The term "business model" has been popular among managers, practitioners, and management theorists for nearly two decades. In 2001, one in four Fortune 500 companies applied the concept of business model in their annual report (Shafer, Smith Linder, 2005, p. 200). According to a report by The Economist Intelligence Unit of 2005, most managers (54%) pointed to business models (EIU, 2005, pp. 2-9) when answering the question whether the most important source of competitive advantage will be business models or new products and services. The ability to build and evaluate planning documents called business plans is a valuable and important element of managerial and advisory competence. It is possible, first of all, to shape practical aspects by solving specific planning problems. The process of developing a business plan should create important business management tools, giving the opportunity to plan their development – these tools include Business Model Canvas (BMC), which can be used in drawing up a business plan. It is not possible to equate the BMC with a business plan, but it is certainly useful for the development of a business plan. Its application value means that it can be used in the preparation of a business plan in terms of necessary information, content, contained analyses related to e.g. a marketing, operational, financial or organizational and management plan. The objective of the paper is to present both theoretical and practical possibilities of using the BMC in creating a business plan of an economic entity, which is a useful tool used especially by micro and small economic entities at the stage of establishing a business activity and a business model popular among product managers. The paper was written based on the literature of the subject of management and business plans creation.