news website business plan

How to Start a News Website

A news website brings current events to its audience that can be told from a variety of angles. For example, some websites tell the news with a financial spin, or they offer a clear right- or left-leaning tone. Offering a unique point of view is one of the best ways to draw attention to your website over your competitors.

Ready to turn your business idea into a reality? We recommend forming an LLC as it is the most affordable way to protect your personal assets. You can do this yourself or with our trusted partner for a small fee. Northwest ($29 + State Fees) DIY: How to Start an LLC

Start a news website by following these 10 steps:

• Plan your News Website
• Form your News Website into a Legal Entity
• Register your News Website for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your News Website
• Get the Necessary Permits & Licenses for your News Website
• Get News Website Insurance
• Define your News Website Brand
• Create your News Website Website
• Set up your Business Phone System

We have put together this simple guide to starting your news website. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our News Website Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Find a Domain Now

Powered by godaddy.com, what are the costs involved in opening a news website.

The cost to get started are extremely low. Services like  SquareSpace  offer newcomers the chance to design, host, and maintain their website for pennies a day. You may also want to advertise your news website on related blogs or sites as well. Advertising costs vary from site to site, but usually average around $.15 paid to the proprietor of the site for every click.

What are the ongoing expenses for a news website?

Website owners may have to pay for the following:

• Advertising costs

Website maintenance

Writer salaries and fees

Cost of travel/expert opinions

Who is the target market?

Online target markets can vary, but can include liberals, conservatives, investors, or intellectuals. Many busy professionals today are looking for easily digestible news that can be easily accessed and consumed.

How does a news website make money?

News websites usually make money based from those who advertise on the pages. Advertisers can post their products or services on the side of news stories, and then pay a fee every time a reader clicks on their ad or buys their product. The more interest the advertisers get from your audience, the more you can charge for each click. 

Owners may want to consider putting up a paywall instead of doing advertisements. A paywall essentially asks your readers to contribute their own money for the stories. Paywalls can be dangerous because the news can be easily found online for free. However, there is a growing demographic of people who are tired of slow-loading sites because of all the advertisements on a page. If your content is addictive enough, using a paywall may be a smart way to make money.

How much you charge will be heavily dependent on your audience. The Wall Street Journal famously has a paywall, and they charge more than $400 for a yearly subscription. If you choose to use advertisers rather than charge your customers, you may be able to charge closer to $.50 a click or more if you can grow your audience.

How much profit can a news website make?

Runaway successes can be extremely profitable. The Drudge Report has extremely low operating costs, and may generate up to $15 million of profit a year according to some estimates.  TheSkimm  is another success that delivers news to their audience’s emails, as well as having a rich website filled with informative facts. Due to their subscriber list, they can charge up to $100 for every thousand impressions. With 1.5 million subscribers, their profits can be substantial. However, it should be noted that these are anomalies in this industry. 

How can you make your business more profitable?

Increase your profits by selling your own related merchandise (e.g., T-shirts, hats, etc.) or by holding events for your audience. You may want to start your own convention where people can get together to discuss and review recent current events. News websites can start movements on either a local or a national level that can ultimately take a business to the next level.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

One crucial aspect that cannot be overlooked when starting your news website is the importance of establishing a solid business foundation. While sole proprietorships and partnerships are the most common entity types for small businesses, they're a far less stable and advantageous option than LLCs.

This is because unincorporated business structures (i.e., sole proprietorships and partnerships) expose you as an owner to personal liability for your business's debts and legal actions, while LLCs protect you by keeping your personal assets separate from your business's liabilities.

In practice, this means that if your news website were to face a lawsuit or incur any debts, your savings, home, and other personal assets could not be used to cover these costs. On top of this, forming your business as an LLC also helps it to appear more legitimate and trustworthy.

More than 84% of our readers opt to collaborate with a professional LLC formation service to kickstart their venture. We've negotiated a tailored discount for our readers, bringing the total down to just $29.

Form Your LLC Now

Note: If you're interested in more information before getting started, we recommend having a look at our state-specific How to Start an LLC guide (DIY) or our in-depth Best LLC Services review (for those opting for a professional service).

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a reviews business. Learn more about licensing requirements in your state by visiting  SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Trademark & Copyright Protection

If you are developing a unique product, concept, brand, or design, it is prudent to protect your rights by registering for the appropriate trademarks and copyrights.

Learn more about trademark and copyright protection

The nature of legal requirements in distance education is ever changing, especially in regards to copyright laws. Here is  a frequently updated resource, which can help keep you aware of the legal requirements .

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your News Website needs and how much it will cost you by reading our guide Business Insurance for News Website.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a news website

Besides advertising on related websites, one of the best ways to promote your website is to create content that’s worth sharing. The more people share your content, the more likely it is that your website will show up in the top slots on search engines. You can also use social media sites like Twitter to post articles to interested parties under relevant trending hashtags.

How to keep customers coming back

Keep customers coming back with up-to-date, accurate coverage that gives the reader the right context. Many people today are looking for insight as well as information today, so offer them your expertise for a greater chance at making an impression.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

Owners should not only keep up with the news, but also want to influence and entertain an audience as to what’s going on in the world. Owners should also have some expertise. For example, a climate change scientist who wants to cover stories about political change in different countries. Starting a news website doesn't have to involve flying to different places in the nation or the world, but owners should have some mobility and connections when it comes to getting a fresh take on a story. 

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a news website?

A news website owner may have the following tasks in their day:

• Finding/writing stories

Creating layouts/logos

Soliciting advertisers

Maintaining social media channels

What are some skills and experiences that will help you build a successful news website?

Strong writing skills are imperative for getting started. Even if you hire a team of writers, you need to be able to spot talent and a strong voice before even putting up a Help Wanted ad. Websites are extremely competitive, and it takes a lot of drive and talent to make one stand out.

What is the growth potential for a news website?

Growth potential in a news website can be slow, especially when first getting started. Some people caution that no one should create a news website with the hopes of making money. Most people already have a trusted source for their news, which can make it difficult for them to switch brands. However, there are plenty of passion projects that have skyrocketed to success by building up a loyal online audience over time. 

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a news website?

Look for niches that currently  are not  being filled that also happen to fit your own ideals. For example, you may want to start a news site devoted completely to covering virtual currency. Writing for a very specific audience can be one of the best possible ways to distinguish yourself from other websites. Use social media and other free resources to try to build your audience, and advertise where you know your audience will be. For example, if you’re writing solely for investors, partner with an blog that gives advice about the best ways to optimize a portfolio. 

How and when to build a team

Unless you’re able to get investors on your side before you open, you should probably not hire anyone until you have enough revenue to justify anyone on the payroll. However, you may be able to hire fledgling writers to help you get started without having to dip into your budget. Some writers who are looking to get started may be willing to trade compensation for a byline. The more exposure and samples your writers get, the more they can use that experience in their future endeavors. You can either pay them when the site begins to make money, or offer them a share in the company. 

Useful Links

Industry opportunities.

• Online News Association

Real World Examples

• Associated Press News
• The Detroit News

Further Reading

• How to Start a Local News Website

Have a Question? Leave a Comment!

How to Start a News Website: The Beginner’s Guide

Published by Abhishek Raj

Updated on September 22, 2022

Today, in an era of fake news and media distrust, there has never been a better time to launch your own news website. There are also probably no more challenging times to do so. News is a notoriously difficult industry to break into as a new entrant — and that’s because it’s incredibly competitive. What with legacy media like newspapers struggling and digital upstarts like BuzzFeed continuing to thrive, the market is fragmented in the best and worst of ways. Intrigued? You should be! Even in such a crowded field, there has never been a better time to launch your own news site. In this blog post, I will walk you through all the things you need to know on how to start a news website of your own.

Why should you start your own news website?

There are several advantages of starting your own online news portal. The key benefits are:

• Returning traffic – When people like a news website, they keep coming back to discover what’s new and trending. Returning visitors are usually your ardent fans and followers, and they do play a very important role in making your news website popular.
• Opportunity to make money – As an editor of online news website, you have a plethora of opportunities to make money from your site . Ads and sponsored news/reviews are the two most popular ways to make money on your news website.
• Preference in Google search results – When you publish fresh news articles consistently, you are more likely to be given preference over regular search results on Google. This ultimately means more visitors to your news site.
• Opportunity to become an influencer – If your news website turns out to be highly popular, you eventually become an influencer; and this unlocks the opportunity to make high-profile contacts, and influential business relationships in your niche.

5 tips to help you start your online news website

Here are the top five tips to help you successfully launch your own news website…

1.) Know the Audience You’re Serving

The first and the most important tip before you start your own news website is to define who your target audience is. This will help you identify the type of topics to cover on your news website.

Once you have decided your niche , ask these questions to yourself:

• Who are my readers? Who is interested in reading my news content?
• Where do my readers live? (Define geographically)
• Why will someone read my news content? What information gaps does my news website fill?
• What is the lifestyle of my target readers? What are their key interest areas? How is their overall personality?

The University of Minnesota on its website has also very clearly explained how to understand the target audience for a news publication.

For example, if you’re starting a hyperlocal news website — that is, a news website serving your immediate community — you’ll want to find out what people want to know about their neighborhood. What are the biggest challenges they’re dealing with right now? What specific, localized stories would they like to read about?

Similarly, a celebrity news website will cater to an entirely different set of audience — i.e., an audience broadly consisting of young people, interested in consuming fashion, entertainment, and gossip-based content. The target readers of a celebrity news website also prefer to consume video / photo-based content more than plain text-based content.

So, it is clear that knowing your target audience before the launch of your news website will be of immense help in shaping your overall content and marketing strategy.

2.) Decide on a Format

The next most important thing is to determine what news format would best serve your target audience.

Here are the five interesting news formats to consider:

A) Traditional articles

Bold headlines, followed by news text is still one of the most popular formats for online news websites. Adding relevant file photos in between paragraphs further improves the readability and engages your readers. This news format serves well across all the niche.

B) Video clips

For entertainment or celebrity news websites, video clips usually serve better than any kind of format. To ensure that your readers stick to the website longer, make sure the videos are hosted on your own website. Scaling down videos and using a CDN will further improve the user-experience on your website .

C) Live video streaming

If you are planning to cover a lot of breaking news on your website, then live video streaming format will outperform other news formats. When it comes to live news, people generally love to see live video streaming of the events rather than a plain textual reporting of the facts.

Podcasts are getting incredibly popular these days. They capture a class of listeners who love consuming news by listening rather than reading or watching. Unlike written news or live videos, news in podcast format can be consumed just around anytime, for example while driving, cooking, or even at the gym.

E) Digital Magazine

Start a digital magazine. Many people are used to consuming magazines digitally, and you could start a news site that offers a digital-first take on the news.

3.) Choose Your Platform

You can build your site on almost any platform you like these days — WordPress is a good option for many people, as are Squarespace and Wix . But you’ll want to choose carefully, because the platform you use will have an enormous impact on your ability to grow and sustain your news website over time.

If you’re trying to build a lasting news brand, you’ll probably want to avoid the free platforms that many new journalists use. Because those platforms often depend on online ads for revenue, there are concerns that they could eventually sell your data to advertisers or otherwise compromise your integrity as a news source.

4.) Build a Team

If you’re a one-person newsroom, you’re going to have a hard time growing your site. Part of that is the nature of the news business — you’ll often have to jump on a story as soon as you hear about it, which means you probably won’t have sufficient time to start your own reporting process on your news website.

Goes without saying, you’ll need help from other people: Maybe you’ll want to team up with other local news organizations, or maybe you’ll want to take advantage of freelancers. But you’re going to need some way of getting more people involved in your site — and you’ll also want to think about how to structure those relationships as you build your team.

5.) Plan Your Content Calendar

One of the most important things you can do when you’re first launching your news site is to establish a consistent publishing calendar. You want to make sure people know when to expect new content from you. You also want to give yourself enough time to actually produce that content.

A good general rule of thumb is that one month of publishing is worth about one week of prep work. Planning out your schedule can help you make sure you don’t fall behind.

Summing it up

If you are planning to start a news website, there has never been a better time. The market is fragmented enough that there are plenty of opportunities for new entrants, and journalism is experiencing enough distrust that there are plenty of opportunities to prove your value. However, it’s going to be challenging. But if you follow these tips very carefully, I am sure that you will end up launching a massively successful news website.

Picture credits:

Photo by Melanie Deziel on Unsplash

Photo by Windows on Unsplash

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About the author

1 thought on “how to start a news website: the beginner’s guide”.

Hi Abhishek. Interesting and informative article. I have one question though – Can I use free images sourced from the internet on my news website?

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Table of contents, news website business plan.

• 15 May, 2024

Starting a News Website Business

Before embarking on the journey of starting a news website business, it is crucial to have a clear understanding of your target audience. Understanding your target audience enables you to build relationships and better communicate with consumers. According to Marketing Evolution , 80 percent of consumers are more likely to do business with a brand that offers personalized interactions. This emphasizes the importance of tailoring your news website to meet the specific needs and preferences of your target audience.

Understanding Your Target Audience

To effectively understand your target audience, it is essential to conduct thorough market research. Market research provides valuable insights into the demographics, interests, behaviors, and preferences of your potential readers. This data can be used to create target personas, which are fictional representations of your ideal audience segments. Creating personas allows you to drill down into the specific segments that make up your target audience and develop a deeper understanding of their characteristics and needs. By doing so, you can tailor your content and offerings to resonate with your audience on a deeper level.

When conducting market research, it is important to contextualize the data with information about your company, its goals, products, pricing, and financials. This data can be used in different sections of your business plan, including the executive summary, marketing plan, market sizing, and financial sections. Utilizing market research in these sections helps provide a comprehensive understanding of your target audience and how you plan to position your news website in the market. Market research also helps identify potential competitors and uncover unique opportunities for differentiation.

Building Target Personas

Building target personas based on audience demographics, pain points, location, gender, occupation, influential factors, likes, dislikes, goals, and more helps businesses define their target market and tailor their marketing strategies. These personas serve as representations of the different audience segments you aim to attract and engage. When developing target personas, it is important to consider both quantitative and qualitative data to create a well-rounded representation of your audience.

Here is an example of how target personas can be structured:

These personas can guide your content creation, marketing strategies, and overall business decisions. By understanding your target audience and building personas, you can create a news website that caters to the specific interests and needs of your readers.

In the next sections of the article, we will explore revenue streams, cost considerations, and essential components of a business plan for a news website. Stay tuned to learn more about how to craft an effective business plan for your news website venture.

Revenue Streams for News Websites

When it comes to starting a news website business , understanding the various revenue streams available is essential for creating a sustainable and profitable venture. Here are five common revenue streams that news websites can explore:

Diversified Revenue Streams

Having diversified revenue streams can make a news website more stable and resilient, especially during market changes. By generating revenue from multiple sources, news websites can reduce their dependence on a single income stream. Diversified revenue streams can include advertising, subscriptions, sponsored content, events, and e-commerce. By combining these revenue sources, news websites can create a robust and sustainable business model.

Recurring Revenue Streams

Recurring revenue streams are another important aspect of monetizing a news website. These revenue streams provide a consistent income flow and are considered stable and predictable. Examples of recurring revenue streams for news websites include subscriptions, memberships, premium content access, and newsletter subscriptions. By offering valuable content and exclusive benefits to subscribers, news websites can generate a steady stream of revenue while building a loyal audience.

Transaction Revenue Streams

Transaction revenue streams are common in numerous businesses, and news websites can also leverage this model. Transaction revenue streams are generated through one-time sales of products or services. News websites can sell e-books, reports, merchandise, or event tickets to their audience. By offering high-quality products or services related to their niche, news websites can generate additional revenue while providing value to their readers.

Service-Based Revenue Streams

Service-based revenue streams involve charging fees for services rendered on an hourly or project basis. News websites can offer specialized services such as content creation, copywriting, editing, or consultancy to other businesses or individuals. By leveraging their expertise and knowledge in the field, news websites can generate revenue by providing valuable services to clients. This model allows news websites to monetize their skills while complementing their core content offerings.

Project-Based Revenue Streams

Project-based revenue streams are generated upon successful completion of projects. News websites can undertake specific projects such as research reports, data analysis, or content marketing campaigns for businesses or organizations. By leveraging their resources and expertise, news websites can generate revenue through project-based collaborations. This revenue stream allows news websites to expand their reach and establish partnerships while generating additional income.

By exploring and implementing a combination of these revenue streams, news websites can create a sustainable and profitable business model. It’s important to note that the suitability of each revenue stream may vary depending on the specific niche and target audience of the news website. By understanding the needs and preferences of their audience, news websites can tailor their revenue streams to maximize their earning potential. For more information on monetizing a news website, check out our article on monetizing a news website .

Cost Considerations for News Websites

When starting a news website, it’s important to carefully consider the costs involved to ensure a successful and sustainable venture. Two key cost considerations for news websites are the costs based on website size and the availability of cost-effective platforms like NewsCloud.

Costs Based on Website Size

The cost of running a news website can vary based on the size of the website in terms of traffic and subscribers. It’s essential to assess your target audience and projected growth to estimate the necessary investment. While costs can vary depending on specific requirements, we can provide a general overview of the costs involved based on estimates from industry experts.

According to insights from Epilocal , the total cost of running a news website typically includes expenses related to technology and does not include content creation expenses. Here is a breakdown of estimated costs based on website size:

Please note that these figures are approximate and serve as a starting point for understanding the cost implications. It’s crucial to assess your specific requirements and seek professional advice to determine accurate cost estimates for your news website.

Cost-Effective Platforms like NewsCloud

NewsCloud is a cost-effective platform that offers a comprehensive solution for launching and growing a news site. It provides a range of features including web hosting, publishing, analytics, newsletters, and memberships, all for a flat fee of $50 per month ( Epilocal ). This platform aims to assist individuals in building sustainable and scalable news businesses without incurring significant upfront costs.

By leveraging platforms like NewsCloud, aspiring journalists and bloggers can reduce their initial investment while still accessing essential tools and features necessary to run a successful news website. It’s important to evaluate different platforms and choose the one that aligns with your specific business goals and budget.

When considering the cost of building a news website, it’s worth noting that costs can vary depending on factors such as website complexity, multilingual features, personalized home pages, and self-hosted video news. However, a basic news website can be built for as low as Rs 40,000 (USD 500), while considering all complexities should not cost more than Rs 15,0,000 (USD 2,000) ( Quora ). Exploring cost-effective options in website development, such as leveraging WordPress and utilizing freelancers or widgets and extensions, can also help reduce costs ( Quora ).

By understanding the costs associated with running a news website and exploring cost-effective platforms like NewsCloud, you can make informed decisions to ensure the financial sustainability of your news venture. It’s crucial to assess your specific requirements, conduct thorough market research, and develop a well-defined business plan to effectively manage costs and maximize your return on investment.

Importance of Market Research

Market research plays a crucial role in the success of a news website business. By understanding the evolution and importance of market research, conducting thorough research, and leveraging the findings in business plans, aspiring journalists and bloggers can make informed decisions to drive their ventures forward.

Evolution and Importance of Market Research

Market research has a rich history and has become an integral part of business strategy. Its origins can be traced back to the 1920s in Germany and the United States, where it gained prominence during the Golden Age of Radio as a means to examine the demographics of different radio program audiences for advertising purposes. Over time, market research has evolved to encompass a wide range of methodologies and techniques.

Today, market research is a critical tool used by companies to understand consumer preferences, develop products that cater to those preferences, and maintain a competitive advantage in the industry ( Investopedia ). By gathering and analyzing data, companies can draw conclusions about optimal product design, marketing strategies, and target market segments.

Conducting Market Research

Market research can be conducted using various methods, including surveys, product testing, interviews, and focus groups. These techniques provide valuable insights into consumer behavior, preferences, and needs. By gathering information and interpreting relevant data points, companies can make informed decisions regarding product differentiation, advertising tactics, and market segmentation ( Investopedia ).

For aspiring journalists and bloggers, conducting market research is essential before launching a news website business. It allows you to identify your target audience, understand their preferences, and develop a content strategy that meets their needs. By exploring topics such as how to start a news website , monetizing a news website , news website content strategy , and news website niche selection , you can gain insights into the specific aspects to consider during your market research process.

Leveraging Market Research for Business Plans

Market research findings are invaluable when creating a business plan for a news website. They help validate your venture’s viability, refine your target audience, and tailor your content to meet their interests. By incorporating market research into your business plan, you can demonstrate a deep understanding of your target audience’s needs and preferences, making your plan more compelling to potential investors or stakeholders.

In your business plan, highlight the key insights obtained from market research, such as demographic data, audience preferences, and content consumption habits. This information will guide your decision-making process, allowing you to develop a strong value proposition and differentiate your news website from competitors.

By recognizing the evolution and importance of market research, conducting comprehensive research, and leveraging the findings in your business plan, you can lay a solid foundation for a successful news website business. Market research empowers you to make informed decisions, better understand your target audience, and create a compelling content strategy that resonates with your readers.

Essential Components of a Business Plan

When embarking on the journey of starting a news website business, having a comprehensive business plan is crucial for success. A business plan serves as a roadmap for your venture, outlining your goals and strategies for achieving them. It provides a detailed overview of your company, its offerings, target market, and financial projections. In this section, we will explore three essential components of a business plan: the 12 components of a business plan, the financial plan and funding sources, and the importance of building a strong appendix.

12 Components of a Business Plan

A well-crafted business plan consists of twelve key components that provide a comprehensive view of your news website business. These components include:

• Executive Summary: A concise summary of your business concept, goals, and strategies.
• Company Description: An overview of your news website business, its mission, and its target audience.
• Market Analysis: A thorough analysis of the market, including the competitive landscape and target market demographics.
• Marketing Plan: A strategic plan outlining your marketing and promotion strategies to reach your target audience.
• Sales Plan: A detailed plan outlining your sales strategies, revenue projections, and pricing models.
• Competitive Analysis: An evaluation of your competitors, including their strengths, weaknesses, and market share.
• Organizational Structure: An overview of your company’s organizational structure, including key personnel and their roles.
• Products and Services: A description of the news content and services your website will offer.
• Operating Plan: Details on how your news website will operate on a day-to-day basis, including content creation, publishing, and distribution.
• Financial Plan: A comprehensive financial projection including income statements, cash flow statements, and capital expenditure budgets.
• Funding Sources: An outline of the sources of funding you will utilize to start and sustain your news website business.
• Appendix: A collection of additional documents such as resumes, financial statements, product pictures, patent approvals, and legal records.

For a successful business plan, each component should be well-researched, clearly articulated, and aligned with your overall business strategy. The business plan will serve as a reference point for decision-making and provide potential investors or partners with a comprehensive understanding of your news website business.

Financial Plan and Funding Sources

The financial plan is a critical component of a business plan, especially for companies seeking funding. It provides a roadmap for financial success and demonstrates the viability of your news website business. The financial plan typically includes capital expenditure budgets, forecasted income statements, cash flow statements, and a value proposition to estimate the business’s value.

To create an effective financial plan, you need to consider various factors such as revenue streams, operating expenses, marketing costs, and projected growth. It’s essential to conduct thorough market research, analyze your target audience, and accurately estimate your revenue potential. This information will help you make informed financial projections and attract potential investors.

When it comes to funding sources, you should explore different options such as bootstrapping, loans, grants, or seeking investments from angel investors or venture capitalists. Each funding source comes with its own advantages and considerations, so it’s important to evaluate which option aligns best with your business goals.

Building a Strong Appendix

The appendix is the final component of a business plan, but it plays a crucial role in providing additional supporting documents and information. A strong appendix enhances the credibility of your business plan and provides further insights into your news website business.

In the appendix, you can include documents such as resumes of key team members, financial statements, product pictures, patent approvals, legal records, and any other relevant supporting materials. These documents provide evidence of your expertise, market research findings, and potential intellectual property.

By building a robust appendix, you demonstrate that you have thoroughly researched and prepared for the challenges and opportunities that lie ahead. It also provides interested parties with a deeper understanding of your news website business, supporting the claims and projections made throughout the business plan.

In conclusion, a well-crafted business plan is essential for starting a successful news website business. By including the twelve components of a business plan, creating a comprehensive financial plan, and building a strong appendix, you can effectively communicate your vision, goals, and strategies to potential stakeholders. Remember to keep your business plan updated as your news website business evolves and continue to utilize it as a guide for decision-making and growth.

Strategies for Successful News Websites

Building and maintaining a successful news website requires careful planning and strategic decision-making. In this section, we will explore key strategies that can contribute to the success of a news website, including sustainable business models, transitioning from legacy print publications, and revenue models for news websites.

Sustainable Business Models

In today’s digital landscape, news websites need sustainable business models to support their journalism efforts over time. The traditional “hits” model, which relied on clickbait and provocative content to generate ad impressions, is proving to be less effective ( Quora ). To build a successful news website, it is crucial to prioritize good journalism and focus on delivering value to the audience.

One potential sustainable business model for news websites is the donation model, similar to that of NPR and PBS. Under this model, a small percentage of the audience contributes to keep the site free for others. To build trust and integrity for this model, the news website should uphold high standards and provide valuable, reliable information ( Quora ).

Transitioning from Legacy Print Publications

Legacy print publications are increasingly transitioning to online platforms to adapt to the changing media landscape. However, sustaining high costs through subscriptions alone might not be feasible. The paywall model, which restricts access to content unless users pay for a subscription, has faced limitations and competition from free content providers ( Quora ).

To successfully transition from legacy print publications to online platforms, news websites should consider embracing a multi-revenue stream approach. This involves diversifying revenue sources and exploring alternative models beyond traditional subscriptions. By leveraging the strengths of the digital medium, such as targeted advertising and sponsored content, news websites can generate revenue while providing valuable information to their audience.

Revenue Models for News Websites

Generating revenue is a critical aspect of running a successful news website. While there are various revenue models available, it’s important to choose the ones that align with the goals and values of the news website. Here are some revenue models commonly adopted by news websites:

By adopting a combination of these revenue models, news websites can diversify their income streams and reduce reliance on a single source of revenue. This enhances the financial stability and sustainability of the news website.

To build a successful news website, it is crucial to continually adapt to the changing news industry landscape and explore innovative revenue models that align with the needs of the audience and the values of journalism. By prioritizing quality content, engaging the target audience, and implementing effective monetization strategies, news websites can thrive in the digital age.

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Home » Websites & Users » Website Building » How to Start a News Website in 12 Easy Steps

How to Start a News Website in 12 Easy Steps

Creating a news website may seem to be hard work, considering the size and reach of companies such as The New York Times or The Washington Post. However, anyone can start an online news portal today, in just a few easy steps. 

Before you start creating your website, select your target market, determine relevant topics within your region and industry, and plan a marketing strategy, just like any other business. However, note, that in the news business, your main product is information.

Let’s review how to start a news website and what tools are needed to make it successful.

If you’re planning to establish a media company, check out our article on how to launch a media startup .

Technically, you can start a news website in just four steps:

• Choose a domain name and a web host.
• Install WordPress with a preffered theme.
• Set up WordPress plugins to expand your website functionality.
• Create website categories, their structure, and start publishing.

Web host and domain name

A domain name is a website’s unique address. When creating one, try to compose something special, accurate, and memorable. However, you will need to pay a fee to register a domain name. And the registration fee depends on the domain zone and its popularity, for example domains in .com zone are the most expensive. Typically, you can register a domain name through your web hosting service. 

Here are some web hosting services to choose from.

• Bluehost (pricing starts from $2,95 per month)
• GoDaddy (pricing starts from $5,99 per month)
• Hostinger (pricing starts from $1,99 per month)
• GreenGeeks (pricing starts from $2,95 per month)
• DreamHost (pricing starts from $2,95 per month)

WordPress template for a news website

You will be able to customize the selected theme using your own logo and fonts. However, make sure that the theme’s rating is under 4 stars. Plus, check the date it was last updated, and the number of installations it has. Select a mobile-friendly WordPress theme so that your audience can easily view your web pages on either a desktop or a mobile device.

You can look through the themes below which are WordPress templates for blogs and newspaper websites.

• Twenty Twenty-Two with over 1 million installations with 18 5-star reviews
• Astra with more than 1 million installations and roughly 4K 5-star reviews
• Hestia theme has more than 100K installations and 460 5-star reviews
• GeneratePress with 500K+ installations and 1328 5-star reviews
• NewsPaperly has 1K+ installations and 1 5-star review

Usually, web hosts offer an option to automatically set up WordPress for your website for an additional fee, so you can save your time and use this option.

WordPress plugins for news websites

After setting up the CMS with your favorite template, add WordPress plugins that are essential specifically for your website type and industry.

Here is a list of ten essential WordPress plugins for news websites and blogs that we recommend.

• Ultimate Blocks  
• Gravitec Web Push Notifications
• WP Latest Posts
• XML Sitemap & Google News
• WP RSS Aggregator
• Contact Form
• Related Posts for WordPress
• WP Super Cache
• Simple Share Buttons Adder

Before adding any plugin, pay attention to its size (in Mb). Try to reduce the load on your server. In doing so, you will increase the load speed of your website.

Occasionally, you may want to search for new plugins, with better features, to get new capabilities for your website.  

Content generation

Before publishing posts, create a clear structure for your website based on your industry specifics. Define categories, devise a plan for your content. For example, if you’re running a travel website, you may structure your posts by country or by target groups like “For travellers” and “For agencies”.  The target market for your website may be based on your interest, or on the potential for income. However, it is usually best to mix both factors. 

Here is the list of our recommendations for creating high-quality content.

• Create unique content. Keep on track of the last news from all over the world. However, try to not use topics from other websites, but even if you do so, find your unique and creative way to sound fresh.
• Include media content such as images, audio, and/or video. Media content is king now, so consider supplementing your website with a YouTube channel.
• Use captivating titles to stand out and to match your readers interest. The catchy headline will definitely increase clicks on your posts in Google Search, Google News, newsletters , and push notifications that you send.
• Add links to related articles on your website and to reputable sources. Your articles should include proven information, so make sure that you’re aware of what is really going on in your industry, and add links to the sources of information that you use. 
• Keep compliant with SEO requirements.  Learn more on how to meet this requirements in the Google guide .

A news website has specific promotion tools compared with e-commerce platforms such as content curation tools like Flipboard, Pocket, and Feedly, and news aggregators like Google News and Apple News. Plus, you can look for new readers by participating in online communities like Facebook groups, Quora and Reddit feeds.  You can find even more promotion strategies in our articles “ How to promote a blog post ” and “ Unorthodox  ways to attract visitors to your website “ .

Besides attracting new visitors, news website owners have to focus on getting subscribers to return to their content. In this way, you will build your loyal audience and ensure returning visitors for your website.

Tools for job:

• Email marketing platforms . Set up a contact form on your website to collect subscriber email addresses with platforms such as  HubSpot  and Brevo . Email marketing is a powerful tool to inform a loyal audience about the most important events, updates, services. If you’re a novice to email marketing take a minute to read  how to send emails to multiple recipients .
• Web push notifications . This technology allows to inform subscribers about breaking news, the latest updates, and new articles. After you have installed a push notification plugin , your subscriber base will be building automatically. Learn how to send push notifications .
• Social media . Let your readers join your social media profiles by adding Facebook, Instagram, and Twitter buttons. In addition, add social media buttons for sharing posts. This will help you distribute your content even further and build your social media influence. Plus, social signals improve SEO indicators.
• Call to Action . CTA buttons will not generate return visitors but can increase the time a person spends on your website if you’re liniking to your another article. On top of that, CTA is your chance to lure visitors to paid services like online courses and paid subscription.

Making a profit

You can make a profit from your news website by using advertising banners/sponsorship and by building a membership website with paid subscription. In the later case, you will need to choose a paywall solution .

You can start looking for investors/advertisers even before launching your website. If they are excited by your idea and business plan, you will get resources for business development. After you have already published your content, reach advertisers from your target market or related industries.  While you are establishing your website authority, set Google AdSense on your web pages. This may not initially generate significant income, but you will start monetizing. After your website’s influence and traffic start growing, its popularity will attract more advertisers. 

Besides looking for advertisers, you can also provide paid content for your readers. You have to analyze what topics are in demand, what exclusive information can be valuable for your audience. Additionally,  you can create paid products like online courses and downloads or provide researches on your industry for a fee.

• To create a news website, register a domain name, select a web hosting service, set up WordPress with a relevant theme, and install the most important plugins.
• Decide on your target market and website categories, and build its structure.
• Focus on content quality, uniquness, and its value for your readers.
• Follow the SEO guidelines while creating content for a website.
• Start publishing news, stories, and reviews relevant to your industry.
• Set up forms to collect contact info from your readers, so that you can send promotional and/or informational emails to them.
• Use Call-To-Action buttons and Recent/Related post blocks to increase time spent on your website.
• Install push notifications to communicate with your audience instantly and prompt them to return to your website.
• Create profiles on social media (Facebook, Instagram, Twitter). Add social media buttons to web pages to share content. 
• Promote your website through content curation platforms, social media, and online communities.
• Monetize your website with Google AdSense and attract sponsors/investors from your industry. 
• Create paid content to make a profit – offer online courses, downloads, and researches.

If you have any questions on how to use push notifications, please, contact the Gravitec.net  support team .

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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.

LLC Formation

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?

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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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'Let's Start An Online News Site': Opportunities, Resources, Strategy, and Formational Myopia in Startups

2012, Journal of Media Business Studies

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This article examines the differential formation of online news startups in Toulouse, France, and Seattle, United States. While Seattle is home to many startups, in Toulouse there have been just 4—and only 1 continues publishing. Drawing on Bourdieu's field theory, we argue that amount and types of capital held by journalists in the 2 cities varied as a result of differences in journalism's position in the field of power. These differences shaped the extent of startup formation in each city and structured journalists' capacities to convert their capital into the resources needed to form startups (e.g., funding, credentials, partnerships). These findings are positioned in relation to literatures on journalism innovation and comparative media.

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The media landscape is changing. The stranglehold of mass media over production and dissemination is loosening, and media entrepreneurs are increasingly taking up their place in a fragmented media ecology. New global actors have emerged as the production, consumption and distribution patterns transform (Wunsh-Wincent 2010). And this new era of entrepreneurialism is not just about Silicon Valley: media entrepreneurs around the world are harnessing new tools, ideas and platforms to flex their muscles and redefine what it means to do journalism. Change is constant. The old way of making money is broken and most organisations are facing an unstable economic future, especially for those professional and legacy media in most of the Western countries. The rapid transition in media markets, which started to intensify in the USA after 2006, has more recently struck other countries. The fundamental stability of the industry as a lucrative business has been drawn into focus. Even countries like Finland and Japan with high newspaper density are facing a rapid shift in the media economy and production. The report is made up of three main chapters. The next chapter presents an overview of the diversified media landscapes and then presents an empirical representation of the cultural and national settings for the nine countries included in the study, along with a summary of the startups. The country by country analysis represents what kind of media environment there is and how the independent journalism has been developing in these environments, what kind of contents these outlets offer and what kind of business models they have. Chapter four synthesizes the revenue models delineated by the case studies to represent the similarities beyond borders. This includes notable examples of sites using them. Chapter five draws together advice for media entrepreneurs interested in locating themselves in this dynamic sector of the media landscape based on the interviews conducted and current meta-journalistic commentary.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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How To Start A Business In Louisiana (2024 Guide)

Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

How to Start a Web Design Business: Expert Tips from People Who Did It Themselves

Updated: July 18, 2024

Published: January 02, 2024

Have you heard the expression, "If it were easy, everyone would do it?" That saying certainly applies to starting your own business. However, with the right preparation, you'll discover that learning how to start a web design business isn't as hard as you might think.

I talked to two web design business owners who filled me in on everything you need to know about how to start a web design business. I'll walk you through the steps you'll take, plus some pro tips to help you make your launch a success. 

How to Start a Web Design Business: 15 Steps

• Figure out your working arrangements.
• Identify your website design business niche — if you have one.  
• Pick a name.
• Create a mission statement.
• Determine what you want to offer.
• Establish a business plan.
• Seek legal advice.
• Check off administrative tasks.
• Identify pricing.
• Make your branding.
• Create templates and establish workflows.
• Design your website.
• Start building your social presence.
• Train yourself on anything you're not sure about.
• Network in person and online.

Whether you are figuring out how to start a web design business from home or eventually want to open up your own brick-and-mortar location, there are a lot of items to check off before you're ready to take on clients. Here are 15 steps you can follow when learning how to start a web design business. 

1. Figure out your working arrangements. 

Your first step is to figure out your working arrangements. Will you work from home or rent out an office space? Will you interact with clients virtually or offer a brick-and-mortar location where you can meet? And if you're working from home, do you have a professional, private space where you can conduct business? 

It's possible to learn how to start a web design business from home, but by addressing these questions upfront, you'll know how to better set your business up for success. 

Mindy League, UX Director at Elevated Third, owned a web design agency that one of her clients went on to acquire. She knows her stuff — League has worked in digital marketing with B2B giants, including HP, IBM, Thermofisher, and more. When recounting her experience as a web design business owner, League mentions that she feels it's easier to start a business now in a world where working from home is normalized. 

She recounts, in a pre-pandemic world, needing to have a brick-and-mortar storefront where she could work with her team or meet clients. "Now, we have this really more acceptable work from home," she says. "I think it would be easier to start a business now than it was then. Because [then] it was expected that you had a brick and mortar, which was a high cost, a high expense. It was almost validating that you're in business." 

Once you've figured out your physical working arrangements, consider your hardware and software arrangements too. When learning how to start a web design business from home, keep in mind that you'll need all the bells and whistles you would in an office, such as a comfortable seat, functioning computer, and monitor, if you like using one. 

You may need to purchase a new laptop or monitor for your web design business work. Or, maybe you'll need to sign up for Adobe Creative Suite subscriptions. If you're not launching your business ASAP, you don't need to sign up for the software right away to avoid paying for it when it's not in use. However, you should have your physical hardware ready to go. 

Pro Tip:  I know that bills can quickly add up when you're first starting a business. If you're buying a computer, I recommend considering a lightly used one as they're reasonably priced. Or, purchase a gently used desk from a local thrift store to cut costs. What matters most is that your equipment is reliable. 

2. Identify your website design business niche — if you have one. 

Niche or no niche, that's the question. There are pros and cons to both — if you choose a niche, you can become the best in that industry and establish a reputation. Alternatively, if you don't choose a niche, you can garner a large pool of clients across industries. 

One way isn't better than the other; they're just different. 

Macey Miller , the owner of Be Bold Design Studio , has created websites for "all kinds of businesses," though much of the sites she's made have been for woman-owned companies. Miller initially became interested in website design because she wanted a creative outlet when working in marketing at a hospitality technology company. You should trust her advice because, since starting her business in 2018, she's created more than 120 websites. What started out as a side gig became so successful that Miller was able to quit her full-time salaried role in six months.

"I have a lot of friends who own businesses, and they need websites," she shares. "And so I started my business out of really an outlet for creativity, but then also as friends and family needed websites and logos and designs. I was always like, yeah,  I can hop in. I'll do that.  It was a nice break after all the analytical meetings and just all the things that came with …marketing." 

Pro Tip:  If you're stuck, let your portfolio and professional experience inform your decision about whether you'll pursue a niche subcategory of website design or offer more holistic services. If you only have experience creating websites for consumer packaged goods products (CPG), stick with the CPG industry. Or, if you've created websites for educational institutions, food and beverage, entrepreneurs, and more, you may consider sticking with a no-niche agency. 

3. Pick a name. 

I know — picking a business name is tricky! It should be descriptive but not too long. Reflective of your mission, yet clever. Unique but simple. That's a lot to keep in mind. (Psst: If you need help selecting your business name, check out these 300+ examples of business names we love for inspiration.) 

In some cases, you may want to use your own name as the title of your business. If you believe yourself to be the face of your brand, then maybe, using your name is a good idea. Of course, there's also the search engine optimization (SEO) value if you have an uncommon name. 

I advise you to test out your business names in front of family, colleagues, or friends. You can run a poll on LinkedIn to ask others in the industry which they prefer. Picking a moniker is a serious commitment, so be sure you're willing to stick with it for a while. 

Pro Tip:  I suggest doing some research before you commit to your name. When you Google it, if a lot of other agencies pop up, you might want to pick an alternative. If there are already a ton of other businesses with the name, you'll have a hard time securing social media handles, too.

4. Create a mission statement.

Before you begin ideating your company mission statement, I suggest you check out some examples from businesses you admire. ( May I humbly suggest HubSpot ?) 

I also love Be Bold Design Studio's mission statement . It's straightforward, focused on impact, and I love how Miller clearly displays it on the footer of the studio's homepage. 

Your mission statement doesn't have to be too long or intricate. The best mission statements are straightforward and succinct, and they showcase your company's values. 

Pro Tip:  You can include your mission statement on your homepage, footer, or on its own page, depending on how much emphasis you'd like to place on it. 

5. Determine what you want to offer.

You have your name, mission statement, and niche all picked out. Your next step is determining what you want your business to offer. Ultimately, you can make your business as all-encompassing (or niche) as you want. Do you want to offer complete website design services that include add-ons such as branding and logo design or photography? Or do you want to work mainly on website rebuilds? What about maintenance — do you want to offer it or leave clients to their own devices? 

It is  your  business — so you can decide what you want to offer based on both your skills and experience. However, keep in mind that if you don't have a well-rounded menu of offerings, clients may take their business elsewhere, where they can get their website created, logos created, and branding established all in one place. 

Pro Tip:  If you're building your business with a co-founder, League suggests that you consider picking someone with expertise in the opposite of what you do. "When you're getting started, you don't necessarily think of looking for someone who does the opposite of what you're doing," she says. However, by thinking about this in advance, you can reduce the likelihood that you'll need to outsource help. (Psst: That doesn't only apply to business offerings. For instance, if you have the creative portion under control, consider working with someone more analytical who can tackle the finances.) 

6. Establish a business plan. 

In my opinion, writing up a business plan is arguably the most daunting part of learning how to start a web design business. The good news? You don't have to do it yourself — this robust guide to creating a business plan will offer you a life raft.

Your business plan should provide a clear summarization of your organizational strategy for success. You can use your business plan to acquire funding from investors or help forecast your business demands. Most importantly, when starting out a business, your business plan should highlight your goals and the way you plan to achieve them. This is also where you'll tie in your mission statement and business purpose. 

If you're feeling overwhelmed by the prospect of writing your business plan, use one of our free templates to set you on the right track. For example, I love this one page business plan template.

It's concise, asks the right questions, and makes it easy for you to keep all your crucial information in one handy location. You can download it here . 

Pro Tip:  Taking a look at other business's plans can help you figure out how to build out your own. Here are 24 sample business plans to get your creative juices flowing. 

7. Seek legal advice. 

Congratulations; you're about halfway through the process of learning how to create your web design business from home. Give yourself a pat on the back — and take a deep breath because it can be overwhelming. 

Before you go any further in your business ownership journey, it's time to seek legal advice. Your best option is to find a lawyer who has experience working with small businesses and helping ensure they're compliant with all the laws in your jurisdiction. You may need a license to operate your business, depending on what it is and where you live. Or, you might need help deciding whether you want to be a sole proprietor, open an LLC, or start a corporation.

While no one likes shelling out cash for legal fees, the repercussions of not doing so and accidentally violating a law can be massive. Your lawyer can also help you draft the contracts that you'll share with clients when entering into an agreement with them. Getting liability insurance for your business is also a good idea, and your lawyer can advise more on the steps you should take to do so. 

Pro Tip:  Lawyer fees can be expensive — especially when you're just starting out. If the cost of working with a lawyer is prohibitive, I recommend you try to find one willing to do the work pro bono. I'll admit, it can be tricky to find a lawyer that'll do the work for free. But ask around — you may have a connection willing to help out. 

8. Check off administrative tasks. 

I told you learning how to start a web design business isn't always glamorous, didn't I? I promise it will be well worth it. Your next step is to complete various administrative tasks you need to check off your list before your business can open its doors. 

For example, now that you're starting your own business, you'll need to think about how you're going to get health insurance. Maybe you can still be on your parent's insurance, or you have a partner who can take you under their wing. However, if this isn't the case, you need to think through the ways you'll be able to get healthcare.

I know this doesn't seem directly related to starting your own web design business, but it's an important administrative task you need to check off. When you're just starting out, you'll only need to think about getting healthcare for yourself. But if your business grows and you hire teammates, you'll have to think about their insurance, too. 

The next thing you'll want to think about is your retirement plan. You can consider opening a Roth IRA or a Health Savings Account. (Of course, if you want more guidance about what's best for your financial future, I suggest you speak with a financial advisor who better understands your particular situation.) 

Lastly, think through your holiday and vacation policy. You're your own boss now, which means you'll have to be accountable for getting stuff done. Creating a clear vacation and holiday plan is an excellent way to keep you on the right track. Miller believes that holding herself accountable for getting work delivered in a reasonable amount of time is partially why her business has flourished. "I think it is very important to… be true to your word," she says. 

Miller continues, "If you say you're going to deliver something on Tuesday, you need to deliver something on Tuesday. A lot of times with a website design business, you know, it's creatives, and it's hard to pin us down within the website design business. You can be a creative, but you also have to be very, very careful with that more creative energy and focus on making sure that your clients are being served well and efficiently and on time." 

Pro Tip:  If you're struggling with administrative tasks, I highly recommend talking to other small business owners you know who have taken their business full-time to learn more about how they handled administrative tasks when starting out. 

9. Identify pricing.

Now that you know what you have to offer, it's time to decide how much you're going to charge for it. 

Your first step when identifying pricing is to take a look at your competitors' pricing. How much is your competition charging for a website, logo design, branding, and bespoke photography? What about a site refresh? Find out, and make notes of what your top 5-10 competitors are charging. This will inform your rates. I suggest creating a spreadsheet that clearly identifies competitor pricing.

You'll also have to decide if you want to charge a flat rate for a project or hourly. If you go the project route, consider how many hours it will likely take to complete the project and break that down into hourly wages. Remember: You deserve to pay yourself a livable salary. 

Now that you've done your research, consider your business's overhead. Do you have to pay for your space? Have you thought about how taxes factor in? How about the software you'll need to run your business? Did you include your insurance fees when factoring in how much it costs to run your business?

From there, you can subtract your overhead per project from the rate you're thinking of charging. This leaves you with your profit. 

Pro Tip:  Adding testimonials to your website can help you feel more confident about your rates. These testimonials demonstrate the value of your work, and you can easily point to them when conferring with potential clients about budget. For some inspiration, check out HubSpot's Customer Reviews page . 

10. Make your branding. 

We're finally at a fun part of the web design business creation process. You'll have to make your branding before you begin to share the news of your business online. You're a creative, so you likely already know exactly what to do, but here are a few branding tips in case you need them:

Consistency is key — choose a color palette, style of photography, and a few fonts. Then, stick with them. This will give your business a professional flair. 

Create a logo that's not too detailed. If it is, the details will get lost when you shrink it down. 

Try to avoid already popular color pairings because they'll subliminally remind your visitors of other, more famous brands. For instance, red and yellow may not be the best bet for your company because these colors together conjure up images of Ronald McDonald. 

Pro Tip:  Need a dose of inspiration for your business's color palette? These color pairings are sure to wow.  

11. Create templates and establish workflows.

Yes, you have your branding, pricing, and business plan — but you are not open for business yet. First, it's essential to create templates and establish workflows. That way, when you do get your client (and trust me, it will happen), you already have a handle on how to get them onboarded.

Using a project management tool can help you create workflows that hold you accountable and ensure you deliver results on time. I love Asana, Trello, and Notion, so experiment to find one that works best for you and is within your budget.

This is also the time for you to make sure those contracts you worked with your lawyer to create are ready to go. Plus, create a checklist for client onboarding, the steps you'll follow to launch a client website, and make any necessary supporting documentation or templates. You should also have your invoice template in place. If you do all of this, professional is the name of your game. 

Last but certainly not least, determine how you're going to track your time. It's not enough to set an iPhone timer — you need to keep track of your time and how you spend it. There are plenty of time-tracking apps available, some of which even integrate directly with your project management tools. 

Pro Tip:  By having your onboarding checklist ready to go, you'll be ready the moment your first client comes knocking. Plus, you'll score major points with your client for preparedness and professionalism. 

12. Design your website.

You already know how to do this, so I'll leave this one to you. And if you want some sources of inspiration, you know where to find them — here, where I identified the 25 best creative agency websites . 

Just to recap, here are some key things to keep in mind when designing your website. 

Were created with search engine optimization (SEO) in mind. 

Include mindful CTAs, or calls to action . (Psst: You shouldn't only have one place for visitors to go to reach out to you — that CTA should be sprinkled throughout your site so visitors can contact you the moment they feel inclined to.) 

Feature cohesive branding . 

Have testimonials and examples of past work. 

Have a sense of personality so visitors know who you are and why they should trust you with their website. 

Hire a proofreader or ask a family, friend, or mentor to look over your site. Ask them to read through it for clarity and accuracy. 

Consider having a blog on your website and writing posts that target keywords. 

Your goal on your business website is to reduce friction in any way that you can. 

Pro Tip:  About 42.5 million Americans have disabilities . Don't ignore website accessibility best practices when building your website . 

13. Start building your social presence. 

You're almost at launch day, congrats. It's time to start building your social presence. Whether you contribute to collaborative articles on LinkedIn to showcase your web design expertise, create your own X/Twitter posts with a link to your portfolio site, or begin filming trendy TikToks about web design misconceptions, the internet — erm, I mean the world — is your oyster. 

When deciding which social media platforms you want to hone in on, consider this:

Where is my audience?

What platform can I go viral on? (TikTok is great for this because, regardless of whether you have five followers or five million, you can go viral.) 

What platform feels intuitive for me to use? 

How can I best tell my brand story?

Pro Tip:  Ideally, you'll be able to create content for multiple social media platforms. However, focusing on one or two will help reduce stress. Dial in on wherever you're seeing the largest return on investment for your time. 

14. Train yourself on anything you're not sure about. 

Maybe you're a natural-born designer, but sales calls don't come easy for you. Or maybe you've always loved rebuilding websites, but you struggle with offering bespoke logo design services. Everyone has their strengths and weaknesses — but your weaknesses don't have to stay weaknesses. You can decide to seek out training to teach yourself more about anything you're unsure about. 

"I think it's easy for people to say like, well, I'm not good at admin, or I'm not good at sales calls, and that's just an excuse," says Miller. "Why don't you go in and learn how to do a sales call? Like I've done two to three sales trainings, which has been very helpful because sales is a part of owning your own business. And if you're not comfortable with selling in a way that is natural and authentic but also just natural and authentic to you, then you won't be able to last." 

Pro Tip: HubSpot Academy has plenty of free courses that can help teach you more about different facets of marketing, sales, and beyond. You can even earn free certifications, which look great when you're trying to build authoritativeness. I've done several courses, and I found them to be both educational and engaging.  

15. Network in person and online.

You did it! You've successfully created your own web design business. I hope you're proud of yourself because I'm proud of you.

Now, it's time to share the incredible news with your family, friends, colleagues, and mentors. Remember to bring business cards with you when you meet with people, and bring along extras so your friends can pass them along to their friends. You never know who may be your first client. 

Online, you can spread the word on your personal and professional social media accounts. You can also reach out to any business owners you know and let them know you're open for business if they wish to enlist your help.

Pro Tip:  Keep your mind open when it comes to finding clients. You never know how your clients will make their way to you — just trust that they will. Be sure to spread the word so everyone you know can have their feelers out in case anyone they know needs a designer. 

What are 5 tips for people starting a web design business?

These five tips from Miller and League — who have actually gone through the process of building a web design business themselves — can help set you up for success. 

Remember that potential clients are everywhere. 

League recounts that when she owned her agency, she was living in Austin, Texas, where she had a large network. "There were a lot of folks that I knew," she says. "And so I would just make new clients at the retail stores, or wherever I was, I would just meet people. Or they knew someone, and then we referred." A valuable lesson to keep business cards with you at all times indeed.

Give back to your clients.

League also suggests the idea of using "swag" to gain momentum for your business. "We gave a lot to our customers," she says. "We had parties and gave them swag. So when we had profit, we really gave them things that we thought they would enjoy. We [were] really appreciative of them. We were constantly giving them mugs, and we made up cute campaigns around it, like a social media campaign. [With the cups, we asked clients to] send us your 'mug shot.'"

Keep in mind that things ebb and flow. 

The reality of owning your own business is that things will ebb and flow; there will be busy seasons and slower ones. However, to keep your business afloat during tougher times, Miller suggests you get creative. "There are a lot of different ways to make money as a website designer," she shares. "One tip is being open to potentially white labeling. There are a lot of agencies that white-label their services and that need freelance graphic designers to kind of come in and help with the workload. 

When you start your own business, a lot of times you think, oh, it's just going to be me, all by myself. I'm going to be getting all these clients, but in those slow seasons, it's nice to lend your services to an agency or even take on some retainer clients and do maintenance work or graphic design work." 

Customer service speaks for itself. 

Another key learning from Miller? That customer service really can set you apart from your competition. "I found that the reality of building a healthy business and a client base requires serving your clients, marketing, networking, and a strong online presence, but really more focusing on serving your clients," she says.

"A lot of people focus more on the design and the creative part, but I truly believe that customer service is almost as equally important as the beauty of creative design. It takes time to build a client base and to establish a reputation." 

Expect to wear a lot of hats. 

Depending on the client, you may have to wear more hats than just the assigned "web designer." For instance, League mentions that entrepreneurs are sometimes more anxious regarding where their money is going than large corporations, as it's their hard-earned cash they're spending. 

"They would get really nervous before the launch because it was the unveiling of their idea," she explains. "And so that, that was something I didn't realize, [that] I had to be so much of a psychologist, making that transition from the bigger agency, you know, to the smaller agency. There was a lot more psychology. Granted, when you work with an agency or with any client, you have to worry, think of, and be empathetic towards them." 

Bring Your Web Design Dream Business to Life 

You officially know how to start a web design business, and it's up to you to decide if you're ready to take that next step toward becoming your own boss. When building your company, keep your why in mind, and commit to customer service. If you do these two things, you can't go wrong. 

Don't forget to share this post!

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WEBSITE ESSENTIALS

How to plan a website in 7 steps

• Rachel Bistricer
• 10 min read

Get started by: Creating a website →  | Getting a domain →

Having a strong website is invaluable for establishing your brand and driving growth in the digital age. But simply launching any site isn’t enough. To truly make your mark and outshine competitors, understanding how to plan a website is a must.

With the right approach, your website can capture attention, reflect the essence of your brand and drive real results. Follow this website planning guide to develop an online presence  and learn how to make a website .  

Streamline the process of planning your website with  Wix's website builder .

What is website planning and why is it important?

Website planning is the first step in the process of website creation. Think of it as a blueprint for your online presence—an outline of what you want to achieve with your website, who you aim to reach and how you intend to do it.

This process sets the strategic foundation for your online presence, leading to a successful, user-friendly website that meets your business objectives and provides a satisfying experience to visitors.

Defines objectives

Defining clear objectives ensures that every aspect of the website is strategically aligned with the goals of the business. This includes determining the purpose of the website, the target audience and the desired outcomes. Clearly defined objectives also make it easier to measure the success of the website.

Helps in user experience

A thoughtfully planned website enables visitors to find what they are looking for quickly and easily. It also ensures that the website is responsive and optimized for different devices, which is critical today with the increase in mobile usage.

Streamlines communication

Website planning involves collaboration between different teams and stakeholders, including designers, developers, marketers and content creators. It facilitates effective communication between these teams, ensuring alignment and collective contribution towards shared objectives.

Saves time and money

Proper website planning eliminates the need for costly redesigns or rebranding efforts. By investing time up front, you ensure that the website is designed correctly from the start, setting you up for long-term savings and success.

How to plan a website

Define clear goals for your website

Understand your audience

Pick a domain name and hosting provider

Plan and build your website

Choose elements for your website design

Create compelling website content

01. Define clear goals for your website

When setting website goals, view them as stepping stones to achieving broader business aims. First, identify your website’s purpose. For example, are you trying to gain traffic and build an audience or are you looking to sell products? Identify 2-3 key business objectives, then brainstorm actionable website goals enabling users to participate. Whether you want to boost impressions, gather data or motivate purchases, let these specific business goals steer your tactical website goal-setting.

For example, if increased lead generation is crucial for future revenue, focus conversion goals on capturing contact details. A website goal might be to utilize popups and value offering incentives to generate 50 newsletter signups daily.

02. Establish your unique selling proposition

It's essential to identify and highlight the unique aspects of your brand or business that differentiate you from competitors. Define your business's unique selling proposition (USP)  early in the process, as this will guide the overall direction and objectives of your website. You should then ensure these elements are prominently featured in key areas of your website.

When crafting your USP, focus on these guiding questions:

How do you stand out from competitors in terms of services or products?

What value do you have to offer to potential customers?

02. Understand your audience

Whether you’re seeking to engage a broad consumer base or a specialized niche target market, getting specific on your audience drives more impactful website planning. Rather than taking a generic one-size-fits all approach, research key demographics to generate a buyer persona like:

Purchase intention

Other important audience aspects to consider:

Professional details: Industry, company size, job details

Psychographics:  Interests, hobbies, values, motivations

Influences and biases:  Online activities, blogs, newsletters, social networks

Challenges:  Pain points, barriers 

The more thorough picture you have of your target audience, the easier it is to make informed choices when designing user experiences on your website. From visual aesthetics to content messaging to product offerings, you can customize components to resonate with the preferences and motivations of prospective visitors.

03. Pick a domain name and hosting provider

A carefully chosen domain name, well-designed site architecture and reliable hosting service are foundational elements when planning a website. These factors influence the success of your website by affecting both user experience and search engine performance.

First, it’s important to understand what is a domain , and in turn you’ll be able to  choose a domain name  that both suits your business and is also available.

When picking a domain and hosting provider, these simple tips will help you invest in a solid technical foundation: 

Select a domain name that is short, easy to remember and directly related to your brand. Avoid overly complex or confusing names. A domain like " johnsmithphotography.com " clearly communicates what the site is about.

Prioritize web security and uptime when evaluating hosting providers. A reliable host helps ensure consistent site accessibility for both visitors and search engines. When you build your site with Wix, you automatically get free web hosting  when you publish your website, so you don't need to find an external host.

Factor in scalability needs for the future. As your site and traffic grow over time, make sure your hosting plan allows upgrading server capacity, storage space and bandwidth. With advanced security monitoring, TLS (transport layer security), automatic backup and a 99.9% uptime, Wix website infrastructure simplifies the scaling-up process and also guarantees peace of mind regarding your website's performance and security.

What often gets forgotten when talking about choosing a website builder is the capabilities of the infrastructure that’s promised to you - the reliability of the hosting, the level of security that’s in order to protect your visitor’s data, and of course your site's speed. Even if infrastructure is not the first thought that comes to mind when it comes to how to plan a website, if it’s not robust enough, it can cause large headaches for website owners when trying to scale a website later on.

Esin D.Habif, Product Marketing Lead Outbound at Wix.com

Try this domain name generator  as part of your website planning. 

04. Plan and build your website type

Before you can fully start planning your website, first decide what kind of website you require. There are many types of websites to choose from based on your needs. 

Here are a few most common types of websites to consider:

eCommerce websites and online stores

Business websites

Blog websites (try using a blog maker )

Online portfolios

Event websites

Nonprofit website

Online forum

Online resume websites

Landing pages (use a landing page builder )

Next, outline a sitemap or hierarchy framework of key webpages  to optimize user experience, this is also sometimes referred to as a website wireframe . This helps connect all elements intuitively as you build out pages. Consider how many pages and what content is needed to achieve your goals. The next step after this is to consider your page layout.

Some common elements are:

Homepage : Introduce visitors to your brand with clear calls-to-action.

About page: Include your background and qualifications to build trust and credibility.

Product/services pages:  Describe what you sell or offer with photos, costs and contact options.

Blog or resources page:  Share knowledge that attracts visitors and positions you as an industry expert.

Contact page:  Make it easy for visitors to get in touch and ask questions.

FAQ page: Address common inquiries about your business, products or services.

Then, identify must-have features and functionality to support user experience and business needs:

Navigation menu:  Foster website navigation between the different pages or sections of a site.

Contact/inquiry forms: Remove barriers to contacting you for sales, questions, etc. with form builders.

Search bar:  Help users find what they want seamlessly—and fast.

Calls-To-Action (CTAs):  Strategically place CTAs to prompt visitors to take a specific action, like buy products or subscribe to content. Check out our guide on CTAs for more tips.

Privacy policy: this may vary depending on where your business or you are located (so check all local and country regulations before proceeding) but should generally include information about the data collected from users and what it will be used for.

Payment systems : if you're building an eCommerce website , you'll need a website payment solution in order to accept and process payments.

Pick a website builder

With your website elements and goals clarified, the next step is choosing a website builder  to bring your vision to life. Here are several options for building your site.

Use an easy drag-and-drop interface, or Content Management System CMS , for uncomplicated no-code website creation, like Wix’s Editor.

This includes using a platform with hundreds of pre-designed free website templates for any type of site.

Start from scratch and build with custom code on an open source platform like Velo .

Consider a responsive website or web design, with a platform like Wix Studio .

Hire a web designer  to help outline your website planning and site creation.

Consider creating a website with AI - Wix ADI is one way to do this with an AI website builder . Learn more about some of the best AI website builders .

When it comes to how to plan a website, you'll also need to fact in the cost of making your site . This can be done for free with a website builder like Wix, which also has a number of premium plans available depending on your website planning goals.

05. Choose elements for your website design

Cohesive visual design makes an impression on visitors. Research current styles and layouts that successfully engage your audience on existing websites for inspiration. To help unify aesthetics, create a brand style guide outlining important design assets to use:

Logo:  Craft a recognizable logo that encapsulates your brand essence. This visual signature builds consistency on your website and across platforms, both on and offline, including your favicon, social media channels and printed assets. You can use a logo maker tool to create something lasting and unique.

Colors:  Website colors are emotional and eye-catching, they can immediately set the tone of your site within seconds.  Pick a palette that aligns uniquely with your branding. You can explore different complementary colors  to convey your brand identity.  Consider all the places that colors can make an impact as you plan your website, including buttons, menus, backgrounds and elements.

Fonts:  Curate a font combination of sleek headings and clean body text that enhances readability and accessibility. Typography directly impacts tone.

Photos : On-brand photographs visually connect users to your brand’s human centric stories and values. Be sure to use high-quality images and consider inclusivity when selecting images. When you plan your site with Wix, you’ll have access to a Media Manager with hundreds of free Wix image and video files that you can add directly to your site. You can also use an image resizer  tool to ensure photos fit the page accordingly.

Illustrations:  Custom iconography and illustrations are a creative option to differentiate your unique look and feel.

Other visual elements:  You can explore a wide variety of background options, interesting scrolling effects and layouts, all directly within the Wix Editor.

Explore the Wix database of totally customizable website templates  to see which one fits your vision best. 

06. Create compelling website content

Well-planned websites don’t just look nice—they provide value to audiences through engaging content. This is where you can really showcase your creativity and expertise with a strong content marketing strategy.  Keep in mind that your web content should be dynamic and evolve with your brand. For example, if your product offering changes, be sure to update descriptions and images.

Don't forget to include relevant keywords in your content strategy to improve your website's SEO and visibility. Here are some tips:

Conduct keyword research to identify terms and phrases your audience is searching. Incorporate these organically into content.

Optimize page titles and meta descriptions with keywords, aiming for under 60 characters.

Use keyword-focused headers and subheaders (H1, H2 tags) to improve on-page SEO.

Create SEO-friendly URLs using keywords separated by dashes instead of spaces or underscores.

Add image alt text and video transcripts with keywords for visual assets.

Integrating SEO considerations from the outset ensures that the website is optimized for search engines, improving visibility and ranking. Include this step in your website planning process with Wix SEO  tools such as the SEO Wizard. This tool analyzes your website content and structure, delivering tailored recommendations to boost visibility. 

You might want to consider how to incorporate AI content creation into your workflow, when it comes to creating website content as part of your wider content marketing efforts.

Once you know which content to include on your site, you'll need to make a plan of your pages. Think about how they should be organized on your website, including their hierarchy — this can be based on best UX practices and how you want users to navigate your site. You'll also need to map out how all the different pages on your website will link to each other, for both navigation and SEO purposes. This will determine how easily people move through your site, so make sure to plan it carefully and smartly. You might want to create a sitemap to help you plan and improve on this — you can jot it down on paper first before submitting it.

Bringing your website planning to life

Once your website planning is complete, testing helps identify and resolve any issues before launch. Some examples of tests to run include:

Conduct thorough user experience testing to optimize navigation, task flows and content clarity based on feedback.

Perform technical tests including site speed, mobile optimization, browser compatibility and more to catch bugs.

Implement ongoing maintenance like link and image checks, content updates, backups, theme and plugin updates and security reviews to maintain performance and provide continuous value.

Make sure your website is connected to an analytics tool (like Wix Analytics ) so that you can track the traffic and user engagement on your website.

Consider how to to include your website within your marketing strategies and how are you going to market your website.

Conducting constant website maintenance

Being proactive by using different tests such as  A/B testing  to compare different versions of your web pages and conducting regular  website maintenance  to ensure all functionalities are up to date is crucial for your site's efficiency. This not only enhances visitor experiences by offering a seamless browsing journey but also helps in identifying potential issues at an early stage.

How to plan a website FAQ

How do i plan a website project budget.

Budget can have a significant impact on website planning. Limited resources may require prioritizing certain features or functionalities over others. It's important to determine what aspects of the website are essential and allocate funds accordingly. Creativity and resourcefulness play a vital role in optimizing the website within the given budget, such as leveraging cost-effective tools and technologies.

What technical requirements are important to consider when planning a website?

Who should have input in the website planning stage, related posts.

How to create a professional website: step-by-step guide

How to create a website from scratch in 11 steps (for beginners)

40+ Simple website templates for professionals

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How to Create a Business Plan for a Website

• Small Business
• Business Planning & Strategy
• Creating a Business Plan
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How to Do a Market Segment Analysis on Web Business

How to market your civil engineering practice on the internet, how to derive a coherent strategy.

• How to Blacklist a URL
• How to Start an Internet Based Company

Having a website allows even the smallest companies an opportunity to market their products and services to a global audience of potential customers. Establishing a web-based enterprise does not require a large capital investment compared with having a bricks and mortar physical location. But the tremendous opportunity created by the Internet comes with an equally tremendous challenge: getting these millions of potential customers to find your website and purchase goods and services.

Outline your vision. Think long range, a three-year to five-year time horizon. Perhaps your vision is to be the leading Internet marketer of books, music and movies that appeal to the over-50 demographic. This vision will shape the design, content and themes of your website--as well the types of affiliates and advertisers you can attract to your site.

Develop your business model--the revenue streams your company will have. Determine what mix of products and services you will be offering through your website. Include revenue streams specific to Internet companies, such as membership fees, downloaded e-books and software or web hosting. Design your model so you can market more than one product or service to each customer, and encourage each to be a repeat customer.

Determine your marketing strategies. The key to success in starting an Internet venture is devising marketing strategies that will bring large numbers of visitors to your site, and do this on a cost-effective basis. Viral marketing, using your customers or visitors to introduce your company to other potential customers, is a powerful way to use the social networking aspect of the Internet to your advantage.

Profile your competitors. You may think your idea is unique, but it is highly likely competotors' websites are doing something similar to what you are. Take a critical look at their websites and marketing strategies. Determine what you intend to do better, how you will provide a superior overall experience for your customers.

Describe the human resources you need. In the beginning, your management team might only be you, or you and a partner. But you will need other resources, such as a web design firm familiar with your market niche, a credit card processing firm and perhaps an Internet marketing adviser. Provide the reasons you chose these particular firms or individuals, and why they have the right mix of experience and skills.

Create financial projections. Start with a simple revenue model that projects number of visitors, and conversion rate to customers, for each product or service you will be offering. Run a number of scenarios for years one through three until you are comfortable the numbers are reasonable. Unrealistic financial projections are the No. 1 mistake venture capitalists believe entrepreneurs make in their business plans, according to a survey by Profit Dynamics Inc. in “Attracting Capital from Angels.”

• "Attracting Capital from Angels"; Brian E. Hill and Dee Power; 2002
• "How to Open & Operate a Financially Successful Web-Based Business"; Beth Williams; 2007
• Start with those products and services you are confident you can sell. Don't waste precious marketing resources on experimentation.
• Websites often provide free information as a way of keeping customers at the site, or getting them to come back. Changing the content frequently encourages customers to visit the site more often--a powerful marketing strategy.
• Don’t launch your website until you work out technical issues. This will ensure easy navigation and order processing. If word gets out on the Internet that your company’s website is not professional in appearance or functionality, it can limit your chances of attracting customers from the outset.

Brian Hill is the author of four popular business and finance books: "The Making of a Bestseller," "Inside Secrets to Venture Capital," "Attracting Capital from Angels" and his latest book, published in 2013, "The Pocket Small Business Owner's Guide to Business Plans."

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7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

• Executive summary.  An introductory overview of your business.
• Company description.  A more in-depth and detailed description of your business and why it exists.
• Market analysis.  Research-based information about the industry and your target market.
• Products and services.  What you plan to offer in exchange for money.
• Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
• Logistics and operations plan.  Everything that happens in the background to make your business function properly.
• Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
• Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

• Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

• Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
• Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
• Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
• Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
• Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
• Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

• Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

• Target customers
• Unique value add  or what sets their products apart
• Sales pitch
• Price points  for products
• Shipping  policy
• Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

• Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

• Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

It then dives deeper into the financials to include:

• Funding needs
• Projected profit-and-loss statement
• Projected balance sheet
• Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

• Executive summary: truncated
• Market analysis: summarized
• Products and services: summarized
• Marketing plan: summarized
• Logistics and operations plan: summarized
• Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

• Market analysis: in-depth
• Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

• Market analysis: comprehensive outlook
• Products and services: for launch and expansion
• Marketing plan: comprehensive outlook
• Logistics and operations plan: comprehensive outlook
• Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

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Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

• Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
• Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
• Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
• Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

• Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
• Contents: Your content should include details about the products and services you provide, your target market, and your competition.
• Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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How to create a website for your business: a step-by-step guide

Need a website for your small business or large enterprise? Here's how to get started

TechRadar created this content as part of a paid partnership with Squarespace. The contents of this article are entirely independent and solely reflect the editorial opinion of TechRadar.

If you want your business to succeed, it needs to have a good website – it helps customers find your firm, adds credibility, and can lead to sales.

A good website is crucial for any company, no matter its size and industry. And if you're wondering if you need to bother, look at the numbers: surveys show that 75% of consumers judge a company's credibility on its website design. Nearly 90% of people searching for a type of business on their smartphone contact a company within 24 hours.

It doesn't matter what your company does – it needs a website. And it's not just about throwing a page online and hoping for the best, either, because it's got to work well on smartphones and desktops, it's got to be fast, and it needs to give potential customers easy ways to get in touch.

These days it's actually pretty easy to create a top-notch corporate website that ticks every box when it comes to attracting and retaining customers.

Read on to find out exactly why you should build a website and the crucial steps for creating your own site. We've even reviewed six of the top services if you want to use a website building and hosting company.

Don't worry if you need more corporate help, either – head here for our guide on different versions of Microsoft 365 Business , or delve into alternative working methods for a more productive career . 

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Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!

Squarespace is a top-rated website building platform   Techradar editors praise Squarespace for its beautiful templates and professional features. Visit Squarespace.com to  start your free trial .

How to build a website in 9 steps 

It can be hard to know where to start when you want to build a website for your business, but if you follow this method then you won't go far wrong: 

1. Figure out what you need

Every business needs a website, but not every business needs the same site. In some industries you'll need little more than a page with basic information and contact details, but sometimes you'll need more complex sites with loads of articles and sections. You might need employee login portals or full ecommerce functionality. Before you build, work out your needs and budget.

2. Choose the right website builder and host

Once that's done you'll be better positioned to choose a building and hosting company. And while that's great, you'll find that some services are better for different industries and that others aren't suitable. Do your research before spending any cash.

3. Pick a plan that suits your needs

Every building and hosting company offers packages that provide different services and levels of support. If you need a basic site and you don't anticipate much traffic you can choose a more affordable option, but if you want complex features, ecommerce abilities and better technical support you'll need a more expensive tier. Also think about which content management system (CMS) your new site will use. Ensure that any plan can scale with your business – you may need to add pages, subdomains or bandwidth as the business grows.

4. Register a great domain name

Your next website doesn't just need to look great – it's got to sound catchy, too. If you've got a name that's memorable and straightforward, people will remember the URL and be more likely to visit and recommend your business to other people. Also check that other companies don't already use the name and consider including your location in the URL – it can improve your SEO .

5. Pick a template from the website builder you've chosen

You don't need to know anything about coding to build a brilliant-looking website. Any decent website-building service will offer loads of templates. If you use these you can skip many of the headaches associated with web design. Make sure your new template is good-looking, easy to navigate and consistent with your brand.

6. Install extensions and plugins

Most web-building businesses don't just offer great-looking templates, either – they also provide extensions and plugins that add functionality to your site. If you need social media feeds, contact forms, ecommerce options or help with SEO, you can drag, drop and configure these utilities within minutes.

7. Upload your content

Once you've got a theme selected and plugins picked you can fill your website with your company's text, photos and information. Make your company's industry, location and expertise extremely clear, and ensure that all of your content is designed with SEO in mind.

8. Publish and promote your website

You won't get very far if you don't publish the website – so when it's ready to go, hit the big button and let it loose. Add your website to your company's social media pages alongside professional websites, because it's no good having a website if no-one can find it.

9. Track, tweak and improve

No website is a static project. If you hook up your site to popular analytics packages you'll be able to see how much traffic you're getting and how often that converts to sales and contacts. When you can see how people use your site, you can also see where it succeeds – and what you need to improve. You should also regularly publish new content to keep your site relevant.

Why you should create a website

It's tempting to think that you don't need a website if your business is active on social media, but that's not necessarily the case. More than 50% of people won't recommend a business with a bad website, and most people judge a company's credibility on its website design.

If you want to grow your business and engage customers you cannot just rely on social media. And if you drill down into the details, we've got five great reasons why you should build a business website.

1. Build your credibility

Statistics show most customers don't trust a business without a website or with a bad website. Build a good site and you'll gain trust in the eyes of your potential customers, partners and employees – and it'll help your business stand out against your competition.

2. Grow your audience

If you've got a website with great SEO then you've got another way for potential customers to find your business and engage with your products and services. And it's not just about gaining customers immediately, either: if your website can bolster your brand you'll find that customers trust you in the longer term and it'll make them more likely to recommend you to other people. The business will also attract more candidates to job vacancies.

3. Make customer service easier

You don't want things to go wrong, but it happens. And if you can resolve issues easily, the business will better retain customers and gain word-of-mouth recommendations. If you've got straightforward contact and chat features then customers can easily access help features, and you can add articles and forums to help customers resolve issues without making contact – which will save you time and money.

4. Publish relevant content

If you have a website you can publish your own articles. And whether they opine on industry trends, highlight your professional expertise or help customers, it's all going to improve your industry standing and contribute to your marketing efforts. And if you publish content on your own website then you control it – it's not going to disappear at the whim of a social network or get hampered by abusive comments or bad reviews.

5. Sell directly

Here's one benefit you can measure in numbers – if you've got your own website you can sell directly to customers. Creating your own ecommerce website will add cost, but you won't have to slice off revenues to other third-party sellers like Amazon and you're often able to sell to a wider audience. If you've got a physical shop, for instance, opening an ecommerce website can help you sell to the rest of the country – or even the world.

1. Hostinger

Our expert review:

Reasons to buy

Reasons to avoid.

Hostinger's website builder is one of the most intuitive we've used thanks to a sleek, effective drag-and-drop interface. It has an automatic responsive design that adapts your site to different screen sizes and Hostinger includes all of the ecommerce features needed to start selling immediately.

The firm's premium package costs $2.99 per month, so Hostinger is one of the more affordable web design options around, and for that money you can build 100 websites with unlimited bandwidth. You'll get one free domain, Cloudflare-protected servers and managed Wordpress installations. It's even possible to pay $1.99 per month for one website, although that doesn't include a domain.

Hostinger's website editor is impressively easy to use, but it's not all good news. With more affordable plans you only get weekly backups – not daily protection. It's not the best option for big businesses as you'll find faster VPS plans elsewhere, and other companies offer more detailed website builders. Phone support isn't available either.

For small and medium-sized businesses, though, Hostinger provides good value, a solid range of features and a website builder that's straightforward and easy to use, so it remains a good option for more modest projects.

Read our full Hostinger review .

2. Squarespace

If you listen to podcasts you'll undoubtedly have heard Squarespace adverts, and there's plenty to like about this website building company – it's not all just bluster.

Even beginners will feel comfortable dragging and dropping features around a new website thanks to the intuitive design, and users can pick from hundreds of templates. Once you've done that you can use loads of different customization options. Squarespace is strong when it comes to blogging, social networks and smartphone integrations, but it's a bit weaker when it comes to ecommerce.

You'll find more templates on other sites, too, and others also offer more in-depth options when it comes to customizing those templates.

Prices start at $16 per month for a personal plan and $23 per month for a business plan, and that does include advanced analytics and a free custom domain. If you'd like ecommerce without transaction fees and advanced checkout, shipping and merchandizing tools, you'll need to pay more.

Squarespace might not offer the customization or ecommerce abilities of some of the specialist builders out there. Still, it's a trusted and well-known all-rounder that'll do a great job with most business websites.

Read our full Squarespace review .

GoDaddy is one of the biggest names when it comes to website building and hosting, and no wonder – the firm's website editing tools are intuitive and straightforward, and it means you can get a website up and running within minutes.

You can pick from hundreds of sleek templates on GoDaddy and the drag-and-drop editor makes it easy to customize each page and add your own content. The builder works smoothly on desktops and smartphones. GoDaddy also offers features that can create consistent content across social media pages and emails. It's got ecommerce abilities and a management dashboard that offers analysis tools on any device.

It's an easy and effective system, and it's bolstered by great support options, including loads of guides, 24/7 tech support, a weekday live chat option and a thriving community forum.

Basic plans start at $9.99 per month and include custom domain connections, SSL security and analytics dashboards. You also get loads of marketing options, from social posting to email list management. Pay more and you'll get ecommerce features, the ability to send emails to wider audiences and more.

We'll be upfront about GoDaddy: it's not the cheapest website design option, templates can be tricky to find, and you'll also get a broader array of extensions and plugins elsewhere. But for most businesses, this is an ideal choice for straightforward website creation and hosting.

Wix is one of the most popular website-building and hosting services around, but its position of dominance doesn't mean the firm has stopped innovating.

Sign up to Wix and you'll get a couple of different options for website-building. The firm's conventional editor tool is excellent – it has more than 800 templates and it's easy to drag and drop content – and its newer WixADI tool is impressive. Choose this, answer questions about what you need and Wix will use AI to create a suitable site – and once that's done, you can edit it yourself.

If you're more comfortable with that, you can use Wix's open dev platforms and high-end editor tool to fine-tune your output. Wix also offers a logo designer and dedicated SEO tools.

Negatively, it can be tricky to manage templates across Wix's different editing and creation tools. And while its ecommerce options are decent, you'll get a broader array of features from other providers. It's not necessarily the cheapest option, either: Wix's Combo personal plan costs $16 per month and the Pro tool increases the price to $27, and even its basic business tool also costs $27 per month. Opt for the more affordable plans and you'll miss out on customized reports, multiple currency support, advanced ecommerce options and logo files for your social media profiles. Only the pricier tiers often have calendar and analytics utilities, too.

There's no denying the quality on offer from Wix – it's a versatile and powerful option for any kind of professional site. But, as ever, you get what you pay for, and this is not the most affordable tool.

Read our full Wix review .

5. Bluehost

Loads of website builders and hosts have been around for years and years, but Bluehost is a newer option that aims to disrupt the market with its Wordpress-friendly tools.

The firm's impressive Wordpress integration makes it easy to set up websites using one of the most popular platforms on the web, and Bluehost lets users choose from three hundred templates, many of which are tailored towards different industries. It's easy to edit sites for desktop or mobile platforms, and the marketing and social media features are intuitive too.

Bluehost tailors the building process to users with different levels of experience with Wordpress, and it's fast and reliable – we never encountered stability issues during our testing.

It's a slick product, but it's not flawless. The website-building tools from long-established companies like Wix are more powerful, and GoDaddy is easier to use. You can't switch templates without starting your site from scratch. The basic plans don't have much storage and you've got to purchase a special package if you want ecommerce features.

Bluehost is easy to use and affordable, though, with Basic hosting tools that start at $2.95 per month and even Pro packages that cost $13.95. It might be the most advanced option for large companies, but this is a good alternative for anyone who wants straightforward, budget-friendly web design.

Read our full Bluehost review .

You'll find about 150 high-quality templates on Web.com and they can all be customized using an effective drag-and-drop builder – and it's easy to position modular extensions and add-ons into your site.

Beyond that, users can also deploy Blocks, which assemble multiple extensions or design elements together to make it even easier to deploy common website features.

This is one of the easiest options for building a business website, so it's great for anyone without much tech experience. You even get one hour of free design support if you sign up to one of Web.com's design and hosting plans.

The prices are often right, too. If you pay annually the firm's Essentials plans start at $9.99 per month and only ascend to $19.95 per month, and at those latter levels you get added ecommerce features. All include a free domain, social media embedding tools and basic analytics, and you get phone support alongside live chat – a feature many rivals don't offer.

You'll certainly get more high-end power elsewhere, but Web.com has been around forever and remains a great option for anyone who wants a business website without any tech-heavy fuss.

Read our Web.com review .

We've also featured the best web hosting services.

Mike has worked as a technology journalist for more than a decade and has written for most of the UK’s big technology titles alongside numerous global outlets. He loves PCs, laptops and any new hardware, and covers everything from the latest business trends to high-end gaming gear.

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated July 29, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan

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Home » Building Websites » Build a Business Website in 2024: Domains, Templates & More

Build a Business Website in 2024: Domains, Templates & More

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So you want to build a website for your business? Before you start imagining scenarios of late nights grueling over coding or advanced web design, let me divert your attention to website builders. With this tool, you can set up a professional business website without any technical expertise.

If you’re not sure where to begin, I recommend a website builder like Wix or Shopify. Two of the top-rated builders for small businesses, these platforms come with an array of features that could be useful for your business website, from ecommerce to marketing.

Keen to begin? Keep reading and learn how to make a small business website today.

Before You Start Your Business Website…

Before you dive into creating a website for your business, you need to map out a few things first. Here are three questions to ask yourself:

• Why do you need to make a website for your business? First of all, you need to identify why you want to build a business website.  Would you like to grow your presence online? Promote your services? Showcase your creative works to potential clients? Figuring out the key motivations behind your website will help you later on, since you’ll be able to identify key website features that’ll help you achieve your goals.
• Who is the target audience ? After establishing why you’re building a business website, start thinking about who you want to visit your website. Identify your audience’s age range, gender, location, interests, and lifestyle first. From there, you can work out what their unique needs might be and how your business website can bring value to them.
• What will your branding look like? Your website’s looks are essential to its success. To stand out from the crowd, make sure your brand identity is eye-catching, memorable, and represents your business well. Logos, fonts, color schemes, and tone of voice are important aspects to cover. Altogether, they should accurately represent your brand’s personality and give website visitors a clear idea of what you stand for.

Need some ideas? Be inspired by these 7 brand identity examples.

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1. Choose Your Domain Name

Your domain name is how people will find your business website online, so make it count. Since it’s one of the first things people see, ensure that it’s clear, catchy, and memorable (just like our own domain, “websitebuilderexpert.com” ).

But how do you get a domain? Well, some website builders let you access a free domain for your first year. For instance, Wix’s paid plans include a free domain for 1 year , letting you choose from suffixes like “.com” or “.net”.

However, at renewal, you’ll need to pay an annual fee ranging from $20-$70 to keep your domain running. This gives you two options: you could either stick with your website builder and pay the annual fee, or switch to a domain name registrar for more choice.

Domain name registrars are great if you’re looking for flexible pricing options. I recommend Domain.com, since it has a large number of domain suffixes to choose from.

As a general rule of thumb, I suggest opting for a “.com” suffix if it’s available. This is because it’s the most recognisable and professional domain ending. If you think of one of the biggest brands in the world, it’s likely that their website ends with “.com”. If you’re using Domain.com, this suffix costs $11.99 for the first year and rises to $21.99 per year at renewal.

How Do I Come Up With a Good Domain Name?

Struggling to choose a domain name ? Here are three key tips to help you out:

• Is it short? Effective domain names are between 6-14 characters long . Names that are too long are trickier for users to type down, making it difficult to access your website.
• Does it make sense? Your domain should have a logical connection to your website. For instance, “ booking.com ” tells you exactly what the website is for (holiday bookings).
• Are there unnecessary characters? Avoid using numbers or hyphens since this can make your domain look messy.

If you already have a business name, it’s best practice to make it your domain name too (if it’s available). This is so pre-existing customers who are already familiar with your brand can easily access your website. For instance, if your business name is “ best domains ”, you could easily convert that into “ bestdomains.com ” or “ bestdomains.org .”

2. Create a Business Email Address

Though you don’t need a business email address to set up your website, it will help you establish a professional presence online and leave website visitors with an easy way to contact you. Conveniently, business emails are easy to create, with a number of free and paid options available.

For best results, I recommend Google Workspace . Though it’s no longer free to use, you can create your own professional email from as little as $6 per month (billed annually), while its 14-day free trial will help you try before you buy.

Want a professional email without spending a penny? Read our guide to getting a free business email .

What Does a Good Business Email Look Like?

The best business email addresses end with the name of your business. In fact, you can have multiple email addresses for different areas of your business, so long as they end the same way:

• [email protected]
• [email protected]  
• [email protected]

Each of these emails clearly indicate what they’re used for, also ending with the name of the business. I know that I could contact “ [email protected]” to receive information on a specific query and that it’ll be sent to the correct company.

Make sure any business email addresses are easily discoverable from your website, newsletters, and social media pages. This is so customers know how to contact you!

3. Identify the Right Website Builder for You

Now for the serious part: choosing the right website builder for your business. Since there’s so much choice, I’ve decided to highlight only two website builders that we found were excellent solutions for small businesses during our research and testing. Both Wix and Shopify are powerful platforms that make it easy to set up without any technical experience .

The Best Small Business Website Builders

• Shopify – For setting up an ecommerce store
• Wix – For brilliant features for your business

Shopify Summary

Our top-rated website builder for small businesses, Shopify is best for ecommerce stores that are scaling up or have a large inventory already . It comes with a host of powerful sales features, ranging from over 100 payment gateways to substantial discounts on merchant shipping costs.

Whether you’re selling gym wear or pet accessories, Shopify’s huge list of sales features are adaptable to your needs. You can use Shopify Magic to generate product descriptions, or set up international shipping across different markets if you’re selling overseas.

Wix Summary

Just behind Shopify comes Wix, a popular website builder that we scored highly for its impressive website features that span bookings, ecommerce, and marketing. If you want a website builder that will provide you with the tools necessary to get set up and start growing your business online, this is the builder to go for.

Notable features include Wix’s AI tools, in particular, Wix ADI . This AI website builder generates a unique design based on your responses to specific prompts, such as “ what are you building a website for? ” Since it addresses your key needs, you’ll end up with a professional website that’s a suitable fit for your business.

Which Pricing Plan Is Best for Me?

Once you’ve found a website builder you’re interested in, you need to look at the pricing plans available and see which one is best for you. To give you an idea of the kinds of plans on the market, we’ve broken down the costs for Shopify and Wix.

Shopify’s three main plans range between $29-$299 per month (billed annually) . They all come with powerful sales features, such as point of sale to integrate in-person sales with your store, analytics to track your store’s progress with, and the ability to sell unlimited products.

To test out Shopify’s features, you only have a 3-day free trial . However, you can also access your first month for $1 – an inexpensive way to give the platform a spin!

For smaller businesses, I recommend the Basic plan priced at $29 per month (billed annually). You’ll still receive powerful sales features, while it’s also a brilliant starting point for new businesses who anticipate growth further down the road. For instance, you’ll have access to 3 international markets, helping you dip your toes into selling overseas.

As your business expands, you could switch to the Shopify plan at $79 per month (billed annually). On this plan, you’ll receive upgraded features such as increased discounts on your shipping costs, alongside the ability to add additional accounts for your staff members.

In contrast, Wix’s premium plans, which range from $17-$159 per month (billed annually) , are all suitable options for creating your business website. However, I would recommend the Core plan for a great balance between affordability and the quality of features. 

Costing $29 per month (billed annually ) , on this plan you’ll unlock website analytics, 50GB storage space, the ability for website visitors to create accounts, and a site chat that prospects can use to message you.

4. Choose a Business Website Template

It takes only 50 milliseconds for visitors to form an opinion on your website. If your design is messy or littered with pop-ups, people are more likely to leave. Fortunately, most website builders come with numerous templates to choose from that are both practical and stylish.

As soon as a visitor enters your website, your business branding should be as clear as day. Make sure that your unique tone of voice, font style, color schemes, and imagery are consistent across your website.

To show you just what you could achieve, below are some examples of eye-catching business website designs from Wix and Shopify users , and why they work so well:

• Brand: Floof Cotton Candy
• Website Builder: Shopify
• What I loved: I was immediately hit by Floof’s playful color scheme after opening their landing page, giving me a clear impression of what they sell. The varying shades of pink not only pack a punch, but also allude to the brand’s pastel-colored cotton candy cake.

• Brand: Generation She
• Website Builder: Wix
• What I loved: Generation She, a business connecting Gen Z women with tech roles, is an inspiring website to navigate. I was immediately drawn to the empowering tagline and bold imagery that made me want to find out more about what the business stands for and how it works. As you scroll down the homepage, you’ll also come across photos of women business owners and a link to their podcast – all very clickable!

• Brand: Adored Vintage
• What I loved: This vintage clothing website pairs a muted color scheme with minimalist fonts and rich imagery to achieve an old-timey feel. I liked that I could dive straight into their clothing catalog from the homepage, while the professional photos grabbed my attention and inspired me to keep looking for the perfect dress.

• Brand: Dopple Press
• What I loved: This photographic printing studio has a clear brand identity. I was immediately drawn to the quirky illustrations and playful fonts, which gave me a positive first impression of the business. Though the website’s design is unconventional, it didn’t affect the page’s functionality since I could still navigate the landing page without any issues.

Need more design ideas? Head to our how to design a website page!

Business Template Features To Look For

It’s not all about looks. Your template should also be equipped with key features that will enhance the user experience:

• Contact forms – These make it easy for prospects to get in touch with you. You could add a form to your landing page, “Contact Us” page, or both.
• Testimonials – Customer reviews add social proof to your website. You could feature testimonials from previous customers, or let website visitors add their own reviews. This is especially useful if you’re selling a product or service, since a positive review can be the difference between someone buying an item or leaving it in their cart.
• Call to action buttons – When a visitor browses your website, what’s the main thing you want them to do? Is it to sign up to your newsletter? Or purchase a product? Whatever it is, you can use eye-catching CTA buttons to inspire visitors to take the actions you want them to.
• Search bar – Visitors may come onto your business page to look for something specific, so you can give them a helping hand by adding a search bar to your website.
• Navigation bar – If you have multiple pages on your business website, you need to help visitors get from point A to point B. That’s where a navigation bar comes in handy. Whether you opt for a horizontal or dropdown navigation bar, it should enhance the user experience by keeping website navigation simple.

5. Fill Your Website With Relevant Content

Once you’ve set the foundation of your website – your template – you can start filling it with useful business content. This includes going through your website and replacing the placeholder content that the website builder has added with your own. But what needs to be included?

First of all, you may want to add different pages to your website. Here are a few ideas to get you started:

• “ About Us” page – To build trust with potential customers, you need an “About Us” page. Use it to let visitors know more about your business, its goals, and most importantly, the person or team behind the brand. This is your chance to reach out to potential customers, so make sure your words count.
• “ Contact Us” page – If a website visitor is inspired to reach out, they’ll no doubt head to your “Contact Us” page. On this page, you should include key ways for prospects to get in touch with you, such as your email address, physical address, phone number, external social media accounts, and even a contact form for specific enquiries.
• FAQ page – This page should be filled with valuable information for your audience, providing them with quick answers to commonly asked questions. When filling in this page, put yourself in the shoes of your target audience. What will they need guidance on?
• Products page – Opening an ecommerce site? If that’s a yes, then you need a dedicated products page. On this page, you could list featured products, or your entire inventory that users can filter via variants like “colors” or “sizes” or specific categories like “shoes” or “bags.”
• Services page – If you’re offering services, you’ll need a page listing exactly what you offer. For instance, a beauty salon owner may want to list the services they provide (french manicures, blow outs, etc) alongside a detailed description and prices. You could also install your bookings functionality on this page, letting visitors book their next appointment once they’ve scanned through each service.
• Bookings page – Whether you’re a beauty professional offering treatments or a financial expert offering consultations, a bookings page will be the hub for all things appointments. On this page, you can integrate your website builder’s booking tool to get started. Wix has a built-in booking tool that’s accessible on the Core plan and above, while Shopify’s app store has free and paid booking integrations to install on your website.

6. Integrate The Key Website Features You Need

When creating a business website, you also need to add additional functionality to your page. Some platforms, such as Shopify, come with an app market where you can install apps onto your website. They cover a variety of functionalities, ranging from social media integrations and testimonials to live chat bots or Google maps.

For instance, there are thousands of Shopify apps to choose from. When setting up my test store, I could use filters to browse through Shopify’s selection and find appropriate apps for my store. Though many apps required payments to use, some came with free trials and free plans. Because of these varying prices, you can find apps that fulfill your business’ needs and are still suitable for your budget.

On the other hand, website builders can also come with a large number of built-in features. Wix is a brilliant example of this. Though Wix has its own app store, it also offers numerous in-built tools your business can take advantage of. Here are three that could be useful for your business:

• Wix Hotels – Announced in Wix’s April Review , this hospitality solution lets hotel businesses easily manage their services in one place. You can accept reservations and payments, manage rooms, and connect your business with websites like Booking.com.
• Wix Restaurants – In the restaurant industry? If so, you can use Wix Restaurants to create an appropriate website for your business. This feature comes with professional menus to showcase your dishes and beverages, and the ability to take and manage orders online.
• Wix Bookings – Be it group sessions, classes, or intro calls, you can use Wix Bookings to set up appointments through your business website. You can also accept payments from clients, send out email or SMS reminders to attendees, and update your schedule via your booking calendar.

What About Marketing Features?

When looking at website features, I encourage you to check out marketing tools too. From email marketing to social media integration, these tools will help you grow your online presence and introduce your business to new audiences online. These are the key marketing features to look out for:

1. Social media marketing – Since platforms like TikTok, Facebook, and Instagram are home to over one billion monthly active users, you need to grow your business on social media too and tap into this huge user base.

Both Wix and Shopify make it easy to connect your business website with social media. For instance, Wix lets you create and share content on other social platforms like Facebook, and add links to your social media platforms on your website through social bars. These social bars feature social media icons that link out to your other pages.

Meanwhile, Shopify is well known for its multichannel selling opportunities. You can connect your store with TikTok and sell your products there, or access its Starter plan – priced at $5 per month (billed annually) –  and sell on social media accounts without the need for a storefront.

2. Email marketing – According to our email marketing stats , 99% of users check their inboxes every day ! Make sure your business appears in your customers’ inboxes by investing in email marketing. Both Shopify and Wix come with powerful email marketing tools.To get you started, you’ll find a variety of templates and customization options that help you create emails designed to impress.

Depending on your business, you could send out company updates, product updates, news on special events or webinars, special discounts codes, or intel on industry-related news stories.

3. Search engine optimization – an effective SEO strategy will ensure that your business website is visible on search engines.

When a user searches up a keyword or query that’s related to your business, you’ll want your website to appear in the search results. For example, if you’re a pet grooming business, you could target the keywords “pet groomer” or “mobile pet grooming” and see if you appear in Google.

If you’re new to SEO, there are free online tools that can help. For instance, I recommend downloading Keyword Surfer , a free Chrome extension that will assist you in finding the right keywords to target. It not only shows you relevant keywords for a search, but it also shows you how many times each keyword is searched for every month.

Need an intro to SEO? Consult our SEO basics article. 

7. Optimize, Test, and Publish Your Website

You may be dying to publish your business website, but there are still two crucial things to do before going live: optimizing and testing out your website . The former step will ensure your business page is set up for search engines, while the latter will guarantee that your website works and provides visitors with a positive user experience.

Thankfully, these key steps aren’t as intimidating as you might think. When it comes to optimization, I recommend spending some time adding your chosen keywords into your website copy, making sure your website load times are speedy, and seeing if your page is mobile-friendly. All of these factors influence your website’s ranking on search engines, so make sure it’s all running smoothly.

Once you’ve optimized your site, you can then conduct your final tests. You need to test your website thoroughly and ensure that there are no glaring errors. As a starting point, look out for these common issues:

• Broken links – Ensure that your website links work, especially if you have important call to action buttons placed throughout your page. For instance, you wouldn’t want to miss out on a sale because a customer clicked on a “Buy Now” button that led to a “404 Error” page.
• Missing images – No one wants to see blank spaces where a vibrant image should have been. Go through each page of your website and make sure that all of your photos load fully. If they don’t, you may need to double check the media’s origin or optimize your photos to a lower file size.

Completed all of these checks? If that’s the case, go ahead and publish your website – congratulations!

How We Tested Business Website Builders

The findings in this article are supported by our in-house website builder research , which compiles over 200 hours of data collection . These findings were categorized into six key criteria , reflecting what users need most in a website builder. They are weighted as follows:

• Website Features (30%)
• Design Functionality (25%)
• User Experience (17%)
• Help & Support (10%)
• Value for Money (10%)
• Customer Score (8%)

We took these key criteria into account when choosing which website builders to feature in this article. For instance, website features are most important for readers, so we made sure to include a website builder with the best features on the market: Wix.

How To Build a Business Website: Summary

Well done for making it this far! You now know how to approach the process of creating a business website in seven easy steps.

Remember, the work doesn’t stop once you’ve published your website. You need to keep monitoring all aspects of your page, from site visitors to SEO performance, and make sure your website is succeeding online. To do so, I recommend connecting your website with Google Analytics , because it comes with advanced tracking tools that can tell you more about your website visitors and their behavior.

Keen to discover other website builders on the market? Get stuck into our guide to the best website builders and find the right fit for your business website today.

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

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Guide to Creating a Business Plan With Template

To make your business idea a reality, you need a business plan. These simple business plan templates will get you started.

Table of Contents

Having a road map helps you reach your journey’s end successfully. Business plans do the same for small businesses. They lay out the milestones you need to reach to build a profitable small business. They are also essential for identifying and overcoming obstacles along the way. Each part of a business plan helps you reach your goals, including the financial aspects, marketing, operations and sales.

Plenty of online business plan templates are available to take some of the pain out of the plan-writing process. You may benefit from simple, easy-to-follow business plan tools so you spend less time writing and more time launching your venture.

What is a business plan?

With most great business ideas , the best way to execute them is to have a plan. A business plan is a written outline that you present to others, such as investors, whom you want to recruit into your venture. It’s your pitch to your investors, sharing with them what the goals of your startup are and how you expect to be profitable. 

It also serves as your company’s road map, keeping your business on track and ensuring your operations grow and evolve to meet the goals outlined in your plan. As circumstances change, a business plan can serve as a living document but it should always include the core goals of your business.

Starting a new business comes with challenges. Being prepared for those challenges can decrease their impact on your business greatly. One important step in preparing for the challenges your startup may face is writing a solid business plan.

Writing a business plan helps you understand more clearly what you need to do to reach your goals. The finished business plan also serves as a reminder to you of these goals. It’s a valuable tool that you can refer back to, helping you stay focused and on track.

What is the purpose of a business plan? 

Before you write your business plan, it’s important to understand the purpose of creating it in the first place. These are the three main reasons you should have a business plan:

• Establish a business focus: The primary purpose of a business plan is to establish your plans for the future. These plans should include goals or milestones alongside detailed steps of how your company will reach each step. The process of creating a road map to your goals will help you determine your business focus and pursue growth.
• Secure funding: One of the first things private investors , banks or other lenders look for before investing in your business is a well-researched business plan. Investors want to know how you operate your business, what your revenue and expense projections are and, most importantly, how they will receive a return on their investment. 
• Attract executives:  As your business grows, you’ll likely need to add executives to your team. A business plan helps you attract executive talent and determine whether or not they are a good fit for your company.  

Your business plan can be written as a document or designed as a slideshow, such as a PowerPoint presentation. It may be beneficial to create both versions. For example, the PowerPoint can be used to pull people in, and the document version that contains more detail can be given to viewers as a follow-up.

What are the types of business plans?

There are two main types of business plans: lean startup and traditional. Traditional business plans are long, detailed plans that expound on both short-term and long-term objectives. In comparison, a lean startup business plan focuses on a high-level summary with a few key metrics in concise detail to quickly share data with investors.

Lean startup business plan

Business model expert Ash Maurya has developed a basic type of business plan called a lean canvas. The model, which was developed in 2010, is still one of the most popular types of business plans emulated today.

A lean canvas comprises nine sections, with each part of the plan containing high-value information and metrics to attract investors. This lean business plan often consists of a single page of information with the following listed:

• Key metrics
• Unique proposition
• Unfair advantage
• Customer segments
• Cost structures
• Revenue streams

Traditional business plan 

Traditional plans are lengthy documents, sometimes as long as 30 or 40 pages. A traditional business plan acts as a blueprint of a new business, detailing its progress from the time it launches to several years in the future when the startup is an established business. The following areas are covered in a traditional business plan:

• Executive summary
• Company description
• Products and services
• Market analysis
• Management team
• Financial plan
• Operational plan

What is included in a business plan?

1. executive summary .

The executive summary is the most important section of your business plan because it needs to draw your readers into your plan and entice them to continue reading. If your executive summary doesn’t capture the reader’s attention, they won’t read further and their interest in your business won’t be piqued.

Even though the executive summary is the first section of your business plan, you should write it last. When you are ready to write this section, we recommend that you summarize the problem (or market need) you aim to solve, your solution for consumers, an overview of the founders and/or owners and key financial details. Knowing the alternate solutions that currently exist for the problem/market need will highlight to a potential investor how well you know the market. The key to this section is to be brief yet engaging.

2. Company description 

This section is an overview of your entire business. Make sure you include basic information, such as when your company was founded, the type of business entity it is ― limited liability company, sole proprietorship, partnership , C corporation or S corporation ― and the state in which it is registered. If you plan to do business in a state other than the one you have registered in, be sure to highlight which states. Provide a summary of your company’s history to give the readers a solid understanding of its foundation. Learn more about articles of incorporation and what you need to know to start a business.

3. Products and services 

Next, describe the products and/or services your business provides. Focus on your customers’ perspective ― and needs ― by demonstrating the problem you are trying to solve by providing this product or service. The goal of this section is to prove that your business fills a bona fide market need and will remain viable for the foreseeable future.

4. Market analysis 

In this section, clearly define who your target audience is, where you will find customers, how you will reach them and, most importantly, how you will deliver your product or service to them. Provide a deep analysis of your ideal customer and how your business provides a solution for them. 

You should also include your competitors in this section and illustrate how your business is uniquely different from the established companies in the industry or market. What are their strengths and weaknesses and how will you differentiate yourself from the pack?

You will also need to write a marketing plan based on the context of your business. For example, if you’re a small local business, you’ll want to analyze your competitors who are located nearby. Franchises need to conduct a large-scale analysis, potentially on a national level. Competitor data helps you know the current trends in your target industry and the growth potential. These details also prove to investors that you’re very familiar with the industry.

For this section, the listed target market paints a picture of what your ideal customer looks like. Data to include may be the age range, gender, income levels, location, marital status and geographical regions of target consumers.

A SWOT analysis is a common tool entrepreneurs use to bring all collected data together in a market analysis. “SWOT” stands for “strengths, weaknesses, opportunities and threats.” Strengths and weaknesses analyze the advantages and disadvantages unique to your company, while opportunities and threats analyze the current market risks and rewards.

5. Management team 

Before anyone invests in your business, they’ll want a complete understanding of the potential investment. This section should illustrate how your business is organized. It should list key members of the management team, the founders/owners, board members, advisors and more.

As you list each individual, provide a summary of their experience and their role within your company. Treat this section as a series of mini resumes and consider adding full-length resumes to the appendix of your business plan.

6. Financial plan 

The financial plan should include a detailed overview of your finances. At the very least, you should include cash flow statements and profit and loss projections over the next three to five years. You can also include historical financial data from the past few years, your sales forecast and balance sheet. Consider these items to include:

• Income statement: Investors want detailed information to confirm the viability of your business idea. Expect to provide an income statement for the business plan that includes a complete snapshot of your business. The income statement will list revenue, expenses and profits. Income statements are generated monthly for startups and quarterly for established businesses.
• Cash flow projection: Another element of your financial plan is your projection for cash flow. In this section, you estimate the expected amount of money coming in and going out of your business. There are two benefits to including a cash flow projection. The first is that this forecast demonstrates whether your business is a high-risk or low-risk venture. The second benefit of doing a cash flow projection is that it shows you whether you would benefit most from short-term or long-term financing.
• Analysis of break-even point: Your financial plan should include a break-even analysis. The break-even point is the point at which your company’s sales totals cover all of its expenses. Investors want to see your revenue requirements to assess whether your business is capable of reaching the financial milestones you’ve laid out in your business plan.

Make sure this section is precise and accurate. It’s often best to create this section with a professional accountant. If you’re seeking outside funding for your business , highlight why you’re seeking financing, how you will use that money and when investors can expect a return on investment .

If you want to master your financial plan, Jennifer Spaziano, vice president of business development at ACCION, offers these helpful tips:

• Follow generally accepted accounting principles : As a rule, the financial part of your plan should follow the accounting principles set by the Federal Accounting Standards Advisory Board, especially if you’re creating the plan to obtain a loan or a line of credit.
• Get fluent in spreadsheets: Spreadsheets are the best and most accepted way to present financial information.
• Seek outside assistance: Obtaining advice from your financial planner or accountant can help you put the numbers together and present them properly. If you use an accountant and your financial statements have been audited, state that in the plan.
• Look up templates: If you want to attempt writing the financial section on your own, there are resources. 

7. Operational plan

The operational plan section details the physical needs of your business. This section discusses the location of the business , as well as required equipment or critical facilities needed to make your products. Some companies ― depending on their business type ― may also need to detail their inventory needs, including information about suppliers. For manufacturing companies, all processing details are spelled out in the operational plan section.

For startups, you want to divide the operational plan into two distinct phases: the developmental plan and the production plan: 

• Developmental plan: The developmental plan details each step in the process of bringing your product or service to market. You want to outline the risks and the protocols you’re taking to demonstrate to investors that you’ve examined all potential liabilities and that your business is well-positioned for success. For instance, if workers (or your products) are exposed to toxic materials during the production process, in your developmental plan, you want to list the safety measures you will follow to minimize the risk of illness and injury to workers and consumers and how you plan to minimize any potential culpability to your business.
• Production plan: The production plan includes the day-to-day operation information, such as your business hours, the work site(s), company assets, equipment pieces, raw materials and any special requirements.

8. Appendices

The appendices will contain all the extra information that is not immediately necessary to the business plan but helpful to have. Resumes of the management team usually are provided here as well as long-term financial projections. This section can be as long or short as you want it to be. Most business plans will have something in the appendix, which is referred to in the main section of the business plan.

What are the challenges of writing a business plan?

The challenges of writing a business plan vary. Do you have all the information about your business that you need? Does your industry have strict guidelines that you must adhere to? 

Writing a business plan will prompt you to evolve your business idea into a blueprint that you can follow. Challenges will come if you have not fully considered all the aspects of a business idea, such as the location to sell your product or the marketing you will do to help bring in business. Writing a good business plan will have you thinking about the “what if” to your business and allow you to come up with strong answers to address those questions.

However, certain challenges may prove more difficult to answer than others. If you aren’t familiar with certain terminologies or have trouble using spreadsheet processing software, you might have difficulty answering cash flow or financial projections. Especially if you have a new product or service to address a problem in the market, you might have no clear road map on how to market this new product which has never been thought of before.

To help you prepare, we identified 10 of the most common issues you may face:

• Getting started
• Identifying cash flow and financial projections
• Knowing your target market
• Being concise
• Making it interesting
• Establishing workable goals
• Being realistic about business growth
• Proving that your idea is worth the risk
• Finding the right amount of flexibility
• Creating a strategy that you can implement

Crafting a business plan around these 10 challenges can prepare your business ― and anyone who joins it ― for a prosperous future.

How do you overcome the challenges of writing a business plan?

Although you won’t predict everything for your business accurately, you can take preemptive steps to reduce the number of complications that may arise. For example, familiarize yourself with the business plan process by researching business plans and identifying how others executed their plans successfully.

You can use these plans as a basis. However, Rick Cottrell, CEO of Tesseon, recommends taking it one step further: Talk to small business owners and others who have experience.

“The business owner should talk to an accountant, banker and those who deal with these plans on a daily basis and learn how others have done it,” Cottrell said. “They can join startup and investment groups and speak to peers and others who are getting ready to launch a business and gain insights from them. They can seek out capital innovation clubs in their area and get additional expertise.”

If you research how to write a business plan and still don’t feel comfortable writing one, you can always hire a consultant to help you with the process. Guidance is crucial when you don’t know what you don’t know. There are freelancers who will write business plans for you for a small fee which can be a good stepping stone to something more concrete.

“It is simply a time-consuming process that cannot be rushed,” Cottrell added. “Millions of dollars can be at stake and, in many cases, requires a high level of expertise that either needs to be learned or executed in conjunction with an experienced business consultant.” 

Should I use free or paid business plan templates?

You have the option of choosing between free and paid business templates. Both come with their own benefits and limitations, so the best one for you will depend on your specific needs and budget. Evaluating the pros and cons of each can help you decide.

Free templates

The biggest advantage of using a free template is the cost savings it offers to your business. Startups are often strapped for cash, making it a desirable choice for new business owners to access a free template. Although it’s nice to use templates at no cost, there are some drawbacks to free business plan templates ― the biggest one being limited customizability.

“The process of writing a business plan lets you personally find the kinks in your business and work them out,” Attiyya Atkins, founder of A+ Editing, told Business News Daily. “Starting with an online template is a good start, but it needs to be reviewed and targeted to your market. Downloadable business plans may have dated market prices, making the budget inaccurate. If you’re looking to get money from investors, you need a customized business plan with zero errors.” 

Janil Jean, head of overseas operations at LogoDesign.net, agreed that free templates offer limited customization, such as the company name and some text. She added that they are often used by a ton of people, so if you use one to secure funds, investors might be tired of seeing that business plan format.

Paid templates

The benefit of paying for business plan templates ― or paying for an expert to review your business plan ― is the accuracy of information and high customization.

“Your audience gets thousands of applications per day. What’s to make your business plan stand out from the crowd when you’re not there in the room when they make the decisions about your enterprise?” Jean said. “Visuals are the best way to impress and get attention. It makes sense to get paid templates that allow you maximum customization through design, images and branding.”

On the contrary, the limitation to using a paid template is the cost. If your startup doesn’t have the funds to pay for a business plan template, it may not be a feasible option.

What is the best business plan software?

If you decide to invest in your business plan, there are several great software programs available. Software takes the legwork out of writing a business plan by simplifying the process and eliminating the need to start from scratch. They often include features like step-by-step wizards, templates, financial projection tools, charts and graphs, third-party application integrations, collaboration tools and video tutorials.

After researching and evaluating dozens of business plan software providers, we narrowed down these four of the best options available:

LivePlan is a cloud-hosted software application that provides many tools to create your business plan, including more than 500 templates, a one-page pitch builder, automatic financial statements, full financial forecasting , industry benchmark data and key performance indicators . Monthly plans start at $10 per month.

Bizplan is cloud-hosted software that features a step-by-step builder to walk you through each section of the business plan. Monthly plans start at $29 per month with annual plans starting at $20.75.

GoSmallBiz is a cloud-based service that offers industry-specific templates, a step-by-step wizard that makes creating a detailed business plan easy and video tutorials. Monthly plans start at $409 per month.

Enloop focuses on financial projections. It provides you with everything you need to demonstrate how financially viable your business can be and walks you through the process of generating financial forecasts. Annual plans start at $11 per month.

Free downloadable business plan template

Business News Daily put together a simple but high-value business plan template to help you create a business plan. The template is completely customizable and can be used to attract investors, secure board members and narrow the scope of your company.

Business plans can be overwhelming to new entrepreneurs, but our template makes it easy to provide all of the details required by financial institutions and private investors. The template has eight main sections, with subsections for each topic. For easy navigation, a table of contents is provided with the template. As you customize each section, you’ll receive tips on how to correctly write the required details.

Planning for your business is the first step of the journey

A business plan is a blueprint for your business idea, which means you will need to add the details to your business plan until you believe it is ready to be acted upon. You may not have all the details to start, but it is important to have enough confidence in starting your business and having a guide to follow as others get involved in your business when you are growing.

Thinking about what problem your business solves, who your suppliers are and what color schemes may be fixed or adjusted over time, but it is important to not only consider those at the beginning but throughout the time you are following your business plan. Once you have your plan in place, you can act on it knowing that you and others can follow that plan. The hardest thing is starting a business plan so start today.

Tejas Vemparala and Sean Peek also contributed to this article. Source interviews were conducted for a previous version of this article.

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The Education Plan®: Maximizing Back-to-School Savings with a 529 Plan

Santa Fe, NM, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The back-to-school season marks an exciting new beginning as students embark on another year of learning. Each year, families are faced with increasing tuition and other costs which can be a challenge without proper planning. According to the CollegeBoard College Pricing 2023 report, in 2023-24, the average published tuition and fees for full-time undergraduate students at public four-year in-state institutions is $11,260, $270 higher than in 2022-23. Additionally, average tuition prices across all higher education institutions increased by over 3% compared to the previous year, before adjusting for inflation. For families aiming to invest in their child's education both in the short and long term, 529 plans can be a purposeful savings tool.

The Education Plan®, a 529 education savings plan sponsored by the State of New Mexico, offers numerous benefits for families planning for educational expenses. The Plan provides a tax-advantaged way to save for future education costs, including not just higher education but also K-12 tuition. Contributions to The Education Plan grow tax free, and withdrawals used for qualified education expenses are tax free. Contributions are tax-deductible on some state income tax returns as well. This makes 529 plans a powerful tool for managing the rising costs of education.

Specific benefits of The Education Plan include:

• Tax Advantages: Contributions grow tax free, and withdrawals for qualified education expenses are tax free.
• Flexibility: Funds can be used for higher education tuition, books, supplies, and room and board costs. With the recent additions to the federal tax law, 529 plans can now be used to pay up to $10,000 per year for K-12 tuition, apprenticeship expenses and more. This expansion provides families with more flexibility to choose the educational setting for their children from an early age.
• State Tax Deduction : Many states offer state tax benefits for contributions to a 529 plan. New Mexico offers a state tax deduction for contributions to a New Mexico 529 plan.  
• High Maximum Contribution Limits: New Mexico’s 529 plans allow high lifetime maximum contribution limits of $500,000 per beneficiary, ensuring families can save adequately for their children's educational needs.
• Roth Conversion – Based on certain criteria, up to $35,000 (lifetime limit) in unused 529 plan funds can be rolled over to a Roth IRA for the beneficiary , giving families even more options.

“Like many future purchases we plan for, education costs continue to rise and it’s crucial for families to have a solid plan for managing those anticipated expenses. The Education Plan offers a versatile and tax-efficient way to save for a variety of educational needs,” said Natalie Cordova, the Executive Director of the New Mexico Education Trust Board, the organization that administers The Education Plan®.

529 plans are designed to make education more accessible by reducing out-of-pocket expenses and dependence on student loans. With flexible contribution options and a range of helpful tools, The Education Plan empowers families to invest in their children's future at any stage of their academic journey.

“A 529 plan can help families take control of their financial future and provide their children with options and opportunities,” Cordova added.

For more information on The Education Plan and how to get started, visit The Education Plan's website.

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USPS proposes changes to save $3 billion per year, starting in 2025

David Sharp

Associated Press

The U.S. Postal Service wants to save $3 billion annually on changes that reflect its greater reliance on streamlined regional networks — while retaining local mail delivery times of one to three days and allowing customers to track some delivery schedules with greater precision.

Election mail won’t be affected, officials said.

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The proposal, announced Thursday, would adjust mail delivery times while maintaining a commitment to a maximum five-day delivery for the flagship Ground Advantage program nationwide and a maximum three-day delivery for local first-class mail.

Postmaster General Louis DeJoy said the changes to take place next year are necessary to “enable us to operate more efficiently and reliably, grow our business and give us a chance for a viable future” after an 80% drop in first-class mail since 1997 and a corresponding growth in packages. All told, the Postal Service has amassed more than $87 billion in losses from 2007 through 2020.

The details were unveiled by the Postal Service ahead of a Sept. 5 meeting in which the proposed changes will be discussed with stakeholders before they are submitted to the Postal Regulatory Commission.

Election mail and holiday shipments won’t be affected because the proposed changes would not take place until the next calendar year, officials said. Medications also should continue to be delivered at their current speed, or faster, under the proposal, officials said.

The proposal reflects the Postal Service’s move to overhaul its processing and transportation network with an emphasis on regional hubs, something that is already beginning to take place in Atlanta; Richmond, Virginia; and Portland, Oregon. Changes to better utilize existing ground networks mean the Postal Service must adjust pickup and drop-off times between post offices and processing plants, a process that will increase the speed of some of the mail, officials said.

Postal customers who live closer to regional hubs will see the greatest reductions in transit time for mail; transit times for some rural customers could grow while still falling within existing service standards, an official said.

Democratic U.S. Rep. Gerry Connolly, a frequent critic of changes under DeJoy, was unimpressed by the proposal.

“Any effort to degrade service while raising prices is a recipe for a death spiral at the Postal Service,” Connolly, a Democrat from Virginia, said in a statement. “This is the second time Postmaster General DeJoy has proposed lower service standards. He might as well announce a return to delivering mail by horse and buggy.”

This proposal aligns with the organization’s mandate to be financially self-sufficient while continuing to deliver to every address across the nation six days a week. If adopted, 75% of first-class mail will see no change from the current service standards, and around two-thirds of mail will be delivered in three or or fewer days, the Postal Service said.

Sharp reported from Portland, Maine.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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• Succession Planning

4 Quick Succession Planning Tips With Attorney Jim Angell

A farm's succession plan is complex. And with ever-changing laws and family dynamics, it can be hard to make sure everything gets taken care of in the process. Kansas attorney Jim Angell recently joined the Top Producer podcast to share four things you should consider for your operation's transition.

1. Trusts For Gifting

The IRS Lifetime Gift Tax Exemption is currently $13.6 million, but there's speculation that limit could be cut in half in 2026. If you're going to be gifting a considerable amount before the end of next year, there are two types of trusts he recommends putting in place.

"We might use an entity, an LLC or Limited Partnership, and do some transfer gifting on that," Angell says. "Or, we could use what's called an Intentially Defective Trust. That allows you to maintain the income at the first level, freeze the assets and pass those on to the next generation. We use that quite a bit."

2. Include Your CPA

Angell says your CPA is a more valuable asset in this process than you may think.

"One of the first things I do is if I don't have the CPA in the first meeting, I make darn sure the CPA is in the second meeting," he says. "The clients are out there grinding, surviving, and doing what they do best on the farm. The CPA professionals have a much better understanding [of the overall finances] generally, and so we rely on them very heavily in doing the advanced tax planning."

3. There's No Such Thing As One Size Fits All Succession Planning

It's important to remember fair isn't always equal, especially in situations with on-farm and off-farm children.

"We've got to find a way to keep the farm intact and transition it potentially to to the farming child, but at the same time be fair to the remaining heirs," Angell says. "That farming child may end up with more equity, but they're going to end up with a bigger challenge of the debt, worrying about drought, making the operation work, taking the risk and taking the lower return. So, when you really step back and look at it, if you're looking at it economically, some of these children that are getting less value after the estate is fully settled are really better off in the short run."

4. Set Up Protection From Unintended Beneficiaries

In some situations, a parent will remarry after the other passes away. Angell says it's important to make sure this doesn't have an unfortunate outcome for the farm children.

"Most estate plans, especially the larger ones, are going to need some protections built in there for at least a certain portion of those assets being held in an irrevocable trust upon the first death," he says. "We try to push a pre-nuptual agreement and get the kids involved in for when dad does decide to remarry. Those situations can potentially tear families apart and the farm apart."

Hear more from Angell on the Top Producer podcast

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