A business plan isn’t just a document for investors — it’s the clarity you need before you can build anything that lasts. Here’s how to create one that actually reflects your vision.
Elizabeth Soler · 7 min read · Small Business
You have the idea. You’ve been thinking about it, talking about it, maybe even losing sleep over it. You know it solves a real problem for real people — and now the next step is giving it a structure that will actually carry it forward.
That’s what a business plan does. Not because banks or investors demand it — though they often will — but because the process of writing one forces you to get honest about what you’re building, who it’s for, and how it’s going to work in the real world.
Think of it less as a formal document and more as a thinking tool. A way to work through your assumptions before the market works through them for you.
The business plan isn’t proof that your idea works. It’s the process of figuring out whether it can — and what it needs to get there.
Here are the eight steps I walk through with every business owner I work with — whether they’re launching something new or getting clear on where an existing business is headed.
The executive summary is the first thing people read — but it’s often the last thing you write, and that’s intentional. It’s a concise snapshot of your business: what you do, who you serve, what makes you different, and where you’re headed.
Before you draft it, sit with these questions:
Before you go deeper into the details, step back and get clear on the fundamentals. What products or services will you offer? Who is your ideal customer? What makes you meaningfully different from the alternatives they already have access to?
This step is about alignment — making sure your vision and your mission are actually pointed in the same direction. The clarity you develop here becomes the foundation every other section builds on. Don’t rush it.
Now that you know what you’re offering, it’s time to understand the world you’re entering. Identify your target market with real specificity — age, income, interests, behaviors, and what keeps them up at night. The more clearly you can see them, the more effectively you can serve them.
Research your competitors honestly. Where do they fall short? Where are they strong? What gaps exist that your business is uniquely positioned to fill?
This is also where you create your SWOT analysis — an honest look at your business’s strengths, weaknesses, opportunities, and threats. Done well, it gives you a clear-eyed picture of where you stand and what you need to account for as you grow.
Who is behind this business? Whether it’s just you or a team of people, this section introduces the humans running the operation. Highlight the skills, experience, and areas of expertise that make your business capable of delivering on what you’re promising.
If you’re seeking investors or lenders, this section carries real weight — they want to know they’re backing capable, credible people. If you’re building solo, be honest about where your gaps are and how you plan to address them over time.
Get specific about what you’re actually selling. How does it meet the needs of your target market? What makes it stand out from what already exists?
Here’s a test I find useful: explain your product or service the way you’d explain it to a curious ten-year-old. If your description is clear enough for them, it’s clear enough for anyone. Jargon and complexity in this section usually signal that the thinking isn’t quite finished yet.
You’ve defined what you’re offering and who it’s for — now map out how you’ll reach them. Your marketing strategy should answer three questions: How will people find out you exist? How will they decide to trust you? How will they become paying customers?
Think about the channels that make the most sense for your audience — not all of them, just the right ones. A focused strategy you can execute consistently will serve you far better than an ambitious one that never gets off the ground.
A tool for this step: The Intentional Marketing Plan is a 37-page fillable template that covers everything in your marketing strategy — target market, competitive analysis, positioning, pricing, budget, action plan, and a visual timeline. Bring it to a coaching session or work through it on your own. $17 · Instant PDF download → Get the TemplateMarketPlan Pro Template
This is the section most first-time business owners either skip or get overly optimistic about. Neither serves you well. Your financial projections should outline your expected revenue streams, your operating expenses, and the point at which your business breaks even.
Be honest here — with yourself and with anyone you’re sharing this with. Grounded projections build credibility. Inflated ones erode it, sometimes before you’ve even started.
Whether you’re funding your business yourself, seeking investors, applying for a loan, or exploring grants — be clear about how much capital you need, what you’ll use it for, and what kind of return or repayment structure makes sense.
Transparency in this section builds trust. Vagueness signals unfinished thinking. Know your numbers before you ask anyone else to believe in them.
Getting to this point — eight sections, honest answers, a clear picture of your business — is a real accomplishment. But here’s what I want you to hold onto as you finish: your business plan is not a set-it-and-forget-it document.
Good practice is to revisit it every quarter. Ask yourself what’s changed. Have your products or services evolved based on customer feedback? Has your marketing strategy shifted as you discovered what actually works? Have your financial projections been refined by real revenue and real costs?
A note on flexibility
The businesses that grow intentionally treat their plan as a compass, not a contract. It points direction — it doesn’t lock you in. Revisiting and revising isn’t a sign of failure. It’s a sign that you’re paying attention.
Once your business plan is in solid shape, you’ll find that other things get easier too — pitching to investors, applying for grants, onboarding a partner, or simply explaining what you do with the kind of clarity that makes people want to be part of it.
That clarity is worth every hour you put into building it.
I work with entrepreneurs to build business foundations that are honest, strategic, and genuinely useful — whether you’re starting from a blank page or refining what you already have.
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