Whether you are setting up or looking to grow your business, a good business plan will help you focus and plan for the future.
Writing a business plan can take some time and some areas of the plan will be easier to tackle than others.
A standard template can be used for a business plan, however, you will need to tailor it for your own purposes.
The Prince's Trust's has created a business plan template. The Business Plan Pack is divided into sections to help you develop your business idea and contains step-by-step information to guide you through the sections. Download a copy below.
Make sure your business plan covers the following:
|The purpose of the business||Very generally what the business will do. For example - a hair salon and the proposed name.|
|The products of services the business will offer||What areas the business will specialise in and to whom they will be offered. For example - hair dressing, beauty treatments, training, sale of products etc.|
|Who will run the business||How many staff the business will have and whether the owner will be involved in the day-to-day activities.|
|The proposed start of the business||All potential customers will need to be aware of this date and any marketing literature must have a set date.|
|The location of the business||Where the business will be run from.|
In your business plan make sure you cover the details about the person or people involved with the business idea:
|Experience and qualifications||A curriculum vitae (CV) can be included in the business plan. This will give the details of each person's background, skills, experience and qualifications.|
|Their current circumstances||Give details of what each person is currently doing. Are they employed? Will they continue to be employed? For example - Jane is currently employed as a senior hair stylist; she will leave her position in April after giving three months' notice.|
|How much time and money can they commit to the business||Explain how involved the business owner/(s) will be and the amount that they are prepared to invest in the business.|
In your business plan explain:
|The proposed structure of the business||This should include job roles and descriptions, requirements in terms of IT and equipment and the proposed type to business. For example, sole trader, partnership or company.|
|The financial plans for the business||The financial plans are probably the most detailed requirements of a business plan. The plan should include details of: start-up costs, forecast sales, forecast profit (or loss), cash flow.|
In your business plan explain the proposed initial financial structure of the business:
|The owners||Identify how much the owners of the business are prepared to invest and how their funds will be sourced. For example by personal savings, loan or other family members.|
|Investors||Identify how much the owners of the business would be seeking from other investors and the possible sources of those funds. For example a bank loan, bank overdraft, additional shareholders.|
Find further help and advice on how to write your business plan on GOV.UK's website. Also view and download business plan examples and templates.Read more
Every business needs to have adequate finance. Here’s some information about different sources of funding.Read more
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