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13 Best Companies That Offer Business Plan Writing Services

Do you want to hire a business plan writer? If YES, here are 50 best companies that offer professional business plan writing services at an affordable rate.

A business plan writing service is a team of business experts that take the ideas of an entrepreneur, combine it with their own properly conducted research and deductions, and come out with a professional, well-formatted business plan. Entrepreneurs that want the best chances at getting funding usually turn to business plan writing companies to help them craft a winning business plan.

Despite the fact that business plan writing services generally cost higher than business plan creation software or phone apps, but that does not prevent them from getting the number of clients they need because entrepreneurs are aware of the importance of the services they render.

Whether you’re building a startup from the ground up and seeking your first investment round, or you have a mature company and need a plan in place to garner new insights, having a professional to help conduct research and outline the model is imperative.

While you may have settled with your mind to hire the services of a business plan writer, but you must know that not all business plan services can offer you a professionally written work that can give you the best chances towards getting that funding. This is the reason why we have decided to bring you some of the popular and best business plan writing companies in the united states and the cost their services go for.

13 Best Companies That Offer Professional Business Plan Writing Services and How Much They Charge Clients

• Wise Business Plans
• Cost – $1,650

Wise Business Plans is a business plan writing service that is based in Las Vegas, Nevada. The company writes business plans for businesses seeking venture capital and angel investors as well as businesses interested in applying for SBA loans , E2 visas and L1 visas.

Wise Business Plans are in the business of producing high quality business plans, and their plans contain market and industry research that are drawn from a wide range of sources. Its turnaround times have been known to be above average. Wise Business Plans works with many Fortune 500 companies as well as UPS. It has also partnered with the popular business plan software LivePlan to provide a business writing service to its customers.

When working with Wise Business Plans, you can expect to find a thorough analysis of your business’s industry, including growth trends. The business plan will also look at your business’s market, which includes demographic data about current and potential customers as well as macro and microsegmentation, giving potential investors a complete idea of your business’s potential.

Cost estimates of their business plans are based on estimates for a brick-and-mortar business’s plan. At $1,650, the cost is only slightly higher than the average of $1,500. Again, the cost can vary depending on how complex the plan is. A business plan for a startup looking for venture capital can be more expensive than a plan for a business looking for an SBA loan.

• Go Business Plans
• Cost – $2,000 to $10,000

Based in Los Angeles, California, Go Business Plans writes business plans that serve a variety of business’s needs, ranging from SBA loans and visa applications to plans seeking venture capital funding. Go Business Plans rated well in terms of the quality of its business plans and its comprehensive feature set.

Go Business Plans are reputed to contain a thorough market and industry analysis, a complete set of financial forecasts, marketing plans as well as a competitive analysis. The company also prides itself on the quality of it plans. The writing service does not offer a separate service to review existing business plans, instead reserving that for clients that already use or have agreed to use its other services.

This means that while you can’t have Go Business Plans review your current plan without signing up for another service, if you take advantage of any other offering available from this company, you can have your business plan reviewed for an extra cost.

Depending on your business plan, this can cost between $150 and $300. Go Business Plans cost varies based on the kind of business plan you need. But generally their business plan writing service costs between $2,000 to $10,000.

• The Plan Writers
• Cost – $1,200 to $5,000

The Plan Writers is a Beverly Hills, California-based business plan service that offers a variety of consulting services in addition to business plan writing. Their business plans are available for businesses and entrepreneurs interested in applying for visas or SBA loans, or those looking for venture capital or angel investor financing. The Plan Writers is also experienced with helping companies go public as well as creating feasibility plans.

When you engage the services of The Plan Writers, you’ll begin the process with a free 30-minute consultation. During this consultation, you’ll discuss your business and industry with the sales rep. If you want to speak longer, you’ll need to pay $200 for another hour. This fee is added to the final cost of your business plan.

Once you’ve commissioned The Plan Writers to create a business plan for you, it usually takes between nine to 10 days to receive the first draft. After you receive your plan, you have two weeks to submit any revisions. This is shorter than other services, but The Plan Writers gets revisions done quick, usually in about one to two days.

As with all business plan services, the costs vary depending on the complexity of your plan. Those plans usually cost around $1,200 to $1,500. Plans for startups or companies seeking larger amounts of capital can cost upwards of $5,000.

• Capital West Advisors
• Cost – $100 to $120 per hour

Capital West Advisors is business advisor company that also provides business plan writing services. They are headquartered in Los Angeles, CA, and their mission is to provide high quality business plan writing and capital introduction services at the most competitive prices in the industry.

Capital West Advisors was launched in 2006 and since then they have been providing business planning and capital introduction services to several hundred clients across the U.S. and around the world in a wide array of industries. CWA prices its business plans based on a rate of $100 to $120 per hour at a highly efficient rate. Most firms charge $125-$200 per hour at a less efficient rate.

• Cost – Not disclosed

OGScapital is a team of experienced experts that help entrepreneurs produces a well written business plan as well as provide other services. The company was founded by a team of 8 senior business experts in 2006. From the start, their main goal as professional business plan writers has been to support startups and medium-sized enterprises as they move to the next level, helping them achieve their objectives and become market leaders.

Their expert business plan writers have helped business owners raise debt and equity financing critical to operational startup and growth. The OGScapital team of Online business plan writers does not stop working until the client is 100% satisfied.

The company produce business plans in fields such as accounting, marketing, legal, IT, design and other business services. As of now, their team includes 60 highly experienced consultants. With their business model and offices in the US, Canada, Australia, and the uk, OGScapital is able to help entrepreneurs worldwide.

Once you contact them, you will receive your business plan with within 10-15 days. OGScapital did not disclose their charges, but they disclosed that the client would pay a 50% prepayment before the job commences, with the remaining balance paid upon completion (only when you are 100% satisfied).

• Deutsch & Thomas
• Cost: $425 USD

Deutsch & Thomas, Inc. is a business plan writing service that offer professional business plan preparation for startups and small businesses. Registered as Deutsch and Thomas, Inc., their experience building business plans will help you when approaching investors, bankers, and potential clients.

The company has the ability to create financial projections, management and mission statements, and expenditure estimates. Their service also includes electronic presentation preparation. All their business plans are completed within 5 to 6 business days of contact.

Deutsch & Thomas was founded in 2005 by Matthew Deutsch. The business has been in operation for over fourteen years, and was run as a partnership prior to its incorporation. Since its inception, the company has helped small and medium sized businesses raise more than $585,000,000 through plans developed by their team.

• Pro Business Plans

Pro Business Plans is a leading group of individuals offering business plan consulting and writing services to organizations and individuals. The team is driven by passion, quality and expertise, and they aim to create an accurate road map on various topics to help customers attain achievable targets in minimal time.

Founded in 1999, Pro Business Plans works with international companies from Startups to Fortune 500 across a diverse range of industries to prepare stunning business plans, pitch decks, and investment materials. Pro Business Plans delivers investment banking quality with the attention and care of an in-house consultant.

Its business plan samples reflect its meticulous attention to detail and reflect the of their clients’ company. The financials are accurate and based on the most widely respected market research groups on the United States.

The company has assisted startups, early stage ventures, nonprofits, and existing companies to launch and expand their operation. The company did not disclose its costs.

• Optimal Thinking
• Cost – $5,000

Optimal thinking is a marketing and writing service that began in 1985. The company has writing specialists that consult with their clients to help them achieve the objectives of their business. With 27 years of experience, the company serves as organizations’ trusted writing and editorial department.

The optimal thinking professional business plan writers have more than 250 years of combined experience writing successful business plans. They can help you provide a professionally optimized operational plan, feasibility plan, expansion plan, annual plan, internal plan or a new product plan. But their charges can be quite hefty as it can get up to $5,000.

Optimal thinking works with companies from start-ups, small businesses and large organizations including Warner Bros., Johnson & Johnson, U.S. Treasury, National Australia Bank, Air New Zealand, Young Presidents’ Organization and Red Bull.

• Bargain business plans
• Cost – $1399 to $2499

Bargain Business Plan is a business plan writing service that has served over 10,000 entrepreneurs and small business owners since 2008. The company has garnered experience in nearly every industry and market available.

Bargain Business Plan writers take the time to get to know their clients, so that they can effectively develop a custom business plan which will meet their needs. Whether you’re in the conception stage of your business or expanding your brand to a new market, their team of business plan writers and consultants will work to ensure you’re in position to succeed.

This is the reason why they are always mentioned when it comes to leading business plan writing companies in the United States.

Their team of dedicated business plan writers, consultants, and financial analysts all work together to ensure that their business plans are always up to standard. Their the cost of writing business plans in the company can range anywhere from $1399 to $2499.

• Cayenne Consulting

Cayenne has been around for a long time and is another good provider of business plan writing and consulting service in the United States. They have a good senior management team that has a lot of case experience which can be helpful to startup and growth stage companies of all kinds. They also can prepare additional investment related materials such as private placements and more.

Founder of the Cayenne Consulting, Akira Hirai, started the business in March 2001, because venture capitalists kept telling him that the business plans and financial forecasts he had prepared for his own companies were among the best they had seen.

In addition to business plan writing, the company also conducts strategy development, market research and analysis, competitor research and analysis, business plan preparation, financial analysis and forecasting, presentation materials, and developing a capital formation strategy.

This frees you up to focus on building something that investors might actually be interested in: a company in a large market with a compelling value proposition, strong competitive advantages, excellent growth potential, and a team that can make it happen.

Their team is located across the nation and have industry expertise in many high-growth markets, including green technologies, life science, software, Internet, telecommunications, and financial services. Their services can range from a few thousand dollars to several tens of thousands of dollars.

• Newton Group Marketing
• Cost: $1,900 – 3,900

Newton Group Marketing specializes in writing powerful and compelling proposals and business plans to obtain needed financing from major banks and investment firms.

The company collaborates with highly specialized and reputable individuals to help create exceptional quality websites, proposals and other marketing pieces. Collectively, the Newton Group Marketing team brings decades of experience and specialized expertise in their respective fields, to bring remarkable quality and bottom-line results to clients.

Although originally based in Vancouver, BC, the company teamed up with professional business plan writers in Toronto and throughout Canada, and offers marketing services sessions to multiple locations in the world. They work with most clients freelance through software such as Skype, email and phone consultation to maximize both time and efficiency for customers.

Their clients can choose from 3 different business plan packages to best meet their funding needs. All plans include Executive Summary, Complete Market Analysis, Competitive Analysis, Financials (Income Statement, Cash Flow Statements, Balance Sheet), and they are usually between 15-35 pages in length depending on plan type.

• Cost – not disclosed

Growthink is one of the world’s leading business plan development firm. Founded in 1999, the company has helped more than 1,600 clients – including entrepreneurs, small businesses, middle-market companies, Fortune 500 corporations and non-profit organizations – develop world-class business plans. As evidence of the quality of their work, Growthink clients have raised more than $1 billion in growth capital.

Growthink does not have pre-set pricing tiers for their consulting work. Each and every Growthink business plan is 100% customized based on the client’s specific needs and objectives. As a result of their in-depth consultative business planning process, Growthink consultants typically invest 4 to 6 weeks to fully develop and finalize a business plan.

In 1999, Growthink co-founders and Dave Lavinsky and Jay Turo graduated with their MBAs from UCLA’s Anderson School of Management. They conceived Growthink from their deep and abiding passion and curiosity for business. Growthink has worked with many companies and assist in not only business plans, but also business consulting in many aspects.

They also provide many other services such as business analytics, banking, products, and other services geared towards helping business owners.

• Master Plans
• Cost – $1,900 to $7,500

Masterplans, based in Portland, Oregon, writes business plans for SBA loans, visa applications as well as for businesses seeking venture capital or angel investors. In addition to business plan writing, Masterplans can also review your existing business plan and give you feedback and suggestions for improvement. The plans offered by this service are high quality, and rate well in terms of cost and turnaround times.

Masterplans assigns a team of experts to help with your business plan, and a manager works to organize and update you on the project as it progresses. Each expert works individually on the market analysis, financial forecasts and business narrative. By dividing the plan up, Masterplans can complete your plan faster.

It usually takes between seven to 10 days before you receive the first draft of your business plan. If you need your plan quickly, you can get a rush job for an additional fee. Business plans through Masterplans range from $1,900 to $7,500, depending on the type of plan you need.

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How to Write the Business Plan Products and Services Section

Get tips on writing the products and services part of your business plan

• The Products and Services Section
• What to Include
• Tips on Writing the Section

The products and services section of your business plan is more than just a list of what your business is going to provide. This section of your business plan should include details about how you'll price products and services, how you'll fulfill orders, and other details that investors need to hear before you can get funding . Learn more below.

Key Takeaways

• Business plans include details about products and services you'll offer, including exactly how you plan to market, sell, and deliver on customer orders.
• The best business plans are clear and concise.
• The products and services section of your plan should show off why your product or service is needed.
• The products and services section should also convey the expertise and experience you have to succeed.

Why You Need a Products and Services Section in a Business Plan

The business plan products and services section is the centerpiece of your plan. While other sections of your business plan are important, the products and services section is the essence of your business and the point around which every other part of the business plan is built .

What to Include in a Products and Services Section

The products and services section of your business plan outlines your product or service, why it's needed by your market, and how it will compete with other businesses selling the same or similar products and services.

Your products and services section should include a description of the products or services you are offering or plan to offer (including future products or services). You should explain how your products and services will be priced and a comparison of the products or services your competitors offer in relation to yours.

You should also include the sales literature you plan to use. Detail your marketing materials, and clarify the role your website will play in your sales efforts.

The products and services section will include a paragraph or so on how orders from your customers will be processed or fulfilled, as well as any needs you have to create or deliver your products, such as up-to-date computer equipment. If your process depends on intellectual property or legal issues, such as trademarks , then those need to be addressed.

Tips on Writing the Products and Services Section

This section of your business plan should excite those you're hoping will fund your business or work with you. To that end, here are a few tips to create a products and services section that appeals to the reader.

Indicate Why Your Product or Service Is Needed

Especially if you're venturing into a new concept or invention, or a place where there is no current market, you need to explain the need for your product or service.

Highlight the Features of Your Product or Service

A crucial part of business success is the ability to set yourself apart from other businesses that sell the same or similar products and services. What features, such as price point or level of service, do you offer that are unique to you?

Focus on Benefits

Unique features are important, but even more vital is how those features provide value to consumers. Translate your features (i.e., faster or cheaper) into benefits (i.e., get it now or save money). The goal is to highlight how your product or service will fix a problem or improve a client or customer's life.

Be Clear and Concise

Don't let your business plan get bogged down in too much description and information. Use bullets or numbered lists to quickly and easily highlight important information.

Show Off Expertise, Experience, and Accolades

You not only want to describe your products and services but also share why you're the best person to provide them. Include anything in your education or experience that makes you an expert in this business. If you have testimonials, awards, or endorsements, share those. Finally, if you've applied for a patent, copyright, or trademark, include that as well.

Be the Expert, But Use Layman's Terms

You should know your product, service, and industry well, but don't expect your potential funders and partners to have the same level of knowledge. Assume the reader doesn't know as much as you when you explain what you're offering.

Avoid acronyms and jargon when outlining your products and services.

Indicate What's Special About Your Products or Services

Will you be offering a special guarantee or refund policy? Do you have a quicker or more unique way of delivering your product or service? 

Speak to Your Customer

While you don't want to write an advertorial, you do want to be customer-oriented when you write your products and services section.

Examples of a Products and Services Section

The Small Business Administration offers business plan examples that you can draw from to help guide your writing. Here's an example of a products section for someone creating "Wooden Grain Toys."

Wooden Grain Toys will sell wooden toys made from solid hardwoods (maple, beech, birch, cherry, and oak) and steel rivets. The toys are handcrafted and designed for small children to easily use. Our line currently includes the following nine models:

• All-Purpose Pick-Up Truck w/movable doors and tailgate
• Dump Truck w/functioning dumping mechanism and box
• Biplane (two-seater) w/movable propeller
• Steam engine with coal tender - additional cars available separately: caboose, flat car w/logs, box car, tank car, coal car
• Flat-Bed Truck w/logs

Wooden Grain Toys will offer its products for the following prices:

• All-Purpose Pick-Up Truck w/movable doors and tailgate - $25
• Dump Truck w/functioning dumping mechanism and box - $30
• Biplane (two-seater) w/movable propeller - $20
• Additional train cars (single car) - $5
• Additional train cars (three cars) - $12
• City Bus - $12
• Tow Truck - $18
• Flat-Bed Truck w/logs - $35
• Sports Car - $20
• Sedan - $20

What Is Product and Service in a Business Plan?

A products and services section of a business plan clarifies exactly what your business will produce , how much it'll sell for, and other details along those lines.

What Are Examples of Products and Services?

A product or service can be anything a business creates to turn a profit. Some businesses have both products and services. For example, a restaurant's services include cooking for and serving customers. The restaurant's products are the dishes and drinks it creates.

Starting a Business | Buyer's Guide

6 Best Business Plan Writing Services

Published October 21, 2020

Published Oct 21, 2020

WRITTEN BY: Blake Stockton

This article is part of a larger series on Starting a Business .

A well-written, well-researched business plan is vital to the success of a new business or venture. It can attract investors and help you get a bank loan. Not every businessperson has the time or expertise to craft a winning business plan. Fortunately, there are companies with decades of experience that will assist. We evaluated several and found the six below to be the best business plan writing services available.

Top 6 Business Plan Writing Services

How we evaluated business plan writing services.

All the business plan writing services we evaluated had MBA writers and years of experience in many industries. To distinguish the best, we examined the following:

• Price: Most do not list prices, although customer quotes put many of them in the $3,000 range.
• Expertise: We considered years in service, qualifications of the writing and management teams, and industries served.
• Types of Business Plans: Some companies focus only on plans for funding or strategic planning. Others offered more specific plans like visa business plans. Still, others narrowed their focus more tightly. Some also offer pitch decks and presentation-ready formats.
• Turnaround Time: The average business plan turnaround time was two weeks, with additional time for revisions. Always ask about how much time you get for revisions and if there are additional costs involved.
• Additional Services: Several of these companies offer additional services to help you succeed. If you are considering mentorship or know you’ll need some assessment, having one of these companies build your plan could give you a head start in building a relationship.

Bargain Business Plan: Best Overall Business Plan Writing Service

Bargain Business Plan is one of the least expensive business plan services we reviewed. Still, it offers experienced writers and a wide range of plans that includes immigration and visa plans. Overall, it has excellent reviews from customers. You can view samples of their well-designed plans. It’s the only service that provides flat-rate pricing as well.

Visit Bargain Business Plan

Bargain Business Plan Pricing

• Bargain: $1,599. For startup businesses with simple business models looking to apply for small business loans or seeking a blueprint for development
• Economical: $1,999. For startup and existing businesses with a more complex operation, such as restaurants and child care centers
• Optimum: $2,799. For businesses seeking government grants, investments from venture capitalists, and funding through the SBA’s CDC/504 Loan Program
• L-1 Visa: $1,999
• E-2 Visa: $2,199
• EB-5 Visa: $3,499
• Consultations: Free

Bargain Business Plan Services

• Detailed Business Plans: All plans include custom written business plans with market analysis, financial projections, and marketing plans. Higher-level plans offer more details, and each plan is designed for its specific purpose. For example, SBA loan versus visa.
• Quick Turnaround: Drafts are done in seven to 10 days, with 14 days of unlimited revisions.
• Experience: Bargain Business Plan has served 900 industries over the past 12 years and has worked with 500 partners and 10,000 customers. For immigration business plans, they work with immigration experts across the country. User reviews praise their expertise and attention to detail as well as share successes.

Why We Like Bargain Business Plan

Startups don’t always have a big budget for business plans, but it can be a key document for achieving success. Bargain Business Plan offers custom, well-researched, and beautifully designed business plans at excellent prices. The willingness to revise is a big plus as well.

Optimal Thinking: Best Plan Writing Service for Startup and Growing Companies

Optimal Thinking says it best works on business plans for “early stage and existing businesses expanding organically or via acquisition.” It claims a 92% success rate with its business proposals. In addition, it offers other programs to help businesses succeed.

Visit Optimal Thinking

Optimal Thinking Pricing

Varies anywhere from $5,000 to $30,000, depending on plan and scope. Call for a quote.

Optimal Thinking Services

• Expertise: Optimal Thinking has team members who are senior business executives, MBA writers, and industry experts in financing, operating, and marketing companies of all sizes. It  also has 27 years’ experience in writing business plans.
• Plans address potential roadblocks: Optimal Thinking helps ensure success by anticipating potential business challenges, such as restrictive government regulations, economic issues, or market industry changes. Then, it includes ways to work around or through these issues.
• Additional Programs: The company offers mentorship, employee motivation programs, and business assessments of communications, resources, opportunities, and more.

Why We Like Optimal Thinking

Optimal Thinking works with large companies such as Red Bull and Warner Brothers. Its writers have extensive experience in financials and business. Applying that knowledge to a business plan, even for a startup, means you will get not only a well-written and well-researched plan but also one that is informed by their years of expertise. This is also a company you can build a relationship with—get coaching and assistance in other areas of your business.

Wise Business Plans: Best Business Plan Writing Service for Specialized Plans

Wise Business Plans has one of the widest varieties of plans of the providers we reviewed. Its business plans are well-researched and thought out, as well as beautifully designed. It works to make sure your ideas and the plan are sound and offer additional services to help you with execution, including funding referrals.

Visit Wise Business Plans

Wise Business Plans Pricing

Pricing varies, though users have quoted prices around $3,000. To get a specific quote, call for a consultation. After the first revision, Wise Business Plans charges $199 per revision.

Wise Business Plans Services

• Investor Business Plan
• Bank Business Plan
• Strategic Business Plan
• Nonprofit Business Plan
• Franchise Business Plan
• L-1 Business Plan
• E-2 Business Plan
• EB-5 Business Plan
• EB-5 Regional Centers
• Merger And Acquisition Business Plan (M&A)
• Private Placement Memorandums (PPM)

It also offers professional feasibility studies, PowerPoint presentations, pitch decks, and straight market research.

• Bookkeeping Services
• Graphic Design Services
• Logo Design
• Flyer and Brochure Design Services
• Business Printing Services
• Concierge Services
• Business Consulting Services for Startup Company
• Website Design
• Business E-books Resources
• Small Business Marketing Services
• Experience: Wise Business Plans hires MBA writers, financial and market analysts, and graphics designers. The company has done thousands of business plans in over 400 industries.

Why We Like Wise Business Plans

Wise Business Plans has a reputation for doing more than creating a plan for you. It challenges you to make sure your assumptions and ideas are the best they can be. Reviewers on its Facebook page praise the quality of the final product, noting especially the graphics.

Pro Business Plans: Best Business Plan Writing Service for Startups & Canadian Visas

Pro Business Plans gets props for the focus of its plans. While all the services we reviewed will build custom business plans, Pro Business Plans is one of the few that has plans that specifically focus on specific issues. It also has industry experts in finance/accounting and immigration.

Visit Pro Business Plans

Pro Business Plans Pricing

Pricing varies—call for a consultation.

Pro Business Plans Services

• Focus: Pro Business Plans offers the usual range of business plans: SBA/bank, investment, L-1, E-2, EB-5. However, it also has plans specifically for nonprofits, startups, and the Canadian visa (PNP) program. It also has a pure market analysis product if your goal is to understand your industry before launching your business or expanding into a new area.
• Experience: Many Pro Business Plans team members come from major accounting firms or have extensive experience working in venture investment capital. The company has served over 900 industries and has over 500 partners, including contacts in the visa application process.
• Fast Turnaround: You can get your business plan drafted in four to seven calendar days, with seven days of close collaboration to get all the details polished.

Why We Like Pro Business Plans

In addition to the variety of plans and experience of the writers, what impressed us about Pro Business Plans was that users said they often went beyond simply writing the plan, providing advice and coaching during the process. Other reviews praised its market and financial research.

Go Business Plans: Best Business Plan Writing Service for Visa Business Plans

While Go Business Plans can work with any industry, its business consultants have had notable success with E-2, EB-5, and L-1 visa business plans. It can create business plans for investors, Small Business Administration (SBA) loans, and strategic and internal planning.

Visit Go Business Plans

Go Business Plans Pricing

Go Business Plans does custom pricing within the range of $2,000 to $10,000.

Go Business Plans Services

• Customized templates: The writers create custom plans. First, they schedule a one-hour interview with you for the basics, then conduct market research, financial analysis, and company and industry analysis, and compare you to the competition. They work with you to ensure it meets your expectations as well as SBA standards.
• Advice and Assistance: Go Business Plans brainstorms and researches business strategies to advise you and can help with creating a website, generating leads, implementing marketing, and other services.
• Immigration/Visa Business Plans: Go Business Plans has helped entrepreneurs from over 100 countries get their visas. It has drafted plans for 300 lawyers and over 1200 applicants. It works directly with your lawyer to make sure the plan and the legal applications are consistent as well.
• Extensive market research: The business consultants have access to over 15 market research databases, including some of the top-tier ones like IBISWorld, Euromonitor, Hoovers, Mintel, Statista, Freedonia, Frost & Sullivan, Forrester, and First Research.

Why We Like Go Business Plans

This business plan writing service offers expertise at competitive prices, and according to past customers, is willing to go the extra mile to help ensure success. Many customers of its business plans went on to use its other services such as website development.

LivePlan: Best Business Plan Writing Software for DIY

Rather than a consulting service that writes the plans for you, LivePlan is a software that helps you build a business plan. Plans start at $20 per month, and prices decrease if you purchase a six-month or annual plan. It offers additional tools to monitor your company’s progress, as well. This is the right choice for the entrepreneur on a budget or one who has done the research and needs a software to help them put it into an attractive format for presentation.

Visit LivePlan

LivePlan Pricing

LivePlan has a pay-as-you-go system but discounts for multiple months. Your first month is only $10, and it offers a 60-day money-back guarantee.

• $20 per month, for monthly plans (First month $10)
• $18 per month for six months
• $15 per month for 12 months

LivePlan Features

• Ease of use: Start by filling out the questionnaire and follow the instructions to create a basic plan. The software creates the financial tables, charts, and reports. Choose from 10 themes to create a professional-looking report that is SBA-approved.
• Integrations: Sync to your QuickBooks or Xero to create reports or update sections. Export plans to Word or PDF, or put it in PowerPoint to make a slideshow presentation.
• Tools that go beyond the business plan: LivePlan offers real-time performance dashboards to track budgets and goals. Benchmark data shows you how you are faring compared to others in your industry or location. Create and track milestones for measuring your progress as you grow.
• Help features and examples: If you are blocked or unsure how to create a part of your plan, you can access over 500 examples in all types of industries and watch expert tutorials. Have a problem with the software? Reach support by phone, email, or chat.

Why We Like LivePlan

LivePlan offers an economical way for businesses that are comfortable with their data to create professional business plans for investors or banks. Additionally, it lets you create as many as you wish, so you can customize your plans for your audience or need or update them as your company grows. With budgeting and forecasting tools, it also helps you execute your business plan so your company can succeed.

Other Business Plan Writing Services Worth Considering:

• Cayenne Consulting: Cayenne provides a highly qualified team of writers and has experience not only in business plan writing but also in other investment materials and private placements. It’s a good service for those looking for funding.
• Growthink: This company has highly qualified and educated writers with extensive international experience. It is good for international businesses and business plans for strategic planning and mergers or acquisitions.
• Masterplans: This company is more expensive than most on our list (prices ranging from $10,000 to $49,999) but is a highly reputable company that has created over 18,000 business plans for SMBs to multimillion-dollar investment projects.
• Way2markit: This company provides business plans for investing, franchises, nonprofits, banks/SBA loans, and more. It also provides other business services from idea development to website design.
• Freelance: You can find qualified business plan writers on freelance sites like Upwork. They may be less expensive. Before hiring anyone, be sure to check their qualifications and portfolio.

Bottom Line

Business plans are not cheap to create, but they can pay off by getting additional investment, secured loans, visas, or a clear direction for your company’s growth. For research purposes, be sure to know which type of business plan is right for your company. Each of the six business plan writing services reviewed offers decades of experience, high-quality reports, and reasonable prices.

Learn more about How to Start a Business in our complete guide.

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Blake Stockton

Blake Stockton is a staff writer at Fit Small Business focusing on how to start brick-and-mortar and online businesses. He is a frequent guest lecturer at several undergraduate business and MBA classes at University of North Florida . Prior to joining Fit Small Business, Blake consulted with over 700 small biz owners and assisted with starting and growing their businesses.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

Streamline Your Business Planning Activities with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

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145 New Service Business Ideas for 2022

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’re thinking about starting a business, more specifically a service business, you’re part of a growing workforce demographic. Experts disagree on the exact size of today’s gig economy, but research from Intuit suggests that the population of independent, service-based business owners made up as much as 34% of the total U.S. workforce in 2017. That’s a huge volume of individuals looking for new, independent ways of earning an income.

Service business ideas: The top 15

Personal fitness trainer

Grocery shopping and delivery

Makeup artist

Doula and birth coaching services

Private school application consultant

Elder companion and care provider

Pet sitting

Handyman service

Mobile car wash and detailing

Virtual assistant

Graphic designer

IT systems consultant

Mobile notary public

Rental property management

Corporate event planner

Whether you’ve been pushed into business ownership by a lack of steady employment, or you’re on a proactive search for a more flexible and self-directed way of earning a living, this wide-ranging list of 145 unique ideas for service businesses is a great resource to get you started.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Personal services

In a world full of people who are busier than ever before, convenience has become an utmost priority to US consumers. As a result, there is no shortage of ways that individuals can start businesses providing services for others. Whether you’re a staunch academic, love working with animals or children, or have a knack for fixing things, the realm of personal service business ideas has an option for nearly everyone.

Best of all? Most of these personal service businesses require little to no formal training or certification, and they can be offered on-site in people’s homes to avoid the high overhead of maintaining an office or retail shop.

You may need to acquire some basic supplies, but otherwise, the only barrier to getting started is finding clients who are willing to pay for your work.

Personal health and wellness services

Many of us set goals to become a bit healthier in some way, whether through our mental health, agility, or simple physical wellness—but without some form of assistance, guidance, or accountability, many people struggle to reach those goals. If you’re an avid runner, love cooking, or have training in alternative healing, one of these health and wellness service business ideas may be a perfect fit for you:

Meditation instructor

Private yoga instructor

In-home masseuse

Acupuncturist

Chiropractor

Nutrition consultant

Meal delivery service

Personal chef

Personal concierge services

From buying groceries to doing laundry and keeping our spaces tidy, who among us has time to get all of our chores done without becoming overwhelmed in the process? If you’re not bothered by running errands and cleaning up, friends and neighbors may your ideal clientele for these personal concierge business ideas.

Errand-runner

Dry-cleaning delivery and pick-up

Seamstress or tailor services

Window washing

Home cleaning service

Private car service

Beauty and lifestyle service business ideas

If you love all things beauty and personal style, your career options are no longer limited to traditional cosmetology school and hourly work in a salon. Consider whether these emerging lifestyle service business options—almost all of which you could provide in-home, or even virtually—might make a great gig for your interests.

In-home hair stylist

Personal wardrobe stylist

Online dating consultant / profile editor

Serving parents, babies, and small children

There is growing opportunity for service business ideas that meet the needs of new parents, particularly in major cities, where children are more likely to be born to older and more career-minded couples.

If you love the idea of working with small children and their parents, consider whether one of these unique service business ideas would be a good option for you.

Birth photographer

Overnight doula service

Lactation consultant

On-demand babysitter

Home baby proofing consultant

Nanny and au pair placement service

Private music teacher

Children’s party planner

Birthday party character appearances

Children’s entertainment services

Academic consulting services

As those babies and toddlers grow into young students, research has shown that their parents’ dollars are transitioning to an increased amount of spending on academic support services.

Consider yourself academically inclined? Perhaps your perfect idea for a service business is among these listed here:

Homeschool teacher

Academic tutoring

Online English tutor

SAT tutoring and preparation

GED test preparation

College application consultant

College essay editor

Cover letter and resume writer

Elder care services

Population shifts are trending toward dramatic growth in our nation’s number of older adults, so you can expect demand for elder care services to skyrocket in the coming years.

Could the growing need for home health aides, drivers, and other care providers direct your new career?

In-home physical therapist

Private nursing service

Animal care services

If you’ve always had a love of animals, consider channeling that passion into a full-time business in one of these popular specialties.

Pet Sitting

Dog walking

Mobile veterinary services

Mobile pet grooming

Home maintenance and repair services

Although you may be inclined to look to new, trendy, or virtual service business ideas for your next opportunity, don’t forget about traditional home maintenance and repair services, which are consistent needs among U.S. populations.

Are you naturally talented at fixing things? Do you enjoy collecting tools and home maintenance equipment? One of these ideas for service businesses may be your perfect choice.

Pool servicing and maintenance

Locksmith services

Home entertainment installation

Home-inspection services

Interior painting service

Wallpaper installation service

Power washing service

Carpet installation service

Air conditioning installation and maintenance

Plumbing service

Appliance repair

Porcelain repair

Home maintenance equipment rental

Automobile maintenance and repair

For much of America, owning a car is considered a necessary convenience for getting around from day to day. Even so, vehicle ownership can quickly become inconvenient when a need arises for cleaning, maintenance, or repair.

With just a bit of skills training, you can choose one of these lucrative, new service business ideas to help your fellow drivers get back on the road.

Mobile car wash and car detailing

Mobile car mechanic

Vehicle inspection service

Windshield repair service

Business services

As more and more Americans become independent business owners, it should come as no surprise that demand for business-to-business services is also growing. Generally, modern businesses have taken a leaner approach to growth, relying on outside consultants or contractors to provide services and expertise to avoid the high overhead of having many employees.

Instead of working directly for another business as an employee, your future career could fall within one of these B2B service business ideas.

B2B administrative services

Though the range of “business services” can span almost every industry and niche, let’s start with some of the most traditional, purely administrative services that you can provide to fellow business clients. These services can be conducted in person at a client’s office or retail location, but in many cases they can also be offered remotely from anywhere with a reliable internet connection.

Executive headhunting

Language translation

Project manager

Certified professional accountant

Payroll processing service

Financial auditor

Business plan consultant

Office support services

Data analysis

Messenger service

Online course consultant

Freelance researcher

Online business coach

Customer service phone operator

Live chat customer support service

Sales and marketing

For any business to succeed, it needs two basic things: a product or service to sell, and customers willing to pay for it. The good news for small business owners is that the internet has made connecting with and attracting those customers a more accessible process than ever before.

The good news for you , however? The world of online marketing—and content marketing in particular—requires a huge amount of human capital to be done effectively. Could providing one of these marketing services be the right opportunity for you?

Website designer

Marketing copywriter

Content writer

Editing and proofreading service

E-book ghostwriter

Facebook ads strategist

Instagram marketing strategist

Social media manager

Content marketing strategist

SEO strategist

Email marketing manager

Affiliate sales and marketing consultant

Brand photographer

Marketing video producer

Podcast producer

Presentation and proposal designer

Public relations consultant

Brand ambassador

Technology maintenance and repair services

As businesses across every industry rely more and more heavily on technology for their daily operations, the need for knowledgeable service providers has grown steadily. Within larger corporations, these roles are often filled by in-house employees. Small businesses, however, very often cannot afford to maintain full-time IT managers, meaning they must rely on third-party services to address technology needs.

If you have previous training or a natural affinity for computer programming and information technology, your service business idea might be on this list.

Computer repair service

Printer and copy machine maintenance

Software installation service

Mobile IT support service

App developer

Online network installation and maintenance

Online security consultant

Data management consultant

B2B legal services

From notarizing documents to reviewing contracts and investigating wrongdoing, a wide array of opportunities exist to create a service business in the law enforcement sector—even without a law degree. Here are a few examples worth considering.

Legal process server

Paralegal services

Private investigator

Contract drafting and review service

Travel and tourism service business ideas

Have you recently traveled to a resort destination, only to discover that you never want to leave—or do you simply want to share with visitors the unique charms of your own hometown?

Though major airlines and hotel chains dominate much of the $370 billion U.S. travel market , opportunities abound for the creation of unique cultural and adventurous experiences by small business service providers. Here are just a few of the many ways you can turn your passion for travel into a new opportunity.

Local tour guide

Adventure tours

Travel agent

Corporate retreat coordinator

Cruise booking agent

Travel concierge services

Ski or snowboarding instructor

SCUBA diving instructor

Beach equipment rentals

Event service business ideas

From family celebrations to corporate conferences and everything in between, hosting an event almost always requires many hands on deck. And with business-to-business events alone representing a multi-billion-dollar industry, it should come as no surprise that so many opportunities exist for new service businesses in this sector.

Do you thrive on the adrenaline and social interaction of live events? If so, you could find your calling in one of these ideas for service businesses.

Fundraising event coordinator

Trade show producer

Wedding planner

Conference marketing manager

Event photographer

Event videographer

Audio visual technician

Lighting designer

Live video producer

Bartending services

Event catering services

Custom baking

Photo booth rental service

Reunion coordinator

Valet parking service

Event furniture and equipment rental

You might assume that we’ve covered every option for a service business in 2022 with this list of 145 ideas. In reality though, this list only scratches the surface of possibilities. If you’re eager to start your own business, thinking about your individual passions, strengths, and skills is the first step to what could be a satisfying new career.

Start Your Dream Business

Frequently asked questions

1. what is a service business.

A service business is one that provides an intangible product, performed by a team or an individual. Examples would be accounting, plumbing, landscaping, and banking.

2. How do you start a service business?

The basic first step to start a service business is to find a gap in services that exist in your area and create a business that fills the gap. Beyond that, it will depend entirely on the industry you choose. A good place to start is by writing a business plan. During that process, you will start to focus on many of the elements of starting a business, like your target audience and marketing strategy. You'll also need to think about how to fund your business idea .

3. How do you calculate the break-even point for service businesses?

Simply put, your break-even point is found by dividing your fixed costs by your selling price per unit minus the variable cost per unit. For a service business, you first need to figure out what your "unit" is. For example, accountants may charge by the hour, so one hour would be one unit. You could also charge by treatment, course (if you're a tutor or educator), or individual service (for example, a landscaper would charge different prices for just a lawn cut vs. cut and plant trim). Once you figure out your unit, the formula is pretty standard.

4. Do service businesses charge sales tax?

It is ultimately up to each individual state to decide which businesses are subject to sales tax. Be sure to check with your state and city agencies when establishing your service business to ensure that you're complying with the law.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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• View All 39

Clothing & Fashion Brand Business Plans

• Clothing & Fashion Design
• View All 26

Construction, Architecture & Engineering Business Plans

• Architecture
• Construction
• View All 46

Consulting, Advertising & Marketing Business Plans

• Advertising
• View All 54

Education Business Plans

• Education Consulting
• Education Products

Business plan template: There's an easier way to get your business plan done.

Entertainment & Recreation Business Plans

• Entertainment
• Film & Television
• View All 60

Events Business Plans

• Event Planning
• View All 17

Farm & Agriculture Business Plans

• Agri-tourism
• Agriculture Consulting
• View All 16

Finance & Investing Business Plans

• Financial Planning
• View All 10

Fine Art & Crafts Business Plans

Fitness & Beauty Business Plans

• Salon & Spa
• View All 35

Food and Beverage Business Plans

• Bar & Brewery
• View All 77

Hotel & Lodging Business Plans

• Bed and Breakfast

Finish your plan faster with step-by-step guidance, financial wizards, and a proven format.

IT, Staffing & Customer Service Business Plans

• Administrative Services
• Customer Service
• View All 22

Manufacturing & Wholesale Business Plans

• Cleaning & Cosmetics Manufacturing
• View All 68

Medical & Health Business Plans

• Dental Practice
• Health Administration
• View All 41

Nonprofit Business Plans

• Co-op Nonprofit
• Food & Housing Nonprofit
• View All 13

Real Estate & Rentals Business Plans

• Equipment Rental

Retail & Ecommerce Business Plans

• Car Dealership
• View All 116

Technology Business Plans

• Apps & Software
• Communication Technology

Transportation, Travel & Logistics Business Plans

• Airline, Taxi & Shuttle
• View All 62

View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

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550+ Business Plan Samples To Inspire Your Plan

Inspire your own plan with 550+ business plan samples

Use real business plan examples to jump-start your own plan!

Don’t start from scratch — get a headstart with 550 real business plan examples

How do you know what elements to include in your business plan, if you’ve never written one before? Looking at real business plan samples can help you visualize what a successful plan looks like, so you know what you’re aiming for before you get started. With LivePlan you’ll have access to over 550 free example business plans to use as a starting point.

Access our full library and browse real sample content for a broad range of businesses. You’ll see how others have written effective executive summaries, planned marketing activities, created financial forecasts , and more. Plus we’ll be right there to walk you through it .

Whether you run a dentist office or dog walking service, you’ll find examples of a business plan for every type of business.

Whether you’re a small- or mid-sized business, freelancer, nonprofit, or still figuring that out, we’ve got you covered.

LivePlan’s library of business plan samples has real business plans from 150 industries and growing. You can see the complete list here .

It’s OK if you can’t find an exact match to your business. You don’t need an exact match for a sample plan to be helpful. Instead, look for a plan that’s closely related to the type of business you’re starting. For example, if you want to start a vegetarian restaurant, a plan for a steakhouse will still be a great match.

While the specifics of your actual business will differ, the elements you’ll want to include in your restaurant’s business plan are similar—and they’re all included in LivePlan .

Real business plan examples to save you time

Read through as many sample business plans as you like to see how it’s done and get inspired. And if you really want to, you can even copy and paste sections to use in your own plan.

We’ve collected sample plans over more than 20 years, most through generous donations from happy customers who used our software and wanted to share their successful business plan samples with others.

Get LivePlan in your classroom

Are you an educator looking for real–world business plan examples for your students? With LivePlan, you give your students access to industry–best business plan samples, and help them set goals and track metrics with spreadsheet–free financial forecasts. All of this within a single tool that includes additional instructional resources to work seamlessly alongside your current classroom setup.

With LivePlan, it’s not just a classroom project. It’s your students planning for their futures. Click here to learn more about business planning for students.

Built-in examples and step-by-step help so you won’t get stuck

In addition to complete sample plans, LivePlan includes specific examples for each part of your business plan. Browse through a few examples to get an idea of how other businesses have worded their executive summary, for instance, or other key sections of the business plan. Find an example that works for you and personalize it to fit your business.

You’ll be confident that your numbers are right

In addition to sample business plans, LivePlan includes current industry benchmarks so you can see what the numbers look like for businesses just like yours. Knowing your industry standards helps ensure that your plan is both competitive and realistic.

Download a free sample business plan

Download a free business plan today. You can use it as a template for your own business plan and to see an example of what you’ll find in LivePlan. Download my free business plan .

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Products & Services Section in a Business Plan (+ Examples)

• March 21, 2024
• Business Plan , How to Write

In this blog post, we’ll guide you through writing the products and services section of your business plan. We’ll cover how to describe what you’re selling and why it’s important in your business plan.

Whether you’re launching a new startup or creating a business plan for an existing business, this section is crucial for showing the value you bring to customers. Let’s get started!

Why do we include them in a business plan?

The products and services section of a business plan is more than just a list of what a company sells; it’s a vital narrative that tells the story of the business’s core offerings and their significance to the market.

This section is paramount for readers (especially potential investors) to grasp the essence of what the business is about, the unique problems it solves, or the specific needs it addresses.

A meticulously crafted products and services segment does much more than describe offerings. Indeed, it lays the groundwork for comprehensive marketing strategies , informs operational planning, and financial projections.

Moreover, understanding the business’s offerings in depth enables stakeholders to envision the company’s value proposition and competitive edge.

Where should you include them?

In a business plan, the Products and Services section is typically included within the business overview section.

This allows you to first introduce the business model and what it offers to customers. Only after this you can provide more details of the products and services.

The Products and Services section should clearly detail what you are selling, highlight the unique value proposition . It should also ideally explain how it meets the needs of your target market if it isn’t obvious. T

What to include: 2 Examples

Begin with a clear, engaging description of each product or service you offer. For services, describe the process, customer experience, and outcome. For products, discuss the materials, technology, and any unique features.

Services example: a Cryotherapy business plan

Products example: a Brewery business plan

Privacy Overview

How Much Do Business Plan Writers Cost?

When you’re starting or growing a business, it’s important to have a clear plan in place. Writing a business plan can help you outline your goals and sales strategies, and it can be a valuable tool when seeking funding from potential investors such as venture capitalists or a bank loan. 

If you don’t have time to write your own business plan, or if you need help getting started, professional business plan writing services can be a great option. But, how much do these services cost? And is it worth the investment? Let’s take a closer look.

How Much Should I Pay For a Business Plan Writing Service?

Professional business plan writers and consultants generally charge between $2,000 and $25,000. However, the cost largely depends on the required quality of your plan, the complexity of your business plan, and the length of the document. Professional business plans for very small companies may only require a few thousand dollars to be written, while more complex business plans for larger, growing companies can easily cost over ten thousand dollars.

There are also private consultants who will write or edit your business plan on an hourly fee basis. Fees can range from $50 to $300 per hour or more, depending on the consultant and the complexity of your business plan.

Whoever you choose to get started with your business plan, be sure to consider what’s included in your service. At the very least, you should expect:

• Comprehensive business plan including an executive summary, market analysis, marketing plan, financial plan with 3-5 years of financial projections, and other essential components required by potential investors
• Customization based on your business model and specific to your business needs
• Well-researched business plan based on relevant industry information and a thorough competitive analysis

There are several companies out there that offer complete business plan writing services. However, the quality of their work can vary dramatically. If you’re considering hiring outside help to write your business plan, choose carefully.

It’s important to remember that you get what you pay for when it comes to these types of services. If you go with a cheap plan writer, you run the risk of ending up with a low-quality business plan. If your business plan isn’t strong and professional-looking, it may be harder for you to get funding or attract investors.

Looking for a Business Plan Writer?

You’ve come to the right place!  Since Growthink was founded in 1999, we have provided business plan writing services for thousands of clients including startups, small business owners, nonprofit organizations and mid to large-sized companies. 

We understand that writing a business plan can be a time-consuming process for many entrepreneurs.  Hiring a business plan writer will allow you to quickly and expertly create a custom business plan.

 Expert Team of Business Plan Writers

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 Market & Competitor Research

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Call us at (800) 216-3710 or complete the form below and one of our business plan writers will reach out to you to schedule a time to speak about your business plan needs.

You can learn more about our business plan consulting services here

What Factors Impact Business Plan Pricing?

Some things that impact business planning services pricing include:

• Length – Longer, more complex business plans will cost more than shorter business plans.
• Company Size – A business plan for a large or complicated company can be more expensive to write.
• Level of Expertise – Smaller companies may opt to hire less experienced writers who charge lower prices, while larger, well-established companies choose to work with high-quality professionals who charge higher rates. You can’t expect a less experienced writer to help you achieve your goals (funding, growth) for your business plan.
• Turnaround Time – Generally, shorter turnaround times mean increased prices. Typically it will take 3-4 weeks to write a quality business plan.
• Additional Services – Some companies offer additional services, such as business plan presentation and pitch deck editing and support. These can cost extra.

To really get your business off the ground, it’s important to have a business plan in place that has been written by someone with the expertise to put together a successful business plan. A professional business plan consultant is an excellent investment for increasing your chances of securing the funds you need to start and/or grow your business. However, it’s important to do your research and choose carefully when you’re ready to hire.

Who Can I Hire To Write My Business Plan?

When choosing a business plan writer or consulting firm, it’s important to look for a company with significant business experience and proven expertise in business plan development. Look for companies that have been around for at least five years and do business plan writing on a regular basis. They should also be able to provide references from other companies that they’ve worked with.

A Business Plan Writing Company or Consultant

When hiring a business plan writing service , you’ll have two primary options. You can opt to work with a single writer or a dedicated team of experts who will be responsible for the entire project. The price of the service may vary depending on which option you choose.

A business plan writer typically costs less than an entire team, but it’s important to keep in mind that you may have less control over the outcome. The upside is that your business plan will be written by an expert with a deep understanding of the writing process.

When choosing this route, you should ask for references and examples of previous work. Before hiring any business plan writer, be sure they have the proper credentials and experience to meet your needs. You should also ask about any fees associated with revisions or updates.

Many businesses choose to work with a business plan consulting firm that offers a collaborative team of experts. This type of company will give you the best of both worlds. You’ll be able to utilize the knowledge and expertise of all the experts involved in the project, while still retaining control over the direction and vision of your business plan.

If you’re trying to determine how much it will cost to work with a business plan writing service, take some time to explore all of your options before making a final decision. You should consider both pricing models as well as the qualifications offered by the various service providers in your area. Doing so will ensure you find the most qualified choice for your business planning needs.

You Can Write It Yourself

If you are a newer entrepreneur or business owner or you are trying to save money, there are several free resources available online to help you write your business plan. The Small Business Administration (SBA) and your local Chamber of Commerce offer business plan services, workshops, or courses that can help you get started. Using a business plan template is a great way to quickly and easily complete your plan, especially if you are unfamiliar with the business planning process.

Some business owners are comfortable writing business plans without any outside help. This option offers you complete control over the process, but it typically takes more time than you have to spare. For that reason, not writing your own plan is usually recommended for experienced business owners, even those with plenty of business plan writing experience.

In most cases, experienced business owners who write their own business plans will have a better idea of what elements are needed and how they should be presented. However, it can still take considerable time to compile all the necessary information into a cohesive business plan that meets your audience’s needs. And it’s one thing to write a business plan; it’s another to write a business plan that gets investors or lenders to write you a large funding check.

A Combination of Business Planning Services

If your budget doesn’t allow you to hire a comprehensive business plan service, combining outside services with writing your own business plan may be the best option. This approach gives you complete control over the process, while still allowing you to benefit from an expert business plan writer’s advice. It is also a great option for entrepreneurs who don’t have time to write their plan but aren’t quite ready to hire someone else to do it either.

Other business services that could help you include:

• Market Research – Conducting thorough market research can help you determine which business opportunities are viable. Experienced consultants can help you identify your target customer so you can design the right marketing strategy to reach them.
• Copywriting Assistance – Many entrepreneurs have a great product or idea, but lack the writing skills needed to effectively advertise it in their business plans or online marketing materials. A business plan copywriter can help you create a compelling marketing message that resonates with your target audience.
• Startup / Growth Opportunities – If you’re thinking about starting a business or expanding your established business, it’s important to consider all of the potential opportunities before diving into something that may not be feasible for your current situation. A business plan consultant can help you identify what makes your business idea unique and how you can capitalize on those opportunities.
• Business Plan Review – Once you’ve completed your business plan, it’s important to have it reviewed by an expert. They can identify any gaps or mistakes in logic that could affect how potential lenders or investors perceive your business idea.

As with any decision affecting your company’s future, you should take the time to explore all of your options before committing to a specific service provider. The goal is not only to find the best fit for your budget and needs but also to find a business plan consulting service that can meet your expectations and deliver quality content on time and within budget.

Is It Worth It To Use a Professional Business Plan Writing Service?

As with anything else, you’ll get what you pay for. If you are short on time or don’t have the writing skills required to write a business plan, it may be worth considering a professional writing service. These services can help you complete the necessary research and planning to get a comprehensive business plan written for your company.

How Growthink Can Help Your Business

Since 1999, Growthink has developed thousands of business plans for entrepreneurs and business owners to start and/or grow their businesses. From small business owners to Fortune 500 companies, we have provided a variety of business plan services to meet the needs of each client.

Our business planning services include:

• Business Plan Consultants – Our experienced business plan consulting team has helped numerous businesses from small businesses to multi-million dollar corporations identify new opportunities and develop their business plans using existing information where possible, or by conducting new research as needed.
• Business Plan Writing Services – Our business plan writers are experienced professionals who are committed to providing you with a business plan that delivers results. Depending on your needs, our business writers can either help you complete the research and writing process, or write your business plan for you from start to finish.
• Done For You Market Research – Our market research team can conduct independent market research for your business through access to several market research databases. Utilize this research to help you write a business plan that is more in-depth and gives you a distinct advantage over competitors in your industry.
• Private Placement Memorandums – Growthink’s experienced business consultants can help you prepare a private placement memorandum (PPM) that is tailored to the unique needs of your business. PPMs are used to help businesses raise capital from accredited investors.
• Growthink’s Ultimate Business Plan Template – Our simple business plan template is available in MS Word and when completed can be sent to investors and lenders in Adobe PDF format. Use this business plan template to help you focus your business concept on the information that is most relevant for lenders and investors, while also providing a flexible foundation for future growth.
• Business Plan Writing Help Center – We have a wide variety of free resources for business planning on our website. Use our selection of 200+ business plan examples to help you write a business plan specific to your industry or learn more from our selection of business planning and funding articles.

No matter what product or service you choose, we wish you success in your business venture

The Top 25 Startups to Watch in 2023

Updated: March 11, 2024

Published: June 20, 2023

Current macroeconomic trends have undeniably affected the startup and VC investment landscape, with the world grappling with inflation, threats of recession, and high interest rates. 

Yet some startups continue to strive, creating innovative products and services that are transforming industries like tech, health, beauty, and more. 

Silicon Valley venture capitalist Bill Gurley, who backed companies like Uber, Grubhub, and Nextdoor, says that while startups ought to be realistic about the current economic environment, it doesn’t mean it’s a bad time to get things going. 

“The environment for launching a startup was really crazy the past five years. And the truth is that if you’re going to build something from scratch, this might be as good a time as you’ve had in a decade,” Gurley shared in a 2022 interview with McKinsey Digital.

According to the Global Entrepreneurship Monitor (GEM) , an estimated 305m startups are created annually. In 2023, there are an increasing number of startups focused on financial technology (fintech), artificial intelligence (AI), blockchain technology, and data management. 

The Hustle rounded up a list of top startups in 2023, all of which have made impressive strides in their business model, funding, market share, and technology.

However, with thousands of startups launching and pushing forward around the globe, this list is by no means exhaustive. The startups below are not officially ranked or listed in any particular order. However, with thousands of startups launching and pushing forward around the globe, thanks to easily accessible startup tools & resources for entrepreneurs , this list is by no means exhaustive. The startups below are not officially ranked or listed in any particular order.

Best Startups in 2023

1. aisight.ai (formerly surveyauto).

AiSight | Crunchbase

• Industry: AI
• Investor: Bill and Melinda Gates Foundation
• Funding: Undisclosed

AiSight offers a data analytics platform that allows users to create customized surveys, track performance, and get insights like underperforming sales routes or population clusters not served by your products.

The firm also uses machine learning to analyze satellite images, which helps with collecting data like population density. It’s particularly helpful for conducting research in remote areas and developing countries.

2. SoundHound

SoundHound | Crunchbase

• Investor: Bracket Capital
• Funding: $351m

SoundHound’s voice AI platform allows brands to create customized conversational assistants using their desired language, tone, and messaging. For example, a restaurant can create a voice assistant for automated phone ordering, while a car manufacturer can use it for an in-car voice assistant. 

3. People.ai

People.ai | Crunchbase

• Investors: Y Combinator, Andreessen Horowitz, Lightspeed Ventures
• Funding: $200m

This company’s AI-powered revenue platform for enterprise teams in sales, marketing, and customer service can help businesses analyze revenue opportunities.

People.ai documents customer contacts, activity, and customer engagement, providing companies with actionable insights to help drive business growth.

4. Snackpass

Snackpass | Crunchbase

• Industry: Ecommerce
• Investor: Andreessen Horowitz
• Funding: $400m+

Snackpass combines food ordering with social media. Its app focuses on pickup orders, and offers social features like sharing rewards and an activity feed of your friends’ orders. The app has gained popularity in multiple universities in the US.

Eatigo   | Crunchbase

• Investor: Tripadvisor
• Funding: $25.5m

Founded in 2013 and headquartered in Bangkok, Thailand, Eatigo is a top restaurant reservation platform in many Asian countries. Users can search for restaurants, make reservations, and claim discounts and exclusive deals through the app. Users can also browse reviews, photos, locations, and menus to help them decide on a dining destination beforehand.

6. Blinkist

Blinkist   | Crunchbase

• Industry: Education Technology
• Investors: Insight Partners, Greycroft
• Funding: $34.8m

Blinkist contains 2.5k+ nonfiction books distilled into 15-minute reads or audio tracks that users can access on their mobile devices. It offers a convenient way for busy students and professionals to read books and discover new titles.

Babbel   | Crunchbase

• Investors: IBB Ventures, NGP Capital, REV
• Funding: $33.3m

Babbel is a language-learning app known for its engaging, bite-sized, and practical lessons. The app’s lessons are based on real-world conversations, features speech recognition technology to help with pronunciation, and uses games and podcasts to help students explore the language further.

8. Realworld

Realworld | Crunchbase

• Industry: Education Technology / Apps
• Investors: Bezos Expeditions, Techstars
• Funding: $7.7m

Founded in 2017, Realworld is an app that provides tools and resources for young adults to learn useful life skills they can use in the real world, such as filing taxes, building credit, saving for retirement, buying a home, or getting a pet. The app is available for individuals to use for free (with in-app purchases) and for companies to customize and help new and younger employees transition smoothly into the workforce.

9. Securitize

Securitize | Crunchbase

• Industry: Fintech
• Investor: Morgan Stanley, Blockchain Capital
• Funding: $100.2m

Securitize is a blockchain-based company offering secure access to private markets. It allows traders and investors to access investment opportunities such as real estate, startup equity, commodities, and more — all vetted by Securitize.

Saie   | Crunchbase

• Industry: Beauty and Wellness
• Investors: Unilever Ventures, G9 Ventures
• Funding: Seed, Undisclosed

Saie, a clean beauty startup, focuses on using nature-derived ingredients through its range of skin balms, tints, and beauty kits. The brand also aims to use mostly plastic-free and recyclable materials, from packaging to manufacturing.

11. Kinship

Kinship   | Crunchbase

• Investors: Sugar Capital, True Beauty Ventures
• Funding: $2.85m

This beauty startup specializes in ethical skin care offerings. Kinship’s products boast certifications from Ocean Waste Plastic (OWP) and the Forest Stewardship Council (FSC), in addition to being GMO-free, reef-safe, cruelty-free, and packaged in post-consumer recycled materials.

Golde | Crunchbase

• Investors: Rose Street Capital, Newtype Ventures

Golde is a wellness company that uses single-origin turmeric in many of its products such as juice mixes, ready-to-drink lattes, ceremonial-grade teas, and other health supplements. It also carries matcha, cacao, and fruit-based products. The brand was launched in 2017 and was picked up by Target in 2021.

13. NuvoAir

NuvoAir | Crunchbase

• Industry: Health Care
• Investor: Industrifonden
• Funding: $28.2m

NuvoAir is a platform focused on tracking, improving, and treating a myriad of respiratory health issues. It also offers devices that can be used to track and monitor respiratory health, with the data automatically synced to a mobile app for seamless monitoring.

iRise Mechanics | Crunchbase

• Investor: Deutsche Bank
• Funding: $47.6m

iRise Mechanics produces robotic mobility devices that help people with disabilities navigate daily tasks. The company is focused on engineering and manufacturing mobility devices for people with lower limb disabilities. The company covers everything from design to mechanics, software, and assembly of the devices. 

15. Kindbody

Kindbody | Crunchbase

• Investor: GV
• Funding: $181.3m

Kindbody is a fertility care provider that offers services ranging from traditional gynecology to conception consulting and mental health. With a virtual care facility plus physical locations in 10 US cities, Kindbody makes it easy for users to get assistance in reproductive matters. They also cater to LGBTQ+ couples and single mothers.

16. Chainalysis

Chainalysis | Crunchbase

• Industry: Blockchain
• Investors: Techstars, Accel , SV Angel
• Funding: $536.6m

Chainalysis is a platform designed to help protect blockchain users from fraud, hacked funds, and money laundering. Its anti-money laundering software provides financial institutions, government agencies, and other members of the blockchain ecosystem with an array of resources to identify and eradicate illicit activities.

17. Nodle.io

Nodle.com | Crunchbase

• Industry: Internet of Things (IoT)
• Investors: Blockchain Ventures
• Funding: $5m

Nodle allows users to connect anything to the internet — from home appliances, to fitness trackers, smartwatches, air sensors, and more. Nodle provides hardware manufacturers with lower barriers to entry for IoT solutions. Its architecture enables smartphones to be used as nodes for the network, allowing mobile app developers to easily connect their software with the IoT.

Zypp Electric | Crunchbase

• Industry: IoT
• Investor: IANFund
• Funding: $50.9m

Zypp, a scooter-sharing startup, is India’s largest tech-enabled EV-as-a-Service platform. It has a fast-growing user base of over 500k users. Its app allows people to unlock a scooter, ride it, park it, and pay, all in one place. 

XFarm | Crunchbase

• Investors: TiVenture
• Funding: $22.7m 

xFarm is an agricultural startup that provides tools to help farmers adopt digital farming — a practice that uses data to make smarter decisions about field irrigation, crop treatments, inventory management, and more.

20. Infraspeak

Infraspeak | Crunchbase

• Funding: $16.7m

Infraspeak specializes in facility management, allowing organizations to gain control over their buildings, operations, assets, and teams by integrating these with software and IoT through an Intelligent Maintenance Management Platform. 

With Infraspeak, any user in an organization can report a technical failure directly to the relevant technicians in a quick time. The tool identifies and notifies the failures in an electrical system with respect to type, location, equipment, or priority.

21. Kairos Living

Kairos Living | Crunchbase

• Industry: Real Estate
• Investor: N/A

Kairos Living offers a technology-driven approach to leasing homes. It offers renters an online resident portal, automatic payment options, 24/7 emergency maintenance services, and smart-home features like keyless entry. 

22. HomeLight

HomeLight | Crunchbase

• Investors: 500 Startups, GV, Menlo Ventures
• Funding: $742.5m

HomeLight is a real estate platform that offers services for buyers, sellers, and agents. The platform can match local Realtors with potential homebuyers or sellers and provides a listing service for agents. 

The platform also offers home loans, home trade-ins, and a service called “HomeLight Simple Sale” that allows homeowners to sell their homes as-is for cash in as little as ten days — no repairs or agent commissions needed.

23. Speechly

Speechly | Crunchbase

• Industry: Software and SaaS
• Investor: Cherry Ventures
• Funding: $2.2m 

Speechly provides software for developers looking to build voice assistants in their apps, which can help improve customer experience and engagement. Use cases include online shopping and real-time transcription. Currently, over 10k users across 140+ countries use Speechly.

24. ButterCMS

ButterCMS | Crunchbase

• Investors: N/A
• Funding: N/A

This San Francisco-based startup provides back-end content management software (CMS) that allows developers to add content and blog systems to their web apps. Butter also provides a dashboard for site owners to organize their content, allowing nontechnical team members (like marketing writers) to add content without needing to code.

Tego, Inc. | Crunchbase

• Investors: Cherry Ventures
• Funding: $21.4m

Tego is a personal security device and app that can be used for location tracking among friends and family members. In case of any emergency, the app ensures that a user’s friends and family are instantly updated on their location in real time. With just a single click of a button, you can keep everyone close to you informed about where you are.

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• Best for cord cutters
• Best for families
• Best for CBS fans
• Best ad-free service on a budget
• Best for NBC fans
• Best for sports
• Best for online shoppers
• Best for originals
• Best for critically acclaimed content
• Best for reality and documentary

What we look for in streaming services

The best streaming services in 2024.

When you buy through our links, Business Insider may earn an affiliate commission. Learn more

There are now more streaming options than ever, but subscribing to every service out there will quickly weigh on your wallet. To help you decide what to sign up for, we rounded up the best streaming services of 2024 and broke down what makes each of them unique.

Some of our top picks include Disney Plus , ideal for families and big fans of Marvel and "Star Wars," and Hulu , which is great for cord-cutters thanks to its selection of network shows. Meanwhile, we think Netflix is still the leader in original series. 

Below, you can find all of our recommendations for the best streaming services, with picks for different budgets and viewing habits in mind. 

Our top picks for the best streaming services

Best for cord-cutters: Hulu Hulu is an excellent choice for cord-cutters thanks to a mix of exclusive titles and next-day streaming for popular network shows.

Best for families: Disney Plus Disney Plus is the top streaming choice for families and fans of blockbuster franchises like Marvel and "Star Wars."

Best for CBS fans: Paramount Plus Paramount Plus is perfect for viewers who want to stream CBS TV shows, premium cable content from Showtime, and local NFL games. 

Best ad-free plan on a budget: Apple TV Plus Apple TV Plus has a limited lineup, but it's less expensive than other ad-free services, and it has a growing selection of exclusive series.

Best for NBC fans: Peacock Peacock is a convenient streaming source for hit NBC TV shows, Universal movies, and select sports like Sunday Night Football.

Best for sports: ESPN Plus ESPN Plus is designed for sports, giving subscribers access to live MLB, NHL, soccer, golf matches, and exclusive UFC fights.

Best for online shoppers: Amazon Prime Video Amazon Prime Video is a capable, competitive streaming service that's more than just a Prime membership perk.

Best for originals: Netflix With its exclusive shows and a huge content library, Netflix remains one of the quintessential streaming services.

Best for critically acclaimed content: Max Max is a premium service for fans of prestige television, iconic films, and unscripted programs.

Best for reality and documentary: Discovery Plus Discovery Plus is the streaming home for TLC, Food Network, HGTV, and Discovery shows, making it perfect for reality and documentary TV fans.

Best for cord-cutters: Hulu

Pros: On-demand library with lots of network series, can subscribe to "channels" like Max, discounted bundle with Disney Plus and ESPN Plus, live TV option

Cons: Ad-free plan is expensive, two-device limit

Hulu offers two plans that provide on-demand streaming, including a basic option with commercials and a premium plan without ads. Hulu also has one of the best live TV streaming service packages that adds network and cable channels.

Hulu arguably boasts the most impressive TV show library of any on-demand streaming service, with a wide range of new and classic shows . This includes next-day streaming access to ABC, FX, and Fox broadcast series. You can also find a rotating selection of licensed movies from studios like Warner Brothers and recent films from 20th Century Studios and Searchlight, like " Poor Things ."

Hulu also offers a solid selection of original shows , like "Shogun," "The Bear," " Only Murders in the Building ," " The Handmaid's Tale ," and " The Kardashians ," but its slate of exclusives isn't quite as notable as some competitors. Likewise, though Hulu does support 4K HDR on some devices, its selection is limited compared to Netflix, Amazon, and Disney Plus. 

Hulu allows only two devices to stream simultaneously, but you can remove that limit with a Hulu + Live TV subscription and a $10 add-on for unlimited screens. Hulu also lets subscribers add other services to their membership, like Max and Starz, for an extra monthly fee. 

You can even get the Disney Plus Bundle , which packages Hulu with Disney Plus and ESPN Plus for a discounted price. And all of Hulu's live TV plans include the bundle for no extra charge. Subscribers to the bundle can now access Hulu within the Disney Plus app, so you no longer need to switch between them.  

Read our full breakdown of Hulu prices and plans .

Best for families: Disney Plus

Pros: Disney's vault of classic movies and shows, 4K HDR support on all plans, blockbuster Marvel and "Star Wars" titles, supports four devices at a time

Cons: Lack of mature content limits the platform's potential

Disney Plus is the fastest-growing streaming service on the market, having amassed more than 160 million subscribers since its launch in November 2019. The platform is the subscription streaming home of Disney's classic animated films and franchises like "Star Wars" and "The Simpsons."

With that in mind, its main draw is its wide catalog of Disney , Star Wars , Marvel , and Pixar content. There are some new original films, series, and concert specials as well, but the lineup isn't as large as what you'll find on Netflix or Amazon. Still, the service has a healthy pipeline of exclusives for members to get excited about, including a new adaptation of " Percy Jackson and the Olympians ."

It's also important to note that Disney Plus is designed to be family-oriented, so even Disney's more mature shows, like " The Mandalorian " and " Andor ," are still typically rated for teen viewers. However, the service does include a few R-rated movies, like "Deadpool," and a few TV-MA Marvel shows, including " Echo ."

Even so, adults who didn't grow up on Disney or "Star Wars" may want to find a second streaming service to fill their palette with more mature shows. If you fall into that boat, we recommend paying a bit more to get the Disney Plus Bundle with Hulu and ESPN Plus. Bundle members can now access Hulu content within the Disney Plus app, so you can find all of Hulu's content without switching apps. 

Read our Disney Plus guide and Disney Plus review .

Best for CBS fans: Paramount Plus

Pros : Huge library of classic TV shows, live CBS with Premium plan, live NFL games, new Paramount films, top-tier plan comes with Showtime

Cons : Less original content than the competition, have to pay extra for live CBS

Paramount Plus is a subscription streaming service from ViacomCBS. The platform gives viewers access to a large collection of on-demand shows and movies, and the premium plan also includes live CBS streaming so you can watch your local CBS network without cable or a digital antenna . 

In addition to CBS series, Paramount Plus draws programming from Viacom cable channels like MTV, BET, Comedy Central, and Nickelodeon. Paramount Plus is also home to exclusive content like " Star Trek: Discovery ," " Picard ," " Halo ," and "Yellowstone" spinoffs like " 1883 " and " 1923 ." 

The streaming service adds new Paramount movies to its lineup after they play in theaters, including recent releases like the "Mean Girls" musical and "Mission: Impossible – Dead Reckoning."

Sports fans can also tune into local NFL games broadcast on CBS, as well as UEFA soccer matches and March Madness college basketball matchups when each season is in session. 

You can get Paramount Plus with Showtime if you want access to even more movies and shows. The two services merged in June 2023, and Showtime now comes with the top tier of Paramount Plus by default. Once subscribed, you unlock Showtime movies and shows directly in the Paramount Plus app.

Read our Paramount Plus streaming service guide and our Paramount Plus review .

Best ad-free service on a budget: Apple TV Plus

Pros : Competitive ad-free price, exclusive shows, movie rental and purchase options, can add streaming channels, 4K HDR support

Cons : Doesn't have as many movies and shows as other services, only has a small back catalog of licensed programs that stream for a limited time

Apple TV Plus is one of the most affordable ad-free streaming services you can subscribe to. It costs $10 a month to access its entire lineup of on-demand movies and shows. That's less than commercial-free plans from Disney Plus, Netflix, Hulu, Max, Peacock, and Paramount Plus. 

But while that's an attractive price, the library is relatively small compared to those competing platforms. Most notably, the service lacks a large back catalog of movies and shows from other networks and studios. That said, there are some standout exclusives like " Ted Lasso ," " Severance ," and "Monarch: Legacy of Monsters," as well as award-winning films like " Killers of the Flower Moon " and " CODA ." Live Friday Night Baseball games are also included for subscribers to watch.

Like Prime Video, Apple TV Plus also lets you access a huge library of additional movies and shows that you can pay extra to rent or purchase. Though it would be great to have more programs included as part of your subscription, being able to order more titles within the same app is convenient. You can add channels to your subscription, like Starz, for an extra fee.

If you plan to use other Apple services, you should also consider the Apple One bundle . The base package includes Apple TV Plus, Apple Music, Apple Arcade, and 50GB of iCloud storage for $20 monthly.

Best for NBC fans: Peacock

Pros : Affordable ad-supported plan, live news and sporting events, access to new Universal releases, live NBC streaming with Premium Plus

Cons : Doesn't offer many exclusives, can no longer sign up for free plan, limited 4K selection

Peacock is the streaming home of current and classic NBCUniversal shows like "Found," "SNL," "30 Rock," and "The Office," as well as original titles like " Poker Face " and "Twisted Metal."

The service also offers a rotating slate of hit movies, including recent Universal titles straight from theaters, like " Oppenheimer " and "The Holdovers."

Peacock used to have a free ad-supported plan with a limited content selection, but this is no longer available for new members. Instead, the current entry-level option is Peacock Premium, which offers ad-supported access to everything on the service for $6 a month. For ad-free access, you need to pay $12 a month for Peacock Premium Plus. The top tier also adds livestreaming access to NBC to watch your local station without an antenna or cable. 

Peacock has some live news and sports broadcasts as well. Most notably, the service is home to WWE events and Sunday Night Football. 

Members can stream some titles in 4K, but the catalog is mostly limited to just a few new movies. Compared to other services, Peacock has one of the smallest 4K collections, but it has been adding more 4K titles in recent months.

Read our Peacock TV guide.

Best for sports: ESPN Plus

Pros : Access to tons of live sports, nice library of original docuseries, members can buy exclusive UFC matches

Cons : Limited coverage of NBA, doesn't include ESPN cable channel

Regarding the best streaming services for sports, fans searching for a dedicated platform to watch live games should look no further than ESPN Plus.

Designed as a streaming complement to ESPN's cable networks, ESPN Plus gives members access to tons of live MLB and NHL games during their respective seasons. The service also streams select NFL games. Various golf, tennis, soccer, and college league matches are also featured.

ESPN Plus is home to frequent UFC Fight Night events, too, and the service is the exclusive provider of UFC pay-per-view events in the US. Though subscribers must pay extra for these PPV fights, new members can get a discounted bundle with a UFC PPV match and an annual ESPN Plus subscription. 

Outside live sports, ESPN Plus features a selection of on-demand docuseries, like "30 for 30," and other original programs featuring popular sports personalities, like Peyton Manning, Tom Brady, and Derek Jeter. Members can also access exclusive articles to dive into more sports analysis. 

On the downside, ESPN Plus doesn't typically stream live NBA games, so it's not a great option for big basketball fans. And though some coverage is occasionally simulcast across various ESPN properties, ESPN Plus does not actually provide livestreaming access to the regular ESPN cable channel. To watch the ESPN network, you still need cable, satellite, or a live TV streaming service. 

Read our ESPN Plus guide.

Best for online shoppers: Amazon Prime Video

Pros: Included with Amazon Prime, offers extra movie rental and purchase options, lots of international titles, can add streaming channels, 4K HDR support is included in the base plan

Cons: The library is less impressive than the competition, ad-free streaming now costs extra

More than 110 million Amazon Prime members help make Prime Video one of the largest on-demand services in terms of subscribers, even if they're not all streaming video on a regular basis. 

Prime Video members get access to a mix of movies and shows, including some originals that aren't available on other services. Exclusives include hits like " The Lord of the Rings: The Rings of Power ," " The Boys " and " The Marvelous Mrs. Maisel ." You can also pay extra to rent or buy just about any film that's available on home video and watch it through the Prime Video app whenever you like. This is a feature that most subscription streaming apps don't offer.

Prime Video has launched several award-winning original shows since 2013 and has successfully imported dozens of series from the BBC, as well as Hindi language films from India. The platform supports three streams simultaneously and up to 4K playback with HDR on select titles. And, unlike Netflix and Max, it doesn't charge extra for 4K.

Since it comes included with a Prime Membership, Prime Video is a particularly great option for people who are frequent Amazon shoppers and want to get all the perks that come with the retailer's service. However, we're disappointed that Amazon now charges an extra $3 a month to remove commercials. Prior to January 2024, all Prime Video memberships were ad-free.

Read our Prime Video guide.

Best for originals: Netflix

Pros: Fantastic library of originals, impressive app support, special interface for kids

Cons: Ad-free plans are more expensive than the competition, new password-sharing policy

Netflix has spent the last few years producing a growing collection of original programs, including exclusive movies, ongoing TV series, documentaries, and comedy specials. Though the service isn't as dominant as it once was, its impressive library still cements it as the quintessential streaming service to beat.

The success of exclusives, like " One Piece ," " Wednesday ," " Bridgerton ," " The Witcher ," and " Stranger Things ," has helped Netflix justify its higher prices and encouraged competitors to create their own originals. Netflix also has a nice selection of licensed content from other studios and networks, including some titles that used to be exclusive to other services, like Max. 

On the downside, Netflix's new policy around password sharing could end up costing you more money if you have a bigger household or long-distance connection. It also discontinued its ad-free Basic plan , which means the starting price for ad-free streaming is now $15.49 rather than $10. This makes Netflix one of the most expensive streaming options out there.

Still, the overall library is nicely varied, with plenty for adults and children. When it comes to app support, Netflix is available on all of the best streaming devices and best TVs , including computers, smartphones, Roku, Apple TV, Fire TV, Google TV, and more. It also offers comprehensive support for all of the latest video and audio formats, including 4K, HDR, and Dolby Atmos — but unlike some of its competitors, it charges extra for those features.

Read our Netflix price and subscription guide.

Best for critically acclaimed content: Max

Pros: Included with an HBO cable plan, prestige shows and films, tons of content from Discovery Plus, new Warner Bros. movies

Cons : More expensive than most competitors, some shows and movies are being removed with little warning 

The Max streaming service, formerly known as HBO Max, combines critically acclaimed shows and movies from HBO's cable network with new originals, content from Discovery Plus, WarnerMedia films, classic shows like "Friends," and collections from other brands like CNN, Studio Ghibli, Adult Swim, TCM, and DC.

HBO shows, like " House of the Dragon " and " The Last of Us ," continue to define prestige television, and Max has several critically acclaimed originals of its own, like " Our Flag Means Death ." The service also streams brand-new Warner Bros. movies after they play in theaters, including " Wonka ." 

Max is also a great option for fans of unscripted television, as it now includes a large selection of programs from the Discovery Plus streaming service, including popular shows from TLC, Food Network, and HGTV. Discovery Plus remains a cheaper option for people who just want those unscripted titles, but Max is a good value for viewers who also crave prestige TV.

With that said, Max has become known for removing titles with little warning. Even big releases, like "Westworld," have been pulled from the service as part of the studio's cost-cutting measures. This uncertainty surrounding some titles isn't ideal for subscribers. The service is also pricey, especially if you want 4K streaming, which is something that most competitors don't charge extra for. 

Read our Max streaming service guide.

Best for reality and documentary: Discovery Plus

Pros : Huge library of shows from almost 20 channels, including Food Network, HGTV, TLC, History, and Animal Planet, supports streaming on up to four devices at once

Cons : Certain newly aired shows don't appear on Discovery Plus, only appeals to unscripted TV fans

Discovery Plus is one of the fastest growing streaming services in the business, delivering a ton of popular series for fans of reality TV, true crime, cooking, and competition shows, like " MILF Manor ," "Chopped," "Dirty Jobs," "Extreme Makeover," and "90 Day Fiance."

The service collects titles from cable channels, including Discovery, TLC, Animal Planet, Food Network, HGTV, ID, A&E, History, Lifetime, OWN, Travel, and more. Members also get access to a growing selection of original shows, including spinoffs of popular Discovery franchises. It boasts more than 70,000 episodes for on-demand streaming and includes "channels" to let you watch 24-hour streams of select shows like "House Hunters" and "Chopped."

Though Discovery Plus now allows downloading titles for offline viewing, this feature is only for its ad-free tier subscribers. Its library also lacks much in the way of scripted series, so the service will only appeal to fans of nonfiction programming.

In May 2023, a large selection of Discovery Plus content was added to the Max streaming service. However, Discovery Plus is still available on its own and remains the better option for people who want to pay less and don't care about HBO programs. 

Read our Discovery Plus guide.

Since the goal is entertainment, choosing the best streaming service for your needs will largely come down to your personal tastes. However, we can judge the different on-demand platforms based on a few common factors, like their library size, selection of critically acclaimed exclusives, video quality, app functionality, and price.

The best streaming services have an option for 4K video quality , with support for HDR color and contrast on compatible TVs. However, live TV channels rarely broadcast in 4K, so we have lower expectations for the best live TV streaming services and sporting events, which still use HD resolutions like 1080p or 720p.

Quality can also vary based on the movie or show being streamed, and you'll need a strong, stable internet connection to stream consistently at 4K. Even if you don't have one of the best 4K TVs , these services will still deliver the best possible quality for your setup.

We expect app support on iOS, Android, and most home entertainment devices. The best on-demand services also allow subscribers to save select movies for offline viewing while they travel, though an online check-in is still required occasionally.

When comparing catalogs, we try to consider the range of entertainment offered by each of the best streaming services, how much the platform has invested in exclusive programming, and which age ranges are best suited to watch. While most of the best streaming services will have a rotating list of movies, it's important to pay attention to which series and franchises will remain platform exclusive, like "The Office," "Star Wars," and "Stranger Things."

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Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.

You can purchase logo and accolade licensing to this story here . Disclosure: Written and researched by the Insider Reviews team. We highlight products and services you might find interesting. If you buy them, we may get a small share of the revenue from the sale from our partners. We may receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising team. We welcome your feedback. Email us at [email protected] .

• Main content

The future of Medicare Advantage

Table of contents, payer considerations in 2024 as medicare advantage changes, sweeping changes to medicare advantage: how payers could respond, this year us health insurers have to navigate strong crosscurrents from demographic shifts, regulatory changes, and member preferences. how they react now can have an impact for years to come., by gabe isaacson, dan jamieson , sonja pedersen-green, and cara repasky.

The undeniable story of early 2024 for US health insurers has been the sustained economic pressures that Medicare Advantage (MA) payers are experiencing. This was borne out in 2023 year-end financial results, with several MA payers pointing to inpatient and outpatient care utilization being higher than expected, consequently increasing the medical-loss ratio.

Looking ahead, the financial pressure on payers could worsen. In its 2025 advance notice for new payment rates, the US Centers for Medicare & Medicaid Services (CMS) notes that there will be an aggregate revenue growth (3.7 percent) 1 “2025 Medicare Advantage and Part D advance notice fact sheet,” CMS, January 31, 2024. when the increase (3.86 percent) driven by the risk score trend is included. Payers’ estimates of this number, however, vary widely.

Taken together, these headwinds only exacerbate the imperative for MA payers to contain costs. Savings will need to come from both medical costs and value-based care, as well as administrative expenses and product design changes. Yet none of this lessens the need to invest sufficiently to achieve growth expectations and Star-rating aspirations.

Cost-containment imperatives don’t lessen the need for MA payers to invest sufficiently to achieve growth expectations and Star-rating aspirations.

Higher utilization in 2023 was likely spurred by delayed care caused by the COVID-19 pandemic and other acute triggers in excess of historical trends. As the extent and longevity of these acute triggers are uncertain, payers can continue to monitor the research. But in the longer term, they can also continue to focus on how the aging of the Medicare population is likely to continue driving utilization, indicating that this could be a new normal. Similarly, some other seemingly gradual changes could nonetheless be disruptive this year.

Besides planning for demographic shifts, payers will need to navigate changes to Star ratings and rethink product designs and distribution channels. All of these factors are expected to complicate growth and revenue. As we consider the decisions that payers will need to contemplate, five key trends are coming into clear focus for the year ahead: the need for a product reset, an aging population, Star-rating pressures, opportunities in special needs plans (SNPs), and broker channel constraints.

Product reset

The cost-containment imperative for MA payers means that a focus on ROI in product design is already emerging as an undercurrent in 2024 and is expected to be a priority in the 2025 bid cycle. Regulatory changes are putting pressure on top-line revenue and may seemingly warrant retrenchment, but instead we suggest that payers make calculated trade-offs and reevaluate their portfolios. In recent years, with more cash on hand, the focus has been on increasing product richness—for example, through new and more generous benefits, increasingly in cash and cash-equivalent forms—to drive growth.

However, as CMS starts to ask more questions on benefit utilization to assess efficiencies, 2 David Kopans and Sua Yoon, “CMS upends Medicare Advantage supplemental benefits data reporting for payers,” DLA Piper, February 27, 2024. we expect to see a more triangulated focus on designing benefits for not just growth but also retention (for example, ease of use and vendor stability) and member outcomes (for example, proactive engagement in seeking care and flex card allowance focused on medical coverage rather than broader retail access). Even with possible new reporting requirements and nascent recommendations regarding standardization, supplemental benefits are expected to go from being nice to have to an offering that provides meaningful strategic upside. With the number of plan options increasing every year, the market may have reached a saturation point, leading to benefit designs that evolve from a buffet to a curated menu.

Payers were clearly grappling with these choices in the 2024 pricing cycle. Some pulled back in select markets and aligned investment to risk-bearing providers, whereas others employed a broader stance to deliver richness across markets in pursuit of a nationwide approach to membership. 3 McKinsey analysis of CMS landscape files. In 2024 and beyond, payers may see more value in having a concise narrative for distribution partners and beneficiaries rather than the “all things to all people” approach of recent years.

In 2024 and beyond, payers may see more value in having a concise narrative for distribution partners and beneficiaries rather than the ‘all things to all people’ approach of recent years.

A critical question for this year is whether the market has reached a tipping point in benefit generosity focused on growth and will shift to an environment in which payers are more intentional about ROI through member retention and improved health.

Aging population

Nearly half of the MA-eligible population will be aged 75 or older by 2030, up from roughly 40 percent at the present time. 4 McKinsey analysis of US Census Bureau data. This increase, along with labor-shortage concerns, has triggered rising qualms about a potential crisis in eldercare. Healthcare worker vacancies reached 710,000 in May 2023, and the educational pipeline indicates that the gap is likely to expand in the next decade . This makes 2024 a pivotal year to put in place solutions to rebuild the depleted workforce of doctors, nurses, certified nursing assistants, home health aides, nursing home workers, and other integral supporters of eldercare.

Besides the foundational solutions needed to address workforce challenges, we expect to see a shift toward next-generation care models to better help the higher-need aging population access the right care at the right time at the right cost. These models often use technology and data to personalize care through, for example, wearables, remote monitoring, telehealth, and sophisticated data platforms. This responsibility falls heavily on payers—not only those that already own many of these services, but also those that shoulder the responsibility of engaging members to navigate this complex web.

Of crucial concern are whether the emerging crisis will prompt those payers that aren’t already vertically integrated to begin down this path, whether it will encourage those that are vertically integrated to continue with M&A and investments in healthcare delivery, and if the next decade of investment will vary from the primary care–centric investments to date.

Star-rating pressures

Another year brings another set of changes to Star ratings for payers to adapt to. For one, implementation of Tukey method guardrails for rating year 2024 will raise the bar on the Star program . The new provision nixes performance outliers from calculations, which in turn contributes to more challenging cut points. Also in the current rating cycle, plans will face the deweighting of member experience measures, which will place relatively more emphasis on clinical and pharmacy metrics. 5 “The impact of Stars 2024: An interview with industry leader Mick Twomey,” blog entry, AdhereHealth, October 20, 2023. Payers will need to focus on member and provider engagement through both omnichannel outreach and an on-the-ground presence, an area that has traditionally seen lower investment. And it could well be that clinical and pharmacy metrics, even when properly collected, won’t affect Star ratings as positively as member experience measures have.

Looking ahead, another important change to the Star program is that a health equity index will replace the reward factor, which benefited plans with high and consistent performance across various measures. The index, though, will do more for plans with high performance on a subset of measures for their low-income-subsidy, dual-eligible, and disabled populations. For payers with fewer of these members or less experience in serving these populations, building out these capabilities will be a multiyear effort. We expect to see payers invest in these populations through both traditional care and addressing social determinants of health.

A vital matter is whether payers can adjust to the new guidelines and reverse the downward trend in Star ratings over the past couple of years.

Opportunities in SNPs

The market for SNPs, driven by both demographic and regulatory trends, will continue to be an area of increased focus. As top-line MA population growth begins to slow, payers are continuing to seek out pockets of growth, and chronic-condition SNPs may be an emerging opportunity. They grew faster in last year’s enrollment period than dual-eligible SNPs (D-SNPs) did for the top three payers.

D-SNPs, however, remain the largest of the SNPs. Recent years have seen substantial growth in their population, with payer entry and investment to match. This isn’t lost on state governments. While not a nationwide phenomenon, more states continue to move into highly integrated and fully integrated models for the D-SNPs. New models are expected in 2026 for Illinois, Michigan, and Rhode Island, and many more states are likely to be close behind. Recent surveys point to 17 additional states that are considering pursuing new D-SNP contracting strategies. 6 Alice Burns, Maiss Mohamed, and Maria T. Peña, “Medicaid arrangements to coordinate Medicare and Medicaid for dual-eligible individuals,” KFF, April 27, 2023.

McKinsey analysis indicates that while MA should remain a high-growth profit pool overall , the dual-eligible cohort is expected to see EBITDA increase by more than 10 percent by 2027. 7 Neha Patel and Shubham Singhal, “ What to expect in US healthcare in 2024 and beyond ,” McKinsey, January 25, 2024. This means that payers are now grappling with the increasing imperative to invest further in Medicaid capabilities and partnerships, including through connecting with community partners and social organizations, to remain viable in this market.

A central issue is whether payers will make the needed proactive moves to prepare—whether the state they work within forces it or not—to build the capabilities necessary to remain viable for the D-SNP population.

Broker channel constraints

Payers and brokers have been abuzz since CMS’s November 2023 announcement “proposing to redefine ‘compensation’ to set a clear, fixed amount that agents and brokers can be paid regardless of the plan the beneficiary enrolls in.” 8 “Contract year 2025 policy and technical changes to the Medicare Advantage Plan Program, Medicare Prescription Drug Benefit Program, Medicare Cost Plan Program, and Programs of All-Inclusive Care for the Elderly, and Health Information Technology Standards,” CMS, November 6, 2023. With customer acquisition costs widely pushing north of $2,000 across the country, these compensation caps could—if implemented as proposed—have a meaningful impact on the financial solvency of the largest field-marketing organizations and brokerages. 9 Based on McKinsey analysis of earning filings for publicly traded brokerages.

Although the compensation cap won’t affect those naturally aging into Medicare from commercial plans, it will affect other groups, as brokers have developed superior marketing and sales capabilities for them. To date, payers have used broker channels for their efficiency and high-volume capabilities, but the expected pressure on the broker business raises questions of sustainability and competitiveness.

To date, payers have used broker channels for their efficiency and high-volume capabilities, but the expected pressure on the broker business raises questions of sustainability and competitiveness.

A fundamental query is whether the new compensation caps will be a forcing mechanism for payers to bring more distribution into internal systems by enhancing and scaling their own marketing and sales capabilities.

Although 2024 has just begun, we already see some MA payers adjusting their outlook for the rest of the year. The sustained increase in utilization is only adding upward pressure on cost structures, while the CMS 2025 advance notice is putting downward pressure on revenue. We expect that the trends discussed in this article will deepen disruptions for MA payers. The next few months and the next round of financial results will be telling about which payers have anticipated these changes successfully, setting them up for success for years to come.

ABOUT THE AUTHOR(S)

Gabe Isaacson is an associate partner in McKinsey’s Pittsburgh office, where Cara Repasky is a partner; Dan Jamieson is a partner in the Chicago office; and Sonja Pedersen-Green is an associate partner in the Minneapolis office.

The authors wish to thank Emily Pender for her contributions to this article.

This article was edited by Querida Anderson, a senior editor in the New York office.

The Medicare Advantage program will look meaningfully different in the years ahead. Payers will need to consider transformational moves in the near term to improve their ability to compete in the long term.

About the authors.

The Medicare ecosystem is facing a series of simultaneous challenges, disruptions, and opportunities that add up to one certainty: this market will look meaningfully different in the years ahead. Medicare Advantage (MA) is projected to be the line of business that drives the most profit for payers in 2026, 10 Neha Patel and Shubham Singhal, “ What to expect in US healthcare in 2023 and beyond ,” McKinsey, January 9, 2023. even while headwinds are emerging in the Medicare program. The Centers for Medicare & Medicaid Services (CMS) is projecting the Medicare trust fund will run out of money in 2031, 11 2023 annual report of the Boards of Trustees of the federal Hospital Insurance and federal Supplementary Medical Insurance trust funds , CMS, March 31, 2023. although investors continue to pour billions into acquisitions of payers, care delivery partners, and related healthcare services and technology providers across the Medicare value chain. Additionally, market penetration of Medicare Advantage (MA) remains hugely variable nationwide, with only about 12 percent of beneficiaries in MA plans in some states but about 60 percent in others. 12 For example, MA penetration in Michigan is about 59 percent and in Wyoming is about 13 percent. For more, see MA State/County Penetration 2023 06, CMS, June 2023. Meaningful disruptions—in demographics, regulations, and member preferences—compound the uncertainty, making it difficult for payers and other Medicare participants to chart a path forward. By making transformational moves in the near term, payers can improve their ability to compete in the years to come.

The strategic decisions private Medicare payers make now will determine their ability to have competitive capabilities and position themselves to succeed as the market changes. Some large payers and investors have already begun placing strategic bets to capture future growth (for example, buying up primary-care centers whose patients are enrolled in MA plans), despite the climate of uncertainty. By closely monitoring the ongoing shifts in Medicare, continually adjusting their priorities, and building new capabilities, payers can position themselves to succeed.

Disruptive trends are shaking up the Medicare landscape

Payers are considering strategies to better address the aging population, a succession of pending regulatory changes, and shifts in member preferences for benefits and engagement.

Demographic shifts

The demographic profile of Medicare beneficiaries and eligible individuals is skewing older. From 2020 to 2030, seniors aged 75 to 79, 80 to 84, and 85 and older are projected to grow as a proportion of all seniors. This is a shift from the 2015–20 period, when growth was more heavily in the cohort aged 65 to 74. 13 McKinsey analysis of US Census data.

For many of these aging and higher-need members, today’s popular plans (for example, those with zero or negative premiums, rich supplemental benefits, or leaner core medical coverage) may no longer be the best fit. To retain members, payers may need to counsel them to switch to products that better match their evolving health needs, although some members are likely to resist, at least initially.

Medicare beneficiaries aged 85 and older average more than twice the monthly medical costs of those aged 65 to 69 and are more than three times as likely to have at least one hierarchical condition category. 14 McKinsey analysis of 2021 Medicare Fee-for-Service data. This creates a substantial increase in clinical burden that will require payers to develop new capabilities in care management, social determinants of health (SDoH), and health equity—in line with CMS’s priorities. In the meantime, payers will continue to advance their capabilities as risk-bearing entities operating under capitated models. Specifically, where diagnosed conditions are most acute, payers could pursue specialist-centric risk arrangements. As needs intensify and mobility declines, payers could also develop intensive, home-based care models.

Along with the aging Medicare population, MA membership growth is slowing. We estimate that annual growth in MA membership will slow from more than 8 percent in 2022 to about 3 percent in 2031. As growth slows in historically strong and currently penetrated (primarily urban) markets, payers will seek to build the networks and capabilities to grow in historically less penetrated markets, such as those with large rural populations (Exhibit 1).

Regulatory environment

The most sweeping set of regulatory changes to the Medicare Advantage program since the Medicare Modernization Act of 2003 will go into effect in the next three years, affecting rates, risk adjustment, Star ratings, and Part D. To adjust, these changes necessitate a nimble response from payers.

MA rates. The 1.12 percent effective MA rate decrease—the change in the amount paid per enrollee per year to payers by CMS—marks the first decline since 2015 (Exhibit 2). 15 This rate excludes the CMS-estimated 4.4 percent rate increase from MA risk score trend. This translates to a loss to payers of an average of $150 per member per year. 16 The 1.12 percent effective rate decrease equates to a roughly $4.7 billion loss in payment to MA plans, or about $150 per member considering 2023 MA membership. For more, see “Fact sheet: 2021 Medicare Advantage and Part D rate announcement,” CMS, March 31, 2023.

Risk adjustment. CMS announced changes to MA risk adjustment following careful analysis, including observed higher-than-expected risk scores compared with fee-for-service (FFS). 17 Report to the Congress: Medicare payment policy , Medicare Payment Advisory Commission, March 2022. CMS has refreshed the risk adjustment model to bring it more in line with FFS, driving MA rates down by 2.16 percent, on average. 18 “Fact sheet: 2021 Medicare Advantage and Part D rate announcement,” March 31, 2023. Risk adjustment remains a high-priority topic for payers as they respond to CMS’s Risk Adjustment Data Validation (RADV) Final Rule, which is expected to enable CMS to recoup $4.7 billion over the next ten years. 19 “Medicare Advantage Risk Adjustment Data Validation final rule (CMS-4185-F2),” CMS, January 30, 2023; McKinsey analysis of historical audit results.

Star ratings. For calendar year 2024, CMS reduced payment rates by 1.24 percent in response to a decline in average MA Star ratings, which resulted largely from expiring COVID-19 provisions and scheduled measure adjustments. 20 “Fact sheet: 2021 Medicare Advantage and Part D rate announcement,” March 31, 2023. Star ratings reached a record high in rating year 2022, with 90 percent of members in plans rated with four or more Stars; that number has fallen to 72 percent in 2023. 21 “2023 Medicare Advantage and Part D Star ratings,” CMS, October 6, 2022; “Fact sheet – 2022 Part C and D Star ratings,” CMS, October 8, 2021. Payers will likely face further headwinds from Stars technical changes—for example, removal of contract performance outliers using the Tukey method and revisions to disaster provisions—and the introduction of the health equity index (HEI). Starting with 2027 Star ratings, the new HEI will reward contracts for high measure-level scores with low-income subsidy, dual eligible, and disabled enrollees. 22 “2024 Medicare Advantage and Part D final rule (CMS-4201-F),” CMS, April 5, 2023.

According to a simulation of the removal of the current reward factor and addition of the proposed new HEI reward, 1.7 percent (seven) of MA prescription-drug contracts gained a half star on the overall rating, while 13.4 percent (54) of contracts lost a half star on the overall rating. 23 Medicare program; contract year 2024 policy and technical changes to the Medicare Advantage program, Medicare Prescription Drug Benefit program, Medicare cost plan program, Medicare Parts A, B, C, and D overpayment provisions of the Affordable Care Act and Programs of All-Inclusive Care for the Elderly; health information technology standards and implement specifications , Federal Register, December 27, 2022. Historically, payers have been able to respond to technical adjustments, the addition or expiration of certain metrics, and other changes to the Stars program, but the magnitude of these changes will be their biggest test yet.

Part D. As a result of CMS changes to Part D plans, payers will be prohibited from collecting back-end payments from pharmacies via direct and indirect remuneration (DIR) fees and will be required to assume greater responsibility for catastrophic drug coverage. Payers will lose more than $11 billion in plan revenue from lost DIR fees, equivalent to 74 percent of revenue from member premiums in 2021 (Exhibit 3). 24 Adam J. Fein, The 2023 economic report on U.S. pharmacies and pharmacy benefit managers , Drug Channels Institute, March 2023; 2022 annual report of the Boards of Trustees of the federal Hospital Insurance and federal Supplementary Medical Insurance trust funds , CMS, June 2, 2022. Additionally, reinsurance payments are currently the largest and fastest-growing source of payer revenues. In 2025, however, government coverage for reinsurance will drop by three-quarters, from 80 percent of catastrophic costs to 20 percent, leading to dramatic decreases in reinsurance payments to payers. 25 Inflation Reduction Act of 2022, Pub. L. No. 117-169, 136 Stat. 1818, 2022.

Shifting member preferences

Members’ preferences for engagement with MA plans are fundamentally changing—in line with the seamless, omnichannel, and customer-centric experiences they now routinely enjoy with B2C companies such as retailers and technology providers. Most prominently, this change manifests in their rising preferences for digital engagement. 26 Gabe Isaacson, Marina Ivanenko, and Cara Repasky, “ Digital engagement now typifies the Medicare Advantage experience ,” McKinsey, March 9, 2023. This appears first in the extent to which beneficiaries increasingly rely on e-brokers when shopping for MA plans. Of the more than seven million beneficiaries who enrolled in a new MA plan in 2022, more than one-third (about two million) used an e-broker, highlighting a meaningful shift to digital channels compared with even five years ago. 27 McKinsey analysis of earnings reports for SelectQuote (about 617,000 beneficiaries in 2022), eHealth (about 322,000 in 2022), and GoHealth (about 830,000 in 2022). Triangulated with expert interviews for private and broader market (more than 400,000 beneficiaries in 2022).

Beyond shopping, our recent survey data indicates that more than two-thirds of members reported using technology in the onboarding journey to understand benefit coverage, manage prescription drugs, and navigate physician networks. 28 “ Digital engagement ,” March 9, 2023. More broadly, delivering a distinctive omnichannel experience will be critical in retention of members and performing well on Stars ratings. The quality of members’ experiences will be a core component of competitive differentiation in the future.

How payers can respond to the changing Medicare landscape

Payers can address changes in Medicare with near-term, targeted interventions and simultaneously carry out transformative initiatives. In the near term, they could consider the following:

• Pursuing sizable growth opportunities in underpenetrated populations (such as high- and low-income rural areas) with renewed focus and creativity to build products and networks—potentially augmented by virtual care—that will appeal to members traditionally less inclined to enroll in MA and historically presented with fewer plan options.
• Actively engaging in the evolving marketing and sales ecosystem—by diversifying their portfolio of partners to include more field brokers and e-brokers—to enable payers to reach more eligible individuals in their preferred (increasingly digital) channels. By supplementing their captive internal-distribution channels, which rely heavily on standard mailers and other traditional methods, they could also broaden their reach into, for example, communities with a higher proportion of minority residents or residents of relatively low socioeconomic status.
• Prioritizing investment in the Stars program to meet evolving beneficiary needs and address Stars performance and, therefore, revenue headwinds. Investment in Stars could be targeted to address SDoH needs, close clinical care gaps, and improve clinical outcomes for an increasingly aging population with more acute care needs, allowing payers to deliver a best-in-class member experience.
• Expanding digital engagement (such as through applications, text, and chatbots) to meet changing member preferences, and develop wraparound support services to increase member uptake and proficiency.

Additionally, a series of transformative initiatives could best position payers to navigate the future Medicare ecosystem.

Serve members with efficiency. For payers facing substantial margin pressure, administrative costs, which commonly exceed $100 per member per month (PMPM), 29 Phil Ellenberg et al., “Medicare Advantage organizations financial results for 2021,” Milliman, December 1, 2022. are increasingly unsustainable. Plans can consider entirely new ways of managing administrative costs and running their budgets without sacrificing service quality. Although attaining economies of scale can create cost efficiencies, the distributed nature of MA membership creates challenges. Many single-state payers can boast a strong market presence yet have only tens of thousands of members. For most payers, reducing administrative costs will require investment in nonscale performance levers.

Typically, increasing cost efficiencies would require a meaningful investment in automation, data-backed decision making, and continuous reallocation of resources. Specific actions to consider include the following:

• embarking on true zero-based budgeting, 30 Zero-based budgeting means building a budget from scratch with no carry-over spending allocated. targeting an administrative cost of less than $80 to $100 PMPM so that it could better withstand any changes in top-line revenue
• expanding reliance on shared technology platforms and services to manage costs while also investing strategically in products and capabilities
• investing now in innovative technologies that will soon become standard, including, for example, chatbots to assist members with support and requests (such as generative AI) and self-serve portals with tools to help members find the best plan for them

Deliver seamless shopping, enrollment, and onboarding experiences. Demographic changes will result in fewer seniors enrolling in MA, expanding opportunities to reach new and existing members. Payers could create and deliver an integrated experience from shopping to enrolling and onboarding to attract and retain members. In a 2022 survey of MA members, nearly half indicated they had shopped around to assess product options in the year prior, 31 “ Digital engagement ,” March 9, 2023. highlighting the imperative for easily navigable websites and distinctive benefits positioning.

To achieve their growth targets, payers will also likely expand their reliance on brokers and other third-party partners. Success will hinge on having clearly defined member journeys and integrated internal and external channels (for example, call centers and onboarding). Multidirectional, real-time data sharing paired with efforts by payers to educate and enable brokers would allow the integrated distribution unit to optimally attract and retain members in a lower-growth environment.

Know each member and personalize engagement. Knowing members as individuals is becoming crucial to meeting their shopping preferences, implementing best-fit engagement channels, managing disease states, ensuring access to quality care, and supporting evolving care needs.

Although payers have vast repositories of data, their databases (for example, for customer-relationship-management and care-management tracking) have traditionally been siloed. Payers have also typically defaulted to standard reporting and struggled to perform ad hoc analytical queries to understand the full scope of member engagement. And they have relied extensively on third-party Stars vendors who engage in sporadic calling campaigns to engage members in their healthcare journeys.

Instead, payers could consider differentiating themselves in their engagement with members by meeting the standards set by leading retail and e-commerce players. This might entail establishing a singular view of each member over the span of their Medicare journey and using unique member identifiers to track data points and touchpoints across channels such as brokers, care managers, and physicians. With a holistic view of each member at their fingertips, customer service representatives could provide better support. Payers could develop AI-enabled predictive capabilities to provide personalized engagement plans and smart interventions. Ultimately, this improved transparency could unleash a ripple effect of better care, improved health outcomes, and an elevated experience for each member.

Convene and enable a redefined care-delivery landscape. The payer’s role in the care domain has expanded over time from utilization management to care management and, increasingly, care delivery. Some payers are carving out a leadership role as a convener of a care delivery ecosystem (encompassing the set of care models, physicians, capabilities, and services that surround a patient) while leaving care provisioning to clinicians. They are investing in enablement partnerships and acquisitions while working hand in hand with physicians to improve outcomes for Medicare members in meaningful risk-sharing arrangements.

Payers could accelerate this trend by assessing the clinical needs of their membership and mapping them to the care delivery landscape in their geography. For example, payers that have members with substantial clinical needs (for example, large populations with chronic kidney disease or special-needs plans for chronic conditions) might invest in or partner with specialists or advanced in-home care delivery partners. Payers with a large rural population could consider supplementing their care delivery footprint to address care gaps (for example, through virtual-care models).

Many payers would benefit from simultaneously pursuing multiple strategies, particularly as acuity in the Medicare population accelerates. Important considerations include aligning their incentives with those of physicians and patients and protecting physician independence in clinical decision making.

Payers could also use member data and conduct advanced analytics to match members with effective care models and enable physicians to deliver the highest quality of care.

A mature care delivery ecosystem would meet every member where they are through a combination of value-based care models (with physicians who can deliver against them), next-generation models (for example, rural-focused care), in-home primary and specialty care, and advanced care models.

Reimagine the product portfolio in line with MA membership needs. Payers often grapple with variable economics across the product portfolio. Newer members are typically enrolled in the most generous products with, for example, expansive dental and vision benefits, flex cards that cover not only over-the-counter medications but also food and wellness, and Part B givebacks (in which payers cover a set monthly amount toward a member’s premium).

These newer products are also the most economically challenging for payers. But although they would struggle to sustainably offer, for example, a $100 Part B giveback benefit, legacy members paying higher premiums (at least for now) effectively subsidize these offerings, resulting in an overall profitable membership mix. This trend, encouraged by many distribution partners, is unsustainable for payers, as evidenced by a number of previously high-growth MA plans that are now retrenching, rolling back benefits, and potentially causing meaningful disruptions in healthcare for tens of thousands of members.

The trend also doesn’t bode well for members as they age and their needs evolve. While members are relatively young and healthy, preferred provider organization (PPO) plans with $0 premiums and rich supplemental benefits but lighter core medical benefits can be a fit. These members, unconcerned with a higher maximum out-of-pocket cost, see supplemental benefits flowing directly to their personal bottom line—an especially appealing proposition at a time of high inflation and broader economic uncertainty. However, as the MA membership skews older, likely correlating with increasing medical needs, plans with richer medical benefits and lower maximum out-of-pocket costs may make more sense.

Payers can start now to evolve their product offerings and messaging to serve these members, including by rationalizing the supplemental benefit portfolio and reinvesting in core medical benefits that matter most to members’ health. In parallel, they can devise ways to counsel members to ensure they are continually enrolled in the right plan for their needs, perhaps over decades.

Given members’ increasing proclivity to shop, a proactive stance by payers will be rewarded. Payers could consider strategically engaging brokers, for example, to enable intrapayer plan movements. Although some payers and distributors have already begun to do this on an ad hoc basis (by, for example, proactively moving members to plans within their portfolios that have better Star ratings), taking a more strategic approach could help retain members within the payer’s ecosystem.

The MA market has been on an upward trajectory for years, with a continual stream of investor dollars chasing double-digit growth rates annually, enabling a thriving ecosystem of payers, care delivery partners, and services and technology companies. The variety of disruptions emerging, however, means that the winning strategies of the past five years are unlikely to be sufficient to meet members’ evolving needs and preferences. Success in the future will be determined by bold moves made now.

Gabe Isaacson is an associate partner in McKinsey’s Pittsburgh office, where Cara Repasky is a partner; Dan Jamieson is a partner in the Chicago office, where Emily Pender is a consultant; and Sonja Pedersen-Green is an associate partner in the Minneapolis office.

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You can’t use Direct File pilot if you did not live in one of the 12 participating states in 2023.

State returns in Arizona, California, Massachusetts and New York

The Direct File pilot doesn't prepare state returns. However, if you live in Arizona, California, Massachusetts or New York, the Direct File pilot guides you to a state-supported tool you can use to prepare and file your state tax return.

If you live in Washington state, Direct File guides you to a state site where you can apply for the Working Families Tax Credit when you file your federal return with the Direct File pilot.

Types of income, tax credits and deductions

You may be eligible to join the pilot if you live in a pilot state and report these items on your 2023 federal tax return:

Income You may be eligible to join the pilot if you report these income types on your 2023 federal tax return:

• W-2 wage income
• SSA-1099 Social Security income  
• 1099-G unemployment compensation
• 1099- INT interest income of $1,500 or less

You can’t use Direct File if you have other types of income, such as  gig economy  or  business income .

• Earned Income Tax Credit
• Credit for Other Dependents

You can’t use Direct File if you claim other credits like the  Child and Dependent Care Credit ,  Saver's Credit  or the  Premium Tax Credit .

• Standard deduction
• Student loan interest
• Educator expenses

You can’t use Direct File if you itemize deductions .

Sign-in to Direct File securely

You'll need to verify your identity and securely sign in to file your return with the Direct File pilot.

The IRS lets you access most tax tools with one account using the same login and password. For example, if you already have an IRS online account, you can use it for the pilot. If not, you will be directed to create an account to verify your identity. Once your identity is verified, you can start preparing your return with Direct File.

• Direct File pilot news
• Subscribe to the Direct File pilot newsletter
• Direct File pilot outreach materials  
• IRS Inflation Reduction Act Strategic Operating Plan

IRS Direct File report PDF

• Letter from Commissioner Werfel to Secretary Yellen to accompany Direct File report PDF
• Letter from Deputy Secretary Adeyemo to Commissioner Werfel PDF
• Letter from Commissioner Werfel to Federation of Tax Administrators PDF
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