Hoe to Prepare a Business Plan
Prepare a business plan
Overview
A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business.
This guide will show you how to prepare a high-quality plan using a number of easy-to-follow steps, and includes a template business plan.
Your products and services and audience for your business plan
This part of the plan sets out your vision for your new business. It includes who you are, what you do, what you have to offer and the market you want to address.
Start with an overview of your business: * when you started or intend to start trading, the progress and investment you have made to date * the type of business and the sector it is in * any relevant history - for example, if you acquired the business, who owned it originally and what they achieved with it * the current legal structure * your vision for the future
Describe your products or services as simply as possible, defining: * what makes it different * benefits it offers * why customers would buy it from you instead of your competitors * how you plan to develop your products or services * whether you hold any patents, trade marks or design registration * the key features and success factors of your industry or sector
The person reading the plan may not understand your business and its products, services or processes, so try to avoid jargon. Get someone who isn't involved in the business - a friend or family member perhaps - to read this section of your plan and make sure they can understand it.
The audience for your business plan
Many people think of a business plan as a document used to secure external funding. Potential investors, including banks, may invest in your idea, work with you or lend you money as a result of the strength of your plan.
The following people or
Overview
A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business.
This guide will show you how to prepare a high-quality plan using a number of easy-to-follow steps, and includes a template business plan.
Your products and services and audience for your business plan
This part of the plan sets out your vision for your new business. It includes who you are, what you do, what you have to offer and the market you want to address.
Start with an overview of your business: * when you started or intend to start trading, the progress and investment you have made to date * the type of business and the sector it is in * any relevant history - for example, if you acquired the business, who owned it originally and what they achieved with it * the current legal structure * your vision for the future
Describe your products or services as simply as possible, defining: * what makes it different * benefits it offers * why customers would buy it from you instead of your competitors * how you plan to develop your products or services * whether you hold any patents, trade marks or design registration * the key features and success factors of your industry or sector
The person reading the plan may not understand your business and its products, services or processes, so try to avoid jargon. Get someone who isn't involved in the business - a friend or family member perhaps - to read this section of your plan and make sure they can understand it.
The audience for your business plan
Many people think of a business plan as a document used to secure external funding. Potential investors, including banks, may invest in your idea, work with you or lend you money as a result of the strength of your plan.
The following people or