what is business planning software

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• 5 Best Business Plan Software and Tools in 2023 for Your Small Business

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change.

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A business plan can do a lot for your business. It can help you secure investors or other funding. It can give your company direction. It can keep your finances healthy. But, if we’re being honest, it can also be a pain to write.

Luckily, you don’t have to start from scratch or go it alone. Business plan software and services can help you craft a professional business plan, like our top choice LivePlan , which provides templates, guidance, and more.

You’ve got quite a few choices for business plan help, so we’re here to help you narrow things down. Let’s talk about the best business plan tools out there.

• LivePlan : Best overall
• BizPlanBuilder : Most user-friendly
• Wise Business Plans : Best professional service
• Business Sorter : Best for internal plans
• GoSmallBiz.com : Most extra features
• Honorable mentions

Business plan software 101

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LivePlan: Best overall business plan software

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. *With annual billing

LivePlan has been our favorite business plan software for a while now, despite the stiff competition.

There’s a lot to like about LivePlan. It has pretty much all the features you could want from your business plan software. LivePlan gives you step-by-step instructions for writing your plan, helps you create financial reports, lets you compare your business’s actual financials to your plan’s goals, and much more. And if you ever need inspiration, it includes hundreds of sample business plans that can guide your writing.

LivePlan software pricing

But the best part? You get all that (and more) at a very competitive price. (You can choose from annual, six-month, or monthly billing.) While LivePlan isn’t quite the cheapest business plan builder out there, it’s not too far off either. And if comes with a 60-day money back guarantee. So there’s no risk in trying LivePlan out for yourself.

With a great balance of features and cost, LivePlan offers the best business plan solution for most businesses.

BizPlanBuilder: Most user-friendly

Need something easy to use? BizPlanBuilder fits the bill.

BizPlanBuilder doesn’t have a flashy, modern user interface―but it does have a very clear, intuitive one. You’ll be able to see your plan’s overall structure at a glance, so you can quickly navigate from your title page to your market trend section to that paragraph on your core values. And as you write, you’ll use a text editor that looks a whole lot like the word processing programs you’re already familiar with.

BizPlanBuilder software pricing

Data effective 3/13/23. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

BizPlanBuilder also offers lots of helpful guidance for actually writing your plan. It gives you pre-written text, in which you just have to fill in relevant details. It offers explanations for what information you need to include in each section of your plan and way. It even gives you helpful tips from experts, so you’ll have all the information you need to plan like a pro.

So if you want planning software with almost no learning curve, you’ll like BizPlanBuilder.

Wise Business Plans: Best professional service

• Custom quote

Unlike all the other companies on this list, Wise Business Plans doesn’t offer software. Instead, it offers professional business plan writing services―meaning someone does all the hard work for you.

Now, you might think that sounds expensive―and you’re probably right (you have to request a custom quote for your plan). But there’s a lot to be said for expertise, and Wise Business Plans has plenty of that. Your business plan will get written by an experienced writer (with an MBA, no less). They’ll get information from you, do their own research, and then write your plan. You get one free revision, and you can always pay for more.  

Wise Business Plans service pricing

Your end result will be a polished, entirely original business plan. (You can even get printed copies.) And best of all, you won’t have to spend your precious time working on the plan yourself. Wise Business Plans takes care of all the hard parts, and makes your business look good while doing it. Sounds like a service worth paying for, right?

Put simply, if you want the most professional business plan possible, we recommend using Wise Business Plans’s writing service.

Business Sorter: Best for internal plans

Many businesses need plans to show to people outside the company (to get financing, for example). But what if you just need a plan for internal use? In that case, we suggest Business Sorter.

Business Sorter uses a unique card-based method to help you craft the perfect business plan. (You can watch a demo video to see how it works.) You’ll plan some of the usual things, like finances and marketing. But Business Sorter also lets you make plans for specific teams and team members. It also emphasizes more internal matters, like operations, that might get overlooked in a business plan for outsiders.

Business Sorter software pricing

After you’ve made your business plan, Business Sorter also helps you stay accountable to it. You can create tasks, give them deadlines, and assign them to team members―giving you basic project management tools to make sure your business plans become business actions. (Oh, and did we mention that Business Sorter has the lowest starting prices of any software on this list?)

It all adds up to a business plan software that works great for internal planning.

GoSmallBiz: Most extra features

Want to get way more than just business planning software? Then you probably want GoSmallBiz.

See, GoSmallBiz offers business plan software as part of its service―but it’s just one part of a much bigger whole. You also get everything from discounts on legal services to a website builder to a CRM (customer relationship manager) to business document templates. And more. In other words, you get just about everything you need to get your startup off the ground.

GoSmallBiz software pricing

Don’t worry though―you still get all the business planning help you need. GoSmallBiz gives you business plan templates, step-by-step instructions, and the ability to create financial projections. And if you get stuck, GoSmallBiz will put you in touch with experts who can offer advice.

If you want business planning and much, much more, give GoSmallBiz a try.

• PlanGuru : Best financial forecasting
• EnLoop : Cheapest tool for startups

We recommend the software above for most business planning needs. Some businesses, though, might be interested in these more specialized planning software.

Honorable mention software pricing

Planguru: best financial forecasting features.

PlanGuru is pretty pricey compared to our other picks, but you might find its forecasting features worth paying for. It has more forecasting methods than other software (over 20) plus it lets you forecast up to 10 years.

EnLoop: Cheapest tool for startups

EnLoop doesn’t have our favorite features or interface, but it does have really, really low pricing plus a seven-day free trial. It's the most affordable software for startup business planning and still provides all the essential features like financial analysis, team collaboration, charting, and more.

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. * With annual billing

Several of our previous favorite planning software, including BusinessPlanPro and StratPad, seem to have gone out of business.

A business plan is a written, living document that tells the story of your business and what you plan to do with it. It serves as the source of truth for you—the business owner—as well as potential partners, employees, and investors, but it also serves as a roadmap of what you want your business to be.

Why you need a business plan

While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business. For example, one 2016 study found that business owners with written plans are more successful than those that don’t. 1

Still too vague? Then let’s get specific.

If you ever seek business funding (from, say, banks, angel investors , or venture capitalists ), you’ll have to prove that your business deserves the money you want. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. (In fact, most potential investors will expect you to have a business plan ready.)

Even if you’re not seeking funding right now, a business plan can help your business. A formal plan can guide your business’s direction and decision making. It can keep your business accountable (by, for example, seeing if your business meets the financial projections you included). And a formal plan offers a great way to make sure your team stays on the same page.

What to include in your business plan

Not all business plans are created equal. To make a really useful business plan, you’ll want to include a number of elements:

• Basic information about your business
• Your products/services
• Market and industry analysis
• What makes your business competitive
• Strategies and upcoming plans
• Your team (and your team’s background)
• Current financial status
• Financial and market projections
• Executive summary

Of course, you can include more or fewer elements―whatever makes sense for your business. Just make sure your business plan is comprehensive (but not overwhelming).

How business plan software can help

With so many elements to include, business plan creation can take a while. Business plan software tries to speed things up.

Most business plan software will include prompts for each section. In some cases, you can just fill in your business’s specific information, and the software will write the text for you. In other cases, the software will give you specific guidance and examples, helping you write the text yourself.

Plus, business plan software can help you stay organized. You’ll usually get intuitive menus that let you quickly flip through sections. So rather than endlessly scrolling through a long document in a word processor, you can quickly find your way around your plan. Some software even lets you drag and drop sections to reorganize your plan.

Sounds way easier than just staring at a blank page and trying to start from scratch, right?

Choosing business plan software

To find the right business plan builder for your business, you’ll want to compare features. For example, would you rather write your own text, getting prompts and advice from your software? Or would you rather go with a fill-in-the-blank method?

Likewise, think about the elements you need. If your plan will have a heavy focus on finances, you’ll want to choose business plan software with robust financial projection features. If you care more about market and competitor analysis, look for software that can help with that research.

You may also want to find business plan software that integrates with your business accounting software . Some plan builders will import data from Xero, QuickBooks, etc. to quickly generate your financial data and projections.

And of course, you’ll want to compare prices. After all, you always want to end up with software that fits your business budget.

The right business plan software can make your life easier. With LivePlan ’s wide breadth of features and online learning tools, you can’t go wrong. Plus, BizPlanBuilder 's one-time pricing makes it easy to invest while Business Sorter has a low starting cost. And if you're business is looking to grow, GoSmallBiz and Wise Business Plans will scale with you.

But of course, different companies have different needs. So shop around until you find the software that’s best for you and your business.

Now that you've got a business plan, take a look at our checklist for starting a small business.  It can help you make sure you have everything else you need to get your startup off to a good start!

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Creating a business plan can take anywhere from a couple hours to several weeks. Your timeline will depend on things like the elements you choose to include, whether you use software or hire a writing service, and how much research goes into your plan.

That said, much of the business plan software out there brags that it can help you create a fairly detailed plan in a few hours. So if you’re going the software route, that can help you set your expectations.

If you want to get the most out of your business plan, you should update it on a regular basis―at least annually. That way, you can continually refer to it to inform your company’s strategies and direction.  

At the very least, you should update your business plan before you start looking for a new round of funding (whether that’s with investors or lenders).

Thanks to business plan software, you can easily write your own business plan rather than pay someone to do it for you. And in most cases, software will cost you less than a professional business plan service.

There are some times you might want to go with a service though. If time is tight, you might find that it’s worth the cost of a service. Or if you’ve got big investor meetings on the horizon, you might want the expertise and polish that a professional service can offer.

Ultimately, you’ll have to decide for yourself whether business plan software or a business plan service will work better for your company.

Methodology

We ranked business plan software and tools based on features, pricing and plans, and connections to project management and other services. The value of each plan and service, along with what it offers, was a big consideration in our rankings, and we looked to see if what was offered was useful to small businesses or just extra. The final thing we looked at was the ease of use of the software to see if it's too complex for small businesses.

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. Harvard Business Review, “ Research: Writing a Business Plan Makes Your Startup More Likely to Succeed .” Accessed March 13, 2023.

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5 Best Business Plan Software in 2022

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When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

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Tell us where you're at in your business journey, and we'll direct you to the experience that fits.

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The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

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.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

Growthink’s Ultimate Guide to Business Plan Software

Written by Dave Lavinsky

Over the past 20+ years, Growthink has helped over 500,000 entrepreneurs, executives and business owners develop business plans, start their small businesses, and exit successfully with a focus on business planning and capital raising. In doing so, we’ve tried all the best business plan software solutions out there, and have also built two business planning software options of our own.

Download our Ultimate Business Plan Template here >

This article provides a brief overview of business planning, defines what business plan software is, covers other key questions related to business plan writing software, and reviews 5 business plan software options. Working on a budget? Take a look at the best free software options to help you write a great plan.

Quick Links

• Business Planning Overview

What is Business Plan Software?

What does business plan software do, do i need business plan software.

• Key Features of Business Plan Software
• Why You May NOT Want To Use a Planning Program
• Paid vs. Free Business Plan Software

Benefits of Using Business Plan Software

• 5 Best Business Plan Software Solutions in 2024

Business Plans & Planning

Starting and growing a small business is exciting, but can also get daunting very fast. Even getting a small company off the ground involves making significant decisions every day around operations, marketing, human resources, and financial data. The success of your business directly hinges on how and when you make these decisions. Also, none of these business decisions can be made in a vacuum, they require market research, competitor analysis, and industry analysis.

As a passionate entrepreneur, you might think that since you have a great idea you will figure out the rest with time and everything will fall into place. Unfortunately, that rarely happens. In fact, successful businesses the world over are almost always a combination of solid ideas backed by solid planning and wise use of business plan tools.

The right plan will not only provide you with a roadmap to grow your business, but it is a required business planning tool if you hope to raise capital to start or grow your business.

Business plan software helps individual entrepreneurs and small businesses develop and polish their plans. It provides a robust framework or template which allows you to explore your idea and present your vision in concrete ways. Software-driven business plan templates and other business plan software tools are powerful assets for a small or large business.

A comprehensive plan not only gives your company’s history and provides market intelligence, but it also lays out the roadmap for the future. Your plan will help you predict future roadblocks and how the market and your company might look down the road. This allows you to be proactive in helping you survive and thrive.

The right software also helps you create a well-thought-out and well-researched plan which can prove instrumental in attracting investors. With investors comes funding and the chance to see your business start or scale-up. Every investor first thinks of their return on investment before funding any enterprise. By going through a business’s detailed plan, investors are able to gauge the viability and profitability of that business, and hence the probability of them earning a solid return. If your plan is vague and incomplete, then you will have an exceptionally hard time finding investors willing to fund you. Likewise, banks will refuse you a loan if they do not find your plan comprehensive and convincing. As a result, a detailed plan is a must for obtaining capital or a loan.

Business plan software allows you to easily create or write a successful plan. The software guides you through the questions your plan must answer. Rather than starting with a blank sheet of paper, the software lets you know exactly what to include in your plan and the order in which it should be completed.

You’ll also gain focus. Rather than thinking about what to include in your plan, you simply answer the questions the software lays out for you. Once you answer the questions, the software organizes and prints your business plan document in the format preferred by investors and lenders.

Finish Your Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template , you can finish your plan in just 8 hours or less!

Click here to finish your plan today.

Business plan software is extremely helpful to certain individuals. If you like working in web applications and are ok having less control, then software is probably the best option for you. Conversely, if you like typing into a Microsoft Word document, appreciate maximum flexibility, and are comfortable with manipulating Excel spreadsheets, then getting a template in Word and Excel is probably your better option.

Typically, the business plan program you choose will allow you to quickly answer questions rather than having to develop comprehensive answers. For example, when discussing your promotions plan, the software may list your promotional options such as radio advertising, social media marketing, pay-per-click advertising, etc. With planning software, you simply click the options you will employ. Without the program’s aides, you would need to write paragraphs describing each promotional method you will use.

A small business owner may find the strict guidance and assistance a good fit for their needs. Financial planning and forecasting and business goals guidance can be especially valuable for a small company, but the value ultimately depends on the owner’s experience, planning needs, and business planning process.

Key Features of Business Planning Programs

Great software programs make it quick and easy for you to complete your plan. The following features allow you to accomplish this:

Sample text:

• No matter the tool or application you end up using, you will have to write complete sentences. As an example, you’ll need to craft content to describe your company, products, etc. Great software gives you sample sentences that you can use and edit.

Automated financial statements: creating your plan’s financial statements can be a lengthy and tedious process. Great software allows you to simply enter your assumptions, such as your salaries, prices, expected initial units sold, and business growth rates, and the software then calculates and presents your full financials.

Design options: An important feature of the software is its ability to allow you to choose the look and feel of your plan. For instance, a bakery’s plan should look different than a plan for a hedge fund.

Ability to omit sections: All plans must have the same core sections such as an executive summary, marketing plan, competitive analysis, and financial plan. However, some sub-sections are not relevant for all companies. For example, a distribution plan is required for companies that don’t sell directly to customers. You should be able to omit sections while working through the plan creation process.

Check boxes: An important feature of the software is to show buttons or boxes that you merely need to click. For example, your company’s unique success factors can include the strengths of your management team, marketing plan, partnerships, competitive advantage, etc. Ideally, your software already lists each potential success factor for you. If so, it’s much less work for you to simply check the relevant boxes and explain them, rather than trying to brainstorm your success factors and documenting them from scratch.

Why Shouldn’t I Use Business Planning Software Tools?

If you are uncomfortable working online or are frustrated with technology, then you shouldn’t use business plan software. Rather, you should work in traditional spreadsheets and word processing programs.

Also, if you’d like complete control over your plan, then an online business planning app may not be right for you. Your program will generate your plan for you (typically as a PDF document) when complete. If you want to make several customizations, your software may not be able to handle them. Such customizations might include changing your footers, adding watermarks, including oversized pictures, including documents in your appendix, etc.

Paid vs Free Business Plan Software

The old saying “you get what you pay for” is often true, and in this scenario, the old adage is accurate once again. While there are some free software tools available, they tend to have significant drawbacks and limitations.

The biggest drawback of free software is that they don’t include financial modeling capabilities. Your financial model is one of the most important parts of your plan and the hardest to complete from scratch. If you don’t have a CPA or significant financial and spreadsheet experience, creating your financial model will be very difficult.

Also, free software often skips key questions that investors and lenders must know before considering your company as a funding candidate. For example, if you don’t convey your unique success factors, which most programs neglect, you’ll be at a significant disadvantage in raising funding.

Business plan software provides multiple benefits.

Makes the Process Simple Business planning software makes the whole process of writing or learning to write a plan easier and more manageable. A business novice would need all the help they can get, but even an expert can sometimes make do with a little helping hand. The right software gives you a step-by-step wizard to guide you through each component of your plan and advise you on what to include and/or exclude from your detailed business plan. The right software will often include sample plans as well.

Saves Time Working with planning software saves you time. You’ll quickly transform your business ideas and market research into a viable business proposition full of supportive and meaningful data. A business plan app has your plan pre-organized saving you much time and energy.

Collaborative in Nature Another value-adding feature is that it allows multiple team members to contribute individually to the plan. You can see and review items that have been incorporated by other members of your team. This collaborative spirit lets you take full advantage of the varied talents and competencies of the people on your team.

Assists with Your Financial Projections & Statements Most people with a non-finance background find it incredibly hard to work on the financial aspect of a plan. Your financial projections include calculating an income statement, projecting cash flow, and creating a balance sheet.

This is a difficult but necessary part of your plan since potential investors will scrutinize this financial data to determine the viability of your business. So, you cannot afford to project incorrect or incomplete numbers. The right software helps convert your assumptions into a complete financial model to insert into your plan.

There is a lot to be gained from working with a good program. The key is finding out which software is right for you and your business. Below we review the 5 best software programs in the market to give you a holistic view of what is available and how to choose wisely.

Review of the 5 Best Business Plan Software Solutions

[Note that PlanBuildr is a subsidiary of Growthink.]

PlanBuildr is one of the fastest growing business plan software in the world.

It is also the only software that allows you a free trial: this is the direct link to try PlanBuildr for free .

With over 150,000 entrepreneurs and counting registered on the platform, this business plan builder is a great starting point to masterfully build your plan. PlanBuildr was created by influential leaders and experts in business and financial planning and raising capital for businesses. With a vast array of features available to you, you are able to create the first draft of your plan in just ten minutes. Such a quick delivery time without compromising on quality is unparalleled right now in the market.

Features Available at PlanBuildr

Ease of Use

PlanBuildr offers a great yet simple way to help you get started on your plan. With PlanBuildr you get to complete simple fill-in-the-blank questions that cover every element of your plan. In this short and simple way, PlanBuildr constructs a draft of your plan by using your answers as the base. You just fill in the blanks and PlanBuildr does the rest. Within minutes you get a working draft of your plan.

Strong Financial Modeling Capabilities

PlanBuildr goes the extra mile when it comes to creating complete financial projections for your plan. You just have to enter elementary figures like the number of products you think you will sell in the coming years and PlanBuildr will compute your full five-year financial forecasts.

With this software, you can easily create your income statement, balance sheet, and cash flow statement within minutes. PlanBuildr is also able to create charts to display these numbers and informative graphs to help present your real accounting data in a way that makes it easy to understand and analyze.

Experience in Every Industry

PlanBuildr has comprehensive experience creating business plans in every industry from hospitality to travel and tourism and from food service to non-profits. PlanBuildr’s portfolio is quite wide and impressive. So, no matter what field your business is in, PlanBuildr can help turn your idea into a successful reality.

Professional Designs

PlanBuildr offers ten skillful designs that will make a professional business plan . Choose any design and see your plan transform into an amazingly well-outlined document that will immediately impress even those who see hundreds of business plans on a daily basis.

On the whole, PlanBuildr is a highly strategic planning tool that creates a world-class plan for you while also suggesting several improvements to further enhance the quality of your plan. It is a great resource to have on your side as you venture out to create a business legacy for yourself. PlanBuildr is deservedly the top of our picks of great business plan software.

Summary: Price: Free and Paid options

Quick pros list: user friendly, easy, free/inexpensive

Quick cons list: need an internet connection

Why it’s recommended: PlanBuildr is a quick, easy and inexpensive way to create your plan.

Visit PlanBuidr.com Business Plan Software Here

Growthink’s Ultimate Business Plan Template

Growthink’s Ultimate Business Plan Template is the result of 20+ years of hard work by the renowned business planning expert, and co-founder/president of Growthink, Dave Lavinsky.

Called the business plan expert by sources including Business Week, Lavinsky has been instrumental in helping hundreds of thousands of entrepreneurs complete their business plans and raise billions of dollars in funding. After earning his MBA from UCLA’s prestigious Anderson School of Management, Lavinsky has dedicated his career to helping entrepreneurs create winning business plans.

Growthink’s Ultimate Business Plan Template is also one of our top picks because of the sheer number and quality of features it provides a budding business entrepreneur. Also, since it comes as Microsoft Word and Microsoft Excel document there is no complicated software to use and you can quickly and easily complete your plan.

Below is a non-exhaustive list of what you can expect when you get the Ultimate Business Plan Template:

Investor Focused

Sometimes when you are working on a business plan by yourself it’s easy to be swept away by the passion and leave practical considerations behind. This becomes evident only when you present your plan to actual investors who then find that your plan lacks focus and direction. With Growthink’s Ultimate Business Plan Template, you are guided into creating a business plan which covers each of the key points investors and lenders need to see. This maximizes your chances of securing funding in the form of equity and/or business loans.

Excellent Customer Service

Apart from step-by-step guidance throughout the whole business plan creation process, Growthink’s Ultimate Business Plan Template provides free customer service year-round. Here dedicated customer support professionals will answer all your queries and help you walk through the different features of Growthink’s Ultimate Business Plan Templates.

They also offer a “Members Area” where you get immediate answers to all your business questions and additional support in the form of samples and resources to aid your developing business plan.

Lifetime Access

When you get Growthink’s Ultimate Business Plan Template you also get lifetime access to it. You can use it multiple times for multiple business endeavors in the future. You just make a single payment and that is it. There are no pesky monthly charges. This is a great deal for a great product.

With tremendous operational, financial, and design capabilities Growthink’s Ultimate Business Plan Template is a comprehensive system to which you can trust your business plan. Growthink is so confident in its services (and rightly so!) that it offers a 365-day money-back guarantee. So, you can try out this immensely useful resource without any monetary pressure.

Summary: Price: $97

Quick pros list: quickly and easily create a professional business plan for funding from investors and/or lenders; extremely flexible.

Quick cons list: more expensive than PlanBuildr

Why it’s recommended: This is the gold standard for an easy planning process. If you need funding then there’s no better option.

Check out Growthink’s Ultimate Business Plan Template here

LivePlan, by Palo Alto Software, is another business plan software that offers some decent learning tools and financial services. However, it loses out to the first two business plan software because of its slightly steep learning curve. With LivePlan, you need to invest some time in understanding the software and some might even experience difficulties in working with it.

The user interface can be smoother and more user-friendly. Their pricing model is competitive; their annual and monthly plans are priced at $139.92 and $19.95 respectively which you can choose from depending on your need and budget.

Summary: Price: $20/month

Quick pros list: easy to use; fairly intuitive

Quick cons list: clunky in places; expensive ($240/year if paying monthly)

Why it’s recommended: Liveplan is a solid software solution based on years of development and updates.

LivePlan Reviews on Google

  We’ve done a comparison of Liveplan vs Growthink too for your reference.  

As a business plan software solution, PlanGuru provides over twenty forecasting features that help you create a unique business plan for yourself. Here, you can expect to receive plenty of help with both financial and non-financial aspects of a business plan. PlanGuru assists in creating cash flow statements, income statements, current and future sales projections, P&L statements and balance sheets- all quintessential in a robust business plan.

Unfortunately, pricing is extremely expensive. Their monthly plan is $99/month while their annual plan is $899/year.

Summary: Price: $99/month or $899/year

Quick pros list: good software with good financial forecasting capabilities

Quick cons list: their pricing model is too expensive for most entrepreneurs and small business owners

Why it’s recommended: if money isn’t an object, you can use this business plan creation software to build a strong financial model

ABS Ultimate Business Planner

The ABS Ultimate Business Planner helps simplify the process of writing a business plan by providing numerous business resources and sample plans. Their step-by-step guide directs you expertly through your individual business plan while providing some pertinent suggestions along the way.

The product however is a bit “clunky” and hasn’t changed much since it was first launched many years ago.

Summary: Price: $99

Quick pros list: includes sample business plans; good financial forecasting capabilities

Quick cons list: price is high for limited features and a bit clunky to use

Why it’s recommended: if none of the other options above fit your needs, this is a worthwhile alternative.

A well-written business plan will attract and influence investors, giving you the necessary funding, and hence an opportunity, to set up and/or grow your idea. The right tools are essential for helping you and your team accomplish this goal. While there is no best business plan app or best business plan software, it’s worth reviewing the options available to see if there might be a user-friendly, business plan creator that will help you create a successful business plan.

Business Plan Software FAQs

Business Plan Software is a suite of applications intended to provide users with the tools they need to build business plans. These programs are designed for entrepreneurs, start-ups, and established businesses looking to expand their operations. The purpose of this software is not only to offer users an easy way to create business plans but also help them monitor their sales efforts and measure their financial performance.

They are typically created for small- and medium-sized companies that operate locally or regionally, although they can be used to create business plans for any size company looking to take advantage of the additional features and functions available within this type of software. Users can also monitor their competitors and offer services and products at a competitive price.

Business plan software is used to identify potential obstacles and opportunities, analyze business environments or markets, and measure the performance of a company's workforce for better business management. It allows users to create budgets and forecasts in order to project cash flow and income statements, manage expenses and revenue streams, establish development strategies, establish employee benefits and compensate executives, and monitor performance.

What is the Easiest Way to Complete My Business Plan?

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Business Plan.

What Should Entrepreneurs Look For In Business Plan Maker Software?

Many entrepreneurs seek a free business plan generator online to develop their business plan. Importantly, you must make sure the free plan maker not only includes the body of your plan but the financials. The business plan financials, which must include your income statement, balance sheet and cash flow statement, are essential to your business plan, particularly if you are seeking funding.

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Click here to finish your business plan today.

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Blog Business 8 Best Business Plan Software for 2024

8 Best Business Plan Software for 2024

Written by: Krystle Wong Jan 01, 2024

Gone are the days of staring at blank pages and struggling to structure a business plan effectively. With user-friendly interfaces and a wide range of business plan templates catering to various industries, creating business plans that are polished, professional and data-driven can now be done in a fraction of the time.

For startups, business plan software guides them through the crucial early stages with comprehensive business plan templates and financial modeling tools. Established businesses on the other hand benefit from the software’s collaborative features, enabling seamless teamwork as they pivot, innovate and pursue new growth opportunities.

In this article, let’s delve into exploring the seven best business plan software for 2024. Whether you’re an aspiring entrepreneur with a groundbreaking idea or a seasoned business owner ready to elevate your enterprise to new heights, these software solutions have all you need to create a solid business plan.

Click to jump ahead:

What is a business plan software?

• 7 Best business plan software for 2024

Factors to consider when choosing a business plan software

7 steps to create your own business plan, business plan software faq, key takeaway.

A Business plan software is a specialized digital tool designed to assist entrepreneurs, startups and established businesses in creating, organizing and presenting comprehensive business plans. 

Business plan software significantly reduces the time and effort required to create a comprehensive business plan . The availability of business plan templates, financial modeling tools and automated features streamlines the process of business planning and eliminates the need for starting from scratch.

Some advanced business planning software even integrates market research capabilities. This feature provides users with access to market trends, industry benchmarks and relevant data. Access to such data helps users make informed decisions and demonstrate a thorough understanding of their target market.

8 Best business plan software for 2024 

1. venngage.

Venngage specializes in transforming traditional business plans into captivating visual stories. Visuals can communicate complex information effectively, ensuring your ideas stand out and resonate with your audience.

When it comes to business planning, conveying your ideas with impact is just as important as the content itself. In this digital age, visual storytelling has emerged as a powerful way to captivate audiences and leave a lasting impression. That’s where Venngage steps in.

With a rich library of templates, Venngage offers a variety of themes and styles to suit different industries and business types. Customize your business plans with our user-friendly drag-and-drop tools by adding your brand elements, customizing colors, fonts and visuals to make your business plan truly unique. Check out our library of sample business plans to get started today.

However, while Venngage excels in visual storytelling, it might not be the go-to tool for in-depth financial forecasts and analysis. Users seeking extensive financial modeling might want to complement Venngage with a comprehensive business planning tool.

Pricing options:

Create your first 5 designs with Venngage for free and upgrade to a premium or business plan for $10/month per user and $24/month per user respectively to enjoy premium features. For larger teams who need extra support, controls and security, the enterprise plan starts from $499/month for 10+ seats.

Can I collaborate with team members using this business plan software?

Yes, absolutely! Venngage offers collaborative features that allow you to work seamlessly with multiple team members when creating business plans. You can invite team members to join your Venngage account and they can contribute to the design process in real time. 

Can I export my business plan to different file formats?

Upgrade to a premium or business plan on Venngage to export your professional business plan to different file formats. After designing your business plan, you can choose to export it as a high-quality PDF document, which is ideal for sharing and printing. Additionally, Venngage allows you to export your business plan as an image file (PNG or JPG), making it easy to use in presentations or on your website. 

Is this business plan software suitable for startups or established businesses? 

Venngage is great for entrepreneurs and businesses looking to enhance their business plans with visually engaging infographics and visual assets.

Instead of sharing a lengthy, 50-page document that may bore your audience and fail to effectively convey your message — present your business plan with infographics. Here’s how you can create a business plan infographic that will wow your readers and showcase your business at its best. 

2. LivePlan

Source: Screenshot from LivePlan

In the realm of business planning software, LivePlan stands out as a reliable and user-friendly tool. With a focus on seamless financial forecasting and budgeting capabilities, LivePlan streamlines the planning process, helping businesses transform their visions into reality.

The software’s financial forecasting tools provide users with the ability to project revenue, expenses and cash flow accurately. This financial insight is invaluable for making informed decisions and setting realistic goals.

For hassle-free data integration, the business plan software offers seamless integration with accounting software . This feature allows users to import financial data effortlessly, saving time and reducing manual data entry.

While LivePlan excels in financial planning and user-friendliness, some users may find the customization options for design and layout to be limited. For businesses seeking highly tailored visual aesthetics, LivePlan’s template-based approach might be less ideal.

The standard plan is available at $20/month for monthly billing and $15/month for annual billing. For businesses seeking extensive financial tools to support their operations and growth, the Premium plan costs $20 for the first month and $40/month (monthly billing) or $30/month (annual billing) for subsequent months.

LivePlan facilitates seamless collaboration among users within your account, allowing multiple individuals to work on the same plan concurrently. To prevent conflicting edits, LivePlan restricts access to specific sections, allowing only one user to edit at a time while others observe the locked section.

You can export your business plan by using the print to PDF feature. This generates your plan content in a standard file format compatible with Adobe Reader and other free reader programs. Alternatively, you can export your plan to Microsoft Word (2007 or later).

A great tool for small businesses, startups and entrepreneurs looking for easy-to-use software with solid financial planning tools.

3. Upmetrics

Upmetrics is an AI-powered business planning software that helps businesses of all sizes and industries write their business plan.

With Upmetrics AI Assistant, you can write your plan faster, get answers to any business-related queries, and prepare financial forecasts in no time. 

Besides, the subscription includes access to 400+ sample business plans, various informative guides, and video tutorials to keep your business plan writing process on track. 

Additionally, it has collaborative features, so that everyone on the team can share their insights. Not just that, the software provides you with an AI pitch deck generator, so you can make a stellar pitch.

As an AI business plan builder , Upmetrics is suitable for entrepreneurs, startups, and small businesses to write their plans at any stage. Although it has various cover page designs and immense customization options, it might still lack visual appeal. 

Pricing plan options 

• Starter plan – $7 monthly 
• Premium plan – $14 monthly 

Yes, you can collaborate with your team members while using Upmetrics. It offers collaboration tools that allow you to work effortlessly with your team on the business plan. You can invite team members to collaborate, assign tasks, and track the progress together. 

You can download your business plan as a PDF or directly as a document in Word. Besides, you can share the business plan directly to any email, and they will get the viewer access to the plan. 

Upmetrics is a versatile business planning software suitable for startups and established businesses. But its financial planning features, step-by-step guidance, and AI Assistant make it more useful for startups writing business plans for the first time.

4. BizPlan by Startups.com

Source: Screenshot from BizPlan

If you’re a startup aiming to raise investments, BizPlan is the one for you. As a universal professional business plan builder, BizPlan offers the added advantage of seamless integration with all the tools within the Startups.com network.

Designed with startups in mind, BizPlan’s step-by-step approach allows you to break down the entire scope of work into manageable steps and the built-in Progress Tracker tool keeps you on track towards success.

Once you subscribe, BizPlan opens the door to utilizing all the tools offered by Startups.com, making it a one-stop shop for your entrepreneurial needs. Whether it’s lifetime access to the service, connectivity to Findable to attract financial investments, a wealth of online educational programs or the ability to connect multiple owners to a single account, BizPlan delivers comprehensive support.

While the business plan software offers an array of benefits, it’s essential to consider the possible downsides. The absence of a free version and a mobile app, along with a lack of industry-specific templates for business plans may be worth considering before making your decision

Pricing plan options:

• Monthly plan ($29 per month)
• Annual plan ($20.75 per month or $249/year)
• Lifetime access (one-time fee of $349)

Bizplan encourages collaboration with partners, team members, advisors and subject matter experts by allowing threaded comments throughout the entire plan. It provides control over who can access sensitive financial data and enables convenient cloud-based access from anywhere.

Bizplan provides multiple options for sharing your business plan with others. You can generate an online version of your plan, which can be set as private by default or made publicly accessible through a unique shareable URL. Additionally, Bizplan offers the option to create a custom-branded PDF of your business plan. 

BizPlan is great for entrepreneurs and small businesses who value a vast collection of resources and need support in financial analysis.

Source: Screenshot from Enloop

Enloop emerges as one of the best business plan tools for startups, catering to entrepreneurs who crave a streamlined planning process. With the ability to automatically generate basic text for each section of your plan, Enloop saves time and effort in crafting your business vision.

A highlight of the business plan tool is its automatic generation of financial projections, offering accurate insights based on your entered data. This powerful feature empowers entrepreneurs to make informed decisions and project future outcomes with confidence.

For those with a penchant for strategic thinking, Enloop’s “what-if” scenario analysis becomes an invaluable tool. It allows users to explore various business strategies and assess their potential impact on plan outcomes, enabling sound decision-making.

Enloop doesn’t stop at generating numbers; it goes a step further by providing a business plan grading system. This insightful feature assesses plan quality, giving users valuable feedback to refine and enhance their business plans.

However, it’s essential to consider the software’s limitations as customization and design options are relatively limited. Additionally, the basic version of Enloop might not meet the needs of all users, as it lacks certain advanced features. 

• Seven day free trial (no credit card required)
• Detailed plan ($19.95/month or $11/month when billed annually)
• Performance plan ($39.95/month or $24/month when billed annually)

Enloop’s online business plan writing app lets you invite and collaborate with anyone on your business plans using the ‘Invite & Share’ feature.

Enloop allows you to download your business plan in PDF format whenever you’re ready. The plans remain accessible in your paid account, encouraging regular updates to keep track of your business’s health and have an up-to-date plan ready for financing needs.

Suitable for entrepreneurs seeking a tool that simplifies financial forecasting and scenario analysis.

6. PlanGuru

Source: Screenshot from PlanGuru

PlanGuru’s standout feature lies in its ability to forecast all three financial statements – income statement, balance sheet and cash flow statement so that users can make data-driven decisions.

Creating detailed analyses becomes a breeze with PlanGuru’s general ledger import utilities, allowing seamless historical data import. The software facilitates budget vs actual reporting and enables building rolling forecasts with just a few clicks each month.

Unlimited budgeting flexibility is another advantage offered by the business plan builder. Users can craft simple high-level small business budgets or delve into intricate multi-department operating budgets with ease.

With scenario analysis capabilities, PlanGuru empowers users to interpret the financial impact of specific events accurately. This feature enables making critical investments and strategic decisions with confidence, knowing thorough due diligence has been performed.

Given its sophisticated features, PlanGuru may be more suitable for financial professionals and analysts looking for in-depth financial analysis and budgeting tools. Users not familiar with financial modeling may face a steeper learning curve when utilizing Enloop’s robust capabilities.

• Single entity ($99/month or $75/month when billed annually)
• Multi-department consolidations ($299/month or $225/month when billed annually)

You can add up to 3 users with the multi-department consolidation plan. Additionally, all plans allow you to add on $29/month (billed monthly) or $25/month (billed annually) for each extra user.

What other apps does PlanGuru integrate with?

The cloud-based platform is also accessible as a Windows-based desktop version, giving you the freedom to choose the format that suits you best. Additionally, PlanGuru seamlessly integrates with MS Excel, QuickBooks Online and Xero, providing further flexibility and convenience in using the software.

The cloud-based version is suitable for SMBs or nonprofits budgeting for a single entity while the multi-department consolidations plan is for companies with multiple departments needing consolidated budgets.

7. Business Sorter

Source: Screenshot from Business Sorter

With Business Sorter’s card sort system, crafting the foundation of your plan becomes a breeze. Featuring 273 cards covering various business situations, the business plan generator offers flexibility, allowing users to customize their plan by adding their cards or modifying existing ones, tailoring the plan to their specific needs.

The platform also provides the convenience of viewing your plan on any device, including smartphones, which not many business plan apps have. Additionally, guidance is at hand with Business Sorter as the software provides valuable tips and advice for every key step, empowering users to implement their business strategy with confidence.

While Business Sorter excels in its interactive features, it may not offer as extensive financial analysis tools as other business plan software. For businesses requiring advanced financial modeling capabilities, Business Sorter might not fully meet their requirements.

• For small teams with up to 3 users ($10/month or $80/year)
• For medium teams with up to 10 users ($30/month or $240/year)
• For large teams with up to 30 users ($80/month or $640/year)
• For enterprises with unlimited users (custom pricing)

Your business plan can be edited by only one user at a time. When a user opens a plan, it automatically locks to prevent any data loss and remains locked until the user finishes their work and exits the plan.

You can print each business plan directly from the plan summaries on your dashboard. 

Suitable for both entrepreneurs and businesses looking for an interactive and visually appealing planning approach.

9. AchieveIt

Source: Screenshot from AchieveIt

AchieveIt stands as a versatile software for business plans, designed to simplify the planning process for businesses of all sizes and planning methods. With AchieveIt, you can easily build plans, ensuring alignment and engagement among your employees and optimizing plans for seamless execution.

Regardless of your preferred planning method, AchieveIt empowers you to construct plans effortlessly, providing a flexible solution for any planning use case. The software ensures your plans are well-aligned with your organization’s objectives, engaging all team members for successful plan execution.

The business plan tool provides robust tracking and reporting features, allowing businesses to monitor the progress of their plans and measure performance against set goals. Users can create customized dashboards to visualize key performance metrics, making it easier to identify trends and insights.

That said, In comparison to most business plan software, AchieveIt’s pricing might be relatively higher with its extensive features. On top of that, for users new to strategic planning software, AchieveIt may present a learning curve during the initial adoption phase.

The business plan software packages for AchieveIt varies based on factors like organization size, required functionality and the number of users. AchieveIt being an enterprise-level software offers custom pricing to cater to the specific needs of each business. For accurate pricing details, it’s best to contact their sales or customer support team.

AchieveIt allows team members, stakeholders and advisors to have shared access to the platform, providing them with visibility into the latest updates and progress on the plans. Users can assign tasks to team members and track their progress within the platform. 

Can AchieveIt integrate with existing systems?

AchieveIt’s Data Integration API lets you import key metric data from existing systems, saving time and reducing errors by eliminating the need for data entry in multiple places.

AchieveIt is best suited for medium to large-sized businesses and organizations that require a comprehensive and collaborative strategic planning platform. It caters to teams and enterprises seeking to improve their planning processes, track performance and drive organizational alignment to achieve business objectives effectively.

No idea what your business plan should look like? Check out these business plan examples for inspiration. 

When searching for the best business planning software, you may be wondering — what features should I look for in business plan software? You want to make sure it meets your specific requirements and streamlines the planning process effectively. Here are the top six factors to consider:

Ease of use

The software should have a user-friendly interface that simplifies the process of creating a business plan. Look for intuitive navigation, clear instruction and a layout that makes it easy to input and organize your information.

Features and business plan templates

Check the range of features and business plan templates the software offers. Look for a diverse selection of business plan templates catering to various industries and business types. The software should provide essential sections like executive summaries, market analysis, financial projections and more.

Financial modeling tools

Your business plan software should allow you to input financial data and generate accurate and comprehensive financial projections. These business plan creation tools are vital for assessing the financial viability of your business.

Collaboration and sharing

If you’ll be working with a team or seeking feedback from others, consider software that enables real-time collaboration and easy sharing. The ability to work together seamlessly can enhance productivity and improve the quality of your business plan.

Built for fast-moving teams that need to be on the same page, Venngage’s real-time collaboration enables you to polish your design with your team in real time, leave comments on each other’s work,and save your designs in one shared folder. With your  Venngage Business  account, you can easily invite and manage your team members to collaborate on a design, all in real time.

Security and data protection

Since a business plan contains sensitive information, prioritize software that prioritizes security. Ensure that the software uses encryption and data protection measures to keep your data safe from unauthorized access.

Exporting and sharing options

Check the software’s export options. You’ll likely want to share your business plan with others, so ensure it can be exported in popular formats like PDF or PowerPoint.

Are you an entrepreneur starting a new business or expanding your existing business? This guide on how to create a small business plan might come in handy for you. 

Creating business plans can be a crucial step in setting your entrepreneurial vision on the right track. To help you through the process, here are 7 steps to guide you in crafting a comprehensive business plan:

Step 1: Executive summary

Start with an attention-grabbing executive summary. This section provides an overview of your business. In your executive summary, make sure to highlight your mission, goals, products or services, target market and the unique value you offer. Keep it concise, yet compelling.

Step 2: Company description

Give a detailed description of your company. Explain your business’s history, its legal structure (e.g. sole proprietorship, LLC, corporation) and the reasons why your business will succeed in the market.

Step 3: Market analysis

Conduct thorough market research to understand your industry, target market and competition. Identify your ideal customers, their needs and preferences. Analyze your competitors and highlight your competitive advantages.

Step 4: Products and Services

Describe your products or services in depth. Explain their features, benefits and how they meet the needs of your target customers. Emphasize what sets your offerings apart from the competition.

Step 5: Marketing and sales strategy

Outline your marketing and sales strategies to reach your target audience. Explain your promotional activities, pricing strategies, distribution channels and sales tactics. Detail how you plan to acquire and retain customers.

Step 6: Financial projections

Project your financial performance over the next three to five years. Include estimated revenue, expenses and cash flow. Detail your startup costs and funding requirements if applicable. Be realistic and supported by market research.

Step 7: Implementation plan

Create a detailed roadmap for executing your business plan. Set specific goals and milestones. Break down tasks and assign responsibilities. Include timelines and a plan for measuring progress.

A great tip here is to start with a well-structured outline. This guide on how to create a business plan outline will help you in creating your blueprint to easily identify your business’ resource needs, including finances, personnel and equipment. 

Is my business data safe with business plan software?

Most reputable business plan software providers prioritize data security and employ encryption and other measures to keep your business data safe from unauthorized access.

What are the benefits of using business planning tools?

Business planning tools offer time efficiency, professional presentation, error reduction, collaborative features and accessibility, making it easier to create a comprehensive business plan that impresses investors and stakeholders.

Do I need any specific skills or expertise to use business plan software?

No, many business plan software solutions are designed to be user-friendly, requiring no specific skills or expertise. They often come with templates and step-by-step guidance to assist you through the planning process.

In the dynamic landscape of 2024, businesses are on the lookout for innovative tools to stay ahead of the curve and drive their growth. These 7 business plan software picks for 2024 offer a wide range of features, from user-friendly interfaces and real-time collaboration to sophisticated financial analysis tools and customizable dashboards.

Whether you’re looking for user-friendly platform business planning tools that aligns with your business planning processes or a business plan writing software that allows you to tailor the business plan according to your industry, goals and unique requirements — I’m quite certain I’ve got them all covered. 

The value of these business plan software options lies not only in their efficiency but also in their ability to save time and reduce errors. By integrating with existing systems through Data Integration APIs, users can seamlessly import key metric data, eliminating redundant data entry and streamlining the process.

If you’re still unsure about which is the right business plan software for your business, you can always take advantage of free trials or video tutorials and demos offered by software providers. Testing the platform firsthand will give you a practical understanding of its usability and suitability for your business.

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7 Best Business Plan Software for Startups in 2024

• Resources for Planning a Business
• Best Business Plan Software

Last Updated: April 26, 2024 By TRUiC Team

Launching a new startup is an exciting yet challenging endeavor. Crafting a comprehensive business plan is a critical first step for any founder to outline their vision, objectives, and strategy. It acts as a roadmap to help guide important decisions and next steps as a company grows.

With so many options available, finding the right business planning tool can be daunting. The best software should be affordable, user-friendly, and offer a robust set of features to aid in financial modeling, strategic planning, and more.

In this review, we'll explore some of the top business plan software solutions designed specifically for entrepreneurs. We'll compare capabilities, ease of use, templates and resources, integrations, pricing, and more. Whether you’re looking to create an investor-ready plan or simply organize your strategy, choosing the right tool can help you get started on the right foot.

Best Business Plan Software for Startups: LivePlan

Top Business Plan Software Solutions

In this review, we'll look at seven of the best business plan software platforms — discussing their pros, cons, features, pricing, and more — so you can decide which one is right for your startup.

Best Business Plan Software for Startups 2024:

• LivePlan - Best Overall
• Bizplan - Easiest to Use
• Enloop - Best Automation Features
• PlanGuru - Best Financial Forecasting
• IdeaBuddy - Best for Idea Validation
• iPlanner - Best for Nonprofits
• Wise Business Plans - Best Professional Services

The following tools all have their own great features. Based on its affordable pricing and usability, LivePlan is our top business plan software choice for startups.

Try LivePlan today or continue reading to explore your options!

Best Business Plan Software: LivePlan

LivePlan is the overall best business plan tool, offering a large number of features at an affordable price.

Visit LivePlan

1. LivePlan - $15/month to $30/month

We love LivePlan overall because it offers great value at an affordable cost. The software lets you quickly create a business plan from anywhere in the world using what is arguably the best business plan software available on the market. It does everything better than its competition and costs way less.

What’s more, the online “cloud-based” platform is easy to use and you are under no contract or obligation to keep paying for the service. Even better, if you decide to stop service for whatever reason, Palo Alto Software, the makers of LivePlan, will keep your account active and data preserved for at least a year should you decide to reactivate your account later.

• Create an unlimited number of business plans
• A forecast feature for those less mathematically inclined. Plug in data, and it will generate charts, graphs, figures, and even the profit and loss, balance sheet, and cash flow statements
• 500+ business plan templates spanning all major industries
• Real-time financial data tracking
• Performance dashboards track sales and budgeting
• Create one-page pitch plans for potential investors
• Milestone scheduling feature — Some people will use it when working with others on their plan; it will let you assign milestones to people.
• Low-cost annual plans
• Affordable pay-as-you-go plans
• No cancellation fees
• Data saved for 12-months, even after cancellation
• Clean, modern platform
• Cloud-based; works on any business machine (Linus, Windows, Mac)
• Integrates with Quickbooks and Xero to import your data easily
• Knowledgeable customer support to get help with your plan
• No valuation capabilities
• Templates built on Palo Alto Software’s earlier software Business Plan Pro require some modifications to be used on LivePlan

Insider Information

Talking to the nice people at LivePlan we learned some inside information that we wanted to share with our readers.

Here's what we learned:

• LivePlan has been used by contestants on ABC's hit show "Shark Tank" to win over angel investors to help them get their ideas and businesses funded.
• Accountants use LivePlan as an added-value service to sell to their clients.
• Businesses continue using LivePlan because of a feature called “Dashboard” which lets you manually enter your actuals or pull actuals from Quickbooks online to do comparative forecasting and analysis.
• LivePlan helps with business continuity planning (BCP).
• LivePlan executives use LivePlan to make important business decisions.
• "Dashboard" does profit and loss, cash flow, and balance sheet reports and lets you compare and contrast your actuals from your forecasts to be able to show to investors.
• LivePlan lets you create business plans in 1/5th the time it takes using templates.

Customer Reviews

LivePlan receives great feedback from customers. LivePlan reviews average 4.5 stars out of 5 on GetApp. LivePlan is an easy company for us to recommend for the best business plan software.

2. Bizplan - $29/month, $249/year, $349 lifetime

Bizplan rates high on our list because they offer a lifetime plan that gets you "forever access" to their business plan software. As an added bonus, you also receive free access to Startup Courses and LaunchRock, a landing page builder.

• Easy, "fill-in-the-blanks" plan builder
• Publish your business plan online
• Unlimited business plans
• Bizplan takes care of the financials
• Cloud-based (use any browser on any computer)
• Options to add more graphics and photos
• Low-cost yearly plans
• Create unlimited business plans
• Xero to import your data easily
• Excellent and responsive customer support (email/chat/phone)
• Free access to Startup.com and LaunchRock.com
• Discount at Fundable.com (connect with lenders and investors)
• Can't export in Word
• Doesn't currently integrate with QuickBooks
• No free trial
• No third-party app integrations

Talking with BizPlan insiders, we learned that the premise behind BizPlan is to help startups easily create professional business plans to give them a leg-up with lenders and investors.

Here's what else we learned:

• BizPlan's does all your financial calculations for you.
• BizPlan strives to be an all-in-one solution for Startups needing funding.
• BizPlan is constantly making improvements to its software.

BizPlan receives great feedback from customers. BizPlan reviews average 4.4 stars out of 5 on GetApp. Still a relatively new option, BizPlan already has over 30,000 satisfied customers. As their platform grows, we wouldn’t be surprised to see them integrate even more valuable features. Keep a close eye on this one.

3. Enloop - Free to $39.95/month

If you’re looking to try before you buy, Enloop is a strong choice as one of the only business planning software tools with a free trial.

• User-friendly platform
• Compare your financials against your industry's performance
• Bank ready financial statements (Profit and Loss, Balance Sheet, Cash flow)
• Lets multiple team members work on a business plan
• 36-Month detailed financial reports
• Sync date and text into your business plan
• Real-time performance rating
• Generated business plan Pass/Fail report
• Multiple currency formatting
• Seven-day free trial (no credit card required)
• Advanced financial ratios
• Financial projections
• Video tutorials to help you with the writing process
• No phone or chat support, just a "contact us" form.
• Three business plan limit per account
• Doesn't integrate with QuickBooks or Xero
• No financial forecasts beyond 36-months
• No 30-day money-back guarantee

We learned that the premise behind Enloop is to make business planning easier for entrepreneurs. Enloop achieves this by making software simple to navigate through and takes risks off the table with their no credit card needed seven-day free trial. Their business plan creation software offers financial forecasting features for up to 36 months.

• Enloop utilizes 16 financial ratios to get your business ready for investors.
• Enloop offers some sample business plans that are easy to modify.
• Enloop's performance score increases as you create your detailed plan.
• A new business or small businesses benefit the most from Enloop's solutions.

Enloop receives fair feedback from customers. Enloop's reviews average 3 stars out of 5 on PCMag. Enloop's main complaint is its lack of instructional text for writing mission statements and other key sections. What they rank high on is their efficiency and the speed at which the software lets you write a business plan.

Even beyond the free version, Enloop Basic is just $9.95/month ($6/month when paid annually), so they’re one of the least expensive tools for writing a business plan.

4. PlanGuru - $99/month to $299/month

PlanGuru is a good option if you’re looking for considerably more robust software that offers quite a bit more. The most notable feature we like is the valuation tool, only present on the desktop version of the software. PlanGuru lets you calculate the valuation of your business using three different methods. No other business plan software offers this that we know of.

PlanGuru also offers budgeting, forecasting, and performance tools to help you put together a business plan. In the main, PlanGuru allows you to get a custom-tailored three financial statement budget model up and running out of QuickBooks or Xero in a matter of minutes. PlanGuru's business plan writing software takes you through a setup process where it asks you questions such as:

• What's the first month of your fiscal year?
• How many historical years do you want to import?

And, once you answer these questions, PlanGuru then generates a model for you that you can then populate with your historical data if you have it. Then you can go through PlanGuru's 20+ projection methods.

Some financial data projection methods include:

• Expenses, like payroll, etc.
• Balance sheet items, like accounts receivable, accounts payable, crude expenses, prepaid expenses, loans, etc.

These are only a few of the features the business plan software offers. Here are some more.

• Budgeting/Forecasting Software
• Analytics Service for Financial Performance & KPIs
• Valuation calculations (desktop software only)
• Desktop and cloud-based options
• Free 14-day trial and 30-day money-back guarantee
• Great customer support and knowledgeable sales staff
• Lower-cost yearly plans offered
• Advanced financial calculations
• Business valuation calculations
• No contracts
• Integrates with QuickBooks and Xero
• Costlier than LivePlan and most other business plan software options
• Additional cost per user can add up quickly

The great thing about PlanGuru is that the only thing you have to worry about is the income statement and balance sheet projections because the cash flow statement is automatically generated.

Then once you have the cash flow statement, income statement, and balance sheet in place, you can then lock down the budget.

• PlanGuru's desktop version has three different types of valuation methods that calculate the worth of your business.
• PlanGuru has some really nice reporting tools that pull together your financial statements into table formats, say, for the bank, line-by-line.
• PlanGuru also has some nice charts, graphs, scorecards, and some easily digestible reports that can help you visualize how your company is performing.
• Exports to Excel, PDF, and Word documents --and, there's even a tool that lets you create customized reports.
• You can print your plan off too to show partners, lenders, and investors.
• PlanGuru now offers a cloud-based version of its software, though it will take some time to catch up to the rich features offered by the current desktop software version.
• With PlanGuru you also get free updates, bug fixes, and new releases as they become available.

Important Note: These tools are important because investors may want to see not only historical performance but also projections.

5. IdeaBuddy - Free to $35/month

IdeaBuddy makes our list because of what's behind their approach. IdeaBuddy focuses on helping entrepreneurs develop their idea first, then share it, and then refine it into a plan. If you have a business idea and don't know what to do next, IdeaBuddy could be what you're looking for in a business plan software.

• Single-page business plan pitch (Idea plan)
• Clean modern design platform combined with great financial tools
• Marketing plan for selling and promoting your products
• Market overview plan where you create targeted customer profiles, identify your competition and calculate the market potential
• Business plan creation that includes forecasting performance and cash flow projections
• A proprietary algorithm calculates a final score for your idea providing recommendations for improvement after you complete "Story Mode"
• Idea Journal, that is an internal business plan for you to show potential investors
• A lifetime plan costs only $178
• Great for developing ideas
• Great for doing market research
• Pay-as-you-go plans offered
• Email-only customer service
• Software lag time issues
• Fewer software options than most other small business options

IdeaBuddy has some great features that are fantastic from idea conceptualization down to cost projections and the laying out of steps to take to start a business. We would have liked, however, to been given more KPIs that would notify us of tasks, help with idea validation, and help us measure other objectives to better monitor the health of our business. Another thing lacking was the design of the finished plan--it contained some noticeable structural issues.

IdeaBuddy has received some outstanding customer reviews on GetApp. IdeaBuddy has earned a 4.6-star rating out of 5 possible stars.

6. iPlanner - Starts at $55/year

iPlanner is a comprehensive business plan software that has been aiding entrepreneurs since 2007, providing a robust framework for developing business plans, models, and financial forecasts online.

• Unlimited Team Members & Collaboration
• A La Carte Pricing Model vs Packages
• Discounts for Serial Entrepreneurs & Business Coaches
• Solid amount of industry knowledge and experience.
• They've got two trademarked business planning services, Startup Framework™ and Strategy Designer™
• All of their business planning packages allow you to have unlimited collaborators and assign people three different roles: Project Owners, Advisors, and Viewers.
•  Their Startup Framework software has a business modeling section where you can design a business model canvas and strategize as much as you need before diving into your plan.
• Doesn't have a month-to-month option for either of their services. Their Strategy Designer is payable only annually, while their Startup Framework is available for 3-month, 6-month, or 12-month payments.
• They don't offer refunds
•  Their website is pretty old school and tough to navigate.
•  Unlike other business planning software, iPlanner doesn't offer a free version or trial. However, you can take a tour of their Startup Framework software or view a demo of the Strategy Designer to get a feel for them.

iPlanner's Business Planning Software

If a simple framework is all you're looking for, iPlanner can help you out. They don't have many bells and whistles, but at these price points, they offer a good value for nonprofits and corporations.

7. Wise Business Plans - Pricing by Request

Wise business plans website is a little confusing to navigate, and pricing is by request only, which can get frustrating. They do have a lot of options for different kinds of business plans for various types of business types, which makes them versatile. They also have business building and funding options as well. And, if you wish to establish business credit, they offer net-30 accounts that get reported to Equifax business.

• Claim to be the only business plan company to write for Fortune 100 and 500 companies
• Business formation services
• Business license searches
• EIN services
• Digital marketing services
• Business website design and branding
• Has a lot of helpful information
• Helpful options for forming your business
• Options to help after you start your business
• Helps small businesses establish business credit
• Not an actual business plan software
• Expensive by comparison
• Website is difficult to navigate
• Pricing is by request only
• Limited products and features
• Turnaround is one month
• Requires some work on your end

Business Plan Software Pros and Cons

• By using business plan software providers, you’ll be able to create a solid outline for your business. Although some of the options above are better than others, each will walk you through from start to finish.
• No matter how you look at it, business plan software is cost-effective. As long as you actually use the tool, you’ll generate significantly more value than you’re spending on monthly subscription fees.
• If you spend the time to create a solid plan, you’re much more likely to hold yourself accountable. Think of planning software like an accountability buddy for entrepreneurship.
• Your business plan tool will help set realistic financial goals, and most can also keep your bottom line in check by integrating your accounting software.
• Business planning software enables you to collaborate with partners, mentors and investors.
• Some of the business plan tools don’t offer support and can have slightly buggy features. That said, if you’re serious about writing a solid plan, go with a tool that’s constantly updated and well made.
• Although some business plan tools have a collaboration feature, none of them can review it when you’re done. All business planning tools lack a human touch.

How to Choose the Right Business Plan Software

With the array of business planning tools available, it can be daunting to select the right one for your needs. Here are some tips for choosing a business plan software solution:

• Consider your skill level – Opt for software like a wizard-guided template if you are less experienced in writing plans. Choose more advanced software with greater flexibility once you know what you are doing. Look for drag-and-drop tools to easily organize sections.
• Determine your budget – Prices range from free to several hundred dollars. Know how much you can spend before shopping.
• Compare features – Look for software with the specific tools you need, like financial projections, sample text, customizable templates, and more.
• Evaluate the financial tool capabilities – The software should provide extensive financial tools like forecasting, modeling, projections, and dashboards to streamline financial planning.
• Check reviews and ratings – Get feedback from other users about their experience with the software. High reviews indicate easier, more user-friendly software.

Which Is the Best Business Plan Software?

You know the unique requirements of your startup better than we do. These are all quality services that offer business planning software tools for entrepreneurs like you. Feel free to read over our full reviews if you’d like to know more about any of them or even visit the websites directly.

In general, we do prefer LivePlan because they have a huge library of business plan templates, and we love their convenient dashboard. They're the planning software that is most likely to help you via customer support, continue updating their tool, and figure out ways to make your business experience better. Enjoy!

What is the purpose of a business plan?

The purpose of a business plan is to provide a structured outline and roadmap for a business's goals, strategies, and operations. It serves as a guide for decision-making, resource allocation, and management. 

Furthermore, it can be a crucial tool for attracting investors, securing loans, and ensuring that all stakeholders have a clear understanding of the business's direction and objectives.

What does business plan software do?

Business plan software assists entrepreneurs and businesses in creating, organizing, and refining their business plans. It provides tools, templates, and guidance to streamline the planning process. 

Features often include financial forecasting, market analysis, visual aids like charts and graphs, collaboration capabilities, and even integration with other business tools. This software aims to simplify the task of creating a thorough and professional business plan.

How do you write a business plan?

To write a business plan, start by writing an executive summary that provides an overview of your business idea, products/services, market opportunity, and projected growth. Outline your company description, industry analysis, target customers, competitive advantage, marketing and sales plans, operations, management team, and financial projections.

How long should a business plan be?

The length can vary based on the complexity of the business, its stage, and its intended audience. In general, it might range from 15-50 pages. However, the key is to ensure that the plan is comprehensive yet concise. 

For many situations, especially when seeking investment, a more detailed one is preferable. Yet, for internal purposes or for businesses at very early stages, a shorter, more concise plan might suffice.

Are there business plan templates on Word?

Yes, Microsoft Word has business plan templates you can download and customize. The templates provide section headings, instructions, sample text, and tables to input your specific business information.

What is Palo Alto Software?

Palo Alto Software is a company that's been around since the late 1980s. They created business management software for startups and existing businesses. The software has since been updated and rebranded as LivePlan and today happens to be one of the most sought-after business plan software available in the marketplace.

Individual Business Plan Reviews

Featured articles.

What Is a Business Plan?

Lean Startup Business Plan Guide

Business Plan Mistakes to Avoid

Best business plan software of 2024

For planning your business finance

Best overall

Best budget, best established, best for speed.

• How we test

The best business plan software makes it simple and easy to plan your business finances in order to present them to a bank or investors.

1. Best overall 2. Best budget 3. Best basic 4. Best established 5. Best for speed 6. FAQs 7. How we test

The whole point of a business plan is that it allows you to evaluate your strengths and weaknesses, not least via your Unique Selling Point (USP) ,and make product or service comparisons with competitors.

Of course, even the best business plan relies on estimates and guesstimates, as it's impossible to predict market changes, developments, and future performance under such conditions. 

Ultimately, though, a business plan will demonstratively prove why your business is a solid enough investment to risk putting money into, and shows that you have properly and thoroughly researched your market, and details the real potential of a new business opportunities.

Here then are the best business plan software providers currently available.

You may also be interested in our featured business guides on best business laptops , best business computers and best business smartphones .

The best business plan software of 2024 in fill:

Why you can trust TechRadar We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

Reasons to buy

Reasons to avoid.

Bizplan is the online business planning tool that claims usage of 30,000 startup founders from the Startups.co platform. They use a guided creator that can break the big project down into the component pieces that get tracked with a Progress Tracker, and expert guidance each step of the way including templates that can be dropped in, and completed, along with simple integration of visuals along the way.

Additional resources are also provided via the Bizplan Academy, with lessons on relevant topics, for example, “Building a Brand: How to Tell a Powerful Brand Story,” and “Critical Path Your Way to Higher Revenues,” among the many offerings. Those that need even more assistance also can take advantage of an expert consultation from a financial expert.

• ^ Back to the top

2. PlanGuru

PlanGuru is a comprehensive, and powerful software package in the business planning space. Education is provided via a series of case studies at their PlanGuru University and a whole slew of video tutorials.

The feature set includes flexible budgeting that can handle a simple small business, or a larger multi-department operating budget, and financial forecasting that uses multiple methods, including intelligent and turn-key methods - twenty methods in total. Historical results can also be imported with the general ledger import utility which can then applied to produce a rolling forecast. They also offer PlanGuru Launch, a service to bring in expertise and is charged per hour of assistance.

A significant downside is Planguru charges a higher cost than other software options. The cheapest option is around $75 per month for one business entity when billed annually. While there is no free trial, PlanGuru does offer a 30 day money back guarantee. 

Our expert review:

Enloop is a great choice for business planning software for the cash strapped business as it is the rare offering that has a free tier. Step up up to the next tier, and this is no barebones product, as it has over 100 currency symbols, can automatically generate bank-ready financial reports, and even has automated text writing that can sync with financial data to turn it into text. There is also a real time performance score assigned, that dynamically changes as the business plan is strengthened.  

The plans start with the Free tier, which is limited to a single business plan with simple text, no images, and does not offer any advanced features. The next plan up is the Detailed plan, that supports three business plans, and offers a significant 55% discount when paid annually, making it even better value. This plan costs around $20 per month. For a more comprehensive package you can buy the Performance plan costing around $40 per month.

Read our full Enloop business plan software review .

4. LivePlan

LivePlan is business planning software that offers a simple pricing scheme as there is only a single plan to choose from. As they have a 15+ year track record, they offer a clean and simple interface, that can create business plans that look like they were done by an expert consultant, and the software includes a live dashboard that can track day-to-day performance. Those with writer’s block will benefit from the over 500 included sample plans that can be turned to for inspiration.  

Rather than complicate things with too many tiers to choose from, LivePlan only has a single plan which can be paid for monthly or annually.

5. Business Sorter

Business Sorter promises to simplify and speed up business planning and claims to be able to flesh out a plan in an hour or two, via a novel 273 card sort system that covers many common situations.

The ability to reword cards is included, or also to add cards to the already expansive deck, so no worries if there is not a pre-made card for your situation. Unlike some sites that have videos, the educational resources here are provided as PDFs and Word files, which can be quicker to access, but harder to follow for some learners. 

The lowest tier plan, Basic is fully featured, and includes up to three team leaders. 

Read our full Business Sorter review .

Other business plan software to consider

We've only covered some of the most popular business plan software platforms out there, but there are a number of other notables worth mentioning, plus a wide variety of providers of business plan templates. Below we'll briefly cover a range of some of the additional options out there that are worth considering to get your business plan right.

Go Business Plans is more of a consultancy than a software solution, but is worth mentioning for the simple fact that it's one of America's biggest business plan companies. While software might be able to do the job for you, if you're looking for significant funding, it's probably useful to get some professional advice, not least in terms of strategic planning, feasibility studies, and financial projections to ensure you have a solid base for your business plan.

Wise Business Plans provides a very wide range of templates to work from in constructing a business plan. These are particularly designed with funding in mind, no matter what kind of business you run. What is especially helpful is that Wise doesn’t simply deal with business plan templates for a diverse range of business types, the company also provides plan templates for franchises and non-profits.

Plan Writers  is another bespoke service that essentially listens to what you want and then puts the plan together for you. Again, this technically falls outside of business plan "software", but the chances are you'll use a software package as a platform to build from, and Plan Writers can then help you build up from that base.

Bplans is another provider of business plan templates, but goes beyond that with additional pitch and SWOT analysis templates. There are also business plan guides, industry reports, and a free course on writing a business plan. Bplans also publishes a lot of free-to-use articles on business planning, financials, and tax reporting, to help ensure you can keep your figures and projections accurate and compliant.

We've also listed the best free software for small business .

A business plan is essentially your roadmap to profitability from an initial investment. Whether it's your own money, or a loan from a bank, it's still a good idea to set up a business plan for yourself.

Main things to look to are a SWOT analysis to provide an idea of your business idea's strengths and weaknesses, as well as identify a unique selling point (USP) that will give your business an edge.

While business plans inevitably demand the use of figures, and while these can be impossible to be accurate with, at least by making intelligent guesses you can set yourself targets to work towards.

That's another common feature of a plan, so that specific periods you can review your business progress and make adjustments to your plan as required. This allows you to use real figures for your projections, allowing you to better plan ahead.

Which business plan software is best for you?

When deciding which business plan software to use, first consider what your actual needs are, as sometimes free platforms may only provide basic options, so if you need to use advanced tools you may find a paid platform is much more worthwhile. Additionally, free and budget software options can sometimes prove limited when it comes to the variety of tools available, while higher-end software can really cater for every need, so do ensure you have a good idea of which features you think you may require.

How we tested the best business plan software

To test for the best business plan software we first set up an account with the relevant software platform, whether as a download or as an online service. We then tested the service to see how the software could be used for different purposes and in different situations. The aim was to push each business plan software platform to see how useful its basic tools were and also how easy it was to get to grips with any more advanced tools.

Read how we test, rate, and review products on TechRadar .

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Jonas P. DeMuro is a freelance reviewer covering wireless networking hardware.

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Business Plan Software Guide

• Written By Dave Lavinsky

Every business, no matter the size or industry, needs a business plan. A business plan is a written document that outlines the goals and business objectives of a company, as well as the strategies needed to achieve them. Business plans also include details about the company’s products and services, marketing plans, financial forecasts, and management structure.

Business plan creation can be challenging, but software can help make the process easier. This guide will explain what business plan software is, how it works, how you can use it to start the business planning for your company, and how to choose from the best business plan software options for your needs. 

The Basics of a Business Plan

Before you can understand what business planning software does, it is important to take a look at what goes into a business plan .  Business plans are documents that describe a business, its goals, and plans to achieve those goals. It includes information about your products and services, your target market, your financial projections, expectations for future growth, and your marketing strategy.  Good business plans lay out the groundwork for your business and all you want to achieve and there are many sample business plans available online to help you understand exactly what good (and bad) business plans look like.

If you’re seeking financing for your business, potential investors will want to see a detailed business plan that includes financial projections and information about your business model and potential for profitability. Even if you’re not looking for outside funding, business planning can still be a helpful tool for organizing your thoughts and keeping track of your progress as you start and grow your business. Business plans are crucial for every company, from small businesses to large corporations, and the best business plan software options make the creation process fast and easy.

Business Plan Software Overview

Business plan software is a program or online tool that helps you create a business plan. A business plan builder guides you through the process of creating each component of a good business plan step-by-step and provides templates and tools to make the job faster and easier. Creating a business plan manually takes a lot of your time and can be expensive if you choose to outsource the process. Business planning software can make the planning process much easier by providing step-by-step guidance.  

Why You Need Business Plan Software

The right business planning software can help you create a professional-looking business plan on your own. Having a great business plan can be key to the success of your business and is something that many potential investors will want to see before offering funds. A polished, detailed plan shows investors that you have a clear vision for your company and how you plan to achieve it. Having a great business plan can also help you run your business more effectively and efficiently. Finding a great business plan builder makes the creation process faster, easier, and in many cases, less expensive.

The Best Business Plan Software Features

The business plan software features that are best for you will depend on your individual needs. That being said, there are several features to look for when choosing the best business plan software regardless of your business type, including:

• Financial Forecasting – The best business plan software will include tools to help you accurately forecast your company’s financial performance. This includes sales, expenses,  profitability, and other key financial data.
• Fill-in-the-Blanks – Great business planning software will have templates and tools that make it easy to fill in the blanks and create a professional-looking business plan with minimal effort.
• Starter Text – Just filling the in blanks is great, but sometimes you need a bit of clarity or inspiration on what to write. Business plan software that starts you off with example text can be very helpful in figuring out what you need to write for your own business.
• Design Options – While a well-written business plan is essential, it’s also important that your document looks good. Look for business plan software with design options that let you choose an aesthetic that works well for your industry and/or individual business.
• Customer Support – If you encounter a problem with your business plan software, it’s important to have access to customer support. The best business plan software will offer expert customer service and an online support center where you can find answers to common questions.

Business Plan Software Costs

The cost of business plan software tools can range from free to several hundred dollars. The price you pay for business planning software tools will depend on the features you need and the level of customization you’re looking for.

An important factor to remember is that a free business planning tool generally does not come with many of the features that make business plan software great in the first place. Features like financial forecasting are crucial for great business plans but are often not included in free business plan software solutions.

Choosing the Right Business Plan Software

Now that you know what to look for in business plan software solutions and roughly how much you will spend, it’s time to choose the right program for your needs. There are several business plan software options out there, but not all of them have financial planning or other key features you might need. When choosing between business plan software tools, consider the following:

• Your Budget – Remember that free software is limited in features. Choose a program that fits within your budget, but still offers the features you need.
• Your Needs – Whether you are a first-time business planner or an experienced pro, it is important to find the best business plan software that meets your needs and makes the job easier. Look for software with important features like financial forecasting, starter text, and great customer support.
• Your Business Type – Some business plan software is geared towards specific types of businesses and includes sections or locked-in design options that you do not need. Make sure the software you choose has design options that can accommodate your needs.

What Makes PlanBuildr Different

PlanBuildr is the fastest and easiest business plan tool, and it offers all the features you need to create a professional business plan. Not only does PlanBuildr have fill-in-the-blank simplicity, but it also comes with built-in financial forecasting and support from an expert customer service team. Standout features include:

• Simple Fill-in-the-Blank Exercises – PlanBuildr’s simple fill-in-the-blank exercises make it easy to create a professional business plan with minimal effort.
• Automatic Financial Calculations – Financial forecasting tools calculate your financial projections for you. PlanBuildr will automatically calculate key financial data, including financial statements, and makes adding charts and graphs simple.
• Multiple Design Options – PlanBuildr offers a variety of design options to choose from, so you can create a professional business plan that looks great and fits your specific industry.
• Instant Availability – Once you’re done with the business plan creation process, you can download or print your document immediately.
• Expert Customer Service – The expert customer service team at PlanBuildr is available to answer any questions and you have access to a helpful online support center to find solutions to the most common issues.

If you’re looking for business plan software that is easy to use, comes with great features, and won’t break the bank, PlanBuildr is the right business plan software solution for you. You can even get started for free and explore all that PlanBuildr has to offer.

• Business Planning
• Venture Funding

What is a Business Plan? Definition and Resources

9 min. read

Updated May 10, 2024

If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan — or at least the very basic components of one.

The origin of formal business plans is murky. But they certainly go back centuries. And when you consider that 20% of new businesses fail in year 1 , and half fail within 5 years, the importance of thorough planning and research should be clear.

But just what is a business plan? And what’s required to move from a series of ideas to a formal plan? Here we’ll answer that question and explain why you need one to be a successful business owner.

• What is a business plan?

A business plan lays out a strategic roadmap for any new or growing business.

Any entrepreneur with a great idea for a business needs to conduct market research , analyze their competitors , validate their idea by talking to potential customers, and define their unique value proposition .

The business plan captures that opportunity you see for your company: it describes your product or service and business model , and the target market you’ll serve. 

It also includes details on how you’ll execute your plan: how you’ll price and market your solution and your financial projections .

Reasons for writing a business plan

If you’re asking yourself, ‘Do I really need to write a business plan?’ consider this fact: 

Companies that commit to planning grow 30% faster than those that don’t.

Creating a business plan is crucial for businesses of any size or stage. It helps you develop a working business and avoid consequences that could stop you before you ever start.

If you plan to raise funds for your business through a traditional bank loan or SBA loan , none of them will want to move forward without seeing your business plan. Venture capital firms may or may not ask for one, but you’ll still need to do thorough planning to create a pitch that makes them want to invest.

But it’s more than just a means of getting your business funded . The plan is also your roadmap to identify and address potential risks. 

It’s not a one-time document. Your business plan is a living guide to ensure your business stays on course.

Related: 14 of the top reasons why you need a business plan

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What research shows about business plans

Numerous studies have established that planning improves business performance:

• 71% of fast-growing companies have business plans that include budgets, sales goals, and marketing and sales strategies.
• Companies that clearly define their value proposition are more successful than those that can’t.
• Companies or startups with a business plan are more likely to get funding than those without one.
• Starting the business planning process before investing in marketing reduces the likelihood of business failure.

The planning process significantly impacts business growth for existing companies and startups alike.

Read More: Research-backed reasons why writing a business plan matters

When should you write a business plan?

No two business plans are alike. 

Yet there are similar questions for anyone considering writing a plan to answer. One basic but important question is when to start writing it.

A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business. 

But the reality can be more nuanced – it depends on the stage a business is in, or the type of business plan being written.

Ideal times to write a business plan include:

• When you have an idea for a business
• When you’re starting a business
• When you’re preparing to buy (or sell)
• When you’re trying to get funding
• When business conditions change
• When you’re growing or scaling your business

Read More: The best times to write or update your business plan

How often should you update your business plan?

As is often the case, how often a business plan should be updated depends on your circumstances.

A business plan isn’t a homework assignment to complete and forget about. At the same time, no one wants to get so bogged down in the details that they lose sight of day-to-day goals. 

But it should cover new opportunities and threats that a business owner surfaces, and incorporate feedback they get from customers. So it can’t be a static document.

Related Reading: 5 fundamental principles of business planning

For an entrepreneur at the ideation stage, writing and checking back on their business plan will help them determine if they can turn that idea into a profitable business .

And for owners of up-and-running businesses, updating the plan (or rewriting it) will help them respond to market shifts they wouldn’t be prepared for otherwise. 

It also lets them compare their forecasts and budgets to actual financial results. This invaluable process surfaces where a business might be out-performing expectations and where weak performance may require a prompt strategy change. 

The planning process is what uncovers those insights.

Related Reading: 10 prompts to help you write a business plan with AI

• How long should your business plan be?

Thinking about a business plan strictly in terms of page length can risk overlooking more important factors, like the level of detail or clarity in the plan. 

Not all of the plan consists of writing – there are also financial tables, graphs, and product illustrations to include.

But there are a few general rules to consider about a plan’s length:

• Your business plan shouldn’t take more than 15 minutes to skim.
• Business plans for internal use (not for a bank loan or outside investment) can be as short as 5 to 10 pages.

A good practice is to write your business plan to match the expectations of your audience. 

If you’re walking into a bank looking for a loan, your plan should match the formal, professional style that a loan officer would expect . But if you’re writing it for stakeholders on your own team—shorter and less formal (even just a few pages) could be the better way to go.

The length of your plan may also depend on the stage your business is in. 

For instance, a startup plan won’t have nearly as much financial information to include as a plan written for an established company will.

Read More: How long should your business plan be?  

What information is included in a business plan?

The contents of a plan business plan will vary depending on the industry the business is in. 

After all, someone opening a new restaurant will have different customers, inventory needs, and marketing tactics to consider than someone bringing a new medical device to the market. 

But there are some common elements that most business plans include:

• Executive summary: An overview of the business operation, strategy, and goals. The executive summary should be written last, despite being the first thing anyone will read.
• Products and services: A description of the solution that a business is bringing to the market, emphasizing how it solves the problem customers are facing.
• Market analysis: An examination of the demographic and psychographic attributes of likely customers, resulting in the profile of an ideal customer for the business.
• Competitive analysis: Documenting the competitors a business will face in the market, and their strengths and weaknesses relative to those competitors.
• Marketing and sales plan: Summarizing a business’s tactics to position their product or service favorably in the market, attract customers, and generate revenue.
• Operational plan: Detailing the requirements to run the business day-to-day, including staffing, equipment, inventory, and facility needs.
• Organization and management structure: A listing of the departments and position breakdown of the business, as well as descriptions of the backgrounds and qualifications of the leadership team.
• Key milestones: Laying out the key dates that a business is projected to reach certain milestones , such as revenue, break-even, or customer acquisition goals.
• Financial plan: Balance sheets, cash flow forecast , and sales and expense forecasts with forward-looking financial projections, listing assumptions and potential risks that could affect the accuracy of the plan.
• Appendix: All of the supporting information that doesn’t fit into specific sections of the business plan, such as data and charts.

Read More: Use this business plan outline to organize your plan

• Different types of business plans

A business plan isn’t a one-size-fits-all document. There are numerous ways to create an effective business plan that fits entrepreneurs’ or established business owners’ needs. 

Here are a few of the most common types of business plans for small businesses:

• One-page plan : Outlining all of the most important information about a business into an adaptable one-page plan.
• Growth plan : An ongoing business management plan that ensures business tactics and strategies are aligned as a business scales up.
• Internal plan : A shorter version of a full business plan to be shared with internal stakeholders – ideal for established companies considering strategic shifts.

Business plan vs. operational plan vs. strategic plan

• What questions are you trying to answer? 
• Are you trying to lay out a plan for the actual running of your business?
• Is your focus on how you will meet short or long-term goals? 

Since your objective will ultimately inform your plan, you need to know what you’re trying to accomplish before you start writing.

While a business plan provides the foundation for a business, other types of plans support this guiding document.

An operational plan sets short-term goals for the business by laying out where it plans to focus energy and investments and when it plans to hit key milestones.

Then there is the strategic plan , which examines longer-range opportunities for the business, and how to meet those larger goals over time.

Read More: How to use a business plan for strategic development and operations

• Business plan vs. business model

If a business plan describes the tactics an entrepreneur will use to succeed in the market, then the business model represents how they will make money. 

The difference may seem subtle, but it’s important. 

Think of a business plan as the roadmap for how to exploit market opportunities and reach a state of sustainable growth. By contrast, the business model lays out how a business will operate and what it will look like once it has reached that growth phase.

Learn More: The differences between a business model and business plan

• Moving from idea to business plan

Now that you understand what a business plan is, the next step is to start writing your business plan . 

The best way to start is by reviewing examples and downloading a business plan template. These resources will provide you with guidance and inspiration to help you write a plan.

We recommend starting with a simple one-page plan ; it streamlines the planning process and helps you organize your ideas. However, if one page doesn’t fit your needs, there are plenty of other great templates available that will put you well on your way to writing a useful business plan.

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

• Reasons to write a business plan
• Business planning research
• When to write a business plan
• When to update a business plan
• Information to include
• Business vs. operational vs. strategic plans

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

Published: June 07, 2023

In an era where more than 20% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.

Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?

In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.

What is a business plan?

A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

What is a business plan used for?

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.

Purposes of a Business Plan

Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:

1. Securing financing from investors.

Since its contents revolve around how businesses succeed, break even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.

All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.

Therefore, these investors need to know if — and when — they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.

To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies — from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.

These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.

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Fill out the form to access your free business plan., 3. legitimizing a business idea..

Everyone's got a great idea for a company — until they put pen to paper and realize that it's not exactly feasible.

A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.

As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics — and that's exactly what the business plan is for.

It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.

4. Getting an A in your business class.

Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.

If that's the case, might we suggest checking out this post on How to Write a Business Plan — providing a section-by-section guide on creating your plan?

What does a business plan need to include?

• Business Plan Subtitle
• Executive Summary
• Company Description
• The Business Opportunity
• Competitive Analysis
• Target Market
• Marketing Plan
• Financial Summary
• Funding Requirements

1. Business Plan Subtitle

Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high-level information about your target market.

5. Competitive Analysis

Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.

6. Target Market

Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.

7. Marketing Plan

Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice.

Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.

8. Financial Summary

Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all useful adds here.

So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The "team" section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.

10. Funding Requirements

Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.

Types of Business Plans

• Startup Business Plan
• Feasibility Business Plan
• Internal Business Plan
• Strategic Business Plan
• Business Acquisition Plan
• Business Repositioning Plan
• Expansion or Growth Business Plan

There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans.

For even more examples, check out these sample business plans to help you write your own .

1. Startup Business Plan

As one of the most common types of business plans, a startup business plan is for new business ideas. This plan lays the foundation for the eventual success of a business.

The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans often reference existing industry data. They also explain unique business strategies and go-to-market plans.

Because startup business plans expand on an original idea, the contents will vary by the top priority goals.

For example, say a startup is looking for funding. If capital is a priority, this business plan might focus more on financial projections than marketing or company culture.

2. Feasibility Business Plan

This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include:

• A detailed product description
• Market analysis
• Technology needs
• Production needs
• Financial sources
• Production operations

According to CBInsights research, 35% of startups fail because of a lack of market need. Another 10% fail because of mistimed products.

Some businesses will complete a feasibility study to explore ideas and narrow product plans to the best choice. They conduct these studies before completing the feasibility business plan. Then the feasibility plan centers on that one product or service.

3. Internal Business Plan

Internal business plans help leaders communicate company goals, strategy, and performance. This helps the business align and work toward objectives more effectively.

Besides the typical elements in a startup business plan, an internal business plan may also include:

• Department-specific budgets
• Target demographic analysis
• Market size and share of voice analysis
• Action plans
• Sustainability plans

Most external-facing business plans focus on raising capital and support for a business. But an internal business plan helps keep the business mission consistent in the face of change.

4. Strategic Business Plan

Strategic business plans focus on long-term objectives for your business. They usually cover the first three to five years of operations. This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders.

These types of business plans may include:

• Relevant data and analysis
• Assessments of company resources
• Vision and mission statements

It's important to remember that, while many businesses create a strategic plan before launching, some business owners just jump in. So, this business plan can add value by outlining how your business plans to reach specific goals. This type of planning can also help a business anticipate future challenges.

5. Business Acquisition Plan

Investors use business plans to acquire existing businesses, too — not just new businesses.

A business acquisition plan may include costs, schedules, or management requirements. This data will come from an acquisition strategy.

A business plan for an existing company will explain:

• How an acquisition will change its operating model
• What will stay the same under new ownership
• Why things will change or stay the same
• Acquisition planning documentation
• Timelines for acquisition

Additionally, the business plan should speak to the current state of the business and why it's up for sale.

For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include:

• What the new owner will do to turn the business around
• Historic business metrics
• Sales projections after the acquisition
• Justification for those projections

6. Business Repositioning Plan

When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.

This plan will:

• Acknowledge the current state of the company.
• State a vision for the future of the company.
• Explain why the business needs to reposition itself.
• Outline a process for how the company will adjust.

Companies planning for a business reposition often do so — proactively or retroactively — due to a shift in market trends and customer needs.

For example, shoe brand AllBirds plans to refocus its brand on core customers and shift its go-to-market strategy. These decisions are a reaction to lackluster sales following product changes and other missteps.

7. Expansion or Growth Business Plan

When your business is ready to expand, a growth business plan creates a useful structure for reaching specific targets.

For example, a successful business expanding into another location can use a growth business plan. This is because it may also mean the business needs to focus on a new target market or generate more capital.

This type of plan usually covers the next year or two of growth. It often references current sales, revenue, and successes. It may also include:

• SWOT analysis
• Growth opportunity studies
• Financial goals and plans
• Marketing plans
• Capability planning

These types of business plans will vary by business, but they can help businesses quickly rally around new priorities to drive growth.

Getting Started With Your Business Plan

At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan — and the business it outlines — will be.

When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
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• April 30th, 2024
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How To Start a Multi-Location Salon Business

A busy salon is a successful salon. Is your schedule booked out weeks in advance, but the appointment requests keep coming in? While eager customers are a sign that your business is doing something right, it may be time to look into adding another location.  

Expanding to multiple locations is a huge opportunity for growth within your company. It’s exciting to bring in new business. Additional locations can also help disperse a busy schedule. However, it also means there will be much more on your plate. You’ll have more responsibilities to juggle. 

Expanding your business without taking away from your established salons can be a challenge. The average beauty salon in the US generates around $245,000 annually . 

If done right, opening multiple locations could bring in a lot of revenue. Balancing high-end services with a well-run business requires preparation and planning. But it can be done. 

Let’s go over some of the essential steps in growing your salon.  

Understanding the Salon Market  

There are over 1 million salon and spa businesses in the US. On average, salons have a customer retention rate of about 45% . Those numbers are a sign of a competitive industry. Before you commit to opening a new location, ensure there’s room for it in your local market.  

Research what services are offered in your area and what your competitors are doing. Understanding the market will help you set achievable goals. You want to stay competitive while meeting the needs of your community. 

Identifying gaps in the market can bring in business and increase retention rates. Research can help you find them. By filling a need, you’ll make your salon stand out and keep your customers coming back.  

RELATED ARTICLE : Owning A Hair Salon: Your Launch Guide  

Establishing Your Brand  

Before opening an additional location, your business should have an established brand.  

Branding goes beyond just marketing and logos. Your brand is also defined by things like: 

• Social media presence  
• Website interface 
• Physical design and decor 
• Services provided 
• Overall customer experience  

Company culture is vital to your brand. While the visual impact of your brand’s design is important, 70% of customer brand perception is determined by experiences with people . Never underestimate how impactful consistent services and good customer experiences are. 

Each location will develop its own flare depending on its market and clientele. However, having a baseline brand creates consistency in product, experience, and client satisfaction. This ensures that while each location may provide varying services, the quality and energy of your business is maintained.  

Here are a few ways that you can maintain consistent branding across multiple locations: 

Create Branded Digital Marketing Campaigns.  

Digital marketing can be an effective way to create a comprehensive brand.  

Brands can increase visibility by 80% through their digital advertising.  

Other digital strategies include social media campaigns and SEO development. They allow you to reach a larger audience and create a memorable and impactful online image. 

Brand consistency builds trust and recognition within your community. Try to pick an angle and stay active with your campaigns. Increasing interactions can boost conversions from the initial post to booking an appointment. 

Train Employees on the Brand’s Culture and Mission.  

The brand begins with your staff. Creating a strong company culture helps to establish and represent your brand.  

Employees should be upholding company values and representing the culture of your salon. The customer’s experience will be defined by the way they are treated. Consistency amongst your team will help guarantee better customer experiences. 

With multiple salons, keeping everyone on the same page can be challenging. About 40% of staff report that collaboration is harder with multiple locations.  

Setting a standard for the company vibe and community might help with this. Consider hosting company-wide gatherings and training. Staff will get a chance to mingle and become familiar with the bigger team. 

RELATED ARTICLE: 7 Steps for Designing a Salon Training Program  

Carry Consistent Products.  

The products that you carry will help define your salon. Whether you offer hair services, esthetics, nail care, or spa treatments, the products you use are part of your brand.  

About 80% of customers have high levels of trust in their salon technicians. This means if a stylist recommends a product, your clients are more likely to make a purchase. Your company can leverage this to boost product sales.  

When choosing products to carry, consider an angle. Does your salon focus on holistic treatments? Try to carry organic, sustainably sourced products. Do you want to carry local brands? Or maybe you want to promote women-led businesses?  

Whatever your angle is, stay consistent across locations with your ethos and the quality of your products.  

Go Above and Beyond With Customer Service.  

Consider stepping up your service to make you stand out from other salons. Little extras can go a long way toward making your clientele feel valued.  

Your staff could offer guests: 

• Tea or infused water while waiting for their appointment 
• Free consultations 
• A little gift bag of sample products after a service 
• Discounts for clients’ birthdays through your email marketing system   

These things distinguish your business from others and help to build client loyalty. An elevated salon experience will help get your customers back on your books.    

FROM ONE OF OUR PARTNERS : 8 Salon Ideas for Small Spaces   

Creating a Business Plan for a Multi-Location Salon Business  

Creating a multi-location business plan is essential when expanding your company. Rather than adding overhead and hoping for a high return in profit, setting goals and having a plan can guarantee success. A business plan provides structure and can be used to bring in investors or secure loans.  

A business plan should include the following sections:  

Executive Summary  

This should include an overview of what your company does and why it will be successful. How will your new branch meet consumer needs? Your business objectives should go here as well. Goals for growth and opening new locations, including a projected timeline, are important details. 

Market Analysis  

This section is where you can show statistics about the salon market in your area. As we’ve mentioned, understanding your competition and the demographics will help you set realistic goals. You can use this information to establish services, realistic expansion plans, and pricing. 

Services and Pricing  

Once you’ve completed your market analysis, you can set your pricing. What products and services will each location provide? Will they be the same, or will they differ? Set clear and defined goals for each branch.  

Pricing should be determined based on your customer base and what competitive salons are charging. Use these costs to help calculate revenue and profitability. 

Financial Plan and Targets  

Opening multiple locations can increase overhead. Most new businesses take a minute to start turning a profit. So, your new location may rely on your existing businesses to pay the bills.  

Unless you have large cash reserves, expanding will likely require business loans. A brand-new salon can cost between $100,000-$500,000 .  

Setting up a realistic and detailed financial plan will help you budget properly. A financial plan will also show potential investors or loan officers what type of funding you’re looking for.  

Defined Business Projections  

This final touch can help turn investors’ heads and give you something to work toward. Setting clear financial and professional goals for each branch will provide an outline and steps to follow for success. Then, you can check each milestone to ensure you’re on the right track. 

RELATED ARTICLE : How to Write a Hair Salon Business Plan  

How You Can Start Planning Your Multi-Location Salon Business Right Now  

Once you have established a good direction for your salon business, you can start to put things in motion. Have a strategy in place to balance opening the doors of your newest location and keeping things busy at your established salons.  

Here are some tips on what you can do right now to start getting things moving with your next location: 

Perform a Location Analysis.  

Location is everything. Your business may be providing the highest quality services with the best technicians. But, if your salon is in the wrong spot, your books won’t fill up.  

A salon in the suburbs versus a downtown location will pull in different customers. Some areas will have a more affluent customer base than others. All of these factors can be determined in a location analysis . 

Understanding the demographics in the areas around each branch can help you target your ideal market. It also ensures you choose the right spot for your next salon. This research is particularly helpful for companies with multi-city businesses. 

Once you know your demographics for each location, you can decide what services you’ll provide in which locations . 

Begin the Hiring Process for Additional Employees.  

Your employees are the most important ingredient in a successful business. They’ll be handling customer relationships and helping to maintain quality services. You want potential employees to have the skills, personality, and drive to ensure that your customers will keep coming back. 

List the qualities you would like to see in future employees. Your interviews should seek values that align with your company’s brand. 

Research Multi-Location Salon Management Software.  

As your business grows, the technology that you’re using will need to scale up with it. The right salon management software is crucial for any business, but finding one that can support multiple locations is important.  

A centralized database can file service preferences, gift cards, and appointment history across all of your salons. With the ability to handle multiple salon schedules, customers can book appointments for any location. 

Create a Company Handbook.  

Creating an employee handbook will set standardized operating procedures across locations. You can establish details like dress code, employee code of conduct, and company-wide tip dispersal.  

A handbook can also give an overview of the basics, like how to open and close the salon. 

Having guidelines will help keep consistent procedures and services across all locations. Consistent expectations can help improve the client experience and, as a result, increase client retention rates.  

Create a Multi-Location Marketing Plan.  

How are you going to launch the new location? Are you going to use separate social media accounts? Does each location have its own website, or are they listed as locations on one site?  

Consider what your marketing strategy is going to be for your next location. Build out social media campaigns and set goals for paid advertisements. You can also offer promotions and discounts to help get appointments on the books. 

Don’t hesitate to lean on your community. Word of mouth is a powerful tool, and you already have one successful salon. Your clients will likely be happy to help spread the word and promote your next location.  

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Organization is the key to any business. This is especially true in the beauty services industry. There are many appointments, supplies, and services to account for in a hair salon.

Running a successful salon is a huge achievement. Heading multiple thriving salons? That’s another story.  It requires careful planning and sharp management skills. It demands an exceptional team and an

A busy salon is a successful salon. Is your schedule booked out weeks in advance, but the appointment requests keep coming in? While eager customers are a sign that your

If you’re already running one successful salon, you might consider opening a second location. With multiple locations, you can try to replicate what made your first shop successful to exponentially

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Selling a business: 6 considerations for a successful exit.

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The year 2023 may have been a slow year for mergers and acquisitions (M&A), but the downturn came on the heels of the biggest year on record. According to Statista, there were 50,000 deals in 2022 . Even better? The 2024 frenzy is just getting started .

If you dream of handing over the reins through an acquisition and walking away with a big win, it’s time to start planning. Exiting your business on your terms takes preparation.

From early planning to sound financial records, market research to team dynamics, let’s explore the to-do's that will build a strong narrative, showcase your company's value, and get your ducks in a row—years before you even hit the market.

1. Decide if You are Personally Ready to Sell

The critical first step in selling is vetting your own readiness. Are you prepared to part with a business entity that you’ve likely built from the ground up?

This goes beyond emotional attachment. Coachvox AI founder Jodie Cook points out that readiness could be due to a lack of motivation. “Perhaps you’re bored and ready for a new challenge,” she says, as one of the signs that it may be time to sell your business. “You want to solve bigger problems and let go of ones you have seen before.”

If you’re considering selling, start with yourself. Are you in a good place to rest on your laurels and move on to something else?

2. Prepare Your Team Well in Advance

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The same concept of gauging personal readiness applies to your team. Selling a company can be a dramatic event for everyone involved.

The obvious threat here is termination. Harvard Business Review reports that the average M&A within the same industry leads to 30% employee redundancy.

Even if your employees have a fair chance of surviving the transition, are they prepared for the flood of changing processes and expectations that new employers bring? If you're considering selling, make sure to invest in preparing your team beforehand. It’s not just important for the survival of your operation. It’s part of being a trusting leader and a good person.

3. Prioritize Clean Books to Support Your Company’s Valuation

Bookkeeping is an easy-to-overlook area of acquisition preparation. You’re not talking about profit margins or investor funding, which makes it easy to downplay its importance.

Nothing could be further from the truth. One look at a sloppy or uncertain set of books could be enough to dissuade a potential buyer. Financial clarity is paramount, and to make matters more complicated, many SMBs don’t have a dedicated CFO on staff. If that’s the case for you, platforms like Hub Analytics can help interpret and audit your company’s bookkeeping to provide insights and shed light on potential errors.

Having five years or more of clean bookkeeping is one of the easiest ways to justify your valuation or asking price. Without this multi-year runway of financial records, any buyer or private equity firm will critique your financials to drive the price down.

Proper data collection and clean analysis—especially in an area as crucial as bookkeeping—can yield insights that don’t just help you direct your brand in the here and now. They also give you a cleaner, smoother, more profitable exit in the future. Ensure you have a system in place early on to maintain and track best-in-class financials.

4. Build and Understand Your Ideal Buyer Profile

Next, consider the buyer landscape. What kind of M&A partner do you want to court?

Dena Jalbert, CEO of Align Business Advisory Services , which specializes in M&A advisory for middle market companies, emphasizes the importance of understanding buyer types. “Strategic buyers are particularly interested in companies with strong growth potential or a unique market position that complements their existing offerings,” she explains.

Identifying the right buyer ensures alignment of interests and a potentially better deal for the seller. It’s worth understanding early in the selling process.

5. Set the Stage Early to Prepare for Your Exit

Once you’ve assessed yourself, your staff, your customers, your market, and your value in the eyes of potential buyers, it’s time to start setting the stage to accelerate a healthy, high-profit acquisition. Michael Portegello points out that many IPOs take 12-18 months.

Portegello is a former executive at a Big Four professional services firm who has helped countless companies achieve successful exits. In a recent LinkedIn post , he wrote, “I have seen IPOs get chaotically accelerated by months to meet favorable market conditions. I have also seen transactions where the window abruptly closed. My advice is to start earlier than the timelines suggest or increase the urgency of preparation during this period if you are already in it.”

Even if an IPO isn’t coming for a while, don’t put off preparation. Assess your financial readiness, maintain strict compliance, and ensure that you address operational and organizational readiness in the lead-up to your IPO window.

6. Maintain Long-Term Momentum

Finally, don’t let your company lose steam because you’re thinking of parting ways. On the contrary, a thriving business with no future won’t appeal to a buyer.

Keep running things with the same vigor and creativity that got you this far. Maintaining stability is obviously a priority in the lead-up to a sale, but don’t let that get in the way of planning for future growth , too. Continuing to innovate and expand your market reach can not only make your business more attractive to potential buyers but also ensure its long-term viability, regardless of whether a sale occurs.

Plan Early for a Successful Exit

There are many considerations that business owners should keep in mind when preparing for an M&A. Evaluate everyone impacted by the event. Gauge your landscape and potential buyer fits. Keep clean books. Maintain momentum. If you can do all that, you can set the stage for a successful exit that pays handsomely and sets the stage to turn your next big idea into a thriving business.

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You might be surprised by what new business owners have achieved with LivePlan

"Once the investor saw the plan, he believed in it. The interface was fresh and lively. The program gave wonderful examples of what should be in the different sections. I was able to take bits and pieces of those examples, but when I finished each section it sounded like I had written it. "I could just plug in information without having to do any of the math. That saved a lot of work. It made it very easy to get the business plan done. Once the investor saw my business plan on LivePlan, he immediately got back to me and said, 'I'm in.'"

E'a Williams BE Fit! Tri Wellness, Chicago, IL

"LivePlan made an overwhelming task easy. LivePlan is incredibly easy to use. LivePlan's web-based nature allows me to log in anywhere (for me it was with my Mac Book Pro or iPad). At times writing a business plan can be a overwhelming task, especially when it comes to formatting and layout. LivePlan has made it easy to focus on putting your business ideas and goals on paper instead of fussing with all the other pesky stuff. I really liked how each section is defined and gives examples of what a quality business plan should look like."

Mandie O'Neill Lucky Dog Daycare, Eugene OR

"I've raised $3M so far with LivePlan! I needed to write a business plan for my investors. I was going nuts trying to create charts and properly format them. Then a friend recommended LivePlan! The financials were so easy to use and I liked knowing the calculations were all correct. It helped me create a precise plan to confidently share with investors, and I've raised $3M so far!"

Rachid Tajiouti Olive Oil USA, LLC, New York, NY

Our customers give LivePlan 5 out of 5 stars

Software is professional and user-friendly. Highly recommend to any Entrepreneur. Would not be where I am today without LivePlan.

Mar. 15, 2024

I've been using LivePlan to help me write top-tier business plans over the last 2 years. A prominent business plan writing company referred me to this site to help me produce the best business plans, to collaboratively support their clients. I've consistently had the best customer service, whether by email or live chat. Rapid responses that are helpful and this is one of the "hand-down" best platforms if you're looking for high-quality products and services - and AMAZING customer service. The price of the plan subscription is a tiny drop in the ocean compared to the results I've had with business plans created through LivePlan. Thank you for the products and services here that help me present well

Feb. 29, 2024

I've used Liveplan for two projects and I have been happy with both experiences. I've needed support twice and both experiences were quickly resolved using the chat function. I'd highly recommend Liveplan to anyone wanting to get serious about new projects. They have great customer support, and it can be a vital tool to anyone wanting to build something from the ground up.

Feb. 20, 2024

I needed a business plan for a government grant and the platform helped me tremendously. It was super organized with all the touchpoints I had to fill and the AI for improving the texts was also amazing. I did a finance plan a well and I had no clue beforehand in how to do it and that was excellent and everything I needed to submit a full case! I finished my plan and submitted it. I will definitely use it again for when i need another business plan. Thank you

Feb. 3, 2024

Extremely user friendly. I appreciated how intuitive it was and useful when I got stuck or when wanting to rephrase sections - AI was a true support for me then

Sep. 26, 2023

LivePlan helps put your ideas and beliefs on paper in a professional & organized manner. It guides you through planning, organizing, and monitoring your plan.

Sep. 2, 2023

I didn't only get value for the money paid but also got the best customer service experience as well. And of course, I'm sticking to LivePlan forever.

IsefConsult

Aug. 14, 2023

Using LivePlan since March 2015, I've created precise financial plans and business strategies for ventures of all sizes. It's the perfect tool for rapid evaluation, eliminating the risk of spreadsheet errors.

Jul. 7, 2023

It's a great Financial planning software. It can also sync with Xero and Quickbooks.

Jun. 17, 2023

If you are looking to create a Business Plan then don't waste any time, buy LivePlan as it will make your life so much easier and save you days of work!

Jun. 28, 2022

A great tool for entrepreneurs with non-finance backgrounds. We all have business ideas but long-term planning is a challenge. LivePlan makes it simple and easy.

Jun. 24, 2022

I had put off writing a plan because I dreaded the research and didn't really know what I was doing. Because of you, I now have a comprehensive, professional-looking business plan.

May 24, 2022

Overall experience with LivePlan is awesome. Very informative and easy to read. Plans come with templates and other examples you can use to build your plan.

Deonta from Texas

May 11, 2022

The best part for me is the feeling of confidence it gave me. It really made me feel like my goals and even dreams were actually possible to reach.

Mar. 29, 2022

LivePlan was a lifesaver when starting our business! It helped us make a business plan and financial projections to show others, and everyone was blown away.

The Silver Fern Shop

Jan. 27, 2022