Why do I need a Business Plan
For some reason this is the section where people give up! But rest assured a business plan is not as complicated as you think, if you have a template!
The only person that can fill out a business plan is you, because it's your Business, your the most experienced person to tell someone else about it.
Below you will find some templates that you can download for free.
If you feel you haven't quite got the professional wording down and would like some one to re write it, we do offer a re writing service in our shop.
Simply answer all the questions to the best of your ability, if you feel that it is not professional enough, head over to our shop for our re writing service.
Writing a business plan is mandatory if you need to secure investment or funding.
Don't be put off by questions you do not now how to answer.
Many people feel the same, but asking questions is key.
When you are asked to predict you financials simply write down your predictions; How many items do you plan to sell per month or year, What are your outgoings etc?
Thinking of these figure can be tricky and sometimes make you want to give up and forget all about it. Just remember - Making money is not easy, starting out is tricky but with dedication, and perseverance you can achieve anything you want to achieve if you ready and willing.
Before you start your business plan have you done any market research?
This is essential if you want to know more about running your business, who is your competition?
Everyone has competition!
Even if your idea seems like the best and only unique thing out there, there will be another company or product that is similar to yours and knowing about them, what they do, how they sell, their strengths and weaknesses is beneficial to you and your business.
Finding out what to do and what not to do will help you save a lot of time and money in the long run.
Micro Mentor - is a free mentoring social network that helps the user engage with other like minded business owners and volunteers. Using people for the help and advise is a brilliant way to get some of your questions answered which in turn will help you when writing your business plan.
Things to look out for -
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Don't guess anything, knowledge is key when starting a business. The more you learn, the better your business plan will be and look to potential investors. You need to know how your business will look on paper before starting out, so you can perfect any problems, foresee any discrepancies and visualise your businesses future.
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Analyse your competition! Stalk them, befriend them on Facebook, follow them on Twitter! See how they engage with customers and call them pretending to be a customer to see how they work. There will be things you like and dislike, note them down so you know what to do and want not to do to make your business a success.
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Write your business plan as a third person (in the name of your business), don't use 'I'. Remember that a potential investor, Grant adviser, Mentor or Loan company will be reading this. This is your gateway to funding, so it needs to look and read like you know what you are talking about. Facts and figures is a must, and a potential investor will be scrutinising your business plan to see where their ROI will come from (return on investment). When you read it, does it sound engaging, exciting, would you invest?
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USP - What is your unique selling point? All products need one, this is what makes you different from everyone else. Why you and not somebody else? It could be your ingredients, customer services, cost margin. What makes you stand out from the rest, why is your product or business different?
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Spelling and Grammar - Check your work before you submit it anywhere. If you have spelling mistakes all over your business plan you will not look professional. If you cannot be bothered to overlook simple spelling mistakes or grammar on a professional business plan, how are you going to run your empire?
Business Plan Templates
Princes Trust Business plan
Business Plan Financials Template
Simple Business plan