business plan of munchkin

Munchkin transformed once-mundane baby products with creative twists—and has now sold to nearly every American family

My Cocomelon-binging two-year-old shrieks for attention as I dare to take a phone call from Munchkin CEO Steve Dunn. The toddler’s protest causes my two dogs to bark uncontrollably. I can barely apologize for the household cacophony before Dunn brushes it aside and offers: “Being a parent is very stressful.”

Yeah, no kidding. The “Chief Munchkin” (yes, really) means it as empathy, but for his Los Angeles-based children’s products company, it’s really more of a mantra. In the 33 years since Dunn founded Munchkin, the company has become a fixture in caregivers’ homes for products that add a dash of clever to the common. Its colorful White Hot spoons blanche when they touch food that’s too warm for an infant to eat. Its UV Sterilizing Diaper Pail disinfects the interior when you close the lid. Its Milkmakers lactation cookies boost milk supply. Its Miracle training cups are so popular that Munchkin estimates there are two for every toddler in the U.S.

Those small innovations aim to give harried parents a little more peace of mind, Dunn says, and help differentiate from competition such as Gerber, Evenflo, and Playtex. Which might explain why a baby bottle-maker headquartered in an old tire plant in the San Fernando Valley lays claim to more patents (about 320) than employees (about 280). Or why the company’s 4,000 SKUs enjoy somewhere in the ballpark of 1.25 million five-star Amazon reviews. “If a product falls below four stars,” Dunn says, “we have six months to rework it or kill it.”

A bit Darwinian for a company whose name evokes the friendlier lands of Oz, certainly. But Munchkin takes creativity quite seriously in its quest to be the world’s top baby brand—which is why it lands at No. 8 on our list of America’s Most Innovative Companies amid tech giants like Alphabet , IBM , and Apple .

Daniel Simhon, an executive for the Colombian consumer goods company Stilotex, which exclusively distributes Munchkin products in the South American nation, says even its partner’s oldest designs hold up in today’s market. “They are always one step ahead of the competition,” he says. “We distribute many other brands in Colombia, but Munchkin has a [distinctive] way of working. They are always curious and thinking outside the box.”

Dunn says Munchkin does almost all of its brand design and product development in house and holds regular “wonderment and ideation” sessions for staff. It considers product development part of every job description, he adds. 

“Our head of maintenance, Pietro Capra, recently came to us with an idea for a product and blew us away,” Dunn says. “We showed it to our largest customer yesterday, and they flipped over it. It’ll be on shelves by the end of this year.” 

Dunn left the world of venture capital to start Munchkin because he “got tired of reading business plans,” but his next move promises to be the biggest plan of them all. Called Curio Home Goods, it’s a consumer products brand that has nothing to do with babies and everything to do with expanding the company’s TAM—total addressable market—at a time when U.S. birth rates have slumped to historic lows.

“We’re gonna own your sink and kitchen and bath and living room with things you have never seen before,” he says. “It’s almost like a venture startup within Munchkin. We’re creating new innovation teams around it. We probably have 10 to 12 patents pending and three to four issued already for Curio. We hope to move from a branded Munchkin company to a house of brands with multiple multibillion-dollar categories.”

Curio is as existential for Munchkin as it is for its founder. “After 30 years, it’s renewed my energy,” Dunn says. “If you can’t tell from my voice, I get really excited about working on products.”

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

Business plan for munchkin pdf

There are a lot of small business ideas out there. These ideas could generate a nice monthly passive income and leave you with a comfortable income to supplement your family’s needs. The problem is that some of these businesses require more work than others in order to start out.

Business plan for munchkin pdf – Business-plan-for-munchkin pdf is written by the author Kenneth Leverich.Content of the book includes good understand of the financials, marketing mix and implementation, controlling risk and how to make a business plan.Content of the book includes good understand of the financials, marketing mix and implementation, controlling risk and how to make a business plan.

Our company is a startup that is looking to create a new type of candy that can be enjoyed by all ages. We have decided on three different flavors for our first run and we believe that our product will sell well in the market. The first flavor is called Graham Cake, it is a chocolate cake flavored candy with graham cracker pieces inside. The second flavor is called Choco Balls, which are chocolate balls covered in white chocolate with sprinkles on top. The third and final flavor is called Munchkin, which is a vanilla-flavored candy wrapped in a thin layer of chocolate and filled with marshmallows. We believe that these three flavors will be popular with children as well as adults who enjoy eating sweets but they do not want to consume too much sugar or calories at once due to health concerns or weight gain issues.

Our target market will include anyone who likes eating sweets but does not want to consume too much sugar or calories at once due to health concerns or weight gain issues. We think this group would include parents who want their children to eat healthy snacks instead of junk food but also enjoy having something sweet after dinner for dessert; college students who study late at night and need something sweet to keep them awake while studying; adults

Executive Summary

Munchkin is a retail bakery that specializes in cupcakes, cookies, brownies and other baked goods. The company was founded in 2012 by a young entrepreneur named Diane Jones. Munchkin has been operating out of its small location at the corner of Chicago and North Avenue since it opened its doors. The company’s current location is not sufficient to accommodate the growing demand for its products. As a result, Munchkin plans to move into a larger space that is two times bigger than its current location. This move will allow the company to expand its product line to include muffins, scones and other sweet treats. In addition to the expansion of its product line, Munchkin also plans on hiring more employees to help with production and operations at the new location.

The following table summarizes key financial data:

Current Financial Information (2012)

Income Statement

Sales $500,000

Cost of Goods Sold $250,000

Gross Profit $250,000

Operating Expenses $100,000

1. Executive Summary:

Munchkin is a family-owned business established in 2012. It provides services for home and commercial kitchens. The company has over 30 years of experience in the industry, and it is currently operating from its head office in Dubai. It has branches in the United Arab Emirates (UAE) and Oman.

2. Company Description: Munchkin is a family-owned business established in 2012. It provides services for home and commercial kitchens. The company has over 30 years of experience in the industry, and it is currently operating from its head office in Dubai. It has branches in the United Arab Emirates (UAE) and Oman.

3. Business Overview:

Munchkin’s business is based on providing services for home and commercial kitchens. These include cleaning, maintenance, repair works etc., which are done by trained technicians using modern equipment to ensure that all jobs are done according to international standards of quality assurance (QA). The company offers various packages that can be customized according to customer needs and requirements at affordable prices

Munchkin is a small business that provides an innovative service for the parents and infants in the community. The company will provide education, support and resources to promote breastfeeding and help families establish a healthy feeding routine for their babies.

The business has been established to meet the needs of mothers who have difficulty breastfeeding their babies due to various reasons such as low milk supply, premature birth or medical conditions such as diabetes.

The main objective of Munchkin is to provide a safe environment where mothers are able to learn how to breastfeed their babies without embarrassment, while being supported by other mothers who have been through similar situations.

Munchkin will function as a social enterprise where all profits will be reinvested into further developing the program helping new mothers in need.

Munchkin is a new business which will sell children’s products. The name of the company is Munchkin Enterprises and it has been registered with the CAC.

The company will be located in Accra and will sell items such as books, toys and games to customers who have children or want to buy for their children.

There are three types of products that Munchkin wants to sell: books, toys and games. The book category includes fiction and non-fiction books for children from birth to age 10 years old. The toy category includes toys for babies, toddlers, pre-schoolers and teenagers. The game category includes board games, card games, jigsaw puzzles, colouring books and sticker activity books for kids of all ages.

Munchkin Enterprises is going to sell its products through retail stores across Ghana as well as online through their website at www.munchkinexperiences.com

The business plan for Sweet Delicacies is a detailed document that outlines the company’s purpose, mission, vision and strategy. The company will be focusing on chocolate balls that are available in different flavors. These products will be sold to customers through online channels as well as at brick-and-mortar stores. The company will also create a customer base by signing up with schools and other institutions as potential customers. The business has been operational since 2014 and has been successful so far. It has an excellent reputation in the market, which makes it a strong contender in this sector.

Business Description

Sweet Delicacies has been operating in the chocolate ball industry since 2014 and has managed to become one of the leading players in this niche market by focusing on providing high-quality products at competitive prices. The company started out as a small venture but quickly grew into a major player due to its focus on providing quality products at competitive prices. The company offers chocolate balls that are available in different flavors such as strawberry, coffee, vanilla, etc., which makes them suitable for all age groups. This makes them popular among customers who may want to buy them as gifts for their kids or loved ones who have an interest in these kinds of products

Executive summary of Munchkin

Munchkin is a unique food brand that is aiming to be the world’s leading brand in the chocolate industry. The company has been operating since 2010 and has been established as a market leader with its products being sold in over 40 countries around the world, including Australia, China and India.

The company currently operates with two brands: Munchkin and Choco Balls.

Munchkin’s products include chocolate bars, ice cream bars and other sweets such as cookies and lollies. Its most popular product is the Choco Balls range which has been developed from scratch by Munchkin over the past five years. This range includes milk chocolate balls, dark chocolate balls, white chocolate balls, peanut butter balls and caramel popcorn bites amongst others. The company also produces seasonal ranges such as Easter eggs during Easter time and Christmas gifts at Christmas time to cater for increased demand during these times of year where there is an increased demand for confectionery products due to holidays such as Easter or Christmas when people are looking for treats to give each other as gifts or share with family members over holiday meals or events like Christmas Day Dinner etc..

The business plan is a comprehensive document which outlines the background of the company, its current operations and future plans. It also includes a financial forecast that states how much money is needed to run the business. This section will provide an executive summary outlining the key points of our business plan.

Munchkin’s Sweet Delicacies is a small start-up confectionary business which aims to offer customers a variety of sweet treats made with only the finest ingredients available. The company has been set up by two partners; Bob and James, who have extensive experience in the food industry. They will be using their knowledge and expertise to create an exciting new range of artisanal chocolates that meet both their own high standards and those of discerning customers.

Munchkin’s Sweet Delicacies will operate from an industrial unit in London where it will be able to produce around 100kgs of chocolate each week. The company hopes that one day it will be able to expand into other areas such as retailing or wholesale distribution but for now it will focus on selling directly through its website or at special events such as art exhibitions or music festivals where its products can be enjoyed by anyone who chooses to buy them. At present Munchkin’s are still in

Munchkin is a small scale confectionery business that produces and sells chocolates and nuts. The company is based in Lagos, Nigeria. It was established in 2008 by Mr. Emmanuel Oluwole Adeboye, a young graduate of Business Administration from the University of Lagos (UNILAG). At the age of 23, he decided to venture into this business because of his passion for chocolate.

The company started with an initial investment of N1 million (One Million Naira). This amount was used to procure equipment and essential raw materials needed for production. The business initially operated out of Mr. Adeboye’s garage, but later relocated to a rented shop within the town centre where it continues to operate today.

Since its inception, Munchkin has grown tremendously as a result of its high quality products at affordable prices which have appealed to customers both within and outside Nigeria. Today, Munchkin operates as one of the largest producers of chocolates and nuts in Nigeria with over five hundred (500) outlets nationwide including major shopping malls and corporate offices across the country.

Choco Balls

Choco balls is a new business that will be set up in the United States. It is a chocolate based product that is made of cocoa beans, chocolate liquor, sugar and vanilla. The aim of this business is to provide customers with high quality chocolate at an affordable price. The company will be located in Los Angeles, California. The target market for this business is children aged between 5 and 10 years old who love to eat chocolates and candies. This product will also be marketed towards adults as well as teenagers because it is available in different flavors such as strawberry, mint, vanilla etc.

The customer satisfaction strategy used by this business is through providing quality products at affordable prices. Choco balls are made from real ingredients unlike other brands that use artificial flavors; therefore they taste better than other brands on the market today.

The company will market its products through various channels of distribution such as supermarkets, grocery stores, convenience stores etc. The company has also partnered with distributors who sell their products online through websites like Amazon or eBay; therefore we can say that this company has wide distribution channels within the country of United States.

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Use This Simple Business Plan Outline to Organize Your Plan

12 min. read

Updated April 10, 2024

When starting a business, having a well-thought-out business plan prepared is necessary for success . It helps guide your strategy and prepares you to overcome the obstacles and risks associated with entrepreneurship. In short, a business plan makes you more likely to succeed.

However, like everything in business, starting is often the hardest part. What information do you need? How in-depth should each section be? How should the plan be structured?

All good questions that you can answer by following this business plan outline. 

• What is a business plan outline?

A business plan outline is similar to most business plan templates . It lists the common sections that all business plans should include.

A traditional business plan typically includes an executive summary, an overview of your products and services, thorough market research, a competitive analysis, a marketing and sales strategy, operational and company details, financial projections, and an appendix. 

• Why is a business plan outline important?

Starting with a business plan outline helps ensure that you’re including all of the necessary information for a complete business plan. 

But, depending on what you intend to do with your plan, you may not need all of this information right away. If you’re going to speak with investors or pursue funding, then yes, you’ll need to include everything from this outline.

But, if you’re using your plan to test an idea or help run your business, you may want to opt for a one-page plan . This is a simpler and faster method that is designed to be updated and used day-to-day. 

If you’re unsure of which plan is right for you, check out our guide explaining the differences and use cases for each plan type . 

• 10 key sections in a standard business plan outline

No matter the type of business plan you create, these are the ten basic sections you should include. Be sure to download your free business plan template to start drafting your own plan as you work through this outline.

1. Executive summary

While it may appear first, it’s best to write your executive summary last. It’s a brief section that highlights the high-level points you’ve made elsewhere in your business plan.

Summarize the problem you are solving for customers, your solution, the target market, your team that’s building the business, and financial forecast highlights. Keep things as brief as possible and entice your audience to learn more about your company. 

Keep in mind, this is the first impression your plan and business will make. After looking over your executive summary, your reader is either going to throw your business plan away or keep reading. So make sure you spend the time to get it just right.

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2. Products and services

Start the products and services section of your business plan by describing the problem you are solving for your customer. Next, describe how you solve that problem with your product or service. 

If you’ve already made some headway selling your solution, detail that progress here—this is called “traction”. You can also describe any intellectual property or patents that you have if that’s an important part of your business.

3. Market analysis 

You need to know your target market —the types of customers you are looking for—and how it’s changing.

Use the market analysis section of your business plan to discuss the size of your market—how many potential customers exist for your business—and if your potential customers can be segmented into different groups, such as age groups or some other demographic.

4. Competition

Describe your competition in this section. If you don’t have any direct competitors, describe what your customers currently do to solve the problem that your product fixes. 

If you have direct competition, detail what your strengths and weaknesses are in comparison, and how you’ll differentiate from what is already available. 

5. Marketing and sales

Use this business plan section to outline your marketing and sales plan —how you’ll reach your target customers and what the process will be for selling to them.

You’ll want to cover your market position, marketing activities, sales channels, and your pricing strategy. This will likely evolve over time, but it’s best to include anything that clearly details how you will sell and promote your products and services. 

6. Operations

What’s included in the operations section really depends on the type of business you are planning for. If your business has a physical location or other facilities, you’ll want to describe them here. If your business relies heavily on technology or specific equipment or tools, you should describe that technology or equipment here.

You can also use this section to describe your supply chain if that’s an important aspect of your business. 

7. Milestones and metrics

In a business, milestones are important goals that you are setting for your business. They may be important launch dates, or a timeline of when you’ll get regulatory approval—if that’s something you need for your business. Use this section of your plan to describe those milestones and the roadmap you are planning to follow.

You can also describe important metrics for your business, such as the number of sales leads you expect to get each month or the percentage of leads that will become customers.

8. Company overview and team

The company and team section of your plan is an overview of who you are.

It should describe the organization of your business, and the key members of the management team. It should also provide any historical background about your business. For example, you’ll describe when your company was founded, who the owners are, what state your company is registered in and where you do business, and when/if your company was incorporated.

Be sure to include summaries of your key team members’ backgrounds and experience—these should act like brief resumes—and describe their functions with the company. You should also include any professional gaps you intend to fill with new employees.

9. Financial plan and forecasts

Your financial plan should include a sales forecast, profit and loss, cash flow projections, and balance sheet, along with a brief description of the assumptions you’re making with your projections.

If you are raising money or taking out loans, you should highlight the money you need to launch the business. This part should also include a use of funds report—basically an overview of how the funding will be used in business operations. 

And while it’s not required, it may be wise to briefly mention your exit strategy . This doesn’t need to be overly detailed, just a general idea of how you may eventually want to exit your business. 

10. Appendix

The end of your business plan should include any additional information to back up specific elements of your plan. More detailed financial statements, resumes for your management team, patent documentation, credit histories, marketing examples, etc. 

• Detailed business plan outline

If you’re looking for greater insight into what goes into specific planning sections, check out the following outline for a business plan. It can help you develop a detailed business plan or provide guidance as to what may be missing from your current plan. 

Keep in mind that every business plan will look a bit different because every business is unique. After all, business planning is to help you be more successful, so focus on the sections that are most beneficial to your business and skip the sections that aren’t useful or don’t apply. 

To help, we’ve marked sections that are truly optional with an *.

Executive summary

Company purpose / mission statement.

A very brief description of what your business does and/or what its mission is.

Problem We Solve

A summary of the problem you are solving and an identifiable need in the market you are filling.

Our Solution

A description of the product or service you will provide to solve the problem.

Target Market

A defined customer base who will most likely purchase the product or service.

Briefly describe who is behind the business.

Financial Summary

A short overview of revenue goals and profitability timeline.

If you’ve already started selling your product or service, highlight important initial details here.

Funding Needed*

If you are raising money for your business, describe how much capital you need.

Products & Services

Problem worth solving.

A thorough description of the problem or pain points you intend to solve for your customer base. 

A thorough description of your proposed product or service that alleviates the problem for your customer base.

Describe any initial evidence that your customers are excited to spend money on your solution. Initial sales or signed contracts are good signs.

Intellectual Property/Patents*

If this is important for your business, outline it here.

Regulatory Requirements*

If government approval is required for your business, explain the details and timeline.

Future Products and Services*

What products and services might you offer in the future once your initial products and services are successful?

Market Size & Segments

How many potential customers do you have and what potential groups of customers are separated by specific characteristics?

Market Trends*

How consumers in your target market tend to act including purchasing habits, financial trends, and any other relevant factors.

Market Growth*

The perceived potential increase or decrease in the size of your target market.

Industry Analysis*

If your industry is changing or adjusting over time, describe those changes.

Key Customers*

If your business relies on certain important customers, describe who they are here.

Future Markets*

A snapshot of the potential market based on the last few sections and how your business strategy works within it.

Competition 

Current alternatives.

A list of potential competitors. Identifying the competition isn’t always obvious and it may take some digging on your part.

Our Advantages

The strategic advantage(s) that makes your target market more likely to choose you over the competition. 

Barriers to Entry*

If there’s anything that makes it more difficult for other people to start competing with you, describe those barriers.

Marketing & Sales

Market positioning.

Where do your products or services fit into the market? Are you the low-price leader or the premium option?

Unique value proposition*

What’s special about your offering that makes your customers want to choose it over the competition.

Marketing Plan

An outline of your marketing and advertising strategy including costs, advertising channels, and goals.

How do you sell your product or service? Self-serve or with a team of sales representatives?

Pricing Strategy*

Describe your pricing and how it compares to alternatives in the market.

Distribution*

Describe how your product gets in front of customers. Are you selling in stores and online? Which retailers?

SWOT Analysis*

Strengths, weaknesses, opportunities, and threats.

Location & Facilities

If you have a physical presence, describe where and what it is.

What technology is crucial for your business success?

Equipment & Tools

If special equipment or tools are needed for your business, describe them here.

Sourcing and fulfillment*

If you purchase your products or parts for your products from somewhere else, describe that sourcing and supply chain.

Partners and Resources*

If you have key partners that you work with to make your business a success, describe who they are and what services or products they provide.

Milestones and metrics

A detailed roadmap of specific goals and objectives you plan to achieve will help you manage and steer your business.

Key metrics

Performance measurements that help you gauge the overall performance and health of your business.

Company overview and team

Organizational structure.

An overview of the legal structure of your business. 

Company history and ownership

A summary of your company’s history and how it relates to planning your business.

Management team

The team that is starting or running your business and why they are uniquely qualified to make the business a success.

Management team gaps

Key positions that your business will need to fill to make it successful.

Financial plan and forecast

Projected profit and loss.

How much money you will bring in by selling products and/or services and how much profit you will make or lose after accounting for costs and expenses.

Projected cash flow

How and when cash moves in and out of your business. This also includes your overall cash position.

Projected balance sheet

Expected balances for business assets, liabilities, and equity.

Use of funds

If you are raising money either through loans or investment, explain how funds will be used. This is typically meant to be shared with investors or lenders.

Exit strategy

A brief explanation of how you intend to eventually exit from your business. This could include selling the business, going public, transitioning the business to a family member/employee, etc.

A repository for any additional information, including charts and graphs, to support your business plan.

Business plan outline FAQ

How do you organize your business plan?

There’s no real established order to business plans, aside from keeping the Executive Summary at the top. As long as you have all of the main business plan components, then the order should reflect your goals. 

If this is meant solely for your personal use, lay it out as a roadmap with similar sections grouped together for easy reference. If you’re pitching this to potential investors, lead with the stronger sections to emphasize the pitch. Then if you’re unsure of what order makes sense, then just stick to the outline in this article.

Should you include tables and charts in your business plan?

Every business plan should include bar charts and pie charts to illustrate the numbers. It’s a simple way for you, your team, and investors to visualize and digest complex financial information.

Cash flow is the single most important numerical analysis in a business plan, and a standard cash flow statement or table should never be missing. Most standard business plans also include a sales forecast and income statement (also called profit and loss), and a balance sheet.

How long should your business plan be?

There’s no perfect length for a business plan. A traditional business plan can be anywhere from 10 to 50 pages long depending on how much detail you include in each section. However, as we said before unless you intend to pursue funding, you likely don’t need a lengthy business plan at first.

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.

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

What is the purpose of a business plan?

A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes. It's a way for small business owners to plan, communicate, and stay on track toward their goals.

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Business plan FAQs

How does having a business plan help small business owners make better decisions.

Having a business plan supports small business owners in making smarter decisions by providing a structured framework to assess all parts of their businesses. It helps you foresee potential challenges, identify opportunities, and set clear objectives. Business plans help you make decisions across the board, including market strategies, financial management, resource allocation, and growth planning.

What industry-specific issues can business plans help tackle?

Business plans can address industry-specific challenges like regulatory compliance, technological advancements, market trends, and competitive landscape. For instance, in highly regulated industries like healthcare or finance, a comprehensive business plan can outline compliance measures and risk management strategies.

How can small business owners use their business plans to pitch investors or apply for loans?

In addition to attracting investors and securing financing, small business owners can leverage their business plans during pitches or loan applications by focusing on key elements that resonate with potential stakeholders. This includes highlighting market analysis, competitive advantages, revenue projections, and scalability plans. Presenting a well-researched and data-driven business plan demonstrates credibility and makes investors or lenders feel confident about your business’s potential health and growth.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

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Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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They left NYC for Bali with their teenagers. 7 years later, their sons are fleeing the nest, and they're selling the villa for $1.89 million.

• Gabi Bondor and Zoltan Kaman moved from New York City to Bali seven years ago with their teenage sons.
• During the pandemic, they built a six-bedroom eclectic home for their family.
• Now, they're becoming empty-nesters and selling the Canggu villa for $1.895 million.

Seven years ago, Gabi Bondor and Zoltan Kaman packed up their lives and moved from New York City to Bali with their two teenage sons in tow.

It was an idea sparked by a conversation with a friend over coffee on a cold winter morning.

The friend had mentioned his plans to enroll his daughters in the Green School, which is made from eco-friendly bamboo buildings and is known for its sustainability-focused pre-kindergarten through high school curriculum. It's also located in Ubud, over 10,000 miles from New York, near the center of the Indonesian island.

"And while we had traveled to places like India, Vietnam, and China, we'd never been to Indonesia before. So I said, ' Bali , that sounds very warm. Tell me more,'" Bondor told Business Insider.

When they got home, they started researching what life in Bali was like.

"I looked at the school, and it was the opposite of what was happening to my children in high school in New York . When the kids got home that day, I said, 'Guys, we're going to Bali for spring break,'" Bondor said.

The spring break visit came and went, and the couple decided they wanted to experience what it was like to live on the island for longer.

They ended up selling their kids the idea of a yearlong sabbatical in Bali as a break from stressful city life and a chance to see the rest of Asia .

"We told them, 'One suitcase each. Everything else goes into storage because we'd be back in a year,'" Bondor added. "Although they were allowed to bring their Xbox in their carry-on."

But after their year in Bali passed, the couple realized they didn't want to leave. They made a trip back to the US to clear out their storage and have no plans to move back.

The friend who introduced them to Bali didn't make the move in the end, she added.

Building in Bali

Like many expats, the couple rented a few different homes in Bali before finally building their own house during the pandemic.

"When COVID-19 came, land prices were a lot more affordable than what it is today, so we decided that we were going to purchase a plot somewhere where we could create a space for our family," Bondor said.

Part of the reason they chose to build instead of buying an off-plan property or continuing to rent was so that they could ensure the quality of the build, Kaman, the cofounder of a digital payment app , told BI.

"We always had some issue or another with the homes — the pump, the AC — and the landlords don't always care," Kaman said. "We thought, 'Why don't we build something ourselves so at least we can control and make sure that everything is working the way we need?'"

Additionally, they had experience renovating their homes during their time in the US. It helped that they also had a great team of builders — recommended by a friend — to rely on too.

"We love the process," Bondor said. "We enjoy it. I think we're a great team. If he is down or pissed, I pick him up, and vice versa."

They knew they wanted to stay near Canggu which is known for its beaches and bustling food scene.

"We lived in the neighborhood and we had always scouted around. Many people like the rice field views, while others like the beach views. We are social people — we like our coffee shops," Bondor said.

When the couple first saw the plot, located at the end of a narrow street that branches off from the main road, they fell in love immediately.

"It was so quiet and peaceful. There was nothing, except for basically seven big mango trees and thick vegetation. It was like a mini jungle," Kaman said.

The plot was about 8,200 square feet. Since foreigners aren't allowed to own land in Bali, the piece of land they have is on a 30-year lease.

The entire construction process took slightly over a year to complete, and the couple lived in a rented home nearby so they could always be on-site.

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The biggest challenge they faced was having to work through Bali's rainy season, which typically runs from November to March.

"We started digging a pool when it was the rainy season, and we were just digging mud," Bondor said. "For weeks and weeks, you didn't see the digger come out of the soil — it felt like we weren't getting anywhere."

A cozy, eclectic home

The couple's six-bedroom home sits in a cul-de-sac, next to a rice field that's been repurposed into a plot to grow cucumbers.

The two-story building — which comes with an accessory dwelling unit that the couple calls "the teenager pad" — has a red and gray exterior that stands out in contrast to the surrounding greenery.

Those who step beyond the gate are greeted by a long walkway flanked by two koi ponds that lead to the main building.

"I like to say that it has a lot of European charm, like Paris with New York dancing a tango kind of thing. I really wanted to incorporate a lot of Balinese elements as well," Bondor said.

The furniture is handmade in Indonesia, and even the terracotta tiles on the building's exterior were crafted by a local family, she added.

Most importantly, it's a house that they designed with their own living habits in mind.

"I think everything, from the kitchen layout to the lighting, is based on the way we live our everyday life," Bondor said.

Becoming empty nesters

But the couple has decided it's time to say goodbye to their house — they're putting the villa on the market for $1.895 million.

Their oldest son is already studying abroad, and the youngest will start college soon. The couple plans to downsize to a smaller place .

"He just graduated last weekend. It's really hit us hard that he's leaving very soon and we're going to have this big, empty house to ourselves," Kaman said.

Moreover, as empty-nesters , they plan to travel a bit more now that they have the freedom to, and a house of this size can't be left empty in tropical weather for too long.

"It's not four seasons, it's always a lot of rain. The sun is always strong. It wears materials out," Bondor said. "We have animals. If one little gecko dies here and nobody cleans for a day or two, the ants will come."

"This house needs a lot of care and maintenance. So if you're not here for months, this is not going to work," Kaman added.

However, Bali will always be their home base.

The slower pace of life on the island lets them stop and appreciate the little things in their day, like being able to work out in the mornings or have a nice lunch together.

That aside, Bali is a melting pot of different cultures, and its people never fail to inspire them.

"There's a very unique expat community that comes to Bali and I think our friends have very similar mindsets that we do," Bondor said.

The couple has one tip for those who want to build a house in Bali: Don't cut corners.

"Do it the right way, and always respect your team," Bondor said. "Don't use cheap materials because this weather is going to wear everything out. If your roof is not done well, this rain is going to find its way in."

Kaman added that it might not be wise for anyone without any prior experience to take on such an ambitious project.

"If they don't have experience building houses, don't start with Bali," he said. "Just pick the right contractors."

Have you recently built or renovated your dream home? If you've got a story to share, get in touch with me at  [email protected] .

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