business plan project economics

20 Business, Economics, and Finance Research and Passion Project Ideas for High School Students

By Jordan Ellington

Project Support Manager at Polygence

By Alex Armstrong

MBA from the Tuck School of Business at Dartmouth

By Alex Yang

Graduate student at Southern Methodist University

16 minute read

Do you want to start or run your own business? Are you interested in the world of financial markets? Or maybe you’re interested in learning more about why the cost of eggs is so high right now? Either way, business and economics are some of the most popular majors in college, and to get a head start in learning about them is a great way to explore your interests and show colleges that you’re taking initiative.

Learn more about the fields of business, finance, and economics through a project of your own!

This list of 20 research and passion project ideas can provide inspiration to help you get started. These are mostly rough ideas and suggestions; you can shape your project in any way that you want and decide on the final deliverable.

If any of these topics pique your interest, or you have another idea you want to explore, sign up to get matched with a mentor and begin your Business, Economics or Finance project!

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Why Should You Consider Doing an Economics, Finance, or Business Passion Project?

Engaging in an economics, finance, or business project during your high school years offers numerous benefits and opportunities for personal and academic growth. Here are some compelling reasons to embark on such a project:

Explore Your Interests: Dive into the world of business and economics to discover your passion and interests in these fields.

Gain Insight: Understand complex economic issues, financial markets, and real-world business dynamics.

Boost College Prospects: Demonstrate initiative and dedication to colleges through your independent project.

In summary, doing an economics, finance, or business project provides you with a platform to explore your interests, develop critical skills, and make a meaningful contribution to your field of study. It's a valuable experience that can set you on a path to success in college and beyond.

11 Economics Research and Passion Project Ideas

1. analyze an economic issue of your choice.

Learn to think like an economist! First, you will choose a topic that interests you (e.g., inflation, gender, poverty, education, international trade, financial markets). You will then do some preliminary research into the basic principles behind the topic, like understanding why inflation happens and whether it’s good or bad. While doing your research on your topic(s) you will gain an understanding of the structure that economists follow to analyze your chosen phenomena. Then, as you gain a better understanding of your topic, you can start to dive into more cutting-edge research about the topic.

Idea by Economics research mentor Michael 

2. Follow the economy

Gain a better understanding of our current economy! Even if you watch the news and keep a close eye on what’s happening in the world, it can be difficult to understand if you’re not familiar with economics. Certain things seem to be happening in the world of economics but what causes them and what effects do they have on our livelihood? Start this project by learning the basics of economics. Once you gain a better understanding, take a deeper dive into our economy today! Read some recent news articles (e.g., the Wall Street Journal) to learn more about the current state of the economy. Then, based on what you’ve learned from economics basics, what do you think the government should do about it?

Idea by Economics research mentor Taylor   

3.​​ Comparative tax policy

Conversations that revolve around taxes are never particularly fun! Especially if you’re filing them. But if you’ve ever wondered how tax policies affect businesses or why tax rates vary from state to state or country to country, it’s time to do your research! Learn more about how taxes create trade-offs in our economy and affect economic growth, and the various taxation strategies (e.g., flat rate vs. progressive). Then, write a policy memo on why the U.S. should or shouldn't follow other developed countries in adopting a value-added tax (VAT).

Idea by Economics research mentor Anthony

4. Gender economic inequality

Have you ever noticed that there are certain occupations where mainly women seem to be hired? Most of these positions fall within the realm of the service industry, including social work, healthcare, and hospitality, so because of this, women have been disproportionately impacted by the pandemic. If this is a topic that you’re passionate about, you might look into how the pandemic has impacted female employment. You can also look at other topics like how the gig economy has influenced women’s work opportunities. This Gender Inequality in the Workplace article is a good source of inspiration for other specific issues to dive into.

Idea by Economics research mentor Kristen  

5. Apply a nudge!

Appearance is everything! In fact, you are likely to pick a specific food item off of a shelf or at the cafeteria because of how it’s positioned. This entire concept of positioning, designing, or phrasing something to make it more intriguing to customers is called a “nudge”. They appear everywhere in our daily lives (learn more about the concept of Nudge Theory ). But just how effective is nudging? Put this question to the test by applying a nudge experiment around your home, school, or neighborhood to see how this impacts others’ spending decisions. You can decide what kind of “nudge” you want to apply in your experiment, and be sure that you have both an experimental and a control group (i.e., people who do not receive the “nudge”).

Idea by Economics research mentor Mallika

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6. Soda Taxes: what works, and why?

In recent years, a number of cities, states, and countries have introduced taxes on soda and other sugar-sweetened beverages like sports drinks and energy drinks. These taxes are designed to reduce the consumption of sweetened beverages. This project would seek to review the existing literature on how these taxes have performed, including documenting where and when these taxes went into place; identifying the key parameters that go into the design of these taxes; synthesizing the results of how these taxes affect soda and sugar consumption; and making recommendations about whether the student's local community should introduce such a tax, and if so, how exactly it should do so.

Idea by Economics research mentor Paul

7. What makes a country rich?

You can probably name some rich countries and some poor countries, but what makes a rich country rich? Is it natural resources? Their system of government? Their "human capital" – education and civic spirit? Or is it just a random accident of history we have no control over? For countries that were once traditionally seen as less prosperous, how have they been able to become “richer” in past years? You could look at case studies, for example. What did China do under Deng Xiaoping or Singapore under Lee Kuan Yew? You could especially use statistics to test theories about what specifically causes economic growth and a country to become “richer”, and try to uncover some ideas for leaders and politicians who want to create prosperity for their nations.

Idea by Economics research mentor Jesse

8. Performance pay and teacher incentives

One of the central ideas of economics is that people respond to incentives. How does this principle apply to paying teachers? If you’re passionate about the education system this project idea could be interesting for you! In researching incentives for teachers, you can learn more about the value-added models of teacher pay and recent state policies that implement performance pay for teachers. Performance pay is exactly what it sounds like - your salary is based on your performance and contributions. You could also explore arguments for and against adding performance pay to teacher salaries and look into current data on the effects of performance teacher pay policies on student outcomes. What could make this project even more interesting is if you interviewed/surveyed teachers or school administrators at your high school to see what they think about performance pay.

Idea by Economics research mentor Merrill

9. Minimum Wage

The literature on minimum wages is one of the broadest in economics. The application of different techniques in the research has often led to very different results from paper to paper, and there is no consensus on the correct answers at this point. You can contribute to this literature by working on a project of your own. The project could be mostly model-based (economic theory) or it could be geared toward testing your hypothesis on the data (empirical economics). Think through what effects you expect, and what data you might want to collect to test your hypothesis. Specifically, you could explore how minimum wage has changed or fluctuated in your home state, and how that has impacted citizens’ well-being.

Idea by Economics research mentor Brian

10. Measuring income and access to a grocery store

Ever looked at a map of grocery stores near you and wondered why they seem to be more or less clustered together? Well, a simple hypothesis would be that the grocery stores are located where the population is clustered. However, a look at the distribution of grocery stores and population densities across cities in America may suggest otherwise. Therefore, you can hypothesize that the higher the average income in a given neighborhood, the easier it is for its residents to have a grocery store in that neighborhood. To explore this topic quantitatively, you can use data available online to find statistical correlations between the average income per household in a neighborhood and the number of grocery stores in the neighborhood. From the statistical analysis, you can draw upon economics concepts and theory to suggest policies that may help ensure grocery access to more people across the U.S., increasing the baseline standard of living. How can technological innovation also play a part in this? What about grocery delivery apps and companies?

Idea by Economics research mentor Sunny

11. Perfect Waves: how surf quality impacts residential property values

While surfing is possible wherever there are waves, the quality of surf spots is highly variable, with factors like bathymetry and exposure to swell and wind playing major roles. In this project, we examine the impact of desirable waves on the real estate markets in their neighboring communities. To do this, first understand the basic factors that impact the quality of surf spots. Then, analyze residential real estate transactions in select coastal communities and perform regression analysis to discern the impact of wave quality on price.

Idea by Economics research mentor Joseph

2 Finance Research and Passion Project Ideas

1. crypto case study: in-depth market research on crypto-currency businesses.

Cryptocurrency, or crypto for short, is a form of digital currency that uses cryptography for secure financial transactions and operates independently of a central bank or government. Cryptocurrencies, like Bitcoin and Ethereum, are gaining popularity. With this project, you can gain a better understanding of finance-focused crypto businesses from all around the world. Do your research and handpick a few companies to deeply study. Where did they go wrong? When and why did they thrive? What is their value proposition for customers? With crypto currently not doing so well and being associated with scandal, there’s an opportunity for you to learn a lot throughout this process! 

Idea by Finance research mentor Ben

2. The Stock Market and Quant Traders

How does the stock market work? When I buy a stock, who am I really buying it from and what am I buying? What is a stock exchange and how does it work? As it turns out, the answers to all three questions are not what you'd first expect! Explore these fundamentals about the stock market first before diving into the field of quantitative trading firms. These firms use algorithms and trained models to find underpriced stocks, allowing them to then sell at a higher price if the stock price goes up. How do these quantitative trading firms work?

Idea by Finance research mentor Richard

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5 Entrepreneurship and Venture Research and Passion Project Ideas

1. abcs of launching a venture: building a business plan.

Interested in starting your own business and think you have a great idea? Build your own business plan! If your dream is to someday start your own business, why not start mapping out a plan now? Outline what your product is going to be, why it will succeed in the market, and how you’re going to generate revenue. Be sure to analyze existing products that might be competitive with yours, and think about how your product or revenue generation model will be differentiated. Also, what is the market like for your product? Are there clear companies that dominate the space or are there many players? These are the questions you’ll have to ask yourself as you look to build your business plan.

Idea by Business research mentor Hannah

2. Analyze a company or compare two companies

Learn the ins and outs of how a company functions! Pick either one or two companies of your choice to deeply analyze/compare! Learn to read and analyze a business by looking at a company’s 10-K (a document that outlines everything about a business) and seeing how they generate revenue and what costs they have. You can find a company’s 10-K usually by just googling the company’s name followed by “10-K.” You can also look through articles, the company’s websites, or even interviews with the leaders of the company to learn more about their product and company culture. If you’re comparing two companies, try to see if you can hypothesize why one company might be bigger / more successful than the other!

Idea by Business research mentor Ali 

3. Launch a social media brand

Help someone expand their business through social media! Find a small business that might not have a great social media presence, and would be open to your help and guidance! Think first about how you would pitch the value of social media to the small business. How would they benefit? How would it help them generate more revenue? Think about what social media platform you would use, and what kinds of content you would post. Tons of small businesses, particularly restaurants, are now making full use of social media to spread more awareness, and you can help a business do the exact same!

Idea by Business research mentor Ben 

4. Business product analysis

In this project, you will conduct a comprehensive analysis of a chosen product from a company of your choosing. You can pick a product that you know particularly well and ideally one that you use yourself. What does the product do? How does it help customers? How does the product compare to the competition in terms of price, quality, and other factors? You can even think about how the product could be improved, based on your own experience or comparisons to competitor products. What do other customers think of the product, based on online reviews? The final outcome of the project can be written documentation that summarizes the chosen product and provides reflections on potential improvements.

Idea by Business research mentor Leo

5. Marketing to free agents in sports

Interested in the intersection of business and sports? This project might be exciting for you! When a player hits free agency in any sport, teams, and General Managers across the league throw money at the player in hopes that he or she will sign with their team. However, choosing a new team is a life-altering decision that involves more than just salary. The goal of this research would be to pretend that you’re involved with a major sports franchise of your choice and derive a sales and marketing strategy with which General Managers can approach free agents. By determining which factors (e.g., salary, city quality, cost of living, team quality) move the needle most for players, this strategy could effectively help the franchise market themselves to free agents and increase the likelihood of not only signing their desired players but potentially signing them for a discounted price.

Idea by Business research mentor Molly

2 Intersection of Tech and Business Research and Passion Project Ideas

1. the metaverse.

The metaverse is a hot topic in tech culture, but what exactly is it? The metaverse encompasses many different tech stacks from virtual reality, augmented reality, and web3/blockchain/NFT architecture. Big tech companies like Facebook have now made commitments to the metaverse. Explore what the metaverse actually is and why it’s a revolutionary idea, and break down how traditional businesses can expand their business to sell new types of products in the metaverse. The movie Ready Player One is also a great introduction to the metaverse and what it could actually look like, so definitely watch and analyze the movie as part of your research.

Idea by Business research mentor Brandon

2. Artificial Intelligence replacing knowledge workers

Are AI tools like chatGPT and DALL-E (text to image) poised to rapidly replace knowledge workers? Generative AI tools like chatGPT are capable of performing all sorts of tasks, from drafting sales copy to writing code, but is AI enough to replace knowledge workers? This is a hot topic that many people are weighing in on right now. There are certainly jobs that could and will be replaced by automation, but there could also be others where AI simply complements the work of a human. Explore how AI will or will not replace different workers. What industries or roles are most susceptible to being replaced by AI? What specific tools could they be replaced by? Come up with your opinion on this debate and if possible focus on a specific industry and how generative AI might impact it.

How To Determine Which Business, Finance, or Economics Project Idea Is Right For You

As we’ve shown, there are many different Economic, Finance, and Business project ideas for high school students to explore. Here’s how to help you decide which one you should start.

Reflect on Your Interests and Goals : Start by considering your personal interests within economics and business. Identify the areas that intrigue you the most and align with your academic and career goals.

Assess Your Knowledge and Resources : Evaluate your existing knowledge and skills in economics and business. Choose a project idea that allows you to build on your strengths and is feasible within your available resources.

Consult with Mentors and Advisors : Seek guidance from mentors , teachers, or advisors who specialize in economics, finance, or business. Discuss your interests and potential project ideas with them to gain valuable insights and suggestions.

Review Project Descriptions and Deliverables : Carefully read through project descriptions provided by mentors. Identify project ideas that resonate with your interests and align with the type of deliverable you'd like to create.

Consider Personal Connection and Impact : Reflect on the personal connection you have with the project idea. Choose projects that genuinely pique your curiosity and passion. Additionally, assess the potential impact of your research within the field.

By following these steps, you can confidently select a business, economics, or finance project idea that suits your interests, abilities, and aspirations.

Get Support Completing Your Business, Economics, or Finance Project

Once you’ve picked a project idea, check out some of our resources to help you progress with your project! Whether you’re stuck on how to cite sources , how to come up with a great thesis statement , or how to showcase your work once it’s finished , we can help you out.

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Your passion can be your college admissions edge! Polygence provides high schoolers a personalized, flexible research experience proven to boost your admission odds. Get matched to a mentor now!"

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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• Bell Ringers
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Lesson Plan: Business Plan Project

• Gig Economy

Senator Mark Warner (D-VA) talks about the "gig economy" as the fastest growing sector of the U.S. economy.

Description

Small businesses make up an important element of the US economy. Some are entrepreneurs who participate in the fastest-growing sector of the economy today, the so-called "gig" or "shared" economy. This consists of individuals who use several different revenue streams to earn their livelihood. While they may lack the social safety net that accompanies conventional employment, they are able to work independently and on their own schedules.

Assign background reading from Economics textbook or another appropriate source relating to entrepreneurship and starting a business.

At start of class, have students watch the following video, answer the associated Bell Ringer questions, and discuss/reflect on the pros and cons of being an entrepreneur in today's world:

VIDEO CLIP: Gig Economy (5:37)

What is the “gig economy?”

Explain the potential problems that could occur with this kind of economy.

Describe the growth of the gig economy.

How does the U.S. Government think about this? How does this relate to the gig economy?

• How does this framework differ from previous sectors of our economy?

Divide the class into small teams (2 – 4 students each). Have them brainstorm ideas for business ventures relevant to their daily lives, including personal interests and challenges they have encountered.

Team task: as an entrepreneur in the gig economy, devise a business plan accompanied by visual materials (PowerPoint, Prezi, emaze or similar) using this form:

HANDOUT: Business Plan Project Instructions (Google Drive)

Prepare students for making their verbal pitch by watching videos of other presenters:

National Youth Entrepreneurship Challenge Example: National Youth Entrepreneurship Challenge: T&J Soccer pitch

• Shark Tank Show 1 or more "Shark Tank" pitches from the ABC Network television series. Videos are available online on ABC Networks and YouTube.

Each team (1 or more students representing the team) makes a verbal pitch before the whole class. (They should not include all the information from the more detailed business plan.)

The class votes for the top four teams, who will then make their final pitches to a "Shark Tank" panel composed of teachers, staff, community members, etc.

Enter National Youth Entrepreneurship Challenge (if available in your school and community)

Additional Resource

• Handout: Business Plan Project Instructions
• Entrepreneur
• On Demand Economy
• Shared Economy

• Search Search Please fill out this field.
• Building Your Business
• Becoming an Owner
• Business Plans

Writing a Business Plan—Financial Projections

Spell out your financial forecast in dollars and sense

Creating financial projections for your startup is both an art and a science. Although investors want to see cold, hard numbers, it can be difficult to predict your financial performance three years down the road, especially if you are still raising seed money. Regardless, short- and medium-term financial projections are a required part of your business plan if you want serious attention from investors.

The financial section of your business plan should include a sales forecast , expenses budget , cash flow statement , balance sheet , and a profit and loss statement . Be sure to follow the generally accepted accounting principles (GAAP) set forth by the Financial Accounting Standards Board , a private-sector organization responsible for setting financial accounting and reporting standards in the U.S. If financial reporting is new territory for you, have an accountant review your projections.

Sales Forecast

As a startup business, you do not have past results to review, which can make forecasting sales difficult. It can be done, though, if you have a good understanding of the market you are entering and industry trends as a whole. In fact, sales forecasts based on a solid understanding of industry and market trends will show potential investors that you've done your homework and your forecast is more than just guesswork.

In practical terms, your forecast should be broken down by monthly sales with entries showing which units are being sold, their price points, and how many you expect to sell. When getting into the second year of your business plan and beyond, it's acceptable to reduce the forecast to quarterly sales. In fact, that's the case for most items in your business plan.

Expenses Budget

What you're selling has to cost something, and this budget is where you need to show your expenses. These include the cost to your business of the units being sold in addition to overhead. It's a good idea to break down your expenses by fixed costs and variable costs. For example, certain expenses will be the same or close to the same every month, including rent, insurance, and others. Some costs likely will vary month by month such as advertising or seasonal sales help.

Cash Flow Statement

As with your sales forecast, cash flow statements for a startup require doing some homework since you do not have historical data to use as a reference. This statement, in short, breaks down how much cash is coming into your business on a monthly basis vs. how much is going out. By using your sales forecasts and your expenses budget, you can estimate your cash flow intelligently.

Keep in mind that revenue often will trail sales, depending on the type of business you are operating. For example, if you have contracts with clients, they may not be paying for items they purchase until the month following delivery. Some clients may carry balances 60 or 90 days beyond delivery. You need to account for this lag when calculating exactly when you expect to see your revenue.

Profit and Loss Statement

Your P&L statement should take the information from your sales projections, expenses budget, and cash flow statement to project how much you expect in profits or losses through the three years included in your business plan. You should have a figure for each individual year as well as a figure for the full three-year period.

Balance Sheet

You provide a breakdown of all of your assets and liabilities in the balances sheet. Many of these assets and liabilities are items that go beyond monthly sales and expenses. For example, any property, equipment, or unsold inventory you own is an asset with a value that can be assigned to it. The same goes for outstanding invoices owed to you that have not been paid. Even though you don't have the cash in hand, you can count those invoices as assets. The amount you owe on a business loan or the amount you owe others on invoices you've not paid would count as liabilities. The balance is the difference between the value of everything you own vs. the value of everything you owe.

Break-Even Projection

If you've done a good job projecting your sales and expenses and inputting the numbers into a spreadsheet, you should be able to identify a date when your business breaks even—in other words, the date when you become profitable, with more money coming in than going out. As a startup business, this is not expected to happen overnight, but potential investors want to see that you have a date in mind and that you can support that projection with the numbers you've supplied in the financial section of your business plan.

Additional Tips

When putting together your financial projections, keep some general tips in mind:

• Get comfortable with spreadsheet software if you aren't already. It is the starting point for all financial projections and offers flexibility, allowing you to quickly change assumptions or weigh alternative scenarios. Microsoft Excel is the most common, and chances are you already have it on your computer. You can also buy special software packages to help with financial projections.
• Prepare a five-year projection . Don’t include this one in the business plan, since the further into the future you project, the harder it is to predict. However, have the projection available in case an investor asks for it.
• Offer two scenarios only . Investors will want to see a best-case and worst-case scenario, but don’t inundate your business plan with myriad medium-case scenarios. They likely will just cause confusion.
• Be reasonable and clear . As mentioned before, financial forecasting is as much art as science. You’ll have to assume certain things, such as your revenue growth, how your raw material and administrative costs will grow, and how effective you’ll be at collecting on accounts receivable. It’s best to be realistic in your projections as you try to recruit investors. If your industry is going through a contraction period and you’re projecting revenue growth of 20 percent a month, expect investors to see red flags.

How to Write a Business Plan (Plus Examples & Templates)

• 3 years ago

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

Brandon Boushy

Brandon Boushy lives to improve people’s lives by helping them become successful entrepreneurs. His journey started nearly 30 years ago. He consistently excelled at everything he did, but preferred to make the rules rather than follow him. His exploration of self and knowledge has helped him to get an engineering degree, MBA, and countless certifications. When freelancing and rideshare came onto the scene, he recognized the opportunity to play by his own rules. Since 2017, he has helped businesses across all industries achieve more with his research, writing, and marketing strategies. Since 2021, he has been the Lead Writer for UpFlip where he has published over 170 articles on small business success.

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The Project Economy Has Arrived

• Antonio Nieto-Rodriguez

By 2027, some 88 million people around the world are likely to be working in project management, and the value of project-oriented economic activity will have reached $20 trillion.

But research shows that only 35% of the projects undertaken worldwide are successful—which means we’re wasting an extravagant amount of time, money, and opportunity.

To take advantage of the new project economy, companies need a new approach to project management: They must adopt a project-driven organizational structure, ensure that executives have the capabilities to effectively sponsor projects, and train managers in modern project management.

Use these skills and tools to make the most of it.

Idea in Brief

The situation.

Projects have displaced operations as the economic engine of our times. By 2027, some 88 million people around the world are likely to be working in project management, and the value of project-oriented economic activity will have reached $20 trillion.

The Problem

Despite this shift, many leaders still undervalue projects and project management. As a result, only 35% of the projects undertaken worldwide are successful—which means we’re wasting an extravagant amount of time, money, and opportunity.

The Way Forward

Companies need to reinvent their approach to project management. They need to adopt a project-driven organizational structure, ensure that executives have the capabilities to sponsor projects, and train managers in modern project management.

Quietly but powerfully, projects have displaced operations as the economic engine of our times. That shift has been a long time coming.

How to create temporary teams that can bypass bureaucracy and get crucial work done quickly

• Antonio Nieto-Rodriguez is the author of the Harvard Business Review Project Management Handbook , five other books, and the HBR article “ The Project Economy Has Arrived. ” His research and global impact on modern management have been recognized by Thinkers50. A pioneer and leading authority in teaching and advising executives the art and science of strategy implementation and modern project management, Antonio is a visiting professor in seven leading business schools and founder of Projects & Co mpany and co-founder Strategy Implementation Institute and PMOtto . You can follow Antonio through his  website , his LinkedIn newsletter  Lead Projects Successfully , and his online course  Project Management Reinvented for Non–Project Managers .

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Business Information Guide

• Articles and News
• Books/eBooks
• Business Case Studies
• Career Research This link opens in a new window
• Company Research
• Data and Demographics
• Evaluate and Cite Your Sources
• Industry Research
• Market Research

Introduction

I. the company, concept, and product(s) or service(s), ii. the industry analysis, iii. market research & analysis, iv. economics of the business, v. the marketing plan, vi. design & development plan, vii. operations plan, viii. management team, ix. overall schedule, x. critical risks, problems and assumptions, xi. financial plan, xii. proposed company offering.

• Organizational Behavior
• Patents This link opens in a new window
• Research Methods
• Venture Capital Firms and Investors This link opens in a new window

The recommendations and resources on this page complement the Whitman School of Management's Nuts and Bolts of Great Business Plans , which was written by Department of Entrepreneurship and Emerging Enterprises . The sections on this page correspond to the Nuts and Bolts of Great Business Plan sections.

Nearly every part of your business plan will require some type of research. Since gathering and analyzing the amount of information and data this assignment requires can be time consuming, be sure to plan your time accordingly. These recommendations and resources are just starting points. Be prepared to gather information and data from many different sources as you research and put together your business plan.

The following video tutorials were developed to provide a refresher on general research and business research strategies. The four business research video tutorials, in particular, were developed by Business, Management and Entrepreneurship Librarian Stephanie JH McReynolds to support EEE 457 students in the development of Capstone business plans.

• Video Tutorials for General and Business Research General Research Video Tutorials Include: "Research Starting Points," "Searching with Summon," "Finding Journal Articles." Business Research Video Tutorials Include: "Industry Research Part 1: Identifying Industry Codes," "Industry Research Part 2: Discovering Industry Research Reports and Data," "Company Research," "Market Research Resources."

First outline the nature of the entity you plan to create and where you are in that process, then capture the essence of your business concept and explain that concept, then detail the products and services you anticipate selling, and then talk about your entry approach and your vision for growth over the next five years.

As you draft your idea, use the resources on the Article and News page of the Business Information Guide to explore trends and relevant company, industry, and product news and analysis. Refer to the resources on the Company Research page of the Business Information Guide to become familiar with other companies offering similar products or services.

The "industry" refers to the larger landscape, as in the "computer hardware wholesale trade industry" or the "card and gift industry" or the "architectural services industry." The focus here is on what is happening in the industry and on the relative attractiveness of the industry as a whole.

Refer to the Industry Research page of the Business Information Guide for recommendations and guidance.

This section should convince the reader or investor that you truly know your customers. It should convince the reader that your product or service a) solves a customer need that customers want solved; b) will have a substantial market in a growing industry; and c) can achieve sales in the face of competition. For example, the predicted sales levels directly influence such factors as the size of the manufacturing operation, the marketing plan, and the amount of debt and equity capital you will require. Yet most entrepreneurs seem to have great difficulty preparing and presenting market research and analyses that show that their ventures' sales estimates are sound and attainable. Consult industry publications, articles in trade magazines and trade associations to understand how the industry defines, identifies and segments its customers. Then apply yourself creatively by integrating the information in a unique way.

Explore resources on the Business Information Guide for Market Research , Data & Demographics , and Articles and News .

The economics of the business is the section addressing the basic logic of how profits are earned in your business as well as the sales level required to breakeven. Two companies in the same industry might make profit in very different ways. Will this be a high margin, low volume business with low fixed costs? Will it be a low margin, high volume business where the cost structure is predominantly variable? The story begins by identifying your sources of revenue and how much margin you make on each of them.

Explore  Company Research resources on the Business Information Guide to find revenue and expenses of similar companies. Find industry ratios (such as profit/loss ratio by sales class) in Industry Research resources, such as Bizminer.

The Marketing Plan describes how your projected sales will actually be attained. How will you make sales actually happen? A great idea is meaningless if you cannot find customers. Thus, this section builds on the Market Section, where you defined your market and outlined your targeted segments and their buyer behavior. The marketing plan needs to provide detail on the overall marketing strategy that will exploit the opportunity and your competitive advantages. Include a discussion of sales and service policies, pricing, distribution, promotion and advertising strategies, and sales projections. The marketing plan needs to describe what is to be done, how it will be done, when it will be done, and who will do it.

Explore resources on the Business Information Guide for Market Research , Data & Demographics , and Articles and News . Find books on marketing strategy via Summon and the Classic Catalog .

Articles and News Search Tips:

Pay close attention to the words and terms in this section from The Nuts and Bolts of Great Business Plans. These words can be useful search terms. For example, sales and service policies, pricing, distribution, promotion, advertising strategies, and sales projections. As you review your search results, pay particular attention to the words and phrases in the keywords and subject terms of the article records, as these can yield additional search terms.

A basic search for marketing and strategy and (your product or concept term) can also yield relevant results. The databases will also suggest additional terms to use in your search, such as market research AND strategy, advertising agencies, advertising campaigns, marketing management, market research, marketing agreements for you to explore.

This is a very important section for those teams developing a non-existent product, doing research and development, having technical obstacles to overcome, or seeking patent or copyright protection. However, if you are in a business where research and development is not a major issue (e.g., retailing, many consumer services), then you can leave this section out and just address and technologies you plan to employ in the OPERATIONS section.

The nature and extent of any design and development work, and the time and money required before the product or service is marketable, need to be considered in detail. (Note that design and development costs are often underestimated.) Design and development might be the engineering work necessary to convert a laboratory prototype to a finished product; the design of special tooling; the work of an industrial designer to make a product more attractive and saleable; or the identification and organization of employees, equipment, and special techniques, such as the equipment, new computer software, and skills required for computerized credit checking, to implement a service business.

Refer to the Patents & Intellectual Property guide for resources and research tips.

The operations section outlines how you will run your business and deliver value to your customers. Operations is defined as the processes that deliver your products/services to a customer or user and can include the production process for delivering your service to a given customer, manufacturing process if you are a manufacturer, transportation, logistics, travel, printing, consulting, and after-sales service. It also includes such factors as plant location, the type of facilities needed, space requirements, internal processes, capital equipment requirements, and labor force (both full- and part-time) requirements.

Explore resources on the Business Information Guide for Market Research , Data & Demographics , and Articles and News . For the geographic subsection, the mapping features of some Company Research databases (such as Data Axle Reference Solutions) and the mapping feature, or geographic limiters, available in certain Market Research resources (such as SimplyAnalytics) may be especially useful. To help identify suppliers, explore Thomasnet.com .

This section of the business plan includes a description of the functions that will need to be filled, a description of the key management personnel and their primary duties, an outline of the organizational structure for the venture, a description of the board of directors and key advisors, a description of the ownership position of any other investors, and so forth. You need to present indications of commitment, such as the willingness of team members to initially accept modest salaries, and of the existence of the proper balance of technical, managerial, and business skills and experience in doing what is proposed.

Find articles on building your management team and board of directors with databases on the Articles and News page of the Business Information Guide. Explore the Career Research Guide for relevant information, such as salary research resources.

A graphical schedule that shows the timing and interrelationship of the major events necessary to launch the venture and realize its objectives is an essential part of a business plan. The underlying cash conversion and operating cycle of the business will provide key inputs for the schedule. In addition to being a planning aid by showing deadlines critical to a venture's success, a well-presented schedule can be extremely valuable in convincing potential investors that the management team is able to plan for venture growth in a way that recognizes obstacles and minimizes investor risk. Since the time necessary to do things tends to be underestimated in most business plans, it is important to demonstrate that you have correctly estimated these amounts in determining the schedule.

• Gantt Charts as Planning Tools Part of Project Management Tools tutorial from Boston University.
• How to Use a PERT Chart for Project Planning Project planning overview from the Motley Fool.

The development of a business has risks and problems, and the business plan invariably contains some implicit assumptions about these issues. You need to include a description of the risks and the consequences of adverse outcomes relating to your industry, your company and its personnel, your product's market appeal, and the timing and financing of your startup. Be sure to discuss assumptions concerning sales projections, customer orders, and so forth. If the venture has anything that could be considered a fatal flaw, discuss why you do not see it as a problem or how you intend to overcome it. The discovery of any unstated negative factors by potential investors can undermine the credibility of the venture and endanger its financing. Be aware that most investors will read the section describing the management team first and then this section.

To inform this section, explore resources on the Business Information Guide for  Market Research ,  Data & Demographics , Company Research ,  Industry Research ,and  Articles and News .

This section lays out a picture of the financial performance of the firm as it is started, stabilizes and grows. The financial plan is basic to the evaluation of an investment opportunity and needs to represent your best estimates of financial requirements. The purpose of the financial plan is to indicate the venture’s potential and to present a timetable for financial viability. It also can serve as an operating plan for financial management using financial benchmarks. In preparing the financial plan, look creatively at the venture and think about bootstrapping techniques, especially in the early days.

Explore  Company Research  resources (such as PrivCo, which includes venture capital financial data, and Mergent Online, which includes 10-K reports) on the Business Information Guide to find revenue and expenses of similar companies. Find industry ratios (such as profit/loss ratio by sales class) in  Industry Research  resources, such as Bizminer.

• Beginners' Guide to Financial Statements Guide to financial statements from the SEC.
• Business Startup Financing Startup financing guidance from BizFilings, part of Wolters Kluwer.
• Financial Statement Analysis: The Basics for Non-Accountants Guide to financial statement analysis from Harvard Business School.
• Preparing Financial Business Statements Guide to preparing financial statements from BizFilings, part of Wolters Kluwer.

The purpose of this section of the plan is to indicate the amount of any money that is being sought, the nature and amount of the securities offered to the investor, a brief description of the uses that will be made of the capital revised, and a summary of how the investor is expected to achieve its targeted rate of return. It is important to realize the terms for financing your company that you propose here are only the first step in the negotiation process with those interested in investing, and it is very possible that your financing will involve different kinds of securities than originally proposed.

Discover relevant articles with the resources on the  Article and News  page of the   Business Information Guide.

• A Beginner’s Guide to Startup Valuation Overview of startup valuation
• Business Calculators Business Calculators recommended by the Motley Fool.
• How Much Is Your Slice of That Unicorn Really Worth? Stanford Business article on how to determine startup shares value. Includes link to free online calculator to help estimate the worth of startup shares.
• How to Value Private Companies Overview from Investopedia on how private companies are valued.
• “Valuing the Business” Chapter from eBook Creating Services and Products Overview of business valuation methods for entrepreneurs.
• << Previous: Market Research
• Next: Organizational Behavior >>
• Last Updated: Mar 20, 2024 9:53 AM
• URL: https://researchguides.library.syr.edu/business
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550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

Find your business plan example

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Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right match for your business idea.

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

Published: February 06, 2024

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

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

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

Table of Contents

Business Plan Format

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

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

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

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

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

Free Business Plan Template

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

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

You're all set!

Click this link to access this resource at any time.

Fill out the form to get your free template.

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

1. Executive Summary

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

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

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

Company Description

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

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

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

Products and Services

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

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

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

Executive Summary Business Plan Examples

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

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

Image Source

Tips for Writing Your Executive Summary

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

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

2. Market Opportunity

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

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

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

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

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

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

Market Opportunity Business Plan Example

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

Tips for Writing Your Market Opportunity Section

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

3. Competitive Landscape

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

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

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

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

Competitive Landscape Business Plan Example

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

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

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

Tips for Writing Your Competitive Landscape

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

4. Target Audience

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

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

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

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

Target Audience Business Plan Example

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

Tips for Writing Your Target Audience Section

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

5. Marketing Strategy

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

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

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

Marketing Strategy Business Plan Example

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

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

Tips for Writing Your Marketing Strategy

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

6. Key Features and Benefits

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

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

Key Features and Benefits Business Plan Example

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

Tips for Writing Your Key Features and Benefits

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

7. Pricing and Revenue

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

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

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

Pricing and Revenue Business Plan Example

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

Tips for Writing Your Pricing and Revenue Section

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

8. Financials

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

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

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

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

Financials Business Plan Example

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

Tips for Writing Your Financials Section

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

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

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

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

1. Startups

Startup business plans are for proposing new business ideas.

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

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

2. Feasibility Studies

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

3. Internal Use

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

4. Strategic Initiatives

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

5. Business Acquisition or Repositioning

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

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

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

1. HubSpot's One-Page Business Plan

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

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

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

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

Why I Like It

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

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

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

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

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

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

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

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

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

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

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

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

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

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

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

4. ThoughtCo’s Sample Business Plan

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

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

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

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

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

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

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

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

7. HubSpot’s Complete Guide to Starting a Business

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

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

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

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

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

8. Panda Doc’s Free Business Plan Template

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

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

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

9. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

Let’s take a look.

1. LiveFlow

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

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

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

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

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

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

2. Lula Body

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

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

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

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

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

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

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

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

4. Vesta Home Automation

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

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

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

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

5. NALB Creative Center

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

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

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

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

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

6. Curriculum Companion Suites (CSS)

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

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

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

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

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

7. Culina Sample Business Plan

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

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

8. Plum Sample Business Plan

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11 Mind-Blowing Economics Project Ideas for A+ Grades

Table of contents, key takeaways.

• Choose a topic that interests you: Select a project topic that you are passionate about and have a genuine interest in. This will make the research process more enjoyable and motivate you to delve deeper into the subject.
• Consider the relevance and impact: Look for project topics that have real-world relevance and can make a significant impact. Focus on issues that are currently affecting the economy or have the potential to shape future economic policies.
• Narrow down your focus: Economics is a broad field, so it is important to narrow down your project topic to a specific aspect or problem. This will allow you to conduct a more in-depth analysis and provide more meaningful insights.
• Conduct thorough research: Before finalizing your project topic, conduct thorough research to ensure that there is enough available information and data to support your study. This will help you avoid any potential roadblocks during the research process.
• Seek guidance from your professor or advisor: Consult with your professor or project advisor to get their input and guidance on your chosen topic. They can provide valuable insights, suggest additional resources, and help you refine your research question.
• Consider the feasibility of your project: Assess the feasibility of your project topic in terms of data availability, time constraints, and resources required. Make sure you have access to the necessary data and tools to carry out your research effectively.
• Stay updated with current events: Keep yourself updated with the latest economic news and developments. This will not only help you choose a relevant project topic but also provide you with valuable insights and data to support your research.
• Plan your project timeline: Create a timeline for your project, including specific milestones and deadlines. This will help you stay organized and ensure that you complete your project within the given timeframe.
• Use a variety of research methods: Consider using a combination of quantitative and qualitative research methods to gather data and analyze your findings. This will provide a more comprehensive understanding of your chosen topic.
• Present your findings effectively: Finally, focus on presenting your project findings in a clear and concise manner. Use visual aids, such as graphs and charts, to support your analysis and make your project more engaging for the audience.

When searching for a project topic to explore economics, it is essential to pick something that  piques your interest and is suitable for your ability level . Looking into the  effects of tax reforms on economic growth , comparing economic systems across different countries, examining  consumer decision-making in relation to social media advertising , or understanding the role of mentorship programs in career development are all popular economics project ideas.

Alternatively, those focusing on  microeconomics  could investigate market behavior and pricing strategies, while those focused on  macroeconomics  might study government policies and unemployment rates or the effects of inflation on currency values.

For students in lower grades, topics such as  needs versus wants and natural resources  may be more suitable. Meanwhile, high school and college students may be able to do more complex projects like constructing marketing plans for hypothetical companies or researching international trade relations.

Finally, when selecting a topic, make sure it aligns with your interests and career aspirations. This will help make the project more enjoyable and provide valuable insights into areas you may wish to pursue.

Economics Project Ideas for Different Grade Levels

Economics Project Ideas for Different Grade Levels:

Looking for some interesting economics project ideas for students of varying grade levels? Here are some creative suggestions to explore various economic concepts:

Table: Economics Project Ideas for Different Grade Levels

For a fresh approach, consider these unique project ideas:

• Social Media and Its Impact on Economic Growth:  Analyze how social media platforms influence economic growth in different countries.
• The Role of Mentors in Economic Development:  Explore the role of mentors in shaping successful careers and their impact on economic growth.

Pro Tip:  When selecting a project idea, ensure it aligns with the grade level and allows students to delve into economic concepts while sparking their curiosity and critical thinking skills. Teaching the supply and demand curve to second graders is like trying to explain quantum physics to a goldfish.

2nd Grade Economics Project Ideas

Create a classroom economy where students can earn and spend currency to learn about saving, spending, and budgeting.

Get students to create their own mini-businesses! Encourage them to make crafts or baked goods to sell at a school market. They can learn about supply and demand, pricing, and profit.

Organize a class yard sale! Have students bring in items they no longer need and sell them to their classmates. This will teach them about entrepreneurship, marketing, and negotiation.

Moreover, surveys can be conducted to collect data about what products or services are in demand. This will give them insights about consumer preferences and help them understand market research.

A great example of this is a 2nd-grade class that organized a lemonade stand to raise money for charity. The students learned about setting prices, advertising, and customer service as they sold drinks. It was educational and heartwarming, teaching the children the importance of giving back.

Forget recess – these 3rd-grade economics project ideas are sure to get even a piggy bank excited!

3rd Grade Economics Project Ideas

Giving 3rd graders economics projects can be an engaging and educational way to introduce important concepts. Here are some ideas:

• Planting for Profit:  Supply and demand can be learned through starting a garden and selling fruits/veggies at a school market.
• Entrepreneurship Exploration:  Get creative and have students design their own product or service. They can make adverts and present them to the class.
• Money Matters:  Teach them about financial literacy by creating a classroom economy. They earn “classroom dollars” by doing tasks. They can use them to buy rewards or join auctions.

There are other fun ways of introducing economic concepts to 3rd graders. For example, setting up a mock trade fair where they exchange things with classmates using play money. This helps them understand the importance of negotiation and currency.

Economics has been around since ancient times and is essential to human history. From bartering systems to complex monetary systems, people have been organizing their resources. By teaching kids economics early, we can equip them with knowledge that will help them throughout life.

5th Grade Economics Project Ideas

5th graders can explore economics with these fun project ideas! Students will have to think critically and use economic concepts in a practical way.

Project Ideas Table:

These creative projects will help students develop their critical thinking skills while learning about economics.

Fact: According to the National Center for Education Statistics, teaching economics early on has been connected to better financial literacy in adulthood.  6th graders should learn about economics so they know the value of money before they ask for an allowance raise!

6th Grade Economics Project Ideas

6th-grade economics projects can get students thinking critically and learning in a hands-on way. Ideas include a simulated business, exploring supply and demand, and designing a business plan.

Class auctions are another unique approach. Students use classroom currency earned from their behavior and academic performance to bid on items.

Plus, the  National Council on Economic Education (NCEE)  has shown that teaching economics in elementary schools has positive impacts on student achievement in math and reading.  Home Economics classes  are also great for learning to budget wisely – so you don’t have to live off ramen noodles forever!

Home Economics Project Ideas

Check out these five awesome project ideas for Home Economics:

Want more ideas? Here are some unique details to help you out:

• Research the benefits of organic farming and design a garden.
• Conduct an energy audit to find energy-saving opportunities.
• Look into sustainable living and create a project on reducing waste.

Now, listen to this true story about home economics project ideas:

A group of high schoolers made a sustainable garden on campus for a project. They researched gardening, designed the layout, and grew their own fruits and veggies. Plus, they learned business skills by selling the produce to the cafeteria. It was a great experience that taught them self-sufficiency and entrepreneurship.

So there you have it – creative and interesting project ideas plus a real-life example. Have fun exploring these projects and learning new skills!

Looking for something special? Try analyzing the economic impact of a zombie apocalypse on a college campus. Who needs the stock market when you can study the undead economy?

Economics Project Ideas for College Students

Captivate your college audience with these three innovative economics project ideas!

• Analyze Tax Reforms : Compare the impacts of tax reforms on economic growth in different countries. Uncover key factors and their consequences.
• Cryptocurrencies : Study the role of cryptocurrencies in the economy and how they might affect traditional financial systems. Examine trends, behavior, and regulations.
• The Metaverse Economy : Investigate virtual worlds and their economic implications. Look at digital assets, currencies, and activities to influence consumption patterns.

These projects let you apply economic theories to real scenarios. Make a meaningful contribution to the field and leave a lasting impression on your college community. Choose a topic that’s intriguing, innovative, and gives valuable insights into today’s dynamic world. Don’t miss out – start your academic journey now!

Economics Project Ideas for High School Students

Economics projects for high school students can be an exciting and enlightening experience. It provides a chance to explore key concepts in a practical way. Analyzing market trends, and understanding economic growth – there are numerous project ideas that can help students understand the subject better.

Here’s a table with some fun ideas:

These projects can help high school students learn more and develop critical thinking skills. By researching a topic thoroughly, students gain broader perspectives on economic issues.

Pro Tip: Get students to choose a project they’re passionate about. That way, they’ll be more motivated and engaged.

Behavioral Economics Project Ideas

Behavioral economics is an interesting field that examines the connection between human behavior and economic decisions. It offers a different view of why people choose certain things and how their behavior impacts the economy.

Let’s create a table to give an overview of project ideas related to behavioral economics. This will help students get a clearer picture of the topic and pick an idea that matches their interests.

Now, let’s take a look at an intriguing aspect of behavioral economics. One area to explore is the impact of cognitive biases on consumer decision-making. By studying different biases like availability bias or anchoring effect, researchers can gain an understanding of how they affect economic choices.

To show the usefulness of behavioral economics, here’s a real story. In an experiment by psychologists Daniel Kahneman and Amos Tversky, they discovered that people are more likely to avoid losses than seek gains. This is called loss aversion , and it has a great role in economic decisions such as investments or pricing strategies.

Looking for engineering economics project ideas? Brace yourself to calculate the cost of your tears as you explore the realm of failed dreams and broken prototypes.

Engineering Economics Project Ideas

Compare different energy sources and examine their economic effect on society. Look at the costs, advantages, and sustainability of  renewable energy  such as solar power, wind energy, and hydroelectric power.

Analyze the money-related effects of utilizing different transport systems in cities. Examine the cost-effectiveness and efficiency of public transport like buses, subways, and light rail versus private car usage.

Study if it’s feasible to make other waste management methods. Research new technologies and techniques to reduce waste production, increase recycling levels, and decrease landfill fees.

Check out potential project ideas like:

• Examining the economic practicality of using smart grids for efficient electricity distribution.
• Investigating the financial gains of incorporating automation technologies in manufacturing companies.
• Assessing the cost-effectiveness of employing sustainable building materials in construction projects.

These ideas address engineering challenges and consider economics. By analyzing and understanding their financial implications, we can gain a valuable understanding of decision-making in engineering. Also, these projects help promote sustainable practices and link engineering efforts with economic goals for a better future. Finding economics project topics is hard, but when you find one, you’ll have an abundance of knowledge and get great grades!

Economics Project Topics for Research

Economics Project Topics for Research:

Economics project ideas are crucial for conducting research in various fields. Here are five key areas to explore:

• The impact of tax reforms on economic growth : Analyze the effects of tax reforms on a country’s economy, including its impact on businesses and individuals.
• Behavioral economics in the market: Investigate how psychological factors influence consumer behavior and decision-making in the market.
• The role of mentors in economic development : Study the significance of mentorship programs in fostering economic growth, particularly in the context of small businesses and entrepreneurship.
• The influence of social media on economic behavior : Examine how social media platforms affect consumer preferences, marketing strategies, and overall economic trends.
• The integration of cryptocurrency in the economy : Explore the potential benefits and risks of incorporating cryptocurrencies into the financial system and the impact on economic transactions.

By delving into these economics project topics, students can gain a deeper understanding of important economic concepts and their real-life applications. These research projects not only enhance knowledge but also provide valuable insights into the complex dynamics of our ever-evolving global economy.

Did you know?  According to a study by the United States Department of Agriculture, grocery stores in the country play a vital role in the economic growth of local communities, providing employment opportunities and stimulating economic activity.

Tax reforms may not be the most exciting topic, but they sure know how to take a chunk out of your paycheck and make the economy do a little dance.

Tax Reforms and Their Impact on Economic Growth

Tax reforms are key to a country’s economic growth. They can help or hinder progress. To understand how tax reforms affect growth, let’s look at the data. A table displays various reforms from different countries and their impacts.

In the US,  lowering corporate tax rates  led to increased investment and job creation. Canada introduced  progressive income taxes  to improve income distribution. Germany increased VAT rates to raise government revenue.

These findings suggest policymakers should consider the current economic conditions and tailor reforms accordingly. Plus, evaluating the outcomes is important. Accurate data collection and assessment will provide feedback about effectiveness.

Also, consistency is vital for economic growth. Unstable taxation can deter investors. By crafting and implementing tax reforms that fit the country’s needs, economic growth can be stimulated. Monitoring outcomes, fostering transparency, and ensuring consistency will enhance the effectiveness of policy changes.

In conclusion, understanding tax reforms’ impact on economic growth is essential. By considering context, making informed decisions, and taking a proactive approach, policymakers can nurture growth through effective tax reforms.

Economic Impact of Social Media Marketing

The economic impact of social media marketing is remarkable. It changed the way businesses advertise and interact with customers. A table displaying data on the economic effects of social media marketing can be very helpful. Here are some crucial columns:

• Conversion Rate:  The proportion of users who do a desired action, for example, buy something or sign up for newsletters, after seeing content on social media.
• Return on Investment (ROI):  The ratio between the money earned and the cost of social media marketing campaigns.
• Customer Engagement:  Actions like likes, shares, comments, and clicks show how people react to social media content.
• Sales Revenue:  The income generated from sales due to social media marketing activities.

Let’s dig deeper into the economic impact of social media marketing. Studies prove businesses using social media platforms gain an average increase in revenue of 20% compared to those using only traditional marketing approaches.

One interesting event is  Facebook’s evolution of its advertising model . It started with simple banner ads but soon saw the potential of advertising based on user data. This not only increased their income but offered advertisers the chance to reach their desired customers accurately.

Comparative Analysis of Micro and Macro Economics

Microeconomics and macroeconomics are two distinct branches of economics.  Microeconomics  examines how individuals make decisions about consumption and production. It looks at  supply and demand  to determine market prices. Whereas,  macroeconomics  takes a broader view. It studies the whole economy, such as  GDP, inflation rate, and unemployment rate .

Let’s take a look at the table below for a better understanding of the comparative analysis between micro and macroeconomics:

Microeconomics  helps us understand how individual decisions affect markets. On the other hand,  macroeconomics  provides insights into aggregate economic outcomes. Thus, these two branches work together to offer a comprehensive perspective of the economy.

Remember to always collect reliable data from credible sources when conducting research on economics. You can also seek help from a mentor to help you understand this tricky subject.

The Role of Mentors in Economics Education

Mentors are essential for the growth and development of economics students. They provide guidance, support, and real-world insights beyond what textbooks can offer.

Mentors relate economic principles to practical examples and current events, giving students a deeper understanding. They give personalized feedback to sharpen analytical thinking and problem-solving skills. Mentors also create opportunities to network with professionals in the field, as well as internships, research projects, and job placements.

Furthermore, mentors serve as role models, inspiring students to pursue their passions in economics and guiding them along different career paths. They also offer advice on coursework, research methodologies, and graduate school applications.

To maximize the impact of mentors, structured mentorship programs should be created. This includes matching students with appropriate mentors and regular meetings. Additionally, workshops and seminars involving experienced economists can be organized to share industry trends and career insights.

By recognizing the importance of mentors in economics education, we can equip students with the skills and confidence needed to thrive in this field. International trade may be a game, but mentorship is far more than that – it’s a way to foster academic, personal, and professional growth.

The Impact of International Trade on a Country’s Economy

International trade has a big effect on a nation’s economy. It impacts multiple sectors, like employment, economic growth, and prices of goods. The table below shows the consequences:

Furthermore, global trade encourages specialization. This means countries focus on making goods and services where they have an advantage. This leads to increased efficiency and productivity.

In addition, international trade stimulates innovation and technological progress. Countries exposed to global markets learn new ideas and technologies that drive economic growth.

To get the most out of global trade, countries should use certain strategies. First, investing in infrastructure development guarantees efficient transportation and logistics for trade facilitation. Plus, improving education and skills training helps workers adapt to changing market demands.

Moreover, introducing favorable trade policies, such as reducing tariffs and non-tariff barriers, encourages foreign investment and gives domestic industries better market access. Plus, regional integration initiatives can lead to economies of scale and improved competitiveness.

Ultimately, international trade has far-reaching effects on a country’s economy. By understanding its impacts and using the right strategies, countries can make the most of globalization to get sustained economic growth and development.

Frequently Asked Questions

Faq 1: what are some interesting economics project ideas for high school students.

Some interesting economics project ideas for high school students include studying the impact of tax reforms on the economy, analyzing the role of social media in influencing consumer behavior, and conducting a comparative analysis of international trade policies.

FAQ 2: Are there any economics project ideas for elementary students?

Yes, there are several economics project ideas for elementary students. They can learn about the concept of opportunity cost by comparing different choices they make in their daily lives or creating a small business plan for a lemonade stand.

FAQ 3: What are some popular economics project topics for college students?

Some popular economics project topics for college students include analyzing the impact of government policies on economic growth, conducting a case study on the stock market, and studying the relationship between energy consumption and economic development.

FAQ 4: Can you suggest some behavioral economics project ideas?

Sure! Some behavioral economics project ideas include studying the effects of incentives on people’s decision-making, analyzing behavioral biases in the stock market, and examining the impact of advertising on consumer behavior.

FAQ 5: What are some interesting engineering economics project ideas?

There are various interesting engineering economics project ideas, such as analyzing the cost-effectiveness of renewable energy sources, studying the economic feasibility of infrastructure projects, and conducting a detailed study on the economic impact of technological innovation.

Can I Use Economics Project Ideas for Building Electronics Projects?

Can I Use Economics Project Ideas for Building Electronics Projects? Yes, you can! By combining the principles of economics with the excitement of building, you can create 11 mind-blowing electronics projects to build . Explore concepts such as supply and demand in a digital world or create an automated system for managing personal finances.

FAQ 6: Can you provide some 2nd-grade economics project ideas?

For 2nd-grade economics projects, you can consider teaching students about the concept of money and its uses, organizing a market day where students trade goods and services, or conducting a class research project on different jobs and their roles in the community.

How Can Economics Project Ideas Also Improve Social Studies Grades?

Implementing social studies project ideas into economics curriculum can enhance students’ understanding of real-world economic concepts. By exploring historical and cultural aspects of economics through social studies project ideas, students can improve critical thinking skills and broaden their perspective on economic issues.

Analyzing economic projects is fascinating. Options range from behavioral economics to market analysis. These projects not only boost critical thinking and problem-solving skills but also offer real-world economic knowledge.

In addition, they can provide insight into economic issues like  tax reforms, export-import dynamics, and the impact of government policies on business performance . By researching and comparing related topics, students understand them better.

Economics projects are connected to everyday life. For example, students can observe  small businesses’ role in the local economy or the link between sports and economic growth . This shows how economics affects society.

Furthermore, these projects give students a chance to explore new fields such as  cryptocurrency  and the  metaverse . They can examine the pros and cons of them, and evaluate their potential influence on people.

Finally, economics projects help students develop essential abilities such as  research, data analysis, and presentation . Working on these projects individually or in groups boosts critical thinking and real-world economic knowledge. ( True Fact:  The United States Bureau of Labor Statistics reports that economists analyze employment levels, wages, inflation rates, and other economic indicators.)

Economics Project Topics

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3 Amazing Ideas for Economics Projects for High Schoolers!

• October 4, 2022

Are you a history or social studies teacher who is starting off the year teaching economics and is wondering,  “What is even economics?!” “How do I teach it?” “What are some ideas for economics project ?” “Where do I even start?” “How do you make economics fun?” I know the feeling and I’ve been there before. Teaching economics to high school seniors can seem like a daunting task, especially if you’re new to teaching this subject. But it is also an exciting time! Teaching economics is an awesome opportunity to teach students concepts and terms that they use in their daily lives! In fact, I found that economics turned out to be one of my most favorite subjects to teach! A great way to bring economics to life and make the content more accessible, fun, and relevant for high school students is through engaging projects for high school economics ! 

Economics projects help students understand the content better and allows them to put into practice economic terms and concepts. It also helps students realize that economics isn’t as difficult as it seems and a lot of the concepts used in economics are concepts they actually use in their everyday lives! If you’re not sure about where to start with creating economics projects or you’re wondering, “How do I even come up with economics project ideas for high school students?” You’ve come to the right place! I’ll go over some examples of economic projects that I’ve done with my own students! 

Economics Project Ideas for High School Number 1

When I first started teaching economics, I was thrown into the subject and was unfamiliar with it. I spent countless hours learning economic terms trying to figure out how to make economics meaningful to my students. Most of the time, I was just trying to figure out what economics even was. Needless to say, my first year teaching economics didn’t go so well. I used the textbook most of the time and didn’t show students how economics was something that they actually used in their everyday lives. Which actually brings me to the first example of projects for economics students that can be used in high school classrooms!

One Economics project that will resonate with students is to have students create a budget based on their lifestyle. Since economics is about making choices, this project has students practice economic terms, such as opportunity costs, trade-offs, and cost-benefit analysis as they decide whether or not they are able to support their lifestyle with the salary they are earning. 

How to set it up

The first step is to set a salary for students. For this project, I set their salary to $17 or $2,947 a month. Feel free to set their salary to whatever you would like. Next, students had to find an apartment and furnish their apartment based on their salary. Students had to show proof that the apartment existed and then had to find furniture for their apartment. They also had to take into account things like water and utility bills. Next, students had to decide their mode of transportation. After all, they have to get to and from work. Will they rent a car? Buy a car? Take the bus? The next step of this project was for students to decide how they would use their leisurely or free time. Will they go to the movies, order out, go to a concert? All of these activities cost money.

Students had to think about their housing cost, their transportation cost, and their free time. Do they have all the money they need to support their lifestyle? The last part of this project was for students to write a reflection based on their experience. In their reflection, they had to use the following economic terms: scarcity, choices, wants, needs, opportunity costs, benefits, and trade-offs. 

Project ideas for economics students for high school classes number 2

Another great way for students to get invested in economics is to create a project where students have to analyze how the coronavirus pandemic affected society. Many students felt the effects of the pandemic especially since schools were shut down. This project is still very much relevant to their lives. The economic terms involved in this project and that students should be familiar with are wants needs, trade-offs, opportunity costs, and cost-benefit analysis.

How to set up project

The first step of this project is for students to identify three objects or items that became scarce during the covid19 pandemic. After identifying the items that became scarce, students must describe how people, businesses, or the government reacted to these items being scarce. Next, students must explain why these scarce items suddenly became “valuable.” The next step of this project is for students to conduct a cross-benefit analysis on closing the economy. They must research 5 cons and 5 pros to closing the economy. Finally, students are asked to act as President of a country with 1 million people. Covid-19 has begun to spread and they must decide whether or not to close the economy. Students must make an argument explaining what they will do in this situation using evidence to support their claims. 

Examples of economic projects for high school students number 3

Another project that can be used to gain students interests in economics is for students to create their own Music Festival Lineup. With this project, students should be familiar with the concepts of demand, law of demand, determinants of demand, supply, law of supply, equilibrium price, shortages, and surplus. Students enjoyed this project because they are interested in music and know about popular musical festivals.

For the first part of this project, students will decide on 3 musicians or musical groups that they would want to headline their festival. However, students must keep in mind that the musicians they choose should be musicians that are in high demand. To figure out which musicians are in high demand, students must do some market research and create an evidence-based argument for their act. Students also make a Festival Poster to advertise their Music Festival. Next, students must conduct a survey to determine at which prices their classmates would be willing and able to purchase tickets to their musical festival. After conducting a survey, students will then plot their data into a graph to determine the equilibrium price. After finding the equilibrium price, students write a reflection where they discuss the equilibrium price, shortages, and surpluses. 

These are all projects I have used in my classroom! If you don’t want to make them yourself, feel free to check out my store ! They have helped to make economics enjoyable to teach and have increased student buy-in in my economics classes! Teaching economics doesn’t have to be scary. A project-based approach and with these Ideas for economics projects for high school students , teaching economics  is manageable and you’ll find joy in watching students have fun!

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Iranian President Ebrahim Raisi to inaugurate Sri Lankan hydropower and irrigation project

COLOMBO, Sri Lanka — Iranian President Ebrahim Raisi arrived in Sri Lanka on Wednesday to inaugurate a hydropower and irrigation project that was long delayed due to international sanctions on his government and other issues.

Raisi is the first Iranian leader to visit Sri Lanka since former President Mahmoud Ahmedinejad visited the country in 2008.

The project, valued at $514 million, was started in 2010 by Iran’s FARAB engineering group and Iran initially provided $50 million. But in 2013, funding could not be continued because of international sanctions against Iran. The Sri Lankan government then decided to complete the project with its own funds using the same Iranian contractor.

The project was scheduled for completion in 2015 but was delayed by the sanctions, technical issues and the COVID-19 pandemic, the government said.

The project will add 290 GWh of electricity annually to the national grid and irrigate 4,500 hectares (11,100 acres) of new land and 1,500 hectares (3,700 acres) of existing agricultural land.

Raisi and Sri Lankan President Ranil Wickremesinghe are to witness the signing of five memoranda of understanding and are scheduled to issue a joint statement.

Raisi arrived in Sri Lanka from Pakistan, where the two countries agreed to strengthen economic and security cooperation.

As Delaware's demographics change, this conference aims to diversify Wilmington's economy

A conference intending to increase local participation in commercial development and investment opportunities will take place Wednesday at Wilmington University’s New Castle campus.

Conceived by Delaware state Sen. Darius Brown, Opportunity LIVES Here is an initiative with the Riverfront Development Corp. of Delaware and the Delaware River and Bay Authority to spur business growth and investment opportunities for residents near Wilmington’s three rivers — the Brandywine, Christina and Delaware.

The Opportunity LIVES Here symposium series was launched in November to provide a platform for nationally recognized speakers, investors and developers to discuss ideas that could drive the region's economic, cultural and social transformation. The event from 9 a.m. to noon Wednesday will focus on how diversity fosters a more robust economy.

GROWING EQUITY: Ready for action: Community groups plan to gather to address equity issues in Delaware

According to Brown, Delaware is on track to become a majority-minority state and the Opportunity LIVES Here forum is part of a larger plan to develop public policy and facilitate access to capital for these shifting demographics.

Organized in partnership with the Delaware Hispanic Chamber of Commerce, the Riverfront Development Corp. and the Delaware River & Bay Authority, this installment of the symposium series will explore key topics including the growing global trade economy, the creation of an Office for New Americans and legislation to support ethnic grocers. Experts from Delaware will also discuss the state's innovation economy.

There is no cost to attend the Opportunity LIVES Here symposium, however registration is required. Visit opportunitylivesherede.com for more information.

You can  c ontact reporter Anitra Johnson at  [email protected] .

4 concerns downtown Green Bay stakeholders raised about 8-story high-rise plan

GREEN BAY - Downtown Green Bay business owners, churchgoers and residents for about 90 minutes Friday shared concerns and asked questions of the Milwaukee developer that wants to convert a parking lot into an eight-story high-rise .

New Land Enterprises expects very soon to finalize terms of a development agreement with the city of Green Bay to convert the Adams Street parking lot into 268 luxury rental units and 5,000 square feet of retail space. The project could cost as much as $70 million. 

The firm presented site plan renderings to Green Bay’s Redevelopment Authority this month, which also gave downtown stakeholders their first look at what could be coming. On Friday, Downtown Green Bay Inc. convened a meeting attended by about 100 stakeholders, New Land officials, and city of Green Bay staff to discuss the details as they stand now and issues on the minds of the site's neighbors.

Many of those who spoke began with praise for the building's design before they shifted to questions about the new building's proximity to Spring Lake Church 's downtown campus in part of the Baylake City Center building, the loss of the parking spaces, how access to downtown will be impacted during construction, and the impact on events like ArtFest that use the Adams Street parking lot.

Jeff Mirkes, executive director of Downtown Green Bay Inc., called the meeting productive because stakeholders shared what's on their minds while New Land got feedback as they finalize building designs and plans. New Land officials said some elements of the building cannot change, but that other parts could.

"We were not going to solve all of the issues during one meeting," Mirkes said. "Now, (New Land) has a good handle on what the businesses' and neighbors' concerns might be."

Here's a closer look at four of the key issues/concerns that came up and what answers we could find right now.

Downtown Green Bay businesses concerned by the trade-off of popular parking spaces for 400 new residents.

Several downtown business owners pointed out the 122-space parking lot where New Land wants to build luxury apartments is popular with customers for its proximity to their bars, cafes, boutiques and churches. There were also concerns about accessibility for people with disabilities.

Tim Gokhman, New Land's managing director, said the company's prior experiences in Milwaukee have shown the loss of parking spaces is offset by the increase in residential density that boosts overall traffic in the downtown area. He said the 268-unit project would potentially add 400 new residents to the heart of downtown.

"You're losing parking, but gaining about 400 new residents," he said. "The density that replaces the parking ends up boosting business traffic."

Additionally, the lot's 122 spaces represent a small fraction of the parking spaces available within a block or two of the site according to the results of a 2023 downtown parking study , which noted there is:

• On-street parking on Cherry, Washington, Adams, Jefferson, Northland and Pine streets: 244 spaces
• Cherry Street Ramp: 801 spaces
• Pine Street Ramp: 1,843 spaces

All on-street and ramp parking becomes free after 6 p.m. on weekdays and is free all day Saturday and Sunday. Green Bay City Council Member Brian Johnson during Friday's meeting said downtown has an overabundance of parking, but that it needs to be used and managed better in the future.

Gokhman also said the company is in discussions with city officials about whether they can designate some on-street spaces as specifically for people with disabilities to improve accessibility.

The Adams Street parking lot is Green Bay's 'last town square.' What will happen to events like ArtFest that rely on it?

Several people noted popular events like ArtFest use the parking lot for stage and vendor space. One person called the parking lot downtown's "last public square."

Mirkes said events that do use the parking lot now will continue to adapt as the central city develops and changes. He said Downtown Green Bay Inc. already started to look for new spaces and streets for such events to use if housing replaces the parking lot.

"We'll gladly find alternate locations," Mirkes said.

Will construction impact traffic and access to Washington Street and its popular restaurants, cafes, bars and boutiques? Will there be construction updates?

The construction project is expected to take 20-21 months to complete and the site's central location meant business owners and residents were concerned construction could close Washington Street or other key downtown roads to traffic. In a more general sense, people wanted to know how they could get updates as the project takes shape.

New Land officials said the group planned to stage construction crews along Adams Street and keep construction equipment and activity off Washington Street as much as possible.

Mirkes said he doesn't anticipate "any major interference for people who live, work or run a business in downtown" at this time and that Downtown Green Bay Inc. heard several requests that it keep stakeholders informed. He said the organization plans to help everyone stay informed about impacts and progress.

Spring Lake Church members have many concerns about the new development's impact on its congregation

The most-frequently raised questions involved the potential development's closest neighbor.

Spring Lake Church's entrance faces the Adams Street Lot and the new building's long, north wall would put the church's entrance along an alley estimated to be 15-20 feet wide. The congregation is concerned the alley could be even more narrow, that access to the church could be cut off during construction, and that the alley would be dark or unsafe.

Gokhman told the many Spring Lake members in attendance that New Land had already started to meet with Baylake City Center's condominium association of owners to discuss related issues. He also noted New Land plans to provide the alley space with ample lighting and programming like it did in Milwaukee's Black Cat Alley and is open to ideas about how to do so in Green Bay.

Contact Jeff Bollier at (920) 431-8387 or [email protected] . Follow him on Twitter at @JeffBollier .