If you’re thinking about setting up your own company, getting your business plan right is crucial. Check out our top tips on how to write the perfect plan.
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
We can help you answer this during our Enterprise programme, which provides you with the skills, tools and confidence you need to become your own boss. But, there's no reason why you can't start crafting your business plan today.
Be concise
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan. Make sure you include a summary of your business, and how it will make money right from the start, and use simple language throughout.
Be specific
Being specific is just as important as being concise. The details will help you drill down into how you will actually deliver your plan.
Know your market
A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?
Know your finances
The other essential part of a business plan is the finance section. If your business isn’t going to make any money, it won’t be successful so you need to be very clear on how you will make a profit. Use it to your advantage – your plan will be incredibly useful when it comes to securing loans and investment, but that’s not its only use. It’s also a personal tool to help you understand your objectives.
Sources: www.princes-trust.org.uk
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