How to Write a Business Plan
Many potential start-up businesses
are daunted by the prospect of writing a business plan. But it is not a
difficult process - and a good business plan focuses the mind as well as
helping to secure finance and support.
The business plan will clarify your
business idea and define your long-term objectives. It provides a blueprint for
running the business and a series of benchmarks to check your progress against.
It is also vital for convincing your bank - and possibly key customers and
suppliers - to support you.
1. Executive summary
- The executive summary outlines your business proposal. Although it is the last section to be written, it goes on the first page of the business plan. It will be read by people unfamiliar with your business, so avoid jargon.
- The executive summary highlights the most important points and should sum up your product or service and its advantages, opportunity in the market, management team, track record to date, financial projections, funding requirements and expected returns.
2. The business
- Explain the background to your business idea, including the length of time you have been developing the business idea in its present form, work carried out to date, any related experience you have, the proposed ownership structure of the business.
- Explain what your product or service is. Make it clear how it will stand out as different from other products or services, your customers will gain through buying your product or service, the business can be developed to meet customers' changing needs in the future
3. Markets and competitors
- Focus on the segments of the market you plan to target - for example, local customers or a particular age group.
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