score org business plan template

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Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.

How SCORE can help you launch your business

Starting a small business isn't easy, but SCORE, a nonprofit connected to the U.S. Small Business Administration, is dedicated to helping. Here's how SCORE's services can better position you for success.

Ready to start your business? Plans start at $0 + filing fees.

by   Lorelei Laird

Lorelei Laird is a Los Angeles-based writer specializing in the law. Her stories have been published by the ABA Journ...

Read more...

Updated on: February 21, 2023 · 4 min read

What is SCORE?

Can a score mentor help me reach my business goals, how can a score business plan help, set smart business goals—with some help.

Starting a small business is exciting, but first-timers may feel unprepared for the experience. Entrepreneurs who find themselves suddenly needing to write a business plan or set short-term and long-term business goals may have no one in their lives with the right experience to help.

That's where SCORE comes in. This national nonprofit helps small businesses succeed by connecting experienced business people with entrepreneurs. All of the advice comes from volunteer SCORE-certified mentors who have done it all before.

SCORE is one of several resources offered by the U.S. Small Business Administration (SBA), a government agency that supports and promotes small businesses. It provides free or low-cost business advice to American entrepreneurs through workshops and mentoring. Entrepreneurs can attend local workshops or take online courses and webinars on topics like setting business goals, online marketing, tax compliance, and more.

They can also get connected with a mentor, a volunteer from their area who's successfully launched one or more businesses. SCORE connects entrepreneurs with these business mentors according to where they live and what kind of expertise they need—and SCORE mentor reviews are available in several places online.

Consultations with your mentor are free and confidential. SCORE volunteer mentor Brennon Wilson of Canton, Ohio, says this is important to business people who worry about having their ideas stolen.

"We have signed papers to say that we're not going to break that confidentiality," he notes. "We want clients to be transparent because, if they're not, we can't really get a full understanding of how best to help them."

Wilson, who has launched several businesses and mentored about a dozen entrepreneurs, sees huge value in having a mentor's guidance.

"There's less likelihood of failure because somebody's going to go, 'Hey, I've been there. You don't want to do that,'" he says. "'Go over here and do this.'"

That experience, he says, is a major benefit of having a mentor. Being able to draw on the advice of someone who's walked the same path gives entrepreneurs a better chance of success. It also provides the perspective of someone who's on the entrepreneur's side—Wilson describes mentors as friends—but is likely to be more clear-eyed because they're not emotionally invested in the enterprise. These advantages may be why 92% of small businesses surveyed by financial services company Kabbage said mentors had a direct impact on their profitability and growth in their early years.

To get the most out of a mentoring relationship, Wilson suggests being prepared. That means sitting down before a meeting and thinking about what questions to ask, and what information your mentor will need to answer them.

One important area where a mentor can be helpful is setting business goals and objectives. Colleges don't typically teach people how to write business goals—but such planning is vital to success in any business and is likely to be required by funders, including both conventional banks and venture capitalists . A mentor can provide business plan examples and guide entrepreneurs toward strategic business goals that detail both their vision and the practical steps to realize it.

Wilson says a well-written business plan is vital.

"I mean a current, up-to-date, new, fresh business plan that you're going to really put time and effort into," Wilson says. "That thing is going to be your road map to success."

According to the SBA , a business plan should:

• Describe your company
• Explain what role it will play in the marketplace
• Layout the structure and leadership of the business
• Show how you plan to reach customers
• Detail how much funding you need
• Outline your financial goals for your business

Business plan templates are available from the SBA and many other sources.

SCORE mentors won't write a business plan for their mentees, Wilson says—but their experience can help mentees write their own.

"A mentor is going to be able to say 'This is what you want to look at, here are some things to consider, here's what we've seen in the past,'" he says.

SCORE is a valuable resource for someone new to creating a small business. From setting short-term goals and securing funding to marketing and networking, mentors have done it all before—and they're volunteers because they want to share that experience. SCORE provides a way to take advantage of that experience at little or no cost, so it's no wonder that SCORE has had a hand in launching nearly 30,000 businesses nationwide.

"Starting a business is a very lonely road to walk," Wilson says. "So, don't cripple yourself by walking it alone."

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Achieve More with SCORE

By Bridget Weston Pollack, Vice President, Marketing and Communications, SCORE

Becoming an entrepreneur has become more appealing to people of all abilities, especially with the growth of newer technologies – you may have more resources to learn about running your own business, be able to reach more customers through online marketing, and cut down on business costs by working from home. While many online resources are available to help you start a business, one of the best sources of support is a mentor.

SCORE is one organization that may help you find a mentor. SCORE is the nation's largest network of volunteer, expert business mentors, with more than 10,000 volunteers in 300 chapters. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through free services, including mentoring, workshops and educational resources since 1964.

Does mentoring really help?

According to the SBA, small business owners who receive 3 or more hours of mentoring report higher revenues and increased growth. In fact,  one survey found  that 70% of small businesses that receive mentoring survive more than 5 years. That's double the average lifespan of non-mentored small businesses. And SCORE mentors are available to work with you on an ongoing basis, both in person and virtually via phone, email and video chat.

When you're thinking about finding a mentor, there are some factors to consider. All SCORE mentors are experienced business owners, executives and professionals, so they understand the issues entrepreneurs face and may be able to share their industry knowledge with you. Not only can they provide guidance and advice, they also offer moral support and act as a sounding board for your ideas.

Here are just a few of the areas where mentors, especially a SCORE mentor, can provide advice for:

• Writing a business plan
• Legal issues of starting a business
• Financing strategies
• Finding customers
• Advertising and marketing

At SCORE, we understand that your business ideas and plans are very valuable. SCORE mentors keep all information you share confidential, so you don't have to worry about sharing proprietary information or ideas. Talking with your mentor about confidentiality may help you protect your ideas.

Mentors offer valuable relationships, for jobseekers and especially for entrepreneurs. To start working with a SCORE mentor, who may connect you with other people, businesses and organizations that can help your business, check out the SCORE  Find a Mentor  tool. You can search for a SCORE mentor by keyword, industry, location or expertise. SCORE can also match you with a mentor based on a specific business question you have.

More than just mentoring

SCORE also provides hundreds of free online resources on  www.score.org , such as templates, checklists, eGuides and blogs. We offer educational material on all aspects of starting and running a business, from planning and management to marketing and sales. Popular documents including a  Business Plan Template for a Startup Business  and  Financial Projections Template  are available to download.

We also offer workshops both online and at local chapters.  Live webinars  on a variety of small business topics occur at least once a week. If you miss a webinar, you can access our archive of  recorded webinars  and interactive courses to view anytime.

As you embark on your journey to entrepreneurship, remember that you are not alone. SCORE is here to support you every step of the way.

To learn more about SCORE and start working with a mentor, visit  www.score.org .

About the Author

Bridget Weston Pollack is the Vice President of Marketing & Communications at SCORE. In this role, Bridget is responsible for all branding, marketing, PR and communication efforts. She focuses on implementing marketing plans and strategies for the organization to facilitate the growth of SCORE's mentoring and training services.

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Top 10 Business Scorecard Templates with Samples and Examples

Mohammed Sameer

Microsoft uses it; Apple uses it; Ford uses it! Are you familiar with it?

Well, we are not talking about using technology as a business driver but are on a much simpler plane. 

The answer we are looking for is a business scorecard as an indicator of enterprise health or performance.

In business, revenue, customer service, and operations managers have their own goals, strategic initiatives, and success metrics. Senior executives must understand these aspects as important for their decision-making on the performance of each division.

The Business Scorecard Template (BSC) can help ease the way for the business owner or the CEO to ensure that the decision made is right. Business scorecard templates enable leaders to compile this information into a management report that the top management can use. It depicts a company's overall health and any initiatives that influence growth, internal business process development, customer sentiment, and financial success.

In this blog, you'll discover that using a template to create your business scorecard can save you time while making your report more professional and presentable.

Business Scorecard Templates Your Organization Needs

Leaders use business scorecard templates to organize business operations into a smoother, faster, and easier experience for all stakeholders. Instead of starting from scratch every time they want to create a new business scorecard — not to mention figuring out how to structure it, managers can pull up the template, save a copy, and get to work plugging in important figures and process changes. 

Finally, let's face it: not everyone is proficient in design skills, so having a well-designed PPT Template to present to our management team is a plus.

Let’s explore the top 10 business scorecard templates.

Template 1: Balanced scorecard PPT Template

Keeping a close eye on multiple strategies and their execution at once is seldom achievable. This balanced scorecard template will help you in completing this challenging supervision role. It has slides for business scorecard perspectives, measurement, strategy implementation, BSC map, etc. Get it now!

Download this template

Template 2: Balanced Scorecard PowerPoint Framework

Having a balanced scorecard is like having a time machine on your side. With a balanced scorecard, you have a tool to plan, visualize, time, and monitor your strategy with nuanced details. This mini deck will help you as a controlling tool with sample balanced scorecard templates for strategic performance management. Get in now!

Get this template

Template 3: Benefits and Drawbacks of Strategy Map Balanced Scorecard 

Just as a coin has two sides, everything has good and evil, strengths and weaknesses. Strategy and tools also have pros and cons associated with these. This template explains the benefits and drawbacks of a balanced scorecard with strategic mapping. It will help you explore these two sides of the balanced scorecard concerning four business perspectives. Download it today!

Grab this template

Template 4: IT Resource Balanced Scorecard PPT Template

A balanced scorecard is a management system that provides round-the-clock feedback on internal business processes and external outcomes to improve strategic performance and results. The Balanced Scorecard approach enables organizations to design critical indicators for their strategic objectives. This IT Resource Balanced Scorecard template helps you link goals, targets, and initiatives that collectively describe business strategy. Using this, you can discuss metrics and strategies for business objectives to measure IT performance. Download it now!

Template 5: Employee Turnover Rate Balanced Scorecard PPT Template

This PowerPoint Deck summarizes a comprehensive employee turnover balanced scorecard into 33 slides. It helps you build a detailed scorecard highlighting employee status and engagement and their turnover and absenteeism rate. When you have this template to monitor your company’s employee turnover, you can pull things back if anything goes awry. Download it now.

Template 6: Balanced Scorecard for Employee Growth and Training 

Employee growth and a company's success are closely linked. With this template at your disposal, you can prepare a balanced scorecard with a skill gap assessment for accelerating employee growth and learning. It clears the fog that blurs definitive employee growth by offering a pre and post-training analysis. Get it now.

Template 7: Marketing Balanced Scorecard PPT Theme

This template is the perfect pick for you if your company, whether a startup or an established one, is looking for a more well-defined structure. The scorecard tracks goals and improves offline and online marketing efforts. This scorecard directs the team's attention to three areas: Awareness, Acquisition, and Conversion. There are also slides for strategic planning of digital marketing initiatives. Download now.

Template 8: Strategy Balanced Scorecard PPT Template

One management tool that provides a cohesive and focused strategy is our balanced scorecard PPT Template. It contains information on all of the critical components of the management system. This presentation includes a scorecard with measures and initiatives, a strategy-balanced scorecard with actual and target goals, and so on. There is a wealth of knowledge available to assist you in getting started. Download now.

Template 9: Balanced Scorecard Model PPT Template

Presenting our balanced scorecard PPT Deck, which aids in developing the topic with a transparent approach. Track the execution of staff activities and control and monitor the consequences of your team members' actions with our design. Also, display your key performance indicators in a digital dashboard. Get it right away. 

Template 10: Implementing a Balanced Scorecard in Organization

Use this template to track how your staff goes about doing their duties. Control and monitor the consequences of your team members' actions with the help of this Balanced Scorecard Template. This PPT Presentation includes 27 fully editable slides that can be tailored to your preferences. You can also discuss aspects of creating a great balanced scorecard for your organization. These include barriers, rationale, balanced scorecard model, balanced scorecard perspectives, implementation, and many more.

Bottom Line

Business scorecard templates are the most effective way to benchmark your success while giving your operational activities a definitive direction.

By investing in scorecard dashboards, you can push the boundaries of productivity and innovation. 

Keeping track of your performance is no longer a luxury. It's now a living, breathing reality that will help you survive and thrive in an ever-changing digital world.

FAQs on Business Scorecard Templates

How do you create a balanced scorecard template.

To create a business scorecard, follow these steps:

Goals: Determine the key strategic objectives of your company.

Strategy map: Create a strategy map that depicts the relationships between the strategic goals you've just identified.

Measurements: Choose the metrics and measurements you'll use to track your progress toward your objectives.

Template: Download your business scorecard template and fill it out with the necessary information.

What are the four elements of the Business Scorecard (BSC)?

The balanced scorecard includes four perspectives on objectives, processes, and initiatives:

Customer Perspective

A BSC's customer perspective identifies how a company provides value to its customers and determines how satisfied customers are with products or services. Customer satisfaction indicates the success of a business.

Financial Perspective

The financial perspective assesses strategies and plans to increase revenue and manage a company's financial risk. An organization meets these objectives by meeting the needs of its customers, shareholders, and suppliers.

Business Process Perspective

A BSC's third perspective encircles the company's internal processes. These processes can have an impact on how well an organization functions. Companies can use the scorecard to determine whether their products or services meet the expectations of their customers.

Learning and Growth Perspective

The fourth perspective of the BSC focuses on elements required by a company to achieve workplace performance. Positive changes made by a company in this regard can also improve the company's internal processes. This perspective assesses employee satisfaction, retention, training, and learning milestones.

How do you write a good business scorecard?

Include the following in your business scorecard:

• Clearly defined strategic goals
• Performance indicators that are measurable, specific, and actionable
• Illustrated links between objectives and initiatives at each perspective.

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• What is credit counseling?
• The process of credit counseling
• Choosing a service
• Impact on your credit score

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• Credit counseling helps consumers manage debt, set budgets, and repair credit.
• Credit counseling services offer debt management plans, where counselors negotiate loan terms with creditors on behalf of the consumer.
• Credit counseling services can be helpful, but you need to vet these services carefully.

Introduction

As of the fourth quarter of 2023, the Federal Reserve of New York reports that Americans hold $1.13 trillion in credit card debt.

Credit counseling is both a preventive and remedial solution to growing consumer debt. A credit counselor can offer guidance on money management and help you tackle your debt. 

Definition of credit counseling

Credit counseling, also known as debt or financial counseling, is a process where licensed professionals help consumers resolve their financial challenges, like debt management and budgeting. Depending on the counselor's training, they may also provide pre-bankruptcy , housing, and other specialized counseling for your unique situation. 

If you have a mountain of credit card debt, your credit counselor will work with your creditors to reduce your interest rates, lower your monthly payments, waive your late fees, and consolidate your debts . 

"By working with a credit counselor, individuals can gain the tools and knowledge they need to regain control of their finances and achieve financial stability," says Michael Ryan, former financial planner and a financial coach at MichaelRyanMoney.com . 

How is credit counseling different from debt settlement?

While both credit counseling organizations and debt settlement companies may negotiate with your creditor on your behalf, the main difference between these services is what they ask the creditors for.

Nonprofit credit counseling organizations can help negotiate the terms of your payments, such as interest rates or payment periods, to make your debt more manageable. However, the amount you ultimately owe won't change. They can do this at an affordable price without seriously impacting your credit score, explains Ryan.

On the other hand, debt settlement companies negotiate with your creditor to see if they can reduce the amount you owe, though this could significantly impact your credit score . Debt settlement companies also charge a hefty fee for their services.

The process of credit counseling 

Before you undergo a formal session, a credit counseling organization will arrange a free phone or in-person consultation with you and a certified credit counselor. The initial session usually lasts 30 minutes to an hour as your credit counselor gets a sense of your situation and the circumstances that led you into financial hardship. Your counselor may also request you pull a credit report to fix any inconsistencies on your credit file , which may boost your credit score.

Then your credit counselor will offer various strategies for getting out of debt and managing your money. They usually also often offer free educational materials to help you build financial literacy. 

You may only need one consultation to gather tips on improving your financial situation. However, your credit counselor may recommend a debt management plan (DMP). With a DMP, your counselor works with creditors to lower your interest rates and monthly payments. You'll have to pay a small fee to participate in a DMP, so reputable organizations only offer this program if needed.

How to prepare for a credit counseling session

You want to get the most out of your credit counseling sessions, and preparing before your session can facilitate that. You'll want to bring financial documents illustrating the scope of your financial situation. Some records you may consider taking with you are pay stubs, invoices, and statements with your credit card bills and monthly expenses. 

You'll also want to come to your session with financial goals around credit, debt, or anything else you want to bring to your counselor.

Choosing a credit counseling service

Choosing a credit counselor to can be overwhelming. However, you can narrow your options by vetting the agency they work for and asking several questions. 

Step 1: Create a list of potential credit counseling agencies

Not all credit counselors will offer the same services. So, it's essential to identify what you need, whether it's budget counseling or a more niche topic like mortgage counseling. You can begin your research using the National Foundation for Credit Counseling (NFCC) and the US Department of Justice's search engine. 

The NFCC is the oldest-standing nonprofit credit counseling agency. You can tap into its extensive database of credit counseling organizations and find a credit counselor that offers the services you need. Alternatively, you can phone 202-677-4300 or email [email protected] to reach an NFCC representative directly.

The US Department of Justice also offers a search tool to locate credit counseling agencies in your area. However, its database is limited to advisors that specialize in bankruptcy counseling. Most of these counselors also offer other services, but the search engine doesn't provide the capability to filter through those various services. That's something you'll have to do yourself.

Step 2: Accreditation and certification

Alongside the NFCC and the US Department of Justice, several resources can help you identify an agency's accredited status. Most reputable credit counseling services are also nonprofit. For-profit agencies have financial incentives to sell debt relief programs instead of putting the consumer's best interest first. 

• Financial Counseling Association of America (FCAA) : Like the NFCC, the FCAA is a database of accredited credit counseling agencies. 
• Better Business Bureau: (BBB) : This organization provides information and rates businesses on legitimacy and trustworthiness. Check if an agency has a good reputation with the BBB. You'll also be able to read through customer reviews and complaints.

Step 3: Set up a meeting to inquire about an agency's credit counseling services

After assembling a list of accredited, nonprofit credit counseling agencies to work with, schedule a free preliminary consultation with each company. Before your meeting, gather your financial documents and form questions to ask during the session. 

These are a few questions you can ask to find the right counselor for you, according to the Federal Trade Commission :

• What services do you offer? 
• Do you provide free educational materials? 
• Will you help me develop a preventative plan for avoiding future financial issues? 
• What are your fees, and how should they be paid? 
• What if I can't afford to pay your fees? 
• Will I have a formal written contract with you? 
• Are you a licensed counselor in my state? 
• What are the qualifications of your counselors? 
• What measures does the company take to ensure my information is kept confidential and safe? 
• How are your employees paid? 

Step 4: Sign up for a credit counseling agency

After conducting interviews with each counselor, pick one you feel most comfortable creating an ongoing relationship with and one who charges rates within your budget .

Credit counseling is generally affordable; however, your counselor will require payment for the debt management plan (DMP) if recommended. As we mention in the previous step, this should be one of the questions you as in your free preliminary consultation. That said, states usually place limits on these fees. Nationwide, your credit counselor may only charge you up to $79 for DMP fees, according to Experian .

The impact of credit counseling on your credit score

Credit counseling itself won't impact your credit. However, the same can't be said for any actions you take resulting from your counseling session. If the plan is effective and you stick to it, you could make strides in paying off your debt which may increase your credit score by building positive payment history and lowering your credit utilization ratio .

How participation may affect your credit

If you sign up for a DMP and your counselor requires you to close accounts, this may drop your credit score by a few points. Your DMP may be contingent on you making your minimum payments each month. If you miss any of these, you may also see your credit score drop. 

Is credit counseling right for you?

Credit counseling is an excellent way to tackle your outstanding debt and improve your overall financial wellness at an affordable price. However, credit counselors don't offer services drastically different from what you can already do yourself. 

If you don't have creditors hounding you down for a late payment and can reasonably manage your debt, you may want to forgo paying for a debt relief program. You can negotiate with your credit card company to lower your payments or settle your debts. If you're relatively accountable, you can set up a DIY debt payment program using the snowball or avalanche debt repayment method . 

Otherwise, there isn't harm in seeking help, and credit counseling is an affordable and safe method for managing your debt. 

Credit counseling frequently asked questions (FAQ)

Credit counseling is a service that helps users get out of debt and get financially healthy. It often includes a thorough review of finances, debt management advice, and sometimes negotiation with creditors on the consumer's behalf.

No. Credit counseling focuses on managing your debt and financial literacy resources, not negotiating with creditors to allow you to settle a debt for less than the amount owed, which is what debt settlement is. 

Credit counselors help you improve your financial well-being by creating a debt and money management plan. They work with your creditors to lower your interest rates and make your monthly payments manageable. 

Credit counseling can provide one-on-one help on reducing interest rates, managing debt, and consolidating payments. Credit counseling can also provide advice on how to handle money and debt for the rest of your life. 

Credit counseling services are legitimate if you work with a reputable and accredited agency. 

Debt or credit counseling is worth the fee if you're struggling to get a grip on your debt and need assistance. Getting your debt under control may end up saving you money on interest. 

• Credit scores
• Credit history
• Credit reports
• Saving 
• Housing 
• The economy
• Financial trends

• Car insurance
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• Credit cards
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