Free Business Plan Builder

Business Plan FAQs

What is a business plan?

A business plan is a document that explains to others your vision for your business, the gap in the market your business will fill and the steps you will take to succeed.

Why is a business plan important?

A business plan describes what your business does and outlines the opportunities you wish to capture. Writing your business plan can help build your confidence in how you will achieve success. A business plan can also:

Serve as a roadmap for your business
Answer and even create more questions
Zero in on the most effective way to build or grow your business
Reveal gaps or risks you need to address

Show potential investors, stakeholders or lenders that you’re serious.

How do I write a business plan?

A simple way to write a business plan is to use our business plan template (the RBC Business Plan Builder for new businesses or existing businesses.

You can also read more about how to create a business plan.

What is the executive summary in a business plan?

The executive summary is the first thing your reader will see in your business plan, after your cover page and table of contents. It should grab your reader’s attention, identify what your business does and include:

Your industry, target market and how your business is different from the competition
Your business structure (sole proprietorship, corporation, etc.)
What stage your business is in
Your experience and credentials, as well as your team’s, if applicable
Revenue projections for the business (or performance to date, if you’re already operating)

Tip: Write your executive summary last and keep it to one page. While it’s structurally the first section, it will summarize everything else in your plan.

What is in a business plan?

Your business plan should include the following:

Learn more about what to include in your business plan.

How long should a business plan be?

There is no length requirement for a business plan. It should cover essential information, be easy to skim, and also be as clear and concise as possible.

What is a business plan template?

A business plan template takes the guesswork out of writing your business plan by listing the ideal information to include. Create your own business plan for either a new business or existing business using the free template in the RBC Business Plan Builder.

Can I download the business plan template?

Yes, you can complete the business plan template in the RBC Business Plan Builder online and/or download it as a document for free at any time.

Does the business plan template work for small businesses?

Yes! The business plan template in the RBC Business Plan Builder is useful for businesses of any size. The information you provide will be specific to your unique business.

Do I have to create my business plan in one sitting?

No, you can download and save your business plan as a document at any time, so you don’t lose your work. That way, you can go at your own pace and take breaks or gather information as needed.

This information is provided for general information purposes only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.

Ownr is an RBC Ventures company.

For sole proprietorship registration "$49 back" offer is inclusive of any applicable taxes, and for incorporation, "$300 back" offer is inclusive of any applicable taxes ("Offer"). Offer available when you register or incorporate with Ownr and apply and get approved for a new RBC business deposit account associated with the business registered or incorporated with Ownr ("BDA") within 60 days ("Application Criteria"). Royal Bank of Canada (not Ownr or RBC Ventures Inc.) will in its discretion make approval decisions for all BDA applications. Once you complete the Application Criteria, you must log back into your Ownr account and click ‘Refund Me'. You will receive the Offer as a credit in your BDA within 7-10 business days of clicking ‘Refund Me'. To qualify for this Offer your BDA must remain open for a period of 1 year from the date it is opened but there is no minimum balance that must be maintained in your BDA. If you received this Offer then change or close your BDA within 1 year of the date it was opened, we reserve the right to debit from your BDA an amount equal to the value of this Offer (inclusive of applicable taxes), even if this places the BDA into overdraft. Offer may be revised or withdrawn at any time without notice.