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Anyone planning to start a business should have a plan. It sounds obvious, but many small businesses come to grief quite quickly because the directors didn't spend enough time thinking through how they were going to run the operation.

Even if you plan to work alone making small widgets, it's important to cost things and work out how you're going to make any money.

After all, if you don't plan, how can you tell if things are going well or not?

The plan

1. Aims and objectives: Any good business plan should set out clearly what you hope to achieve. An approximate financial target, global domination or just a determination to sell a particular product or service will do.

2. Quantify the opportunity: The business plan should also describe the opportunity. Have you spotted a gap in the market or realised that the only people providing a particular product or service are doing so very badly and you could do it better?

3. Sales and marketing strategy: What is your strategy for getting products or services to market? You need to spell out in some detail how you are going to make and sell your products. How will your customers find out about it – word of mouth or will you advertise or promote your business in some other way?

4. Financial detail: How will you pay yourself? How will the business be funded – how long will it take to reach profitability. These are all questions you must answer.

The plan needs to be reasonably comprehensive. If you're funding your business yourself, it is there mainly as a reference document for you, so you can check back and ensure you're achieving what you set out to do.

If you're relying on your bank, your business plan will have to be much more detailed and will need to include financial forecasts so you can predict how the business is likely to do and when your backers can expect to see a return on the money they have invested with you.

Sample business plans can be obtained from Business Links, the Federation of Small Business and most High Street banks. Alternatively, you may feel better if you consult your own business adviser or accountant.

Remember to shop around – banks make a lot of money out of small businesses and it's important that you get one who you feel comfortable with and who is going to help you not hinder you.
 

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Testimonials


  1. After several unsuccessful attempts at trying to get a loan, I hired Tailored Business Plans to write a business plan for my loan request.  With the financial statements they prepared in the business plan showing my companies ability to pay the loan, I was finally able to close on my loan.
    -Larry Silva

  2. In todays difficult financial environment, presentation is everything.  Tailored Business Plans created a business plan that had a real “wow” effect on the bank officer.  I have no doubt that the professional presentation of my plan was a major deciding factor in securing my loan.
    -Kim Williams

  3. Tailored Business Plans wrote me a business plan that got results!
    -Michael Pena