People who start their own business for the first time can find it hard to create a business plan. They may find it hard because of a lack of financial background. People who have little knowledge on the matter can also find it hard to write a contemporary business plan. So, it is okay to search for a start-up business plan template. You may also like to see the article about How to Promote Your Business?
Business plans have gone through some necessary changes with the passage of time. As a result, the expectations of lenders and investors are also not the same anymore. So, this article is going to show you a start-up business plan template:
Start-Up Business Plan Template
Why Starting With A Business Plan Template Is Okay
There are a number of options to choose from when you want to do your business planning. But, you can always start with a template. With a proper start-up business plan template, you can easily organize the thoughts in your mind. The template provides a guideline so that you don’t stare at an empty paper with confusion.
Additionally, a start-up business plan template shows people the basic layout of a conventional business plan. It even provides instructions for all the steps of a plan and represents a version of the SBA-approved business plan.
So, here are parts of a start-up business plan template and a short description of what they entail:
There is no part of the business plan as important as the executive summary. Sometimes, people find it difficult to flesh out the complete business plan. However, if they manage to write an excellent executive summary, then their trouble reduces greatly. The purpose of an executive summary is to gather the vital aspects of the business plan.
It is a piece of document which lenders or investors thoroughly review before everything else. If the executive summary is well written, they will then proceed to the next part of the plan. However, if it is not well written, the lenders can choose to ignore the business plan entirely.
In this section, you are going to provide an overview of the company:
- Company’s purpose, vision, mission
- Company forming information
- About the founders
- Geographical presence
- Present status and condition of the company
- Noteworthy achievements thus far
Product and service:
This section contains the company’s products and services. It is a very important portion of the start-up business plan template. The reason is, in this section, you need to show the way you tackle the major problems. In addition, it also needs to show how the company serves the community.
This section includes:
- Defining the main product or service
- Development phase
- Screenshot or diagrams
- Present format of pricing
- Previous test outcomes
- Forecasting the upcoming products/services the company hopes to develop
Businesses need this phase figured out before they can even start operating. You need to pay special attention to this part of the start-up business plan template. This part consists of all the important information that possible investors want to be aware of. The time you invest in this segment is going to pay dividends moving forward.
In this segment of the start-up business plan template, you can see:
- Competitors and market analysis
- SWOT analysis
- Target audience research (total addressable marketplace)
- Product positioning
- Outcomes of conducted test
- Profiles of the target audience
- Usable marketing mediums
- Marketing budget
- Estimate for cost per action (CPA)
In this part of the start-up business plan template, you can organize and demonstrate your understanding of the industry. This section consists of:
- Facility requirement
- Space requirement
- Equipment requirement
- Technology requirement
- Supply chain requirement
- Quality control check
- Order and fulfillment procedures
- Legal and accounting requirement
Management and Organization
You need to figure out your own necessities at one point and this is the section for it. Additionally, you have to show proof of the fact that you have the ability to get the job done. The proof needs to be shown in front of the investors and licensing bodies. This section demonstrates just how experienced you are with management and within the industry as well as the person in charge:
- Founding members and the team of executives
- Owners and shareholders
- Board of directors
- Consultant and special advisory team
- Representatives of the departments
You don’t need the help of a start-up business plan template to know your financial standing. Here, you need to frankly deliver the snapshots of the financial standing and the position you hope to be in. Then you need to state the funding you require to achieve that position. This section consists of:
- Present-day balance sheet
- Financial statement of the previous two years, if it applies
- Financial forecast for 12 months, on an annual basis through year 5
- Breakeven analysis
- Cash flow forecast
- Income and expenditures
Additionally, you should include the start-up expenses and capitalization needs. The start-up expenses need to be explained in detail. Furthermore, you should emphasize on product development or intellectual goods. However, this section cannot include the amount you are looking to pay yourself in the form of a salary.
This portion will appear at the end of the start-up business plan template. In this portion, you have to add every other information, references, and the necessary documentation. So, what you need to show here are:
- Articles of incorporation and status
- Resumes of the founding members and important team players
- Insurance copies
- Patent registration
Of course, this is not part of the start-up business plan template. But, it is equally important to stay flexible. There is little chance that the plan will come to life smoothly in your very first attempt. However, you shouldn’t take your time to fully polish the business plan.
There is every chance that you will miss out on a great opportunity by then.
To conclude, nothing in the world of business is set in stone. Many things are subject to change with time. However, the business plan template is the gateway to greater things in the business world.