Planning is a crucial part of building a successful business that lasts.
A business plan can help you clarify your aims and ideas, spot potential problems before they arise, set out your goals and measure your progress towards them. It’s also an important step if you’re applying for finance as lenders will want to see what you plan to do with the money.
A business plan is a formal document outlining what you plan to do in your business, how you plan to use any money you’re applying for, why you think you’re the right person to make this business a success and how much you estimate to make.
A business plan should be based on the evidence you gathered from market research. The more things you can demonstrate, the better your business plan will appear and the more likely you’ll get your hands on investment, if you’re applying for it.
Money lenders will also want to know that you’ll pay them back. All business is a risk so they’ll be looking for the safest option to invest in.
The more experience, understanding and research behind you, the more likely you’ll be viewed as a safe option and therefore get any money you’re applying for.
Things to include on your business plan
Here is a handy check list which you can use to ensure you have a comprehensive business plan:
- Basic business concept
- Your products and services and their competitive advantage
- Details of your target market and how you’ll attract customers
- Financial needs and plans
- Marketing plans
- Personal profile and why you’re the right person to make this business a success
- Review of your competition and how you’ll deal with them/improve on what they offer
If you have any further questions regarding writing a business plan simply phone 020 3355 4047 and of our friendly advisors will be happy to help.