Creating a Winning Business Plan
You’ve got a business idea, but have never run a business before and want to turn it in to a reality. A business plan is the next step you should take.
Your business plan will set out what you want to achieve, how you are going to go about it and should be tailored to its potential reader. It also needs to cover five key areas as detailed below, which should help you to avoid common start up mistakes and give you a better chance of attracting finance for your business.
Executive Summary
The summary of the entire plan it must concisely set the scene for the reader and should only be completed at the very end of the business planning process.
This section is one the most important parts, particularly if you are using the plan to gain finance from potential investors. They may have to read several business plans and you need to ensure your plan stands out positively from the rest.
Your Business
- History of the Business Idea/Business
- Description of your product/service including why people will want to buy it
- Company name and address
- Legal structure (sole trader partnership, etc)
- Goals and objectives for the business
Your Market
- Your customers (market research may be required)
- How you are going to contact your customers
- The marketing methods you are going to use (PR, advertising, etc)
- Your competitors (strengths and weaknesses)
- What makes your product/service stand out from the competition – Your USP (Unique Selling Point)
Financing Your Business
- Pricing Policy for your product or service
- Financial requirements – How much do you need and from what sources?
- Cashflow forecast
- Profit and Loss forecast
- Break Even Point
Managing Your Business
- Who and how the business will be managed
- Employees, equipment, premises and suppliers
- Administrative aspects – keeping your accounts, tax considerations
- Information technology implications
- Future plans/projections
Creating a business plan is a real skill and getting good guidance early on will help to ensure you get the greatest chance of starting a successful business.
Specifically designed to help you understand how to create a business plan, as well as what is involved in starting-up and trading as a new business, Colbea’s ‘
EasyTrain Step Into Business’ Course in the next best step you can take.
