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Create a Personal Business Plan That You'll Really Use Develop a customized tool that will serve to focus you on your most important objectives. Write it in user-friendly prose so you'll check it weekly.

By Marty Fukuda Oct 7, 2014

Opinions expressed by Entrepreneur contributors are their own.

Every successful business leader I've encountered is in some way a prolific goal setter. For this reason, the single most important piece of advice I give any aspiring entrepreneur or business professional is to figure out exactly what you want, document it on paper and then attack it every day.

A personal business plan is something that I develop each year to help me put my own advice into action. Creating a plan can clarify your objectives for the coming year but don't just shove it in drawer. It is something that should become weekly, if not daily, reading material.

Related: Why Business Leaders Must Set a Personal Mission

1. Start with a simple brainstorming list.

Break down your role in the company into small parts and be sure it's comprehensive. This could mean taking each department that you oversee or are involved in, and breaking it down into further segments. For instance, for my company's graphic-design department, I would create separate objectives for its leadership development, equipment and software needs, anticipated hiring, the continued education plan and efficiency.

2. Prioritize objectives.

Your brainstorming list probably contains an overwhelming number of potential starting points. The key is narrowing them down into a manageable and realistic number of goals. Since you'll review the finished personal business plan often, don't write a novel.

I made the mistake of developing a massive 100-page personal business plan that I never looked at. The very thought of reviewing it was scary. A user-friendly one- to two-page document will do the trick.

Take your brainstorming list and organize it according to the biggest potential impact. You'll also have some must-dos (if not tackled business will fall apart). Then you'll have some items that aren't necessary or don't require much of your focus and perhaps can be delegated.

My company's CEO, Duane Hixon, does a wonderful job of narrowing down his list into what he refers to as his "rocks." These are the biggest areas of impact, the areas to which a person should offer most of his or her attention. These will make up the heart of the personal business plan.

Related: How to Build a Business Plan For Your Personal Brand

3. Be specific.

Once you've narrowed things down to a handful of rocks, be sure the plan includes specifics that will allow you to measure and track progress. For this year's plan, one of my rocks was maintaining company culture while building the team. Obviously, this is a broad, difficult-to-measure objective. For my plan, I developed a strategy for accomplishing the mission by including more details such as creating a company culture slide show and a plan for both current employees and new hires.

4. Set challenges but be realistic.

A goal that doesn't take much effort to accomplish isn't really a goal. Setting an objective that has a slim chance of realization, however, amounts to little more than a hope and can leave you feeling discouraged. Aim for a perfect balance between the two -- something that stretches you but doesn't break you.

Related: Write a Winning Business Plan With These 8 Key Elements

5. Set deadlines.

The beautiful thing about your personal business plan is that it's yours. You don't have to wait until the start of a new year to create one. While I create a plan annually, that doesn't mean that each objective has a deadline that's one year out. Set a deadline no matter what it is to keep you focused and provide a call to action (as opposed to adopting an open-ended objective).

6. Share the plan.

I recommend that you show your plan to a colleage whom you respect. Ask for feedback. This individual may think of an angle you have not. Equally important, this person will hold you accountable. It's a lot tougher to hit the eject button on a plan after you've shared it with someone you respect. And everyone can use a cheerleader in the workplace from time to time.

I personally love it when an employee shares a plan with me. It shows initiative and forward thinking. There are few things more impressive than when an employee has clear-cut objectives and works hard to meet them.

7. Revisit the plan weekly.

Creating the plan is just the first step. Put the plan in a prominent spot where you're going to remember to review it or place reminders in your calendar.If you've got a great plan, it can and will inspire you every time you see it.

Related: Your Mission Statement May Be Utterly Useless or a Gold Mine

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Personal Business Plan

Did you have a dream of one day owning your business ? If so, what was your dream about? When I was young, I always dreamed of owning my own business and seeing it flourish . I told myself that one day, I would be able to own a business that involved a hybrid of a coffee and tea shop with a library and a place where animal lovers could simply hang out. Of course that dream is still in the air as it takes a lot of planning and a lot of resources like financial and material resources to make it happen. Another thing to also take into consideration is to have your own plans. Not just one plan but if possible a lot of back up plans that go along with it. Even if your plan may seem or look fool proof, there is still a possibility that you may need to redo it or to have at least a back up plan along with your original plan. What am I even talking about? A business plan of course. Your personal business plan. The difference between a business plan and a personal business plan is found in the article below. So check it all out right now.

8+ Personal Business Plan Examples

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What Is a Personal Business Plan?

A lot of people would associate a business plan to a business or a company. But they may never associate the term business plan with personal . However, you can make your own business plan, and it does not have to be focused on a business or a company that you own. It can also focus on you, your family life, personal life, and your development. So what is a personal business plan? A personal business plan is a tool . This tool helps you by giving you a tour, a guide or serves as a road map for you to know how and where you can start out by changing what you want to do in life, or to change something in your business to make it better. For this case, a personal business plan is more associated with how you view yourself and your goals to achieve them. The importance of a personal business plan is to simply help you. Help you by giving you directions. A step by step plan that shows you or how you want to see your future in specific years to come. To show if there is any development that you have made or none at all.

How to Write a Personal Business Plan?

Here’s a fun fact for you. Did you know that having a personal business plan can help you ? Apart from having a positive mindset, having a personal development plan or a personal business plan is also quite helpful. Though it may depend on how you perceive it and use it, but it really is a helpful tool. Something to help you get started on writing are these simple yet easy to do tips.

1. Get To Know What You Want to Write

What this means is, brainstorm. What do you want to write, what do you expect to write and what do you really want to see in your personal development? These are just basic questions to help you when you brainstorm on what you want to place in your personal business plan. The topics could range from family, your dreams, your goals, anything that is achievable. Start from there.

2. Set Your Goals and Objectives

Know your goals and know your objectives . Understand the factors when picking your goals. Always choose an attainable goal. In addition to that, always choose an attainable objective or a series of attainable objectives. This is going to be your guide when you choose what goal you want to achieve. So to make that happen, you must make it happen. It must be achievable. Something possible, not impossible.

3.  Make Your Goals Very Specific

One thing you may have noticed is why should you make your goals very specific ? The reason for this is because if you do not make your goals specific, you may end up getting frustrated or end up not bothering to achieve the goal you want. For this to be avoided, it is always best to make every single thing in your plan specific, especially your goals.

4.  Set Up Deadlines for Each Goal

In addition to the tips above, here is another tip I can give you. Set up deadlines . For each goal you plan on doing, set up a deadline. Not only will this encourage you to do better and to really find ways to achieve them, it also gives you a sense of accomplishment and responsibility. This is where your development should already be showing.

5. Update Your Progress Plan

Last but not the least, update on the progress you have made. Whether it be a huge milestone or a smaller and simple one. Each milestone you have made is considered progress and should be updated to your plan. This is to show you how far you have gone to reach the goal you decided to do and how far you still need to go and push through to achieve it.

What is a personal business plan?

A personal business plan can also be coined as a personal development plan. This kind of plan is used as a personal growth plan for a person. It helps by outlining your goals and objectives and to record every milestone that has been accomplished at a certain amount of time.

What can a personal business plan be used for?

A personal business plan can be used in a way to help you reach your full potential. It helps by showing you the steps and the things that you can do to reach it.

Is it difficult to make your own personal business plan?

Not at all. Planning on making your own business plan is quite easy. It only takes a few simple steps. To know more about these steps, you can simply check the How to write a personal business plan found in this article.

When you want your dreams to come true, you work hard for it. When you want your goals in life to be achieved, you work hard for it. But there are times that we often mistake what we think we can do to what we can actually do. Always remember that you can achieve those dreams if they are realistic and doable. As well as adding a personal business plan to the mix.

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A personal business plan, sometimes called a personal development plan, is guided by the same principles as a corporate business plan. You write a personal business plan to review your personal goals relating to your career, family and financial development. But writing a personal business plan is only the first step in a process. Once it is written, execution requires reviewing the plan, modifying it and maintaining the discipline to stick to it.

Write a personal mission statement that expresses your core values and your ultimate goals for balance and happiness. Core values might include having a family and perhaps putting career second to children when the time comes. A mission statement is the basis for establishing goals and measuring your success.

List priorities regarding career and personal relationships and the responsibilities involved in each. For example, work is essential for providing a particular lifestyle, but how much are you willing to sacrifice time with friends and family to advance in your career?

Read through the priorities and look for ways to balance different components of your life. Write down goals for areas where you can improve balance between work, family, physical and spiritual growth and development. For example, if your life is running between work and family obligations, you might set a goal of having one hour of personal time daily.

Set deadlines for each goal, breaking it down into smaller components if needed. For example, if you want to compete in a triathlon, you may need to first establish smaller training parameters to work up to your ultimate goal. Break larger goals into smaller goals like running three miles per day and then increasing to five per day in four weeks.

Review the plan to ensure you are being realistic regarding your goals and steps. Make adjustments to the overall plan if you feel overwhelmed, but don't hesitate to raise your standards stage by stage. It may sound wonderful to increase income, have more personal and family time and start training for a triathlete, but all these together may be too much to incorporate into any one period. Take a step back and make baby-step adjustments.

• Fiscal Fizzle: Forget Business: Do YOU Need a Business Plan

With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.

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

Published: February 06, 2024

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

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

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

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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.

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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.

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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

5. BPlan’s Free Business Plan Template

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

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

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

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

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

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

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

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

7. HubSpot’s Complete Guide to Starting a Business

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

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

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

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

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

8. Panda Doc’s Free Business Plan Template

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

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

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

9. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

Let’s take a look.

1. LiveFlow

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

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

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

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

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

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

2. Lula Body

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

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

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

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

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

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

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

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

4. Vesta Home Automation

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

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

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

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

5. NALB Creative Center

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

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

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

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

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

6. Curriculum Companion Suites (CSS)

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

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

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

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

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

7. Culina Sample Business Plan

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

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

8. Plum Sample Business Plan

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How to Write a Business Plan, Step by Step

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What is a business plan?

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

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

ZenBusiness

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

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

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

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

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

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

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

Your business’s registered name.

Address of your business location .

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

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

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

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

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

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

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

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

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

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

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

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

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

Licenses and permits.

Equipment leases.

Bank statements.

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

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

How much do you need?

with Fundera by NerdWallet

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

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

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

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

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

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

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The PBP System

The Personal Business Plan is the ultimate system for personal development for professionals, invented and perfected by headhunter and executive coach, Stephen Bruyant-Langer, since 1996.

Why do you need a plan?

The rationale behind the personal business plan is simple:  we have plans for work and business, but most of us don’t have a plan for life.  at the personal business plan, we want to change this for you.  over the years, thousands of people have benefited from using the tools, exercises, and guides behind the personal business plan.  we know we can help you too..

Think of the Toolkit as your own personal coach, who helps you find your way to a better life. The Personal Business Plan Toolkit is an online personal development and self-improvement system, which guides you through developing your own interactive life plan.  It even helps you implement your plan it and gives you the tools to stick to it.

You need to invest time and effort in your Personal Business Plan, but we promise that the process is both fun and insightful.  The more you put into it, the more you get out of it.  In developing Your Plan, you will be guided by questions and exercises, which help determine what makes you happy, in what parts of your life you are struggling, and what changes are necessary for you to live the good life.

Your output is an ebook, 50-100 pages long or more, containing

• Your life and career overview and
• A plan for your future , ready for execution.

In The Personal Business Plan, you work as ambitiously and professionally with your personal life as you do with your work life.

Many top executives have worked their way through the system since 1996 and have emerged at the other end with a personal life plan as a result. An actionable life plan which provides peace of mind, self-respect, and control.

The Personal Business Plan is more than a system and much more than a plan; it is a philosophy, which changes your life. The philosophy and thinking behind it create a desire for the future and an appetite for life.

Choose the version that suits you best

• Complete the online Toolkit on your own and create your personal ebook.
• Read the PBP Book .
• Get Executive Coaching by Stephen Bruyant-Langer or one of our certified PBP Partners .
• Or choose any combination of Toolkit, book, and executive coaching.

One simple philosophy links all The Personal Business Plan concepts:

Always do your best!

Our PBP philosophy consists of four principles:

• LIFE AMBITION – Know what truly drives you
• PERSONAL REINVENTION – Try new things throughout life
• LEARNING AGILITY – Navigate in changing times
• COURAGE TO COMMIT – Make decisions and stick to them

The Four-Leaf Clover Legend

The Four-Leaf Clover is the Personal Business Plan signature – it is our guiding principle.  The model represents two infinity loops and multiple directions.  It’s a symbol of your life.  You choose your own path, your own goals, and your own means.  Sometimes you cross your own trail, sometimes you pivot, sometimes you persevere, and sometimes life simply happens.  Once you know where you are in life, and where you are going, you will never again feel insecure.  Your work-life and your personal life will be in sync.

The Personal Business Plan System is highly structured.  4 phases, 10 sessions, 40 exercises, 1 plan.

The Personal Business Plan works by leading you through four phases:

• UNDERSTAND YOURSELF  – Analyze your past and present
• IDENTIFY YOUR DRIVERS  – Grasp your personality
• REINVENT YOURSELF  – Set your goals
• DESIGN YOUR FUTURE  – Plan and execute

Your final personal plan is like a business plan.  It clearly defines the new you, and how you become that person using both text and graphics.  But unlike a normal business plan, which you can choose to put aside, your Personal Business Plan is already a work in progress.  As you develop your plan, you are already well on your way to The Good Life.

What are the 10 steps of The Personal Business Plan?

Build your own Personal Business Plan through these 10 authoritative steps, carefully laid out in a sequence based on Stephen Bruyant-Langer’s vast experience:

1. What Is My Situation? Synthesize your personal Four-Leaf Clover.

2. How Can I Thrive? Carry out the Heaven and Hell Exercise – a definition of your life anchors.

3. When Do I Perform at My Best? Calibrate your career perspective and map your Functional Conditions.

4. What Energizes Me? Perform your personal SWOT analysis – manage your strengths and weaknesses.

5. Where Am I on My Personal Journey? Determine your current platform in life through a Life Phase Analysis.

6. How Do I Become Happy? Find out what you are looking for? The concept of Happiness 360.

7. How Do I Reinvent Myself? Make some hard choices. No such thing as a free lunch!

8. How Do I Differentiate Myself from Others? Don’t compete with others – make them irrelevant – compete only with yourself.

9. What Is My Personal Business Plan? Understand yourself crystal clear – you now have a life guide for your continuous reinvention.

10. What Have I Learned? Experience the strength of Scenario Writing. Reflect, document and act as the next natural step.

Complete your Personal Business Plan and you will

• Build resilience
• Gain existential clarity
• Enjoy guaranteed results and long-lasting effect
• Experience the joy of putting your affairs and dreams in order
• Become more happy and successful
• Live the good life

Three ways to benefit from The Personal Business Plan system

Choose one of three versions or any combination of The Personal Business Plan system:

• The online Toolkit Our app with 40 interactive exercises and complete explanations for you to create your own Personal Business Plan and print it as an eBook.
• The Book The Personal Business Plan – A blueprint for running your life by Stephen Bruyant-Langer (Wiley 2013).
• Executive Coaching Private customized executive coaching by Stephen Bruyant-Langer or one of our certified PBP coaches.

See our recommended programs above . Choose what suits you best in our range from “Do-It-Yourself” at a price available to all, to “Top Executive” for the exclusive few.

All prices are based on executive coaching by Stephen Bruyant-Langer . If you prefer executive coaching by one of our PBP Coaches , please arrange directly with the coach.

How to obtain success and happiness

1. Be generous

2. Be inclusive and tolerant

3. Stop living up to other people's expectations

4. Be an interesting conversation partner

5. Be direct and consequent in your communication

6. Spend 10,000 hours becoming excellent at something

7. Break the mold before you break down

8. Run a risk from time to time

9. Find your life ambition

10. Reinvent yourself

Meet the founders

Meet the founders, Mette and Stephen Bruyant-Langer, and learn more about the background for The Personal Business Plan. For example, why and how did they create the programs, and why are their methods so successful?

The Personal Business Plan uses cookies. By continuing to browse the site you accept our use of cookies.

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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.

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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 ."

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Writing a self-employed artist business plan

Table of Contents

How to write a self-employed artist business plan from scratch

Your business, mission statement, your process, unique selling point, action plan, your marketing, market research, target audience, your finances, projections, draw on innovation and financial management with countingup.

Your creativity is more than a hobby as a self-employed artist. But to reach your ambition of a successful artist, you need to profit from your work. 

This means you’ll need to invest in things like marketing, advertising, materials, and host events to show off your skills and build a name for yourself. 

To do that successfully, you need to strategise, set goals and define how you’ll achieve them. Additionally, if you don’t have the capital to get your business off the ground on your own , you can seek investment to fund your ideas . 

This guide discusses how to craft a self-employed artist business plan that helps you find investors and steer your artist career in the right direction.

You should include details about:

Explain to investors what you’d like to do with your career (after all it’s your name they’d fund). Set out what you’d like to achieve and convince them of the practical steps you are taking.

The purpose of the business could be to promote and sell your unique art –– put that together in a mission statement. Or maybe you could take it further and suggest what you hope your art will do for people , perhaps a social objective.

For example, you create pieces inspired by mental health and will donate a proportion of the proceeds to a related charity. Overall, your statement would be to increase awareness through your chosen medium.

You could look to become one of the biggest names in the UK art scene, with significant price tags on your work (that may excite potential investors). Look at other artists and think about what the purpose of their work is .

An overarching mission is excellent, but you also need to set out SMART goals , these will help you carry it out.

SMART stands for:

Goals should include each one of those points and they can either be short, medium or long-term. For example, to grow your reach by over two months through an increase of Twitter followers by 200.

The work you do is critical for your self-employed artist business plan (it’s your product). There aren’t any restraints on what art can be, but it should be original to build recognition. Consider a focus on a specific niche or technique .

Iconic artists have similarities between their work, meaning that each piece becomes sought-after. If you find a USP (unique selling point) in your work , it will be easier for an investor to understand your likelihood of success.

A USP also helps lay the groundwork for future marketing , since you have something special to draw on in your message. 

For example, street artist Banksy is known worldwide for their signature graffiti style and political meaning behind their work. In addition, the mystery behind the artist adds to the value for art lovers .

To convince an investor to fund your work, use your plan to explain how you work and what you’d like to do . That could start with gathering supplies, how you create a piece and the method you’ll sell it.

For collections you’ll sell together, mention the process you go through and how that fits into a commercial timeline. Investors want it to be profitable, so consider time to build hype around a launch throughout the process.

“ How do you sell your work? ” is an important question that your self-employed artist business plan must answer. Think about who would be likely to buy your pieces and how to create interest for them.

Conduct market research to decide on relevant marketing. Find insights about your audience . Use surveys or interviews to speak to the public, ask what art they’d buy and find details about each participant.

Look at your competition , other artists who run a business from their work. Check their websites or social media platforms to see how they sell and who buys from them.

Your market research will likely find similarities between the people most likely to buy your art . That can help you identify a target audience for your business.

Think about their:

• Occupations

A target audience informs your choice of marketing . For example, London bankers in their mid-thirties may use Instagram and LinkedIn . They might also be likely to attend exhibitions close to their workplace.

If you tailor your strategy to your ideal customer’s lives , then you’re more likely to reach them and can convince investors of your marketing abilities.

For an investor, a self-employed artist’s business plan needs financial information. That can include what you plan to do with the money they give you and your projections for the future.

Suppose you ask for a figure from an investor. To back it up, research relevant costs you are likely to need . 

Those could include materials, time, equipment and even marketing or events. A digital marketing agency could offer you a quote.

How much you spend doesn’t always go to plan. Luckily, tools like Countingup can help here. Countingup is a business account with built-in accounting software that lets you manage your finances from the phone. 

The app even has an expense categorisation feature to sort costs automatically. 

Create a sales forecast to show how much you’ll make from your art . It can show the next month, quarter or year. Multiply the prices for your pieces by how many customers you expect to welcome.

Countingup can help you keep track of the money that comes in and out of your business. Its cash flow insights feature will allow you to compare your accounts with projections and help you make future decisions.

You can’t let mismanagement get in the way of your craft. To be a successful self-employed artist you need to be in control of your money . Prepare a project budget and stick to it to avoid hurting your profits.

Countingup, the small business account with built-in accounting software can bring artistry to your finances . With its receipt capture feature, use your phone camera to capture and upload your paper billings straight to your accounts.

Get started for free.

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Create a Personal Trainer Business Plan in Six Steps

My personal training career began, as so many do, at a big box gym.

I worked my way up to management, then regional management, and eventually struck out on my own. Soon I opened a small gym, which progressively grew into a bigger gym over the next six years.

A natural evolution maybe, but no accident. It happened because I had a plan.

A business plan helps you stay focused. It puts you in control, leading you where you want to go, so you’ll end up happier and wealthier.

Yet lots of trainers don’t think to make one, or assume they don’t need one. You do. Taking the time to carefully craft a business plan can give you an edge, regardless of where you are in your career.

To help you get started, I’ve outlined a personal trainer business plan template with six basic steps:

Step 1: Write your mission statement

Step 2: assess the fitness industry and your competition, step 3: map out your revenue streams, step 4: plan for operating costs, step 5: create your sales and marketing plan, step 6: honestly assess your risk.

We’ll hit each of those in a moment, and share a downloadable worksheet for you to craft your own business plan. But first, you probably have a few questions.

What is a personal trainer business plan?

A personal trainer business plan is a written description of your business’s future. Think of it as your North Star. It will help guide every aspect of your business: services, products, people, location, competition, costs, and income.

Who needs a personal trainer business plan?

Anyone who makes a living as a personal trainer. Don’t wait until you’re self-employed. It’s never too early to think about your future trajectory, even if you’re still a gym employee.

What is a personal trainer business plan used for?

A business plan articulates what you do and why you’re doing it. Having it in writing helps you stay focused.

But depending on your needs and goals, you might also use it to impress potential investors, attract employees or customers, or deal with suppliers.

How long should a personal trainer business plan be?

A typical plan is about 10 to 20 pages, but there’s a lot of room for variation. It can be as simple as a few notes on the back of an envelope, or as complex as 50 pages with detailed projections and analysis.

What’s the purpose of your plan? If you’re trying to score financing, err on the longer side. But if it’s just for you, make it as brief or detailed as you like.

How do you start?

Easy: Just write. Tailor the language to your prospective audience. If you’re writing the plan for yourself, make it as casual as a conversation with a friend. If you’re writing it for a bank or private investor, be more formal. If it’s for clients, be professional, avoiding jargon or slang.

I remember agonizing over my first business plan, making a million revisions. I felt stuck because, as hard as I tried, my plan wasn’t perfect yet.

Then I realized something: Perfection isn’t possible, and you can’t let the pursuit of it keep you from moving forward.

The goal is to think about your personal training business in a more mature way. As you move through your career, stretching your abilities and learning from mistakes, you’ll gain the perspective you need to refine it.

Put another way, as you get better, your plan will too.

Personal trainer business plan template

This is two or three sentences explaining what your company aims to do, and why: “I help THIS group of people do X, Y, and Z. And this is why I do it.”

Don’t skip the second part. Clarifying why you do what you do is essential for setting your business apart. It starts with two things:

• Your core values
• Your training philosophy

Core values are your personal beliefs: who you are, and what you stand for. Your training philosophy is what you believe about training.

Why is training people important to you? Why is the demographic you work with important? What are the two or three most important things you believe about training that are nonnegotiable?

If you can answer those questions, you’ll have a much easier time conveying your value to others, and creating a coaching avatar that helps people connect with you.

READ ALSO:   How to Get More Personal Training Clients

Before you can figure out where you fit in in the fitness industry, you first need to know what that industry looks like. That takes research into the two most relevant market tiers for fitness pros:

To understand what’s happening locally, hop online and look up all the gyms and fitness facilities in your area. Visit a few. Talk to the locals, and pick their brains about what they’re interested in and why they chose their current gym. Gauge sample size.

For a national perspective, you could turn to Google.

Now think about where you fit in, both locally and nationally. What gap do you fill? What do you offer that someone needs but no one else provides? An honest assessment of your strengths and weaknesses will help you find those answers.

Finally, determine your biggest threat. Think you don’t have competition? You do. Look at it this way: In the absence of your product or service, how do people fill that void? Where do they go? What do they buy? That’s your competition.

This one is simple. Just answer one question: How are you going to deliver your service? Will you train clients one-on-one, and also lead a group class a couple times a week? Or will you do small-group training at your gym, and supplement your income with online training ?

Start with only one or two income sources, and see how they work (or don’t work). Maybe you’ll find that one (like online training) generates enough revenue for you to focus on it exclusively. Maybe you’ll find that another (like teaching group classes at 6 a.m.) doesn’t pay well enough for you to continue. Maybe you’ll have so much success with one demographic or style of training that you’ll decide to create and sell a product related to it.

But don’t feel you have  to add revenue streams. Some of the most successful businesses in the world offer only one or two products. A sharp focus lets you excel at one thing. Sometimes that’s better than being kinda good at several.

READ ALSO:   Avoid These Mistakes When Building an Online Training Business

Jot down all the expenses you need to run your business: rent, equipment, insurance, software, business license, and any administrative fees. Add it all up, and you get your operating costs, the minimum income you need to exist. Keep in mind that some percentage of that income will go to taxes .

Now tackle revenue projections. Make a high-low chart, with one column for worst-case scenario, and another for best-case.

Your best-case scenario is what would happen if you absolutely crushed it, and kept a full book of paying clients all year. Your worst-case is the opposite, the least amount you would make if things don’t go according to plan.

Comfortable with those numbers? If not, rejigger the plan until you are.

READ ALSO:   How Your “Freedom Number” Can Give You the Opportunity to Fail

At Fitness Revolution  (where I work), we have something called the Triple-A Marketing Method : Assets, Arsenal, Action plan. Here’s how it works.

• Start with your assets—your skills, talents, and strengths. Maybe you’re really good at videos, or you’re great face to face.
• Now determine your arsenal, the tools you’ll use to deploy those skills. If videos are your thing, social media might be the way you share them. If talking to people is your strength, focus on networking.
• Finally, create an action plan, taking care to define exactly how often you’ll deploy those resources. Maybe you’ll post a new video every week, or attend a networking event once a month.

Over time, you’ll refine this section as you figure out what works and what doesn’t. But this is a good start.

There’s a reason why, in Step 4, I had you draw up a worst-case scenario alongside your sunniest projection. Too many personal trainers are overly optimistic, and write up business plans that assume things will always be awesome.

The problem with projecting 365 days of sunshine is that you’ll be blinded by the imagined glare. You won’t be ready for the bootcamps that get rained out, the clients who move on, the rent that goes up, or the car that breaks down.

Try pretending it’s your friend’s business plan. What would you say to that friend? Even better: Seek feedback from a fitness industry mentor or someone whose business advice you value. A neutral expert can give you much-needed perspective on the realities of running a business in an often-unpredictable world.

That brings us to risk. How much risk is written into your plan, and how much can you tolerate?

If you’re just starting out, your risk tolerance is probably pretty high, simply because you have less to lose. You could also pivot and try something else if your plan doesn’t work out.

But as your business grows, and you have more people who depend on you, the decisions will be harder, and your appetite for risk will probably drop.

Ready to get started? Click here to download our free Personal Trainer Business Plan worksheet.

What happens now?

A business plan is never complete. Even if you never need a detailed, professional version for investors, and you’re the only one who ever sees it, it’s still something you revisit as needed.

Every time your business shifts direction, your financial outlook changes, or you launch a new product, you’ll need to revisit your business plan.

But you don’t have to wait for a major change. Even a successful plan will eventually run its course, and need to be updated. If you think it’s time to revisit your plan, you’re probably right.

David Crump

David Crump is a personal trainer, industry-recognized speaker, and fitness business consultant who helps other fitness professionals grow their business. He is the training and content manager for Fitness Revolution, where he oversees continuing education and all things start-up related. He has helped open at least seven independent fitness facilities in addition to his own, which he ran for six years. You can keep up with him at his website or on Facebook .

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How Do You Draft the Personnel Section of the Business Plan? The Personnel Section of a Business Plan Explained.

Manage Adobe profiles

If you have multiple Adobe plans associated with the same email address and at least one is a business plan, Adobe creates separate profiles for each plan and gives each profile dedicated storage.

Learn how to select the appropriate accounts and profiles when signing in to your company or school account:  https://helpx.adobe.com/enterprise/using/manage-adobe-profiles.html .

Which profile should I choose, Business or Personal?

In order to easily work and organize content across your business and individual plans, you’ll be able to select a profile — Business or Personal — at sign-in, and then proceed to create and store your content. This improves the way you and your businesses store, manage, and securely collaborate on creative projects.

Choose the appropriate  Business Profile  in the following cases:

• To access Adobe business plan provided to you by an organization, for example Adobe Creative Cloud for teams or enterprise, Adobe Acrobat for teams or enterprise, or Experience Cloud .
• To access your assets, if you have an individual and a business plan, and chose to move your assets to the Business Profile .
• As an admin, if you need to sign into the Adobe Admin Console.

Choose the  Personal Profile  in the following cases:

• Access Adobe plans for Individuals you or your organization might have purchased. For example, Photography plan.
• To access your assets, if you have multiple business plans from different organizations .
• Your assets may be in your personal profile, if your account was recently updated to Adobe's new storage model, and you have multiple business plans.
• To access your Creative Cloud free membership benefits. For example, Fonts, which are not available with Document Cloud plans.
• To redeem any existing Stock credits you may have purchased.
• To access products such as Framemaker or Captivate that are not managed using the Adobe Admin Console.

Personal Profile are not available if you're using a School or Business account (Enterprise IDs or Federated IDs).

What are Business and Personal profiles?

Profiles improve the way you and your business store, manage, and securely collaborate on files stored in the cloud. When you sign into your account, in certain cases you may be prompted to select a profile ( Business  or  Personal ) to access your plan, work on cloud content, and collaborate with others.

Business Profiles

If you receive an Adobe business plan from an organization such as a business, government entity, or educational institution, then the Adobe profile associated with that plan is a  Business Profile .

Content stored in Business Profiles may be accessed or controlled by the organization that provides the business plan. The content is only accessible by you and your plan administrator. It is not accessible to others on your team unless you share it with them.

Examples of business plans include Adobe Creative Cloud for teams or enterprise, Adobe Acrobat for teams or enterprise, Adobe Stock for teams, and Adobe Experience Cloud.

Personal Profiles

If you purchase an Adobe plan for individuals or sign up for a Creative Cloud free membership, then your Adobe profile is a Personal Profile. You maintain sole control over all the content in your Personal Profile .

Examples of individual plans include a Creative Cloud plan for individuals, a Creative Cloud free membership, or Acrobat Pro.

Only one Personal Profile is associated with an email address. 

To find out which plans you currently have under the same email address, view your Adobe account at  account.adobe.com .

When are profiles set up?

Adobe profiles are set up when you have multiple Adobe plans (including at least one business plan) associated with the same email address.  Multiple profiles are set up if one or more of the following cases applies to you:

• You have a business plan in addition to an individual plan. In this case, two profiles are set up — one Business and one Personal .
• You have multiple business plans provided by different organizations. In this case, a Business Profile is set up for each organization along with a Personal Profile .
• You have administrative privileges to more than one organization on the Adobe Admin Console . For details, see  Update to sign-in experience for admins .
• Your organization uses a feature called Directory Trust . This typically happens when there's a conglomerate or a group or holding company. In this case, two Business Profiles are set up — one each for the main and trustee organizations.

For more information, see Introduction to profiles .

For a Creative Cloud for teams or Adobe Document Cloud for teams plan, if you're the contract owner and the administrator of that account, you'll have one Personal Profile and one Business Profile . See how to  Manage your teams account .

How can I switch between profiles?

Can i select a profile automatically.

When you sign in, Adobe filters the list of profiles to the most appropriate ones. In case there's only one applicable profile for the app or service you’re trying to sign-in to that profile is chosen automatically.

However, if you have a Personal Profile and one or more Business Profiles, use the Automatic profile selection setting to exclude your Personal Profile during sign-in. So, if you only have one Business Profile, you won't be prompted to select a profile at sign-in.

This setting is turned on, by default, for users with a mix of Personal and Business Profiles. For other users, it's turned off, by default.

To turn automatic profile selection on or off, do the following:

Sign in to your Adobe Account with your email and password.

Go to Account and security > Sign-in and security .

Turn off the Select my profile automatically option.

How do I move assets across profiles?

In case you need to move your content from one profile to another, see Move content across profiles .

Content stored outside of Adobe cloud storage—such as on a hard disk, network storage, or other third-party cloud storage—is not impacted by profiles.

What if I don't want to work with Profiles at all?

Adobe creates profiles for you, if your authenticating email address is used for multiple Adobe plans. So, to ensure that you're never prompted with the Profile chooser, you'll need to have a distinct email address for each organization for which you have paid entitlement.

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What to Know About Claudia Sheinbaum, Mexico’s Newly Elected President

Here are five key insights into Mexico’s new president as people wonder whether she will diverge from Andrés Manuel López Obrador’s policies or focus on cementing his legacy.

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By Natalie Kitroeff

Reporting from Mexico City

Claudia Sheinbaum’s list of accolades is long: She has a Ph.D in energy engineering, participated in a United Nations panel of climate scientists awarded a Nobel Peace Prize and governed the capital, one of the largest cities in the hemisphere.

On Sunday, she added another achievement to her résumé: becoming the first woman elected president of Mexico.

Ms. Sheinbaum, 61, captured at least 58 percent of the vote in a landmark election on Sunday that featured two women competing for the nation’s highest office — a groundbreaking contest in a country long known for a culture of machismo and rampant violence against women.

Mexico Election Results: Sheinbaum Wins

See results and maps for Mexico’s 2024 presidential election.

“For the first time in 200 years of the republic, I will become the first female president of Mexico,” she said. “And as I have said on other occasions, I do not arrive alone. We all arrived, with our heroines who gave us our homeland, with our ancestors, our mothers, our daughters and our granddaughters.”

Now that she has clinched the presidency, Ms. Sheinbaum’s next hurdle will be stepping out of the shadow of her predecessor and longtime mentor, Andrés Manuel López Obrador, the outgoing president.

She and Mr. López Obrador are “different people,” she said in an interview. He’s an oilman who invested in environmentally questionable projects; she’s a climate scientist. Yet Ms. Sheinbaum has appealed to voters mainly by promising to cement his legacy, backing moves like his big bet on the national oil company and proposed constitutional changes that critics call antidemocratic.

Their alliance has also left many Mexicans asking: Can Ms. Sheinbaum be her own leader? Or will she just be his pawn?

“There’s this idea, because a lot of columnists say it, that I don’t have a personality,” Ms. Sheinbaum complained to reporters earlier this year. “That President Andrés Manuel López Obrador tells me what to do.”

She insists she will govern independently from Mr. López Obrador and has some different priorities. But veering too far from his agenda could be very risky.

Here are five things to know about the newly elected president of Mexico that help inform whether she will stray from Mr. López Obrador’s policies or dedicate herself to cementing his legacy.

1. Sheinbaum will inherit a host of challenges.

A former ballet dancer, Ms. Sheinbaum calls herself “obsessive” and “disciplined.” But discipline may not be enough, analysts say.

As president, she already stands to inherit a long list of troubles. The state-owned oil company is buckling under debt, migration through the country has reached historical highs and cartel violence continues to torment the country.

She has said she would continue Mr. López Obrador’s policy of addressing the drivers of violence instead of waging war on the criminal groups, but will also work to lower rates of impunity and build up the national guard.

With a U.S. presidential election just months away, she told The New York Times that she was prepared to work with whichever candidate wins. Publicly, she has echoed Mr. López Obrador’s emphasis on tackling migration by addressing its root causes.

In a hint of potential change, she said in a recent debate that she would seek to reform the c ountry’s migration authority , an agency often accused of corruption.

2. She’s seen as reserved, even aloof.

The Times spoke with two dozen people who have worked with or know Ms. Sheinbaum and also visited campaign events, reviewed her writings and her media appearances and interviewed her, once in 2020 and again this year.

What became clear is that Ms. Sheinbaum, (pronounced SHANE-balm), has long seemed more comfortable quietly getting things done than selling herself or her achievements.

The granddaughter of Jewish immigrants who fled Europe, she rarely discusses being Jewish or almost anything about her personal life, colleagues say. When interviewers ask her about the Nobel Prize she shared with a panel of climate researchers, she notes how many others were involved in the work.

She is known as a tough boss with a quick temper who can inspire in her staff fear and adoration at the same time. Publicly, though, her affect is so controlled it verges on aloof.

Some say her professorial demeanor could pose a challenge in a political landscape defined by Mr. López Obrador, who built his party into a juggernaut by relying on the force of his personality.

“She needs him,” said Carlos Heredia, a Mexican political analyst. “She doesn’t have the charisma, she doesn’t have the popularity, she doesn’t have the political stamina of her own, so she needs to borrow that from López Obrador.”

For some Mexicans, however, a thrills-free woman may be an ideal antidote to an entertaining man who plunged the country into partisan turmoil.

3. She’s long sought to keep Mr. López Obrador happy.

The candidate’s political career began when Mr. López Obrador was elected mayor of Mexico City in 2000 and invited her to a meeting at a diner. “What I want is to reduce pollution,” she recalled Mr. López Obrador telling her. “Do you know how to do that?”

Ms. Sheinbaum, who by then had written more than a dozen reports on energy use and carbon emissions, said yes. She became his environment minister. In meetings, she seemed willing to do almost anything to make her boss happy, according to several people who worked with her.

“The phrase she used over and over again was ‘The mayor said to,’” said Mr. Heredia, who worked with her in city government under Mr. López Obrador. What that meant, according to Mr. Heredia: “We are not a cabinet for giving ideas,” he said. “We are a group of people here to execute what he decides.”

In the years that followed, Ms. Sheinbaum straddled academia and politics, but she always stayed close to Mr. López Obrador. When he founded his Morena party in 2014, he asked her to run on the party’s ticket to become mayor of Tlalpan, a borough of Mexico City. With his backing, she won.

4. She is known for being a demanding boss.

In 2018, Mr. López Obrador was swept into the presidency in a landslide and Ms. Sheinbaum became Mexico City’s mayor. She quickly gained a reputation as an exacting boss.

“One doesn’t go to her meetings to tell her, ‘I’m working on it,’” said Soledad Aragón, a former member of Ms. Sheinbaum’s cabinet. When she walked into a room, Ms. Aragón said, everyone sat up straight.

As mayor, she could remember specific numbers mentioned in a meeting weeks after it occurred, Ms. Aragón said, calling her “brilliant” and “demanding,” especially of herself, adding: “It has gotten results.”

Five officials who have worked with Ms. Sheinbaum, who were not authorized to speak publicly, said that she was quick to anger at times and would yell at her subordinates in front of large groups. Through a spokesman, Ms. Sheinbaum declined to comment on the accusation.

Her defenders say some people merely reacted badly to a woman in charge.

“I know that in her government, sometimes people got offended or felt bad because she yelled at them,” said Marta Lamas, a longtime feminist activist who has been close to Ms. Sheinbaum and her team. “But if a man yells, it wouldn’t be an issue because culturally, it’s different.”

“People say it in a critical way: ‘She’s tough,’” Ms. Aragón said. “What do you want, someone soft in charge of the city?”

5. She is a true believer in Mr. López Obrador’s vision.

For years, Ms. Sheinbaum has tried to explain how she can be so in step with Mr. López Obrador while also being herself. The answer, she says, is simple: She genuinely believes in him.

In 2022, a radio host asked her a pointed question from a female listener: “Why don’t you choose to be a woman who governs with her own ideas? Why don’t you get out of AMLO’s circus?” she asked, using Mr. López Obrador’s nickname. “Why have the same rhetoric with the same words?”

Ms. Sheinbaum didn’t hesitate.

“If you think the same as another person, it’s not that you’re copying them; you just agree with the ideas,” she said. “You can’t deny what you believe.”

Emiliano Rodríguez Mega contributed reporting.

Natalie Kitroeff is the Mexico City bureau chief for The Times, leading coverage of Mexico, Central America and the Caribbean. More about Natalie Kitroeff