How to Create a Business Plan.
While your company’s goals might be crystal clear in your head, going in without a formal business plan could make things tricky. If the idea of building one seems daunting, don’t worry. With some guidance and organisation, you can be up and running in no time.
Get tips and templates to help you create a business plan of your own with Adobe.
Find a Free Business Plan with Adobe.
Download your own free business plan template and jump right into planning your next venture. These PDF templates are a great starting point if you’re unsure how to write a business plan from scratch, or for those who want to speed up the process. Just populate the template with your own information and edit it as you need.
What you’ll learn:
- What is a Business Plan?
- Why is a Business Plan Important?
- How to Write a Business Plan.
- Top tips for Your Business Plan.
- Frequently Asked Questions.
- What?
- Why?
- How?
What is a Business Plan?
Business plans define your core business objectives and the strategies to achieve them, in the form of a written document. They’re key for all types of businesses – whether they’re small and medium sized businesses (SMEs), start-ups, or individual entrepreneurs.
Your business plan can provide a snapshot of where your business stands today and act as a roadmap for where you want it to go.
Generally, a straightforward and simple business plan template can be divided into the following five sections:
- Executive summary
- Business description and structure
- Market analysis and strategies
- Organisation and management
- Financial documents
Some business plans may also include sections on operations plans, exit strategies, or social impact goals, depending on the type of business and your audience.
Why is a Business Plan Important?
A good business plan is a vital tool, as it can act as a guide through each stage of starting your company. When you’re lost, it can be your compass to get back on track and help you and your team realign with the original vision. Think of it as a map pointing you from now to the future.
It can also be a helpful document for the relevant external stakeholders, such as investors or lenders. Investors want to see your business potential, and lenders want to see that it has stability. A well-prepared business plan should offer both.
Here are some key benefits:
- Outline and Clarify Goals.
Using a business plan template can help you define and set goals, helping you to easily pitch them when required. It can serve as an excellent touchstone to help you prioritise your resources and align your team efforts too. - Identify Issues.
By clearly outlining strategies ahead of time, you may be able to identify issues early – whether in the planning stage or based on the reality of deliverables versus the plan. It’s easier to pivot early than course-correct when things go wrong. - Secure Financing.
Being able to confidently lay out your goals, analysis, forecasted spending, personnel requirements, and business structure is a great way to build confidence and potentially secure financing. Most lenders and investors will ask to see a business plan before offering any funding or support. - Measure Progress.
By comparing progress against your goals, you can get a sense of a project’s timescale, and forecast for any potential disruptions or changes. This means you can stay on track and better adapt to any unknowns. It may help you plan for the future too.
How to Write a Business Plan.
Building upon a business plan template may seem daunting – but when you break it down, it’s no more intimidating than planning a trip. Just like a holiday, it requires preparation and organisation but can be exciting. It’s a chance to see all your ideas come together into something coherent and actionable.
To help you get started, here’s a simple step-by-step structure that shows what to include in your business plan and what each section should cover.
1. Executive Summary.
Think of this as your business’s elevator pitch. Your executive summary should give a quick overview of what your business does, what makes it unique, and what you’re aiming to achieve with it. Although it appears first in your business plan, it’s often easiest to write this part last once you’ve laid everything else out.
2. Business Description.
Your business description should offer a deeper look at your business. This section should explain what you do, what products or services you offer, who your target audience is, and what problem your business solves for them.
3. Market Analysis.
This is where you show you’ve done your homework by outlining your industry knowledge, including trends, customer demographics, and an analysis of your competitors. It helps back up why your business is needed and how it can succeed.
4. Organisation and Management.
Explain your business structure – for example, is it a sole proprietorship, a partnership, or a limited company? Introduce your leadership team and highlight their experience, roles, and responsibilities in this section.
5. Products or Services.
Describe what you’re selling or offering in more detail. Highlight the benefits of your product or service, what sets it apart from others, and any plans you might have for future development.
6. Marketing and Sales Strategy.
Set out how you’ll attract and retain customers. This could include your branding, pricing model, sales funnel, advertising strategy, or distribution methods.
7. Operations Plan.
Give insights into the day-to-day running of your business. Cover your location, suppliers, equipment, processes, and how you’ll deliver your product or service operationally.
8. Financial Projections.
Lay out the numbers in this section. Include projected income statements, cash flow forecasts, and balance sheets. If you’re going for funding, show how the investment will be used and when you expect to turn a profit.
9. Appendix.
Use this space for any supporting documents like market research data, detailed charts, product images, team bios, or legal documents that back up your business plan.
Top Tips for Your Business Plan.
Writing a business plan template is easier with these top tips, so you can get off to a smooth start – whatever your project.
- Be realistic.
Being realistic about your business plan document means you can make informed decisions and will have minimal friction as the project progresses. - Understand your market.
By demonstrating an understanding of your market, you can better inform decisions and plan. It also makes your vision an easier sell. - Keep it concise.
Don’t waffle on or obscure important facts in jargon. If you want to add additional detail, create an appendix to expand on areas. - Stay professional.
This is key, as your business plan serves as a reference point both for internal operations and potential business. - Review your business plan.
Review your plan to ensure everything is correct, and to double-check if anything needs to be updated during the process. You can easily edit business plans in PDF with Adobe Acrobat PDF editor online.
Download your Free Business Plan.
Download your own free business plan template and jump right into planning your next venture. You can download a free business plan for Word, PDF, and more with Adobe.
Frequently Asked Questions.
How do I start writing a business plan?
What are the 5 main parts of a business plan?
While plans can vary, the five most common sections include:
- Executive summary
- Business description
- Market analysis
- Organisation and management
- Financial projections.
Each one has a specific purpose to help communicate your business idea clearly and professionally to stakeholders.
Can I write a business plan myself for free?
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