Writing a business plan is often the first actionable step aspiring entrepreneurs take. Since businesses are complex ventures with many components, such as sales, marketing, finance, and logistics, having a clear plan is important for making informed decisions in the early stages. A business plan is also a great way to communicate with potential investors and raise capital.
To help you get started, we’ll explain what a business plan is, its different parts, the decisions you’ll need to make, and how to write one.
What is a Business Plan?
A business plan is a formal document that outlines your business idea, target market, strategy, and financial goals. Think of it as both a blueprint and a pitch that shows investors, banks, and even government agencies that you’ve thought things through.
In the Philippines, a business plan or parts of it may be required when applying for financing, registering with the DTI or SEC, or joining government startup programs like DOST or Go Negosyo. More importantly, it helps you clarify your vision and track your progress.
Parts of a Business Plan
Here are the key components of a strong business plan.
- Executive Summary
The executive summary is a brief overview of your entire document. It typically includes your business name, location, mission statement, key products or services, and a snapshot of your goals and financial highlights. Even though it appears first, it’s best written last, once all other parts are complete.
- Company Description
This section describes what your business does, the industry it belongs to, and its structure (sole proprietorships, partnerships, corporations, and their various types). Your chosen structure affects your tax obligations, liability, access to government incentives, and the level of control you have over your business. Contact us and we’ll help you choose the best one for your needs.
Also include your business objectives, the problem you’re solving, and why your venture is uniquely positioned to succeed in the Philippine market.
- Market Analysis
A good market analysis shows that you’ve studied your industry and target customers. Discuss trends in your industry, who your competitors are, your ideal customer profile, and how large your target market is. For example, if you’re opening a milk tea shop in Makati, you should include data on foot traffic, customer age range, and purchasing behavior.
- Organization and Management
Outline your business organizational framework and introduce the people behind the operation. Use a chart if needed. List the owners, board members (if applicable), and key staff, along with their qualifications and roles. This section is particularly important for SEC registration if you’re registering a corporation.
- Products or Services
Go into detail about what you’re selling or offering. What makes your product unique? What are your price points? Are there plans for expansion? If you’re offering services, include how they’re delivered and the problem they solve.
For example, a laundry delivery app could list convenience, competitive pricing, and app features like same-day pickup as selling points.
- Marketing and Sales Strategy
Remember, no matter how great your product or service is, no one will buy it if they don’t know it exists.
Explain how you plan to promote and sell your products. Will you use social media marketing, local flyers, partnerships with influencers, or e-commerce platforms like Lazada and Shopee? Will you offer discounts or hand out free samples at a retail store? Outline your customer acquisition strategy, sales funnel, and retention plans.
- Financial Projections
Present detailed estimates for revenue, costs, and profit over the next 1–3 years. Include:
- Projected income statement
- Cash flow forecast
- Break-even analysis
- Startup capital and how it will be used
If you’re applying for a loan or looking for investors, this section should be realistic and backed by research. This could involve a soft launch or test run of selling your product for a few months, giving you real-world data that you could use to forecast sales and present to potential investors.
- Funding Requirements (Optional)
If you need capital, specify how much you’re seeking, what you’ll use it for (equipment, rent, marketing, etc.), and how you plan to repay it. You can also include possible sources such as bank loans, government funding, or private investors.
- Appendix (Optional)
Attach supporting documents such as copies of permits, product photos, charts, survey data, resumes of key staff, and market research. This adds credibility and supports the claims in your main plan.
Business Plan Format / Business Plan Sample Template
A business plan does not need a complex or overly specific format. What is important is that your plan is complete and easy to understand.
Here’s a simple structure many entrepreneurs use:
Business Plan Template (Sample Format)
- Executive Summary
- Company Description
- Market Analysis
- Organization and Management
- Products or Services
- Marketing and Sales Strategy
- Financial Projections
- Funding Requirements (if needed)
- Appendix (optional)
Use bullet points, tables, graphs, other visuals, and short paragraphs. Keep your tone professional but clear, especially if you’re presenting this to government agencies or banks.
How to Write a Business Plan
Writing a business plan can feel overwhelming at first, but completing each section brings you one step closer to launching your business. Here’s what you need to do to write your business plan:
- Research your industry and market.
Understand the landscape you’re entering. Check DTI data, read industry reports, and study your local competitors. Talk to potential customers to identify gaps in the market and validate your idea. - Set clear and measurable goals.
Avoid vague objectives like “increase sales.” Instead, aim for specific, time-bound targets such as “achieve ₱500,000 in monthly revenue by Q3 2025” or “secure 100 regular customers within six months.” This will help you create accurate financial projections and determine whether the business is worth pursuing.
If you can, do a soft launch to see how well your product or service does. With real sales data, you can make more accurate projections and be confident that you can reach your goals.
- Highlight your value proposition.
What sets your business apart? Whether it’s better pricing, unique services, or a niche market, your value proposition should be the core of your marketing, branding, and positioning strategies. - Draft, revise, and seek feedback.
Start with a rough draft. Don’t worry about getting it perfect the first time. Once done, revise it until it is presentable. You may also consider getting professional feedback from a business registration service to ensure you’re making the best decisions. We can help you choose the right business structure, develop a clear organizational framework, and ensure you have all the legal documents you need when you launch your business.
Keep in mind that these steps don’t have to be followed in exact order. You’ll often move back and forth between them as you write.
Final Thoughts
A well-crafted business plan is a powerful tool for setting your business up for success. With thorough research and smart decision-making, you can give your business the best possible chance to succeed. If you’re ready to register your business in the Philippines, our team can help with securing required documents, compliance, and more.
Are You Starting a Business for the First Time? We Can Help with Decision-Making and Business Registration.
Starting a business can also be overwhelming, especially if it’s your first time. You have to make several legal decisions that can affect your tax obligations, liability, access to government incentives, and how much control you have. Then you need to acquire the legal documents necessary to register and legally run your business. The wrong decision can lead to missed opportunities, while overlooking a legal requirement may result in costly fines or even suspending your business operations.
That’s where Triple i Consulting comes in. Our team of experienced lawyers and accountants provides comprehensive support for your business so you don’t have to stress over the paperwork.
Contact us today to schedule an initial consultation with one of our experts:
- Fill out the form below
- Call us at: +63 (02) 8540-9623
- Send an email to: info@tripleiconsulting.com
