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How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

• What products or services do you provide?
• Who is your target customer?
• What are the benefits of your product and service for customers?
• How much will you charge?
• What is the size of the market?
• What are your marketing plans?
• How much competition does the business face in penetrating that market?
• How much experience does the management team have in running businesses like it?
• How do you plan to measure success?
• What do you expect the business’s revenue, costs and profit to be for the first few years?
• How much will it cost to achieve the goals stated in the business plan?
• What is the long-term growth potential of the business? Is the business scalable?
• How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

• Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

• Business concept. What will your business do?
• Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
• Product or service. What does your product or service do — and how is it different from those of competitors?
• Target market. Who do you expect to buy your product or service?
• Marketing strategy. How will you tell people about your product or service?
• Current revenue and profits. If your business is pre-revenue, offer sales projections.
• Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
• Financial resources needed. How much money do you need to borrow or raise to fund your plan?
• Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

• Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
• Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
• Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

• Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
• Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
• Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
• Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

Explore more

Editable business plan workbook

Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

LLC Formation

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

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SCORE. " When and Why Should You Review Your Business Plan? "

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Writing a business plan: Your step-by-step guide

Learn how to write a sound business plan to help set up your business for success.

Learning how to write a sound business plan is an essential first step toward creating a successful business. Simply put, a business plan outlines your business’s overall goals, strategies, and operations, providing a long-term vision and plan for your entire business. It’s not to be confused with a business proposal, which is a sales document that pitches a specific business idea or product to a potential client or investor. A business plan can help you clarify what you want to achieve and lay out exactly how to reach those goals. This, in turn, can help you motivate your team, promote your business, and make key decisions.

A strong business plan serves as an important communication tool to potential investors and lenders. It will allow you to articulate your current financial status, sources of revenue, and how you plan to meet revenue projections. Although a business plan isn’t always required when applying for all types of credit, it often plays a significant role in SBA loan applications . While no two business plans are alike, every plan should cover the following elements.

Executive summary: Define your business

Your plan’s executive summary is your chance to introduce the business — so it needs to be concise and compelling. The summary should give a brief recap of the history and background of your business in a manner that will make the reader want to learn more about your plan. Sometimes it’s helpful to write this last — after you’ve spent some time contemplating and articulating all the details of your business.

Company summary: Delve into the details

Your business plan should explain what your product or service is and why people and businesses will want to purchase it. Be sure to highlight areas where your product or service has a clear advantage over the competition. Also, include details about pending or established copyrights or trademarks, and present or future plans for research and development (R&D).

Market analysis: Outline your strategy

A market analysis centers on the marketability of your business, who your competitors are and how you fit into the competitive landscape. In the analysis, give detailed information about your business’s industry, including the size of the market, your target market, the market need, and barriers to entry such as supply issues and regulation. Also, include information on any market tests you have conducted and identify your direct and indirect competition.

Marketing plan: Identify your niche

Here, you’ll highlight how you plan to promote your business and generate revenue. Describe in detail what your product or service does and how it will help consumers. Explain how your product is unique from others on the market, and how you will promote your business and generate revenue. Also, provide details about the product life cycle and any intellectual property issues. (Note: Some of this may reiterate or expand upon information elsewhere in your business plan.) You can protect your intellectual property , which can include names, designs and automated process, through trademarks, copyrights, non-disclosure agreements and more.

Management overview: Introduce your leaders

To highlight your human capital, describe how your business will be organized in terms of structure and leadership. Let your reader know who does what and what qualifications they have. Summarize this in your writeup, but consider providing relevant resumes, too.

Financial summary: Develop your financial plan

The financial summary, which includes details about your company’s funding sources, existing debt, any grants , as well as financial analysis, are crucial areas to lay out in detail. Explain the amount of funding your business needs and provide supporting financial data as well as financial projections . Include documents that communicate your business’s current financial status, such as income statements, balance sheets , and cash flow statements. List your expectations for revenues as well as the cost of your goods, rent, fuel, utilities, salaries, and other expenses.

The final step: Organize it logically

There are many ways you can organize the information mentioned above so you can share it with potential investors and lenders, current and prospective team members and managers, and anyone else who needs to understand your vision.

Do your research and find a business plan format that works for your business. There can be different types of plans for different types of readers, i.e. investors vs. employees, so you can modify your plan depending on your audience.

A few things to keep in mind:

• Make it easy to find key info . Create a cover page and table of contents, so information is easy to find. Also consider using dividers with tabs if you’re printing it out and putting it in a binder.
• Add more details as they emerge . Depending on what you do or sell, you may also want to add a section on Action Plans, which includes information on regulations, legal and compliance issues, safety processes, operational and management plans, an employee handbook, delineations of job descriptions of your staff, and anything else you’ve put on paper (or into a digital document).
• Consider using an Appendix . This is where you can store any supporting documents, including financial and market analyses, logo and branding examples, team resumes, and so on.

Your business plan should reflect changes in your business, the industry or the market. Make changes as necessary to incorporate the changing needs of customers or changing economic conditions in order to keep your plan current. Treating your business plan as a living document — and revising it regularly — can help you stay ahead of the competition and exceed your dreams.

Learn more:

For additional support, make an appointment with a Wells Fargo banker who can help you develop your business plan. There are also several resources available to get you started with your business and business plan. Here are a few:

• U.S. Small Business Administration
• America’s Small Business Development Centers Network
• SCORE Association

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Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

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.

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Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.

18 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: July 01, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

So what does a good business plan look like? And how do you write one that’s both viable and convincing? I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Types

Business plan format, sample business plan: section by section, sample business plan templates, top business plan examples.

Ultimately, the format of your business plan will vary based on your goals for that plan. I’ve added this quick review of different business plan types that achieve differing goals.

For a more detailed exploration of business plan types, you can check out this post .

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1. Startups

Startup business plans are for proposing new business ideas. If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

A strategic business plan is another business plan that's often shared internally. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

I’m going to focus on a startup business plan that needs to be detailed and research-backed as well as compelling enough to convince investors to offer funding. In my experience, the most comprehensive and convincing business plans contain the following sections.

Executive Summary

This all-important introduction to your business plan sets the tone and includes the company description as well as what you will be exchanging for money — whether that’s product lines, services, or product-service hybrids.

Market Opportunity

Information about gaps in your industry’s market and how you plan to fill them, focused on demand and potential for growth.

Competitive Landscape Analysis

An overview of your competitors that includes consideration of their strengths and how you’ll manage them, their weaknesses and how you’ll capitalize on them, and how you can differentiate your offerings in the industry.

Target Audience

Descriptions of your ideal customers, their various problems that you can solve, and your customer acquisition strategy.

Marketing Strategy

This section details how you will market your brand to achieve specific goals, the channels and tactics you’ll utilize to reach those goals, and the metrics you’ll be using to measure your progress.

Key Features and Benefits

This is where you’ll use plain language to emphasize the value of your product/service, how it solves the problems of your target audiences, and how you’ll scale up over time.

Pricing and Revenue

This section describes your pricing strategy and plans for building revenue streams that fit your audiences while achieving your business goals.

This is the final section, communicating with investors that your business idea is worth investing in via profit/loss statements, cash flow statements, and balance sheets to prove viability.

Okay, so now that we have a format established, I’ll give you more specific details about each section along with examples. Truthfully, I wish I’d had this resource to help me flesh out those first business plans long ago.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. It is essentially an overview of and introduction to your entire project.

Write this in such a way that it grabs your readers' attention and guides them through the rest of the business plan. This is important because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary: your company description and your products and services.

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front. This is a great opportunity to showcase your impact.

Need some extra help firming up your business goals? I’d recommend HubSpot Academy’s free course to help you set meaningful goals that matter most for your business.

Products and Services

Here, you will incorporate an overview of your offerings. This doesn’t have to be extensive, as it is just a chance to introduce your industry and overall purpose as a business. I recommend including snippets of information about your financial projections and competitive advantage here as well.

Keep in mind that you'll cover many of these topics in more detail later on in the business plan. The executive summary should be clear and brief, only including the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template . What makes this executive summary good is that it tells potential investors a short story while still covering all of the most important details.

Our Mission

Maria’s Gluten Free Bagels offers gluten-free bagels, along with various toppings, other gluten-free breakfast sandwich items, and coffee. The facility is entirely gluten free. Our team expects to catch the interest of gluten-free, celiac, or health-conscious community members who are seeking an enjoyable cafe to socialize. Due to a lack of gluten-free bagel products in the food industry currently, we expect mild competition and are confident we will be able to build a strong market position.

The Company and Management

Maria’s Gluten Free Bagels was founded in 2010 by Maria Jones, who first began selling her gluten-free bagels online from her home, using social media to spread the word. In 2012 she bought a retail location in Hamilton, MA, which now employs four full-time employees and six part-time employees. Prior to her bagel shop, Maria was a chef in New York and has extensive experience in the food industry.

Along with Maria Jones, Gluten Free Bagel Shop has a board of advisors. The advisors are:

• Jeni King, partner at Winding Communications, Ltd.
• Henry Wilson, president of Blue Robin, LLP.

Our Product

We offer gluten-free products ranging from bagels and cream cheese to blueberry muffins, coffee, and pastries. Our customers are health-conscious, community-oriented people who enjoy gluten-free products. We will create a welcoming, warm environment with opportunities for open mic nights, poetry readings, and other community functions. We will focus on creating an environment in which someone feels comfortable meeting a friend for lunch, or working remotely.

Our Competitive Advantages

While there are other coffee shops and cafes in the North Shore region, there are none that offer purely gluten-free options. This restricts those suffering from gluten-free illnesses or simply those with a gluten-free preference. This will be our primary selling point. Additionally, our market research [see Section 3] has shown a demand for a community-oriented coffee and bagel shop in the town of Hamilton, MA.

Financial Considerations

Our sales projections for the first year are $400,000. We project a 15% growth rate over the next two years. By year three, we project 61% gross margins.

We will have four full-time employees. The salary for each employee will be $50,000.

Start-up Financing Requirements

We are seeking to raise $125,000 in startup to finance year one. The owner has invested $50,000 to meet working capital requirements, and will use a loan of $100,000 to supplement the rest.

Example 2 :

Marianne and Keith Bean have been involved with the food industry for several years. They opened their first restaurant in Antlers, Oklahoma in 1981, and their second in Hugo in 1988. Although praised for the quality of many of the items on their menu, they have attained a special notoriety for their desserts. After years of requests for their flavored whipped cream toppings, they have decided to pursue marketing these products separately from the restaurants.

Marianne and Keith Bean have developed several recipes for flavored whipped cream topping. They include chocolate, raspberry, cinnamon almond, and strawberry. These flavored dessert toppings have been used in the setting of their two restaurants over the past 18 years, and have been produced in large quantities. The estimated shelf life of the product is 21 days at refrigeration temperatures and up to six months when frozen. The Beans intend to market this product in its frozen state in 8 and 12-ounce plastic tubs. They also intend to have the products available in six ounce pressurized cans. Special attention has been given to developing an attractive label that will stress the gourmet/specialty nature of the products.

Distribution of Fancy's Foods Whipped Dream product will begin in the local southeastern Oklahoma area. The Beans have an established name and reputation in this area, and product introduction should encounter little resistance.

Financial analyses show that the company will have both a positive cash flow and profit in the first year. The expected return on equity in the first year is 10.88%

Tips for Writing Your Executive Summary

• Start with a strong introduction of your company that showcases your mission and impact, then outline the products and services you provide.
• Clearly define a problem, explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, you might emphasize finances and return on investment for venture capitalists, whereas you might emphasize community benefits and minimal environmental impact for progressive nonprofits.

For more guidance, check out our tips for writing an effective executive summary .

2. Market Opportunity

This is where you'll detail the opportunity in the market. Ask and answer: Where is the gap in the current industry, and how will my product fill that gap?

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, SOM analysis , a SWOT analysis , and perform market research on your industry to get some insights for this section. More specifically, here’s what I’d include.

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Example: The market for Doggie Pause is all of the dog owners in the metropolitan area and surrounding areas of the city. We believe that this is going to be 2/3 of the population, and we have a goal of gaining a 50% market share. We have a target of a 20% yearly profit increase as the business continues.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape Analysis

Since we’re already speaking of market share, you‘ll also need to create a section that shares details on who the top competitors are. After all, your customers likely have more than one brand to choose from, and you’ll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover the following:

• Industry trends that other brands may not be utilizing.
• Strengths in your competition that may be obstacles to handle.
• Weaknesses in your competition that may help you develop selling points.
• The unique proposition you bring to the market that may resonate with customers.

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan shows a clear outline of who the top competitors are. It also highlights specific industry knowledge and the importance of location. This demonstrates useful experience in the industry, helping to build trust in your ability to execute your business plan.

Competitive Environment

Currently, there are four primary competitors in the Greater Omaha Area: Pinot’s Palette Lakeside (franchise partner), Village Canvas and Cabernet, The Corky Canvas, and Twisted Vine Collective. The first three competitors are in Omaha and the fourth is located in Papillion.

Despite the competition, all locations have both public and private events. Each location has a few sold-out painting events each month. The Omaha locations are in new, popular retail locations, while the existing Papillion location is in a downtown business district.

There is an opportunity to take advantage of the environment and open a studio in a well-traveled or growing area. Pinot’s Palette La Vista will differentiate itself from its competitors by offering a premium experience in a high-growth, influential location.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience? I’d recommend building a buyer persona to get in the mindset of your ideal customers and be clear about why you're targeting them. Here are some questions I’d ask myself:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

The Audience

Recognize that audiences are often already aware of important issues. Outreach materials should:

• Emphasize a pollution-prevention practice
• Tell audience a little about how to prevent pollution
• Tell audience where they can obtain information about prevention.

Message Content

• Focus the content for outreach materials on cost savings, such as when and where pollution prevention is as cheap as or cheaper than traditional techniques. Include facts and figures.
• Emphasize how easy it is to do the right thing and the impacts of not engaging in pollution prevention.
• Stress benefits such as efficiency or better relations with government, for businesses not primarily concerned with public image.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you‘ll discuss how you’ll acquire new customers with your marketing strategy. I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier. I’d suggest including these details:

• Your brand positioning vision and how you'll cultivate it.
• The goal targets you aim to achieve.
• The metrics you'll use to measure success.
• The channels and distribution tactics you'll use.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler. In my opinion, it works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Download a free, editable one-page business plan template.

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

23 of My Favorite Free Marketing Newsletters

The 8 Best Free Flowchart Templates [+ Examples]

What is a Business Plan? Definition, Tips, and Templates

7 Gantt Chart Examples You'll Want to Copy [+ 5 Steps to Make One]

How to Write an Executive Summary Execs Can't Ignore [+ 5 Top Examples]

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How to start a small business

This guide will help you get your business up and running..

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

If you're launching your own business, you have a ton of questions that need to be answered: How do you name your business? How do you register it? Will people think your product is good enough to purchase? And how will you afford to get it off the ground when you still have bills to pay? 

With the help of experts and entrepreneurs, we've created this guide to help you figure out the solutions to the above questions and more. Read on and find out what you need to do to successfully launch your small business.

Already have your business plan ready and just need help legally forming it? These companies can help .

Research your market

Formulate a business plan, the different types of business models, fund your business, pick a business name, create a website for your business, legally form your business, apply for a business license (if you need one), apply for an employer identification number (ein), consider business insurance, open a business bank account, launch your business.

It's great that you have a dream and ambition, but you need to make sure there's a market for whatever product you want to create.

"It's important to do that market research prior to spending any kind of money so you can make sure you have something," says Abby Mercado, a former venture capitalist and founder of Rescripted , a women's health media company.

When done right, market research can reveal your ideal customer's specific needs, as well as the solutions they've tried before, your competitors, the price your customers are willing to pay, and more.

How to use social media and real-life feedback for your market research

Social media can give you an idea of what your potential customers are talking about online. If you're planning to launch a dog food company, for example, searching Reddit or going through the comments on competitors' TikTok and Instagram accounts can yield valuable information about what your customer wants. This approach is often referred to as "social media listening."

But it's also important that you don't limit your research to just searching around online and social media. For example, when Mercado was doing market research for what would eventually become Rescripted, a media company focused on women's reproductive health, she reached out to a fertility clinic she was familiar with and got feedback from a doctor there. According to Mercado, the doctor loved her idea and introduced her to potential customers who gave her even more feedback.

Questions to ask for good feedback

Here are some thought starters around the types of questions that would be useful to ask your target customer: 

• Which brands (in your targeted market) have you purchased from in the last 3 months?
• How satisfied are you with the products/solutions that already exist for this market? 
• What was your reasoning for purchasing from a competitor? 
• Which features are most useful to you? 
• How do you prefer to shop for this product/service? 
• At what price would you be unwilling to purchase this product? 

You can also get more useful feedback if you're able to give people an example of your product. For instance, if you want to open up a bakery, maybe whip up a small batch of cookies and hand them out in your neighborhood in exchange for people answering some questions.

Friends and family can sometimes be a good place to start looking for feedback about your offerings, but make sure you're surveying your ideal customer. This is the person who will most likely compare your business to competitors before deciding to buy. So if you're opening a butcher shop but your mom's a vegan, consider getting feedback from someone else. 

A business plan is a document that includes your business's goals and the framework you'll follow to achieve them. It can be a helpful document regardless of your business's size and whether this is your first business or your tenth. 

One of the most useful functions of a business plan is that it keeps you and your team organized and on the same page. If you're launching your business with a partner or are hiring a senior leader, having a written document everyone agrees on can help smooth over arguments about strategy.

A business plan also provides a roadmap for how you need to market your business and earn revenue during different stages of its growth. By identifying certain milestones in your plan, you can get a general sense of whether your business is on track or if you need to make adjustments. 

Finally, when you're applying for a business loan, grant or other types of funding, people may want to see your business plan before they give you money. 

The Small Business Administration (SBA) suggests your business plan include the following:

• An executive summary that provides basic information about your company and team, including what your product is and your company's mission. 
• A company description with more specific details about the market you serve and the advantages you believe you have that will give you an edge over the competition. 
• Trends or themes you're seeing in your target market.
• The legal structure of your business and who will be on your team (also mention if you're flying solo).
• An in-depth description of your product or service (including any patent filings and copyrights) as well as your marketing plan. 
• A declaration that you're seeking funding (if applicable). It can also be a good idea to include your financial projections with your funding request if you're approaching investors for your business. 

The business model is the part of your business plan that breaks down how you'll make money.

There are many business models and plenty of examples of companies that have obtained success with each one. Picking the right one depends on the nature of your business (among other things), since what works for a tech start-up might not fly for a food truck.  

Service (Fee-for-service)

As the name may suggest, a service-based business model involves carrying out a task or service in exchange for a fee. The fee may be paid as a fixed sum or an hourly rate. Common small business examples using a fee-for-service model include consulting, coaching or freelance work. 

Subscription

A subscription business model involves charging a fixed fee on a recurring basis in exchange for a product or service. This is a common model among online service providers, but it can also be used to sell physical products, such as subscription boxes.

This business model involves introducing customers to a free, basic version of the service in the hopes that they'll upgrade to a paid premium version with more features. Because this business model makes it possible for some customers to simply stick with the free version, it isn't ideal for product-based businesses. One example of a freemium business model is an app with free basic features and premium features that are unlocked when you pay to upgrade your plan.  

This type of business model involves selling a physical item in exchange for money. Products can either be sold in-person (think: bakery, ice cream shop, stationery store, etc.) or online as an e-commerce brand. It can be costly to produce a product so the goal is to make the item for a low cost and sell it at a higher price. 

You're going to need some type of funding to get your business up and running. Those costs can range from the equivalent of a night out to the price of a midsize sedan (and more) depending on your business, but you have plenty of options to secure your seed money. 

These are the most common ways to finance your small business idea.

Bootstrapping 

Best for: Businesses with low startup costs; founders with enough personal savings

Bootstrapping is perhaps the simplest way to fund your business because it involves spending your own money to get started. You don't have to apply for funding or worry about paying back a lender. 

Bootstrapping works best when you have low start-up costs (or if you have a high amount of personal wealth). The biggest risk with bootstrapping is sinking too much money in the business and then coming up short in your personal life when you need cash for an emergency or to cover the essentials.

If you aren't in a place where you feel comfortable assuming the risk of bootstrapping, there are other options to consider. 

Crowdfunding 

Best for: Raising small amounts

Crowdfunding involves asking multiple people to provide small amounts of money to help you reach a larger funding goal for a business idea. So if you need $5,000, you might have 200 people giving you small amounts of money to help you reach that goal. 

With crowdfunding, you typically don't have to pay back the people who gave you money (though some crowdfunding platforms make you give the cash back if you don't reach your funding goal within a certain amount of time). 

When Dr. Jenny Woo was working to launch Mind Brain Emotion , a deck of skill-building cards, she used a combination of bootstrapping with a small amount of money and crowdfunding through Kickstarter. 

"For me personally, Kickstarter was the lowest risk," she explains. "The worst risk is you don't get funded. It's also less time-consuming than if you were to pitch [to investors] or try to get a loan."

Crowdfunding can be a good way to close small funding gaps that you can't afford to fill with your personal savings. However, keep in mind that many campaigns may only last 30 to 60 days on the platform so you have to be realistic about how much money you can raise in that time. 

Some crowdfunding platforms charge a platform fee. The fee is charged as a percentage of the total funds you raise and it can range from 5% to 12%. This obviously eats into the money you can walk away with.

Best for: Businesses that don't need urgent funding; businesses that can meet any usage rules

A grant is a lump sum of money awarded to a business or organization that doesn't need to be paid back. Business grants are commonly provided by government organizations, nonprofits and corporations. 

You'll need to fill out an application to be considered. Some grant application processes may have lengthy approval and disbursement timelines so even if you qualify it may take some time to receive the funds. This is why grants may not be for everyone. If you need money more urgently to fund product development, you may need to look at other options.

While it can take a while to be awarded grant money, it can be well worth it if you don't need to dip into your savings or take on debt for your business. 

Also keep in mind that some grants have strict rules on how you can use the funding. For instance, some grants may only be used to fund research and development while others can only be used for purchasing equipment. 

Small business loans 

Best for: Founders who need a large lump sum of money upfront and can afford to make small, incremental repayments

Unlike a grant, a small business loan is money that's provided by a lender that must be paid back within a certain amount of time. The terms of your small business loan can depend on your credit score, the type of business you're running and how much money you need. 

You'll also need to pay interest in addition to the principal amount. So before you decide to take on a small business loan, make sure you can afford to pay it back without defaulting on your balance. 

CNBC Select ranks OnDeck as one of the best small business loan lenders for its same-day funding service, and Kiva for its 0% interest crowdfunded microloans.

Types of loans

Better business bureau (bbb) rating, loan amounts.

$5,000 to $250,000

Up to 24 months

Minimum credit score needed

Minimum requirements.

In business at least 1 year, $100,000 annual revenue, business bank account

Terms apply.

• Potential for same-day cash disbursement (only available in certain states, for term loans up to $100,000)
• Top-tier A+ rating with the BBB
• Low minimum credit score
• Fixed monthly payments
• 100% Prepayment Benefit option, so you can pay your loan off early without any penalty or fee
• Doesn't lend to businesses in Nevada, North Dakota or South Dakota
• Early prepayment fee if you don't qualify for the 100% Prepayment Benefit

Peer-to-peer crowdfunded loan

$1,000 to $15,000

Up to 3 years

No minimum credit score required

You must be 18, live in the U.S., use this loan for business purposes, not currently in foreclosure, bankruptcy or have any liens, and have a small number of your friends and family willing to make a loan to you (Nevada and North Dakota residents are not ineligible)

• Ability to borrow with no interest
• Loans are geared toward borrowers who are unbanked and have trouble qualifying for financial products
• Ability to market your product to 1.6 million lenders on Kiva
• You need to prove your creditworthiness by inviting friends and family to lend to you
• It can take a while to receive your loan since investors need to raise money
• No BBB rating

Small business credit card 

Best for: Founders who want access to a line of credit for small expenses over time

A small business credit card also involves taking on debt to finance your business costs. Unlike a loan, a business credit card is a form of revolving credit that you can use repeatedly (so long as you make good on your payments). This can make it more flexible than a loan, where you need to apply for a lump sum upfront, requiring you to know exactly how much money you'll need from the very beginning. 

The Blue Business® Plus Credit Card from American Express is a strong option for business credit because it offers a 0% intro APR period of 12 months on purchases from the date of account opening (18.49% - 26.49% variable APR after that; APR will not exceed 29.99%). ( See rates and fees ).

The Blue Business® Plus Credit Card from American Express

Earn 2X Membership Rewards® points on everyday business purchases up to $50,000 per year, then 1X point per dollar

Welcome bonus

Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.

0% for 12 months on purchases from date of account opening

Regular APR

18.49% - 26.49% variable; APRs will not exceed 29.99%

Balance transfer fee

Foreign transaction fee, credit needed.

See rates and fees , terms apply.

• No annual fee
• Straightforward rewards program
• 2.7% foreign transaction fee

The Ink Business Unlimited® Credit Card is also a solid contender since it doesn't charge an annual fee and you'll earn 1.5% cash back on purchases for your business.

Ink Business Unlimited® Credit Card

Earn 1.5% cash back on every purchase made for your business

Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening

0% for the first 12 months from account opening on purchases; N/A for balance transfers

18.49% - 24.49% variable

Either $5 or 5% of the amount of each transfer, whichever is greater

Good/Excellent

• Free employee cards
• Simple cash-back program
• Special financing offer for purchases
• 3% fee charged on purchases made outside the U.S.

Which funding method is right for you?

When deciding which funding route to take, you probably want to spend as little of your own money as possible. In this case, you might first consider crowdfunding and applying for grants since you don't need to pay back this money. In the best-case scenario, you'll raise all the money you need for start-up costs without spending a dime of your savings. 

But it's more likely that crowdfunding or grants will cover some of your expenses, but not everything. If you need to save some money to bridge that funding gap, consider a high-yield savings account . An FDIC-insured account is one of the safest places to put your cash, and your funds will earn interest while remaining easily accessible. The Marcus by Goldman Sachs High Yield Online Savings account, for example, doesn't charge any monthly fees, overdraft fees, or excessive transaction fees. LendingClub High-Yield Savings also has no monthly fees, and doesn't require a minimum balance to earn its high APY.

Marcus by Goldman Sachs High Yield Online Savings

Annual percentage yield (apy), minimum balance, monthly fee, maximum transactions.

At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account

Excessive transactions fee

Overdraft fee, offer checking account, offer atm card.

• No minimum balance or deposit
• No monthly fees
• No limit on withdrawals or transfers
• Easy-to-use mobile banking app
• Offers no-fee personal loans
• Higher APYs offered elsewhere
• No option to add a checking account
• No ATM access

LendingClub High-Yield Savings

No minimum balance requirement after $100.00 to open the account

Overdraft fees

Taking on debt to start your business should be a last resort and only used after careful consideration. You must be confident that you can pay back in full any money you borrow for your business. 

Your business's name communicates to the world who you are and what you can do — so it's important to pick a name that lets you put your best foot forward. 

But there are also some legal considerations to make when picking the right business name. For instance, you must avoid selecting a name that sounds too similar to your competitors' names. You can use the Trademark Search tool from the United States Patent and Trademark Office to see if your desired business name has already been trademarked by another business. 

Additionally, you may also need to double-check any laws around naming a business for your state. Some states may require you to add certain "identifiers" to the end of your business name if you're a registered legal entity. Identifiers could include words like "Inc," or "Corp." 

If you're confused about where to start, services like LegalZoom can help you get started in the right direction. LegalZoom lets you set up your business legally and will check that your desired business name is available for you to use.

From $35 to $279+

App available?

Standout features.

LegalZoom offers all sorts of legal document templates online so users can avoid having to hire an outside lawyer. Its downloadable wills, living wills and financial power of attorney documents make it easy to estate plan. LegalZoom also has its own network of attorneys that customers can utilize to ask questions, etc.

Your business needs a website to let potential customers know where to find you online and how to contact you. Your website's complexity will often depend on the type of business you're running. If you have a coaching or consulting business, a simple website where you can talk about who you are and what services you offer works perfectly.

Creating a simple website on your own is relatively straightforward, especially when you use a service like Squarespace or Wix that lets you use premade templates without having to learn to code.  

Squarespace

Plans start at $16/month when you pay annually

Free trial available?

14-day free trial

Squarespace offers several features for building yourself a website, including a wide variety of templates to choose from, support from a Squarespace web designer, marketing tools, a logo maker and more. Its offerings cater to several industries and website uses including blogs, portfolios, fitness, beauty, restaurants, artists, photographers and weddings to name a few.

Plans start at $17/month

No free trial but Wix offers a 14-day money back guarantee

Squarespace offers over 900 website templates, and a website building tool that leverages AI to design a site based on your desired customizations.

However, if you're selling goods and your website is your online storefront, you'll need more functions such as accepting (and processing) customer payments, collecting contact information, displaying your goods in an easy-to-navigate user interface and more. You can still use services to build a more complicated e-commerce website on your own, but it may be worth hiring an expert depending on your skill, time and patience.

Here are some signs that you may want to hire a website designer instead of creating the website yourself:

• You need advanced features to help you sell products online. 
• You need a long-term relationship with a designer to help your site evolve as your business grows.
• You're too busy to do it yourself and are comfortable spending the money to have someone else do it.

One key decision to make that will have far-reaching consequences with taxes and more is your business's legal structure. The three most common legal structures that pertain to small businesses are a sole proprietorship, a limited liability company (LLC) and an S Corporation (S-Corp for short). 

Each structure outlines its own set of distinctions and protections for operating your business. 

Sole proprietorship

A sole proprietorship is probably the simplest structure to understand and use. A sole proprietorship is owned by one individual (the sole proprietor). You don't need to file any paperwork to "incorporate" your business as a sole proprietorship. If you begin operating a business and don't file as any business structure, you'll be automatically considered a sole proprietorship, according to the Small Business Administration (SBA) . 

However, because a sole proprietorship doesn't create a separate entity for your business, you are liable for your business's debts.

"I rarely recommend a sole proprietorship because it's the default structure and you aren't taking advantage of the legal rights you can have with other business structures," says Shaliz Sadig Romano, the Co-Managing Partner at Romano Law , a law firm that represents entrepreneurs. "If something goes wrong, we want to make sure the assets of the company are what's on the line, not your house, car or other personal assets." 

Limited liability corporation (LLC)

Next down the line is an LLC. As the name suggests, an LLC limits the liability you may take on from your business activities. With this type of legal structure, your business becomes an entity that's separate from you and will have its own bank account and taxpayer ID. 

This creates a huge advantage for you as the business owner since you'll be able to protect your personal assets from liabilities, debt, lawsuits or bankruptcies incurred by your business. 

According to Romano, filing for an LLC also sets your business up for growth – investors may feel more comfortable getting involved with an LLC, for example, and you also can hire employees under this structure.  

"As the saying goes, an LLC is a lawyer's likely choice because it's great for small businesses and even some bigger ones that want to keep growing," Romano says. 

S Corporation

An S Corp is another legal structure that provides limited liability protection to the business owner, much like an LLC. Both LLC's and S Corps are considered "pass-through" entities because the business itself doesn't pay taxes but rather the tax liability "passes through" to the owner's personal taxes. Both structures allow owners to protect the owner's personal assets. 

One key difference between the two is that an LLC can have an unlimited number of owners (called members or shareholders) while an S Corp can have no more than 100 shareholders.

Which one is right for you?

Begin by thinking about where you see your business heading. This can provide some clues about which structure may be right for you. "What I tell clients before diving in is that it's important to have a vision of where you want to start and what you want to see in the next two to five years," Romano explains. "Are you looking to be a really small solopreneur like a consultant and don't intend on hiring or having office space? Or are you looking for something much bigger?"  

For instance, if you're planning to run an online e-commerce business on a platform like Etsy all by yourself on the weekends, you may feel secure enough to run it as a sole proprietorship. But if you want to open up a storefront and can see yourself seeking assistance from investors one day, an LLC or S Corp may be a better fit for you. 

Another consideration is the scope of your business practices. According to Romano, while an LLC is fine for doing business in the U.S., not all countries recognize an LLC as a legal entity or have different rules around it. So if you plan on doing business overseas, you'll want to read up carefully on that country's practices around legal structures so you can choose the one that's right for you. 

The other thing to consider are requirements for filing an S Corp . To file an S Corp, you must be a U.S. citizen or legal resident and your business must operate domestically. You also can't have more than 100 shareholders — a person or organization that owns stock in the company — and those shareholders must have voting rights. 

This is not the case for filing an LLC. You don't need to be a U.S. citizen or legal resident to file an LLC. 

Understanding the requirements and do's and don'ts of each of the legal structures can give you a sense of which one best suits your needs. LegalZoom also offers tools to help you figure out which type of legal structure is best for your business.

These companies help you legally form your business

LegalZoom is a well-known service in this space. According to its website, LegalZoom helps users through three steps for getting their business started: Choosing a name and business structure, compliance information and paperwork filing for the business structure. Once you're off the ground, you can also use other LegalZoom features — like getting the right business licenses and getting operating agreements — to manage your business. Pricing can depend on the type of business you're forming, the formation state and any other business management features you might need.

For a more bare-bones service, Tailor Brands is a standout option. At the most basic tier, you can file an LLC application in your state and get it processed within 14 days. For this, you'll only pay your state's filing fee. Other tiers are more costly but offer services beyond just LLC application filing.

The highest pricing tier for Tailor Brands — the Elite package — comes with LLC formation, expedited LLC filing (processed within two days), legal compliance, a domain name and website plus a $50 Amazon gift card all for $249 per year plus your state's fee. You'll also get access to a host of additional business tools with this tier, like digital business cards, eight free logos and more.

Tailor Brands

From $0 to $249/year + state fee

Tailor Brands offers a basic LLC filing service for new business owners that costs $0 (you'll just pay your state's filing fee). It also offers a more comprehensive suite of business management services for a yearly subscription fee, including a website, domain, compliance services, business cards, logos and more.

Another service, Bizee , offers a ton of bang for your buck even at the most basic pricing tier ($0 + your state's filing fee). At this pricing level, you can take advantage of

• unlimited business name searches
• paperwork filing
• access to a Registered Agent (to assist with state compliance for a year)
• compliance alerts
• banking offers
• business tax consulting
• unlimited phone and email support.

There are also several add-ons for an additional charge that you can pick and choose from.

From $0 to $299/year + state fee

Bizee offers a slew of features even at the most basic pricing tier. You'll be able to submit your business filing, receive compliance alerts and take advantage of business tax consultations, business banking offers and unlimited phone and email support. There are also several add ons you can pay extra for at any tier.

A business license is an official permit distributed by a state or local government allowing an organization to conduct business. Not all businesses may require a license but there are certain industries where you must have a license to operate.

For instance, if you're opening a business as an esthetician and offering hair and nail services to clients, you'll likely need an esthetics license to perform those services. If you're opening a bakery, you'll also need a license to prepare and sell food. And if you're starting a construction business, you'll want to get licensed as a contractor. 

As you might imagine, there are many consequences for operating a business without a license — especially if your services result in harm.

Always be sure to check with your state or jurisdiction's business license requirements before you begin operating. 

An employer identification number (EIN) allows the IRS to identify your business and track its tax activities. 

While an EIN may not be necessary for every type of business, certain entities are required to have one, including corporations, partnerships and organizations with employees. 

Business owners can visit the IRS website for additional information on who needs an EIN.

It's free to get an EIN. You'll just need to submit IRS Form SS-4 . If you choose to apply and submit your information online, your EIN will be issued immediately, according to the IRS website . If you apply by mail, it'll take approximately four weeks to process your application. 

There's also the option to apply by fax, which will allow you to receive an EIN within four business days. 

Business insurance can protect your business and its physical property, but it can also provide coverage in the event of a lawsuit, harm, theft and more. 

For instance, if a natural disaster wrecks your bakery's storefront or the vehicles you use to make deliveries get broken into, you can file an insurance claim to cover your losses.

Insurance can also help pay for some expenses if your business is facing a lawsuit. Or, if an employee becomes sick or injured while doing their job, an insurance policy that includes worker's compensation will allow your business to provide the medical care they need. 

The type of insurance and the amount of coverage you need will depend on the business you're running and how much risk is involved with that business. 

CNBC Select ranked The Hartford Business Insurance as one of the best providers for small business insurance since this company services many industries at relatively affordable prices. Nationwide also excels at offering a wide variety of plans to business owners.

The Hartford Business Insurance

The best way to estimate your costs is to request a quote

Policy highlights

The Hartford has been offering insurance policies for over 200 years and insures over 1 million small businesses. It offers coverage for a variety of industries and is highly rated for customer satisfaction.

App available

• Quotes available online
• Highly rated for customer satisfaction
• App doesn't support business policy management

Nationwide Business Insurance

Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.

Keeping your business finances separate from your personal finances is ideal since it allows you to stay organized and keep better track of your transactions come tax time. Plus, some lenders and grant funders require that you have a business bank account so that you can receive your funds. 

It's fairly simple to open a business bank account, and the process is very similar to opening a personal bank account. 

CNBC Select ranked the Bluevine Business Checking Account as one of the best accounts for small businesses since it doesn't charge a monthly maintenance fee, has no minimum deposit required to open the account and no minimum balance requirements. On top of that, account holders earn interest on their balances and get access to a convenient mobile app.

Bluevine Business Checking

Special offer, monthly maintenance fee.

Standard $0; Bluevine Plus $30/month (with options to waive) ; Premier $95/month (with options to waive)

Minimum deposit to open

Standard: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal* Bluevine Plus: 3.0% APY for Plus customers Premier: 4.25% APY without minimum qualifications

Free ATM network

No fees at over 38,000 ATM locations nationwide

ATM fee reimbursement

Small business perks.

Two free checkbooks

Mobile check deposit

Terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC

• No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
• Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
• Connect to business tools like PayPal, Stripe and Expensify
• Unlimited transactions
• Online only (not great if you prefer in-person banking)
• No ATM refunds for out-of-network transactions

*The requirements to earn interest are either:

• Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
• Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider

As for savings accounts, one of the strongest options on the market is the Axos Bank Business Premium Savings account. It doesn't charge a monthly maintenance fee, doesn't have a minimum deposit required to open the account and there are no overdraft fees. It offers a very attractive APY for account balances and you can deposit checks into the account through the mobile app.

Axos Bank Business Premium Savings

Minimum deposit.

Up to 6 free withdrawals or transfers per statement cycle

Yes, if the account holder has an Axos business checking account

• Above-average APY
• Deposit checks remotely using your mobile device
• No physical branches for in-person banking

Set up your accounting system

As a business owner, you'll need to prepare for tax events and manage your cash flow to help you reach your business goals year-round. Working with a professional can help you understand the numbers underpinning your business and clarify what decisions you need to make for long-term success.

"Staying organized is key," says Sheneya Wilson, Founder and CEO of Fola Financial. "Work with a professional who's not just interested in giving you services at the end of the year but rather someone who can work with you throughout the year so you can be prepared."

Of course, good professionals can cost a lot of money. If you want to take a more DIY approach to your business's accounting, consider paying a small monthly fee for software like Quickbooks or Xero . These types of programs can often help you track business expenses, pay bills, and accept payments. They can also integrate with payroll services to make paying your employees simple.

Quickbooks® Payroll

Starts at $22.50/month + $6/month per employee (with discount; regular price starts at $75/month + $6/month per employee)

Benefits Administration

401(k) plans, health benefits, workers' compensation administration

Starts at $3.75 per month for three months (with discount; regular pricing starts at $15 per month)

Yes, through a partnership with Gusto

Yes, in partnership with Gusto; When you sign up for Xero you get 30 days of Gusto for free and after that, you must pay Gusto's standard charges

Once you've checked off all the other items on your to-do list, the last thing left is to actually launch your business and begin operating. 

Before you launch, it can be helpful to set up social media profiles for yourself so you can spread the word before your business is even running. You may be able to get your early clients and customers through friends and family. 

This is also where you can refer back to your business plan for steps on how you'll market the business and increase sales. 

Keep in mind that running a business means you're constantly learning and adapting. There will always be ups and downs but being able to pivot quickly and learn from what's working (and what's not working) can help you recover quickly and build a sustainable business.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Meet our experts 

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed: 

• Sheneya Wilson, the Founder and CEO of Fola Financial
• Shaliz Sadig Romano, the Co-Managing Partner at Romano Law 
• Dr. Jenny Woo, the Founder and CEO of Mind Brain Emotion 
• Abby Mercado, the Co-Founder and CEO of Rescripted and a former Venture Capital Investor at the Altira Group

Why trust CNBC Select? 

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. To research the best insurance companies, we compiled over 100 data points on more than a dozen insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best commercial auto insurance companies. 

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money , and follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

For rates and fees of the Blue Business Plus Credit Card from from American Express, click here

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Welcome to The University of Scranton Small Business Development Center

Part of the pennsylvania small business development center network, ➡️click here for funding & other resources for small businesses.

The University of Scranton Small Business Development Center (SBDC) provides educational programs and no cost, confidential consulting services to entrepreneurs looking to start a small business or grow an existing small business in Bradford County, Lackawanna County, Monroe County, Pike County, Susquehanna County, Tioga County, Wayne County, and Wyoming County in Pennsylvania. The University of Scranton has hosted the SBDC since 1980, providing outstanding resources, support, and funding. The SBDC is housed in the University’s nationally recognized Kania School of Management .

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Kyle R. Guelcher

Regional director.

(208) 792-2440 krguelcher@lcsc.edu

Kyle earned a Juris Doctor from Western New England University School of Law and a Bachelor of Science in Business Administration as well as a Bachelor of Arts in English from North Carolina Wesleyan College.

Kyle’s relevant work experience includes practicing law for over fifteen years. During that time, he assisted corporations with a variety of issues, including complex commercial litigation, contracts, intellectual property, and day-to-day legal advice.

For over five years, Kyle was a SCORE certified mentor where he assisted businesses in Western Massachusetts start, grow, and succeed through mentoring, advising, and providing workshops on a variety of topics.

Throughout his career, Kyle served on the boards of nonprofits and the board of trustees of his undergraduate institution. In addition, Kyle was an active member of the Massachusetts Bar Association. He participated on many committees, including the Business Law Section, Strategic Planning, and he was the Chair of the Young Lawyers Division. Kyle is a former member of the American Bar Association’s and the Massachusetts Bar Association’s House of Delegates. In those positions, he participated in legislation and contributed to rule changes.

Although Kyle does not practice law in Idaho, and he does not provide legal advice, Kyle looks forward to using his education, experience, and knowledge to help businesses be successful.

Todd Broadman

Business consultant.

(208) 301-3093 [email protected]

Todd has been assisting local area businesses in Latah Country since 2015. In addition to consulting, he teaches a course in Marketing at Lewis-Clark State College and serves as Treasurer of the Latah County Human Rights Task Force. He helps guide entrepreneurial ventures that emerge from the University of Idaho.

His post-secondary degrees are in Marketing and International Management and much of his business career was spent in the high technology sector overseas. His small business experience includes being principal in a couple of software startups. His process with SBDC clients is to raise their business awareness and clarify their vision – so that clients can see their goals and know how to realize them.

When not assisting SBDC clients, the focus of his life is being a parent to his two children. Hobbies include: tai chi, tennis, music, writing, and continuous learning.

Tim McDonald

Rural business consultant.

(208) 983-8302 [email protected]

Tim McDonald has degrees in Economics, Civil Engineering and International Economics all from the  University of Washington. He spent years in East Africa as an Engineer for USAID and then returned to  the States to build a 30 year career as a Heavy Construction Estimator, Small Business Owner,  Entrepreneur and Jack of All Trades.

Susan Jacobson

(208) 476-8824 [email protected]

Susan has been a small business owner for over 30 years and a business strategy consultant/grant writer in both the for profit and nonprofit world for the past 20 years. In fact, her first business plan was created with help from the SBDC. As a Team Leader for the USA to the 2012 London Olympic, Susan has an extensive background in recreation and recreation-based business models. She holds a degree in Early Childhood Education and uses that teaching background to help others grow not only their knowledge but true understanding.

In addition to being a rural business consultant, she owns an orchard and wedding venue in the town of Peck, ID. With a passion for helping people develop to their full potential, assisting those folks do the same for their business is as meaningful to Susan as those she serves.

Lauren Cooper

Junior business consultant/work scholar.

(208) 792-2465 [email protected]

Lauren was raised in the small town of Rathdrum, Idaho. She is currently a student at Lewis-Clark State College where she is majoring in Business Administration with an emphasis in Healthcare Management.

She began working at the Idaho Small Business Development Center in August of 2022 as a Work Scholar. In addition to her academic and professional pursuits, Lauren serves as the Business President of the Accounting and Business Student Organization at her college.

Lauren’s goal is to gain valuable insights into business practices and professionalism. She is excited to contribute to the growth and success of small businesses during her time at the Idaho SBDC.

Gracie Bonson

Administrative assistant.

[email protected]

Gracie was born and raised in Lewiston and has lived there her whole life. She has been taking college courses for Business related information. Gracie enjoys being outside in the valley and she loves how everyone is so connected here. Gracie is so excited to be part of the team!

Thanks to the Idaho SBDC’s unwavering support, World of Martial Arts has thrived with invaluable guidance and a supportive community. Over 30 years, the Morrows faced, learned from challenges, and contributed to Lewis-Clark Valley, humbly grateful for SBDC’s role in their journey.

Read the full success story .

“This business is community, it’s our friends and has become something that feels like family. We are making something we love with the people we love, in the place we love.” Read the full success story .

“The SBDC team gave me much-needed advice. More important, they listened and cared. When we experienced supply-chain and cash-flow issues during the pandemic period, they were there.” Read the full success story

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Trump’s campaign called it an economic address. He made big promises but mostly veered off topic

His team billed the speech as a significant economic address, but Donald Trump made little effort to stay on message Wednesday in Asheville, North Carolina, choosing instead to stick to his familiar personal attacks against Democratic rival Kamala Harris.

Supporters of former President Donald Trump gathered in Asheville, North Carolina on Wednesday, where Trump spoke about economic concerns. (AP video by Eric Verduzco)

Republican presidential nominee former President Donald Trump speaks at a campaign rally in Asheville, N.C., Wednesday, Aug. 14, 2024. (AP Photo/Matt Rourke)

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Republican presidential nominee former President Donald Trump arrives to speak at a campaign rally in Asheville, N.C., Wednesday, Aug. 14, 2024. (AP Photo/Matt Rourke)

Supporters arrive before Republican presidential nominee former President Donald Trump speaks at a campaign rally in Asheville, N.C., Wednesday, Aug. 14, 2024. (AP Photo/Matt Rourke)

ASHEVILLE, N.C. (AP) — Donald Trump made little effort to stay on message Wednesday at a rally in North Carolina that his campaign billed as a big economic address, mixing pledges to slash energy prices and “unleash economic abundance” with familiar off-script tangents on Democratic nominee Kamala Harris’ laugh, the mechanics of wind energy and President Joe Biden’s son.

The 75-minute speech featured a litany of broad policy ideas and even grander promises to end inflation , bolster already record-level U.S. energy production and raise Americans’ standard of living. But those pronouncements were often lost in the former president’s typically freewheeling, grievance-laden style that has made it difficult for him to answer the enthusiasm of Harris’ nascent campaign.

Trump aired his frustration over Democrats swapping the vice president in place of Biden at the top of their presidential ticket. He repeatedly denigrated San Francisco, where Harris was once the district attorney, as “unlivable” and went after his rival in deeply personal terms, questioning her intelligence, saying she has “the laugh of a crazy person” and musing that Democrats were being “politically correct” in trying to elevate the first Black woman and person of South Asian descent to serve as vice president.

“You know why she hasn’t done an interview? She’s not smart. She’s not intelligent. And we’ve gone through enough of that with this guy, Crooked Joe,” Trump said, using the nickname he often uses for Biden.

When he was focusing on policy, Trump pledged to end “job-killing regulations,” roll back Biden-era restrictions on fossil fuel production and investments in green energy, instruct Cabinet members to use “every tool” to “defeat inflation” within the first year of a second term and end all taxes on Social Security benefits and income classified as tips.

He promised economic growth so abundant that “we will pay off all our debt,” similar to a pledge he made in 2016 before the national debt ballooned during his presidency. He pledged to lower Americans’ energy costs by “50 to 70%” within 12 months, or a “maximum 18 months.” But he immediately hedged: “If it doesn’t work out, you’ll say, ‘oh well, I voted for him and he still got it down a lot.’”

At one point, Trump seemed even to question the purpose of giving a speech ostensibly devoted to the economy. “They wanted to do a speech on the economy,” he riffed, apparently referring to his campaign aides. “They say it’s the most important subject. I’m not sure it is.”

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Trump spoke at Harrah’s Cherokee Center, an auditorium in downtown Asheville, with his podium flanked by more than a dozen American flags and custom backdrops that read: “No tax on Social Security” and “No tax on tips” — a made-for-TV setup to project the policy heft his campaign wanted Trump to convey.

Republicans had been looking for him to focus more on the economy than the scattershot arguments and attacks he has made on Harris since Democrats shifted to her as their presidential nominee. Twice in the past week, Trump has virtually bypassed such opportunities, first in an hourlong news conference at his Mar-a-Lago estate in Florida, then in a 2 1/2-hour conversation on the social media platform X with CEO Elon Musk.

When he stayed on script Wednesday, Trump contrasted the current economy with his own presidency, asking, “Is anything less expensive under Kamala Harris and Crooked Joe?”

“Kamala has declared that tackling inflation will be a ‘Day One priority’ for her,” Trump said. “But Day One for Kamala was 3 1/2 years ago. Why hasn’t she done it?”

Yet throughout his speech, Trump ping-ponged between his prepared remarks and familiar attacks — deviating from the teleprompter in the middle of explaining a new economic promise when something triggered another thought. He ticked through prepared remarks crisply and quickly. The rest was his more freewheeling style, punctuated with hand gestures and hyperbole.

More than once, he jumped from a policy contrast with Harris to taking another swipe at her hometown of San Francisco. He also noted several times that it was Biden, not Harris, who earned votes from Democratic primary voters. During a section of his speech on energy, he slipped in an apparent dig at Hunter Biden, the president’s son, and his “laptop from hell.”

Trump sought to connect his emphasis on the border and immigration policy to the economy. He repeated his dubious claim that the influx would strain Social Security and Medicare to the point of collapse. He bemoaned the taxpayer money being spent on housing migrants in some U.S. cities, including his native New York. But most of the time he spent on immigration was the same broadsides about immigrants and violent crime that have been a staple of Trump’s speeches since 2015.

The latest attempt to reset his campaign comes in the state that delivered Trump his closest statewide margin of victory four years ago and that is once again expected to be a battleground in 2024.

Trump aides have long thought that an inflationary economy was an albatross for Democrats this year. But the event in Asheville only amplifies questions about whether Trump can effectively make it a centerpiece of his matchup against Harris.

The speech came the same day that the Labor Department reported that year-over-year inflation reached its lowest level in more than three years in July, a potential reprieve for Harris in the face of Trump’s attacks over inflation. Harris plans to be in North Carolina on Friday to release more details of her promise to make “building up the middle class ... a defining goal of my presidency.”

A new poll from The Associated Press-NORC Center for Public Affairs Research finds that Americans are more likely to trust Trump over Harris when it comes to handling the economy, but the difference is slight — 45% for Trump and 38% for Harris.

Some voters who came to hear Trump said they were ready to hear him talk more specifically about his plans, not because they don’t already trust him but because they want him to expand his appeal ahead of Election Day.

“He needs to tell people what he’s going to do, talk about the issues,” said Timothy Vath, a 55-year-old who drove from Greenville, South Carolina. “He did what he said he was going to do” in his initial term. “Talk about how he’d do that again.”

Mona Shope, a 60-year-old from nearby Candler, said Trump, despite his own wealth, “understands working people and wants what’s best for us.” A recent retiree from a public community college, Shope said she has a state pension but has picked up part-time work to mitigate against inflation. “It’s so I can still have vacations and spending money after paying my bills,” she said. “Sometimes it feels like there’s nothing left to save.”

In some of his off-script moments, Trump ventured into familiar misrepresentations of fact, including when he mocked wind energy by suggesting people would face power outages when the wind wasn’t blowing.

Trump again insisted that inflation would not have spiked had he been reelected in 2020, a claim that ignores the global supply chain interruptions during the COVID-19 pandemic, COVID-19 spending boosts that included a massive aid package Trump signed as president, and the global energy price effects of Russia’s invasion of Ukraine.

A Harris aide said Wednesday that the vice president welcomes any comparison Trump is able to make.

“No matter what he says, one thing is certain: Trump has no plan, no vision, and no meaningful interest in helping build up the middle class,” communications director Michael Tyler wrote in a campaign memo. Tyler pointed to the economic slowdown of the pandemic and 2017 tax cuts that were tilted to corporations and wealthy individual households, and predicted Trump’s proposals on trade, taxation and reversing Biden-era policies would “send inflation skyrocketing and cost our economy millions of jobs – all to benefit the ultra-wealthy and special interests.”

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Harris Plans to Ban Grocery ‘Price Gouging.’ What Does the Evidence Say?

Price increases when demand exceeds supply are textbook economics. The question is whether, and how much, the pandemic yielded an excess take.

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By Jim Tankersley and Jeanna Smialek

Reporting from Washington

Vice President Kamala Harris’s economic agenda for her presidential campaign features an argument that blames corporate price gouging for high grocery prices.

That message polls well with swing voters. It has been embraced by progressive groups , which regularly point to price gouging as a driver of rapid inflation, or at least something that contributes to rapid price increases. Those groups cheered the announcement late Wednesday that Ms. Harris would call for a federal ban on corporate price gouging on groceries in an economic policy speech on Friday.

But the economic argument over the issue is complicated.

Economists have cited a range of forces for pushing up prices in the recovery from the pandemic recession, including snarled supply chains, a sudden shift in consumer buying patterns , and the increased customer demand fueled by stimulus from the government and low rates from the Federal Reserve. Most economists say those forces are far more responsible than corporate behavior for the rise in prices in that period.

Biden administration economists have found that corporate behavior has played a role in pushing up grocery costs in recent years — but that other factors have played a much larger one.

The Harris campaign announcement on Wednesday cited meat industry consolidation as a driver of excessive grocery prices, but officials did not respond on Thursday to questions about the evidence Ms. Harris would cite or how her proposal would work.

There are examples of companies telling investors in recent years that they have been able to raise prices to increase profits. But even the term “price gouging” means different things to different people.

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Ukraine war latest: Blaze at Russian oil depot after drone attack; ballistic missiles fired at Ukrainian capital

Russia and Ukraine have exchanged fire overnight and this morning. A Ukrainian drone attack sparked a 5,000 square metre blaze at a Russian oil depot, while Russia launched eight ballistic missiles into Ukraine - three of which broke through its air defences.

Sunday 18 August 2024 08:54, UK

• Ukrainian drone sparks fire at Russian oil depot
• Safety 'deteriorating' at Ukrainian nuclear power plant
• Kursk offensive puts new pressures on entire Russian frontline, analysts say
• Russia launches third ballistic missile attack on Ukrainian capital this month
• 'We could lose': Russian state TV commentators gloomy over Kursk
• Sean Bell: Humiliated Putin will respond ruthlessly to Ukrainian masterstroke
• Michael Clarke : Pokrovsk in real trouble as Russian troops advance
• Listen to the Daily above and tap here to follow wherever you get your podcasts
• Live reporting by Brad Young

Ukraine's offensive in Kursk has generated frontline-wide pressures on Russian forces, according to the Institute for the Study of War.

Vladimir Putin is almost certain to attempt to retake the Russian territory, which will require more manpower and equipment from elsewhere in the theatre, the US-based think tank said.

Long-term, Putin will be forced to make a decision about committing more resource Russia's long international border with Ukraine, imposing "constraints" on theatre-wide planning that "Russia previously did not face".

"The Ukrainian incursion in Kursk Oblast and the heightened Russian priority of maintaining the tempo of offensive operations in Donetsk Oblast will likely place greater strain on Russia's remaining operational reserves and likely begin to impact Russia's ability to sustain consistent offensive operations throughout the theatre," the ISW said.

"Further Russian redeployments to Kursk Oblast would also further weaken Russia's ability to sustain offensive operations in northeastern and eastern Ukraine."

The Russian military has already redeployed 11 battalions from within Kursk Oblast and four Russian force groupings from elsewhere.

This may be at odds with Putin's strategy of grinding attrition and indefinite, incremental territorial gains, but "persisting Ukrainian occupation of Russian territory would be a strategic blow to Putin's decades-long effort to cement a legacy of Russian stability, security, and geopolitical resurgence".

Russia has launched its third ballistic missile attack on Kyiv this month.

A witness heard blasts that sounded like air defence systems early this morning, before fresh air raid alerts sounded over the threat of more missiles heading towards the city.

Preliminary data showed all missiles were destroyed on their approach to the city, the military administration of the Ukrainian capital said. 

"This is already the third ballistic strike on the capital in August, with exact intervals of six days between each attack," said Serhiy Popko, the head of the Kyiv military administration.

He added that Ukraine's air defence units also destroyed a number of drones launched by Russia.

There were no immediate reports of casualties or damage. 

Ukraine's air force chief said its forces destroyed eight Russian attack drones and five out of eight missiles launched overnight towards the Kyiv, Sumy and Poltava regions.

A Ukrainian drone attack has caused a fire at a Russian oil reservoir, according to reports.

More than 70 firefighters rushed to tackle the blaze that covered  5,000 square metres in the Azov district of the Rostov-on-Don region, according to the Russian emergencies ministry. 

Baza, a Telegram channel close to Russian law enforcement, said an oil depot was damaged in Rostov, while Russia's SHOT channel posted a video showing dark smoke rising from what it said was an oil depot.

Regional governor Vasily Golubev said debris from a destroyed Ukrainian drone sparked a diesel fuel fire at an "industrial warehouse". 

Russia's air defence units destroyed five drones that Ukraine launched overnight targeting the Kursk, Belgorod and Rostov regions, Russia's defence ministry said.

Russia rarely admits direct hits by Ukrainian drones.

Welcome back to our live coverage of the war, as we continue to track Ukraine's surprise incursion into the Kursk region of Russia.

Kyiv has been calling for permission to use more Western weapons in Russia, as it seeks to improve Ukraine's future negotiating position and threaten the stability of Vladimir Putin's.

We'll be bringing you live updates and analysis throughout the day, but before we begin, here is a recap of the key developments over the last 24 hours.

Bridge attack: Russia's foreign ministry claimed Ukraine used Western rockets to destroy a bridge over the Seym river in the Kursk region.

Kursk: Volodymyr Zelenskyy heralded the achievements of his forces in Kursk, encouraging them to inflict "maximum damage on all Russian positions".

Ukraine's offensive in the region showed that escalating attacks against Russia was "nothing to be afraid of", a former foreign policy adviser to Mr Zelenskyy said.

Meanwhile, military analyst Sean Bell forecast that Vladimir Putin will not accept any negotiations involving the occupied Kursk territory, despite Ukrainian ambitions, and will instead deal with it "ruthlessly".

Western weapons:  Washington appeared to be effectively blocking the UK from permitting Kyiv to fire Storm Shadow missiles inside Russia. The UK has been waiting for US approval for more than a month, a government source told The Times.

'Insane' propaganda: Kyiv dismissed "insane Russian propaganda" alleging Ukraine planned to carry out nuclear attacks. Moscow had accused Ukraine - without providing any evidence - of gearing up to attack the Kursk nuclear power plant and developing a "dirty bomb"; an explosive used to scatter radioactive waste.

Threat to nuclear safety: Safety at Ukraine's occupied Zaporizhzhia Nuclear Power Plant was deteriorating after a drone strike on a nearby road, the International Atomic Energy Agency said.

Ukrainian President Volodymyr Zelenskyy has praised the UK's "true leadership" in its support of Ukraine - but warned "the situation has slowed down recently" as it pushes into Russian territory.

In his nightly video address, he stressed it is "crucial that our partners remove barriers that hinder us from weakening Russian positions in the way this war demands".

He promised to "intensify our diplomatic efforts" amid the Kursk incursion, naming the UK,  US, and France as key targets.

It comes amid speculation Germany is planning to halve its Ukrainian aid budget next year.

Mr Zelenskyy finished his X post by saying: "Throughout this war, we've seen the UK demonstrate true leadership—in arms, politics, and support for Ukrainian society. 

"This has saved thousands of lives, reflecting the strength of the UK."

But he added: "Unfortunately, the situation has slowed down recently. 

"We will discuss how to fix this because long-range capabilities are vital for us. The whole world sees how effective Ukrainians are—how our entire nation defends its independence."

In a Sunday Express interview, Defence Secretary John Healey endorsed Ukraine using British weapons inside Russia - as long as it keeps within international law.

The UK "should be proud" British weapons are being used by Ukraine – including inside Russia, the defence secretary has said.

John Healey told the Sunday Express that he is happy for weapons to be used over the Russian border, providing international law is maintained.

He told the newspaper: "Let me be very clear: under Article 51 of the UN Charter, Ukraine has a clear right of self-defence against Russia's illegal attacks.

"Providing international law is followed, that does not rule out operations inside Russia."

He added: "We should be proud of Britain's support for Ukraine's struggle.

"We should be proud that British-donated equipment, in the hands of brave Ukrainians on the front line, is helping them to defend their country and push back Putin."

Ukrainian troops crossed into the Russian border region of Kursk on 6 August in a bid to divert the Kremlin's military focus away from the frontline in Ukraine.

On Thursday, Ukrainian forces claimed to have seized the town of Sudzha, six miles from the border.

The UK is one of Ukraine's leading military donors, providing lethal and non-lethal weaponry, including tanks, air defence systems, and long-range precision strike missiles.

Safety at Ukraine's occupied Zaporizhzhia Nuclear Power Plant is deteriorating after a drone strike on the road surrounding it, the International Atomic Energy Agency (IAEA) said on Saturday.

Zaporizhzhia is the largest nuclear facility in Europe and has been occupied by Russian soldiers since the early stages of its war with Ukraine.

Earlier today, the IAEA Support and Assistance Mission to Zaporizhzhia (ISAMZ) team was informed that an explosive carried by a drone detonated just outside the plant's protected area.

A visit by the team found no casualties and no damage to nuclear equipment - but the surrounding road and gates were impacted.

The impact site was close to the essential cooling water sprinkler ponds and about 100m from the Dniprovska power line, the only remaining 750-kilovolt line providing a power supply to the plant, the team said.

IAEA Director General Grossi commented: "Yet again we see an escalation of the nuclear safety and security dangers facing the Zaporizhzhia Nuclear Power Plant.

"I remain extremely concerned and reiterate my call for maximum restraint from all sides and for strict observance of the five concrete principles established for the protection of the plant."

The ISAMZ team has reported heightened military activity in the area over the past week.

Germany plans to halve its military aid to Ukraine in 2025, according to a parliamentary source.

Chancellor Olaf Scholz is instead planning to use money generated from frozen Russian assets in Germany to support Ukraine's war against Russia, the source told AFP on Saturday.

It is not planning "any additional aid" to the $4.4bn (£3.4bn) already set aside in next year’s budget, the source added.

But Germany's foreign ministry denied the claims on X on Saturday.

"Rumours that Germany stops its support to #Ukraine are wrong," a post read.

"We stand with Ukraine & will support Ukraine as long as it takes.

"Since the beginning of Russia's war of aggression, Germany has supported Ukraine with €34 billion. 

"This year, we will provide military aid north of €7 billion."

Germany is Ukraine's second biggest military donor, providing £6.8bn in aid this year.

The leader of Russia's Chechnya region has appeared in a video threatening to send a Telsa into Ukraine – while praising Elon Musk.

Ramzan Kadyrov, who is known for extravagant publicity stunts, posted the video of himself on Telegram.

It shows him driving a Tesla Cybertruck, seemingly with a machine gun strapped to the roof.

He says he will send the vehicle into the Ukrainian conflict zone, before praising the company's chief executive Elon Musk.

Mr Kadyrov describes Musk as the "strongest genius of modern times", inviting him to Chechnya.

"We... await your future products that will help us finish the special military operation," referring to the Kremlin’s term for the Ukraine war.

Two Italian journalists who angered Moscow with a TV report from Ukrainian-controlled parts of Kursk will return to Italy for their own safety, according to Italian state broadcaster RAI.

Russia's foreign ministry summoned Italy's ambassador yesterday over what it called an "illegal border crossing" by the RAI crew.

The interior ministry was planning to open criminal cases against the two journalists, posted Baza, a Telegram channel close to Russian law enforcement.

"The company decided to make journalist Stefania Battistini and cameraman Simone Traini return temporarily to Italy, solely to ensure personal safety and security," RAI said. 

"Journalism is not a crime. The Moscow authorities' possibility of putting Stefania Battistini and Simone Traini on trial is unacceptable. Reporting is not done with prior authorisations," RAI union Usigrai and Italy's national press union FNSI said in a joint statement. 

A four-person RAI crew, working under Ukrainian military escort, produced the first foreign media report from the war-damaged Russian town of Sudzha last week.

Italy's foreign ministry said its ambassador Cecilia Piccioni had explained to the Russian authorities that RAI and its news teams acted independently and autonomously. 

The two reporters are scheduled to fly back to the northern Italian city of Milan tomorrow.

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