Starting a business? Then you'll need a plan
- a road map, taking you on the straightest,
fastest route to where you want to go.
Your business plan will include 6 sections
and will help you think through your business
idea, making sure you've covered all the angles
and eventualities, before you set off.
The first section is the executive summary.
Presenting an overview of your business, this
section is vital as many investors make judgements
about your business based on it alone!
A great tip is to leave this section until
last to write.
Once you have written the others, you'll find
it easier to do, as it will be a summary of
the key points you make in the other sections.
So start with your business details - provide
a short description of who you are, what you
plan to sell, why and to whom.
Include the location of your business, identify
key employees and any other qualities that
make your business stand out.
Now, enter your marketing and sales strategy
-
show that you've done your homework, that
you understand your target market.
Outline why you think people will buy what
you want to sell and detail how you plan to
sell to them.
Then add in your management team and personnel
- people reading your plan need to believe
and have trust in the management of your business,
so outline your credentials and the people
you plan to recruit.
Then detail your setup - explaining what facilities
the business will have, from your premises
to your management information systems and
IT.
And explain how it will deliver the product
or service to the customer.
Lastly, list your financial plan and projections
- this part translates everything you've said
in the previous sections into numbers.
It will tell you whether the business will
be worthwhile or whether you're wasting your
time and/or money.
Your business plan will change as your business
grows.
It'll help keep you focused, so you'll know
where you are and where you're supposed to
be, so that you can correct your course as
needed.
Here are our 5 top tips:
Keep it brief: If it takes too long to write,
it'll take too long to read!
Get rid of the fluff:
Cut the waffle and just get to the point!
Be realistic: Be honest and note all the challenges
facing your business.
Use visuals: Graphs, charts, and images can
help bring your idea to life, and;
Be creative:
So that your business stands out and grabs
attention.
And for a bit of extra help,
download a business plan template from the
Business Wales website.
So there you have it,
plan your route to make sure you reach your
destination!
