{"id":1199,"date":"2024-05-03T00:00:00","date_gmt":"2024-05-03T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/"},"modified":"2026-04-09T10:31:15","modified_gmt":"2026-04-09T10:31:15","slug":"how-to-write-a-business-plan","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/","title":{"rendered":"How to write a business plan in 7 simple steps (and business plan template)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">It\u2019s important to know how to write a business plan, because it helps you answer questions about your business and recognise potential obstacles before you set it up properly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our guide explains everything you need to know, with tips from a successful business owner and a free business plan template.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While not all new businesses start out by writing a business plan, for many it\u2019s an important step. It acts as your guiding document, helping you establish and grow your business, and it has a life well beyond just setting up or applying for funding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But how to make a business plan, exactly? The first thing to know is that it doesn\u2019t have to be too long and descriptive. You should be able to explain your idea clearly, structuring your plan into sections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This comprehensive guide covers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"#download-a-free-business-plan-template\">free business plan template<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#what-is-a-business-plan\">what is a business plan?<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#how-to-write-a-business-plan-in-7-simple-steps\">how to write a business plan in 7 steps<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#four-top-tips-for-writing-a-business-plan\">4 top tips for writing a business plan<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#how-often-should-you-update-your-business-plan\">how often should you update your business plan?<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-lead-50-color has-alpha-channel-opacity has-lead-50-background-color has-background\"\/>\n\n\n\n<div id=\"tiktok-download-001\" class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"download-a-free-business-plan-template\">Download a free business plan template<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To get started, why not download your free business plan template, which you can fill in as you work your way through our step-by-step guide?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keep in mind that a business plan can take several weeks to write. It\u2019s worth doing your research and taking your time to get the best result. And remember, you can continue to update and improve your business plan over time.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-size-medium\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2025\/04\/business-plan-template.pdf\">Download<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-lead-50-color has-alpha-channel-opacity has-lead-50-background-color has-background\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-business-plan\">What is a business plan?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Starting a business is exciting. You\u2019re bursting with so many ideas, you might be tempted to rush your plan to get to the fun stuff like selling your first product or posting on social media.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A business plan isn\u2019t something you write down when you\u2019re setting up and never look at again. You\u2019ll refer back to it often, making sure you\u2019re hitting your goals and getting the most from the brilliant ideas you come up with at the beginning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And if you\u2019re looking for <a href=\"\/knowledge\/funding\/small-business-funding-and-investment\/\" data-type=\"knowledge\" data-id=\"18378\">funding or investment<\/a>, your business plan needs to convince people to back your idea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So it\u2019s not an overstatement to call your business plan the \u2018bible\u2019 you\u2019ll use to help establish your company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And while business plans come in different formats, most of them include the same core sections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Richard Burle, owner of <a href=\"https:\/\/www.facebook.com\/richardsgardenservices1\/ \" rel=\"noopener noreferrer\" target=\"_blank\">Richard&#8217;s Garden Services<\/a> in West Sussex, a business plan can help you to see where you\u2019re going.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThey help you look at yourself, to make sure that you\u2019re doing the best that you can for your business. That\u2019s why a business plan is really important because if you haven\u2019t got that, you\u2019re probably going to fail.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what&#8217;s the number one rule of creating a business plan? If you&#8217;re in a rush and ready to get started, our short business plan video series covers everything you need to know in just three short videos. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-tiktok wp-block-embed-tiktok\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"tiktok-embed\" cite=\"https:\/\/www.tiktok.com\/@simplybusiness\/video\/7561726650484837654\" data-video-id=\"7561726650484837654\" data-embed-from=\"oembed\" style=\"max-width:605px; min-width:325px;\"> <section> <a target=\"_blank\" title=\"@simplybusiness\" href=\"https:\/\/www.tiktok.com\/@simplybusiness?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">@simplybusiness<\/a> <p>\ud83d\udc40 The <a title=\"1\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/1?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#1<\/a> rule of a business plan is to find your USP.  Most businesses fail because they don\u2019t know what makes them different. Here\u2019s how to figure out your USP and turn browsers into buyers \ud83d\udc4f <a title=\"businessplan\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/businessplan?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#BusinessPlan<\/a> <a title=\"smallbusinessuk\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/smallbusinessuk?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#SmallBusinessUK<\/a> <a title=\"smalllbusinessplan\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/smalllbusinessplan?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#SmalllBusinessPlan<\/a> <a title=\"fyp\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/fyp?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#FYP<\/a> <\/p> <a target=\"_blank\" title=\"\u266c Coolin - Date Night\" href=\"https:\/\/www.tiktok.com\/music\/Coolin-6750921083001554946?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">\u266c Coolin &#8211; Date Night<\/a> <\/section> <\/blockquote> <script async src=\"https:\/\/www.tiktok.com\/embed.js\"><\/script>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"howtowriteabusinessplanstepbystep\">Business plan examples<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Before you start writing, it might be useful to read an example business plan for some inspiration. A quick Google search will bring up lots of examples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you&#8217;re looking to start a business as a candle maker or dog walker, read some <a href=\"https:\/\/www.bplans.com\/sample-business-plans\/\" rel=\"noopener noreferrer\" target=\"_blank\">business plan examples<\/a> to familiarise yourself with how to approach your type of business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019ve got an idea of how other businesses have written their business plan, it\u2019s time to start writing your own. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"683\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg?w=683\" alt=\"A free one-one page business plan template to help you start a business \" class=\"wp-image-38466\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg 1000w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg?resize=533,800 533w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg?resize=768,1152 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg?resize=683,1024 683w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/SB-UK_PinterestPins_OnePageBusinessPlan_1000x1500px.jpg?resize=150,225 150w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><figcaption class=\"wp-element-caption\">Simply Business<\/figcaption><\/figure>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-write-a-business-plan-in-7-simple-steps\">How to write a business plan in 7 simple steps<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re clear on what you want your business to achieve, plus the key details of how it\u2019s going to work, writing a business plan doesn\u2019t have to be a difficult task.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve broken everything you need to do into a business plan structure you can follow in seven simple steps:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"#How-to-write-an-executive-summary-for-a-business-plan\">How to write an executive summary<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#introduce-your-business\">Introduce your business<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#analyse-the-market\">Analyse the market<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#complete-a-swot-analysis\">Complete a SWOT analysis<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#consider-strategy-and-execution\">Consider strategy and execution<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#understand-your-financials\">Understand your financials<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#include-appendices\">Include appendices<\/a><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"How-to-write-an-executive-summary-for-a-business-plan\">Step 1: How to write an executive summary for a business plan<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The executive summary is essentially a one page business plan that goes at the beginning of your document. As it\u2019s a snapshot of your plan, it\u2019s often best to write it last.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This section is common in many business documents, from client reports to <a href=\"\/knowledge\/strategy\/how-to-write-a-business-proposal\/\" data-type=\"knowledge\" data-id=\"1003\">business proposals<\/a> for new projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s designed to hook readers with your idea and give an overview of your plan, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">what makes you different <\/li>\n\n\n\n<li class=\"wp-block-list-item\">how you\u2019re going to market your ideas<\/li>\n\n\n\n<li class=\"wp-block-list-item\">how much money you expect to make (and spend)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"introduce-your-business\">Step 2: Introduce your business<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This is where you jump in and start talking about your idea. This section should include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>the problem<\/strong> \u2013 what\u2019s the need for your business? What\u2019s the problem you\u2019re solving, or what\u2019s the opportunity? Why would people want what you\u2019re selling?<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>the solution<\/strong> \u2013 how are you solving the problem? What will your business do? How does it meet the needs you\u2019ve identified? And importantly, how is it different?<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>your history <\/strong>\u2013 how long has your business been established? If it\u2019s new, what\u2019s your experience in the sector or industry?<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>business structure<\/strong> \u2013 who are its owners and what is its legal structure?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Richard Burle says it\u2019s also good practice to plan \u201cwhere you want to be in your first year, your second year, third year, and fourth year.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor example, the first year I spent by myself working and building up my customer base. Then after the first year, I got more people, more customers, and did the odd job on Saturday as well \u2013 so I brought on help for that.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAnd then in my second year, I got my first contractor for two or three days a week \u2013 and after that it just increased,\u201d he says.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"analyse-the-market\">Step 3: Analyse the market<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Here you explain industry trends and the competitors you\u2019re up against. It\u2019s where you include the <a href=\"\/knowledge\/marketing\/how-to-do-market-research\/\" data-type=\"knowledge\" data-id=\"982\">market research<\/a> you\u2019ve carried out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This research can be quantitative (based on measurable data and statistics), qualitative (based on gathering individual experiences and opinions), or ideally both. This section should answer:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Where you\u2019re selling (and who to):<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">who are your potential customers and what are their characteristics? <\/li>\n\n\n\n<li class=\"wp-block-list-item\">how will you target them? <\/li>\n\n\n\n<li class=\"wp-block-list-item\">how many customers are you targeting? Will that number grow? <\/li>\n\n\n\n<li class=\"wp-block-list-item\">where do those customers shop at the moment? <\/li>\n\n\n\n<li class=\"wp-block-list-item\">do you have any existing customers, or confirmed orders?<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Market trends<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">how is the market changing? Is it growing? <\/li>\n\n\n\n<li class=\"wp-block-list-item\">are tastes changing? What are the reasons?<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">The competition<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">how will you attract customers from your competitors?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">what advantages and disadvantages do you have against them?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">how do you think your competitors will react when you start out? How will you respond?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">When assessing the competition, gardener Richard says it\u2019s not only important to look at the prices your competitors charge but also to list five good things each company does. You can use a competitor analysis to answer key questions about your competition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a business plan example of a <a href=\"\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/\" data-type=\"knowledge\" data-id=\"1229\">competitor analysis<\/a> for a new plumbing company planning to launch in the Epsom area of Surrey.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" height=\"627\" width=\"1024\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?w=1024\" alt=\"An example of a competitor analysis from the business plan of a plumbing business\" class=\"wp-image-4781\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png 2568w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=800,490 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=768,470 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=1024,627 1024w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=1536,940 1536w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=2048,1254 2048w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-competitor-analysis.png?resize=150,92 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"complete-a-SWOT-analysis\">Step 4: Complete a SWOT analysis<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SWOT stands for strengths, weaknesses, opportunities and threats. This is a very important part of your business plan, because it helps you drill down into your idea. You usually format a SWOT analysis in a grid on one page \u2013 four squares, one for each section. Then you make notes in each square.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Formatting the SWOT analysis in a grid helps you see how the different elements of your idea interact. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">how will your strengths help you capitalise on opportunities?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">how will your weaknesses amplify threats \u2013 and what strengths can help you overcome them?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" height=\"627\" width=\"1024\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?w=1024\" alt=\"An example of a SWOT analysis from the business plan of an independent book shop\" class=\"wp-image-4782\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png 2568w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=800,490 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=768,470 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=1024,627 1024w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=1536,940 1536w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=2048,1254 2048w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-plan-template-swot-analysis.png?resize=150,92 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Completing SWOT charts for your competitors too should help you see how to win business from them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about creating a <a href=\"\/knowledge\/strategy\/how-to-do-business-swot-analysis-template\/\" data-type=\"knowledge\" data-id=\"944\">SWOT analysis<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"consider-strategy-and-execution\">Step 5: Consider strategy and execution<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you\u2019ve done some analysis, in this section you can explain how you\u2019re actually going to run your business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here you\u2019ll include a number of sub-sections:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Marketing and sales<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Explain more about your product and service, including its features and benefits. Talk about your pricing strategy, and how you\u2019re going to promote your product. And how exactly are you going to sell? Which channels will you use \u2013 is it direct to the customer, online, or through other retailers?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Download our <a href=\"\/knowledge\/marketing\/how-to-write-a-marketing-plan\/\" data-type=\"knowledge\" data-id=\"1456\">free marketing plan template<\/a> to get started and read our <a href=\"\/knowledge\/marketing\/how-to-advertise-your-business\/\" data-type=\"knowledge\" data-id=\"1410\">ultimate guide to marketing<\/a> for more information.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Operations<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Where\u2019s your location and what premises are you looking at? Is it suitable for long-term growth? How are you going to keep accurate records (for example, of stock, sales, accounts, and quality control)?<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Your team<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Are you the only one running your business or are you planning on hiring staff? How will you structure your team? Outline each team member\u2019s experience and what they bring to your business. You might also want to include any outside advisors and experts you\u2019re using, like accountants.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"understand-your-financials\">Step 6: Understand your financials<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Here you detail the numbers \u2013 especially important if you\u2019re looking for investment. The financials need to be realistic, accurate, and watertight.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what to include, presented in raw figures and charts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>sales forecasts and the cost of goods sold<\/strong> \u2013 estimate what your sales will be in the future, listing the goods or services you\u2019re selling as well as the cost of each unit. From this, you can <a href=\"\/knowledge\/income\/how-to-calculate-profit-margin\/\" data-type=\"knowledge\" data-id=\"1422\">estimate profit<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>a profit and loss forecast <\/strong>\u2013 an overview of sales, cost of sales, overheads, <a href=\"\/knowledge\/income\/profit-and-loss-template-for-business\/\" data-type=\"knowledge\" data-id=\"1186\">profit and loss<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>cash flow statement<\/strong> \u2013 cash flow is what keeps you afloat \u2013 with no money coming in, you can\u2019t run your business. The <a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\">cash flow forecast<\/a> shows you how much money you generate over a period of time, as well as what you\u2019re paying out<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>balance sheet <\/strong>\u2013 shows an overall picture of your financials at a specific point in time. The <a href=\"\/knowledge\/income\/balance-sheet-template\/\" data-type=\"knowledge\" data-id=\"1105\">balance sheet<\/a> summarises your assets (what you own), liabilities (what you owe), and equity (the net difference when you subtract liabilities from assets)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The detail you need here depends on what stage you\u2019re at with your business, as well as the size of your business. You might want to ask for expert help and advice on crunching the forecasts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"include-appendices\">Step 7: Include appendices<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While the business plan itself shouldn\u2019t be long and complicated, there might be information you choose not to include in the body of the plan. Adding an appendix means that people are able to refer to this extra detail if needed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This can include graphs, tables, and notes. You can signpost the relevant appendices people should look at throughout the body of the business plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"four-top-tips-for-writing-a-business-plan\">Four top tips for writing a business plan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re using business plan templates, keep the following four tips in mind.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Know your audience<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Remember who you\u2019re writing for \u2013 is the business plan primarily for your own use, or are you looking for a loan, or even equity investment? Keeping your audience in mind will help you stay on track.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Keep it concise<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Make sure your plan is snappy and to the point. While you don\u2019t want to miss out crucial details, you should also bear in mind people\u2019s attention spans. Don\u2019t turn in a 100-page plan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Keep it simple<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s likely your plan will be seen by people who don\u2019t have intimate knowledge of your industry, so you need to make sure that it\u2019s written in language that\u2019s accessible to people without specialist experience.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Don\u2019t forget the presentation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tables, graphs, and charts can help you get information across better than blocks of text. It\u2019s also worth thinking about how to <a href=\"\/knowledge\/marketing\/how-to-write-an-elevator-pitch\/\" data-type=\"knowledge\" data-id=\"1460\">pitch your plan<\/a> to investors, potentially in a presentation that gives the toplines from your plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-often-should-you-update-your-business-plan\">How often should you update your business plan?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As your business grows, you should refer back to your business plan regularly. As a minimum, you should be reviewing and updating it at least once a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to reviewing his business plan, gardener Richard focuses on <a href=\"\/knowledge\/marketing\/5-ways-to-tell-your-customers-about-a-price-increase\/\" data-type=\"knowledge\" data-id=\"1147\">expenses and prices<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI think about whether I need to increase my prices, adding any extra costs and expenses that are going up \u2013 like fuel, clothing, and tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI ask myself \u2018can I increase my price?\u2019 Sometimes you can, sometimes you can\u2019t.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He says it\u2019s important to think about the ways you can increase your customer base and the type of work you want to take on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor example, I didn\u2019t want to take on more hedging jobs so I put on my business plan that I was going to get somebody to do it for me.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now you\u2019re all set with everything you need to know about writing your business plan. By taking the time to get it right, you can set yourself up for future success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">More guides for small businesses<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/starting-out\/how-to-become-self-employed\/\" data-type=\"knowledge\" data-id=\"1418\">Going self-employed in the UK: a guide to get started<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/banking\/best-small-business-bank-account\/\" data-type=\"knowledge\" data-id=\"1332\">Which bank has the best business bank account?<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-structure\/register-as-self-employed\/\" data-type=\"knowledge\" data-id=\"1501\">How to register as self-employed<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/customer-journey-map-template-for-business\/\" data-type=\"knowledge\" data-id=\"1375\">Customer journey map template: why every business needs one<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"nba-upsell-001\" class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"getyourbusinessinsurancesorted\">Get your business insurance sorted<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">We have over 800,000 customers plus a 9\/10 satisfaction score. Why not take a look at our expert <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\">business insurance<\/a> options \u2013 including <a href=\"\/business-insurance\/public-liability-insurance\/\" data-type=\"page\" data-id=\"734\" >public liability insurance<\/a> and <a href=\"\/business-insurance\/professional-indemnity-insurance\/\" data-type=\"page\" data-id=\"720\" >professional indemnity<\/a> \u2013 and run a quick quote to get started?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Setting up a new business and wondering how to write a business plan? This guide explains how \u2013 plus, download your free business plan template.<\/p>\n","protected":false},"author":3,"featured_media":3604,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"catriona-smith","sb_review_date":"2026-01-13T12:45:54","sb_enable_content_gating":true,"footnotes":""},"categories":[341,339],"hidden-category":[],"coauthors":[26],"class_list":["post-1199","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-strategy","category-starting-out"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to write a business plan and business plan template<\/title>\n<meta name=\"description\" content=\"Setting up a new business and wondering how to write a business plan? This guide explains how \u2013 plus, download your free business plan template.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to write a business plan: step-by-step guide\" \/>\n<meta property=\"og:description\" content=\"The business plan is your guiding document \u2013 plus download your free business plan template.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-09T10:31:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/06\/how-to-write-a-business-plan-template.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to write a business plan in 7 simple steps (and business plan template)\" \/>\n<meta name=\"twitter:site\" content=\"@simplybusiness\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"12 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Sam Bromley\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\"},\"author\":{\"@type\":\"Person\",\"name\":\"Sam Bromley\",\"description\":\"\\nSam has more than 10 years of experience in writing for financial services.\u00a0He specialises in illuminating complicated topics, from IR35 to ISAs, and identifying emerging trends that audiences want to know about.\u00a0Sam spent five years at Simply Business, where he was Senior Copywriter.\"},\"headline\":\"How to write a business plan in 7 simple steps (and business plan template)\",\"datePublished\":\"2024-05-03T00:00:00+00:00\",\"dateModified\":\"2026-04-09T10:31:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\"},\"wordCount\":2274,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/how-to-write-a-business-plan-template.jpeg\",\"articleSection\":[\"Business strategy\",\"Starting out\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/#respond\"]}],\"reviewedBy\":{\"@type\":\"Person\",\"name\":\"Catriona Fuller\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/#\/schema\/person\/aaab232820edf6154586490d651d7a0a\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\",\"url\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\",\"name\":\"How to write a business plan and business plan template\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/how-to-write-a-business-plan-template.jpeg\",\"datePublished\":\"2024-05-03T00:00:00+00:00\",\"dateModified\":\"2026-04-09T10:31:15+00:00\",\"description\":\"Setting up a new business and wondering how to write a business plan? 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