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Paano Gumawa ng Business Plan

February 13, 2018 by Ray L. 3 Comments

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Sa pagluluto, ang mga pinakamagagaling na chef ay sumusunod sa konseptong “mise en place” (lahat nasa tamang lugar). Ibig sabihin noon, kailangan naintindihan mo na ang mga instructions o tagubilin sa pagluluto at inihanda mo na ang lahat ng sangkap bago ka magsimula. Kung hindi mo siniguradong ihanda ang lahat ng kailangan, ang mga nakalimutan mong gawin ay pwedeng makasira sa lasa ng iyong niluluto. Ang konseptong ito ay pwede mo ring gamitin sa pagsisimula ng negosyo. Kailangang planado mo na ang lahat para makita mo ang mga bagay na pwedeng pagmulan ng problema at iresolba mo sila bago ka magsimula, at ililista mo rin ang mga bagay na kailangan mong gawin para mas mataas ang pagkakataong magtagumpay ang iyong negosyo.

Bukod sa paghahanda para sa mga problemang pwedeng harapin, kapag nangangailangan ka ng loans sa bangko o kailangan mo ng investors na magbibigay ng pera o kapital para sa iyong negosyo, malamang gugustuhin muna nilang makita ang iyong business plan . Isipin mo lang, kung may nanghihingi sa iyo ng sampung libong dolyar (halos P500,000), ang negosyanteng alam ang kailangan nilang gawin para magtagumpay ang kanilang negoyso ay mas nararapat bigyan ng pagkakataon kumpara sa isa pang negosyanteng nanghuhula lang.

Maraming ibang mas detalyadong guides tungkol sa pagsulat ng business plan sa internet. Ang article na ito ay maglalaman lang ng basics. Ang pangunahing dahilan kung bakit isinulat ko ito ay dahil hindi ganoon karami ang mga guides na nakasulat sa Tagalog. Kapag kailangan mong magsimulang gumawa ng business plan, basahin mo lang ito para makita ang ilang mga bagay na kailangan mong pagisipan.

Paano Gumawa ng Business Plan - Your Wealthy Mind

Executive summary

Madalas ito ang pinakaunang bahagi ng business plan pagkatapos ng title page. Ang executive summary ay naglalaman ng mga pinakamahalagang impormasyon tungkol sa iyong kumpanya.

Ano ang ginagawa ng kumpanya mo?
Ano ang iyong mga produkto o serbisyong ginagawa?
Ano ang mission statement ng kumpanya mo?

Ano ang iyong pinakamahalagang competitive advantages at disadvantages (mga ginagawa ninyo kung saan mas magaling kayo kumpara sa ibang kumpanya, at mga bagay na hindi mo magawa nang kasing husay nila) pati na rin operational strengths at weaknesses (mga nagagawa niyong mabuti sa negosyo at mga problema niyo sa pagpapatakbo ng negosyo)? Ang lahat ng iyong at iba pa ay dapat nakabuod sa bahaging ito.

Bukod pa roon, sabi ng iba kailangan mo ring sabihin dito ang mga bagay na kailangan mo mula sa mga taong magbabasa ng iyong plan. Kapag kailangan mo ng investment na pera para sa kung ano mang bagay, pwede mo silang ilarawan dito. Siguraduhin mo lang na kaaya-aya ito para sa mga investors.

Ang isa pang payo na ibinibigay ng mga tao ay dapat mo raw isulat ang executive summary pagkatapos mong isulat ang iba pang bahagi ng iyong business plan. Kung mayroon ka nang klarong overview o pagtanaw ng iyong negosyo, saka ka lang makakapagsulat ng summary na magbubuod nito ng maayos.

Business or company description

Kailangan nakalagay dito ang mga pinakamahalagang detalye ng iyong industriya at kumpanya . Gaano kalaki ang iyong organisasyon? Nasaan ang opisina ninyo? Ano ang pangunahing ginagawa ng iyong kumpanya? (i.e. manufacturing products, services and repairs, atbp.)

Kailangan mo ring ilagay dito ang pinakamagagandang impormasyon tungkol sa kumpanya niyo . Sabihin mo ang mga bagay kung saan mahusay ang kumpanya niyo at anong mga factors o mga bagay ang nakakatulong sa iyong negosyo tulad ng iyong mga competitive advantages, operational strengths, technological advantages, at iba pa.

Organization and management

Ano ang legal structure ng iyong kumpanya? (Sole proprietorship? Corporation?) Sino sino ang iyong pinakamatataas na executives at team members? Mayroon ba sa inyong may special skills o experience na mabuting malaman ng mga investors? May mga tauhan ka ba na mga celebrities, influencers, o mga mahusay na entrepreneur na makatutulong nang husto sa iyong kumpanya na magtagumpay sa negosyo?

Market strategy or market analysis

Pagusapan mong mabuti ang mga kasalukuyang nangyayari sa iyong industriya at ang market na gusto mong pasukin. Maraming tao ba ang bibili ng mga produkto o serbisyo mo? Papatok ba ang negosyo mo sa kasalukuyang panahon? May mga bagong trends ka bang maaaring gamitin? Mayroon din bang mga bagong pangyayari na pwedeng magdulot ng mga problema? Alin naman doon ang magagamit mo para maging mas matibay ang posisyon ng iyong negosyo?

Anong klaseng tao (o organisasyon) ang nasa iyong target market (mga pagbebentahan mo)? Sinu sino ang iyong pinakamahahalaga mong customers? Sino ang mga taong bibili ng iyong produkto o gagamit ng iyong mga serbisyo?

Bago pa iyon, kailangan mo ring alamin kapag may malaking market para sa iyong produkto o serbisyo, at kung kayang suportahan ng mga produkto mo ang pangangailangan ng mga customers mo. Kapag mali ang kalkulasyon mo dito, baka matulad ka sa mga kumpanyang nagbebenta dati ng mga segway at “hoverboards” . May maganda nga silang produkto, pero hindi naman pala ganoon kalaki ang market (walang masyadong bumibili).

Competitor analysis

Ang isang mahalagang business tip na natutunan ko ay mabuti kapag mayroon kang kompetisyon . Kapag may mga kakompetensya kang mga kumpanya na gumagawa ng produkto o serbisyong katulad ng iyo, ibig sabihin noon may market nga para sa produkto mo. May mga taong bumibili ng mga bagay na gusto mong ibenta, at marami ang bumibili kaya may mga negosyong nabubuhay at umaasenso dito.

Ang tanong naman ngayon, ano ang pwede mong matutunan sa iyong mga kakompetensya? Ano ang ginagawa nila? May mga trends ba silang sinusundan o sinisimulan? Ano ang pinagkaiba mo sa kanila? Bakit naman ikaw ang pipiliin ng mga customers at hindi ang kakompetensya mo?

Products and services

Ilarawan mo nang mabuti ang mga produkto o serbisyong ibebenta mo. Ano ang mga ito at ano ang espesyal sa gawa mo? Paano ito ginagawa? May mga kaparehong produkto ba sa market? Gaano kabuti ang iyong produkto kumpara sa iba? Bukod sa lahat, pag usapan mo kung bakit gugustuhin ng mga customers ang iyong produkto. Anong pangunahing benepisyo ang ibibigay ng iyong produkto o serbisyo sa ibang tao?

Marketing strategy

Anong niche o specialization ang papasukin mo? Sinu sino ang iyong mga ideal customers (tamang tama sa pangangailangan nila ang produkto mo)? Paano mo ipropromote o iaadvertise ang iyong produkto sa iyong mga customers? Paano mo ibebenta ang produkto mo? Anong mga tindahan ang magiistock nito? Ibebenta mo ba ito online? Paano mo gagawin ang pagtanggap ng orders at delivery? Ang lahat ng iyon at maraming pang ibang detalye ay dapat kasama sa iyong marketing strategy.

Financial plan/analysis/projections

Kung nangangailangan ka ng funding o pera, dito ang pinakamainam na lugar kung saan mo pwedeng ilagay iyon. Ilarawan mo ang halagang kakailanganin mo, saan mo ito gagamitin, mga kondisyong gusto mo, at marami pang iba. Gumawa ka ng napakaayos at detalyadong estimates ng posibleng cash flow, income statements, balance sheets at iba pa tungkol dito.

Isang payo na natutunan ko mula sa What They Don’t Teach You at Harvard Business School ni Mark McCormack ay para sa mga entrepreneur na nagsisimula pa lang , doblehin mo ang expected overhead projections (ang budget mo para sa iyong gastusin sa darating na taon). Gaano ka man kametikuloso sa iyong pagplano, may mga lilitaw na hindi inaasahang gastusin kang babayaran.

Habang sinasabi ng iba na nawawalang kwenta ang battle plans kapag nakaharap mo na ang kalaban at ang mga business plan ay nagiging walang kwenta kapag nakaharap mo na ang mga customers, kailangan mo pa ring gumawa ng business plan. Sabi nga naman ng iba, ang mga hindi gumagawa ng plano ay nagplaplanong mabigo. Kailangan mo lang maging flexible at magbago ng mga plano kapag kinakailangan. Ang business plan nga naman ay isang mabuting simula para sa mga bagay na kailangan mong gawin AT ito rin ay mabuting dokumento kapag naghahanap ka ng mga investors.

Siya nga pala, bukod pa sa article na ito, narito ang ibang sources na pwede mong basahin tungkol sa paggawa ng business plan:

A Standard Business Plan Outline [Updated for 2017]
Write your business plan
How to Write a Business Plan
Comprehensive Business Plan Outline for Small Business
Raising Capital as a Minority Business Owner / Entrepreneur

About Ray L.

Ray is the main writer behind YourWealthyMind.com. He is a proponent of self-improvement and self-education, and he believes that anyone can achieve their goals once they learn the knowledge and skills they need to attain them. He considers it his mission to enrich lives and end poverty by teaching people lessons they may need to succeed.

November 23, 2021 at 10:30 am

Very informative and easy to understand especially that it’s written in Tagalog. Would like to have a permission to use (include) this in my lesson for my grade 10 students. Since it’s modular distance learning and they have to study on their own, they were having a difficulty in understanding the lesson especially if it’s written in English. I’ll be giving them this link so that they will be able to understand the concept and the components of a business plan.

November 24, 2021 at 7:27 am

Hello Teacher Jo,

Sure! Please go ahead and use it! I hope your students find it useful.

Regards, Ray L. YourWealthyMind.com

[…] Tagalog Version (Click Here) […]

Ultimate Business Plan Guide in Creating a Winning Strategy

Disclosure: Small Business Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments’ or businesses’ websites. Please get in touch with us directly for any discrepancies.

A business plan is a strategic document that outlines your business idea, goals, target audience, competition, marketing strategies, financial projections, and operational plans. It serves as a comprehensive guide that not only helps you organize your thoughts but also convinces potential investors, partners, and stakeholders of your business’s viability.

2. Attracting Investors

3. decision-making, 4. resource allocation, 5. goal tracking, when to create a business plan, step 1: executive summary, step 2: company description, step 3: market analysis, step 4: products and services, step 5: marketing and sales strategies, step 6: organization and management, step 7: financial projections, step 8: funding request, step 9: operational plan, step 10: appendices, 1. research thoroughly, 2. be realistic, 3. know your audience, 4. update regularly, 5. be concise, key takeaways, why is a business plan essential.

A well-crafted business plan offers numerous benefits:

It helps you clearly define your business goals and the strategies to achieve them, providing you with a focused direction.

Investors are more likely to support a business with a solid plan, showcasing your commitment and potential returns.

A business plan helps you make informed decisions by analyzing potential risks and rewards.

Efficiently allocate your resources – both financial and human – to achieve your business objectives.

Measure your progress against the initial goals and make necessary adjustments for success.

The ideal time to create a business plan is before you launch your venture . However, it’s never too late to create or update your plan, especially when you’re looking to expand, secure funding, or navigate significant changes in your business.

Where to Begin: Step-by-Step Guide to Crafting Your Business Plan

Summarize your business idea , goals, target market, competition, and financial projections briefly. This section provides a snapshot of your entire plan.

Describe your company’s mission, vision, values, and unique value proposition that sets you apart in the market.

Research your target market, industry trends, and competition. Understand your customers’ needs, preferences, and behaviors.

Detail your offerings, explaining how they fulfill your customers’ needs. Highlight their features, benefits, and competitive advantages.

Outline how you’ll promote your products/services, attract customers, and convert leads into sales. Discuss pricing, distribution, and promotional tactics.

Introduce your team and their roles, highlighting their expertise and contributions to the business’s success .

Present detailed financial forecasts, including income statements, cash flow projections, and balance sheets. Be realistic and supported by thorough market research.

If you’re seeking funding, clearly state how much you need, how you’ll use the funds, and the potential returns for investors.

Describe your day-to-day operations, production process, and supply chain management. Address any potential operational challenges and how you’ll overcome them.

Include additional information such as market research data, legal documents, patents, licenses, and any other relevant materials.

Tips for Creating an Effective Business Plan

Ensure your plan is backed by solid market research and accurate data.

Set achievable goals and projections. Overly optimistic forecasts can damage your credibility.

Tailor your plan to your target audience, whether it’s investors, lenders, or partners.

Your business environment evolves. Regularly review and update your plan to stay relevant.

While thoroughness is important, avoid unnecessary jargon and keep your plan concise and easy to understand.

Crafting a business plan is an essential step in launching or growing a business in the dynamic Philippines market of 2023. A well-structured plan offers clarity, attracts investors, aids decision-making, guides resource allocation, and helps you track goals. By following our step-by-step guide and incorporating expert tips, you’re setting your business on a path toward success. Remember, a well-prepared business plan is the key to turning your entrepreneurial dreams into reality.

Ready to embark on your business journey? Start creating your comprehensive business plan today to build a successful and sustainable venture in the thriving Philippines market. Your roadmap to success begins with a well-crafted business plan .

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Learn more about Business Plan in Philippines

Using a business plan in the Philippines is crucial for several reasons. Firstly, a business plan serves as a roadmap that outlines the goals, strategies, and financial projections for a business venture. It helps to clarify the direction and vision of the business, ensuring that all stakeholders are aligned. Additionally, a well-developed business plan is often required when seeking financing from banks, investors, or government institutions. It demonstrates the feasibility and potential profitability of the business, increasing the chances of obtaining funding. Themis Partner helps you draft the best business plan for your company while being fully compliant with Philippines Laws.

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Table of contents, what is a business plan, when do you use business plan for your business, why is a business plan important for success, what does a business plan include in the philippines, how to make a business plan for the philippine market, what are the tips for writing a business plan for startups, how important is market research in developing a business plan, how to incorporate financial projections into my business plan.

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business. It serves as a roadmap for entrepreneurs, providing a clear vision of their business idea and how they plan to achieve success. A well-crafted business strategy roadmap includes sections such as an executive summary, company description, market analysis, marketing strategies, organizational structure, financial projections, and more. It helps entrepreneurs articulate their business concept, understand their target market, identify potential challenges, and plan for growth and sustainability.

Business plans are typically used in various scenarios throughout the lifecycle of a business. They are essential when starting a new venture as they provide a blueprint for success, helping entrepreneurs secure funding from investors or financial institutions. A business plan is also beneficial when seeking partners or collaborators, as it outlines the business’s potential and growth prospects. Moreover, established businesses can use these strategic roadmaps to strategize for expansion, diversification, or entering new markets. Additionally, a strategic roadmap can be periodically reviewed and updated to assess progress, make necessary adjustments, and attract new investors or stakeholders.

A comprehensive business plan is vital for success in the Philippines due to several reasons. Firstly, it helps entrepreneurs gain a deep understanding of the local market dynamics, consumer behavior, and competition. The Philippine market is diverse and rapidly evolving, making market knowledge crucial for business sustainability. A well-researched business strategic roadmap allows entrepreneurs to identify and capitalize on market opportunities, mitigate risks, and make informed decisions. The business strategic roadmap is essential for attracting investors in the Philippines. Investors often require a thorough strategic roadmap to assess the viability and potential of a venture. A comprehensive plan demonstrates professionalism, preparedness, and a strategic approach to business development. It provides investors with the necessary information to evaluate the financial projections, growth prospects, and return on investment. A strategic roadmap serves as a roadmap for entrepreneurs, outlining their goals, strategies, and milestones. It helps in aligning the efforts of the entire organization and provides a basis for decision-making. A well-structured plan enhances operational efficiency, resource allocation, and risk management, ultimately contributing to the overall success of the business in the dynamic Philippine market.

By incorporating these key elements into your business plan, you can create a comprehensive and tailored document that addresses the specific needs of ventures in the Philippines. This ensures that your document aligns with the local market dynamics, consumer preferences, and regulatory environment, increasing the chances of success.

1. Executive Summary: This section provides a concise overview of the business, its mission, vision, unique selling proposition, and key highlights.

2. Company Description: Describe the nature of the business, its legal structure, products or services offered, and the target market in the Philippines.

3. Market Analysis: Conduct a thorough analysis of the Philippine market, including market size, growth trends, customer demographics, and competitive landscape.

4. Marketing and Sales Strategies: Outline your marketing and sales approach, including pricing strategies, distribution channels, promotional activities, and customer acquisition plans.

5. Organizational Structure: Define the organizational structure of your business, including key management personnel, their roles, and responsibilities.

6. Product or Service Offering: Provide detailed information about your products or services, including their unique features, benefits, and competitive advantages in the Philippine market.

7. Financial Projections: Include financial statements, such as income statements, balance sheets, and cash flow projections, to showcase the financial feasibility and profitability of the venture.

8. Risk Assessment and Mitigation: Identify potential risks and challenges that may impact your business in the Philippine market and outline strategies to mitigate them.

9. Implementation Plan: Outline the steps and timelines for executing your document, including key milestones and resource requirements.

Step 1. Executive Summary

Provide an overview of your business idea, including your goals, target market, and unique value proposition for the Philippine market.

Step 2. Market Analysis

Conduct comprehensive research on the Philippine market, including customer demographics, buying behaviors, cultural nuances, and trends. Identify market gaps, competition, and potential opportunities specific to the Philippines.

Step 3. Business Concept and Value Proposition

Clearly articulate your business concept and how it addresses the needs of the Philippine market. Highlight your unique value proposition and how it differentiates you from competitors.

Step 4. Marketing and Sales Strategy

Outline your marketing and sales strategies tailored to the Philippine market. Define your target customers, pricing strategy, distribution channels, and promotional activities. Consider leveraging digital marketing platforms, local partnerships, and culturally relevant marketing approaches.

Step 5. Operational Plan

Detail the operational aspects of your business, including location, facilities, equipment, and production processes. Consider local regulations, permits, and licensing requirements that Philippines Laws may apply.

Step 6. Organization and Management

This document may indicate stability for your firm by demonstrating that you have planned ahead of time so that any issue can be resolved easily and quickly. This is very crucial for banks and other creditors who may be interested in investing in your firm.

Step 7. Product or Service Offering

Provide a comprehensive description of your products or services and how they meet the needs of the Philippine market. Highlight any customization or localization efforts specific to the local preferences and cultural context.

Step 8. Financial Projections

Develop realistic financial projections, including sales forecasts, expense estimates, and projected profitability. Consider local market conditions, pricing dynamics, and costs specific to the Philippine market.

Step 9. Risk Assessment and Mitigation

Identify potential risks and challenges that your business may face in the Philippine market. Develop strategies to mitigate these risks, such as contingency plans, partnerships, or diversification strategies.

Step 10. Implementation Plan

Create a step-by-step action plan outlining the tasks, timelines, and responsibilities for launching and operating your business in the Philippine market. Include milestones and measurable goals to track your progress.

ℹ️ Themis Partners legal experts also help you in your company registration so it helps you select the right type of company and ensure a full compliance to the Philippine Laws.

Writing an effective business plan for startups in the Philippines requires a focused and strategic approach. Begin by clearly articulating your business concept, value proposition, and target market, emphasizing what sets you apart from local competitors. Conduct thorough market research to understand customer needs and preferences, and tailor your products or services accordingly. Outline your marketing and sales strategies, incorporating digital marketing techniques and innovative promotional campaigns to reach and attract your target customers. Showcase your understanding of the local competitive landscape and explain how your startup will gain a competitive edge. Present a comprehensive financial plan with realistic revenue projections, expense forecasts, and a clear path to profitability. Highlight the qualifications and experience of your team, demonstrating their commitment to the success of the startup. By following these tips, you can create a compelling strategic roadmap that resonates with potential investors and stakeholders in the Philippines.

Market research and analysis play a critical role in developing a business plan for the Philippine market. It provides valuable insights into customer preferences, market trends, competition, and industry dynamics. Here’s why market research is important:

By incorporating comprehensive market research and analysis into your business plan, you demonstrate a thorough understanding of the Philippine market. This increases the credibility of your plan, enhances its strategic relevance, and positions your business for success in the dynamic and competitive Philippine market.

Financial projections and forecasting play a vital role in a business plan for ventures in the Philippines, providing a clear understanding of the financial feasibility and profitability of your business. To incorporate financial projections into your plan, develop realistic revenue projections based on market research and sales estimates. Estimate expenses comprehensively, considering operational costs, marketing expenses, and other relevant expenditures. Create a cash flow projection to track cash inflows and outflows, and conduct a break-even analysis to determine the point of profitability. Determine your financing needs and outline plans for raising capital, while considering sensitivity analysis to assess potential market fluctuations. By including comprehensive financial projections in your strategic roadmap, you demonstrate financial acumen, attract potential investors, and provide a strong foundation for decision-making and resource allocation in the Philippines.

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How to create the perfect business plan in 10 steps

Every business needs a plan. But how do you write one? Here are 10 steps to help you get it right.

A business plan written up in a notebook

What is a business plan?

A business plan is the roadmap for a business and shows the overall strategy, goals and vision for success. It shows how a business operates and how it will make money.

It’s different from a business proposal which is a pitch to sell a product or service to a prospective customer.

Why do you need a business plan?

You may be wondering why you need a plan in the first place. After all, you have a clear idea in your mind about what you want to achieve. You know the market, you have the necessary skills. So why do you need a plan?

There are many good reasons. Here are just a few of them:

To clarify your ideas: Writing something down gives it structure and substance. Your ideas will be clearer on paper than in your head.
To discover and solve problems: The business idea you have in mind may have some holes – you might not have covered everything. This will become much more apparent when your words are on the page.
To get feedback from others: A properly written business plan can be shared with trusted people to get their advice.
As a formal document: Banks, investors, accountants and lawyers will want proof that you’re serious about your business. A written plan will provide that proof.
To guide you as your business grows: A good business plan will keep you on track and focused, even as day-to-day work becomes a distraction.

If you’ve never written a business plan before, it can be a daunting prospect. But these 10 steps will help you create the perfect business plan.

1. The executive summary

This is where you describe your company and the product or service that it will sell. This must be brief, to catch and hold people’s attention.

Try to describe the goal and mission of your business in just a couple of sentences. Work hard at this and try to make it memorable.

Treat this section as an elevator pitch document – it should be succinct and easy to remember.

You can read more about how to create the executive summary in our guide What is an Executive Summary in a Business Plan?

2. Who are your customers?

Do you have a clear idea of the type of people (or businesses) who will buy your product or service? If not, think carefully until you do.

This is one of the first questions any investor will ask you about your business plan. Have your answers ready.

Know whether your customers will be consumers or businesses. If they are businesses, who will you target within those companies? Maybe it’s the salesperson, or perhaps it’s the CEO?
Determine whether you'll have regular clients or one-off buyers.
Make sure you’ve actually spoken to some of your potential customers.

3. Evaluate the target audience

There’s no room for guessing here. You need to identify the people or businesses who will buy from you. Think about the following:

Demographics – such as age, gender and social status
Firmographics – includes size of the company, revenue of the company and services or products of the company
Location – perhaps a specific area, town, or even country
Profession – maybe you’re targeting accountants, police or lawyers, for example
Groups – such as people with shared interests or habits

The better you evaluate your target audience, the more comprehensive your business plan will be.

4. What are your opportunities?

Successful businesses think big. You might be starting small, but you don’t have to stay that way. So write down the possible opportunities for your business as it grows.

For example, perhaps you’re planning to start by selling over the internet. That’s great, but how will you get traffic to your site? How will people find you online? Will you need salespeople? If not, how will you convince people to buy from you?

As the business grows, is there scope for a bricks-and-mortar retail outlet? What other opportunities will you have if your business grows as planned?

5. Understand the competition

Every business has competition. If you don’t mention yours, investors will think you’re unprofessional – or just plain naive. Be thorough, and list all your existing and potential competitors:

Who are your direct competitors – those selling the same products as you?
Who are your indirect competitors – those whose market overlaps yours?
What will prevent other companies competing with you – what are the barriers to entry?
What is your USP (unique selling proposition)? In other words, what’s your point of difference that makes you different from your competitors?

That last point is important. You need to explain how your business will differentiate itself from all the others. That might be based on price, service, quality, range or value. Make sure you spell it out.

6. Build a simple financial plan

All business plans should contain some financial information. This should include the overall costs of setting up your business. For example:

Cost to make or buy products
Costs for labour and manufacture, including raw materials
Employee costs, especially for service businesses
Distribution and marketing costs
Fixed and variable overheads

Good accounting software will help you create a draft financial model. We’ll look into this in more detail in a future guide. For now, talk to your accountant or bookkeeper for help and advice.

7. Include an outline marketing plan

For this section of your business plan, you need to think about the five ‘Ps’:

Pricing – how will you price the end product?
Positioning – how does your product or service fit into the market?
Promotion – what channels will you use to attract and communicate with customers?
Profit – how much do you expect to make per item sold?
Place – what are your sales outlets?

8. Plan your operations

Put your vision to one side for a moment. What are the daily tasks that need to be done when running the business? Include all business processes such as manufacturing and packaging. Try to cover all departments too, including sales and customer service.

9. Get the right people

This is one of the most important factors. Think about who you want to hire . How will you find people whose skills complement yours? And how will you convince them to work for you?

Also think about who you want as your business advisors. You'll need people you can trust, to guide and mentor you at times when you need it.

10. Simplicity is the key

Keep it simple. Complex and long documents won’t be read – either by you or by potential investors. A business plan should be brief, relevant and focused (you can use our free business plan template ).

If you find yourself getting carried away while writing, stop and take a break. Then go back and edit what you’ve written. Shorter is better. The core of a good business plan should be just a few pages long.

Plan your business around your strengths

As you write your business plan , keep in mind your strengths – and also any areas for improvement. This will help you construct a plan that makes the most of your abilities, while still being realistic. That's more likely to convince investors that you're serious.

Your business plan is a roadmap for your business – but it's not set in stone. Review it at least once a year and make changes if necessary.

Above all, keep getting feedback from your advisors – official and unofficial ones. With their help, you'll create the perfect business plan that takes you where you want to go.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

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How to Write a Business Plan [Complete Guide]

Last Updated on – Aug 8, 2023 @ 3:22 pm

Preparing to write your business plan? You’re already one step ahead of other entrepreneurs who don’t see its value.

A well-thought-out and well-written plan for starting and running your business helps you focus on what you need to do to make your business idea work. It can also boost your chance of getting investments and loans to finance your business .

Did you know that half of small businesses fail in their first four years? Planning is such a crucial step to reducing the risks of managing an enterprise. Turn your business idea from something abstract and uncertain into a successful venture. It starts with drafting a good business plan.

Here’s your definitive guide to writing a business plan that speaks for itself.

What is a Business Plan?

A business plan is a written document that details what a business is, what direction it will take, and how you’ll get it there.

Practically speaking, the business plan evaluates your business’ viability. As the Department of Trade and Industry (DTI) puts it , the document allows entrepreneurs to find out whether or not their business idea will bring in more money than how much it costs to start and run it.

More than just a document, the business plan helps business owners to figure out the key aspects of an enterprise, including the following:

Business goals and strategies to meet them
Competitive edge and how to leverage it
Potential problems and how to solve them
Funding required to start the business
Equipment, facilities, and manpower needed for operations

Who Needs a Business Plan and What Is It Used For?

Every aspiring entrepreneur who will spend a great amount of money, time, and energy to earn a profit needs a business plan.

Business planning is a crucial part of starting an entrepreneurial journey, no matter how small or big a business is. Never skip this step—as they say, failing to plan is planning to fail.

Here are some examples of business types that benefit much from business planning:

Founders of startup businesses seek funds to begin their new venture. Business plans help them persuade investors and lenders to provide the funding they need.

For startups, a business plan explains the nature of the new venture, how it will achieve its goals, and why the founders are the best people to lead the company. The startup business plan should also specify the capital needed to jumpstart the new business.

Related: Fast-Growing Startups in the Philippines

Existing Businesses

Not only do startups gain advantage from a business plan—existing enterprises need it, too.

But business plans for growing businesses serve a different purpose. Usually, a business plan helps a middle-stage business raise funds for additional facilities, equipment, manpower, and others needed for expansion. This document also defines strategies for growth and allocates resources based on strategic priorities.

Growing businesses also use business plans to communicate their vision to various stakeholders such as customers, business partners, potential investors and lenders, employees, and suppliers.

For such needs, a business plan for existing businesses lays out the goals, strategies, metrics to evaluate success, responsibilities, and resource allocation.

Social Enterprises

Social enterprises may not be as profit-driven as other business types, but that doesn’t mean they need business planning any less.

A social enterprise needs to prepare a business plan to achieve its social objectives and keep empowering the communities it’s supporting. This document is what government agencies and donor agencies require and evaluate when approving grants for funding a social project .

A social enterprise business plan determines the social issue that a business idea will solve, its beneficiaries, products or services, target market, and sales projections, among many others.

Non-Profit Organizations/NGOs

Like social enterprises, non-governmental organizations (NGOs) can also use business plans to source funds for their campaigns and projects.

A nonprofit business plan discusses the problems an NGO is trying to solve through a certain project, as well as how it will do that and how much resources are needed.

It also helps the organization and its board members to prepare for risks by making projections on how likely the activities will push through and how the current sources of funds will continue to yield a certain level of revenue. Most importantly, the business plan defines the Plan B if the original plan ends up failing.

Business Plan Format and Its Components

How does a business plan exactly look like? There’s no recommended universal format for business plans. Ideally, yours is customized according to the nature of your business and what you’re going to use the plan for.

However, all business plans have sections in common. Here’s a quick walkthrough of the six components that make up a business plan.

1. Executive Summary

Like an abstract of a college thesis or a foreword of a book, the executive summary is meant to provide a brief overview of the document. It presents the highlights of a business plan in a page or two.

The executive summary the first thing that readers see, so keep it short yet engaging and compelling enough to make them want to view more details in your plan.

2. Company Profile

The company profile is your chance to introduce yourself and your business to people outside your company. It’s also called the company summary, company information, business description, and business profile.

This section quickly answers the five Ws and one H of your business: who, what, when, where, why, and how.

Think of it as your business calling card. Being the shortest section of the business plan, the company profile provides a quick overview of the business—who the owner and founder is, management team, business goals, business address, product or service, and what makes it unique.

3. Operations Plan

The operations plan explains how you’ll run your business, focusing on the different aspects of manufacturing your product. This section includes the following information, among many others:

Type of business (sole proprietorship, partnership, corporation , or non-profit)
How the product is made or the service completed
Necessary materials, equipment, and facilities to manufacture the product or complete the service
Any subcontractors needed
Quality control system

4. Organizational Plan

Your people should play a major role in your business plan, just as how they’re important to your business success . The organizational plan includes a chart that shows how your company is structured according to key departments or functions such as administration, production/manufacturing, marketing, and finance. This organizational chart not only presents the levels of authority in a company but also clarifies who is responsible for which people and function.

Aside from the organizational chart, the organizational plan also includes these details:

Number of employees to hire
Responsibilities of each job role
Qualifications of workers who will perform each role
Salaries and benefits per job assignment

5. Marketing Plan

The marketing plan and the succeeding chapters are the heart and soul of your business plan, explaining the things that will make your business work. This section details how you plan to promote your product or service in the market.

Specifically, the marketing plan covers the following:

How the product or service will work and how it will benefit customers
Target market and its profile
Strategies for packaging, advertising, public relations, and distribution
Competitive advantage

6. Financial Plan

A critical section in your business plan, the financial plan helps you assess how much money you’ll need to start or grow your enterprise and identify your funding sources to get your business off the ground and sustain its operations. This is where you’ll provide financial estimates that cover at least one year of running your business.

Investors and lenders specifically look for these financial details in business plans:

How much you’re going to borrow, what you’ll use the loan for, and how you’ll pay it back
How much profit you’re expecting to make (through an income statement and balance sheet)
How you can finance your business operations (through a cash flow statement)
Whether to keep the business going or close it down to cut losses (through a break-even analysis)

Related: How to Write a Business Proposal

Should You Use a Business Plan Template?

Business plan templates identify what information to put into each section and how it should be structured.

They provide instructions to guide entrepreneurs through the process. This way, nothing is missed out while writing the plan.

Thus, using a business plan template is a great idea, especially if this is your first time to prepare a plan for starting or growing your enterprise.

Helpful as it as may be, a business plan template doesn’t make business planning 100% effortless. While it provides the outline that makes writing the plan easy and quick, you still need to do your homework.

For example, a template won’t compute the financial projections for you—it’s a task you have to complete either on your own or with the help of a professional.

So before you use a business plan template, manage your expectations first and be prepared to do a lot of math!

8 Free Business Plan Templates

Yes, you read it right—you can download free online business plan templates. Some of these templates are designed for a specific niche, while others offer sample business plans for a wide range of business categories and industries.

Start off by choosing any of these free templates that suit your business planning needs.

1. Business Plan Format by the DTI

DTI has a wealth of useful information for micro, small, and medium businesses in the Philippines. Of course, it’s free to access since it comes from the government.

On the DTI website, simply look for the Business Planning section and download the business plan format in a PDF file. This document not only lists down all the information to be included in every section of a business plan, but it also provides guide questions per section—making business planning easier for first-timers.

If you want a more detailed discussion of what should go into each component of your business plan plus sample scenarios, check the DTI’s Negosyo Center e-book that fleshes out things for small business owners.

2. Simple Business Plan Template by The Balance Small Business

The Balance is an online resource for small business owners. It has a free business plan template that’s simple and easy to understand for beginners, with instructions on how to use it. Broken down into sections, the simple business plan template tells you what to include in each component of the plan.

Simply copy the free template and paste it into a word document or spreadsheet. From there, you can start drafting your business plan with the template as a guide.

3. Free Sample Business Plans by Bplans

This website features a collection of over 500 free business plan samples for various industries, including restaurants, e-commerce, real estate, services, nonprofit, and manufacturing.

Under each category are links to many sample business plans for specific types of business. Each sample comes with a plan outline, too. For example, under the Services category, you’ll find sample plans for businesses like auto repair shops, advertising agencies, catering companies, health spas, photography studios, and more.

4. Business Plan Samples by LivePlan

More than 500 free sample business plans are available at the LivePlan website, so you’re likely to find one that suits your business best. The samples allow users to know how other businesses structured and worded each component of their business plans. You can copy and paste the sections into your own plan.

To download a full business plan sample, you’ll have to sign up by submitting your name and email address through the website.

5. Business Plan Templates by PandaDoc

PandaDoc offers free business plan templates for NGOs, startups, restaurants, cafes, bakeries, hotels, and salons. These documents can be downloaded in PDF format.

But if you want a customizable template, you can download the PandaDoc template for a 14-day free trial. This template allows you to edit the document, choose a theme that matches your branding, and add pictures and videos.

The website also has free templates for executive summaries and business letters.

6. The One-Page Business Plan by The $100 Startup

If your business has a simple concept, then a one-page business plan template is ideal to use. This downloadable PDF file is a very simple outline made up of a few sections with questions that you have to answer in just a short sentence or two.

7. Business Plans by Microsoft

Microsoft provides a broad selection of templates for its users, including business plan templates in Word, business plan presentations in PowerPoint, and business plan checklists in Excel.

Sample business plan template (Word) – Provides the steps in writing a complete business plan
Business plan presentation template (PowerPoint) – Consists of slides for different sections of a business plan that highlight the key points for viewers
Business plan checklist template (Excel) – Enumerates the important things to do when writing a business plan, using the Strength, Weakness, Opportunity, and Threat (SWOT) analysis framework

The advantage of using a template from Microsoft is having a professional-looking document, slideshow presentation, or spreadsheet. No need to do the formatting by yourself because the template is already formatted. All you have to do is enter the necessary information into the template to complete your business plan.

8. Social Business Plan Guidelines by the Ateneo de Manila

This free business plan format for social entrepreneurs comes from the Ateneo de Manila University’s John Gokongwei School of Management. In a glimpse, it provides the basic information you need to plan a social enterprise.

It also has more detailed business plan guidelines you can refer to. Simply click the link to the word document at the bottommost part of the page.

Related: 11 Best MBA Programs & Schools in the Philippines

How to Write a Business Plan

An outstanding business plan covers everything your stakeholders need to know about your business. So don’t just wing it—put a lot of thought into this critical document.

Let’s get down to the nitty-gritty of drafting a business plan, whether you’ll use a template or not.

1. Brainstorm about your business idea

You may have a very promising business idea, but it won’t fly unless you develop it into a clear-cut concept.

Brainstorm with your team about everything you can think of about starting and running the business. Then list them all down.

Be as creative as possible. No need to be too critical at this point.

While brainstorming, aim to answer these key questions:

Why do you want to start the business? What has inspired you to go for it?
What product or service do you plan to sell?
Who will be your target customers? What are their problems that you’re hoping to solve through your product or service? How will you promote your offerings to them?
What will be your business branding ? How will you position your brand in the industry?
What is your competitive advantage? What makes your business unique?
Where do you see your business within a year?

2. Validate your business idea

Research on the specifics of your business idea—paying special attention to your product or service, target market, and competitors.

According to entrepreneurship experts, it’s best to spend twice as much time on this step as spending the time to the actual drafting of the business plan.

Here are some ways to validate your business idea:

Read studies and research to find information and trends about your industry .
Conduct market research to gather insights from industry leaders, potential customers, and suppliers . You can do this through surveys, focus group discussions, and one-on-one interviews with your stakeholders.
Collect data about your competitors , especially the product or service they offer and how they reach their customers. Consider buying from them or visiting their store to get a feel of their products and customer experience.

Gather all relevant information and analyze your findings to assess whether the business idea is feasible or not. You may need to tweak your business idea based on your evaluation of its feasibility.

3. Define the purpose of your business plan

It’s extremely difficult to carry out anything if you aren’t sure about why you’re doing it in the first place. Without a clear purpose, you’re like driving a car without knowing where you’re headed to.

When it comes to writing your business plan, you should have its purpose in mind from the get-go. It can be one or more of the following:

Create a roadmap to provide the directions the business must take to achieve your goals and overcome challenges. This is ideal for bootstrapping or self-funding startups.
Seek investments and loans to finance a business. If this is your purpose for making a business plan, it should be compelling enough to attract investors and lenders.
Set your targets, budget, timelines, and milestones. When you put them all in writing, it’s so much easier to evaluate and measure your business’ actual performance versus your goals.
Communicate your vision and strategic priorities with the management team. With this purpose, your business plan must establish specific goals for your managers so that they have something to commit to, you can track progress, and get them to follow through on their commitments. Also, having a business plan for this purpose ensures that everybody involved in running your business is on the same page.
Minimize risks. Running a business in itself involves a lot of risks, and it gets riskier with a poorly researched business idea. A business plan can help entrepreneurs mitigate them by organizing activities and preparing for contingencies.

4. Create an outline for the executive summary

The first section of any business plan is the executive summary. You don’t have to draft it yet at this point, but it helps to write an outline for it before you proceed with the rest of the sections.

In a sentence or two, describe these key aspects of your business:

Product or service
Target market
Competitors
Unique value proposition (how you set your business apart from the competition)
Management team
Short-term and long-term business goals
Possible sources of revenue

5. Describe your business

The next step is to write your company profile. Get your readers to become familiar with your business and realize why they should be interested in it.

If you have no idea what specifically goes into this crucial business plan section, you can check the company profiles of businesses in your industry. Usually, you can find them on their websites at the About Us or About the Company page. Take note of the information included and how they’re written.

Here are the must-haves of a great company profile:

Brief history of the company
Mission and vision
Product or service lineup
Target market and audience
How the business will address the customers’ pain points
What makes the business unique

6. Provide details about your operations and organizational structure

Anyone who will read your business plan needs to know what they should expect when they deal with you. They need to see a solid plan for your operations and the people who make up your team. So give your operations plan and organizational plan a careful thought.

For your operations plan, choose carefully the right legal structure for your business. Will you be a sole proprietor? Or will you partner with someone or form a corporation? Your choice will have an impact not only on your business operations but also on the taxes you’ll pay and your personal liability .

As for the organizational plan, it’s where you put your organizational chart that shows a glimpse of the hierarchy within your organization. You can easily create this chart in Microsoft Word, Excel, or PowerPoint.

Also introduce the people who comprise your management team—their relevant experience, qualifications, and expertise . The organizational plan must also include information of the support personnel, as well as who reports to whom and who manages whom.

If you’ll be outsourcing some of your business functions, add them to your organizational plan, too. These may include consultants , accountants , lawyers , logistics specialists, and IT specialists. This way, you’re showing that you’re planning to fill in any expertise and skill gaps in your in-house team.

Also Read: Business Process Outsourcing to the Philippines [Complete Guide]

7. Compose your marketing plan

Make this section of your business plan as comprehensive and detailed as possible. You’d want to prove that you’ll take a strategic and aggressive approach to reach your target customers and promote your brand and product or service to them.

Divide your marketing plan into five subsections: objectives, product/service description, target market profile, competition profile, and promotional activities.

A. Objectives

Zero in on the what and the why of your marketing activities. Under the marketing objectives section, list down all your goals and the strategies you’ll implement to meet them.

Your marketing goals can be any of the following:

Raise brand awareness
Introduce a new product or service
Regain or get more customers for an existing product or service
Secure long-term contracts with your ideal clients
Increase sales in a certain market, product, or price point
Improve product manufacturing or product/service delivery
Increase prices without affecting sales

B. Product/Service Description

Describe each product or service you’ll offer, including its features and benefits. You can use storytelling , images, charts, tables, or any visual element that best illustrates how each item will work to the benefit of your target customers.

C. Target Market Profile

Present as much relevant data as you can about your potential customers. Make sure to include the following:

Demographic profile: age range, gender, income level, education, interests, etc.
Buying behaviors
Factors that influence their buying decisions: purchasing power, personal preferences, economic conditions, marketing campaigns, social factors (such as peer pressure and social media influencers ), cultural factors, etc.

D. Competition Profile

Your marketing plan must focus not only on your own business but also those of your competitors. List down the similar products or services that they offer to your target customers.

Also, provide an assessment of your competitors’ performance. Which areas are they doing well? How can you improve on their strengths and weaknesses? How can your business stand out? Is it your more competitive pricing? Better customer service? Superior product quality?

To come up with a good competition profile, take the time to research about your competitors. When interviewing your target customers, ask them about the brands they use or businesses they deal with.

You can also do an online search of your competitors. For example, if you’ll run a pet supplies store in Pasig, search for “pet stores Pasig” on Google. The search engine results page may show you the different stores that sell the same products as the ones you plan to offer. Read customer reviews online to get deeper insights on how these businesses serve their clients.

Consider doing a “secret shopping” in your competitor’s store. This way, you can experience firsthand how they treat their customers and how they market and sell their products or services. You might even be able to get information about their product lineup and pricing.

E. Promotional Activities

The last subsection of your marketing plan must discuss how you’ll promote your brand and products or services and connect with customers. Also, be ready to allocate budget for each marketing activity you identify in your plan.

Create a list of marketing activities you plan to implement. Will you reach your audience through SEO (organic online search), paid advertising, and/or social media? Or will you go the traditional route through print and TV advertising or joining expos, exhibits, and trade shows? The right choice depends on the nature of your business and the type of audience you’re trying to reach.

8. Develop your financial plan

The financial plan is the section where you’ll crunch the numbers. Unless you’re really good at math, it’s best to hire an accountant or business consultant who will work with you to develop a foolproof financial plan.

Put simply, a financial plan explains how a business will spend money and make more money. It also estimates the amount of time it will take for the business to earn a profit.

Here are the specifics of a good financial plan:

Total capital requirement
Business financing plan and any loan requirement
Collateral to put up for a business loan
Schedule for loan repayment
Financial statements : cash flow statement, income statement/profit and loss statement, and balance sheet
Break-even analysis
Return on investment (ROI)
Financial analysis

Ultimately, these financial projections answer the question, “Is your business financially feasible?”

9. Back up your business plan with supporting documents

Books and theses have an appendix section at the end that provides additional resources. Your business plan should have one, too. This final section consists of documents, surveys, studies, charts, tables, images, and other elements that provide supporting data.

Depending on the information you’ve presented in the other sections of the plan, your appendix may include these things:

Market research data and findings
Resumes of the management team
Relevant financial documents
Lease agreements
Bank statements
Licenses and permits

10. Review and refine your business plan

Your business plan is almost done at this point. Now all you have to do is go over the document once more to ensure you’ve covered everything and nothing crucial is left out.

Check your final draft and be sure it has the following:

Sound business idea – If you’ve done Step 2 properly (validating business idea), you can be confident that you have a sound business idea.
Comprehensive and in-depth look into your business in a professional format
Thorough understanding of your target customers , their behaviors, interests, and needs
Competent management team – The people who make up your team must possess the skills and expertise that complement yours.
Business focus or specialization

Aside from yourself, ask a business partner, proofreader, and accountant or financial expert to review your business plan and spot any errors and inconsistencies. You’d want to make sure that it looks professional and is accurate.

11. Write the executive summary

Lastly, get back to the outline you created in Step 4 and write it based on your final draft. Make sure to craft an engaging executive summary that hooks people into reading the rest of the plan.

6 Actionable Tips on Writing a Business Plan

Anyone can write a business plan—but it takes more than great writing skills to create an exceptional one.

Here are some tips to help you prepare an effective business plan that goes beyond the ordinary.

1. Write with your audience in mind

When drafting your business plan, you’re writing not for yourself but for people who will play key roles in starting and running your enterprise. This is why it’s important that you know whom you’re writing for and keep them in mind while preparing your business plan.

If you think you can’t create a plan that caters to all your audience groups, consider having different versions of the document. For example, you can come up with a business plan for investors, another for lenders, one for employees, and so on. But keep the data consistent across all versions.

To write a business plan that suits a particular audience, you have to use the right language, highlight the parts that interest them, and adjust the format accordingly.

A. Use the Right Language

One of the most important rules in business writing: use the language that your target audience easily understands. If you’re writing for engineers, finance people, or lawyers, your language can be technical—meaning you can use jargons and terminologies familiar to them.

However, if you’re writing for investors who barely have technical knowledge, tweak your language in simple terms that are easy to grasp and appreciate.

Likewise, if you’re writing a business plan to communicate internally with managers and employees your company’s direction and strategies, it’s best to use more casual language than you would when writing for high-level, external stakeholders.

B. Appeal to Your Audience’s Interests

It also helps to understand what interests your audience because they will influence how you’ll write your business plan.

Your management team, for instance, will be interested in knowing your business goals and strategies so that they can help you steer the company in the right direction.

Investors and lenders look at the business plan differently—they’ll be more interested in your financial statements to determine your financial health, like if your business is worth investing in or has the ability to pay back a loan.

C. Adopt a Suitable Business Plan Format

There’s no one-size-fits-all format for business plans because it depends mainly on your audience, aside from the nature of your business.

Let’s say you’ll set up a restaurant, and you’re drafting a business plan to apply for a business loan. To convince lenders that your business is viable, details such as your restaurant’s location and possible renovations are crucial.

Meanwhile, if you’re writing the plan for potential big-time investors, you’ll take a different approach. A good restaurant business plan focuses on the business aspects that will lead to growth and profitability (Remember that investors are interested in how they’ll make money from partnering with you).

2. Keep it concise

How long should a business plan be? According to the U.S. Small Business Administration (SBA) , it depends on various factors such as the specific audience it’s written for and the nature of a business. The SBA cites surveys that found the ideal length to be at least 25 to 100 pages.

Sounds a lot? If you have a simple business idea and you’re writing a business plan for busy people who don’t have time to pore over hundreds of pages, then one page up to 20 pages should be fine.

However, you may need to provide more explanation (which will take up more pages in your business plan) if you’re planning to build a new kind of business, and a risky one at that.

The size of your business also affects the length of your business plan. Business plans for small businesses need not exceed 30 pages. Corporate business plans are expected to be longer.

What matters more than length is how concise your business plan is. Meaning, it provides all the necessary information—including solid research and analysis—using the fewest words possible. No place for wordiness here!

3. Document everything related to your business

Support your claims in the business plan with solid facts and proof. Investors, for instance, need an assurance that they won’t lose their investment when they trust you with their money. This is where documenting your business thoroughly plays a crucial role.

What kinds of documentation can you include in your business plan?

Industry forecast or projections
Licensing agreements
Location strategy
Prototype of your product or service
Survey and FGD results
Resumes of your management team

4. Show your passion and dedication to your business

Although business plans have straightforward, matter-of-fact content, you can still establish an emotional connection with your readers through your plan. After all, your readers are humans with feelings and motivations.

No need to be dramatic about it—you can show your passion and dedication while still sounding professional in your business plan. Write about the mistakes you’ve had (like a failed business in the past), what you’ve learned from the experience, the values you hold, and the problems of your customers you want to solve through your product or service.

5. Know your competition and how you’ll stand out

Your business won’t be the single player in your industry. Other businesses in the same niche have started way ahead of you, and some new ones will also compete for business in the future.

Write your business plan in such a way that you know your competitors so well. Identify all of them and what makes your business unique compared with the rest without belittling them.

6. Be realistic and conservative in all your estimates

In any aspect of your business, it’s better to underpromise and overdeliver than the other way around. This also holds true when writing a business plan. You wouldn’t want to set unrealistic expectations that will lead to disappointments and worse, losses, when you fail to deliver on your promise.

There’s no place for too much optimism in your business plan. Your budget allocation, timelines, capital requirements, sales and revenue targets, and financial projections must be reasonable, realistic, and conservative. These will lend credibility to your business plan and yourself as an entrepreneur. Because there are a lot of factors beyond your control, always assume that things will get completed longer and cost more ( consider inflation over time! ).

This is where your research prior to writing the draft comes extremely helpful. You have something solid and factual to benchmark against. For example, if your analysis based on the facts you’ve gathered indicates that you’ll be able to get 40% share off the market in your first year of operations, consider making your estimates a bit more conservative and attainable.

Related: The Ultimate Guide to Business Valuation in the Philippines

10 Mistakes to Avoid When Writing a Business Plan

Now, let’s explore the mistakes entrepreneurs often commit when writing a business plan. Listing them all down here to let you know what to avoid.

1. Prioritizing Form Over Substance

Spend most of your time and energy on building solid research and facts rather than obsessing about which font type or background color will look best for your document.

2. Overthinking

Many entrepreneurs take too long to complete their business plans because they worry too much about it. Don’t get intimidated by business planning—you don’t have to be an expert or a degree holder in business management or business administration to be able to write an outstanding business plan. Overthinking will just lead to analysis paralysis and get nothing done.

As long as you know your business well and are passionate about it, then writing a business plan won’t be as difficult as you think, especially if you’re using a template.

3. Submitting the Document Without Proofreading It

If your business plan is filled with typos and grammatical errors, readers will get distracted even if you’re presenting substantial information. It may also give your audience an impression that you’re careless—and who wants to deal with a person who isn’t professional and careful enough?

Even if it costs you money, pay a professional proofreader to check your work and correct any errors so that the message you wanted to convey through your business plan will get across.

4. Making Empty Claims

Any statement that isn’t sufficiently supported by solid research or documentation has to go. For example, if you want to claim to be the top player in your industry but you don’t have any evidence to back it up, rethink about including it in your business plan.

5. Writing an Overly Long and Wordy Plan

Make sure that everything you put into your business plan is relevant and serves your purpose. Otherwise, remove unnecessary statements that just add fluff to the document.

Also, don’t waste your readers’ time by using too many words—including highfalutin ones. Remember, your goal is to make your audience understand your business, not to impress them with beautiful or complex prose.

6. Using Too Many Superlatives

Even if you really feel that your business, business idea, or projection is incredible, amazing, the best, great, fantastic, or one of a kind, avoid using these superlatives because they aren’t appropriate for formal documents like a business plan.

7. Doing the Financial Projections on Your Own

Unless you’re an accountant yourself, it’s best that you get a professional to do the job for you. It will save you time and the headache of dealing with numbers and formatting your financial plan properly.

8. Overestimating Your Projections

The business plan is not a place to make impossible promises—while they look good on paper, you might run into trouble fulfilling them. To avoid this mistake, always do your research. Find out how other businesses do it and what the typical timeframes and financial projections are before you come up with your estimates.

9. Long-Term Business Planning

As much as possible, limit your projections to only a year. A lot of things can happen and make your business different from how you initially planned it. Stick with your short-term or one-year targets and estimates, then just tweak your business plan as time goes by.

10. Including Unfounded Rumors About Your Competitors

Not only do rumors make your business plan look unprofessional, but they also distract your readers from your intended message, which is to highlight what makes your business different from the competition. Avoid including details based only on hearsay. Everything in your plan must be backed up by solid, quantifiable facts.

Key Takeaway

A business plan is more than just a document that you prepare once and will never look at again. Rather, it’s a strategic tool that you should use from time to time to guide your business operations, get the buy-in of your stakeholders, and grow your business over time.

Once you’re done with writing your business plan, make the most of it for your business. Use it and modify it as often as needed!

Ready and confident to start writing your business plan? Share your thoughts and questions below!

Other Useful Business Resources from Grit PH:

How to Sell a Business in the Philippines

About Venus Zoleta

Venus Zoleta is an experienced writer and editor, specializing in personal finance and digital marketing.

She has been a regular columnist for some of the biggest business & finance publications in the Philippines, such as MoneyMax.ph and Filipiknow.net.

Hoping to retire early, she started investing and bought a home in her early 20s. This crazy cat mom eats ramen like there's no tomorrow.

Education: University of the Philippines (B.A. Journalism) Focus: Personal Finance, Personal Development, and Entrepreneurship

Reader Interactions

March 3, 2020 at 10:00 am

I like it, and i want to learn more about for business

March 6, 2020 at 9:46 am

Hello Ms. Venus, Rise Against Hunger Philippines, N.G.O. , branching out into a new high ways… and i am newly hired as a social enterprise development officer… whose main tasks to launch a product line; an up-cycled tarpaulin bags.. manufactured by a group of community women (skills training’s, coordinated by life coached; aiming w-holistic transformation and sustainability program.. . with such a big tasks, i need a step by step guides, and if possible a coach for i cannot do it alone… thank you, henry reandino chua

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Patnubay para sa Business Plan

Ano ang business plan at bakit kailangan ko ito?

Ang isang business plan ay nakasulat na dokumento na naglalarawan ng iyong negosyo, mga layunin at istratehiya nito, ang market kung saan nais mong magbenta, at ang iyong financial forecast. Mahalaga ang business plan dahil tumutulong ito sa iyo na magkaroon ng makahulugang mithiin, makakuha ng pondo mula sa labas, sukatin ang iyong tagumpay, linawin ang kinakailangan sa operasyon ng pagtakbo at itatag ang resonableng financial forecast. Ang paghanda ng plano ay tutulong din sa iyo na ituon ang iyong pansin sa pagpapalakad ng bagong negosyo at bigyan ito ng pinakamabuting pagkakataon sa pagtagumpay.

Ang magtatag ng tulong sa pananalapi upang simulan ang iyong bagong negosyo ay tuwirang may kinalaman sa lakas ng iyong business plan. Upang makakuha ng pondo mula sa bangko o mga investor, kailangan mong ipakita na nauunawaan mo ang bawat bahagi ng iyong negosyo at ang kakayahan nitong lumikha ng tubo.

Ang business plan ay hindi lamang isang bagay na ipapakita sa mga nagpapahiram at mga investor; kinakailangan din ito upang matulungan kang magplano para sa paglago at pag-unlad ng iyong negosyo. Ang tagumpay ng iyong negosyo ay nakasalalay sa iyong mga plano para sa kinabukasan.

Nakalista sa ibabâ ang mga halimbawa ng mga katanungan na dapat mong itanong sa iyong sarili kapag isinusulat mo ang iyong business plan.

Paano ako makakatubo?
Paano ko palalakarin ang negosyo kung ang benta ay mahina o ang tubo ay mababa?
Sino ang aking kakompetensiya, at paano kami patuloy na makakapagnegosyo?
Sino ang aking target market?

Ano ang dapat isama sa isang business plan?

Bagamat maaaring iba-iba ang haba at sakop ng business plan, ang lahat ng mga matagumpay na business plan ay mayroong karaniwang elemento. Ang mga sumusunod ay dapat isama sa business plan.

Executive Summary (Paglalarawan ng Negosyo)
Alamin kung ano ang iyong Oportunidad sa Negosyo
Istratehiya sa Marketing at Sales Strategy ng isang Business plan
Iyong Grupo

Pamamalakad

Mga financial forecast ng isang Business plan
Iba pang mga mahalagang dokumento

Ang Executive Summary (Paglalarawan ng Negosyo)

Ang executive summary ay isang malawak na pananaw ng mga mahalagang punto ng iyong business plan at kadalasan itong isinasaalang-alang bilang pinakamahalagang bahagi. Ito ay nakaposisyon sa harap ng plano, at karaniwang ang unang bahagi na babasahin ng napipintong mga investor o nagpapahiram. Ang summary ay dapat:

May kasamang mga pinakaimportanteng punto mula sa bawat isa sa ibang mga bahagi upang ipaliwanag ang basehan ng iyong negosyo
Sapat na kawili-wili upang maakit ang bumabasa na ipagpatuloy ang pagbasa ng iyong buong business plan.
Maikli ngunit malinaw - hindi hihigit sa dalawang pahina

Bagamat ang executive summary ay ang unang bahagi ng plan, maigi ang isulat ito sa huli; kapag tapos na ang ibang mga bahagi ng plan.

Alamin kung ano ang Iyong Oportunidad sa Negosyo

Sa bahaging ito ng iyong business plan, iyong ilalarawan kung ano ang iyong negosyo, kung ano ang mga produkto at/o serbisyo nito, at kung ano ang iyong mga plano para sa negosyo. Karaniwang kasama dito ang sumusunod:

Kung sino ikaw
Kung ano ang iyong ginagawa
Kung ano ang iyong iaalok
Kung anong market ang gusto mong itarget

Tandaan na maaaring hindi naiintindihan tulad ng pagkakaintindi mo ng taong bumabasa ng plan kung ano ang iyong negosyo at o mga produkto at serbisyo nito; kaya subukang iwasan ang mga komplikadong salita. Maigi rin ang kumuha ng isang taong hindi kasangkot sa negosyo na basahin ang bahagi na ito ng iyong plan upang masiguro na naiintindihan ito ng kahit sino.

Kabilang sa ilang mga bagay na dapat mong ipaliwanag sa iyong plan:

Ito ba ay bagong negosyo, binili ba ang isang kasalukuyang negosyo o pinapalaki ba ang isang kasalukuyang negosyo?
Ang seksyon ng industriya kung nasaan ang iyong negosyo
Kung gaano ka-unique ang iyong produkto o serbisyo
Ang bentahe ng iyong negosyo kumpara sa kakompetisyon
Ang mga pangunahing layunin ng iyong negosyo
Ang legal na anyô ng iyong negosyo (sole proprietorship, partnership, corporation)

Maaari mo rin isama ang petsa ng pagrehistro/pag-incorporate ng negosyo, ang pangalan ng negosyo, ang address at kung paano makokontak.

Istratehiya sa Marketing at Sales ng isang Business plan

Ang malakas na business plan ay may kasamang bahagi na naglalarawan ng mga ispesipikong gagawin mo upang i-promote at ibenta ang iyong mga produkto o serbisyo. Ipinapakita ng isang matatag na seksyon ng sales at marketing na malinaw sa iyo kung paano mo dadalhin sa market ang iyong produkto o serbisyo, at masasagot nito ang mga sumusunod na katanungan para sa bumabasa:

Sino ang iyong mga customer? Magsiyasat at isama ang mga detalye ukol sa mga klase ng customer na interesado sa iyong produkto o serbisyo. Maaari mong ipaliwanag kung paano mo ipro-promote ang iyong sarili sa mga bibiling customer.
Paano mo maaabot ang iyong mga customer? Dapat mong kilalanin ang iyong mga customer at malaman kung ano ang pinakamabuting paraan upang maabot sila. Ang pagsisiyasat ay makakatulong sa iyo na malaman ang mabisang paraan upang makipag-ugnayan sa iyong piniling audience, maaring sa Internet, sa telepono o sa harap-harapang pag-usap.
Sino ang iyong kompetisyon? Oras na naunawaan mo ito, kailangan mong malaman ang kanilang lakas at kahinaan, at gamitin ang impormasyong ito upang asesuhin ang mga maaaring maging oportunidad at banta sa iyong negosyo.
Paano mo ipoposisyon ang iyong produkto o serbisyo? Ilarawan kung bakit unique ang iyong produkto o serbisyo sa market na iyong tinatarget.
Paano mo prepresyohan ang iyong produkto o serbisyo? Ilalahad ng impormasyon na ito ang iyong estratehiya sa pag-presyo, kasama ang pabuya, presyong bulto, at/o group sales.

Ang Iyong Team

Huwag maliitin ang kahalagahan ng bahaging ito ng iyong plan. Kailangang malaman ng mga mga investor na ikaw at ang iyong mga tauhan ay mayroong kinakailangang balanse ng mga katangian, motibasyon at karanasan upang magtagumpay. Ipapaliwanag sa bahaging ito ang mga tauhang nagtatrabaho sa iyong negosyo at kung paano mo planong pamahalaan ang iyong mga gawain. Maaaring isama sa impormasyon sa bahaging ito ang:

Maikling layout ng organisasyon o talangguhit ng negosyo
Talambuhay ng mga manager (kasama ang iyong sarili)
Sino ang gumagawa ng ano, kasama ng maikling paglalarawan ng trabaho sa bawat tungkulin
Mga kinakailangang katangian ng bawat tungkulin
Ano mang iba pang mahalagang impormasyon na may kinalaman sa mga tauhan

Mabuti ring ibalangkas ang anumang recruitment o training plan, kasama ang gastos at oras na kailangan.

Ibabalangkas ng bahagi ng pamamalakad ng iyong business plan ang iyong pang-araw-araw na pangangailangan, ang kinakailangang lugar, mga kinakailangan sa management information systems at information technology, at anumang mga plano mong gawin upang pahusayin ang negosyo. Karaniwang kabilang sa seksyon na ito ang impormasyon tulad ng:

Mga pang-araw-araw na pamamalakad – mga paglalarawan ng mga oras ng pagpapalakad, seasonality ng negosyo, mga supplier at ang kanilang credit terms, atbp.
Mga kinakailangang lugar – kabilang dito ang mga bagay tulad ng laki at lokasyon, impormasyon sa kasunduan sa pagrenta, presyo ng mga supplier at anumang ibang dokumento ng lisensiya.
Management information systems – inventory control, talaan ng accounts, quality control at customer tracking
Mga kinakailangang Information technology (IT) – ang iyong IT systems, sinumang mga consultant o support service at balangkas na plano ng anumang nakaplanong IT development.

Financial Forecasts ng Business Plan

Ginagawang katotohanan ng iyong financial forecast ang iyong plan. Bilang bahagi ng anumang magandang business plan, kailangan mong isama ang financial projection para sa negosyo na nagbibigay ng forecast para sa susunod na tatlo hanggang limang taon. Ang unang 12 buwan ay magkakaroon ng pinakamaraming detalye, gastos at kinita, upang maintindihan ng mga investor ang iyong istratehiya.

Dapat isama sa iyong financial forecast ang sumusunod:

Cash flow statements – cash balance at unang 12-18 buwan na buwanang cash flow pattern, kasama ang working capital, mga suweldo at mga benta
Profit at loss forecast – ang tinatayang antas ng kita batay sa iyong inaasahang benta, gastos sa pagbigay ng produkto at serbisyo, at iyong gastos sa pamamalakad ng negosyo
Sales forecast – ang perang inaasahan mong makamit buhat sa benta ng produkto o serbisyo

Ilang bagay na dapat isaalang-alang na isama:

Magkano ang kapital na kailangan mo kung naghahanap ka ng pondo mula sa labas?
Ano ang seguridad na maiaalay mo sa nagpapahiram?
Paano mo pinaplanong bayaran ang iyong utang?
Ano ang iyong mga mapagkukunan ng benta at kita?
Dapat isakop ng mga forecast ang iba't-ibang mga pangyayari.
Rebyuhin ang mga risk at magkaroon ng mga planong magagawa upang i-offset ang mga risk.
Rebyuhin ang industry benchmarks/averages para sa iyong uri ng negosyo.

Mahalaga ang mag-research upang maihambing ang iyong negosyo sa ibang maliliit na negosyo sa iyong industriya.

Ibang Mahalagang Dokumento

Hindi laging kailangan ang mga sumusunod na bahagi, pero maaaring pabutihin nito ang anumang business plan:

Pagpapatupad ng Plan – nasa bahaging ito ang mga tinantiyang petsa ng pagkumpleto ng iba't-ibang aspeto ng iyong business plan, mga target para sa iyong negosyo at mga maitututupad.
Mga appendix – dapat kasama rito ang mga materyales na kinakailangan tulad ng mga lisensiya at permit, mga kasunduan, mga kontrata at ibang mga dokumento na nagsusuporta ng iyong business plan.

Sino ang dapat sumulat ng aking business plan?

Ikaw, ang entrepreneur, ang dapat na maghanda ng iyong business plan. Ito ay ang iyong negosyo at plano, ngunit huwag mag-atubiling humingi ng tulong mula sa iyong management team, mga consultant, accountant, bookkeeper, copy editor o ibang mga taong may karanasan.

Para sa karagdagang impormasyon sa pagsulat ng iyong business plan at ibang paksa ng negosyo, tumawag sa Small Business Services / Services aux petites entreprises ngayon. Ang serbisyo sa telepono ay ibinibigay sa Ingles o Pranses.

1-888-576-4444

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Philippines Money Helper

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Tapsilog Business Plan How to Start and Succeed in the Filipino Tapsihan Industry

The Tapsilog business has become a staple in the Filipino food industry. Tapsilog, short for tapa (marinated beef), sinangag (fried rice), and itlog (egg), is a popular breakfast meal that has gained popularity not only in the Philippines but also among Filipino communities around the world. This article will provide you with a comprehensive guide on how to start and succeed in the Tapsihan industry.

Starting a Tapsilog business requires careful planning and preparation. You need to identify your target market, choose the right location, and develop a unique selling proposition. With the increasing demand for fast, affordable, and delicious meals, a Tapsihan business has the potential to thrive in both urban and suburban areas.

One of the key factors to success in the Tapsilog business is the quality of your products. Invest in high-quality ingredients and ensure that your dishes are prepared with care and authenticity. The marination process for the tapa should be done right to achieve that flavorful and tender meat that Filipinos love. Additionally, the fried rice should be cooked perfectly and the eggs should be cooked to the customer’s preference.

Marketing plays a crucial role in the success of any food business. Utilize both traditional and digital marketing strategies to promote your Tapsihan. Consider partnering with food delivery platforms to reach a wider audience. Furthermore, create an enticing menu that showcases your Tapsilog variations and offer meal deals to attract customers.

In conclusion, starting a Tapsilog business can be a lucrative venture in the Filipino food industry. By following a well-thought-out business plan and focusing on the quality of your products and effective marketing strategies, you can succeed in this competitive market. So, gear up and embark on your Tapsilog business journey to satisfy the appetites of Filipino food lovers near and far.

Table of Contents

Market Research

Before starting a Tapsilog business, it is important to conduct market research to understand the industry and identify potential customers. Market research helps in determining the target market, understanding customer preferences, and analyzing the competition.

Identify the Target Market: The target market for a Tapsilog business is usually Filipino customers who have a preference for traditional Filipino food. This can include students, office workers, and locals who want a quick and affordable meal.

Understand Customer Preferences: It is important to know what customers look for in a Tapsilog meal. Conduct surveys or interviews to gather information about their preferences, such as the type of meat, portion size, price range, and additional toppings or side dishes they prefer.

Analyze the Competition: Research the existing Tapsilog businesses in the area and evaluate their strengths and weaknesses. This will help in identifying areas where your business can stand out and offer something unique to attract customers. Additionally, analyze other food establishments in the area to determine if they pose any competition to the Tapsilog business.

Location: The location of the Tapsilog business is crucial to its success. Consider areas with high foot traffic and proximity to schools, offices, or residential areas. The location should be easily accessible and have ample parking space if possible.

Pricing Strategy: Determine a competitive pricing strategy based on the cost of ingredients and other expenses. The price should be attractive to customers while ensuring profitability for the business.

Marketing and Promotion: Develop a marketing plan to promote the Tapsilog business. This can include online marketing through social media platforms, creating a website, offering discounts or promotions, and partnering with food delivery apps.

Continuous Research: Market research should be an ongoing process to stay updated with customer preferences, industry trends, and changes in the competition. This will help in making informed business decisions and adapting your offerings to meet the changing needs of customers.

By conducting thorough market research, you can gain valuable insights that will help in starting and succeeding in the Filipino Tapsilog industry. Understanding your target market, customer preferences, and competition will enable you to make informed business decisions and create a unique offering that attracts customers.

Identifying the Target Market

Before starting a tapsilog business, it is important to identify and understand your target market. This will help you tailor your products and marketing strategies to cater to the needs and preferences of your potential customers.

The primary target market for a tapsilog business is usually local residents, particularly Filipinos, who are looking for a quick and affordable meal option. Tapsilog is a popular Filipino dish consisting of tapa (marinated beef), sinangag (fried rice), and itlog (egg). It is commonly eaten for breakfast but can also be enjoyed throughout the day.

In addition to local residents, you may also consider targeting tourists and foreigners who are interested in trying authentic Filipino cuisine. Tapsilog is a unique dish that showcases the flavors and ingredients of Filipino cooking, making it appealing to those seeking a cultural food experience.

Furthermore, you can also target office workers and students who are searching for a convenient and budget-friendly meal option during their busy schedules. Tapsilog is known for its affordability and filling portions, making it an excellent choice for those on a tight budget.

To identify your specific target market more accurately, you can conduct market research and surveys to gather information about the demographics, preferences, and buying habits of potential customers in your area. This data will help you refine your business strategies and ensure that your tapsilog business meets the needs of your target market.

Once you have identified your target market, you can focus your marketing efforts on reaching and engaging with them through various channels. This may include local advertising, social media marketing, collaborations with influencers or food bloggers, and participating in community events.

Remember that understanding and catering to your target market’s needs and preferences is essential for the success of your tapsilog business. By offering quality tapsilog dishes and providing excellent customer service, you can create a loyal customer base and establish your business as a go-to destination for a delicious and satisfying Filipino meal.

Competition Analysis

Before starting a Tapsilog business, it is crucial to conduct a thorough competition analysis. Understanding the competitive landscape of the Filipino Tapsihan industry will help you identify potential challenges and opportunities, and formulate effective strategies to succeed in the market.

One way to analyze your competition is by researching existing Tapsihan establishments in your target area. Look for information on their menu offerings, pricing, customer reviews, and overall customer satisfaction. This will give you insights into their strengths and weaknesses, allowing you to differentiate your business and offer unique value propositions.

Additionally, it is important to analyze the market share and customer preferences of each competitor. Identify the key players in the Tapsilog industry and determine their market dominance. This will help you gauge the level of competition and understand the demand for Tapsilog in your target market.

Furthermore, consider the location of your competitors’ establishments. Evaluate the proximity of their businesses to yours and assess the foot traffic in those areas. This will help you determine the potential customer base and market saturation in the vicinity.

Another aspect to consider is the marketing and branding strategies employed by your competitors. Look at their online presence, social media engagement, and promotional activities. Understanding their marketing tactics will help you develop effective marketing campaigns and position your Tapsilog business in a unique and compelling way.

Lastly, it is crucial to analyze the pricing strategies of your competitors. Compare the prices of similar Tapsilog dishes in the market and determine if you can offer competitive pricing while maintaining profitability. Consider any additional services or unique add-ons you can provide to differentiate your business.

The table above provides an example of a competition analysis, showcasing key competitors in the Tapsilog industry, their menu offerings, pricing, and customer reviews. This kind of analysis will help you understand the market landscape and identify areas where you can excel.

By conducting a comprehensive competition analysis, you can develop a unique value proposition and strategies that will set you apart from the competition and attract customers to your Tapsilog business.

Menu Planning

Menu planning in the Tapsilog industry is crucial for success. It is important to offer a wide range of options that cater to different tastes and preferences. Here are some key points to consider in menu planning:

Diversify your offerings: Include various types of tapsilog, such as beef, pork, chicken, and seafood. This will cater to customers who have different dietary restrictions or preferences.
Offer add-ons: Provide optional add-ons like extra rice, fried egg, or vegetables. This allows customers to customize their meals according to their preferences.
Include other Filipino breakfast favorites: Apart from tapsilog, consider adding other beloved Filipino breakfast dishes like longganisa, tocino, or bangus. This will attract a wider customer base.
Consider vegetarian options: In addition to meat options, include vegetarian tapsilog that uses tofu or other plant-based alternatives. This will cater to customers who follow vegetarian diets.
Offer meal combos: Create combo meals that include tapsilog, a drink, and a side dish like soup or salad. This provides customers with a complete and satisfying meal option.
Provide breakfast all-day: Many people enjoy breakfast food at any time of the day. Consider offering tapsilog throughout the day to attract customers who crave breakfast outside of typical morning hours.

Remember to conduct market research and gather feedback from customers to refine your menu offerings. Continuously update and innovate your menu to keep customers interested and coming back for more.

Creating a Unique Tapsilog Menu

When starting a tapsilog business, it is important to have a unique and diverse menu to attract customers and stand out from the competition. Here are some tips to create a unique tapsilog menu:

Additionally, consider offering different toppings and sides to accompany the tapsilog dishes. This could include options like atchara (pickled papaya), fried plantains, or a side salad to add variety to the meal. Don’t forget to provide condiments such as vinegar, soy sauce, and chili flakes for customers to enhance the flavors according to their preferences.

By creating a unique tapsilog menu that caters to different tastes and dietary preferences, you can attract a wider range of customers and establish your business as a go-to destination for delicious and diverse Filipino breakfast options.

Incorporating Local Flavor

One of the keys to success in the Filipino tapsihan industry is incorporating local flavor into your menu. Filipino cuisine is known for its rich and diverse flavors, and customers often seek out tapsihan that offer traditional and authentic dishes.

When developing your menu, it’s important to understand the different flavors and ingredients that are popular in Filipino cuisine. Some popular local flavors to consider incorporating into your tapsilog business include:

Adobo – This classic Filipino dish features meat (usually pork or chicken) marinated in a sauce made from vinegar, soy sauce, garlic, and various spices. Incorporating adobo into your tapsilog menu can give customers a taste of the country’s most well-known dish.
Sinigang – A sour soup made with tamarind, sinigang is a staple in Filipino cuisine. Consider offering sinigang-flavored dishes such as sinigang-flavored tapsilog or sinigang rice for a unique and delicious option.
Calamansi – Calamansi is a small citrus fruit that is commonly used in Filipino cooking. Incorporating calamansi into your tapsilog menu can add a tangy and refreshing flavor to your dishes.
Bicol Express – This spicy dish hails from the Bicol region of the Philippines and features pork cooked in coconut milk and chili peppers. Offering a Bicol Express tapsilog option can attract customers who enjoy spicy and flavorful dishes.
Sisig – Sisig is a popular Filipino dish made from pig’s head and liver, seasoned with soy sauce, vinegar, and various spices. Adding sisig to your tapsilog menu can provide customers with a unique and flavorful option.

Incorporating these local flavors into your tapsilog business can help set you apart from competitors and attract customers who are looking for an authentic Filipino dining experience. It’s important to research popular local dishes and consult with local chefs or food experts to ensure that your menu reflects the authentic flavors of Filipino cuisine.

By incorporating local flavor into your tapsilog menu, you can create a unique and memorable dining experience for your customers, ultimately setting your business up for success in the Filipino tapsihan industry.

Sourcing Ingredients

When starting a tapsilog business, it is important to source high-quality ingredients to ensure the best possible taste for your dishes. Here are some tips on how to source your ingredients:

It is important to establish good relationships with your suppliers to ensure consistent and timely deliveries. Regularly check the quality of your ingredients to maintain the high standards of your tapsilog dishes. This will help you earn the trust and loyalty of your customers.

When sourcing ingredients, consider buying in bulk to get better prices and discounts. This can help you reduce your operational costs and increase your profit margins. However, make sure to balance your inventory to avoid spoilage or wastage.

In addition to local suppliers, you can also explore online platforms and marketplaces that offer a wider selection of ingredients. This can be especially useful if you are looking for specialty or imported items to create unique tapsilog variations.

Remember, sourcing high-quality ingredients is essential to the success of your tapsilog business. By offering delicious and authentic dishes, you will attract more customers and establish a strong reputation in the Filipino tapsihan industry.

Finding Quality Meat Suppliers

One of the key factors for success in the Tapsihan industry is finding reliable and quality meat suppliers. Here are some tips on how to find the best meat suppliers for your Tapsilog business:

Research Local Suppliers: Start by researching local meat suppliers in your area. Look for suppliers that specialize in supplying high-quality meat products.
Check for Certifications: Verify if the supplier has the necessary certifications and permits to operate legally. This ensures that the meat they provide meets health and safety standards.
Visit Meat Markets: Visit local meat markets and talk to vendors. They can provide valuable insights and recommendations on reliable meat suppliers in the area.
Attend Trade Shows: Attend trade shows and food expos that feature meat suppliers. This allows you to meet various suppliers, compare their products, and negotiate terms.
Join Industry Associations: Joining industry associations, such as the local meat industry association, can help you connect with reputable suppliers. They often have a list of trusted suppliers that members can access.
Seek References: Ask for references from other restaurant owners or businesses in the food industry. They may be able to recommend reliable meat suppliers that they have had positive experiences with.
Visit and Inspect Supplier Facilities: Before finalizing a partnership with a meat supplier, schedule visits to their facilities. This allows you to see firsthand how they handle and store the meat, ensuring it meets your quality standards.
Consider Pricing and Delivery: Compare prices from different suppliers and assess their delivery capabilities. You want to work with suppliers who offer competitive prices without compromising on the quality of the meat.
Establish Long-Term Relationships: Once you find a reliable meat supplier, aim to build a long-term partnership with them. This helps ensure a steady and consistent supply of quality meat for your Tapsilog business.

Remember, finding the right meat supplier is crucial for the success of your Tapsilog business. Take the time to thoroughly research and evaluate potential suppliers to ensure you are getting the best quality ingredients for your dishes.

Procuring Fresh Vegetables

When starting a Tapsilog business, it’s crucial to have access to fresh and high-quality vegetables. Here are some tips on how to procure fresh vegetables for your tapsihan:

Establish relationships with local farmers or suppliers who specialize in providing fresh vegetables. This will ensure a steady supply of quality produce for your business.
Visit farmers’ markets in your area and explore the variety of vegetables available. Engage with the farmers and ask about their farming practices to ensure that the vegetables are grown without the use of harmful chemicals.
Consider joining a community-supported agriculture (CSA) program. This allows you to support local farmers and receive regular deliveries of fresh vegetables directly from the farm.
Check the quality of the vegetables before purchasing. Look for vegetables that are firm, vibrant in color, and free from blemishes or signs of spoilage.
Ensure proper storage of the vegetables to maintain their freshness. Keep them in a cool and dry place to prevent wilting or decay.
Regularly communicate with your suppliers to discuss the availability and pricing of vegetables. This will help you plan your menu and ensure that you have an adequate supply of ingredients.

Remember, the quality of your ingredients greatly impacts the taste and overall experience of your Tapsilog dishes. By procuring fresh vegetables, you can provide your customers with delicious and nutritious meals that will keep them coming back for more.

Setting Up the Tapsilog Business

Starting a tapsilog business requires careful planning and preparation. Here are the steps to set up your own tapsilog business:

Market Research: Conduct thorough research to understand the demand for tapsilog in your area. Identify your target market and assess the competition.
Business Plan: Create a comprehensive business plan that outlines your goals, strategies, and financial projections. This will serve as your roadmap in setting up and running your tapsilog business.
Location: Find a suitable location for your tapsilog business. Consider factors such as accessibility, foot traffic, and competition. It is essential to have a visible and easily accessible location to attract customers.
Menu and Recipes: Develop a menu that offers a variety of tapsilog options. Experiment with different recipes to create unique and delicious dishes that will set your business apart from others. Ensure that your menu caters to different preferences and dietary restrictions.
Suppliers: Establish partnerships with reliable suppliers to ensure a steady supply of high-quality ingredients. Find suppliers who can offer competitive prices to help maximize your profits.
Equipment and Tools: Invest in the necessary equipment and tools to efficiently prepare and serve tapsilog. This includes cooking appliances, utensils, plates, and cutlery. Ensure that you have enough equipment to handle the expected volume of customers.
Staffing: Hire reliable and skilled staff who can assist in the kitchen and provide excellent customer service. Train your staff to effectively deliver the tapsilog experience and maintain a clean and organized work environment.
Marketing and Promotion: Develop a marketing strategy to create awareness about your tapsilog business. Utilize both online and offline channels to reach your target market. Consider offering promotions and discounts to attract customers and encourage repeat business.
Operations and Management: Implement an efficient system for order taking, food preparation, and customer service. Regularly monitor and evaluate your operations to identify areas for improvement. Manage your finances and ensure that your tapsilog business remains profitable.

By following these steps and staying committed to providing quality tapsilog, you can set up and succeed in the Filipino tapsihan industry. Remember to continuously innovate and adapt to the evolving needs and preferences of your customers.

Choosing the Right Location

One of the most important factors to consider when starting a tapsilog business is choosing the right location. The success of your business largely depends on the accessibility and visibility of your establishment.

Here are some tips to help you choose the perfect location:

Research the area – Look for areas with high foot traffic, such as busy streets, commercial centers, or near schools and offices. A location near transportation hubs like bus stops or train stations is also ideal.
Competition – Check if there are already existing tapsihan or similar food establishments in the area. While competition can be a good sign that the area is profitable, too much competition can also be detrimental to your business.
Demographics – Consider the target market for your tapsilog business. Are you targeting students, office workers, or families? Choose a location that caters to your target market.
Accessibility – Make sure that your location is easily accessible to your customers. It should have ample parking space, or it should be easily reachable by public transportation.
Visibility – Choose a location that has good visibility. A location with a lot of foot traffic or near popular landmarks or intersections will give your business more exposure.
Rent and expenses – Consider your budget and the cost of rent and other expenses. Make sure that the location you choose fits within your financial plan.

By considering these factors and thoroughly researching your potential location, you will be able to choose the right location for your tapsilog business. Remember that a strategic location can greatly contribute to the success of your business.

Securing Necessary Permits and Licenses

Starting a tapsilog business requires the necessary permits and licenses to ensure legality and compliance with local regulations. Here are some permits and licenses you may need to secure:

Business Registration: Register your tapsilog business with the appropriate government agency, such as the Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC). This will give your business a legal entity and allow you to operate legally.
Mayor’s Permit: Obtain a mayor’s permit from the local government unit where your tapsilog business is located. This permit confirms that your business complies with local regulations and requirements.
Health Permits: Depending on your location, you may need to secure health permits, such as a sanitary permit and a food handler’s permit. These permits ensure that your tapsilog business follows proper hygiene and food safety practices.
Fire Safety Inspection Certificate: Ensure that your tapsilog business adheres to fire safety regulations by obtaining a fire safety inspection certificate. This certificate proves that your establishment has passed the necessary safety inspections.
DTI Barangay Clearance: Secure a barangay clearance from your local barangay office. This clearance confirms that your tapsilog business is compliant with barangay regulations and has the necessary approvals from the community.
Bureau of Internal Revenue (BIR) Registration: Register your tapsilog business with the BIR to obtain your taxpayer identification number (TIN) and comply with tax obligations.
Department of Labor and Employment (DOLE) Registration: If you plan to hire employees, you may need to register with the DOLE. This registration ensures that your tapsilog business meets labor standards and protects the rights of your employees.

It is important to research and consult with local government agencies to determine the specific permits and licenses required for your tapsilog business. Failure to secure the necessary permits and licenses may result in fines, penalties, or even closure of your business. Compliance with legal requirements not only ensures your business operates legally but also builds trust and credibility with your customers.

Marketing and Promotion

Marketing and promotion play a crucial role in the success of any business, including a Tapsilog business. With effective marketing and promotion strategies, you can attract more customers, build brand awareness, and increase sales. Here are some key strategies to consider:

1. Social Media Marketing:

Social media platforms like Facebook, Instagram, and Twitter are great marketing tools for reaching a wide audience. Create engaging content, share mouth-watering photos of your Tapsilog dishes, and interact with your followers to build a strong online presence.

2. Influencer Marketing:

Partnering with food bloggers, vloggers, and social media influencers can help you reach a larger audience and build credibility for your Tapsilog business. Offer free meals or special discounts in exchange for reviews and recommendations from influential individuals in your industry.

3. Online Ordering and Delivery:

As more people rely on online platforms for ordering food, it’s crucial to have a user-friendly website or mobile app where customers can place orders for Tapsilog. Offer convenient delivery options to cater to customers who prefer to enjoy their meals at home or office.

4. Loyalty Programs:

Reward your loyal customers by implementing a loyalty program. Offer incentives such as discounts, freebies, or exclusive promotions for repeat customers. This not only encourages customer retention but also attracts new customers through positive word-of-mouth.

5. Local Marketing:

Reach out to your local community by participating in food festivals, partnering with nearby businesses, and distributing flyers or coupons in the area. Building relationships with locals can help create a strong customer base and generate word-of-mouth referrals.

6. Collaborations:

Collaborate with other businesses or organizations to cross-promote each other. For example, partner with a nearby coffee shop to offer combo deals or work with a local gym to create healthy Tapsilog options for fitness enthusiasts. This not only expands your reach but also helps you tap into new customer segments.

Remember, successful marketing and promotion require consistency, creativity, and knowing your target audience. Stay active on social media, keep your menus updated, and continuously seek feedback from your customers to ensure your Tapsilog business remains competitive and appealing to your target market.

Creating an Online Presence

With the rise of technology and the increasing popularity of online platforms, it is essential for tapsilog businesses to establish a strong online presence. Having an online presence allows you to reach a wider audience and attract potential customers who may not be aware of your business otherwise. Here are some steps to help you create an online presence for your tapsihan:

1. Build a professional website: A website serves as the virtual storefront of your tapsihan. It should have a user-friendly interface, attractive design, and contain essential information about your business, such as your menu, location, contact information, and operating hours. Remember to optimize your website for mobile devices since many people access the internet through their smartphones.

2. Utilize social media: Social media platforms such as Facebook, Instagram, and Twitter are powerful tools for promoting your tapsihan. Create dedicated business accounts on these platforms and regularly post engaging content such as mouth-watering food photos, promotions, and customer testimonials. Interact with your followers by responding to comments and messages promptly.

3. Online ordering and delivery: In order to cater to the increasing demand for convenience, consider offering online ordering and delivery options. Partner with popular food delivery apps or develop your own system on your website. Make it easy for customers to place orders and provide timely delivery service to ensure customer satisfaction.

4. Online advertising: Invest in online advertising to increase your tapsihan’s visibility. Platforms such as Google AdWords and Facebook Ads allow you to target specific demographics, ensuring that your ads reach your target market. Use enticing visuals and compelling copy to capture the attention of potential customers.

5. Encourage online reviews and ratings: Positive online reviews and ratings can greatly influence a consumer’s decision. Encourage satisfied customers to leave reviews on platforms such as Google My Business, Yelp, or Facebook. Respond to both positive and negative reviews in a professional and courteous manner to show that you value your customers’ feedback.

By creating an online presence for your tapsihan, you can effectively promote your business, attract new customers, and increase your overall success. Stay consistent with your online branding and regularly update your online platforms to keep your audience engaged and interested in your tapsilog offerings.

Implementing Effective Marketing Strategies

Implementing effective marketing strategies is crucial for the success of your Tapsilog business. Marketing plays a key role in attracting customers, generating leads, and increasing brand awareness. Here are some strategies you can implement to effectively market your Tapsilog business:

1. Define your target market: Identify your target market, which includes Filipino expatriates, students, and locals who enjoy Filipino cuisine. Understanding their demographics, preferences, and needs will help you tailor your marketing efforts to reach them effectively.

2. Develop a strong brand: Create a unique and memorable brand identity for your Tapsilog business. This includes choosing a catchy business name, designing a logo, and developing a consistent visual style for your marketing materials.

3. Build an online presence: Create a professional website for your Tapsilog business where customers can easily find information about your menu, location, and contact details. Utilize social media platforms, such as Facebook and Instagram, to engage with your target market and provide updates on promotions and new dishes.

4. Offer promotions and discounts: Implement periodic promotions and discounts to attract customers and encourage repeat visits. This can include happy hour specials, student discounts, or loyalty programs to reward frequent customers.

5. Collaborate with influencers: Partner with local influencers who have a strong online following and are in sync with your target market. This can help increase brand visibility and credibility, as well as generate positive word-of-mouth recommendations.

6. Participate in community events: Engage with your local community by participating in events such as food festivals, fairs, or charity fundraisers. This allows you to showcase your Tapsilog dishes and connect with potential customers in a personal and memorable way.

7. Monitor customer feedback: Regularly collect and analyze customer feedback to understand their preferences and identify areas for improvement. This can be done through customer surveys, online reviews, or in-person interactions. Utilize this feedback to refine your marketing strategies and enhance the overall customer experience.

By implementing these effective marketing strategies, you can increase awareness of your Tapsilog business, attract more customers, and ultimately achieve success in the Filipino Tapsihan industry.

Managing Operations

Managing operations is a critical aspect of running a successful tapsilog business. It involves making sure that all the necessary tasks and processes are carried out in an efficient and effective manner.

One of the key aspects of managing operations is ensuring a smooth workflow. This includes coordinating the activities of different departments, such as the kitchen, dining area, and cashiers. By establishing clear communication channels and implementing proper procedures, you can ensure that everyone is working towards a common goal.

Another important aspect of managing operations is inventory management. This entails keeping track of the supplies and ingredients needed for your tapsilog dishes. By monitoring inventory levels and ordering new stock in a timely manner, you can prevent shortages and provide consistent and reliable service to your customers.

In addition, managing operations also involves ensuring that your staff is properly trained and motivated. This includes providing comprehensive training programs to teach them how to prepare tapsilog dishes, as well as customer service skills. By investing in your employees’ development, you can improve the quality of your service and create a positive work environment.

Furthermore, managing operations also involves maintaining high standards of cleanliness and food safety. This includes implementing proper sanitation practices in the kitchen, regularly inspecting equipment, and adhering to health and safety regulations. By prioritizing cleanliness and food safety, you can build trust with your customers and protect your business’s reputation.

Overall, managing operations is crucial to the success of your tapsilog business. By establishing efficient workflows, managing inventory effectively, training and motivating your staff, and ensuring cleanliness and food safety, you can create a well-organized and thriving business that delivers high-quality tapsilog dishes to satisfied customers.

Hiring and Training Staff

When starting a tapsilog business, one of the key factors to success is hiring and training the right staff. The success of your business relies heavily on the competence and dedication of your employees. Here are some tips on how to hire and train staff for your tapsihan:

Identify the roles and responsibilities: Before you start hiring, clearly define the roles and responsibilities of each position in your tapsihan. This will help you identify the specific skills and qualifications needed for each role.
Recruit with diligence: Take time to recruit candidates who have relevant experience and a passion for the food industry. Advertise job vacancies using various channels, such as online job portals, social media, and local job fairs.
Conduct thorough interviews: During the interview process, ask questions that will help you assess the candidate’s skills, experience, and work ethic. It’s important to get to know the candidates well before making a hiring decision.
Provide comprehensive training: Once you have hired your staff, invest in comprehensive training programs to ensure that they understand the ins and outs of your tapsilog business. Train them on proper food handling and safety protocols, customer service, and efficient work processes.
Continuously monitor and provide feedback: Regularly monitor the performance of your staff and provide constructive feedback to help them improve. Recognize and reward exceptional performance to motivate your employees to excel in their roles.
Encourage teamwork and communication: Foster a work environment that encourages teamwork and open communication among your staff. This will help them collaborate effectively and solve problems efficiently, resulting in a smoother operation.

Remember, the success of your tapsilog business relies heavily on the quality of your staff. By hiring the right people and providing them with the necessary training and support, you can ensure that your tapsihan thrives in the competitive Filipino food industry.

Questions and answers

What is the tapsilog business plan all about.

The Tapsilog business plan is a guide on how to start and succeed in the Filipino Tapsihan industry. It provides strategies and tips for entrepreneurs who want to venture into the Tapsilog business.

How profitable is the Tapsilog business?

The profitability of the Tapsilog business can vary depending on several factors such as location, competition, and marketing strategy. However, Tapsilog is a popular Filipino dish and has a high demand, so with the right approach, it can be a profitable business.

What are the key components of a Tapsilog business plan?

A Tapsilog business plan should include a description of the concept, target market analysis, competitive analysis, marketing strategy, operational plan, financial projections, and management structure. These components are essential for planning and determining the viability of the business.

What are the main challenges of starting a Tapsilog business?

Some of the main challenges of starting a Tapsilog business include finding a suitable location, sourcing high-quality ingredients, attracting and retaining customers, managing competition, and ensuring consistent flavor and quality of the dishes. It requires careful planning and execution to overcome these challenges.

What are some tips for succeeding in the Tapsilog business?

To succeed in the Tapsilog business, it is important to differentiate yourself from competitors by offering unique flavors or variations of Tapsilog, providing excellent customer service, maintaining consistency in taste and quality, implementing effective marketing strategies, and continuously monitoring and adapting to the changing market trends and customer preferences.

What is a tapsilog business?

A tapsilog business is a type of food business in the Philippines that specializes in serving tapsilog, which is a popular Filipino breakfast dish. Tapsilog is a combination of three components: tapa (marinated beef), sinangag (garlic fried rice), and itlog (fried egg). This business usually operates as a fast food or casual dining establishment, serving customers who are looking for a quick and hearty meal.

How profitable is a tapsilog business?

The profitability of a tapsilog business can vary depending on various factors such as location, target market, pricing, and operating costs. However, tapsilog businesses in the Philippines are generally considered to be profitable ventures. The combination of affordable ingredients and high demand for tapsilog makes it a popular choice among customers. With a well-executed business plan and efficient operations, a tapsilog business can generate a steady income and provide a good return on investment.

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

Published: February 06, 2024

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

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

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

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

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

Outline your idea.
Pitch to investors.
Secure funding.
Get to work!

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan.

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

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

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

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

business plan sample: Executive Summary Example

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

Business plans examples: Executive Summary

Image Source

Tips for Writing Your Executive Summary

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

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

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

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

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

Business plans examples: Market Opportunity

Tips for Writing Your Market Opportunity Section

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

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

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

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

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

Business plans examples: Competitive Landscape

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry.

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

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

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

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

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

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

Business plans examples: Target Audience

Tips for Writing Your Target Audience Section

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

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

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

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Business plans examples: Marketing Strategy

Tips for Writing Your Marketing Strategy

Include a section about how you believe your brand vision will appeal to customers.
Add the budget and resources you'll need to put your plan in place.
Outline strategies for specific marketing segments.
Connect strategies to earlier sections like target audience and competitive analysis.
Review how your marketing strategy will scale with the growth of your business.
Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Business plans examples: Key Features and Benefits

Tips for Writing Your Key Features and Benefits

Emphasize why and how your product or service offers value to customers.
Use metrics and testimonials to support the ideas in this section.
Talk about how your products and services have the potential to scale.
Think about including a product roadmap.
Focus on customer needs, and how the features and benefits you are sharing meet those needs.
Offer proof of concept for your ideas, like case studies or pilot program feedback.
Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry.

For this reason, here’s what I’d might outline in this section:

The specific pricing breakdowns per product or service
Why your pricing is higher or lower than your competition's
(If higher) Why customers would be willing to pay more
(If lower) How you're able to offer your products or services at a lower cost
When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Business plans examples: Pricing and Revenue

Tips for Writing Your Pricing and Revenue Section

Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
If you are asking a premium price, share unique features or innovations that justify that price point.
Show how you plan to communicate pricing to customers.
Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
Share plans to develop new revenue streams in the future.
Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

According to Forbes , you'll want to include three main things:

Profit/Loss Statement - This answers the question of whether your business is currently profitable.
Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
Include any data that supports your projections to assure investors of the credibility of your proposal.
Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
Triple-check all financial information in your plan for accuracy.
Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan.

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

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

2. Feasibility Studies

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

3. Internal Use

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

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

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

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

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

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

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

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

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

Why I Like It

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

2. HubSpot's Downloadable Business Plan Template

Sample business plan: hubspot free editable pdf

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

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

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

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

sample business plan: Small Business Administration

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

business plan example: Vesta executive summary

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

business plan examples: nalb creative center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store.

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

business plan examples: curriculum companion suites

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites.

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need.

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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Products & Services Section in a Business Plan (+ Examples)

March 21, 2024
Business Plan , How to Write

In this blog post, we’ll guide you through writing the products and services section of your business plan. We’ll cover how to describe what you’re selling and why it’s important in your business plan.

Whether you’re launching a new startup or creating a business plan for an existing business, this section is crucial for showing the value you bring to customers. Let’s get started!

Why do we include them in a business plan?

The products and services section of a business plan is more than just a list of what a company sells; it’s a vital narrative that tells the story of the business’s core offerings and their significance to the market.

This section is paramount for readers (especially potential investors) to grasp the essence of what the business is about, the unique problems it solves, or the specific needs it addresses.

A meticulously crafted products and services segment does much more than describe offerings. Indeed, it lays the groundwork for comprehensive marketing strategies , informs operational planning, and financial projections.

Moreover, understanding the business’s offerings in depth enables stakeholders to envision the company’s value proposition and competitive edge.

Where should you include them?

In a business plan, the Products and Services section is typically included within the business overview section.

This allows you to first introduce the business model and what it offers to customers. Only after this you can provide more details of the products and services.

The Products and Services section should clearly detail what you are selling, highlight the unique value proposition . It should also ideally explain how it meets the needs of your target market if it isn’t obvious. T

What to include: 2 Examples

Begin with a clear, engaging description of each product or service you offer. For services, describe the process, customer experience, and outcome. For products, discuss the materials, technology, and any unique features.

Services example: a Cryotherapy business plan

Products example: a Brewery business plan

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Executive summary

Business or company description

Organization and management

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Step 1. Executive Summary

Step 2. Market Analysis

Step 3. Business Concept and Value Proposition

Step 4. Marketing and Sales Strategy

Step 5. Operational Plan

Step 6. Organization and Management

Step 7. Product or Service Offering

Step 8. Financial Projections

Step 9. Risk Assessment and Mitigation

Step 10. Implementation Plan

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How to create the perfect business plan in 10 steps

What is a business plan?

Why do you need a business plan?

1. The executive summary

2. Who are your customers?

3. Evaluate the target audience

4. What are your opportunities?

5. Understand the competition

6. Build a simple financial plan

7. Include an outline marketing plan

8. Plan your operations

9. Get the right people

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How to Write a Business Plan [Complete Guide]

What is a Business Plan?

Who Needs a Business Plan and What Is It Used For?

Existing Businesses

Social Enterprises

Non-Profit Organizations/NGOs

Business Plan Format and Its Components

1. Executive Summary

2. Company Profile

3. Operations Plan

4. Organizational Plan

5. Marketing Plan

6. Financial Plan

Should You Use a Business Plan Template?

8 Free Business Plan Templates

1. Business Plan Format by the DTI

2. Simple Business Plan Template by The Balance Small Business

3. Free Sample Business Plans by Bplans

4. Business Plan Samples by LivePlan

5. Business Plan Templates by PandaDoc

6. The One-Page Business Plan by The $100 Startup

7. Business Plans by Microsoft

8. Social Business Plan Guidelines by the Ateneo de Manila

How to Write a Business Plan

1. Brainstorm about your business idea

2. Validate your business idea

3. Define the purpose of your business plan