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A business plan is the backbone for any business; it details the goals and strategies required for smooth and successful operations. A strong plan for new businesses can be used to secure finance and investors, or as a tool to re-invent or restructure an existing business experiencing financial hardship or simply striving for growth. Therefore, it’s essential to take the time to ensure a well-considered plan is formed.

The Australian Government offers business plan templates on their website in both a full and compact version. To further assist you in getting your business started, we have included a summary below of the key elements included in most business plans:

Executive Summary

This section is often described as the business ‘pitch’ and is used to give a brief overview of the business, its products and financial projections. In addition to this, the executive summary includes a mission statement; an important section outlining the fundamental goals and objectives of the business.

Tip: As your executive summary serves as a ‘key takeaways’ section for your overall business plan, consider writing it last.

Business Description

The business description makes note of key details including the business’s:

  • Registered Name
  • Location
  • Business Structure
  • Leadership Team
  • Employees

Product or Service Description

This section is all about describing what your business will offer, and why your target market will benefit from it. Include:

  • A detailed description of your product or service
  • Who you target market is
  • Production and distribution plan
  • Your plan to protect your product design and intellectual property (ie. copyright and patents)

Market Analysis

Completing a thorough market analysis is essential to ensure your business can be competitive and successful. Identify who your competitors are, their strengths and weaknesses, common market trends and outline what you will do differently and better. Be sure to provide supporting documents.

Marketing and Sales

Provide a plan describing how you intend to market and sell your product or service. Outline the platforms on which you intend to advertise and why customers will be attracted. In addition to this, it’s essential to identify how customer loyalty will be established and maintained to support your business’s ability to be successful long-term.

Funding Request


In this section, you will outline to your prospective lender or investor what you require to start the business. Include:

  • How much is required
  • Desired loan term
  • What the loan will be used for
  • How the loan will be repaid

Financial Analysis/Projections

Following your funding request, you will need to support your ability to repay the loan. For existing businesses, past financial documents including profit-and-loss statements, cash flow statements and balance sheets can be used to support future financial expectations. For new businesses, offer realistic projections of these documents for at least the first five years of operation. Provide a detailed budget including expected costs and include an allowance for irregular expenses.

Appendix

The appendix is used to include any other information and supporting documents such as personal credit history, bank statements, licences, patents, product images and reference letters.

Reference

Odjick, D. ‘How To Write A Perfect Business Plan In 9 Steps’, Shopify, Online, 2022, https://www.shopify.com.au/blog/business-plan (Accessed 11 July 2022)