Show that you understand the current state of research on your topic.
The length of a research proposal can vary quite a bit. A bachelor’s or master’s thesis proposal can be just a few pages, while proposals for PhD dissertations or research funding are usually much longer and more detailed. Your supervisor can help you determine the best length for your work.
One trick to get started is to think of your proposal’s structure as a shorter version of your thesis or dissertation , only without the results , conclusion and discussion sections.
Download our research proposal template
Writing a research proposal can be quite challenging, but a good starting point could be to look at some examples. We’ve included a few for you below.
Like your dissertation or thesis, the proposal will usually have a title page that includes:
The first part of your proposal is the initial pitch for your project. Make sure it succinctly explains what you want to do and why.
Your introduction should:
To guide your introduction , include information about:
Discover proofreading & editing
As you get started, it’s important to demonstrate that you’re familiar with the most important research on your topic. A strong literature review shows your reader that your project has a solid foundation in existing knowledge or theory. It also shows that you’re not simply repeating what other people have already done or said, but rather using existing research as a jumping-off point for your own.
In this section, share exactly how your project will contribute to ongoing conversations in the field by:
Following the literature review, restate your main objectives . This brings the focus back to your own project. Next, your research design or methodology section will describe your overall approach, and the practical steps you will take to answer your research questions.
? or ? , , or research design? | |
, )? ? | |
, , , )? | |
? |
To finish your proposal on a strong note, explore the potential implications of your research for your field. Emphasize again what you aim to contribute and why it matters.
For example, your results might have implications for:
Last but not least, your research proposal must include correct citations for every source you have used, compiled in a reference list . To create citations quickly and easily, you can use our free APA citation generator .
Some institutions or funders require a detailed timeline of the project, asking you to forecast what you will do at each stage and how long it may take. While not always required, be sure to check the requirements of your project.
Here’s an example schedule to help you get started. You can also download a template at the button below.
Download our research schedule template
Research phase | Objectives | Deadline |
---|---|---|
1. Background research and literature review | 20th January | |
2. Research design planning | and data analysis methods | 13th February |
3. Data collection and preparation | with selected participants and code interviews | 24th March |
4. Data analysis | of interview transcripts | 22nd April |
5. Writing | 17th June | |
6. Revision | final work | 28th July |
If you are applying for research funding, chances are you will have to include a detailed budget. This shows your estimates of how much each part of your project will cost.
Make sure to check what type of costs the funding body will agree to cover. For each item, include:
To determine your budget, think about:
If you want to know more about the research process , methodology , research bias , or statistics , make sure to check out some of our other articles with explanations and examples.
Methodology
Statistics
Research bias
Once you’ve decided on your research objectives , you need to explain them in your paper, at the end of your problem statement .
Keep your research objectives clear and concise, and use appropriate verbs to accurately convey the work that you will carry out for each one.
I will compare …
A research aim is a broad statement indicating the general purpose of your research project. It should appear in your introduction at the end of your problem statement , before your research objectives.
Research objectives are more specific than your research aim. They indicate the specific ways you’ll address the overarching aim.
A PhD, which is short for philosophiae doctor (doctor of philosophy in Latin), is the highest university degree that can be obtained. In a PhD, students spend 3–5 years writing a dissertation , which aims to make a significant, original contribution to current knowledge.
A PhD is intended to prepare students for a career as a researcher, whether that be in academia, the public sector, or the private sector.
A master’s is a 1- or 2-year graduate degree that can prepare you for a variety of careers.
All master’s involve graduate-level coursework. Some are research-intensive and intend to prepare students for further study in a PhD; these usually require their students to write a master’s thesis . Others focus on professional training for a specific career.
Critical thinking refers to the ability to evaluate information and to be aware of biases or assumptions, including your own.
Like information literacy , it involves evaluating arguments, identifying and solving problems in an objective and systematic way, and clearly communicating your ideas.
The best way to remember the difference between a research plan and a research proposal is that they have fundamentally different audiences. A research plan helps you, the researcher, organize your thoughts. On the other hand, a dissertation proposal or research proposal aims to convince others (e.g., a supervisor, a funding body, or a dissertation committee) that your research topic is relevant and worthy of being conducted.
If you want to cite this source, you can copy and paste the citation or click the “Cite this Scribbr article” button to automatically add the citation to our free Citation Generator.
McCombes, S. & George, T. (2024, September 05). How to Write a Research Proposal | Examples & Templates. Scribbr. Retrieved September 13, 2024, from https://www.scribbr.com/research-process/research-proposal/
Other students also liked, how to write a problem statement | guide & examples, writing strong research questions | criteria & examples, how to write a literature review | guide, examples, & templates, what is your plagiarism score.
Table of Contents
How to make a good business plan: step-by-step guide.
A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.
A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.
But where do you start? How do you create a business plan that sets you up for success?
This article will explore the step-by-step process of creating a comprehensive business plan.
A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:
Products or services
Target market
Competitors
Marketing and sales strategies
Financial plan
Management team
A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.
As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.
A business plan may seem similar to a business model canvas, but each document serves a different purpose.
A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:
Key partnerships
Key activities
Key propositions
Customer relationships
Customer segments
Key resources
Cost structure
Revenue streams
On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.
A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.
A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.
A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.
Here are some of the many benefits of having a thorough business plan.
A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.
A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.
A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.
With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.
Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.
A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.
A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:
Is there enough demand for my product or service?
Will I have enough capital to start my business?
Is the market oversaturated with too many competitors?
What will happen if my marketing strategy is ineffective?
By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.
A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:
Are we where we want to be at this point?
Did we achieve our goals?
If not, why not, and what do we need to do?
After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.
The steps below will guide you through the process of creating a business plan and what key components you need to include.
Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.
Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.
Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.
Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.
Use the Competitive Analysis Template to brainstorm answers to simple questions like:
What does the current market look like?
Who are your competitors?
What are they offering?
What will give you a competitive advantage?
Who is your target market?
What are they looking for and why?
How will your product or service satisfy a need?
These questions should give you valuable insights into the current market and where your business stands.
Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.
Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.
Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:
Pricing strategy
Advertising and promotional tactics
Sales channels
The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.
Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.
Some details to include in this section are:
Startup costs
Revenue projections
Profit and loss statement
Funding you have received or plan to receive
Strategy for raising funds
Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.
As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.
At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.
Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.
A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.
Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.
A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.
The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.
An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:
Organizational structure
Staffing plan
Production plan
Quality control
Inventory management
Supply chain
The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.
A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.
The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).
A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.
A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.
Here are some additional tips for creating a business plan:
A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.
Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.
Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.
Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.
Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.
It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.
A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.
Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.
The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.
Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.
Plans and pricing.
Home > Business > Business Startup
We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .
Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .
Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.
By signing up I agree to the Terms of Use and Privacy Policy .
Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.
An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.
You’ll cover other things too, but answer these basic questions in your executive summary:
The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.
This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.
Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?
Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.
Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.
Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.
In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.
Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .
These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.
You may want to work with a financial professional to ensure your financial projections are realistic and accurate.
Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.
You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.
$0.00 | ||||||
$0.00 | ||||||
$0.00 | ||||||
$10.00 (waivable) | ||||||
$0.00 |
Data effective 1/10/23. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.
Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.
Best Small Business Loans
5202 W Douglas Corrigan Way Salt Lake City, UT 84116
Accounting & Payroll
Point of Sale
Payment Processing
Inventory Management
Human Resources
Other Services
Best Inventory Management Software
Best Small Business Accounting Software
Best Payroll Software
Best Mobile Credit Card Readers
Best POS Systems
Best Tax Software
Stay updated on the latest products and services anytime anywhere.
By signing up, you agree to our Terms of Use and Privacy Policy .
Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.
Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our Privacy Policy Page . |
© Business.org 2024 All Rights Reserved.
You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. |
Updated: Apr 17, 2024, 11:59am
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.
Featured Partners
ZenBusiness
$0 + State Fees
Varies By State & Package
On ZenBusiness' Website
Northwest Registered Agent
$39 + State Fees
On Northwest Registered Agent's Website
Tailor Brands
$0 + state fee + up to $50 Amazon gift card
Varies by State & Package
On Tailor Brands' Website
$0 + State Fee
On Formations' Website
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.
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.
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.
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.
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.
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.
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.
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.
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.
Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.
Noah Parsons
24 min. read
Updated September 2, 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.
If you’re reading this guide, then you already know why you need a business plan .
You understand that writing a business plan helps you:
As you start to write your business 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 writing your business 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
Brought to you by
Using ai and step-by-step instructions.
Secure funding
Validate ideas
Build a strategy
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:
Dig Deeper: How to write an effective executive summary
When writing a business plan, the produces and services section 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.
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
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
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
When writing a business plan, 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:
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
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:
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:
You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:
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
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:
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
The last section of your business plan is your financial plan and forecasts.
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:
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
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:
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
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 to write a 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
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 .
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.
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.
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.
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.
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
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:
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 writing 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.
Writing 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 writing a business plan?
The seven steps to writing a business plan include:
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:
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 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
Related Articles
7 Min. Read
How to Write a Bakery Business Plan + Sample
1 Min. Read
How to Calculate Return on Investment (ROI)
5 Min. Read
How To Write a Business Plan for a Life Coaching Business + Free Example
3 Min. Read
What to Include in Your Business Plan Appendix
The LivePlan Newsletter
Your first monthly newsetter will be delivered soon..
Unsubscribe anytime. Privacy policy .
Fill-in-the-blanks and automatic financials make it easy.
No thanks, I prefer writing 40-page documents.
Discover the world’s #1 plan building software
We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy
What is the purpose of a research plan.
Introduction.
Expected results.
Step 1: define the project purpose, step 2: select the research method, step 3: manage the task and timeline, step 4: write a summary, step 5: plan the result presentation.
Receive paper in 3 Hours!
Number of Pages
550 words (double spaced)
Deadline: 10 days left
By clicking "Log In", you agree to our terms of service and privacy policy . We'll occasionally send you account related and promo emails.
Sign Up for your FREE account
Are you interested in starting your own research and development company but unsure of where to start? We can help with our sample and how-to manual for business plans for research and development. You can simply construct a business plan that details every facet of your enterprise, from market analysis and financial predictions to marketing plans and operational tactics, with the help of our comprehensive template and professional advice. Our step-by-step process makes it simple to start a prosperous research and development company, enabling you to realize your dream. With the help of our tried-and-true template and direction, you can confidently start the process of creating a successful research and development company. Start now to join the ranks of prosperous R&D business owners!
Get worry-free services and support to launch your business starting at $0 plus state fees.
1. describe the purpose of your research and development business..
The first step to writing your business plan is to describe the purpose of your research and development business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a research and development business:
Our mission at the Research and Development company is to drive innovation and advance the state of the art in our field. We are committed to conducting rigorous and cutting-edge research, and to developing new technologies and products that have the potential to make a positive impact on the world. We strive to foster a collaborative and creative environment where our researchers can thrive and make meaningful contributions. We are dedicated to responsible and ethical practices, and to sharing our knowledge and findings with the broader scientific community. Through our passion for discovery and our pursuit of excellence, we aim to be a leader in research and development.
The next step is to outline your products and services for your research and development business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
If you don't have a marketing plan for your research and development business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your research and development business includes the following elements:
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
Research and development businesses provide services to help organizations create, develop, and improve products, processes, and systems. The equipment and supplies needed to run a research and development business can vary depending on the specific services offered and the preferences of the business, but may include:
In addition to the equipment and supplies needed to run a research and development business, it is important to obtain any necessary permits and licenses that may be required by local regulations. These permits and licenses may vary depending on the location of the business and the specific services offered.
In summary, the equipment, supplies, and permits needed to run a research and development business can include laboratory equipment, computer equipment, software, protective equipment, and supplies, as well as any necessary licenses and permits.
The second part of your research and development business plan is to develop a management and organization section.
This section will cover all of the following:
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup Costs
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a research and development business varies based on many different variables, but below are a few different types of startup costs for a research and development business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your research and development business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your research and development business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your research and development business plan:
Why do you need a business plan for a research and development business.
A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and tactics that will be used to achieve those goals. It is important to have a business plan for your research and development business because it helps to focus the efforts of the company, communicate the business's goals and objectives to potential investors, and provide a roadmap for the business to follow. Additionally, a business plan can be used to help secure funding from investors or lenders, who will want to see that the business has a solid plan in place before they provide funding.
To build a business plan for your research and development business, start by researching your industry, competitors, and target market. Use this information to define your business's goals and objectives, as well as the strategies and tactics that you will use to achieve those goals. Next, create a financial plan that outlines your projected income, expenses, and profit. This should include a projected income statement, cash flow statement, and balance sheet. Once you have all of this information, you can use it to create a comprehensive business plan that outlines the goals and objectives of your business, as well as the strategies and tactics that you will use to achieve those goals. A well-written research and development business plan contains the following sections: Purpose, Products & Services, Marketing Plan (including Marketing Strategy), Operations/Management Plan (including Operations/Management Strategy), Financial Plan (including Financial Forecasts), and Appendixes.
Yes, you can write a research and development business plan yourself. Writing a business plan is a valuable exercise that can help you clarify your business idea, identify potential challenges and opportunities, and develop a roadmap for success. While there are many resources and templates available to help you write a business plan, the process of creating one is ultimately up to you.
We're newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.
Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.
From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.
by Francis J. Greene and Christian Hopp
When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “everyone has a plan until they get punched in the mouth.” It is a school of thought now fashionable in entrepreneurship circles. The truth, though, is that we just don’t know if it pays to plan. For every study that shows that it does, another study comes along and says that start-ups should just learn by doing. We wanted to study entrepreneurial planning, but with more context than previous efforts. We found that it pays to plan. Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs. More than that, we were also able to see what makes people write business plans in the first place.
When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.”
Stanford Research Development Office
Grant proposals are a distinct genre compared to other academic writing. At its heart, a compelling proposal focuses on posing an exciting research question or problem and offering a convincing narrative for how you will use grant funds to answer or solve it.
Strong proposals typically exhibit several key characteristics:
Addressing these key characteristics will help position your proposal for success. The Stanford Research Development Office is here to work with you throughout the process, from developing a compelling narrative to ensuring alignment with funder priorities. Our team offers expert guidance, resources, and support to enhance the competitiveness of your proposal for external funding.
Contact us at [email protected] to learn how we can help you.
Created: 02/06/24
Updated: 09/12/24
The Money blog is your place for personal finance and consumer news. Our feature this weekend seeks answers to the age-old question: can money buy you happiness? Tell us your happiness hacks in the box below - and we'll be back with live updates on Monday.
Saturday 14 September 2024 08:51, UK
By Brad Young , from the Money team
Can money buy happiness?
When most people think about this question their minds turn to lottery winners. Does all that money really make them happy, they wonder with at least as much envy as curiosity.
But what about the rest of us? The average UK salary is £36,000 a year - so we set out to discover whether normal Britons, the ones who can't purchase yachts and flashy Italian cars, are truly able to make themselves happy with the swipe of a plastic card, and if so, what's the best way to go about it.
It turns out that the types of things you buy, how you purchase them and who you buy them for can be the difference between fleeting joy, lasting happiness and even an insight into what it means to be a human being…
Experiences v material goods
One of the most popular pieces of advice is to spend money on experiences rather than material goods, but this is not just for the reasons you might think, according to Kristen Duke, a social scientist at the University of Toronto.
Going to gigs or on holiday is more memorable and more social than the short-term high gained from buying clothes or gadgets, creating longer-lasting happiness, she said.
But the period before an experience also gives you access to a form of happiness thought to be unique to humans: anticipated joy.
"You're getting essentially a taste of how you will feel at that experience," Ms Duke says
"So if I'm anticipating going on vacation to Hawaii, then I can imagine the sun shining on me and imagine the peace I'll get from having the waves wash over me, and I get a little dose of that happiness," said Ms Duke.
She said the ability to simulate how we might feel in different situations is "something some people have argued makes people different from animals".
Hybrid purchases
The problem, according to Ms Duke, is that what makes experiences "so special and interesting and meaningful and social also means that they are inherently ephemeral and fading and we lose them".
Hybrid purchases like musical instruments, video games or souvenirs add a material dimension to an experience that allows them to live on, she said.
"The combination of both - being very material and being very experiential - can tend to yield the highest happiness."
Minimalism
Saving more money for days out for experiences like family trips is part of the reason why author Joshua Becker became a minimalist.
For 16 years he has practised minimalism and written multiple books on the subject, which he defines as removing things from his life that distract him from doing what he values most.
"I own fewer possessions so that I can free up time and money and energy for the things that actually matter and bring real happiness," said Mr Becker, whose lifestyle is followed by hundreds of thousands of people on YouTube and Instagram.
"The happiness that we get from possessions is always short and temporal."
Mr Becker has downsized his home by a third, spends little on storage, keeps no more than 33 articles of clothing and owns no homeware extras like spare towels, bedsheets and tupperware.
"I could have a house full of clutter or I could make these amazing memories with my family that they'll remember for the rest of their lives."
He added: "I look back on those last 16 years and I don't regret a thing. I love the memories we've had."
Social spending
Mr Becker has also found happiness in donating to his church or investing it in his non-profit, The Hope Effect, which supports foster-style care in countries without a fostering system.
His positive emotional response will be familiar to Lara Aknin, professor of social psychology at Simon Fraser University, Canada.
Her research found that spending money on others instead of yourself can boost wellbeing.
Choosing to be generous gives people a sense of autonomy, social connection and positive impact.
This is especially true when paying for a shared dinner instead of a gift voucher, or collaborating to raise money for charity rather than making a solitary donation.
"Humans are very social creatures and these gifts that we give to other people allow us to build, strengthen and maintain relationships that are important to us," said Prof Aknin.
"We see these emotional benefits with as little as $2.50 (£2), it's not necessarily about big, grand gestures."
Choice overload
You might assume having a world of options at our fingertips would make it more likely you're happy with a product - but that's not exactly right.
The number of choices you face can become so large that it can cause buyer's regret, said Ms Duke.
This is because people are more likely to imagine that an alternative they didn't purchase could have been better.
Ms Duke said consumers should use online tools to reduce their choices - and remember that just because information about small differences is available, that doesn't mean they will affect your experience of the product.
Addiction
For a few, the process of choosing and buying products can become compulsive, as Nuno Albuquerque, an addictions counsellor with 20 years of experience in the field, knows well.
The same fleeting "high" obtained from buying a product can become an obsession for some, often as a result of underlying mental health issues like low self-esteem, depression or trauma, he said.
"We know that buying such items or spending money can have an effect on the brain, on the dopamine levels," said Mr Albuquerque.
"It's like using a drug, and people start to rely on that and the obsession starts to kick in."
He said shopping around can activate dopamine production as much as the purchase itself, much like the pursuit of success in gambling.
People can spend hours shopping online, sometimes forgoing food or sleep, or causing financial or relationship breakdown, he said.
The crash that comes after the product arrives can cause shame, guilt or self-loathing, Mr Albuquerque explained.
"It is about trying to feel better. It's like the slogan: Happiness is an inside job."
By Jimmy Rice , Money blog editor
The most notable news in Money this week was Labour's cut to the winter fuel allowance being voted through by MPs, albeit with 52 Labour MPs abstaining.
The payment of up to £300 had been universal to those aged 66 and over, with 11.4 million in receipt last winter.
Now only those on certain means-tested benefits will get it - some 1.5 million.
It is estimate the change will save the Treasury £1.5bn a year - but it's not clear what price the government has paid in good will.
Political editor Beth Rigby described "disquiet" on the Labour benches and summarised it as "the first big challenge to Keir Starmer's authority".
If you're confused about who is now eligible for the winter fuel payment, we explain all here...
In related news, it is now likely there will be a 4% uplift in the state pension in April - equating to approximately £8.85 extra a week or £460 a year.
The triple lock commits the government to increasing pensions every April by whichever is highest - inflation (the figure for September, published in October), average wage growth between May and July (4%, as published on Tuesday) or 2.5%.
Another significant moment in the Commons this week came on Thursday, when the Renters' Reform Bill returned, five years and four prime ministers after it was first promised.
This time it's Labour's version - with the new government vowing to improve and complete the set of proposals to strengthen renters' rights that the Tories pledged, then watered down and then abandoned altogether before the election.
The Renters' Rights Bill aims to "decisively level the playing field between landlords and tenants", according to housing minister Matthew Pennycook.
Crucially, it includes a blanket ban on no-fault evictions under Section 21 (S21) of the 1988 Housing Act, which allows landlords to evict tenants with two months' notice without providing a reason.
Housing campaigners say they are a major contributing factor to rising homelessness.
Our politics team run through all other areas the legislation will cover - from pets to rent increases - in this explainer:
We've heard repeated warnings from Sir Keir Starmer and his top team that the country's finances are in a dire state and Rachel Reeves's first budget as chancellor next month will be "painful".
Our business correspondent Paul Kelso got further insight this week when he sat down with the chancellor after official figures showed the UK economy had unexpectedly flatlined for the second month in a row.
She signalled the budget could be a painful mix of spending cuts, tax rises and increased borrowing, telling Paul: "I've been really honest that there are difficult decisions to come in the budget, on spending, on taxation and welfare, after the mess that the previous government created with the public finances and the state that they are in, that was inevitable.
"I was clear during the election campaign that, if I became chancellor of the exchequer, tough choices lie ahead."
For Paul's full interview with the chancellor, click below:
Here in Money, we published a few explainers that are well worth checking out...
We'll be back with live updates on Monday - but check out our Saturday morning feature on: Can money buy you happiness?
Have a good weekend.
Hundreds of you have shared your thoughts with us this week.
We've gone through our mailbox to find out what got you talking.
One of the biggest developments of the week came when MPs voted through Labour's cut to the winter fuel allowance.
Here's what you thought...
What's next? Bus passes and prescriptions? But just keep giving £6bn to foreign aid whilst pensioners freeze to death - shame on Labour. Winter fuel
Savings on winter fuel payments will be eaten away by the extra cost to the NHS of elderly people being admitted to hospital because of the cold weather. Any winter fuel payments should go directly to energy companies. MoJo
Why is this government taking away the winter fuel allowance with one hand and increasing pensions with the other? Shall46
A lot of you had thoughts on a survey that found police officers, social workers and community nurses have some of the most stressful jobs in the UK.
It's safe to say this one got you talking...
Didn't see Member of Parliament make the list… Neiljo
Why is farming not on the list? Totally dependent on the unpredictable weather for success or failure, highest suicide rate of any profession! Haybales
Teachers, and all the holidays they get over the year. Give us a break Nigel
The stressful jobs list is a joke! Where are firemen, doctors, scaffolders, traffic wardens? What are national govt admins? But HR managers are on there? The majority sit behind a desk and manage people on a computer. Morgg
Finally, we had lots of questions about cheap flights, including this one...
Flying with Quantas next February how do we get a good seat or complimentary upgrade it's a very special holiday 60th birthday. Registered on frequent flyers and are bronze for registering any help Daisy62
First, a very happy birthday for when it comes, and while we'll have to leave the upgrade side of things with you to chance at the airport gate - you can check out our guide to cheap flights right here...
Junk food ads will be banned before the 9pm watershed , the health minister has announced.
Andrew Gwynne also said the government would introduce a total ban on paid-for online ads for junk food.
"These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age," he said.
Both bans will come into effect on 1 October next year.
Some customers are being saddled with "unfair" interest rates for paying monthly , according to Which?.
The consumer group called on the Financial Conduct Authority to act swiftly to prevent people from being "penalised" for being unable to pay for a year of insurance upfront.
Its analysis found annual rates as high as 45% could potentially be charged.
Which? asked 49 car and 48 home insurers how much interest they charged customers to pay for cover monthly, with the annual percentage range (APR) across car insurers being 22.33% and the average across home insurers being 19.83%.
Nearly 20% of female business leaders have been forced to delay or cancel their company plans due to difficulties securing financing , research suggests.
A YouGov survey commissioned by HSBC showed one in 10 women entrepreneurs said securing the financial support they need was their top challenge.
The poll of more than 1,000 female business owners revealed nearly half are planning to expand their businesses in the UK or overseas next year - but many are being held back by not being able to access loans or financing.
Nearly one in five (18%) of female business leaders consider access to funding a barrier to growing their business, while nearly a fifth (19%) had to postpone or cancel their business plans as they have not been able to access the necessary funding.
Anyone who has had to move into a rental property lately will know how challenging finding a new place can be, and we can now put a number on how tough the competition is.
Around 21 people compete for every rental property, according to property website Zoopla.
It said the average rent was £1,245 a month in July - £63 a month higher than a year ago.
Zoopla said a lack of supply remains a major challenge for renters.
Although the number of homes to rent is higher than last year, it remains lower than the pre-coronavirus pandemic average, it said.
One in eight (12.5%) of homes listed for sale on Zoopla in July were previously rented.
The website suggested higher mortgage rates have acted as an additional catalyst for landlord sales over the past two years, on top of longer-term tax and regulatory changes.
Nathan Emerson, chief executive of property professionals' body Propertymark, said: "The rental market has been suffering from a lack of supply against an ever-growing demand for a concerningly long period of time.
"The housing sector continues to see issues escalate year-on-year and the real-world effect is that renters face an increasing challenge to secure a suitable property for their needs."
By Sarah Taaffe-Maguire , business reporter
It may be worth keeping an eye on US markets today amid recent signals that borrowing could become even cheaper in the US.
Officials from the US central bank, known as the Fed, have signalled a larger cut than first priced in may be needed - its decision will be announced next Wednesday.
Market expectations are now showing a 41% chance of the first interest rate cut in more than four years being 0.5 percentage points.
That's brought good news for those heading to the US on holidays or buying things in dollars, one pound is back buying $1.31, an amount that had been the greatest in more than a year.
There's little change for sterling against the euro with a pound equalling $1.1847.
Oil is ending the week slightly up from the multi-year low of $70 seen a few days earlier but still at the comparatively low sum of $72.43 for a barrel of the benchmark oil, Brent crude.
After yesterday's market rally, the benchmark UK stock index (the FTSE 100) was slightly down 0.07% this morning with the more UK-focussed FTSE 250 index up 0.38%.
Everyone has their superstitions - but ones about today's date are having a real impact on the housing market.
Analysis by Rightmove shows that Friday the 13th tends to be quieter for house sale completions than any other Friday - which which is usually the busiest day of the week for home moves.
And the 13th day of the month is typically the quietest day for completions compared to any other day of the month.
Rightmove also found that houses numbered 13 are valued at £5,521 lower than the average of £364,139.
Meanwhile, houses with the "lucky" number seven have an average valuation of £369,770.
Tim Bannister, Rightmove's property expert, said: "Despite the superstitions surrounding the number 13 and Friday the 13th, buyers willing to challenge these traditions could find themselves in a prime position to negotiate better deals.
"Our data shows that significant discounts are often available on properties with this traditionally unlucky number.
"With potential savings of over £5,000 - money that could be put towards stamp duty or other moving expenses - even the most superstitious buyers might be tempted to overlook the number on the door."
Friday the 13th is considered unlucky by some for biblical reasons - Judas, who betrayed Jesus, was the 13th guest at the last supper.
Some tall buildings don't list the 13th floor, instead jumping from 12 to 14, and some airlines don't have a row 13 on their flights.
Every Friday we take an overview of the mortgage market, hearing from industry voices and getting a round-up of the best rates courtesy of the independent experts at Moneyfactscompare.co.uk .
Halifax, Barclays and TSB were among the big lenders announcing cuts this week - as all eyes turn to next Thursday's base rate decision from the Bank of England.
As of yesterday afternoon, markets were pricing in just a 19% chance of a cut - with the strong expectation that the Bank's Monetary Policy Committee will hold fire until its next meeting at the start of October.
The momentum behind a lowering of interest rates has been helped by uncertainty in the US economy - fears of a recession eased somewhat at the end of last week with improved jobs data, but a struggling economy is likely to persuade the Fed to lower rates at a faster than expected rate.
That is helping to bring down swap rates - which dictate how much it costs lenders to lend.
Peter Stimson, from MPowered Mortgages, told industry news wire Newspage: "Fears of a US recession are proving a real fillip to UK borrowers.
"The two-year swap, which two-year fixed rate mortgages are priced off, is now at its lowest level for 18 months and is even lower than it was at the start of the year when lenders were cutting across the board. Five-year swaps are also falling."
Finance expert Rachel Springall said: "Fixed rate mortgage reductions have taken precedence so far this week, with a few prominent brands making tweaks.
"Home movers who want to lock into a longer-term fixed mortgage will find the average overall five-year fixed rate is much higher than it was back in September 2019, which was 2.79%. Week on week, the overall average two- and fixed rate fell to 5.50% and 5.17% respectively.
"Borrowers searching for a deal may find it encouraging that the average shelf-life of a mortgage product rose to 21 days, up from 17 days. Our analysis at Moneyfacts also revealed that the average two-year fixed rate is now at its lowest level since February 2024, the five-year is at its lowest level since March 2024."
Moneyfacts has looked at the best rates on offer now...
The comparison site also looks at what it calls "best buys" - which considers not just the rate, but other costs and incentives. These are their top picks this week...
Ipswich Town is the cheapest Premier League team to follow this season, according to a new study - though a surprising team pipped it to the cheapest pint by 50p.
Topping this particular table, Ipswich Town - who were promoted to the league this season - comes out as the cheapest team when prices for food and drink in the stadium, adult tickets and season tickets are taken into account.
Sports company Flashscore , which published the study, also compared the price of a standard home shirt and average ticket price.
Arsenal was found to be the most expensive team to follow this season.
The Emirates sells the joint most expensive beer, at £6.30 a pint, while Arsenal's cheapest season ticket - at £1,073 - is the most expensive in the league.
It also sells the most expensive adult ticket at £141.
At £372 Ipswich has the second-most affordable season ticket, with the most expensive adult ticket at £48 also under the league average of £71.25.
West Ham have the cheapest season ticket at £345, but scored more highly on other prices.
The cheapest ticket at £29 is also under the £31.07 average.
Once inside Ipswich's Portman Road Stadium, a pint of beer costs £3.50 - the second cheapest to... Manchester United.
The revelation might surprise fans, with United known as the commercial pioneers of the Premier League, adept at driving profit through sponsorship, merchandise and shirt sales.
The club led the way in terms of monetising football beyond tickets, opening a megastore and hotel at Old Trafford in the 1990s, while also popularising stadium tours.
The Red Devils remain one of the world's five richest clubs, despite posting a loss of more than £110m in their latest financial results this week.
Snapdragon, the US technology firm, will pay the club around £60m per year in a shirt sponsorship deal for its men's and women's teams agreed this summer.
Perhaps this has allowed the club to give a little back to fans with a cheap matchday pint.
This chart compares all Premier League prices, from pies to pints and tickets...
Feeling priced out of going to matches? Pints getting more expensive? Share your stories with us in the box at the top of the page.
A three Michelin-starred meal will soon be available for delivery for £80.
Uber Eats has teamed up with one of the most celebrated British chefs, Simon Rogan, to offer customers dishes from his restaurant L'Enclume.
The menu has been created using ingredients grown on Rogan's farm in the Lake District, and aims to be the most sustainable in the UK.
It consists of five courses, with snacks consisting of a Park House pudding glazed in birch sap, a chicken offal doughnut, and Diana radishes with lovage emulsion, followed by a salad with 51 ingredients.
The centrepiece of the meal is a heritage breed beef short rib from Lake District farmers served with fermented cabbage, chanterelles and an indulgent beef sauce featuring ramson stems, pickled tapioca and ramson oil.
The menu will conclude with petit fours (little bite-sized desserts).
It will be available to London-based customers on 18 and 19 September between 5pm and 10pm, priced at £80.
Pairing wines will also be available for £30. The first night will be available to Uber One users only, and the second night will be available to all customers.
It will be delivered in biodegradable packaging and transported using electric vehicles.
"My cooking philosophy has always been influenced by the natural environment, while sustainability is at the forefront of everything we do. Uber Eats have truly gone above and beyond to match this ethos with this project," Rogan said.
Be the first to get Breaking News
Install the Sky News app for free
COMMENTS
Here's an example outline of a research plan you might put together: Project title. Project members involved in the research plan. Purpose of the project (provide a summary of the research plan's intent) Objective 1 (provide a short description for each objective) Objective 2. Objective 3.
Step 1. Conduct a comprehensive situation analysis. One of the first steps in constructing your marketing plan is to create a strengths, weaknesses, opportunities and threats (SWOT) analysis, which is used to identify your competition, to know how they operate and then to understand their strengths and weaknesses. Strengths.
Think age, job, salary, location, and gender. 3. Competitive market research: This shows you what marketing channels, referral partners, and keywords are sending traffic to businesses similar to yours When you combine this data with what you learned in sections 1 + 2, you are ready to build your personas. 4.
Example 2: McDonald's global expansion. McDonald's successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald's conducts thorough research to understand local tastes, preferences and cultural nuances.
If you want to learn how to write your own plan for your research project, consider the following seven steps: 1. Define the project purpose. The first step to creating a research plan for your project is to define why and what you're researching. Regardless of whether you're working with a team or alone, understanding the project's purpose can ...
It may not be as specific to your market as the big-budget stuff, but it can get you the information you need to work out a solid understanding of your market. First Steps: Market-Research ...
Analyze your research. Break this down from high to low levels of research. Ex: From the general industry to the exact niche, from a large target market, to specific segments, to specific personas. Adjust your budget, goals and plans. Filter your research into the seven components of a research plan.
It details the research process, from defining the problem statement and research objectives to selecting the research method and outlining the expected outcomes. This plan serves as a blueprint for your research activities, ensuring a focused and efficient approach. The objective, methodology, and method depend on the context of your research.
Survey 1,000 potential customers to find out how our products can be improved. Develop a panel of employees that are able to provide answers to research questions on an ad-hoc basis. Learn how our company is perceived in comparison to competitors and how we can stand out in the marketplace. 3. Deliverable outcomes.
Market research helps assess a business idea's strengths and weaknesses. his research will serve as the basis for strategic marketing decisions, price positioning, and financial projections listed in the Financial Analysis section of your business plan. You can also use it to help your management team think through important decisions ...
Research proposal examples. Writing a research proposal can be quite challenging, but a good starting point could be to look at some examples. We've included a few for you below. Example research proposal #1: "A Conceptual Framework for Scheduling Constraint Management".
Market research blends consumer behavior and economic trends to confirm and improve your business idea. It's crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye. Gather demographic information to better understand opportunities and ...
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Primary research includes: Conducting surveys. Handing out questionnaires. Personally visiting your competitors and taking notes. Asking questions of customers, potential customers, suppliers, employees, and even your own friends and family. Conducting market research, such as focus groups.
Describe Your Services or Products. 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 ...
Introducing part 5 of how to write a business plan and do a market research. Watch all parts - https://www.youtube.com/watch?v=sUn9DogKUzE&list=PL1O57nCUQ-e8...
Products and services description. When writing a business plan, the produces and services section 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.
Step 4: Write a summary. Prepare a project summary that serves as your research project guide. This invaluable tool aids recruitment interviews, meetings, and field studies. With a well-structured summary, you can stay on track during interactions, ensuring you address key project aspects.
How to Write a Research And Development Business Plan in 7 Steps: 1. Describe the Purpose of Your Research And Development Business. The first step to writing your business plan is to describe the purpose of your research and development business. This includes describing why you are starting this type of business, and what problems it will ...
Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve. Explain the competitive advantages that will make your business a success.
Here are three simple steps to jumpstart your business idea research. [Read: 5 Expert Business-Planning Strategies to Help You Reach Your Goals] Develop a market research plan. Conducting market research can help you determine who your target audience is and how to reach them effectively, as well as how your product or service uniquely solves a ...
Research: Writing a Business Plan Makes Your Startup More Likely to Succeed. Summary. When asked about an opponent's plan for their impending fight, former world heavyweight champion Mike Tyson ...
Provide a well-defined and practical plan for carrying out the project, including contingency plans. Clearly outline as applicable the research design, theoretical approach, data collection methods, analysis techniques, and include necessary preliminary data or proof of concept to demonstrate feasibility. Well-defined Goals and Milestones
Her research found that spending money on others instead of yourself can boost wellbeing. ... Nearly 20% of female business leaders have been forced to delay or cancel their company plans due to ...