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Business Plan Template for Entrepreneurs & Startups [2020 Updated]

Business Plan Template for Entrepreneurs & Startups [2020 Updated]

May 31, 2020

Every business that is starting up is required to build up a layout that defines the plans and strategies that the startup plans to adopt to ensure its proper functioning. Writing a business plan can be hectic tasks that involve a lot of ‘yes’ and ‘nos’ from your core team.

Business Plan Template for Entrepreneurs & Startups

However, it is the entire process of building a startup business plan template that assists the company in the running in an organized manner to reach its ultimate goals. Now that you’ve come to terms with the final business plan, its time to lay it out on the perfect business plan format.

10 Key Elements of Business Plan Format for Entrepreneurs & Startups

If you’re a startup (2) or an entrepreneur writing down a business plan for your company, ensure that it contains the following elements, helping you form the ultimate startup business plan template,

An executive summary
Company vision and mission statements
Your company description
Market research and analysis
Details about the product/services offered
Unique Selling Point
The management & operation structure of the firm
Marketing and sales strategy adopted
Financial statements

Purpose of Startup Business Plan Template

A business plan template essentially serves two significant purposes. Here, let’s talk about the two fundamental purposes served by a business plan, thereby determining the importance of one.

Guidance: A business plan serves as a guide for startups and companies to reach its ultimate goal. It assists in running a company step by step, helping it analyze its marketing and sales plan to step ahead in the business race.
Investments: A robust business plan assists a company in its day to day functioning but also helps it by luring potential investors in providing support through investments.

Structure of Business Plan Templates

Moving ahead, now that you know the principal elements and purpose of forming a business plan, we’ll be discussing the basic structure of business plan templates for startup & entrepreneurs.

1. Executive Summary

The executive summary of a startup is the first section of a startup business plan template that is regarded as the most part of a business plan. Ensure that the executive summary is written precisely and explains the main elements of the business plan in brief.

Here’s are the sub-sections of an executive summary (company description & executive summary are often merged in business plans):

Business name and contact details
Products/services offered
Mission and vision statements
Core team introduction
Initial financing requirements (if applicable)
The purpose of the business plan (gain investments, market growth, etc.)

2. Company Description

This section must include all the details about your company and its functioning. The sub-parts to be included in a company description are:

Company’s legal structure (5)
Company formation history and information
Founders of the company
Product/services overview along with markets served
Current business stage

3. Products and Services

In this part, you must provide a detailed account of all the products and services you plan to deliver to your customer base. Additionally, you can also include how your product is or will serve by filling out the market gap or provide solutions.

Elements of a product & services section include:

Description of the core product/service
Market problem/ market gap
Solution provided by the product
Product diagrams or pictures
Unique Selling Point
Pricing
Copyright, patent, or trade secret data info
Potential future product/service range

4. Marketing Plan

The marketing plan of a business should elaborate upon the market analysis conducted by the company and the results derived from it. It also demonstrates the targeted demographical audience and describes the strategies to be adopted to elevate the product in the market.

A marketing plan includes,

Market research
Industry description, outlook, and statistics
SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)
Target audience research
Branding plans
Product elevator pitches & tag lines
Initial market reaction to product (if any)
Marketing budget

5. Strategy and Implementation for Sales

This section elaborates upon the sales strategy that the company plans to convert leads generated through marketing into sales. It includes a company’s plans to promote the product along with the implementation of the plan.

It includes,

Promotional strategies to be adopted
Cost and pricing of promotions
Details about company functioning for acquiring sales

6. Operational Plan

The operational plan summarises and demonstrates the organization and requirements for smooth company operations.

An operational plan includes details of,

Office space and facility required
Operating hours for employees
Approximate team of employees
Equipment requirements
Technology requirements
Logistics and distribution
Quality control
Legal and accounting requirements

7. Team Overview

The team overview recognizes the founders and core team members of the company, including the board of directors, that will assist in forming crucial decisions for reaching its ultimate goals.

The team overview includes info about,

Founders and executive team
Shareholders and investors
Board of directors
Advisory bodies
Essential team members and department heads

8. Financial Plan

Often, a financial plan is required to be developed with the assistance of a professional accountant or individual with experience in forming financial plans.

Financial plans act as a mirror for a company’s success. It includes,

Income statements
Cash flow projections
Current balance sheet
Break-even analysis
Finances during the last 12 months (if applicable)