| I am often asked the same two questions. Do I need a | | | | people to invest into your idea and business. It is your |
| business plan? What should I include in my business | | | | sales copy in effect and therefore if you create a |
| plan? I am going to answer these questions when | | | | professional, well laid out and strong business plan, |
| writing this article. | | | | people are more likely to take you seriously and to |
| Do I require a business plan? | | | | invest. |
| For most businesses the answer to this question | | | | On the other hand if it is rushed, poorly written and |
| would be yes. For the majority of new businesses and | | | | basically a weak business plan, you are unlikely to |
| ones which require investment by way of a loan or a | | | | receive the backing you are looking for. |
| business partner, a business plan is a must. Any | | | | What should be included in my business plan? |
| potential investor will want to see for example, your | | | | People who read your business plan will not only want |
| future growth projections before they commit to | | | | to know about the business itself, they will also want to |
| invest. | | | | know about you. Give them a brief summary of your |
| This is the type of business which does not require a | | | | history and what you have achieved in the past. Write |
| business plan: | | | | down all of your ideas and really sell the positive side |
| A business which is happy to stay as it is and which | | | | of your character to them. The fact that you are really |
| has no plans to expand. | | | | hard working and that you thrive under pressure. You |
| A business which never has a need to take out a loan. | | | | love a challenge and can not only work well as part of |
| A business which is a one man band and is | | | | a team but also on your own. |
| self-sufficient, without the need of any outside help. | | | | Describe the market place that your business is a part |
| This type of business is rare. Most businesses | | | | of, the competition and also the opportunities for |
| therefore will require a business plan. | | | | growth in that market. |
| It is one thing being aware of your need to formulate a | | | | Give them financial figures including running costs, |
| business plan, the problem is most people have no idea | | | | projected earnings, projected growth forecasts and |
| of how to go about creating one. | | | | also any financial history the business might have had. |
| The business plan will aim to show its readers all about | | | | Show them that you are flexible in that you have a |
| your aims for your business and how you are going to | | | | plan B if plan A does not come to fruition. |
| reach these targets. You need to have a strategy | | | | Sell them your ideas by telling them why you are |
| firmly in place before even attempting to write the plan. | | | | setting up the business for example, and where you |
| You should know the direction you are going to take, | | | | dream it will be in five years time. |
| the investments you are going to make in staff, | | | | Include a mission statement explaining what you are |
| equipment and machinery. You need to have business | | | | attempting to achieve with your business. |
| goals and an idea of when each target is likely to be | | | | I hope this information has helped give you an idea of |
| met. | | | | how to write a successful business plan. Good luck. |
| In most cases a business plan is used to try to attract | | | | |