free business plan template example

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• Strategic planning |
• Business plan

Business plan template

If you’re looking for a way to start your business off on the right foot, a business plan template can help you establish the foundation for your strategy. Get started in a few clicks with Asana’s free business plan template.

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You’re pumped—you just thought of the greatest business idea ever. You want to get started, but you don’t have a plan laid out. You need a loan to get your idea off the ground, and the bank wants to see an in-depth business plan. We’re here to help.

What is a business plan template?

A business plan template is a framework that helps you solidify your ideas in an organized format. Our free business plan template walks you through how to create a new business from scratch, or re-imagine your existing business in a new market.

What components are included in a business plan template?

Our business plan template covers what an organization wants to achieve within three to five years. By using our template, you’ll have a place to capture all of the major information you need in order to complete your business plan. That includes:

Company description : Information like your executive summary , your company’s mission statement and vision, and your founder’s bio. 

Product and services: A high-level overview of what your company provides, including core products or services. This may also include how your product is developed, any potential screenshots or prototypes of your product, and pricing plans.

Marketing plan: How you plan to bring your product into market at a high level. You can add information like a SWOT analysis , target market research, and brand positioning in this section.

Financial plan: Important financial information such as balance sheets, a break-even analysis, and your cash flow projections. 

Management and organization information: Information on your company’s founders, executive team, and the board of directors.

How to use our free business plan template

Using Asana’s free business plan template is simple. Start by creating a new project with our free template. From there, add relevant information for your specific business plan in the sections provided in our template. If there’s more information you want to include in your business plan, you’re free to add sections, custom fields, or additional tasks to make this template fit your needs.

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Instead of taking the time to create a business plan from scratch, start the process off with Asana’s free template.To further customize your template, add evergreen information about your specific business, such as your business model, company name, address, mission statement, value proposition, or target audience. Adding these details to your template lets you avoid documenting this information from scratch every time you create a new business plan.

What components should I include in a business plan template?

Business plan templates typically contain five main sections: a company description, products and services, a marketing plan, basic management and organization information, and your current financial plan.

How long should my business plan be?

Short answer—as long as you need it to be. The long answer is that your business plan should have the answers to specific questions on how your business is run, from the perspective of an investor. The goal of a business plan is to highlight your business strategy for the next three to five years. This means any important operational, financial, and strategic information should be included. 

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Powerful business plan templates

Plan for the future, no matter what your business plans are or the size of your business with these designs and templates. whether it's just one big project or an entire organization's worth of dreams, these templates will keep you and your company on track from ideation to completion..

Put your ideas to work with simple templates for every business plan

Every successful business took a lot of planning to get there, and these templates will be cornerstones of your future success. Whether you're looking to attract new business, pitch your services or reimagine your company, with these simple, customizable templates at your fingertips you can turn complexity into something tangible. These templates can become marketing assets or simply remain internal touchpoints for your team. And as your dreams change, you'll always have this template to refer to – it's easy to change what exists on paper. If you're a small business, focusing on your niche can help you dominate in your field, and you can forge a plan to figure out exactly what that niche might be and how to target your ideal customer . When it's time to share your vision with stakeholders, craft a presentation that outlines your plan succinctly and with style. Let these templates from Microsoft Designer be your partner in business strategy for years to come.

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Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint. Blueprint does not include all companies, products or offers that may be available to you within the market. A list of selected affiliate partners is available here .

Free business plan template (with examples)

Alan Bradley

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 3:37 a.m. UTC Feb. 12, 2024

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AzmanL, Getty Images

Starting a business can be a daunting undertaking. As with so many large projects, one of the most difficult challenges is just getting started, and one of the best ways to start is by putting together a plan. A plan is also a powerful tool for communication and can serve as a cornerstone for onboarding new partners and employees or for demonstrating your philosophy and priorities to potential collaborators. 

A solid business plan will not only provide a framework for your business going forward but will also give you an early opportunity to organize and refine your thoughts and define your mission statement, providing a guidepost that can serve as a beacon for your business for years to come. We’ve provided a business plan template below to help guide you in the creation of your new enterprise.

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Business plan template

What should a business plan include?

Regardless of the type of business you own or the products and services you provide, every business plan should include some core elements:

• Mission statement. The definition and executive summary of your business.
• Market analysis. A breakdown of the market segment and customers you hope to reach, built through primary (gathered by you) and secondary (gathered from outside sources) research.
• Organization and logistics. The nuts and bolts of how your business is operated
• Products or services. What your company provides its customers.
• Advertising and marketing. How you intend to get your products in front of your customers.
• Forecasting. Revenue forecasting for partners or potential investors.

Why do you need a business plan?

A business plan is a framework for success. It provides a number of key benefits:

• Structure. The outline around which to design your business.
• Operational guidance. A signpost for how to run your business from day to day.
• Expansion. A vision for the future growth of your enterprise.
• Definition. A platform to consider every element of your business and how best to execute your plans for them.
• Collaboration. A synopsis of what’s exceptional about your business and a way to attract funding, investment or partnerships.
• Onboarding. An efficient summary of your business for new or potential employees.

Business plan examples

We’ve created two fictional companies to illustrate how a business might use a business plan to sketch out goals and opportunities as well as forecast revenue.

Bling, Incorporated

Our first hypothetical example is a jewelry and accessory creator called Bling, Incorporated. A hybrid business that manufactures its products for sale both online and through physical retail channels, Bling’s mission statement is focused on transforming simple, inexpensive ingredients into wearable statement pieces of art. 

Market analysis includes gathering data around sourcing sustainable, inexpensive components, aesthetic trends in fashion and on which platforms competitors have had success in advertising jewelry to prospective customers. Logistics include shipping products, negotiating with retailers, establishing an e-commerce presence and material and manufacturing costs. 

Bling, Incorporated advertises initially through social platforms like TikTok and Facebook, as well as with Google AdSense, with plans to eventually expand to television advertising. Revenue forecasting is structured around a low overhead on the basis of inexpensive materials, no dedicated storefront and broad reach through digital platforms.

Phaeton Custom Cars

Phaeton is a custom car builder and classic car restoration business with a regional focus and reach. Its mission statement defines it as a local, family-owned business serving a community of auto enthusiasts and a broader regional niche of collectors. 

Market analysis breaks down the location and facilities of other competitor shops in the region as well as online communities of regional car enthusiasts likely to spend money on custom modifications or restoration projects. It also examines trends in valuations for custom parts and vintage cars. Logistics include pricing out parts and labor, finding skilled or apprentice laborers and mortgaging a garage and equipment. 

Phaeton advertises in regional publications, at local events and regional car shows and online through Facebook and Instagram, with an emphasis on a social presence highlighting their flashiest builds. Revenue forecasting is built around a growing reputation and high-value commissions.

Frequently asked questions (FAQs)

A business plan may not be a prerequisite for every type of business, but there are few businesses that wouldn’t benefit from one. It can serve as an important strategic tool and help crystalize a vision of your business and its future.

Business plans do just that: they help you plan the future of your business, serve as a platform to brainstorm ideas and think through your vision and are a great tool for showcasing why your business works to potential investors or partners.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Alan is an experienced culture and tech writer with a background in newspaper reporting. His work has appeared in Rolling Stone, Paste Magazine, The Escapist, PC Mag, PC Gamer, and a multitude of other outlets. He has over twenty years of experience as a journalist and editor and is the author of the urban fantasy novel The Sixth Borough.

Sierra Campbell is a small business editor for USA Today Blueprint. She specializes in writing, editing and fact-checking content centered around helping businesses. She has worked as a digital content and show producer for several local TV stations, an editor for U.S. News & World Report and a freelance writer and editor for many companies. Sierra prides herself in delivering accurate and up-to-date information to readers. Her expertise includes credit card processing companies, e-commerce platforms, payroll software, accounting software and virtual private networks (VPNs). She also owns Editing by Sierra, where she offers editing services to writers of all backgrounds, including self-published and traditionally published authors.

How to start a small business: A step-by-step guide

Business Eric Rosenberg

How to Write an Online Business Plan in 2024

Written by Vanessa Petersen on July 26, 2023 Blog , Sell Online .

You’ve committed to turning your ecommerce or online business idea into something real. You want your small business to produce revenue and change the course of your life, but what’s your first step in realizing your dream? Developing a plan. If you’re not sure about how to write an online business plan, you’ve come to the right place.

One of the most essential tasks involved in starting any kind of business is to write a business plan. An online business plan won’t look that different from a traditional business plan and will include many of the same elements.

In this post, we’ll show you how to write an online business plan, including all the components and sections. We’ll also walk through how WooCommerce can help you put your plan to action and achieve your business goals.

Why write a business plan? 

Starting your own business is a great experience and something that will shape your life, fill you with self-confidence and independence, and inspire other people around you. A new business is also a serious endeavor that will take time, money, sweat, lots of decisions, and a degree of risk.

A traditional business plan template helps you document and keep track of your business goals, challenges, opportunities, and all the steps and processes involved with making your idea work. It will help you conduct thorough market research and set you up for success.

When you write a business plan, it can confirm that you’ve found the best online business to start , or provide clarity about the need to pivot.

It details all the things you will need to do in order to successfully launch and grow your business, and may include revenue projections, timelines for specific goals, concept art for products, and architectural drawings for any brick and mortar aspects of your business. 

Business plans help create a structure for your company’s development and keep you grounded in reality, focused, and not distracted by less important matters. 

If you have more than one person helping run the business, the business plan also keeps everyone unified around the same set of goals and objectives. 

Another reason to write a business plan is for situations where you are presenting your idea to someone else and asking them to invest. In that scenario, your business plan is also a sort of sales document. It makes the argument for why your business idea is so good and well-considered that an investor should want to be a part of it. 

But even if you’re self-funding your entire business — which is more common with online businesses — you still want to write the plan for the reasons given earlier.

The benefits of running an online business

Starting an online business or ecommerce store offers many of the same great benefits as any other business, but without as much risk. If you’re thinking of starting a business, here’s why an online one is a great option:

It has low startup costs

Without a storefront, you eliminate so many costs of running a business. With all the bills that come with having property — like rent, parking, furnishings and decor, etc. — there’s a much higher investment required to start a brick-and-mortar-based business. Online businesses still have startup costs, but they are much lower. 

It gives you freedom over your schedule

With an online business, you have more freedom to set your own hours, because you don’t always have to be open during the usual times. You can build your business to suit the lifestyle you want. Rearrange your time to get things done in the fastest possible way and take time off when you need it. 

You can start small

Once you have a location, it’s yours, and you have to make it work. With an online business, you can start very small, offering just a few products or even just a single service. You can more easily test the waters without making huge commitments with inventory, and other physical investments.

You can more easily pivot

If your online or ecommerce business doesn’t do as well as you expected, it’s easier to pivot and adapt to something new because you haven’t committed so much to making your original idea work. There are many business success stories where the business owner adjusted their idea after gaining some experience, and then it took off. It’s a lot easier to do that when you aren’t tied to a physical location.

But, there’s one thing online businesses have in common with every other type of business: You need a robust business plan to help guide your idea from concept to a successful reality that makes money and fulfills your dreams and goals. 

So, let’s get into business planning. 

How do I write my own online business plan?

Most formal business plans and business plan templates include seven sections, plus an executive summary. You’ll need to keep in mind who you’re writing your business plan for. If you are taking this to potential investors or will be seeking a business loan, your business plan needs to sell the idea of your business as a great investment opportunity and communicate the skills, expertise, and commitment you personally bring to the table. 

Here are the key sections of a traditional business plan format:

• Executive summary
• Company description
• Market analysis
• Organization and management
• Service and product line
• Sales and marketing plans
• Financial projections
• Funding request (if working with investors or partners)

Here’s a brief look at each step of creating an online business plan:

Draft an executive summary

In the executive summary, the first section of almost every business plan template, you’ll present your vision and focus on building excitement. If the business plan is a sales document, the executive summary is the lead. It gets the reader engaged and excited to hear more. 

Your executive summary should achieve two goals:

• Deliver the basic facts about your business
• Motivate the reader to keep going and get them excited about your idea

What facts should you include? Whatever helps the reader understand your business idea. Describe the industry and niche. Mention the target market. Briefly state the needs or problems your products and services will be solving. Touch on the potential for growth in terms of revenue and customers. 

For motivation, describe your mission statement and company values. What will set you apart from the competition? What is your value proposition as a business owner? What makes you different? Again — keep this brief. You’ll elaborate later. 

It might be a good move to write all the other sections first, then finish with the executive summary so it will be the most concise and best version of how you describe your business.

Write a company description

Here, you’ll give a brief overview of your company. What are your strengths, skills, and areas of expertise as a business owner that will position you for success? If you have a compelling story behind why you’re starting your business, you can include that too.

Conduct a SWOT analysis 

If you’re not sure where to start, consider doing a SWOT analysis , which is a diagram outlining your strengths, weaknesses, opportunities, and threats. 

It’s a common part of many business plans and will help paint a realistic picture of what your business can achieve, and what stands in the way. You won’t include all of this in the company description, but your strengths and opportunities may fit here. 

Create a mission and vision statement

The company description is also the place to create a mission statement and a vision statement. What’s the difference between these? 

The vision is where you’re going, the mission is how you’ll get there. A vision statement paints a picture of a future reality for your customers and perhaps the world at large, as a result of your company’s influence. A mission statement expresses how you will achieve that.

The company description can elaborate on your vision and mission beyond just a single sentence, and later you can fine-tune what you write into a succinct pair of statements. Feeling some writer’s block? See company description templates by industry for some inspiration.

Include any unique attributes

If your company will involve particular attributes such as manufacturing, supply chains, dropshipping, affiliates, coaching or advising, online courses, or other relevant particulars, include that in your company description, too. 

State your business location, industry, niche, and other details

Also, state the location of your business, even though it’s online. Name your industry and niche target market again, and describe the nature of your company. For example, is it an ecommerce business, a consulting firm, delivery service, wholesale, or ad-based website? These are just some of many types of online business structures. 

You may also want to include whether your business is in any special class of business that might position it for special loan or grant opportunities like women-owned businesses or veteran-owned businesses.

After reading your description, readers should have a good understanding of what your business is about, why it exists, and how it works. Here’s a detailed look at company descriptions , with an example.

Perform a market analysis

A market analysis uses industry research to assess the scope of your business’s target market and describe the current competition in your industry. It can help you estimate the potential for success and prepare for the challenges you may face when you launch your online business or ecommerce shop.

Doing this research, and including it your business plan, can also help you:

• Identify industry trends
• Pinpoint opportunities 
• Diminish risks and reduce costs
• Generate new ideas for products and services
• Learn from the failures and shortcomings of your competitors
• Find ways to stand out from your competitors
• Discover new markets
• Refine your marketing plans

Now let’s dig into the elements involved in a thorough market analysis.

Understand your audience

Here, you will explain in detail who your target customers are and why they want or need what you’ll be selling. What problems or needs does your product solve? What will motivate people to buy from you? And why can’t they get it somewhere else just as easily? An ecommerce business competes against other ecommerce businesses as well as brick-and-mortar stores and shopping malls. Stores with omnichannel strategies compete with both. Why would someone choose you?

Share your key customer demographics, psychographics, and interests. Who will you be serving? What drives them? 

What are their values? If your product, service, or personal brand will appeal to a customer segment that also shares particular values, that’s a strength, not a weakness, and you can use that to win them over. 

Perform customer segmentation

Break down different categories of target customers your business plans to serve. One category could be age. Another might be life situations such as retirees, parents, divorcees, or living with older relatives. You could create a segment of people with particular health conditions, or who live certain lifestyles. 

But you can also get way more specific than that. Runners are different from hikers, who are different from bikers, yoga enthusiasts, and gym enthusiasts. Different supplements, philosophies about food, motivations for eating various foods — all of these present near endless possibilities for more narrowly defining your customer segments, all under the broad category of ‘health.’ And you might serve multiple segments. 

The more customer segments you know, the more effectively you can market to them. In an online store, good product descriptions call out the various customer segments that product is designed for.

Also, give a sense of the potential size of your target market. How many people need what you’re selling? Show how this market is large enough to justify your business and drive revenue. You might do this by studying revenue reports from other companies in your industry. Or look at specific products related to yours and research their sales and revenue performance. 

You may also perform a survey of some kind, or an online quiz, and use that to express the needs your potential customers have that aren’t currently being met.

Perform a competitive analysis

Study your competition. What are they doing well? What areas are they underserving? Where are they underperforming? Make note of what other companies in your industry are struggling with or failing at so that you can deliver something more valuable and gain a competitive advantage.

It could be product quality, customer service, or selection. Maybe their ecommerce store is badly designed and hard to use. Perhaps there’s a huge industry serving the masses, but customers who have more particular tastes or needs aren’t being well-served by the big companies. Those customers might spend more on something that delivers what they really want. 

Maybe your key competition has been rocked by scandal. Maybe a company went out of business, was sold, or closed down due to retirement and there’s an opening in the market you want to leverage. 

The main point of the competitive analysis is to persuade investors that there’s an underserved market that your business plans to cater to. You must be able to promise something that no one else is currently delivering. Otherwise, why should your business exist? Put them at ease by demonstrating proper market research.

Refer to your SWOT analysis and present any potential threats from the competition here, too.

Outline management and organizational structure

Next, present your management and legal structure. Is your company an LLC, sole proprietorship, S corporation, partnership, or some other arrangement? Who’s in charge of what? If you have different departments, list out the leadership for each one. If relevant, you might even include some information about the expertise of your leaders concerning the areas under their charge and the tasks they’ll be performing.

Remember — if your business plan will be used to persuade investors to help fund your business idea, this sort of information will reassure them that your company has strong and competent leadership. 

If there’s a chain of command, use a diagram or other method for laying out who reports to whom. 

List your products and services

What are you selling? You’ll touch on this briefly in the earlier sections, but here is where you’ll expand on the details. If you have an array of similar products, such as food flavors or clothing variations, list as many as seem relevant. But focus on the spirit of the business plan — you’re simply communicating what your business is about, not listing every SKU in your projected inventory. 

Also, include information about your products such as quality, durability, expirations, patents, and whatever else will give a clear picture of what you’re selling.

For service businesses and memberships that may include multiple packages, bundles, or tiers, describe each of these so your readers get a sense of how you’ll appeal to different types of customers and price points. 

Develop a sales and marketing strategy

Having products is great, but how do you intend to sell them? How will people find your business? How will anyone know you exist? And once they know, what will motivate them to buy from you and not from your competition? What is your unique value proposition — the thing that sets you apart from your direct competitors?

You’ll need to develop an initial marketing plan to help promote your business, products, and services to your target customers.

And remember, competition isn’t limited just to other businesses. Sometimes, competition is against the customer’s time, or their budget, or mere indifference — the conflict between doing something and doing nothing. Your SWOT analysis should touch on several of these potential barriers to the success of your online business.

Your marketing plan will obviously change over time, but give your readers and potential investors a sense of how you plan to launch and grow your business. 

Discuss media channels you plan to use, such as pay-per-click (PPC) ads , social media , email marketing , affiliate marketing , direct mail, referrals, joint ventures, search engine optimization (SEO), webinars, influencer marketing , and live events. Describe the ones you actually plan to use, and explain the core strategy you’ll begin with and how you will measure success. 

Also, include a sense of your marketing budget. If you will have a dedicated marketing team, or actual sales professionals using a particular process or sales script, discuss that as well. 

For ecommerce businesses, include a discussion of how you plan to leverage platforms like WooCommerce, which features a host of extensions that can help manage your business , engage customers, save money, and promote growth .

Make financial projections

You’ve made a lot of claims in your business plan, but how will your investors be convinced of your future success? At some point, you have to show them the money. 

If this is a brand new business with no income, where will your finances come from for the first year? Give realistic financial projections for anticipated profits and losses, as well as growth expectations for the first five years. Include financial documents if you have them, including profit and loss statements, balance sheets, and cash flow statements. Include costs of employment, manufacturing, and other investments both one-time and ongoing.

Your financial projections should reference your:

• market analysis 
• anticipated sales volume 

Investors will feel more confident when they can see your business plan does not rely entirely on just one or two ‘wins.’ For example, if your entire plan hinges on selling on eBay or Amazon , what happens if Amazon suspends your store, changes the terms, or you struggle to get noticed there? 

If your plan depends on winning over a few Instagram influencers, what if they don’t come through? It’s really easy to say what you hope will happen. But actually making it happen is another thing. Business success happens more easily when you apply a multi-channel marketing and sales approach. 

Your financial projections will feel based in reality, when you can demonstrate some prior successes, either in other businesses you’ve already launched, test audiences, local sales you made, prior experience, or data from other businesses. 

Explain your funding request — if applicable

If you intend to ask investors to help fund your business idea, present your request in the final main section of your business plan. If you’ve already secured funding from other sources, include that here as well. An investor will feel better knowing they are not the only one who believes in the potential of your business. 

Will your funding request be for a one-time payment, monthly, annually, or at some other interval? How do you plan to repay their investment? Will you allow them to charge interest? How much ROI can you promise them? 

How WooCommerce can help

WooCommerce can help you build a scalable online business that supports your business plan. No matter what you’re selling, WooCommerce offers a suite of flexible tools that allows you to customize your store to meet your needs and goals. 

Here are just some of the benefits your business will enjoy when you choose to build your store with WooCommerce:

• Sell absolutely anything you can imagine . From physical items and digital downloads to subscriptions, memberships, bookings, courses, and affiliate products, WooCommerce provides everything you need. Want to run a wholesale store? You can do that, too!
• Harness the power of WordPress . Since WooCommerce is a plugin specifically for WordPress, you can take advantage of powerful features like the block editor and blogging capabilities. 
• Capture payments securely. Choose from a large number of payment gateways, from popular options like PayPal and Stripe, to more niche processors for specific locations and types of regulated products. And with tools like WooPayments , you can keep customers on-site, capture a variety of currencies, and even accept digital wallets like Apple Pay and Google Pay.
• Customize your shipping options. Offer free shipping, charge based on weight, set fixed prices, or calculate shipping costs based on real-time carrier rates. You can even use extensions like Table Rate Shipping to create complicated shipping rules based on conditions that you set. And with WooCommerce Shipping , you benefit from discounted shipping labels and the ability to print right from your dashboard. 
• Connect to your social media channels. Use extensions to sync your store with social media platforms like Facebook, Instagram, and Pinterest. You can even sell on those platforms alongside your store without having to update inventory and information manually.
• Integrate with marketing tools. Quickly connect your store to any number of marketing tools, from email platforms like MailPoet to CRMs like Jetpack CRM . You can also implement a number of marketing strategies, from abandoned cart emails to loyalty programs.
• Keep track of your numbers. Ecommerce accounting is a big part of running an online business. While you can easily view data in your dashboard, you can also sync with tools like QuickBooks to make your accountant’s life a little bit easier.
• Manage inventory. Update your inventory levels manually or connect to tools like Scanventory to sync with your warehouse. Running low or out of stock? Add a wishlist option so customers get an alert as soon as it’s available.

As you can see, WooCommerce is well-equipped to handle any type of online store and support you as you grow. Here are a few more reasons that WooCommerce should be your go-to choice for implementing the ecommerce side of your online business plan:

WooCommerce itself is free! Many extensions for WooCommerce can also be found for free in the WordPress.org plugins library or on the Woo Marketplace . If you need to start your website with a limited budget, but want to build on a platform that can grow to support a thriving, high-traffic store, WooCommerce is an excellent option.

You have full control over your store

Unlike other ecommerce solutions that are tied to the platform’s own web hosting, WooCommerce is designed to be used with WordPress along with any hosting provider of your choice. You are also free to use whatever payment processor you want without any additional fees from WooCommerce. You can also customize your site’s appearance and functionality more extensively than you can with other ecommerce platforms and with less (or no) coding knowledge.

Thousands of free and premium extensions

There are over 800 free and premium extensions for WooCommerce on WooCommerce.com alone and over 1,000 in the WordPress.org plugins library . There are also hundreds of independent developers and agencies that offer premium and custom extensions for WooCommerce so that you can customize your store with the exact features you need. 

Excellent support and large community of users

WooCommerce is used by over 3.9 million stores — 23% of all online stores worldwide . The support team is available to answer questions and the documentation library is extensive and thorough. There are also plenty of independent resources for learning how to use WordPress and WooCommerce.

Dedicate time and resources to put your online business plan in action

A successful business plan is one that empowers and guides the business owner to launch their online or ecommerce business, and possibly secure funding. But it only works if you use it.

One advantage of starting an ecommerce store or online business is that you aren’t as locked down by deadlines. With a physical location, once you start paying the rent, you better have your business plan ready to put into action. 

But the beauty of being online is that you have more flexibility on the front end. Despite having more wiggle room with your timelines, you still need to keep your momentum going forward. Staying on track with your business projects and goals is one of the keys to reaching profitability sooner and turning your business plan into reality. A few quick tips:

• Schedule your time. Block out hours and specific days to work on your business.
• Treat it like a job, not a hobby. Build on your momentum week after week.
• Always keep learning. Research your industry, competition, target audience, and potential customers. Learn marketing — you can never know too much.
• Try stuff! Take risks, make calls, create campaigns, write content.

Your business plan template should give you a concrete list of tasks and business objectives. Once you write a business plan, then you can implement it.

Frequently asked questions about writing an online business plan

What are the seven steps of a business plan.

The seven key elements of a business plan are the executive summary, company description, market analysis, organization and management, services and products, marketing plan, and financial projections. If you’re making a funding request, that would be an eighth section.

Where can I find business plan templates?

You can find a free business plan template online, for general business plans as well as for specific industries. However, since each business is different and your plan must be authentic and specific to your company — a business plan template can only get you so far. 

If you need design inspiration for your own custom business plan template or want to start with a pre-designed template that you can customize, you can purchase one for a relatively low cost through a stock resources site like Envato Market or Creative Market .

Do I need a business plan if I am already running an online business or ecommerce shop?

Business plans aren’t only for people who are launching new businesses. You can create a business plan at any time to help you maintain or change the direction of your store or just to get a better picture of the health of your business. Below are a few different types of business plans that you might want to consider for your established online business:

• Operational business plan. Outlines the structure of your business operations, staffing, and logistics.
• Feasibility plan. Feasibility plans are like mini business plans that cover new business ideas and outline steps for implementation.
• Growth business plan. This plan is for businesses that want to demonstrate opportunities and plans for growth to attract investors.
• Maturing business plan. This plan is for businesses looking to merge with or acquire other companies, significantly expand, or go public.
• Strategic business plan. Any time your business wants to shift strategies regarding products or marketing or any other major changes to your previous business plan, you’ll want to create a new strategic business plan to address your new goals and the steps involved in achieving them.

What software should I use for my online business plan?

Your business plan should include some images, graphs, and graphic elements in the layout, so you’ll want to at least use word processing software to put your business plan together. If you have access to Google Workspace, Microsoft 365, Canva, or Adobe Creative Cloud, you’ll have some other options that might lead to a more professional layout.

Here’s a list of free and paid software that can help you put together your online business plan outline:

What do investors want to see in a business plan?

The most important piece of information to show investors in your business plan is potential for profitability. Investors don’t want to throw money at a sinking ship, no matter how cool and exciting the business sounds. 

Most investors also want to make sure that they’ll see a decent return on their investment in a relatively short time period — probably around 5-7 years. How much of a return they’ll expect will depend on your industry and what kind of investor they are. 

Investors will also want to see that you clearly understand your business, your industry, and that you have concrete, actionable steps for achieving, maintaining, and growing profitability. They’ll want to make sure that the key people on your team also understand your business and the roles they play and they’ll want to see that each person has a good amount of experience in their field and the required skill sets to fulfill their job duties, if not go above and beyond. 

Any details you can include that highlight unique aspects of your business will also be important. Any area where you have a competitive edge, are offering a unique or proprietary solution, have established any celebrity endorsements, have the backing of other investors, or have secured special grants will be of special interest to investors.

Create your plan for success

Now that you understand what goes into creating a formal business plan, it’s time to write one! Take the time to think through and consider each aspect of the list included in this article, and you’ll be well on your way to finding success.

And WooCommerce is here to support your business every step of the way, with powerful and flexible tools that help your business grow. Start selling online today !

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Free Annual Planning Templates

By Courtney Patterson | April 3, 2024

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You can set a clear, strategic direction for the year using annual plans, ensuring adaptability and sustained growth. These free annual planning templates outline strategies that enable your organization to achieve its annual goals and objectives.

Included on this page, you’ll find an annual planning template with a Gantt chart , an annual planning template with a calendar , an annual operational plan template , an annual training plan template , and more. Also, learn more about the types of annual planning templates .

Annual Plan Slide Template

Download an Annual Plan Slide Template for PowerPoint | Google Slides  

When to Use This Template : This template is ideal for corporate executives, business managers, and marketing professionals to communicate their annual objectives and inform stakeholders of their strategic vision.

Notable Template Features : Use this template to highlight the vision statement, goals, key performance indicators (KPIs), owners, and progress updates for each quarter of your annual plan. Define your organization’s approach to accomplishing objectives and goals with this collection of free strategic planning templates.  

Annual Planning Template With Gantt Chart

Download an Annual Planning Template With Gantt Chart for

Excel | Google Sheets

When to Use This Template : Project and business management professionals can use this template to visualize objectives and deliverables across a timeline. 

Notable Template Features : This spreadsheet template includes a section for providing a quick overview of your mission and objectives before diving into the detailed plan. Enter the start and due dates for global priority objectives. The template automatically populates these dates into a Gantt chart for a visual representation of the timeline. 

Annual Planning Template With Calendar

Download an Annual Planning Template With Calendar for

Excel | Microsoft Word | Google Docs | Google Sheets

When to Use This Template : This template is ideal for corporate executives, as well as marketing and business management professionals, to organize and align tasks with their goals.

Notable Template Features : The calendar, with a separate sheet for each month, provides the space for entering details on any day of the year in a clear format. This spreadsheet also includes a global priorities chart for detailing your annual plan.

Annual Marketing Plan Template

Download an Annual Marketing Plan Template for

When to Use This Template : Marketing and business professionals and executives can use this template to align their marketing efforts with objectives and reach their target audiences.

Notable Template Features : This comprehensive template details objectives, target audiences, and projected and annual costs for all marketing campaigns and projects. The timeline features columns where you can outline your specific marketing plan for each quarter, month, and week.

Check out this collection of free nonprofit marketing plan templates and samples to outline and manage your campaigns.

Annual Operational Plan Template

Download an Annual Operational Plan Template for

When to Use This Template : Operations and project management professionals and business owners can use this template to outline their goals and strategic plans.

Notable Template Features : Enter the executive summary and operational plan details into the convenient spreadsheet. List the responsible party, resources, start and end dates, and the number of days for each project task. The spreadsheet chart tracks progress each quarter and month to help you manage time and resources.

Check out this collection of free operational plan templates for various templates and learn more about operational plans.

Annual Training Plan Template

Download an Annual Training Plan Template for

Microsoft Word | Google Docs

When to Use This Template : This template is ideal for training and development professionals, human resources professionals, and department heads responsible for planning and implementing training programs in their organizations.

Notable Template Features : This comprehensive spreadsheet includes fields for detailing objectives, performance metrics, and outcomes for training goals. The Resources table includes columns for training budget, staff, full-time equivalents, and travel fund estimates. You can also list training and review schedules with this template.

Nonprofit Annual Strategic Plan Template

Download a Nonprofit Annual Strategic Plan Template for

When to Use This Template : This template is ideal for nonprofit executives, board members, and program and development professionals to set goals and outline strategies for nonprofit organizations.

Notable Template Features : Enter your nonprofit organization's mission, vision, and core values in the template fields and slides. You can detail the importance, action steps, and success metrics for your nonprofit's strategic goals. Also, list each goal's budget, start and end dates, and stakeholders.

Check out this collection of free nonprofit strategic plan templates for examples and guidance on creating a nonprofit strategic plan.   

Annual Business Plan Template

Download an Annual Business Plan Template for

When to Use This Template : This template is ideal for entrepreneurs, business owners, and executives outlining goals and striving for efficiency and growth in the upcoming year.

Notable Template Features : This business plan template features a three-year sales forecast and cash flow sheets. It also includes data fields for the executive summary, company overview, target market, marketing plan, key assumptions, and more essential business plan elements.

Annual Fundraising Plan Template

Download an Annual Fundraising Plan Template for

When to Use This Template : Nonprofit organizations, educational institutions, and healthcare organizations can use this template to outline fundraising goals, strategies, timelines, and budgets.

Notable Template Features : This template outlines targets and obstacles for donor acquisition, engagement, and retention. Use the timeline to enter quarterly and monthly costs, hours, and resource estimates for fundraising activities

Types of Annual Planning Templates

Many annual planning templates are available, each formatted to help you outline and detail process steps, strategic goals, and more. 

Select the template that best suits your organization's annual planning needs:

• Annual Planning Templates : Use an annual plan slide template to present the goal, key performance indicator (KPI), owner, and progress content for each quarter. These templates are perfect for outlining objectives and strategies for stakeholders.
• Annual Planning Gantt Chart Templates : Use an annual planning template with a Gantt chart to visualize deliverable statuses in a detailed timeline. These templates simplify planning by automatically entering start and end dates into a Gantt chart.
• Annual Planning Calendar Templates : An annual planning template with a calendar allows you to list and organize plan details at a glance for any day of the year.
• Annual Marketing Plan Templates : Document objectives and costs for your marketing campaigns and projects with an annual marketing plan template .
• Annual Operational Plan Templates : An annual operational plan template charts operational tasks, their corresponding goals, and strategies over a year. These templates enable you to document resources, evidence of success, and status updates.
• Annual Training Plan Templates : Manage your organization's training resources, programs, objectives, and schedules with an annual training plan template . These templates document immediate training needs, mandatory training, and review schedules.
• Nonprofit Annual Strategic Plan Templates : Use a nonprofit annual strategic plan template to list your nonprofit's mission and vision statements. Detail strategies, success metrics, budgets, and stakeholders for your organization's yearly goals.
• Annual Business Plan Templates : A comprehensive annual business plan template includes the executive summary, company overview, SWOT analysis, and other key elements of a business plan. These templates usually include features for calculating sales forecasts, financial statements, and other essential data.
• Annual Fundraising Plan Templates : Acquire and retain donors using an annual fundraising plan template . These templates feature a timeline for planning and tracking monthly and quarterly fundraising activities so that you can achieve your fundraising goals.

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• Development Plans, Employee Development, Performance Management, Personal Development

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HR’s Guide to Performance Improvement Plans (Free Template)

• January 31, 2024

Performance Improvement Plan (PIPs) plays a crucial role in addressing employee performance issues and fostering professional development within organizations. When managed effectively, PIPs can serve as a valuable tool for managers and HR professionals to help employees overcome challenges and enhance their performance.

In this blog post, we tell you everything you need to know about performance improvement programs and how to navigate them successfully as a manager.

What is a Performance Improvement Plan?

A Performance Improvement Plan (PIP) is a structured process utilized when an employee’s performance falls below expectations. It  sets clear goals  and timelines for improvement, providing support and monitoring. PIPs are initiated when feedback and coaching haven’t yielded desired results, aiming to collaboratively enhance performance with consequences if improvement isn’t achieved. 

PIPs typically include clear performance goals, a timeline for improvement, and regular feedback sessions to track progress. While PIPs are often associated with underperformance, they can also be used to support employees in reaching their full potential.

Recognizing when a Performance Improvement Plan is necessary is crucial for managers and HR professionals. Here are some key indicators:

• Consistent Underperformance:

Employees consistently fail to meet established performance standards or expectations over an extended period.

• Missed Deadlines or Targets:

Failure to complete tasks or achieve objectives within designated timeframes, indicating potential productivity or time management issues.

• Decline in Work Quality:

Observable decrease in the quality of work produced by the employee, leading to errors, inefficiencies, or poor customer service.

• Feedback from Team and Clients:

Negative feedback  from colleagues, team members, or clients regarding the employee’s performance, professionalism, or behavior.

• Behavioral Issues:

Display of disruptive or unprofessional behavior in the workplace, such as conflicts with coworkers, insubordination, or lack of teamwork.

• Failure to Adapt or Learn:

Inability or unwillingness to adapt to changes in job requirements, technology, or procedures, hindering personal and organizational growth.

• Impact on Team Morale:

Employee’s performance issues negatively affect team dynamics, morale, or productivity, leading to a decrease in overall team effectiveness.

• Changes in Personal Circumstances:

Personal issues such as health issues, family problems, or significant life events may contribute to a decline in performance and signal the need for support or intervention.

• Repetitive Performance Discussions:

Ongoing discussions or interventions regarding the employee’s performance without sustained improvement, indicating the need for a more structured approach.

• Misalignment with Organizational Goals:

Lack of  alignment between the employee’s performance  and the organization’s objectives, vision, or values, potentially impeding progress toward strategic goals.

Why is an Employee Performance Improvement Plan Important?

An Employee Performance Improvement Plan (PIP) is crucial for several reasons:

Identifying and Addressing Performance Issues : PIPs provide a structured framework for identifying performance issues and addressing them proactively. By clearly outlining areas of improvement and setting specific goals, PIPs help employees understand expectations and work towards meeting them.

Clarifying Expectations : PIPs ensure that expectations regarding performance standards, goals, and timelines are communicated clearly to employees. This clarity helps prevent misunderstandings and ensures alignment between employee performance and organizational objectives.

Providing Support and Resources : PIPs offer employees the support and resources they need to succeed. Whether it’s access to training programs, mentorship, or additional resources, PIPs ensure that employees have the tools necessary to improve their performance.

Promoting Accountability : PIPs establish accountability by setting measurable goals and timelines. Employees are held accountable for meeting these objectives, and the consequences of not meeting them are clearly outlined. This accountability fosters a culture of responsibility and ownership within the organization.

Facilitating Professional Development:  PIPs serve as opportunities for professional development. By identifying areas for improvement and providing targeted support, employees can enhance their skills and capabilities, ultimately contributing to their long-term career growth.

Preserving Talent : Rather than immediately resorting to termination for underperformance, PIPs offer a chance for employees to improve and succeed within the organization. This approach can help retain valuable talent and minimize staff turnover costs.

Let’s take an example to understand the concept better.

Performance Improvement Plan Example

Julia, a project manager in a marketing agency, had been consistently missing project deadlines, leading to delays in client deliverables. This was reflected during her performance review. Her manager, Alex, decided to implement a Performance Improvement Plan to address the issue.

Objective Assessment:

• Julia consistently failed to meet project deadlines, affecting client satisfaction and  team efficiency .

Root Cause Analysis:

• Through discussions with Julia, it was revealed that she was struggling with time management and prioritization due to an increased workload.

Concrete Goals and Timelines:

• Julia’s PIP included specific goals such as attending a time management workshop, implementing learned strategies, and reducing project delays by 20% within the next three months.

Collaborative Development:

• Alex and Julia worked together to craft the action plan, ensuring that Julia’s input was considered, and the goals were realistic.

Support and Resources:

• Julia was provided access to a time management training program and was paired with a senior project manager as a mentor.

Regular Check-Ins and Feedback:

• Bi-weekly check-ins were scheduled to discuss Julia’s progress, address any challenges, and provide guidance.

Consequences and Rewards:

• The consequences were clearly outlined, including the possibility of further performance reviews. Conversely, successful completion of the PIP would be acknowledged with positive recognition and potential career advancement opportunities.

Over the course of the Performance Improvement Plan, Julia successfully attended the time management workshop, implemented new strategies, and achieved a 15% reduction in project delays. The collaborative and supportive nature of the PIP not only addressed Julia’s performance issues but also contributed to her professional development.

Now that we’ve witnessed the tangible benefits of a well-executed performance improvement plan, let’s dive deeper into the role managers and HR professionals play in implementing a PIP.

The Role of Managers and HR in Implementing a PIP

The successful implementation of a Performance Improvement Plan (PIP) requires collaboration and effective communication between managers and Human Resources (HR). Each plays a distinct yet interrelated role in ensuring that the PIP achieves its intended outcomes.

Identifying Performance Issues:

Managers are typically the first to notice performance issues among their team members. They play a crucial role in identifying areas that need improvement and understanding the specific challenges faced by employees.

Initiating the PIP Process:

Once performance issues are identified, managers collaborate with HR to initiate the PIP process. They provide insights into the specific goals and expectations for improvement.

Collaborative Goal-Setting:

Managers work closely with employees to collaboratively set clear, measurable objectives within the PIP. This involves open communication, understanding the employee’s perspective, and ensuring that the goals align with organizational objectives.

Providing Support and Resources:

Managers are responsible for ensuring that employees have the necessary support and resources to meet the goals outlined in the PIP. This may involve providing additional training, assigning mentors, or allocating relevant tools and resources.

Managers conduct regular check-ins with employees to monitor progress, offer constructive feedback, and address any challenges that arise. These check-ins are essential for maintaining open communication and adjusting the PIP as needed.

Recognition and Rewards:

Managers play a role in recognizing and rewarding improvements in performance. Positive reinforcement can motivate employees to continue making progress and contribute positively to the workplace culture.

Developing and Documenting the PIP:

HR professionals work alongside managers to develop the formal PIP document. They ensure that the plan is structured, clearly outlines expectations, and aligns with the organization’s policies and procedures.

Legal Compliance:

HR is responsible for ensuring that the PIP complies with legal requirements. They help mitigate legal risks associated with  performance management , ensuring fairness and adherence to employment laws.

Employee Advocacy:

HR serves as an advocate for employees, ensuring that the PIP is fair, transparent, and supportive. They act as a neutral party, mediating any concerns or disputes that may arise during the PIP process.

Providing Training and Support:

HR may coordinate training programs or provide additional resources to support employees in meeting the goals of the PIP. They ensure that employees have access to the tools needed for improvement.

Documentation and Record-Keeping:

HR maintains accurate and thorough documentation of the entire PIP process. This includes recording performance issues, the development of the PIP, employee feedback, and any adjustments made throughout the process.

Termination Assistance:

In cases where the employee is unable to meet the goals outlined in the PIP, HR plays a role in facilitating termination procedures while ensuring compliance with company policies and legal requirements.

Creating an Effective Performance Improvement Plan

A well-crafted Performance Improvement Plan is a valuable tool for organizations aiming to enhance employee performance and achieve overall success. Here are key insights into creating an  effective Performance  Improvement Plan:

Begin the first step by conducting a thorough and objective assessment of the employee’s performance issues. Identify specific areas that require improvement and define clear expectations and standards that are currently unmet.

Delve into the underlying factors contributing to performance gaps. Consider both professional and personal elements that might impact the employee’s ability to meet expectations. Understanding the root causes enables targeted interventions.

Establish clear, measurable goals for improvement. Define a realistic time frame for goal attainment, providing a roadmap for both the employee and the management to track progress. If you’re unsure how to set goals, our blog post on  how to set goals for a performance review  can help.

Peoplebox’s  OKR management platform  lets you easily set, track, and manage your goals, all within the platform.

Involve the employee in the creation of the plan. Encourage open communication to understand their perspective and concerns. A collaborative approach fosters a sense of ownership and commitment to the  improvement process .

Provide the necessary tools, training, and support to help the employee meet their goals. Ensure access to resources that facilitate improvement, empowering the individual to succeed in their professional development.

Schedule regular meetings to monitor progress. These interactions offer opportunities for constructive feedback, acknowledging improvements and addressing any challenges encountered. Regular communication is key to a dynamic and responsive improvement process.

With Peoplebox, you can effortlessly schedule regular 1-on-1s with your employees. Additionally, if you’re unsure about which questions to ask, Peoplebox offers suggested talking points to facilitate meaningful and impactful check-ins.

Clearly outline the consequences if the employee fails to meet the outlined goals. Simultaneously, recognize and reward improvements in performance. This balanced approach establishes accountability while reinforcing positive behavior.

Flexibility and Adaptability:

Acknowledge that circumstances may evolve during the plan’s implementation. Maintain flexibility to adapt goals and timelines as needed. This demonstrates a commitment to the employee’s success rather than a rigid adherence to the original plan.

Continuous Improvement Culture:

View the Performance Improvement Plan as an opportunity for continuous improvement, both for the individual and the organization. Encourage a culture that values learning and growth, fostering an environment where employees feel supported in their professional development.

Download the FREE Performance Improvement Plan Template

Communicating the Performance Improvement Plan to Employees

Introducing a Performance Improvement Plan to an employee is a sensitive process that requires thoughtful communication. Effectively conveying the purpose and objectives of the plan is crucial for its success. Here are some strategies you can implement.

Conducting a Constructive Feedback Session

Delivering feedback is an essential part of any PIP conversation. Here are some tips to ensure it’s constructive and impactful:

Focus on specific behaviors and actions : Avoid vague generalizations like “your performance isn’t up to par.” Instead, pinpoint specific areas where improvement is needed, using concrete examples and data to illustrate your points.

Maintain a positive and encouraging tone : Frame the conversation as an opportunity for professional development, not punishment. Emphasize your belief in the employee’s potential and your commitment to supporting them in reaching their goals.

Actively listen and give the employee a chance to respond : Encourage open dialogue and acknowledge their perspective. Listen attentively to their concerns and questions, and address them directly.

Use “I” statements : Instead of accusatory “you” statements, phrase your feedback as “I’ve observed” or “I’m concerned about.” This helps personalize the message and avoids placing blame. 

Focus on the future:  Offer specific and actionable steps the employee can take to improve. Define clear goals and expectations, and create a plan together to achieve them.

Addressing Concerns and Offering Support

It’s natural for employees to have concerns about a PIP. Here’s how you can address them and offer the necessary kind of support:

Anticipate common concerns : Be prepared to address questions about job security, career progression, and the overall purpose of the PIP. Explain how the plan is designed to help them succeed and offer reassurances if their job is not at risk.

Provide resources and support : Clearly outline the resources available to the employee, such as training programs, mentorship opportunities, or access to additional tools or technology. This demonstrates your commitment to their success.

Communicate regularly : Schedule regular  check-in meetings  to track progress, provide feedback, and answer any questions. Maintaining open communication fosters trust and keeps the employee engaged in the process.

Emphasize the role of HR : Encourage employees to reach out to HR if they have any concerns or questions about the PIP process. HR can provide additional support and guidance, ensuring fair and transparent communication throughout.

Free Performance Improvement Plan Templates

Unlock the potential of your team members with our comprehensive Performance Improvement Plan template. This downloadable and customizable resource is designed to assist managers and HR professionals in guiding employees toward success.

Conduct 360 degree performance reviews with Peoplebox

At  Peoplebox , we redefine the performance review experience through our innovative and comprehensive  360 degree performance feedback  system. Elevate your approach to performance assessments by embracing a holistic perspective that includes  feedback from peers , managers, subordinates, and even self-evaluations.

With Peoplebox  performance management platform , you can streamline your performance review process, gather valuable insights, and empower your employees to thrive. Elevate your performance management practices with Peoplebox and unlock the full potential of your workforce.

Ready to take your performance reviews to the next level?  Get started with Peoplebox today !

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No credit card required. 14 days free trial., you may also like to read:.

• Building a Skills Matrix for Targeted Development & Growth
• The Year-End Performance Review Guide
• Comprehensive List of Sample Performance Review Questions
• The art of aligning Performance & Compensation
• A Comprehensive Checklist to Choose The Right OKR Software

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Use Peoplebox to drive high team performance & faster business results

One Platform to Connect People & Business Strategy

Use peoplebox to drive high team performance & faster business results.

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