If you are planning to launch a new startup, the first thing you will need is a business plan. Use our startup business plan template created using Upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your startup, spend as much time as you can reading through some sample business plans created for startups.
Reading sample business plans will give you a good idea of what you’re aiming for. It will also show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business goals.
We have created this startup business plan template to get a good idea about what a perfect startup business plan should look like and what details you will need to include in your stunning business plan.
It's easy and fun with Upmetrics.
Why do you need a business plan?
- Getting started: Getting a business up and running may seem chaotic. You may be unsure of where to begin, and here's when a business plan can help you set things straight. It helps prioritize and organize your business activities.
- Predict challenges: Creating a startup business plan helps determine the risks and obstacles that your startup is likely to face in the future. This helps you stay prepared with suitable tactics to overcome these challenges.
- Funding: Attracting investors to score funding is essential for startups. Whether you’re applying for a loan or seeking investors, a business plan helps gain their trust. Having a business plan conveys that you are serious about your business and are trustworthy.
- Goals and milestones: A business plan helps you create measurable goals. It further helps induce focus and track your progress. Witnessing the progress motivates you and your team to perform better and achieve more milestones.
- Finances: Finances are one of the trickiest aspects of a business, especially for a startup. Every decision you make has a financial implication. Hence, it is vital to consider every aspect in decision-making. A business plan helps you manage, track, and predict your finances.
- Revising strategies: When you’re just setting up your business, you’re bound to make the wrong assumptions. A business plan helps you identify your mistakes and revamp your strategies to get back on track.
Why choose a startup business plan over a traditional one
Startups are very different from established businesses. The most obvious reason is that startups don’t have any previous data on how to run their business. This is precisely why a traditional business plan doesn’t work for a startup.
There are some vital differences between a traditional business plan and a startup business plan. These differences exist due to several reasons:
- Lack of a definite business model: In the early stages, it’s difficult to state the structure of your business model because your business idea and its execution are still in the testing phase. Only after a certain period of trial and error, you would be able to describe your business model.
- No performance history: While creating financial projections, an established company examines its credit history, past sales, revenue, expenditure, and growth rate. In contrast, a startup needs to begin with assumptions. You have to predict sales, costs, expenses, growth rate, etc. To increase the accuracy of your predictions, you need to gather reliable factual data to back your predictions.
- Increased risk: Startups have an increased risk factor compared to an established business. This is because startups lack a loyal customer base, an expert team, brand recognition, etc. Devise strategies to overcome the potential risks and challenges that may come your way in the future.
These are the reasons why you need a dedicated business plan for your startup that helps focus on the essential elements while setting up your business.
Tips to create an effective startup business plan
Writing your first business plan can be overwhelming and confusing. However daunting it may seem, it is still something you can't avoid. To help you ease into the process, we have put together a few tips.
- Use a startup business plan template: It can be hard to start from scratch, especially when you are unsure of where to begin. A business plan template helps you get started quickly. You can use it to navigate and structure your plan according to your standards
- Tailor your plan: After choosing a template, it is essential to customize it to your business requirements. Remove sections that are irrelevant and create your business plan based on the purpose you need it for. For instance, if you are building a business plan to get funding, the financial section of your business plan needs more emphasis.
- Research thoroughly: Every section of your business plan needs extensive research. Collect data about your market, industry, and competitors. Study their pricing strategies and market trends. Run surveys and talk to your potential customers to understand their needs and problems.
- Compose according to your objectives: It can be easy to lose sight of your objectives and get lost in the process of writing your business plan. To avoid that, make sure that your marketing strategies, operations, and financial goals are aligning with your business objectives.
- Ask for feedback: Once you finish creating a business plan, get your team and various experts to provide your feedback. This helps you revise and make adjustments to your plan before presenting it to an investor or client.
- Be prepared to answer questions: Before you present your startup business plan, it is crucial to prep yourself to answer any questions related to your plan. It can be because the reader of your business plan may not understand a specific topic or want to test your knowledge. Regardless, keep yourselves informed and ready.
Startup Business Plan Outline
This is the standard startup business plan template outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Business Overview
- Mission Statement
- Product/Service Summary
- Market Opportunity Summary
- Traction Summary
- Next Steps
- Vision Statement
- Capital Request
- Company Synopsis
- Problem Analysis
- Market Overview
- Market Size & Growth
- Market Trends
- Market Segments
- Industry Success Stories
- Product & Services
- Market position
- Unique selling position
- Pricing strategy
- Value to customer
- Revenue Model
- Revenue Channels
- Operating Model
- Critical Costs
- Cost Maturation & Milestones
- Investment Costs
- Operating Efficiencies
- Competitive Analysis
- Competitor 1
- Competitor 2
- Similarities & Differences
- Marketing Plan
- Customer Definition
- Customer Acquisition
- Channel Cost Assumptions
- SWOT – internal and external forces
- Launch Strategy and Budget
- Distribution Channels
- Product Development
- Early Customers & Revenue
- Testimonials & Social Proof
- Intellectual Property
- Press Mentions
- Management & Organization
- Management Team
- John Doe
- Advisory Board Members
- John Doe
- Organization Chart
- Hiring Plan
- Management Team
- Funding Goal
- Use of Funds
- Why Invest? / Conclusion
- Financial Plan
- Income Statement
- Balance Sheet
- Break-Even Analysis
After getting started with upmetrics, you can copy this startup business plan template into your business plan, modify the required information, and download your startup business plan pdf. It's the fastest and easiest way to start writing a business plan for your new startup.
Customize your Business Plan
All businesses are different. So, don't hesitate to customize your business plan according to your requirements. Even though our sample business plans aim to help you create the perfect presentation for your clients and investors, it is finally up to you to decide how you're going to present your ideas in the best light.
Business Plan Software
Our upmetrics business plan software can help you to customize your business plan and provides you a step-by-step guide to write your business plan. You can save your plan online and update it any time, or download it as a PDF or DOC file. You can share business plan online with investors or any other important person with upmetrics easily.