City : Enterprise Centre : Where to Begin
Writing a business plan...
A business plan is a plan for your business idea that aims to clarify the idea, find any problems, and set aims and goals, turning your idea into something that could be reality - so take time and care when writing it!
A business plan is essential for the success of any new business and it is vital to have one when you ask for funding or going into a partnership.
Writing a business plan will also help you to figure out exactly what it is you want to do - so even if you don't have a clear idea, you can still start writing.
How do I write a business plan?
The Prince's Trust has some great advice on writing a plan and even provides some templates you can use. All the resources on their site are free to use.
You can also download a template for a business plan from the GOV UK website. The site also has plenty of other useful information.
Don't forget - when you start writing your business plan it doesn't have to be set in stone. You can write a first draft just to get all your ideas down and the tweak it until it's perfect!
You will need to include the following when you are writing your business plan:
- A brief description of your business that makes people remember it,
- An assessment of the current market for your product or service,
- Potential difficulties to overcome and opportunities for growth,
- How you aim to finance the business before you start to make money,
- Short and long-term aims with expected timescales,
- Your sales and marketing strategy,
- Premises and personnel,
- Taxes and accounting.
This might all sound very complicated, but the help from The Princes Trust and GOV UK should help to explain each step of writing your buisness plan clearly!