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What is a business plan template?

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Quick Answer

An entrepreneur or business owner can fill out a business plan template to make sure he includes the most essential details in his final business plan to show potential investors, says Forbes. Such details include a cover letter, executive summary, industry analysis, company overview and customer analysis.

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Full Answer

A business plan should include a cover letter that lists the entrepreneur's or business owner's contact information so that investors and other key figures can easily get in touch with him, notes Forbes. The executive summary of the business plan is one of the most essential parts, since it describes the goal of the business as well as the need the business fills in the current market. The executive summary should also list a few of the most important reasons the business has a good chance of being a success.

The industry analysis is included in the plan to focus on the specific industry the business exists in and the size of that industry, says Forbes. The analysis also includes the most current and important trends existing in the market. The customer analysis pinpoints the business' target audience, its demographics and the psychological profile of target customers.

The company overview lists the business' physical location, the legal entity form and when the business is officially formed, notes Forbes. This is where the business owner can describe how successful the business has been so far.

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