Business Planning for Start-Ups
If you’re starting a business for the first time, before you can go any further, putting together an in- depth business plan is a must. Your business plan helps you to identify your goals and how you plan to achieve them, giving you a clear framework to build your business.
As making a business plan is a big task, here is our guide to help walk you through the essential steps to including all the right details and information.
If you would like to find out what support is available to help you to write your business plan, you can call Worcestershire Business Central on 01905 677 888.
Essential tips for writing a Business Plan
When writing a business plan, it’s important that you always go into plenty of detail about your goals and strategies to achieve them. If you’re looking to gain financial support for your business, there are a few elements that potential investors or lenders will expect to find in a business plan.
Here are our quick tips for writing a business plan:
Define your business
Make it clear exactly what your business does, or will do.
Is there a market for the products or services that you will provide? Your business plan should show you have identified a need in the market and that your business can fulfil this need.
Key business objectives and milestones
This is where you explain what you expect to achieve through starting a business. Be specific – give realistic timescales for when you plan to achieve each aim or objective.
Be sure to identify who else is in your market and explain what they provide. What makes you stand out from your competitors? What is your USP (unique selling point)?
Define who your target audience is. Who are your products or services aimed at and who will you sell to? Will you sell directly to the end user?
Where will you source any materials and how do you plan to pay for them? What are your suppliers’ repayment terms?
What kind of marketing strategies will you have in place to make sure that your potential customers will choose your products or services over what your competitors have on offer?
Skills and experience
Do you have the right skills and experience to deliver on your aims, products and services? Do you employ people with the necessary knowledge to carry out your business objectives? Your business plan needs to explain how your people are an important part of the strength of your business.
You’ll need to show that you have done your research by presenting a realistic forecast of your accounts, ideally, looking at the first three years ahead. Show your top line profit and loss numbers.
Enterprising Worcestershire is a free programme available to help budding entrepreneurs start their own business.
The programme provides access to free business support from professional business advisors who will guide you in creating a business plan.
Need More Help?
Our checklist covers the key areas to focus on when creating a business plan. For more information on doing the right background research for your business plan, you can visit our market research page.