small home business plan template

Small Business Trends

How to create a business plan: examples & free template.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Executive summary.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

Company Description

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Market analysis.

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

Competitive Analysis

Organization and management team.

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Products and Services Offered

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Marketing and Sales Strategy

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

Logistics and Operations Plan

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Income Statement

Cash flow statement.

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

Section	Description	Example
Executive Summary	Brief overview of the business plan	Overview of EcoTech and its mission
Overview & Objectives	Outline of company's goals and strategies	Market leadership in sustainable technology
Company Description	Detailed explanation of the company and its unique selling proposition	EcoTech's history, mission, and vision
Target Market	Description of ideal customers and their needs	Environmentally conscious consumers and businesses
Market Analysis	Examination of industry trends, customer needs, and competitors	Trends in eco-friendly technology market
SWOT Analysis	Evaluation of Strengths, Weaknesses, Opportunities, and Threats	Strengths and weaknesses of EcoTech
Competitive Analysis	In-depth analysis of competitors and their strategies	Analysis of GreenTech and EarthSolutions
Organization & Management	Overview of the company's structure and management team	Key roles and team members at EcoTech
Products & Services	Description of offerings and their unique features	Energy-efficient lighting solutions, solar chargers
Marketing & Sales	Outline of marketing channels and sales strategies	Digital advertising, content marketing, influencer partnerships
Logistics & Operations	Details about daily operations, supply chain, inventory, and quality control	Partnerships with manufacturers, quality control
Financial Projections	Forecast of revenue, expenses, and profit for the next 3-5 years	Projected growth in revenue and net profit
Income Statement	Summary of company's revenues and expenses over a specified period	Revenue, Cost of Goods Sold, Gross Profit, Net Income
Cash Flow Statement	Overview of cash inflows and outflows within the business	Net Cash from Operating Activities, Investing Activities, Financing Activities

Tips on Writing a Business Plan

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

What is a Business Plan?

Why you should write a business plan.

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

What are the Different Types of Business Plans?

Type of Business Plan	Purpose	Key Components	Target Audience
Startup Business Plan	Outlines the company's mission, objectives, target market, competition, marketing strategies, and financial projections.	Mission Statement, Company Description, Market Analysis, Competitive Analysis, Organizational Structure, Marketing and Sales Strategy, Financial Projections.	Entrepreneurs, Investors
Internal Business Plan	Serves as a management tool for guiding the company's growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision.	Strategies, Milestones, Deadlines, Resource Allocation.	Internal Team Members
Strategic Business Plan	Outlines long-term goals and the steps to achieve them.	SWOT Analysis, Market Research, Competitive Analysis, Long-Term Goals.	Executives, Managers, Investors
Feasibility Business Plan	Assesses the viability of a business idea.	Market Demand, Competition, Financial Projections, Potential Obstacles.	Entrepreneurs, Investors
Growth Business Plan	Focuses on strategies for scaling up an existing business.	Market Analysis, New Product/Service Offerings, Financial Projections.	Business Owners, Investors
Operational Business Plan	Outlines the company's day-to-day operations.	Processes, Procedures, Organizational Structure.	Managers, Employees
Lean Business Plan	A simplified, agile version of a traditional plan, focusing on key elements.	Value Proposition, Customer Segments, Revenue Streams, Cost Structure.	Entrepreneurs, Startups
One-Page Business Plan	A concise summary of your company's key objectives, strategies, and milestones.	Key Objectives, Strategies, Milestones.	Entrepreneurs, Investors, Partners
Nonprofit Business Plan	Outlines the mission, goals, target audience, fundraising strategies, and budget allocation for nonprofit organizations.	Mission Statement, Goals, Target Audience, Fundraising Strategies, Budget.	Nonprofit Leaders, Board Members, Donors
Franchise Business Plan	Focuses on the franchisor's requirements, as well as the franchisee's goals, strategies, and financial projections.	Franchise Agreement, Brand Standards, Marketing Efforts, Operational Procedures, Financial Projections.	Franchisors, Franchisees, Investors

Using Business Plan Software

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Software	Key Features	User Interface	Additional Features
LivePlan	Over 500 sample plans, financial forecasting tools, progress tracking against KPIs	User-friendly, visually appealing	Allows creation of professional-looking business plans
Upmetrics	Customizable templates, financial forecasting tools, collaboration capabilities	Simple and intuitive	Provides a resource library for business planning
Bizplan	Drag-and-drop builder, modular sections, financial forecasting tools, progress tracking	Simple, visually engaging	Designed to simplify the business planning process
Enloop	Industry-specific templates, financial forecasting tools, automatic business plan generation, unique performance score	Robust, user-friendly	Offers a free version, making it accessible for businesses on a budget
Tarkenton GoSmallBiz	Guided business plan builder, customizable templates, financial projection tools	User-friendly	Offers CRM tools, legal document templates, and additional resources for small businesses

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

Can i write a business plan by myself, is it possible to create a one-page business plan.

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

What is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan.

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

How is business planning for a nonprofit different.

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How To Start A Small Business At Home (2024 Guide)

Updated: Apr 17, 2024, 11:52am

How To Start A Small Business At Home (2024 Guide)

Develop and fine-tune your business idea, create a business plan, determine your business entity, register your business, get a business license, file irs form ss-4 to obtain an ein, get your finances in order, consider obtaining business insurance, create a marketing and sales plan, bottom line, frequently asked questions (faqs).

Starting a business is an exciting venture. Without proper planning, however, it can be easy to get overwhelmed with the process. Launching a business out of your home is similar to starting any other business , with the one exception that you will not need to lease commercial space for your business. Read our simple guide to learn how to start a small business at home, from choosing your legal structure to creating a marketing plan that will land you sales.

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If you’re considering how to start a small business at home, chances are you already have an idea of the type of business you plan to launch. If not, identifying your concept should be your first step. If you do have a business idea, you will want to fine-tune your idea before launching your home business.

Consider Your Expertise

You have valuable insights, knowledge and experience that can shape your business idea. Consider your expertise as you further develop your idea. You can also use this information in your business plan, which is explained more below.

What Problem Can You Solve?

As you hone your business idea, consider what problem you plan to solve. If you are in the early stages of business idea development, consider a problem you can solve and develop a business idea from there.

Look at the Competition

Research your competitors. Where is there overlap in business offerings? How can you differentiate yourself in these areas? And are there any areas in which the competition is lacking, or holes in the products or services they provide? If so, this might be a prime opportunity for your business.

A business plan is critical for two reasons: it will help you articulate your business goals and objectives, and it can be used to pitch to lenders and investors to obtain funding for your new business.

Business plans can vary in the amount of detail provided and length of the plan, but in general, a business plan will include:

Executive summary—the “elevator pitch” of your business
Overview of the business—a more detailed description of your business
Market/competitive analysis
Description of key products/services provided
Marketing and sales plan
Proposed budget and financial projections

You will need to determine the legal structure of your business, such as sole proprietorship, partnership, LLC or corporation —each of which has pros and cons.

	Sole Proprietorship	LLC	Partnership	Corporation

Generate Business Name Options

Your business name is one of the most fun parts of the business formation process. It can also be one of the most overwhelming. You want a name that lets customers, clients, competitors and others in the marketplace know about who you are and what you do, and you also want the name to be memorable and creative so that it packs a punch.

The business name needs to be available in the state where you will do business. Our business name generator can relieve the burden and eliminate some of the guesswork from the process by generating business name ideas that are available in your state.

Start an LLC Online Today With ZenBusiness

Click on the state below to get started.

Register Your Business Name

After you’ve decided on a business name, you need to register the business name in the state in which you will do business. The specific requirements for registering your business name will vary depending on your business structure (i.e., whether it’s a corporation, partnership, LLC, etc.) and the location in which your business will be registered. For most small businesses, registering your business name is done by submitting a form to your state and/or local government .

Unless your business is a sole proprietorship, you will need to register your business with the state agency, often the Secretary of State, in the state where you will conduct business. You will be considered to be “conducting business activities” based on the following:

Having a physical presence in the state (i.e., where your home business is located)
Meeting in person with clients in the state
Receiving a significant portion of the company’s revenues within the state
Employees work in the state

If you plan to do sales in other states outside of where your home business is located, you may also need to obtain foreign qualification in other states in which you do business. To obtain foreign qualification, most states require that a business file a Certificate of Authority with that state and a Certificate of Good Standing from the state of formation.

After you’ve registered your business, you’ll need to get a business license . Depending on your business’s industry and the specific requirements of your state, county and municipality, you may need licenses for the following:

Industry license
Zoning permit
Seller’s permit
General business operating license
Federal licenses

Don’t assume that your business doesn’t need a license because you are a consultant or a freelancer. It is best to review relevant codes and regulations. When in doubt, talk to a business lawyer in your area.

An Employer Identification Number (EIN) is needed for businesses that have employees or have excise tax reporting obligations. The process of obtaining an EIN is quick and straightforward. To obtain an EIN, you’ll need to file a Form SS-4 , which you can do online. If you are a sole proprietor without employees, you can use your Social Security number for reporting business income.

Your financial needs will vary significantly depending on the type of business you plan to launch. You will want to create a proposed budget, as well as financial projections, to ensure that you are financially prepared and to pitch to potential investors and lenders.

Create a Budget and Financial Projections

Before you launch your business, you’ll want to confirm that there will be sufficient revenue to be sustainable. You’ll also want to estimate how long it will take to generate a profit and how much the anticipated profits will be. For instance, a service-based consultancy business will likely have very little startup costs, but a product-based business, such as a catering business that you run from your home, may have more upfront costs.

Financial projections are estimations of how much money the business will earn and spend over two to three years. If you plan to obtain a loan or other financing, potential lenders and investors will likely want to see your financial projections so they have a clear understanding of when they will see a return on their investment in your business. You can create your own financial projections or find a template to use, such as those available in Microsoft Excel.

Develop a Plan To Keep Tabs on Finances

Getting your finances in order also includes considering how you will process and record your sales, expenses, income and revenues once the business is operational. There are several third-party providers who can assist with merchant account services , and we’ve ranked the best options for small businesses here.

Open a Business Bank Account

Opening a business bank account helps keep personal and business income and expenses separate. Using a business bank account can make it easier to track and record business income and expenses for accounting and tax purposes. You can open a business banking account at your local branch. You may also want to consider obtaining a business credit card as well. Get the step-by-step instructions on how to open a business bank account .

If you are a sole proprietor or partnership, you may want to consider obtaining business insurance to cover business-related liabilities since there is no liability protection with these business structures. Even if you are formed as an LLC or corporation, which offers personal liability protection, you may want to consider obtaining business insurance depending on the nature of your business.

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Before launching your home business, you may want to create a marketing and sales plan so that you are poised for success. Consider how clients and customers will find out about you. Take a look at who in your network may be a potential client/customer or can help spread the word of your business. And evaluate whether there is room in your budget for advertising, marketing materials or sales training.

Launching a business is exciting, but it takes a lot of hard work and planning—regardless of whether you are starting a business in your home or not. With careful planning, attention to detail, evaluation and research, you will be well situated to not just launch a business, but to maintain a successful business as well.

I know my business, but sales and marketing scare me. How can I get help?

Many small business owners are experts in their business, but sales and marketing can be intimidating. There are several resources available online to assist, or you may want to consider investing in the services of a sales and marketing consultant to help you get your business off the ground.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a website?

While you don’t need a website to launch a business, having a virtual presence is often an important tool when it comes to marketing and sales. If you don’t want to create a website, you can establish your business by posting on third-party websites, such as Angi or Yelp. Learn more about how to create a business website .

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Christine is a non-practicing attorney, freelance writer, and author. She has written legal and marketing content and communications for a wide range of law firms for more than 15 years. She has also written extensively on parenting and current events for the website Scary Mommy. She earned her J.D. and B.A. from University of Wisconsin–Madison, and she lives in the Chicago area with her family.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

How to Start a Home-Based Business and Work From Home

Small home represents starting a business from your home.

8 min. read

Updated April 30, 2024

Did you know that 50% of U.S. entrepreneurs start their business at home? And for good reason. A home-based business can provide a quicker startup path, greater flexibility, and lower startup costs.

However, you still have to follow the same startup steps as every other business to succeed. Plus, there are additional considerations because you work from home.

This guide will cover the specific steps for starting a home-based business.

We will not go in-depth on steps that apply to all business types and recommend checking out our full startup guide to dig deeper.

1. Questions to ask before starting a home-based business

Can you focus and stay motivated?

When working from home, you’ll be dealing with far more distractions—household chores, pets, TV shows, and that comfy bed calling for you to take a nap.

Do you have a support system?

Whether it’s a mentor, family, or some other form of support—you should have someone who can help when you get stuck. Ideally, this person will have remote business experience and better relate to your situation.

What are your goals?

Why are you starting a business? Why does it have to be from home? What is your long-term vision? You may need to rethink starting a remote business, depending on your answers.

Is your home suitable for running a business?

You need to determine if your current home setup is built for running a business or if you need to make changes to create a suitable workspace.

Can you balance work and personal life?

As a business owner, work-life balance is not guaranteed. Long hours spent pouring through your numbers, finishing orders, etc. Balance can be even more difficult for home-based businesses where your office is always just a step away.

These questions are specific to starting a home-based business. They don’t cover your other considerations when becoming a first-time entrepreneur.

For additional guidance, check out what to do before starting a business .

Dig deeper:

5 myths about working from home

Don’t let these common misconceptions about working from home set your new business up for failure.

Tips to run a successful home-based business

Learn what experienced entrepreneurs recommend you focus on when starting an at-home business.

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2. Identify a business idea that works remotely

There are specific qualities that make for a good business idea. The idea solves a problem, shows clear market demand, and fits your goals.

However, even if an idea meets the criteria above it doesn’t mean it will work as a home-based business. Here are additional qualifications you should consider:

Digitalization: Can the business be operated entirely online or with minimal physical interaction?
Independence: Can the business be run independently without needing a large team or physical infrastructure?
Scalability: Can the business be scaled up without significant physical infrastructure?
Supply chain: Does the business require minimal physical inventory or a supply chain you can manage remotely?

Remember, you must conduct thorough market research and speak directly with your potential customers. An idea may look good on paper and meet the requirements to function remotely, but it won’t be viable if there’s no demand.

Check out our complete guide on idea validation for more information.

Online business ideas

A fully online business can be a great option to start from home. Here are a few options to consider.

Subscription service business ideas

While we may be past the gold rush for this business type—the right subscription service could still capture consumers’ attention.

3. Write a business plan

Writing your business plan will help you think through every aspect of your home-based business. It’s where you:

Describe your product or service .
Document your research .
Create a financial plan .
Outline marketing and sales efforts .
Provide an overview of your operations , business structure, and team .

You should address everything in this list to create a complete business plan. And since you’re starting from home, pay special attention to:

Operations:

What does the day-to-day look like, and can it work in your home office, garage, or shed?

Financials:

How does being remote impact startup costs, and how do you intend to scale to achieve profitability?

Is that possible from home, or must you invest in another space?

Product/service description:

What about your product or service allows it to be sold from the comfort of your home? Is there a competitive advantage for doing so?

While having a detailed business plan is essential, it can be helpful to start with a one-page plan . It’s quicker, easy to update, and provides a working overview of all the above components.

Plus, you can always expand it into a more traditional plan later.

Need help to write your plan? Check out our business planning guide for step-by-step guidance.

Dig deeper: How to build remote work into your business plan

4. Understand the legal requirements

A home-based business has to follow all of the same legal requirements as every other business, including:

Choosing a business structure
Registering your business name
Applying for a state and federal tax ID
Obtain the right licenses and permits

There are also some unique legal considerations you’ll need to account for:

Home business permit:

Some local governments require home-based businesses to obtain a particular home business permit.

Zoning laws:

Check your area’s zoning laws to ensure that running a business from home is allowed.

Homeowners Association (HOA) rules:

If you live in a community with a homeowners association (HOA), check the HOA rules to see if there are any restrictions on running a business from home.

Business insurance:

While not a legal requirement, you should have some business insurance. Some home insurance policies do not cover home-based businesses and may need to purchase additional coverage.

5. Figure out your startup costs and finances

Starting a home-based business is often more cost-effective due to eliminating rent and other associated expenses.

Depending on your business, you may have virtually no startup costs . But that doesn’t mean you can skip out on budgeting and forecasting .

At a minimum, you should account for:

Your home office setup
Technology and equipment
Legal expenses
Marketing/advertising

Remember, the startup costs for a home-based business can vary widely depending on the nature of your business and your circumstances. Creating a detailed budget and forecasting revenue and expenses is essential for sufficient funds.

Lastly, don’t wait to separate your personal and business finances . You may find it tempting to intermix funds when working from home, but this will make performance harder to track and potentially lead to legal issues. All it takes to get started is opening a business bank account .

Dig deeper: Do you save money by working from home?

6. Set up your workspace

You need to choose a dedicated space to run your business. Somewhere with minimal distractions and a way to separate your work and home life.

Ideally, this room can become a dedicated office. The reality is not everyone has that much extra space. If so, you must set strict boundaries for how and when to use the space.

Once you have a space in mind, make the necessary adjustments to turn it into a productive work environment. Here are a few things to consider:

Introduce bright, natural lighting: Proper lighting reduces eye strain and helps create a pleasant working environment. Natural light is best but experiment with different light tones to find what works best for you.
Get creative with storage: Utilize storage solutions like floating shelves, vertical file cabinets, or desks with built-in storage to maximize space and organize files and supplies.
Prioritize comfort: Invest in a good chair with proper back and arm support, and consider a stand-up desk to alternate between sitting and standing.
Upgrade your equipment: At a minimum, you need a high-speed internet connection. You’ll likely need additional tools and services to run your business, but these entirely depend on your business idea.

How to set up a home office on a budget

If you’re trying to avoid overspending on your office setup, here are a few tips for making a useful space without overspending.

Home office essentials for entrepreneurs

What are the necessities for a working home office? Here are a few areas worth investing in.

7. Manage your time

Improving your time management and focus will be an ongoing process. But, there are a few ways to set you, and any employees, up for success.

Use project management tools:

Utilize online tools like Trello or Asana to organize tasks, set deadlines, and monitor progress.

Set clear expectations:

Communicate tasks, deadlines, and expectations to yourself and your team. Setting deadlines and making regular updates help keep everyone on the same page.

Encourage regular breaks:

Short breaks throughout the day can improve productivity. Encourage your team to take regular breaks to clear their minds and recharge.

Regularly communicate:

Use communication tools like Slack or Zoom to stay connected with your team, contractors, or vendors to facilitate collaboration.

Avoid multitasking:

Focus on one task at a time to ensure quality work and avoid mistakes.

Try this work-from-home checklist

Follow these steps to optimize your time when working from home.

How to stay productive when working remotely

Are you struggling to focus on your business while at home? Here are ten ways to increase productivity.

How to manage and motivate remote workers

Are you bringing on remote workers or contractors? Learn how to help them stay productive and find motivation outside of an office setting.

9 tools to manage your remote team

If you’re struggling to track work and communicate with your growing remote team—check out this roundup of tools.

Learn more about what it takes to start a business

By following these steps, you’ll be well on your way to starting a home-based business. But there is far more you can learn about starting a business.

Check out the following guides to learn how to promote and grow your burgeoning business:

How to start a business from scratch
How to market your business
How to put the right team together
Set up your business finances

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.