If you have a business idea then creating a business plan is a valuable tool to put your idea into practice.
A business plan is a document that describes your business. It will show in detail:
A business plan is a working document which can be changed and updated at any time. There is no set format for a business plan and it can be a formal or informal document.
It is not necessary to have a business plan. However, spending the time to put a business ideas down on paper and planning what you will do should mean that you can work towards creating a successful and financially viable business.
It will help you:
A business plan should be able to answer the following questions:
|The following information should be included:|
|What will the business do?||A description of the business: the purpose of the business, the products of services the business will offer, who will run the business, the proposed start date of the business, the location of the business.|
|Who will set up the business?||The details of the person/people who have the business idea: what experience and qualificattions do they have, what are their current circumstances, how much time and money can they commit to the business.|
|How will the business be set up?||This is the structure and the financial plans of the business.|
|How will the business be financed?||The business owners may have sufficient funds to finance the business venture or they may need investors.|
Your business plan may be a document that only you will use. However, if you are looking to secure a loan from a bank or find potential investors, they will often be looking for you to provide them with a clear business plan.
When starting a new business you'll need to consider the following:
Whether you are setting up or looking to grow your business, a good business plan will help you focus and plan for the future.Read more
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