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Business plans are a critical early step for entrepreneurs who are considering starting a new venture. They can provide a useful road map to follow as you build your business, and even established organizations can benefit from them when they want to shift priorities and ensure goals are met on time.

No matter where you are in the process or what kind of business you have, consider starting with a business plan outline. Here’s what you need to know.

Think of a business plan outline as a template that can help entrepreneurs get started — often a difficult step in many endeavors. Though every business plan is different, depending on the type of business and the stage that business is in, there are some general similarities among them.

A business plan outline is a road map with information on such details as what products or services the organization intends to provide, how the company will operate and strategic goals the business hopes to achieve. 

Startups and entrepreneurs may use their business plans to secure funding from banks, venture capital firms and individual investors.

Your business plan is both a marketing piece that can attract investors and a veritable north star that guides you as you structure, manage and grow your business.

But business plans aren’t just for people starting a new business; they can be useful documents for established businesses as well. No matter the industry, consumers and markets change, and new technologies go mainstream regularly. To keep up with the changes, experienced organizations may need to develop a new business plan or revise an older one.

A business plan at a seasoned company can also help senior leaders keep track of their goals and remain focused on or adjust the company’s mission and vision.  

One reason entrepreneurs may want to start with an outline or template is to ensure all the variables are accounted for. A simple idea may sound great but “putting it on paper” may reveal gaps that are better addressed earlier rather than later. You may have the service you plan to provide and a great marketing and sales strategy, but have you done a competitor analysis? Do you know how the company will operate on a day-to-day basis? It pays to think ahead.

— more common than lean startup business plans — are lengthy, detailed documents that use a standard structure to outline the most important aspects of a business. Entrepreneurs who are trying to secure funding, or those with a more complex business idea, will often choose this model. 

A lean startup business plan for entrepreneurs is much shorter and hits only the key points of a traditional business plan. These work well for simple business ideas that you want to explain quickly. Lean startup business plans are also a good choice if you plan to adjust them frequently.

Some lean business plans include key assumptions and experiments to test those assumptions. Assumptions, or key beliefs, often answer the following questions:

• Who are the target consumers?
• What problems will your product or service solve for them?
• How much will they pay?
• How will you bring awareness to your business?

Experiments to test these assumptions may include landing pages, prototypes or surveys.

Even more concise than the lean startup business plan, the one-page business plan is often used in pitches for investors and may include more graphic elements than the others. It still summarizes key aspects of the new venture, like financial projections and the target market, but in a much shorter format. 

Here is an example of a business plan outline to help you get started.

The executive summary gives a brief overview of the other elements in your business plan. Because it covers everything in your plan, it may be a good idea to write it last. 

This section provides a high-level overview of your business, including its mission, vision, and products or services.

The market and competitor analysis section provides an in-depth look at the industry landscape, including the target market, market size, trends and demographics. It also involves identifying key competitors’ strengths and weaknesses. 

This section should include details about the business’s organizational structure and other company details. It should explain the policies and procedures and who (how many and with what qualifications) will carry those out. Will there be physical locations? What equipment is needed? 

This section should delve into the specifics of what a business offers. It should include a detailed outline of the company’s products or services, emphasizing their unique features and benefits. Include the distinctive selling points, such as how the offerings meet customer needs and competitive advantages. 

This section should explain the marketing and sales strategies in detail. It may be a good idea to include the pricing strategy as well as how the company will attract and retain customers.

If you plan to request funding, you’ll want to specify the amount needed for the next five years. Include capital expenditures, operating expenses and growth investments, and explain how the funds will provide a return on investment. 

Provide a detailed, five-year forecast for income, cash flow and balance sheets, as well as a break-even analysis. Make sure your estimates are realistic and show how the business will be profitable and sustainable.

The appendix typically includes supplementary information that supports the main content. This can include resumés of key team members, detailed market research data, legal documents, product photographs and other relevant documents.