Think you have a great idea for starting a new business? Need to check if your idea is feasible? Then the best way to find out whether your idea is viable or not is to research and write up a proper business plan to attract potential investors. And the only way to do so is to follow the right, simple, and effective business plan template that will get you started.
What is a business plan template?
A template for a business plan is a written document that describes the objectives of your business and your detailed plan to achieve them over a period of time. It includes:
- Business goals
- Marketing plan
- Sales plan and
- Financial forecasts
Why do you need a business plan outline or template?
If you are new to planning any business strategies or marketing plans and need to get a sense of what a business plan actually looks like then downloading a business plan template is the right way to get started. The right business plan outline will help you to understand the planning process for any business quickly and cheaply.
The main purpose of a business plan template is,
- To provide a structured way to organize your thoughts and ideas.
- To set out your business goals and how to achieve them and also to spot any possible obstacles.
- To provide you with a clear strategy when your business gets busier.
- To secure the external finance for your business plan if you are applying for a startup loan
- To measure your business progress
- To ensure every member is on the same page
- To plan for the future
How to use the business plan template?
A business plan template mostly consists of 7 to 8 sections. It includes:
- Executive Summary
- Industry Overview
- Competition or Market Analysis
- Marketing Plan or Sales Plan
- Management Plan or Ownership
- Operating Strategies
- Financial Forecasts
Each section can be copied into Word, Excel, Google Docs or any other similar office documents. All you have to do is select the text and use copy/paste.
Once you are done with writing the perfect business plan for your startup, the key is to use the format attractively and get it printed and bound professionally. If your business plan can convey the best physical impression possible, then that will automatically get people to pick it up and look at it.
Pros of using a business plan outline:
The right business plan template or outline helps you to organize your thoughts and provides you with a complete guideline to figure out where to start. Plus, it gives you the standard layout for a business plan so you can spot easily if you are leaving anything out.
A perfect business plan outline provides you with the complete instructions for each step of your business strategy and shows you what an SBA-approved business plan looks like.
The core purpose of using the right business plan outline is to understand the industry, and your business competition, and to make a proper plan for marketing and sales. It may include:
The right business plan outline helps you to understand the overall nature of your business industry. It includes trends, demographics, sales, statistics, cultural, economic, and governmental influences.
Your business plan describes how you can target your audience and can fit into the industry. The business plan template also shows you the path to improve and lower the cost of your service and which area of the market you must target to increase sales and conversion rate.
Use a business plan outline for proper market analysis and to assess the business competition:
The right business plan template helps you to demonstrate your target market analysis thoroughly and show your investors the demand for your products or services. This also includes the assessment of your competition and how you can beat them in all sectors.
The template also includes the overall size of your market and helps you to estimate the units of your product or service your potential buyer might buy, the repeat purchase volume, and how the market will be affected by the demographical, cultural or economic changes.
Set out your marketing or sales plan through the business plan outline:
In the sector of planning your marketing or sales strategy, your business plan template includes how you can promote your business or advertise your business to entice your potential customers to buy your products. This also includes pricing strategy, product distribution, and post-sales support.
Management plan with the perfect business plan template:
In this sector, your business plan will state the legal structure, ownership, management and employment requirements for your business, and also list the external or internal resources required like accountants, lawyers, contractors, consultants,
The ownership of your business will list the percentages of ownership of your business or state if your business is a sole proprietorship or not. The management plan will demonstrate the role-play of your managers, employee positions, and how they will be compensated, the estimated salary and benefits cost of each employee.
Your business plan template will outline the physical requirements of your business. This will include the cost and details of the office, warehouse, retail space, labour, inventory, supply, equipment, etc.
In short, your operating plan explains what you have done up to date and your production workflow. This will state the factors that may influence the time frame of production and how you will deal with the possible problems.
Fix your financial plan with a business plan template:
This is the most important sector of your business plan. In this section, you will demonstrate your income statements, cash flow, and balance sheets and explain how you will attract investors, and how your business will earn more profit.
The financial plan needs to show your anticipated cash revenues, state the assets and liabilities, disbursement for expenses, the monthly projected revenues, expenses and profit and most importantly the equity of your business at any fixed period of time.
The right business plan template works as a blueprint for your business. And your business plan is not just about a list of what your business will provide but also how you can beat the competition in your industry, find partners, get funding for your business and most importantly showcase the value, benefits, and quality of your business. That’s why getting the right template to write a business plan is extremely important.