A thermally imagable business record such as a form, tag, label or the like is provided in which selected areas of the record may be activated to form an image upon exposure to heat. In one embodiment, at least one selected area of a substrate surface contains a thermally imagable coating of initially colorless color formers and color developers while the remaining areas of the substrate are left uncoated. The substrate may be pre-coated to provide a smooth, non-porous base coat for the thermally imagable coating, and may also include a protective coating layer to protect the subsequently printed thermal image.