How to write a business plan
Once you\'ve conducted research into the feasibility of your new business you\'re ready to write your business plan.
Your business plan is essential for your business - it\'s your blueprint for the future. It sets the direction for your business and keeps you on track once you\'re up and running. It\'s also a requirement when you\'re seeking finance. See now how to write a business plan
Depending on what type of business you intend to start, your business plan could include these elements:
• executive summary - a one-page overview written after your business plan is finalised
• introduction - explains the purpose and objectives of going into business
• marketing analysis - looks at the industry you are entering and how you fit in
• marketing plan - your marketing strategy
• operations plan - how you\'ll set up the business, i.e. structure, location, regulations
• management plan - how you\'ll manage your business
• financial plan - how you\'ll finance your business, costing and financial projections.
Business planning is an ongoing business activity - you should regularly review and revise your business plan.
Some important steps for how to write a business plan
A good business plan will contain:
• an initial executive summary, summarising the detail of the business proposal
• a written overview of the business\' aims
• its product or service
• management team
• financial forecasts and appendices, such as the CVs of key management members, market research data or technical product information.
The body of your business plan should cover several areas in detail.
Give the reason for the business being established - include business goals, for example, whether ambitious growth is desired or a regular, steady trading level.
Explain what your business will do in simple terms, highlighting any features that set it apart from rivals.
Include market and competitor information, outlining what part of the market you are targeting, key competitors and what differentiates you from them.
How to write a business plan >
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