| Writing a business plan can be really daunting. You've | | | | people will only read the summary. |
| got a great idea. You know it can work. You want to | | | | Introduction |
| get started! But the Bank Manager says, May I see | | | | The introduction should include a very brief outline of |
| your business plan! | | | | your business idea. |
| This is when you need How to Write a Business Plan - | | | | Market |
| Free Information for Entrepreneurs. You really can | | | | This section is about the people who will buy your |
| write a business plan in an afternoon. | | | | product. |
| What is a Business Plan? | | | | - Who needs your product? |
| A business plan for a new business is a document or | | | | - Where will purchasers be based? |
| report which answers key questions about your idea | | | | - How |
| including: | | | | - Market characteristics - emerging, growing or |
| - What goods or services will it provide? | | | | stagnating, recent or impending changes and their likely |
| - Who will buy them and why? | | | | effects |
| - Who are your competitors and how are your | | | | - Competition - What competition is there? Why are |
| products/services different? | | | | you better or different? |
| - How much do you expect to sell and when? | | | | - Other |
| - What resources (e.g. money, employees, premises) | | | | Your Business Idea |
| do you need? | | | | - What is your idea? |
| - Etc, etc | | | | - How will your product or service be different than |
| If you have thought about your business start up idea | | | | your competitors? |
| carefully and carried out some research, creating a | | | | - How much will your product or service be sold for? |
| business plan should be relatively easy. All you need to | | | | - Market research undertaken |
| do is to write your ideas down. | | | | Team |
| Why Do I Need a Business Plan? | | | | Use this section to consider whether your team will be |
| Mainly you need a business plan for yourself. Working | | | | able to deliver your plan. |
| through a list of questions needed to compile a plan will | | | | - Who will your team be? |
| highlight any areas of your business which you have | | | | - What are their strengths and weaknesses? |
| overlooked or on which you need to do more | | | | - How will you fill any skills gaps? |
| research. | | | | Resources |
| Sometimes, of course, it may be your Bank Manager | | | | - What resources will you need to get your business |
| or an organisation offering you a grant who will require | | | | going? |
| a plan. | | | | - Where will you get them from? |
| Your basic business plan will be the same whoever | | | | - Do you own any intellectual property (e.g. copyright |
| reads it but the audience can make some differences. | | | | and trademarks) relevant to your idea? Have they |
| If the plan is for your bank or to apply for a grant, you | | | | been protected? |
| may need to use a specific format or even fill in their | | | | Marketing |
| form. | | | | - What marketing do you plan to carry out? |
| If the plan is to be viewed by third parties who you | | | | Financial Projections |
| want to impress, then presentation, spelling and | | | | - Key projections are profit and loss and cashflow. |
| grammar will be important. Not as important as the | | | | The first shows how much money you are planning to |
| content but important. You may also want to include | | | | make and the second is essential to ensure that your |
| lots of evidence that what you say is true. As an | | | | plans will not result in you running out of cash. A |
| example, it could be helpful to include your full CV and | | | | balance sheet is also helpful. |
| even copies of your qualification certificates as | | | | - Include explanations of any calculations and |
| appendices. | | | | assumptions. |
| If the plan is purely for your own use, perhaps to pull | | | | - Show graphs to summarise detailed figures |
| your ideas together and make sure that you have | | | | contained in the appendices. |
| really considered all angles then you may choose to | | | | - If you have limited financial expertise, contact an |
| spend less time on presentation. You may also omit | | | | accountant for further advice and support. |
| some pieces of evidence but be careful not to use this | | | | Appendices |
| as an excuse for failing to carry out enough research. | | | | Include any very detailed information or supporting |
| How Long Should My Plan Be? | | | | evidence as an appendix. Refer to it clearly in the main |
| There are no strict rules. 15-20 pages plus appendices | | | | text. |
| would usually be plenty long enough. It may be longer if | | | | Good Luck with Your Business |
| the area of business is especially complex but many | | | | Well done, that is it. Wasn't that difficult was it! Now the |
| professionals consider that overly long business plans | | | | hard part is implementing the plan. Many people come |
| are the written by people who are not thinking clearly. | | | | up with great ideas and plans - only a few implement |
| And everyone hates waffle! | | | | successfully. Good luck! |
| Possible Structure | | | | But I Need More Help! |
| There are lots of business plan structures to choose | | | | If you are still feeling that you would welcome some |
| from. The outline below is just one suggestion. | | | | more help on How to Write a Business Plan, free |
| Provided the sequence is logical and you have | | | | information is available from Business Link or contact: |
| covered all key issues the exact structure is not critical. | | | | Bplans - click on the links on their home page to |
| Executive Summary | | | | access a huge number of sample business plans. |
| A one or two page summary of the plan, write it at | | | | Teneric - they offer a free business plan writing |
| the end. Worth spending time on because many | | | | course. |