The business plan
A commercial business plan is the key to making a success of your new business. You will need to show it to anyone whom you ask to invest in your business. You will also need to show it to the bank or anyone else who you ask to lend you money. They will all want to know that your ideas have been thought through and that there is a good chance of getting their money back in due course.
Even if you do not need anyone else’s money, a business plan is still a good idea. It can help you avoid many of the most common business mistakes and enable you to achieve success faster.
You may have your dream of what you want to achieve in your business. Can you express it in terms of target income over the next 12 months? And in the next year and the one after that? What will you need to do to achieve those objectives and what will be the consequences and cost of doing so? Drafting the plan and incorporating cashflow projections will force you to consider related issues. For example what actions you will need to take to achieve your objectives.
Writing a business plan will also help you to focus on all of the costs that will arise and when you will need to have the money available to pay for these. You may need to cover premises related costs, support staff, marketing and promotion, a website, business insurances and so on.
Your plan should include an explanation of how your business will start, build and develop. You also need to know who are you competing with and what will enable you to be successful. The plan should describe the business, product or service, your marketplace, mode of operation, capital requirements and projected financial results.
It’s your business and your ideas but we can help you with much of the content of your business plan.