made sure we realized our potential..

Discover how SBBC's Business Plan Advisory service helped Takasa hone in on their unique selling point to achieve their vision of starting a socially and environmentally responsible retail business.

Working with a Business Plan Advisor really helped me understand what was coming down the line six months, and a year from now

Hear how several SBBC Business Plan clients, including The Garden Strathcona, have navigated the unique challenges of their industries and achieved success.

The Garden Strathcona + More

Other Ways Small Business BC Can Help Your Business

Read our 10 step guide to starting a business.

Read our simplified guide to each area of the start-up experience, highlighting the services and help you can lean on to achieve your goals.

10 Step Guide to Starting a Business

Discover our selection of webinars to upskill your business

Small Business BC provides practical business education tailored for small businesses right here in BC. Whether you need help starting your business, hiring employees, managing operations, or anything else, Small Business BC is here to help. View our full calendar of business education .

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Discover our range of free downloadable resources

Starting a business? Start with Small Business BC’s comprehensive list of free downloadable resources. We’ve got everything covered, from business plan templates, cash flow forecasting and our starting a business checklist. View Resources .

Reach more customers online by joining our BC Marketplace

Join our free online hub of BC-based small businesses and reach a province-wide audience of engaged customers that are passionate about small business. Sign up now .

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Our self-directed E-Learning courses are available anytime, anywhere. Each on-demand course consists of bite-sized topics filled with features like readings, handouts, videos and quizzes. Discover our range of E-Learning education today.

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Start Grow, and Expand Your Business

The Western Canada Business Service Network (WCBSN) is a group of independent organizations that receive WD funds to help Western Canadians start, grow and expand their businesses.

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The Accelerated Growth Service (AGS) helps growth-oriented Canadian businesses to expand by helping them access the key government services they need to grow, such as financing, exporting, innovation and business advice.

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Business Plan Builder

Additional resource

Learn from the Experts: Incorporating Scenario Planning into your Business Plan

Business plan faqs.

What is a business plan?

A business plan is a document that explains to others your vision for your business, the gap in the market your business will fill and the steps you will take to succeed.

Why is a business plan important?

A business plan describes what your business does and outlines the opportunities you wish to capture. Writing your business plan can help build your confidence in how you will achieve success. A business plan can also:

• Serve as a roadmap for your business
• Answer and even create more questions
• Zero in on the most effective way to build or grow your business
• Reveal gaps or risks you need to address

Show potential investors, stakeholders or lenders that you’re serious.

How do I write a business plan?

A simple way to write a business plan is to use our business plan template (the RBC Business Plan Builder for new businesses or existing businesses.

You can also read more about how to create a business plan .

What is the executive summary in a business plan?

The executive summary is the first thing your reader will see in your business plan, after your cover page and table of contents. It should grab your reader’s attention, identify what your business does and include:

• Your industry, target market and how your business is different from the competition

Your business structure (sole proprietorship, corporation, etc.)

• What stage your business is in
• Your experience and credentials, as well as your team’s, if applicable

Revenue projections for the business (or performance to date, if you’re already operating)

Tip: Write your executive summary last and keep it to one page. While it’s structurally the first section, it will summarize everything else in your plan.

What is in a business plan?

Your business plan should include the following:

An executive summary

The current business environment

An outline of your marketing and pricing strategies

A description of how your business will operate

Details of your financing and cash flow needs

A description of your team (even if it’s just you)

Any risks and how you’ll protect your business

A conclusion

Your contact information

Learn more about what to include in your business plan .

How long should a business plan be?

There is no length requirement for a business plan. It should cover essential information , be easy to skim, and also be as clear and concise as possible.

What is a business plan template?

A business plan template takes the guesswork out of writing your business plan by listing the ideal information to include. Create your own business plan for either a new business or existing business using the free template in the RBC Business Plan Builder.

Can I download the business plan template?

Yes, you can complete the business plan template in the RBC Business Plan Builder online and/or download it as a document for free at any time.

Does the business plan template work for small businesses?

Yes! The business plan template in the RBC Business Plan Builder is useful for businesses of any size. The information you provide will be specific to your unique business.

Do I have to create my business plan in one sitting?

No, you can download and save your business plan as a document at any time, so you don’t lose your work. That way, you can go at your own pace and take breaks or gather information as needed.

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Free business plan template

• Download business plan template
• Try Xero for free

Download a business plan template and start bringing your ideas to life. Choose a one-pager, or multi-pager. Or try Xero accounting software for free.

Download the business plan template

Fill in the form to get a free business plan template as an editable PDF. We’ll send a one-pager and a multi-pager to choose from.

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Getting started with the business plan template

We’ll send you two types of business plan template – a one-pager and a multi-pager. Choose the one that’s right for you. They come with instructions to help fill them out.

Doing a business plan will improve your idea. It helps you think about your business from different points of view. The process will flag up unseen risks, but also new opportunities. Aside from helping refine your idea, a business plan will move it forward. It’ll give you a concrete set of steps to go from "I should" to "I did".

Are you looking forward to the bookkeeping and accounting that comes with a new business? Na, we didn’t think so. Xero can automate a lot of that stuff away for you.

One-page business plan template

Great for making a start

Helps you pin down the main idea

Easy to update as things evolve

Multi-page business plan template

Ideal for nailing down the details

Required by most investors and lenders

Good if you face big startup costs

Tips to help with your business plan

Don’t obsess over every detail to start with. That will make the plan long and hard to change. Keep it short and concise initially.

Financing your business

Need cash to get going? Check out our finance guide.

How to finance your business

Starting a business

Check out our guide for information about getting started.

How to start a business

Find a bookkeeper or accountant

Accoutnants and bookkeepers can help build financial resilience into your business budgets.

Find a financial advisor near you

Plan on making business fun

Xero does not provide accounting, tax, business or legal advice. This template has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business.

Start using Xero for free

Access Xero features for 30 days, then decide which plan best suits your business.

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Related Guides

This section contains guidance, samples and templates that can help you develop a clear goal-oriented plan for your business. What is a business plan? In its simplest form, a business plan is a roadmap for your business that outlines goals and details how you plan to achieve those goals. Whether or not you receive funding for your business is often tied directly to the strength of your plan. Use the sample plans and guides below to ensure your business plan is as effective as it can be.

Business Plans Explained

This article provides a brief overview of the various components that make up a business plan.

This article provides some guidance on how to fill out the various components that make up a business plan. 

Samples and Templates

This website offers more than 500 free sample business plans categorized by industry.

Shows actual business plans written by entrepreneurs in North America who are seeking financing for their business.

Provided by Small Business BC, this free template will help you define what your business is, show how you will become profitable, and serve as a marketing tool to showcase your idea.

This interactive business plan template enables users to easily generate a custom business plan.

Digital Library Resources

Gale Directory Library

Contains directory information on businesses, consultants and consulting organizations, print, publications media and broadcast media.

Gale Ebooks

Thousands of high quality, full-text, downloadable encyclopedias, handbooks, dictionaries and travel ebooks. *Also suitable for research at the elementary, high school and undergraduate levels.

LinkedIn Learning

LinkedIn Learning offers video courses in business, computer technology, software, and creative skills, all conducted by experts in their fields.

New to LinkedIn Learning?   View a video tutorial or visit the LinkedIn Learning FAQ page for more information.

Recommended Titles

Your Guide to Preparing a Plan to Raise Money for Your Own Business Call Number 658.4012 W72 Publication Year 2020 Examples of business plans and reviews of business plan software.

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Need a business plan? Try our template.

Invest in the future of your business by taking the time to create or update your business plan using our free template.

The importance of your business plan

Perhaps the most important document for any new business is a business plan. Yet too many business owners fail to sit down and prepare or update one.

A business without a plan is adrift. Decisions are made reactively based on the owner’s emotions, rather than prudent research. Employees, vendors, investors and other stakeholders (as well as the owner) are unclear about the direction of the company. That lack of focus results in wasted dollars, energies and resources as the company zigzags along instead of following a well-planned straight line to its goals.

Writing a business plan can seem a daunting task. Many entrepreneurs simply don’t have the time, inclination or the proper tools.

Business planning template

We have developed a template that makes creating your Business Plan easy. And it’s free !

This template guides you through all of the steps required to complete a proper business plan. It has explanations of the terms and definitions. It lets you add your own thoughts and comments.

Once you’ve completed the steps, you’ll have a business plan complete with cover page, contact information, financial tables, product descriptions and marketing details. You can save and print the plan, or send it electronically to anyone.

Use your plan to move your business forward with confidence, to motive your team, or to present to investors or lenders.

Depending on how much research and preparation you’ve already completed, creating your plan won’t consume much time at all. While it’s very easy, don’t worry if you get stuck because help is available throughout the process.

Take your plan to the bank

Once you’ve completed your business plan, you may take it to a Scotiabank  Small Business Advisor . The advisor can review your plan, supply feedback, and, if requested, help you to explore your financing options.

Get feedback on your plan

Asking people to review your plan will make it stronger because you’ll receive valuable feedback. Share it with your accountant, lawyer, financial advisor and trusted businesspeople so they can offer their suggestions to improve your plan. If you are really worried about someone reading your secrets, consider attaching a Non-Disclosure Agreement (NDA) to the plan. An NDA is a legal document that prevents others from sharing your information with unauthorized parties.

Try our free business plan template

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More topics

• Step 1: Make Sure Running a Small Business is Right for You
• Step 2: Understand Business Structures

Step 3: Develop a Business Plan

• Step 4: Secure Your Financing
• Step 5: Choose a Business Name and Have it Approved
• Step 6: Register Your Business
• Step 7: Secure Your Online Presence
• Step 8: Register for Provincial Sales Tax (PST)
• Step 9: Register for Goods and Services Tax (GST)
• Step 10: Complete Other Registrations
• Step 11: Investigate Additional Business Registrations and Requirements
• Step 12: Identify Permit and Licensing Requirements
• Step 13: Get Support
• Step 14: Check Out Other Useful Resources

You’ve no doubt heard the expression, “Failing to plan is planning to fail.” Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business. With a plan, not only can you spot potential weaknesses, opportunities and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially.

If you’re unfamiliar with business planning, start by reviewing Small Business BC’s “ how to ” guide on business planning.

To h av e someone r eview y our business plan, make an appoi n tme n t with a Business A dvisor a t Small Business BC. T hey of f er business plan r eview se r vi c es if y o u ’ r e see k ing financin g , submitting a business p r oposal or just loo k ing f or a p r o f essional assessme nt . Small Business BC also of f ers  services to review sections of your plan, such as the executive summary or the marketing plan. All information submitted to Small Business BC will be kept in total confidence and will not be distributed or communicated without first obtaining your express written consent.

Step 4: Secure Your Financing >>>

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Planning for success: your guide to preparing a business and marketing plan

This guide is designed to help you put together a comprehensive, strategic and effective blueprint for your business — a foundation for your success!

Your business plan is one of your most important tools in planning for the future of your business. It outlines your vision, what you want to achieve and how you plan to get there. The process of putting this plan together helps you set the course for your business — preparing for obstacles, allocating resources and planning for opportunities. It’s also a living document that should be updated as your business evolves over time.

A good business plan, which includes an effective marketing plan, also presents your business case to the outside world. It is a key factor in attracting and retaining investors and is often the first document lending organizations ask to see. 

So, how do you develop an effective business and marketing plan?

You begin the process by focusing on a few key elements — first, establish your basic business goals. Then, based on sound research, determine what challenges and opportunities your business may face. Next, clearly identify your target markets and competition. And finally, consider and plan all the operational and financial requirements you need to achieve your goals.

Effective business and marketing plans are very thorough, anticipating and answering readers’ questions before they are asked. That’s why developing a good plan can help you better define your goals, ideas and plans in your own mind before you “put pen to paper.” 

There are many steps and details involved in fleshing out a comprehensive and compelling business and marketing plan, so here are some general guidelines to think about as you get started:

• Involve all of your management team in the process, as well as any legal, accounting, financial or special advisors;
• Engage the best writer from your management team and stay directly involved yourself in preparing the plan;
• Emphasize your extensive market research, your vigorous financial analysis, and your management team’s strengths;
• Keep in mind that you are writing your plan for two audiences: financial partners who will use it as a guide to investing in your business, and you, who will use the plan as a blueprint to launch / grow your business; 
• Be comprehensive, but concise, in describing your business and its potential — the plan should ideally be between 10 to 40 pages in length; and
• Use the third person (not ”I”) when writing your business plan.

There are 9 key sections in a standard business plan:

•  Cover Page
•  Table of Contents
•  Executive Summary
•  Industry Description
•  Business Description
•  Opportunities
•  Production Plan
•  Marketing Plan
•  Financials

1. Cover Page

Your cover page introduces your company and your business idea. It should include the following:

•  The legal name of your business;
•  Your business and marketing plan title, e.g. “Business and Marketing plan for Smith and Smith, Inc.”;
•  The date your plan was prepared or modified;
•  Contact information of the person who prepared the plan — name, address, phone number, fax number and e-mail address;
•  Any necessary notices, e.g. advising that the plan is confidential, as well as a copy number of the business plan to control distribution;
•  Your business official trademark or logo; and
•  Your business website address.

2. Table of Contents

Your business and marketing plan should be clearly laid out and easy to use, so it’s a good idea to include a full table of contents listing all key sections, and number all document pages. That makes it fast and easy for readers to access the sections they want.

3. Executive Summary

While the Executive Summary is the first part of any business and marketing plan a reader sees, you may want to write it last. Leaving it until the end will allow you to better focus, refine and polish your key messages after you’ve finished the bulk of the work.

The Summary is ideally just one page long — two pages maximum — as it is only intended to provide an overview. While concise, it should also pique the reader’s interest enough to read the rest of the plan with an even keener eye. If your Executive Summary has done its job, the reader will continue reading and get the full story of your business idea.

Here are some areas that should be addressed in your Executive Summary:

• Introduce your business — what it is, what it does, how it does it, who manages it, location, its markets and competition.
• Provide a mission statement and vision statement which outline what your goals are and where you want to be in five years.
• State if the business is a sole proprietorship, partnership, or corporation;
• Indicate the business opportunity, expected growth rate and potential for good return on investment (details will be in the main document);
• Declare the total financial requirements of the business, funding sources and indicate repayment schedules (again, details in the main document); and
• Give brief outlines of your operational and marketing plans.

It’s a good idea to use strong, positive language, ending with a declarative sentence that answers the question, “Why should I invest in this business?”

4. Industry Description

This is where your in-depth research and understanding of your industry will be showcased. Within the detailed description of what your industry looks like right now, you should include the following:

•  The size of your industry and how many sectors it includes;
•  Key information on industry markets, demographics and niche areas;
•  Who the major players are in your industry — your competition;
•  The suppliers and/or distributors in your industry, if applicable;
•  Key industry and economic trends affecting your industry;
•  Any social, cultural, environmental or geographical factors that impact your industry;
•  What certifications (e.g. ISO), insurance and industry regulations are required;
•  An outline of government regulations affecting your industry; and
•  The overall growth potential of your industry.

Now you can demonstrate that you’ve analyzed the risks and know where your business fits in this industry. Points to include here should include:

• What sector of the industry you plan to enter or expand into;
• What will distinguish you from any competition in this area, i.e. what’s your competitive edge;
• Who your direct and indirect competitors are and their anticipated reactions to your new enterprise; and
• A detailed analysis of any other potential obstacles/risks.

You may also want to identify weak links and/or difficult issues, and include any appropriate contingency plans in your industry description.

5. Business Description

In this section of your business and marketing plan, you describe your business and explain why investors and lenders should be interested in getting involved in your business idea. Here are some suggestions:

•  Your products and/or services;
•  Your facilities and assets;
•  The history of why and how your business came to be, including any milestones;
•  Your success factors (what you do really well) and your niche in the industry;
•  Your sales volume (existing and projected); and
•  Any innovative products, services, processes and/or ideas being developed.
•  Owners and managers: who they are and what strengths they bring to the business in terms of experience and expertise; 
•  Staff: how many, what skill sets and experience they possess;
•  The positions and responsibilities of each of the above;
•  Plans for training and expanding staff as your business grows;
•  Your professional advisors: lawyers, accountants, bankers, consultants, mentors; and
•  Your Board of Directors or Advisory Board (if applicable) and what business experience they offer.

You may add an organizational chart to illustrate how your staff is, or will be, organized, as this sample shows:

Description of graphic

6. Opportunities

This is the part of your business and marketing plan where you promote your business concept, your vision for the future and why your enterprise will succeed. 

In a clear, concise and positive manner, base your statements on facts and address areas of interest to potential investors, such as:

• Why the market will buy your product and/or service;
• How large the market is and how much you expect to capture; and
• What the future prospects are for your product and/or service.

When addressing these issues, do not hesitate to use as much research and data as possible to describe and promote your product or service, including:

• Why your targeted market wants or needs your product and/or service;
• What innovative features and compelling value your product and/or service offers;
• How your offering is better than that of your competition;
• If you are selling something new, whether it is protected by patent, copyright, or other legal means;
• How your product and/or service will have longevity in the marketplace (will it soon become obsolete); and
• What your plans are for modifying or updating it in the future.

7. Production Plan

Regardless of which industry you are in, it is essential that you demonstrate a thorough grasp of how to manage business operations in a cost-effective manner. You are offering a product / service to a target market and it takes careful planning to deliver quality on time and on budget.

This part of your business and marketing plan should include information about:

• The location and size of your facility, including floor plans;
• Your facility’s capacity for materials and equipment, percentage being used and how long that will last;
• Whether you lease or own the facility and equipment;
• Your proximity to suppliers, if applicable;
• The quality of your machinery and equipment (is it the best available technology and does it meet industry standards);
• Your access to transportation;
• Any future considerations for expansion or moving; and
• Any renovation considerations and associated costs.
• The number and reliability of your suppliers;
• Whether you have adequate storage facilities for materials;
• Any regulations or permits for supplies / materials; and
• Any risks associated with materials and supplies, i.e. customs regulations, transportation concerns, environmental issues.
• Your number of employees, including past, present and future projections;
• An organizational chart showing how your staff is organized;
• The skills, training and experience required of your employees, including the cost of training; and
• What compensation and benefits you provide each position, including all salaries, wages, overtime, and/or fringe benefits.
• The industry standards for production, e.g. ISO requirements, environmental, health and safety standards, etc.;
• Any relevant government regulations, e.g. environmental safety, hazardous material handling, insurance etc.; and
• If you are starting a new business, how long it will take to acquire facilities, equipment and personnel before setting up your operations and completing your first production run.

8. Marketing Plan

Your marketing plan is a crucial component of the larger business plan. Here you describe your product and/or service in detail, emphasizing its unique or innovative features. Then you outline your strategic plan for selling your offering within your target market.

Here is a list of elements you should look to cover in this section:

• Describe your potential market and your target customers.
• With all forecasts, remember to include assumptions (interest rates, economic trends, inflation, etc.) that support your estimates.
• Estimate your total potential market (i.e. your number of potential customers and your immediate target market), supporting these estimates with factual data.
• Define your competitive advantage and how your offering satisfies the needs of this market.
• Estimate the growth potential of your immediate market and possible future markets, including national and international markets.
• Include your estimated market share (see sample chart, page 9).

Competition

•  Identify your major competitors: who they are, where they are located and their market share.
•  Identify any indirect competition.
•  Compare your product and/or service with that of your major competitors, e.g. brand name, quality, image, price, etc.
•  Compare your company to major competitors, e.g. reputation, size, distribution channels, locations, etc.
•  Assess the degree of difficulty for your competition to enter your target market.
•  Describe what you have learned from watching your competition.
•  Determine whether competitors’ sales are increasing, decreasing or remaining steady, and why.
•  Describe how technology impacts your product and/or service.
•  Consider how new and emerging technologies will impact your product and/or service, and when investment in new technology may be required.
•  Describe how your company can adapt quickly to change.

Socio-political environment

• Describe changing attitudes and trends.
• Assess how flexible and responsive your firm can be.
• Consider laws and regulations that may affect your business, and what the financial impact might be.
• Include other situational factors that will affect your marketing plan, such as regulatory changes, access to venture capital, trade barriers, world economic issues.

You should also:

• Identify problems or potential problems, as well as opportunities, that affect your business idea, and state what you will do about them.
• Outline your business objectives in precise, measurable terms. Make sure you can quantify your targets.
• Outline how you will reach your objectives – steps you will take in planning, production and marketing to meet your targets.
• Ensure that you have taken into account the previously-mentioned problems and opportunities, and have considered potential reactions of your competitors.

Your action plan

Here is where you address the four “P”s of marketing: product, price, promotion and placement (distribution). Be prepared to explain:

• Your product or services — describe the quality, branding, packaging, modification, servicing of your product and the location of your service;
• Your prices — describe how you will price your product or service so that it will be competitive, yet profitable;
• Your promotion plans — describe how, where, when you will advertise and promote your offerings; and
• Your placement/distribution methods — describe where people will buy your product or have access to your service. Outline your selling methods and sales force: personal selling, mail-order, online. Include the number of salespersons and training required, etc.

Sales projections for the next five years (including optimistic, pessimistic and realistic projections, as well as assumptions) should also be included.

9. Financials

Considerations.

The financial section of your business and marketing plan is all about the numbers. Investors are looking for accurate and understandable information that will clearly show them the bottom line.

With this in mind, you want to present your business idea as an attractive investment opportunity, so the following are some suggestions for items that should be listed in this section: 

•  The total amount of required funding for your business;
•  Your use of funds, e.g. equipment, renovations, inventory, working capital;
•  Your sources of funds, e.g. owner’s investment, mortgage and/or term loans;
•  The projected date when lenders can expect repayment;
•  Any liability limits and insurance coverage necessary to handle environmental and other risks;
•  Your projected return on investment;
•  Economic assumptions (inflation, economic trends, interest rates) that affect your estimates and forecasts; and
•  An approximate timeline for return on investment.

This section is where you present the dollar details of your business via standard financial statements and charts. Include financial information in statement, chart or table format, as illustrated in the following samples.

Market Share 

Market share is determined by dividing a firm’s sales by total annual market sales.

Sales of ABC Company ($50,000) account for approximately 17% of total market sales ($295,000).

To determine the sales volume of each firm, you should contact suppliers, retailers, trade associations or others who may be in a position to help you form an estimate. Other sources of information include:

• annual reports for each company;
• government reports on industry, market trends, etc.;
• trade publications or journals; and
• www.strategis.ic.gc.ca , an on-line business and consumer information service.

You may find it useful to display market share values in a pie chart like this: 

Description of Graphic

Breakeven Analysis

The breakeven analysis determines at which sales volume your firm will start making money. The Breakeven Formula is: fixed costs (costs that must be paid whether or not any units are produced) divided by variable costs (costs that vary directly with the number of products produced, e.g. materials, labour used to produce units, percentage of overhead).

A breakeven analysis is most clearly illustrated in a chart such as the one shown below. You may use the breakeven analysis to determine how changes in price and sales level, or cost increases or decreases will affect profitability.

Return on Investment

Return on investment (ROI) indicates the efficient use of the firm’s assets. It also allows comparison of businesses with different capital structures. The following formula is used to calculate ROI: 

ROI = Net Income + Interest (to remove the effect of borrowed funds) divided by equity.

Cash flow reveals whether a company will have enough money to meet its needs on a monthly basis.

If you are proposing the expansion of an existing business, a cash flow statement will detail the actual cash flow for a specified past period (normally a year), so you will include the receipts or disbursements that are appropriate for your business, as well as cash receipts for each month. 

A cash flow forecast, on the other hand, will detail anticipated monthly inflows and outflows of cash for a future period of time. New start-ups would provide a cash flow forecast only. Some things to keep in mind when preparing your cash flow forecast or statement:

Recording sales  — some sales will be made in cash while others may be made on credit. Because sales made on credit will not result in the receipt of cash until a later date, they must not be recorded until the month in which the cash will actually be received. Therefore, the percentage of sales to be made in cash and the percentage to be made on credit must be estimated. The percentage of credit sales should be further broken down according to the business’s different collection periods (30 days, 60 days, etc.).

Loan proceeds  — when a deficit appears on the final line, the amount of the deficit will need to be borrowed. Record the amount appearing on the deficit line on the loan proceeds line; then change the deficit to zero. This shows investors when you will have a cash shortage that will require you to borrow additional funds.

Accounts Payable —  accounts payable must be broken down according to your supplier’s terms of payment. For example, items purchased in January may have to be paid in 30 days or 60 days — meaning that the actual cash disbursement would not occur until March and April respectively. Accounts Payable amounts are recorded in the month they will actually be paid.

Here is a sample cash flow forecast for a six month period:

The Income Statement

The income statement is a financial statement that reveals whether a business has earned a profit or has suffered a loss after a specified period. An income statement may also be referred to as a “profit and loss statement” or an “operating statement”. A “Pro Forma Income Statement” is used to show how things will be under given conditions rather than how they are at present. An income statement usually includes the following:

•  The  legal name  of your business;
•  The  end date  of the period covered;
•  Your business  revenue  (i.e. proceeds from your sales of goods and services, after deducting returns, allowances and discounts);
•  The  cost of goods  sold (i.e. the cost of materials and labour actually used to manufacture your product or to provide your service, including subcontracting or cost of goods purchased for sale);
•  Your  gross profit  (i.e. your revenue minus cost of goods sold);
•  Your  expenses  including all selling, administrative and financial expenses, such as sales personnel, salaries and commissions, promotion, advertising, rent expense, telephone, clerical staff, management, accounting, utilities, office supplies, depreciation on assets, interest payment, insurance, professional fees, vehicle and travel expenses, etc.;
•  Your  net income before taxes  (i.e. your gross profit minus expenses);
•   Less: Income taxes  (i.e. your tax rate multiplied by net income before taxes); and
•  Your  net income  (loss) (i.e. your net income before taxes minus income taxes).

 Here is a sample income statement:

Balance Sheet

The balance sheet is a “snapshot” of what you own and what you owe. A “pro forma balance sheet” shows how things will be under given conditions rather than how they are. A balance sheet follows a standard format, including the legal name of your business, relevant dates, assets, liabilities and owner equity; however, it may contain additional items depending on circumstances relating to the business for which it is prepared.

Here is a sample balance sheet:

If you still need help preparing your business plan, call 1-888-576-4444 to contact the Business Information Services centre of the Atlantic Canada Opportunities Agency.

ACOA's Business Information Services also offers a series of business plan templates.

Click here to view adresses and contact information for the ACOA office nearest you .

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Legal Templates

Home Business Business Plan

Business Plan Templates

Use our template to make an investment-worthy business plan.

Updated December 8, 2023 Written by Sara Hostelley | Reviewed by Brooke Davis

A business plan is a document outlining a company’s operations, strategies, goals, and objectives. It’s crucial to guide you through each stage of starting and growing your business.

Templates (8)

What is a business plan, why is a business plan essential, components of a business plan, how to write a business plan, business plan sample.

Below, you can find free business plan templates for specific business types. You can also find more in-depth information on writing a plan for your business, whether it’s a food truck, restaurant, real estate business, or another entity:

Create a detailed plan that lays out the details of how your business will achieve it's objectives.

Traditional Business Plan

Create a simplified version of a traditional business plan.

One-Page Business Plan

Create a Non-Profit Business Plan and learn how to write one.

Create a Daycare Business Plan and learn how to write one.

Create a Restaurant Business Plan and learn how to write one.

Create a Real Estate Business Plan and learn how to write one.

Real Estate

Create a Food Truck Business Plan and learn how to write one.

A business plan is a document detailing how a business, whether it’s a new or existing company, will achieve its goals and objectives. It guides you through every step of starting and running a company.

A business plan can be the foundation of your business, serving as a written roadmap that covers all aspects of how to structure, run, and grow your business. You can also refer back to it as your business progresses to track its growth and success.

In addition to being a helpful document internally, a business plan is also vital for a company to communicate its success to external parties that may influence its future success.

Consider some of the main reasons why large and small business owners alike use business plans:

1. Use As a Roadmap

A business plan sets specific, measurable, and time-bound goals. Having these goals helps you track progress, evaluate performance, and adjust as necessary.

By laying out goals, you have a clear and attainable plan of action with the ability to see and monitor your progress.

2. Plan Strategies For Potential Challenges

A business plan can help you think objectively about your business’s key elements and inform your decision-making as you move forward.

A detailed plan can provide a semblance of control over a potentially cumbersome process. Formulating a plan can improve your ability to make choices and decisions for yourself and the business. This approach is much better than suddenly making a critical decision without time to evaluate or haphazardly letting others decide for you.

3. Get Funding or Bring on New Business Partners

An accurate business plan is essential whether or not you need to secure a business loan. Investors and lenders often require a business plan before they commit capital. A solid plan demonstrates your commitment, viability, and potential return on investment.

Create a business plan that grabs the attention of potential investors and provides them with enough structure and confidence that they will move forward and grant funding and support to your business.

You can use your business plan to highlight how the proposed business will be successful and profitable.

4. Discover Any Weaknesses

A business plan includes a strengths, weaknesses, opportunities, and threats (SWOT) analysis that helps identify potential risks and challenges. It is essential to allocate resources and demonstrate monthly profit or loss. By recognizing these elements early, you can develop strategies to mitigate or address them.

5. Analyze the Market and Competition

Market research within the plan helps you better understand your target audience, competition, and industry trends. This knowledge is crucial for making informed business decisions.

By learning about your competition, you can help make your goods or services stand out and help validate your business idea.

You should update a business plan as you go, altering your goals as necessary and being mindful of any changes of direction in your business.

A typical business plan includes the following sections:

• Executive Summary
• Management Team
• Products and Services
• Customers and Marketing
• SWOT Analysis

Our business plan template includes all of the above, so you won’t have to worry about missing out on essential sections.

Step 1 – Create an Executive Summary

An executive summary is the first section of a traditional business plan, serving as the first impression of your business. Please give a brief overview of your company, including its mission, key goals, and a snapshot of your financial projections.

You can skip this step if you’re writing a lean business plan for a startup. Instead, replace it with a few sentences outlining the problem your startup aims to solve and the solution you will provide.

Executive Summary Example:

Market research indicates there are a growing number of dog owners in Tallahassee who want to train their animals. Consumer surveys indicate that most consumers don’t have the time or resources to train their animals themselves.

Consumers have also expressed a desire for combined dog walking and training services to help discipline their animals.

Pawsitive Strides Canine Coaching & Walks provides a convenient service for customers with furry friends and disposable incomes.

Tips for Writing an Executive Summary

• Define a problem in your market and state how your business will solve it.
• Limit your executive summary to one page.
• Use a tone appropriate for your audience.

Step 2 – Describe Your Company’s Team

A professional business plan will include a statement about your company’s team and management.

Describe your startup’s legal structure. After that, you can insert a chart to show the hierarchical structure of your company. Show and name your C-suite executives, management team, and key employees. Include short biographies and links to their resumes and LinkedIn profiles to give the reader a complete picture of your staff’s qualifications.

If you have a smaller staff, you can highlight the founder and CEO and your staff members who perform the services or create your business’s products.

Example for Company’s Team Statement:

Jamie Clayton, Founder and CEO

• Board-certified veterinarian.

Pawsitive Strides Canine Coaching & Walks’s dog walkers and trainers

• 14 full-time staff members.
• 26 part-time staff members.
• All staff members have the Certified Professional Dog Trainer-Knowledge and Skills Assessed (CPDT-KSA) credential from the Certification Council for Professional Dog Trainers.

Tips for Writing about Your Company Management and Team

• Include any roles you’d like to hire to grow your company, if applicable.
• Highlight expertise and awards one to show your staff’s capabilities.

Step 3 – Summarize Market Analysis and Potential

Your business plan must also thoroughly analyze your target market and customer base. The goal here is to show that you understand your market and target audience and that there is a viable market for your business.

Market Analysis Example:

Pawsitive Strides Canine Coaching & Walks’s ideal customer is a dog owner between the ages of 25 and 65 with a high disposable income. They’re ideally a working professional or have recently retired from the workplace. They love their dog (or dogs) and want them to be well-behaved and have an outlet for all their energy.

Market research shows that Pawsitive Strides Canine Coaching & Walks has ample opportunities in the Tallahassee area:

• The total revenue for dog walking services in the U.S. increased from $900 million in 2019 to $1.1 billion in 2023.
• Dog ownership has increased by 20% over the last five years.
• Online search volume for “dog walkers in Tallahassee” is up by 10% since last year.
• 19% of Tallahassee’s residents have a household income of $125,000 or more (compared to the average of 5% across the U.S.).

Tips for Writing a Market Analysis

• Use reliable sources for acquiring data.
• Conduct consumer surveys to hear from people in your target area.
• Focus on the demand in your area and the growth potential.
• Include revenue and expense projections based on market data.

Step 4 – Describe Your Product or Service

Describe the products and services you offer. Pinpoint the value they provide to current and future customers and share your plans for research and development.

The main goal of this section is to convince the reader and yourself that your business is viable and that you have enough resources, time, and energy to achieve your goals.

Product Description Example:

Pawsitive Strides Canine Coaching & Walks isn’t an ordinary dog walking service. When a customer signs up for our monthly subscription plan, we have one of our certified dog walkers go to their house 12 times a month on a schedule that works for them.

Our dog walker takes their dog on a 30-minute walk and corrects their behavior. Their dog learns how to walk on a leash calmly and be around cars and people. Not only does the dog get some exercise and fresh air, but they also learn discipline, meaning the customer doesn’t have to worry about training their dog in this sense.

Tips for Writing a Product/Service Description

• Highlight cross-sell and upsell opportunities, if applicable.
• Emphasize what distinguishes you from other companies providing similar services/products.
• Include details for updating your offerings in the future.

Step 5 – Plan Your Marketing Strategy

Discuss the brand vision you want to cultivate, the metrics you’ll track, and the channels you’ll use to reach your target audience. Outlining how you plan to collect and retain customers will help you experience growth in the long term.

Marketing Strategy Example:

Pawsitive Strides Canine Coaching & Walks will focus on social media and direct mail marketing as its two main forms of advertising. We’ll track customer referrals to determine how many current customers are satisfied with our services.

On our social media platforms, including Instagram and Facebook, we’ll track our audience growth rate, bounce rate, and click-through rate.

Tips for Writing a Marketing Strategy

• Add the budget/resources you have, if applicable.
• Create strategies for marketing to different segments within your main target audience.

Step 6 – Conduct SWOT Analysis

Organizations use SWOT analyses to determine how closely a business will adhere to its growth trajectories. This analysis involves looking at a company’s SWOTs, which are:

• Strengths: Strengths are things your company does well. Examples include having a unique selling proposition, standout brandings, or human resources, like your employees and C-class executives.
• Weaknesses:  These barriers prevent your project or company from reaching certain milestones. Examples include financial limitations, a shortage of skilled professionals, and unclear selling propositions.
• Opportunities:  These positive external factors could give you a competitive edge. For instance, if you’re a manufacturer and the federal government cuts tariffs, you can export your products into a new market to boost market share and sales.
• Threats:  These are events, competitors, and situations that pose a risk to your company and the goals you’ve set for it. Typical threats include negative media coverage, changing customer demands, emerging competitors, and new rules and regulations.

SWOT Analysis Example:

• Appeals to people who don’t have the time or resources to train their pets.
• Low startup costs.
• Finding enough certified employees to meet the anticipated demand.
• Dealing with aggressive animals may be challenging for newer employees.

Opportunities

• Offering multiple subscription packages for customers who want more frequent training sessions for their pets.
• BehaviorBuddies is a dog walking service in Bradfordville that may take away customers.

Tips for Writing a SWOT Analysis

• Be honest with your business’s weaknesses and threats.
• Capitalize on opportunities you find through market analysis.

Step 7 – Develop a Strategy for Operations

Your business plan needs to include a thorough operations plan. This section reveals your manufacturing, fulfillment, managing, staffing, hiring strategies, and all the other processes you go through when running your business daily.

Operations Strategy Example:

Jamie Clayton will oversee the hiring of all employees, and the team lead will train all employees for at least one month to ensure they have the knowledge necessary to deal with animals of all temperaments.

The team lead will also organize the dog walking schedule to ensure all team members have enough time to arrive at customers’ houses and complete the dog walking/training sessions thoroughly.

Tips for Writing a Business Strategy

• Consider what your business needs to thrive on a daily basis.
• Account for inventory and supplies, even if your business is service-based.

Step 8 – Compile Your Business Financials

Create financial projections, including income statements, balance sheets, and cash flow statements for the first few years of operation. If you need funding, specify the amount and how you plan to use it.

Financial Statement Example:

Income Statement for the Year Ended December 31, 2023

• Revenue: $150,000
• Cost of Goods Sold: $30,000
• Gross Profit: $120,000
• Operating Expenses: $80,000
• Net Operating Income: $40,000
• Other Income/Expenses: -$2,000
• Net Income: $38,000

Tips for Writing a Financial Section

• Double-check the accuracy of financial information.
• Demonstrate how the proposed funding aligns with your company’s goals.
• Forecast future financial performance.

Step 9 – Explain Your Funding Request

If you’re seeking funding or investment for your business, explain the amount you need and how you intend to use it. Be transparent about the terms you’re offering to investors or lenders.

Funding Request Example:

Pawsitive Strides Canine Coaching & Walks has already hired a team to serve our existing customers. Once we scale to $500,000 in annual revenue over the next two years and at a 10% profit margin, our primary ongoing annual expenses (not including taxes) will total $350,000.

While already profitable, we are requesting $200,000 in the form of a business loan to buy two additional company vehicles. These vehicles will improve our employees’ ability to get to customers’ homes, and the remaining money will go toward maintaining current company vehicles.

Tips for Writing a Funding Request

• Add a timeline so investors know your goals and how you plan to use the money.
• If you seek funding in the form of an exchange for equity, an investor may expect to gain decision-making powers in your company. Plan for this situation accordingly.

Step 10 – Compile an Appendix for Official Documents

Include relevant documents, such as resumes of key team members, legal agreements, market research data, product design mock-ups, and your business’s legal structure documents.

Remember that each business plan is unique, so tailor your content to your venture and audience. Your business plan should effectively communicate your vision, strategy, and financial viability to potential investors, partners, and stakeholders.

Combine the appendix with a table of contents and footnotes section so you can reference it throughout your document.

You can download a free business plan template below in PDF or Word format:

Related Documents

• Business Continuity Plan : Outline how your business will run in the event of a range of disaster scenarios with a business continuity plan.
• One-Page Business Plan : A simplified version of a traditional business plan that outlines the basics of your business.
• LLC Operating Agreement : An internal written document among members of a Limited Liability Company (“LLC”).
• Business Proposal : Use this document to form new relationships with other businesses and organizations.
• Request for Proposal : Download this form to allow you to collect offers from various vendors who can provide goods or services your business needs.
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• Business plans

Develop your business plan

On this page

Why you need a business plan

Use our business plan tool, download a detailed business plan template, tips to help you write your business plan.

Whether you've just started out or have been running your business for years, business planning can be the key to your success. Having a business plan:

• helps you to prioritise – it gives your business direction, defines your objectives, maps out how you'll achieve your goals and helps you to manage possible bumps in the road
• gives you control over your business – the planning process helps you learn about the different things that could affect your success. If you're already in business, it helps you to step back and look at what's working and what you can improve on
• helps you seek finance – if you're seeking finance for your business, you'll need to show banks and investors why they should invest in your business.

It will help you to develop a shorter business plan to:

• evaluate a new business idea
• set some goals for the year ahead
• keep your business on track.

Use this template if you are seeking finance for your business or want to include more detail in your business plan.

Business plan template

1. Determine what your plan is for

Does your business plan have more than one purpose? Will you use it internally, or will you share it externally, for example with potential investors or banks?

Deciding what the purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in.

2. Prepare your finances

Use our detailed business plan template if you are seeking finance.

Lenders and investors will want to know if your finances are in order and your business is in a strong financial position. They'll want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

If you're starting out and don't have financial information yet, our template provides resources to help you get your finances ready.

3. Write your summary last

Summarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is your opportunity to sell yourself, but don't overdo it. The summary should include details about your business, market, goals and what makes you different from other businesses.

4. Get help

Don't leave your business plan to the last minute. It takes time, research and careful preparation to develop an effective business plan.

If you aren't confident in completing the plan yourself, consider getting a professional to look over it and provide advice.

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

Get expert help from a business adviser in your area .

5. Review your plan regularly

As your business changes, your plan will need to change to ensure your business is still heading in the right direction. Having your plan up-to-date can keep you focused on where you are heading.

It's a good idea to keep a record of each version of your business plan.

6. Protect your plan

Having an understanding with third parties when distributing a plan could be enough protection for some businesses. But if you have innovative business practices, products or services, you may want people to sign a confidentiality agreement to protect your innovations.

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

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Start your free trial with Shopify today—then use these resources to guide you through every step of the process.

Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business —  and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other  entrepreneurs and startups. 

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today. 

What this free business plan template includes

• Executive summary
• Company overview
• Products or services offered
• Market analysis
• Marketing plan
• Logistics and operations plan
• Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Our free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand. 

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include?  Business plan examples  can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business . 

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires. 

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

• Company description
• Key members of your team
• Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

• Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market. 
• Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
• Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
• Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
• Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
• Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

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Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

• Choose a business plan format, such as a traditional or a one-page business plan. 
• Find a business plan template.
• Read through a business plan sample.
• Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

• Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
• Business description: This section outlines the business concept and how it will be executed.
• Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
• Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
• Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.

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