Business Plan Template

Updated on April 25, 2024
Article byWallstreetmojo Team
Reviewed byDheeraj Vaidya, CFA, FRM

What Is A Business Plan Template?

A Business Plan Template can be defined as the blueprint of a business plan. It includes all business objectives to be achieved and a detailed plan of how owners are going to achieve them. This business plan is further presented to the investors, helping business owners secure funds for their business.

Business Plan Template 1

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Anyone wishing to start a new business must create a business plan. It can be created using any application, be it Word or Excel, the latter being the smartest way to do so. It is a handy and straightforward tool that consolidates all the required information to create a business plan. It could prove whether a business will work and whether the market exists for its products or services.

Business Plan Template Explained

A business plan template, as the name suggests, is a document that includes a detailed business plan with desired objectives to be achieved and strategies. It is of considerable use to the business owners along with the investors who will invest their money in any business. It includes every step of how the business will operate, financial planning, and whether the business is sustainable in the future. It will generally have stated objectives, strategies, finance, sales, and marketing.

It includes all the relevant information required to present to the investors. It presents the information in a way that makes the investors invest in the business. Once investors decide to invest money in the business, the business owners can initiate business according to the plan written in the template.

The owner should make sure that they should strictly follow this template. There should not be any diversion. If the business plan is required to change, one can easily customize the template to insert the required changes. It should cover all aspects of the business that considerably impact the business.

Business Plan Template 1-1

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This template is very critical in the following circumstances:

  • If one wants to start a new venture or business;
  • If one needs to restructure their existing business;
  • To set the desired objective, which one can achieve.
  • To raise a fund to start a new business from the investors.

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Key Elements

It must include all the critical information concerning the business and how it will proceed to convey the message to the investors and analysts that the business will sustain itself in the future. The business plan template elements could make you secure business finance from investors.

The following are the significant elements to be considered while creating a business plan template:

#1 – Nature of Business

It starts with the nature of your business. In this section, you need to describe your business’s products and services to potential clients.

#2 – Business Objectives

At the very outset, you should ensure that the business plan template has clear objectives that are achievable and sustainable from the business perspective. It should also specify the period when one shall achieve the objectives.

#3 – Skillset and Relevant Experience

It should have a section where you should include your skills and relevant experience to run the business. It is very critical for the success of the business.

#4 – Target Clients and Customers

We all know that the customers and clients are the ultimate users of the goods and services a business produces. Therefore, this should define the clients and customers for producing the goods and services.

#5 – Target Market

The business plan template must include the target market of the business. It should also include how one should create demand in a particular market.

#6 – Sales & Marketing

This section template required the sales and marketing strategies to sell the goods and services to potential clients—the kind of brand and logos used for marketing your product and services, including the prices. In addition to the above, you should describe the quality of products and services in detail so that clients know well about the goods and services.

#7 – Financial Planning & Forecasting

This section requires a template to provide a detailed financial planning & forecasting overview.

Examples

Let us consider the following examples to understand when does an owner need a business plan template:

Example #1

Suppose George has a plan to establish a restaurant in his region. However, he suffers from shortage of funds. As a result, he searches for an investor who wuld like to invest in his venture. Though he approaches many, there was no one who seemed interest. George’s friend Anne, who established a startup and could manage to get investors, told him that approaching investors without a formal plan would not help him.

She suggests him to have a business plan ready using popular templates as reference. George follows her advice and witnesses huge difference. He does not only manages to impress investors with his unique ideas of introducing native cuisine in a foreign nation, but also has his outline and plan of actions ready in the form of the business plan.

Example #2

Let us look at a sample template to get a better idea of how the business plan incorporated in a template would look like.

business plan template example 1

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Benefits

When a business plan template is prepared, it serves many purposes simultaneously. It does not only help businesses to have a ready reference of the outline of the businesses objectives and their action plan, but also enable possible stakeholders to go through the plan and decide whether to associate with a particular business, given the prospects the plan reflects.

Let us have a look at the point-wise benefits of having the business plan template for a foolproof plan below:

  • This template presents the plan in a structured way, which makes the idea clear behind the business.
  • It helps in achieving the objectives step by step and solving the issues that come in the way towards achieving the stated objectives simultaneously.
  • It provides strategies with the help of which business will proceed.
  • Such a template is often a regulatory requirement if you are supposed to secure external business finance.
  • With this template, you can monitor business and achieve the stated objectives in a disciplined way.
  • It ensures that all the concerned persons work towards the same objective and goals.
  • The template also lets you plan your future course of action.

Importance

A well-described business plan template demonstrates the ability of the business to understand its target customers or clients and how to create the demands for its products and services. Furthermore, a well-explained business plan template can easily secure investors’ finances as it includes all the relevant information, which is vital for the very foundation of the business under consideration.

It also explains how one’s business differs from their competitors and how one’s business will attract potential clients and customers. One should present it with facts which could include a survey of its goods and service, clients’ views on the quality of products, statistics figures, etc.

It should also be defined the risk business will face during the ordinary course of business so that investors are well informed about the risk in advance and the ability of the management to manage the risk to make a profit in the long run.

Lastly, a business plan should not be confused by giving detailed information about everything. Instead, it should include the information in a manner that is important for the investors and lenders to understand the fundamental objective and its strategies in a concise format.

Recommended Articles

This article has been a guide to Business Plan Templates. Here we provide you with a free business plan template that defines a blueprint of the business along with elements and benefits. Also, you can download and use this template in Google Sheets, PDF, or ODS format.

You can also take a look at our other useful articles: –

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