Develop and write a business plan

A business plan is document that details your company’s business activities and how you are going to achieve your goals. It is a useful document to have when you are starting up a new business. It helps you to crystalise your vision on to paper supporting you to turn this into actions that help organise, map-out and manage the start-up process. Business plans are also essential if you are seeking to entice potential investors and lenders. In fact research has shown that startups with business plan are more likely to succeed: Research: Writing a Business Plan Makes Your Startup More Likely to Succeed (hbr.org). They are also useful once you are established as they help you to keep focused on your goals.

There is not standard format and are many different ways of presenting a business plan. The government offers some free templates and guidance which could be a good starting point: Write a business plan – GOV.UK (www.gov.uk).

It is important to remember that yours should be unique and reflect your business. There are some common elements that should be considered. These included:

Introduction or Executive Summary

Introduction to the company, their mission statements and other relevant information such as leadership, employees, operations, and locations.

Products and Services

What the company is planning to provide, pricing etc.

Financial plans, projections, and budgets

Market Analysis

Explains what the current market is within the area of operation, existing competition, who the target market is, how the company fits into this picture and how easy or difficult it may be take a portion of the market share from existing businesses trading in the area – what the need is for the business.

Marketing Strategy

How the company plans to attract and keep customers including information on marketing campaigns and the channels it is intended to use to get its services to consumers.

Business and funding advice in England

Business and funding advice in Wales