| If you want to start a business then the words | | | | 4. Gives you the numbers - all start-ups need a budget |
| "Business Plan" will haunt your dreams for the next | | | | and the business plan allows you to put a realistic |
| few months! If you have never produced any piece of | | | | number to that vital statistic. You can't make any |
| writing more daunting than a postcard from Kos then | | | | decisions until you know that number, and only the |
| the very thought of producing this all singing all dancing | | | | business plan can give it to your accurately. |
| tome can make you feel sick! So sick in fact that you | | | | 5. Shows you who your competition is - A vital part of |
| may decide you don't really need one - after all you | | | | any business plan involves assessing the competition |
| only want to open a little shop selling home made pate | | | | and finding fiendish ways to put your business ahead |
| and gourmet pickles, or capitalise on your needlework | | | | of them. This analysis can trigger strategies to bolster |
| skills and flog designer dog coats. | | | | your marketing plan (yes, you need one of those too!) |
| Sorry, you still need a plan and this is why...... | | | | and identify parts of the market where your skill set |
| | | | can give you an edge. Equally it will show you if you |
| 1. Feasibility study - we all get too close to our own | | | | are entering a super crowded market place where |
| ideas and a business plan even in its most basic form | | | | you haven't a hope in hell of competing which is the |
| acts as a feasibility study on any business idea. During | | | | business equivalent of swimming in a shark pool |
| the course of completing the plan you may find this | | | | balancing a bucket of chicken on your head. It could |
| idea just hasn't got the legs to run, and equally, if you | | | | save you much pain to run that analysis now! |
| can't finish a business plan you've got poor hopes of | | | | These are just the most basic reasons for having a |
| lasting the course once you start a business! Cruel but | | | | business plan! This is before we have even considered |
| true. | | | | how a plan will influence any application for funds, how |
| 2. Finds additional income streams - you may have | | | | a plan will map out your growth and set the goals for |
| had a brainstorm and come up with a fantastic idea | | | | the next few years and how a plan will impact on your |
| but to realise the true potential of any business you | | | | professional development. |
| need to explore all the possible ways it can generate | | | | I'll go into the nuts and bolts on these and other issues |
| income and the business plan allows you to do this. | | | | in further articles, along with a list of must have |
| 3. Takes you from idea to opening day - if your great | | | | inclusions for a comprehensive business plan but for |
| business idea is in its infancy starting on the business | | | | now all I can say is you really need one, get your head |
| plan can show you how to help it grow up. A business | | | | round the idea and be prepared to spend some time |
| plan can act as a blueprint from idea to opening and | | | | on it and complete it is stages if necessary, but |
| helps you identify the stages you need to go through | | | | complete it you must! |
| before the first customer can come in through your | | | | How do you eat an elephant? One mouthful at a time! |
| newly open door. | | | | |