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Quality Business Plan has an MBA business plan writer, resume writer, and ghost book writer ready to help you with a professional business plan, resume, or assist in ghost book writing. We also offer business consulting and other business administrative services such as power point presentations, website design and much more. …

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Paul always does an amazing job! Is hard to get your ideas and vision down on paper and Paul was able to do just that. I just started my own business and he even had insight into the construction industry so our business plan project worked out fantastically.

For starters I'm going to talk about what an awesome guy Paul is. He was very professional and made time to speak with me about my business, and any concerns or questions I had before beginning the process and paying any money or fees. I was comfortable talking to him about my business ideas and what steps I needed to take. He got things done for me in a timely manner as promised, and did a follow up with me to make sure he reached my standards. He exceeded expectations and I now have my own personal business consultant. I recommend him to anyone he's awesome and very passionate and professional! Thank again Paul

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

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.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Quality Business Consultant By Paul Borosky, MBA.

Quality business consultant by paul borosky, mba.

At Quality Business Consultant, our core mission is to propel entrepreneurs and small business owners toward success. With a comprehensive suite of services tailored to the entrepreneurial spirit, we offer expert guidance across the United States and globally. Our owner and business consultant, Paul Borosky, MBA, doctoral candidate, is a seasoned business consultant, adept business plan writer, financial projection expert, and strategic planner dedicated to your business's growth and resilience.

__________________________________

MBA Business Consulting Services Offered

Mba business plan consultant..

In an era where AI is unreliable, business writing remains indispensable. Our consulting firm excels in producing essential business documents, from MBA-written business plans and business proposals to memos and customer correspondences. Our business consultant and owner, Paul Borosky, MBA, brings a wealth of professional writing and authorship experience, offering swift, efficient, and impactful writing services tailored to your business needs.

Click HERE for more details!

MBA Pro Forma Financial Projections and Cash Flow Management Consultant

Understanding and managing your finances is critical . Our consultant is adept at crafting detailed financial projections and models, including profit and loss statements and balance sheets. Beyond creation, we empower you with the knowledge to interpret and utilize these financial tools, customizing financial models specifically for your business.

Strategic Business Mentorship and Coaching.

Financial Statements Guide by Paul Borosky, MBA.

Whether you're a seasoned entrepreneur or just starting out, navigating business growth can be daunting. Our mentorship and coaching services are a beacon for those navigating the complexities of business ownership. We delve deep into creating vision and mission statements, setting achievable goals, and employing strategic planning to map out success timelines. Moreover, our coaching extends to solving day-to-day challenges, from managing difficult employees to leveraging the latest in technology and social media.

Embracing Artificial Intelligence in Business.

Artificial intelligence (AI) is revolutionizing the business landscape, far from being a fleeting trend. Recognizing AI's transformative potential, we guide small businesses in integrating AI strategies into their operations. Paul Borosky, MBA, leads this initiative, ensuring your business stays ahead by adopting cutting-edge AI solutions.

Market and Competitor Analysis.

Write a Business Plan by Paul Borosky, MBA.

The only constant in business is change. A thorough market and competitor analysis is crucial In the ever-evolving landscape due to shifting customer preferences and economic conditions. We provide expert analysis to ensure you stay informed and ahead of the curve.

Make the Empowering Choice!

Choosing Quality Business Consulting, led by Paul Borosky, MBA, offers unparalleled benefits to small businesses across the United States. With our comprehensive suite of services, including expert business plan writing, strategic planning, financial projection analysis, and artificial intelligence integration, we are uniquely positioned to empower entrepreneurs at every stage of their journey. Our personalized approach to mentorship and coaching helps business owners navigate the complexities of growth, operational challenges, and market dynamics. Our commitment to excellence is evident in our ability to craft tailored strategies that not only address immediate needs but also lay a strong foundation for future success. By leveraging our expertise, small businesses gain a competitive edge, access to cutting-edge insights, and the tools needed to thrive in an ever-evolving business landscape, making Quality Business Consulting an invaluable partner for achieving long-term objectives.

Call or Text Paul Borosky, MBA. Today!

321-948-9588

Email: [email protected]

Hours of Operation: Monday through Sunday, 8 am to 9 pm EST.

Our Business Consultant is located in Orlando, FL.

How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

Entrepreneur builds his business plan template

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

free editable One-Page Business Plan PDF Template

Download a free, editable one-page business plan template.

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

Outline your idea.
Pitch to investors.
Secure funding.
Get to work!

You're all set!

Click this link to access this resource at any time.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

Executive Summary
Company and Business Description
Product and Services Line
Market Analysis
Marketing Plan
Legal Notes
Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

A mission statement.
The company's history and leadership model.
An overview of competitive advantage(s).
Financial projections.
Company goals.
An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

Business Plan Template: Business Description

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

Mission statement
Core values
Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

What is my market? In other words, who are my customers?
What segments of the market do I want to target?
What's the size of my target market?
Is my market likely to grow?
How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

Pre-Sectioned Template
Completely Customizable
Example Prompts
Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

Sales team structure, and why this structure was chosen.
Sales channels.
Sales tools, software, and resources.
Prospecting strategy.
Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

When they will earn their money back.
When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

Startup costs.
Sales forecasts for the next several months/quarters.
Break-even analysis for time and dollars.
Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

Marketing materials
Market research data
Licensing documentation
Branding assets
Floor plans for your location
Mockups of your product
Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

A business plan is a document describing a company's business activities and how it plans to achieve its goals.
Startup companies use business plans to get off the ground and attract outside investors.
For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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10 Qualities of a Good Business Plan Explained

Two female entrepreneurs standing in the backroom of their shop looking at their business plan on a computer.

Eleanor Hecks

9 min. read

Updated October 27, 2023

According to the United States Small Business Administration, there are approximately 32.5 million small businesses at the moment. The number fluctuates from year to year with businesses coming and going. If you want to remain profitable and thrive, you must have a plan to move forward.

A business plan does far more than help secure venture capital when you’re starting out. You’ll use a strong business plan throughout the life of a company. Use it to refocus your goals, refresh your memory on growth plans, and fulfill marketing goals. Share your plan with employees, shareholders, and investors, and refer back to it to see if you need to make adjustments along the way.

Having a solid business plan can help you successfully start, manage, and grow your business. But what are the qualities that make a business plan more than a document? What does it take to write a strong business plan?

What are the characteristics of a great business plan?

An excellent plan works for your company and keeps everyone on the same page. There isn’t a lot of ambiguity in it, and all things are listed in an orderly fashion that’s easy to absorb.

The format of the business plan may be almost as important as the words within it, so use bullet points, headers, bold print, and other tricks to keep the reader engaged.

Whether you already have a business plan written and want to edit it to perfection or you need to start from scratch , there are six characteristics every strong plan has.

1. Clear language

It might be tempting to throw in a bunch of industry jargon to show your knowledge of your niche. Unfortunately, most lenders won’t know what you mean. It’s much better to stick to language anyone can understand. You never know who you’ll need to share your business plan with.

Read over the plan several times for typos and clarity. Read out loud so you can “hear” the words. You’ll catch awkward phrasing by speaking the words. You can never have too many eyes on the plan. One person might catch a particular spelling error while another sees the grammatical errors.

Get feedback from your employees, family, mentor, and friends. You don’t have to follow every suggestion, but you should consider what everyone says and choose the things that make the most sense for your business model.

Look at the business plan through the eyes of someone outside the industry. Does everything make sense? Are there any phrases someone might have to stop and look up? You don’t want the reader to be thrown out of the flow of the text.

2. Employee recognition

Your business plan should include a layout for employee recognition. Developing a strong workplace culture benefits your brand in numerous ways, such as creating staff loyalty and retaining your best people. It’s difficult for a company to thrive and grow without focusing on its workers.

When employees receive recognition for their accomplishments, they are 82% happier in their jobs . They’ll outperform workers in a company without the plan for an excellent culture. If you aren’t quite sure what your company culture should be yet, just make some notes on the things you’ve loved about your favorite places to work.

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3. Realistic goals

While you might love to run a multi-billion-dollar conglomerate, most small businesses stay relatively small. That isn’t to say you can’t find great success as a small business owner, but make sure your goals are achievable .

As you work through the potential revenue numbers, pay attention to what others in your industry make in a year. You might be able to exceed that by 10%, but thinking you’ll make four times what your nearest competitor does may not be very realistic.

Making your goals too lofty may hurt your chances of securing financing, too. Those considering investing in your business may feel you don’t fully understand the typical earnings of your industry.

4. Great mission statement

The best business plans outline the purpose of your company. Why did you start the business in the first place, and how will you leave your mark with the brand?

For example, a small landscaping company called Massey Services shares its mission statement on its website. Their overall goal is total customer satisfaction . Everything else in their statement on their webpage ties into that philosophy. They also want to build long-term relationships, they want people to trust them, and they value truth and integrity.

When you have a strong mission statement , it drives everything else you do. If your focus is on building relationships, you’ll develop a company culture based on interactions with employees. Your mission statement might arguably be the thing about your company that never changes.

5. Methodology for results

Make sure your business plan has a way to track results over time. Lay out the methodology of any facts and figures used to estimate revenue or what your costs will be. Then, check against those assumptions from time to time to make sure you’re hitting the right beats.

For example, if you plan to hit a certain level of revenue by the end of the first year, how can you break that down into quarters, months, and weeks? What is the best way to make sure you achieve your goals?

You can’t fix mistakes or make adjustments if you don’t know where you are in the journey. Pay attention to how quickly the brand moves toward objectives and make adjustments as needed.

6. Foundation for marketing strategies

How do you plan to get the word out about your brand? You must have a marketing strategy that makes sense for your budget and your philosophies as a brand. Perhaps you plan to work exclusively with online influencers. How much will you allocate to the budget for influencer marketing?

Take time to study who your target audience is and create buyer personas representing the average person who’ll buy from you. While you might need to tweak your personas from time to time, a solid plan, in the beginning, gets things off on the right foot and helps you bring in new customers.

Figure out how much you’ll spend online and offline on marketing efforts. Where can you reach your average customer? Do they mainly hang out on Facebook? If so, much of your budget can go to Facebook ads. On the other hand, if they use TikTok and rarely visit Facebook, you might want to put more time, energy, and finances into building an audience on the newer platform.

7. It fits the need of your business

The best business plan for your company takes into account why you need a business plan in the first place. Are you going for funding, using the information to improve internal operations, pitching your concept to investors, or perhaps communicating your goals to employees?

There are many different reasons you’ll utilize a business plan. They aren’t one-size-fits-all . You may even find you need addendums or additional plans to match the needs of your business at any given time.

If you intend to use your plan in-house to motivate employees or stick to your goals, a one-page plan may be all you need. You can also use a shorter version to test ideas you have and see how they might match the goals of your company.

On the other hand, a traditional full-length plan works best if you need funding from a bank or want to pitch a concept to an outside investor. You can also use a longer plan to get feedback from a mentor or business coach.

8. Your strategy is realistic

In a recent Gartner Execution Gap Survey, approximately 40% of leaders said their enterprise accountability and leadership were not aligned on an execution strategy. If your business plan doesn’t lay out how the business operates, there may be too much room for interpretation that causes dissent within the company and makes people work against one another instead of as a cohesive unit.

Start by ensuring different operational milestones within your plan are attainable. For example, if you share a financial forecast, is it realistic? Based on current revenue, can you realistically achieve your goals? If you’ve brought in $200,000 per year in revenue for the last few years, don’t expect to jump to $400,000 in the next quarter. Make a plan for increasing revenue – but in increments that make sense and are achievable.

You don’t need an unrealistic plan. Company leaders and employees will only grow frustrated and discouraged if they’re unable to hit any target goals laid out in the plan.

9. Clearly identifies assumptions

When you’re writing out a business plan, you may not have all the answers. At best, some of the information is an assumption based on outside data, past performance, and any testing you’ve completed. There will be times when you make a mistake in your estimates.

Be upfront about what your assumptions are when writing out your plan. Did you assume the company will increase 10% in productivity this year because it did in the last few years? Share your thoughts on why you think this is achievable based on past factors, but also make it clear it’s a guess. In reality, the company may over-or-underperform on those expectations.

Show what is an assumption also point to what might need to be updated or refined after a few months. Consider these areas to revisit frequently for updates or to set new goals.

10. Easy to communicate with the right people

Who is your audience? Knowing who will look at your business plans allows you to create it in a format you can share with the right people. Consider factors such as how easily scannable the text is and what it looks like in different formats, such as a document or PDF file.

Who are you sharing it with, and how will they use it? For example, if you include any links, will the person be able to click on them and go directly to the page you want them to go to? Is the viewer likely to read the plan on a mobile device? How well does the format adapt?

Consider who you’re sharing it with and how they’ll need to use it to make sure you offer it in the best format for viewing by that individual. You may even want to save your business plan in a variety of different formats.

Keep your plan updated

Your business plan isn’t something you write once and then forget. To truly make yours work for your business model, you must refer back to it and see where you are with your predictions and goals. As you hit high notes, add new objectives and plan them out with measurable goals.

Over time, your business plan won’t look much like the one you used the day you opened your company’s doors. However, the mission statement will likely stay the same, and elements such as company culture won’t change much.

What will change is your knowledge of the industry and how well you can adapt to the challenges faced by all small business owners. With a plan for handling different situations, you’re certain to be one of the small businesses finding success past the 10-year mark.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Eleanor Hecks is editor-in-chief at Designerly Magazine . She was the creative director at a prominent digital marketing agency prior to becoming a full-time freelance designer. Eleanor lives in Philadelphia with her husband and pup, Bear.

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8 Min. Read

Tools and Resources to Help You Write a Business Plan

How to Format a Business Plan in 8 Simple Steps

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Do This One Thing Before You Write Your Business Plan

11 Common Business Plan Mistakes You Should Avoid

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Buttigieg Says Boeing Must Meet FAA Quality Plan Before Raising 737 MAX Output

FILE PHOTO: U.S. Secretary of Transportation Pete Buttigieg attends a press briefing the day after the collapse of the Francis Scott Key Bridge in Baltimore, at the White House in Washington, U.S., March 27, 2024. REUTERS/Elizabeth Frantz/File Photo

By David Shepardson

ARLINGTON, Virginia (Reuters) - U.S. Transportation Secretary Pete Buttigieg said on Wednesday that Boeing must meet a government mandate to address systemic quality-control issues within 90 days before it will be able to boost 737 MAX production.

Buttigieg noted that Boeing is about halfway through that 90-day clock set by the Federal Aviation Administration (FAA).

"We're not to going let them (increase production) until they have satisfied to the FAA that they can do it safely," he said at an event at Reagan National Airport outside Washington.

The FAA in late January took the unprecedented step of telling Boeing it would not allow the U.S. planemaker to expand 737 MAX production in the wake of a mid-air emergency on an Alaska Airlines 737 MAX 9.

The Justice Department has opened a criminal probe into the mid-air cabin panel blowout.

FAA Administrator Mike Whitaker told Reuters in March that Boeing is allowed to produce 38 of the 737 planes per month, but actual current production "is lower than that."

Reuters reported earlier this month that Boeing's monthly output rate fell as low as single digits in late March.

Boeing CEO Dave Calhoun said on an earnings call on Wednesday that the FAA wants a plan in 90 days "that, in essence, monitors and measures whether our production system is in control moving forward."

"90 days isn't like a wave a magic flag, and everything is great, and you guys can go from 38 to 40," he added.

Whitaker said in March that the timeline for when Boeing will be allowed to boost the 737 MAX production rate will depend on "how effectively they can implement these changes in the safety culture and bring their quality levels up to where they need to be."

Buttigieg separately acknowledged that U.S. airlines including Southwest Airlines were being impacted by the fewer number of airplanes being delivered this year by Boeing.

"This is a real issue," Buttigieg said, but emphasized that the FAA is only thinking about safety and not economic considerations in addressing the 737 MAX.

(Reporting by David Shepardson; Editing by Alexander Smith)

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What is Sling TV?

How much is sling tv.

What channels can you stream?
Is there a free plan?
What devices are supported?

What is Sling TV like to use?

Is sling tv worth it, the bottom line, sling tv review: essential cable channels for cord-cutters on a budget.

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Sling TV is one of the best live TV streaming services you can sign up for without breaking the bank. With plans starting at $40 a month, it's an excellent midrange option with a healthy assortment of popular channels and features that cord-cutters crave.

But Sling isn't the only live TV option out there, and there are some areas where it falls behind more expensive services. To help you decide if Sling TV is the right choice for you and your household, we've broken down everything you need to know, including our thoughts on what it's like to use and how it stacks up to its main competitors.

For just the essentials without any extra fluff, Sling TV is the streaming service you're looking for. It's more customizable than other plans, with three options you can choose from, so you pay for only what you need. New members get their first month for $25 off.

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Two affordable base plans to choose from
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Options with sports or local networks
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to three simultaneous streams
con icon Two crossed lines that form an 'X'. Certain channels are exclusive to Orange or Blue
con icon Two crossed lines that form an 'X'. Gets pricey once you start adding extra channel packages
con icon Two crossed lines that form an 'X'. Local channels limited to select cities and no option to get CBS

Sling is a live TV streaming service that offers access to many popular cable and satellite channels via an internet connection. That means no bulky cable boxes or tricky contracts, and you can get Sling for a fraction of the cost of most traditional pay-TV providers.

The service offers two primary plans geared toward different types of programming: Sling Orange leans toward sports, and Sling Blue toward news and entertainment. You can also combine both plans to get access to all of their channels, and there are add-on packages you can buy to unlock even more networks and premium stations, like Starz and Showtime.

Sling TV offers three primary plans, with prices starting at $40 a month. All Sling plans include 50 hours of DVR storage, but members can pay $5 a month extra to unlock DVR Plus with 200 hours.

Here's how much each of Sling TV's three main plans cost:

*Sling Blue and Orange + Blue pricing and total channel offerings vary depending on location. Local NBC, Fox, and ABC stations are only available in select cities. Members must pay an extra $5 in areas that include all three local stations.

What channels come with Sling TV?

Both Sling Orange and Blue start with the same selection of 25 channels, including popular cable networks like CNN, HGTV, Food Network, and more. But in addition to this base lineup, each plan has its own unique assortment of additional channels.

Orange has seven exclusive sports and family channels, including ESPN, Disney Channel, and Freeform. Meanwhile, Blue has 17 exclusive news and entertainment channels, including Discovery Channel and TLC, and local stations from ABC, Fox, and NBC in supported markets. On the downside, there is no option to stream your local CBS channel.

Sling TV also offers several add-on packages that you can purchase for an additional cost to unlock even more channels. Bundles like Sports Extra, Entertainment Extra, News Extra, and Kids Extra cost an extra $6 to $11 a month, each including anywhere from six to 14 additional channels. The Sports Extra add-on, for example, includes ESPNU, MLB Network, NBA TV, and more for $11 a month.

Many of these extra channels are included with base offerings from more expensive competitors like YouTube TV , Hulu + Live TV , and Fubo , but some viewers may prefer how Sling TV lets you save money by offering these networks as optional add-ons.

Check out our Sling TV channels guide for a full breakdown of networks and features included with each plan and add-on.

Does Sling TV offer a free plan?

Sling TV does offer a free streaming option called "Freestream" that anyone can watch without an account. Though this plan does not include any traditional cable or local networks, it does feature access to over 400 ad-supported live internet TV channels.

Some of these stations are offshoots of major networks that broadcast select content from their libraries. For instance, you can watch channels like AMC Thrillers and VH1 I Love Reality.

These free internet channels aren't a substitute for true cable or satellite TV offerings, but they're a nice option for cord-cutters who aren't ready to commit to a paid subscription.

How do I stream Sling TV?

The Sling TV app is supported on several media players and mobile products, including all of the best streaming devices from Apple, Roku, Fire TV, and Chromecast, as well as iOS and Android phones, Xbox Series X|S, web browsers, and more. The app is also available directly through many of the best TVs from brands like Samsung, LG, Sony, Hisense, Vizio, and TCL.

Check out a full list of every supported device on the Sling website .

After testing Sling on a web browser, smart TV, and Roku Ultra, we found the service to be intuitive and easy to use, an important characteristic for subscribers making the switch from cable. In our experience, streaming is stable and without interruption, but your results may differ based on your network connection quality.

Sling's interface lets you access a traditional channel guide where you can sort channels by their name or genre, and you can see which networks you've most recently watched. Once you choose a program and start watching live TV, you can press down on your remote to toggle an overlay on the bottom of the screen, which lets you see details about the program or jump into other content.

You can also press up on your remote to easily return to the full-screen guide from any live channel. The program you were watching keeps playing on a small pop-up screen in the lower right corner until you select another channel.

Outside the guide, Sling has a menu on the left side of the screen that lets you access a homepage with content recommendations, your DVR recordings, on-demand content, and settings. This is all simple to navigate, and there are no glaring omissions.

Sling is an excellent live TV streaming option for viewers who don't want to spend much money but still want more than the bare minimum. It lacks some perks that come with Hulu's pricier live TV service, like unlimited DVR and a complimentary Disney Plus subscription, but it includes some key networks that cheaper services, like Philo , are missing.

One of Sling's most attractive features is how it lets you choose between two affordable base plans to keep costs low. If you don't care about watching sports on ESPN networks, opting for Sling Blue at only $40 a month saves you a great deal of money compared to signing up for a service like Fubo, which costs double the price and forces you to pay for channels you might not want. Sling Blue even includes local channels in big cities, which is something that Philo's less expensive service lacks.

However, if you're looking for a live TV streaming solution to suit a big household with varied viewing needs, Sling may not be for you. Though you can customize a comprehensive plan with options for many different tastes by subscribing to Sling Orange + Blue and tacking on packages like the Sports Extra plan and DVR Plus, the cost adds up quickly. To get a fully inclusive Sling TV package with a channel selection and set of features that rivals Hulu + Live TV or YouTube TV's base offerings, you'll end up paying about the same or, in some cases, even more than those services charge.

Sling is ultimately best for people who just want an Orange or Blue plan to get the essentials of cable TV but don't want to pay extra for all the other channels that come with more expensive services.

Starting at $40 a month, Sling TV is a competitive option for subscribers who want an affordable live TV streaming service that provides popular news, sports, entertainment, and family programming.

It's considerably cheaper than most competing live TV streaming services, and it offers more sports and news channels than Philo, Sling's top budget competitor. Though Philo is even cheaper at just $25 a month, Sling has plans that include stations like ESPN, NFL Network, CNN, ABC, NBC, and Fox, which are all missing from Philo.

Ultimately, Sling TV cements itself as a unique midrange option that rests between Philo's true budget pricing and the more common $65-$75 starting prices of other live TV services. Options like Hulu + Live TV remain a better fit for people willing to pay more for additional channels and extra perks like unlimited DVR, but in an age of rising prices, Sling TV's lower costs provide a nice streaming solution for first-time cord cutters switching over from cable or satellite TV.

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] .

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Business | America’s child care crisis is holding back…

Business | America’s child care crisis is holding back moms without college degrees

Nicole Slemp, a new mother of seven-month-old William, lifts up her son in their home, Thursday, March 14, 2024 in Auburn, Wash.. Slemp recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

Nicole Slemp, a new mother of seven-month-old William, pushes her son in his stroller past KinderCare, which is near the family’s home Thursday, March 14, 2024 in Auburn, Wash. Slemp recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

Nicole Slemp, a new mother of seven-month-old William, watches as her son plays in one of his favorite toys in their home Thursday, March 14, 2024 in Auburn, Wash.. Slemp recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

Nicole Slemp, a new mother of seven-month-old William, holds her son in their home Thursday, March 14, 2024 in Auburn, Wash.. Slemp recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

Nicole Slemp, a new mother of seven-month-old William, checks out her son in his stroller outside of their home Thursday, March 14, 2024 in Auburn, Wash.. Slemp recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

A “Baby on Board” sticker is on the car in front of Nicole Slemp’s home, Thursday, March 14, 2024 in Auburn, Wash. Slemp, a new mother of seven-month-old William, recently quit her job because she and her husband couldn’t find child care they could afford. Expensive, scarce child care is putting Puget Sound parents out of work. (Ellen M. Banner/The Seattle Times via AP)

Daizha Rioland, left, and Kenneth Rioland prepare a snack for their daughters, 9-month-old Izabella and Alani, 2, at their home on Saturday, Feb. 17, 2024, in Dallas. The family has struggled to find quality child care for their first daughter. (Juan Figueroa/The Dallas Morning News via AP)

Kenneth Rioland, left, and Daizha Rioland play with their daughters, 9-month-old Izabella and Alani, 2, at their home on Saturday, Feb. 17, 2024, in Dallas. The family has struggled to find quality child care for their first daughter. (Juan Figueroa/The Dallas Morning News via AP)

Daizha Rioland, left, and Kenneth Rioland hold daughters, Alani, 2, and 9-month-old Izabella, as they pose for photos at their home on Saturday, Feb. 17, 2024, in Dallas. The family has struggled to find quality child care for their first daughter. (Juan Figueroa/The Dallas Morning News via AP)

By MORIAH BALINGIT and SHARON LURYE of The Associated Press and DANIEL BEEKMAN of The Seattle Times

AUBURN, Wash. (AP) — After a series of lower-paying jobs, Nicole Slemp finally landed one she loved. She was a secretary for Washington’s child services department, a job that came with her own cubicle, and she had a knack for working with families in difficult situations.

Slemp expected to return to work after having her son in August. But then she and her husband started looking for child care – and doing the math. The best option would cost about $2,000 a month, with a long wait list, and even the least expensive option would cost around $1,600, still eating up most of Slemp’s salary. Her husband earns about $35 an hour at a hose distribution company. Between them, they earned too much to qualify for government help.

“I really didn’t want to quit my job,” says Slemp, 33, who lives in a Seattle suburb. But, she says, she felt like she had no choice.

The dilemma is common in the United States, where high-quality child care programs are prohibitively expensive, government assistance is limited , and daycare openings are sometimes hard to find at all. In 2022, more than 1 in 10 young children had a parent who had to quit, turn down or drastically change a job in the previous year because of child care problems. And that burden falls most on mothers, who shoulder more child-rearing responsibilities and are far more likely to leave a job to care for kids .

Even so, women’s participation in the workforce has recovered from the pandemic , reaching historic highs in December 2023. But that masks a lingering crisis among women like Slemp who lack a college degree: The gap in employment rates between mothers who have a four-year degree and those who don’t has only grown.

For mothers without college degrees, a day without work is often a day without pay. They are less likely to have paid leave . And when they face an interruption in child care arrangements, an adult in the family is far more likely to take unpaid time off or to be forced to leave a job altogether, according to an analysis of Census survey data by The Associated Press in partnership with the Education Reporting Collaborative.

In interviews, mothers across the country shared how the seemingly endless search for child care, and its expense, left them feeling defeated. It pushed them off career tracks, robbed them of a sense of purpose, and put them in financial distress.

Women like Slemp challenge the image of the stay-at-home mom as an affluent woman with a high-earning partner, said Jessica Calarco, a sociologist at the University of Wisconsin-Madison.

“The stay-at-home moms in this country are disproportionately mothers who’ve been pushed out of the workforce because they don’t make enough to make it work financially to pay for child care,” Calarco said.

Her own research indicates three-quarters of stay-at-home moms live in households with incomes less than $50,000, and half have household incomes of less than $25,000.

Still, the high cost of child care has upended the careers of even those with college degrees.

When Jane Roberts gave birth in November, she and her husband, both teachers, quickly realized sending baby Dennis to day care was out of the question. It was too costly, and they worried about finding a quality provider in their hometown of Pocatello, Idaho.

The school district has no paid medical or parental leave , so Roberts exhausted her sick leave and personal days to stay home with Dennis. In March, she returned to work and husband Mike took leave. By the end of the school year, they’ll have missed out on a combined nine weeks of pay. To make ends meet, they’ve borrowed money against Jane’s life insurance policy.

In the fall, Roberts won’t return to teaching. The decision was wrenching. “I’ve devoted my entire adult life to this profession,” she said.

For low- and middle-income women who do find child care, the expense can become overwhelming. The Department of Health and Human Services has defined “affordable” child care as an arrangement that costs no more than 7% of a household budget. But a Labor Department study found fewer than 50 American counties where a family earning the median household income could obtain child care at an “ affordable ” price.

There’s also a connection between the cost of child care and the number of mothers working: a 10% increase in the median price of child care was associated with a 1% drop in the maternal workforce , the Labor Department found.

In Birmingham, Alabama, single mother Adriane Burnett takes home about $2,800 a month as a customer service representative for a manufacturing company. She spends more than a third of that on care for her 3-year-old.

In October, that child aged out of a program that qualified the family of three for child care subsidies. So she took on more work, delivering food for DoorDash and Uber Eats. To make the deliveries possible, her 14-year-old has to babysit.

Even so, Burnett had to file for bankruptcy and forfeit her car because she was behind on payments. She is borrowing her father’s car to continue her delivery gigs. The financial stress and guilt over missing time with her kids have affected her health, Burnett said. She has had panic attacks and has fainted at work.

“My kids need me,” Burnett said, “but I also have to work.”

Even for parents who can afford child care, searching for it — and paying for it — consumes reams of time and energy.

When Daizha Rioland was five months pregnant with her first child, she posted in a Facebook group for Dallas moms that she was looking for child care. Several warned she was already behind if she wasn’t on any wait lists. Rioland, who has a bachelor’s degree and works in communications for a nonprofit, wanted a racially diverse program with a strong curriculum.

While her daughter remained on wait lists, Rioland’s parents stepped in to care for her. Finally, her daughter reached the top of a waiting list — at 18 months old. The tuition was so high she could only attend part-time. Rioland got her second daughter on waiting lists long before she was born, and she now attends a center Rioland trusts.

“I’ve grown up in Dallas. I see what happens when you’re not afforded the luxury of high-quality education,” said Rioland, who is Black. “For my daughters, that’s not going to be the case.”

Slemp still sometimes wonders how she ended up staying at home with her son – time she cherishes but also finds disorienting. She thought she was doing well. After stints at a water park and a call center, her state job seemed like a step toward financial stability. How could it be so hard to maintain her career, when everything seemed to be going right?

“Our country is doing nothing to try to help fill that gap ,” Slemp said. As a parent, “we’re supposed to keep the population going, and they’re not giving us a chance to provide for our kids to be able to do that.”

Carly Flandro of Idaho Education News, Valeria Olivares of The Dallas Morning News and Alaina Bookman of AL.com contributed to this report. Balingit reported from Washington, D.C., and Lurye from New Orleans.

This series on how the child care crisis affects working parents — with a focus on solutions — is produced by the Education Reporting Collaborative , a coalition of eight newsrooms, including AL.com , The Associated Press, The Christian Science Monitor, The Dallas Morning News, The Hechinger Report, Idaho Education News, The Post & Courier, and The Seattle Times.

The Associated Press’ education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org .

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What to Do When Your 401(k) Leaves Something to Be Desired

Over the course of a career, the high fees and a lower-quality menu of investment options found in some plans can shrink your balance significantly.

Chris Gentry sitting on a table with his feet up on a chair.

By Mark Miller

Chris Gentry is meticulous about his craft — he’s a professional woodworker at a small company in Brooklyn, N.Y., that makes custom dining and coffee tables, cabinets and interiors.

He creates pieces on his own from start to finish and enjoys that freedom. “It’s nice to have control over the way something should be done,” he said.

Mr. Gentry, 36, is equally conscientious about saving for retirement. He has contributed the maximum allowable amounts to his employer’s 401(k) plan over the past two years and also topped out a Roth individual retirement account. He hopes to buy an apartment and start a family soon with his partner. “It seems like all that will be expensive, so I’m trying to get an early start on retirement savings while I can,” he said. Between the two accounts, he has managed to save $80,000.

His employer kicks in a generous 5 percent of his salary to the 401(k) no matter how much Mr. Gentry contributes. But he worries about the plan’s high-cost mutual funds. “They’re expensive compared with what I can get in the I.R.A.,” he said. He even wonders if he should contribute to the plan at all. “I’m not sure how to determine at what point the fees become so expensive that the benefits of the 401(k) are outweighed by the fees.”

Fees are one of the most important factors of successful retirement investing. They determine how much ends up in your pocket after mutual funds and 401(k) plan providers take their cut. The bite especially hurts younger workers, who face the risk that high fees will compound over time.

“Fees compound in the same way that returns compound,” said Scott Puritz, managing director at Rebalance , a firm that often works with clients on 401(k) rollovers and advises companies on ways to improve their plans. “People are numb to the differences, but it’s a major determinant of long-term returns.”

Costs are usually much higher in plans sponsored by small businesses, like the 10-person firm where Mr. Gentry works. His plan doesn’t offer low-cost passive index fund choices. He is invested solely in a target date fund made up of actively managed mutual funds that have lagged the overall market’s returns during the past decade. The fund charges an annual expense fee of just over 1 percent.

That amount is typical for small plans, according to data compiled for the 401(k) Averages Book, which surveys companies that provide plans to employers. For example, the survey shows that among plans with 10 participants and $1 million in assets, average investment costs are 1.10 percent. At larger firms, those fees are far lower: At companies with 1,000 to 5,000 plan participants, target date fund fees average just 0.33 percent, according to data compiled by the Investment Company Institute and BrightScope. (Target date funds shift gradually toward bonds from stocks as a worker approaches an expected date for retirement.)

It’s not unusual for small plans to carry total expenses far higher. “We often see plans that charge 2 or 3 percent all in — sometimes more,” Mr. Puritz said.

A key reason for the varying amount of fees is the fixed costs of administering a plan and how those costs are spread across companies of different sizes. “If I have a small coffee shop plan with $100,000 in assets, the costs are spread across fewer people compared with a very large company,” said Joe Valletta, principal with Pension Data Source, which publishes the 401(k) Averages Book. “The big plan has higher fixed costs, but it’s spread over a lot more employees and a larger asset base.”

Mr. Gentry is fortunate to work for an employer that offers any kind of plan. Only about half of private-sector U.S. workers are covered by an employer retirement plan at any given time, and the gap is driven by lower participation in the system by small employers, according to the Center for Retirement Research at Boston College . Workers often gain and lose coverage as they change jobs.

The coverage gap helps explain why many workers reach retirement with savings unlikely to last the rest of their lives. According to the Federal Reserve, the median retirement account holdings for workers aged 55 to 64 years old was $185,000 in 2022.

But fees also play a leading role, especially for young workers who face the compound effects over many years of saving. The difference in account balances when they retire can be staggering.

The New York Times worked with Rebalance to create a hypothetical example, illustrating the career-long effect of plans with a variety of fee levels. We considered a 28-year-old worker with a starting salary of $75,000 who saves diligently in her 401(k) account throughout her career. She contributes 6 percent of her salary annually and receives a 3 percent matching contribution from her employer. The scenario shows the effect of what she will have at three possible retirement ages. At 65, her portfolio is nearly 66 percent smaller in a high-cost plan compared with the lowest.

High Fees Can Take a Huge Bite Out of Your 401(k)

We used the example of a hypothetical 28-year-old worker who saves diligently in her 401(k) account throughout her career. At the time of her retirement, her 401(k) balance varies greatly depending on how high the plan’s fees are and when she retires.

Hypothetical balances at retirement

Plan balances in millions of dollars

Percentage difference from the low-fee plan.

Low fees (1.25%)

High fees (3%)

Medium fees (2%)

Plan balances in

millions of dollars

Percentage difference from low-fee plans.

Determining the fees that you pay is not simple. Fees can be charged for plan administration, investments and sometimes for individual services provided to participants; all 401(k) plans are required to send an annual notice that explains the fees that can be deducted from your account, but understanding them is another matter.

“It’s very difficult for people to understand their fees unless they’re investment professionals, which most retirees are not,” said Lisa M. Gomez, assistant secretary for employee benefits security at the U.S. Department of Labor.

The Secure 2.0 legislation of 2022 directed the department to examine ways to improve plan information, including how to understand fees. It expects to report to Congress with recommendations by the end of 2025, Ms. Gomez said. The department publishes a guide to 401(k) fees and has a toll-free line with advisers who can help participants understand their fees (866-444-3272).

But asking your employer about fees is a good starting point. “You have the right to know what you’re paying, so go to your human resources department, and ask them to tell you about your options and what they cost,” Mr. Puritz, the managing director at Rebalance, said. The Financial Industry Regulatory Authority offers an online tool that analyzes how fees and other expenses affect the value of mutual funds and exchange-traded funds over time.

Your plan is mediocre. What now?

If your employer’s plan offers an annual matching contribution, save enough to capture it — doing otherwise leaves money on the table. “If they are matching dollar for dollar or 50 cents on the dollar, that’s a 100 percent or 50 percent return with almost zero risk,” said Heath Biller, a financial planner with Fiduciary Financial Advisors in Grand Rapids, Mich.

Pay careful attention to your investment choices, and look for the least expensive options. If possible, find a low-cost index fund that tracks the entire stock market. “Even if the investment menu is larded with high-expense funds, you may be able to find an index fund or a decent quality target date fund series,” said Christine Benz, director of personal finance and retirement planning at Morningstar.

You can also push for change. Mediocre 401(k) plans can get better. Employers are usually the fiduciary with a legal responsibility to consider only the interest of participants, and it’s in their own best interest to take your misgivings under consideration. “You can raise your concerns about high fees or poor investment options with your employer and ask if the company is able to consider adjustments,” Mr. Biller said.

After you’ve captured the employer match, consider low-cost options outside your 401(k) for additional saving. This year, you can contribute up to $23,000 to a 401(k) and $7,000 to an I.R.A.; savers 50 and older can contribute more via catch-up contributions. Eligibility to deduct the I.R.A. contributions phases out at certain income levels . Establishing one low-cost I.R.A. also lets you roll balances over to a single account as you change jobs through the course of your career, which is a great way to stay organized.

If you have self-employment income in addition to wages, a Simplified Employee Pension I.R.A . or Solo 401(k) offer routes around the I.R.A. contribution limits. Solo 401(k) accounts have higher contribution limits and are not available if you operate a company with employees; the government reporting requirements vary between these two options.

Yulia Petrovsky, a financial planner in San Francisco, has many clients working for large technology companies who also have side businesses. “Some of them are doing start-up work,” she said. “Some have marketing or other consulting gigs, especially when in between jobs, so these accounts can be a real slam dunk.”

Taxable investment accounts offer another route around I.R.A. contribution limits, especially for older retirement savers. Unlike 401(k) and I.R.A. accounts, they don’t come with an upfront tax benefit. Investment gains are subject to capital gains rates, although these are more favorable than ordinary income tax rates imposed on withdrawal from tax-deferred accounts.

Tax deferral is less important for older investors, who have less time to benefit from the tax-deferred compounding available in such accounts than younger investors.

It’s also possible to use tax-efficient investments in taxable accounts, such as broad-market equity exchange-traded funds, which have become very tax efficient, and municipal bonds — which generally are not subject to federal income taxes — for fixed income, Ms. Benz added.

“It’s not that difficult to simulate some of the tax-sheltering characteristics of a tax-deferred account in a taxable account,” she said.

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Starting this year, some of the money in 529 college savings accounts can be used for retirement if it’s not needed for education. Here is how it works .

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Leer en español. Whether you're a long-time business owner or starting to think about launching a business, to-do lists pile up fast, and determining how to write a business plan—much less following a business plan template—often feels overwhelming. But nearly 70% of business owners who have been there and done that recommend writing a business plan before starting a business.
Boeing Bid to Buy Spirit AeroSystems Hits Snag Over Airbus Assets (BA
4:52. Boeing Co. 's plan to buy back supplier Spirit AeroSystems Holdings Inc. has become mired in protracted discussions over pricing for factories that make components for Airbus SE ...
Sling TV review: Essential cable channels for cord-cutters on a budget
Starting at $40 a month, Sling TV is a competitive option for subscribers who want an affordable live TV streaming service that provides popular news, sports, entertainment, and family programming ...
YouTube Videos by Paul
Quality Business Plan 's owner, Paul Borosky, MBA., Doctoral Candidate is passionate about entrepreneurship, business plans, and financial modeling. However, his love of YouTube knows no bounds. Listed below are just some of the YouTube videos made by Paul. The video topics range from corporate reviews to financial modeling and business plan ...
America's child care crisis is holding back moms without college
Nicole Slemp, a new mother of seven-month-old William, lifts up her son in their home, Thursday, March 14, 2024 in Auburn, Wash.. Slemp recently quit her job because she and her husband couldn't ...
What to Do When Your 401(k) Leaves Something to Be Desired
It expects to report to Congress with recommendations by the end of 2025, Ms. Gomez said. The department publishes a guide to 401 (k) fees and has a toll-free line with advisers who can help ...