Whatever your business, whatever the size of your business, it is essential to have a realistic, working business plan when you are starting a business. This can seem daunting and an unnecessary task when you are eager to get started with your new business, but a business plan gives you the opportunity to set down in detail exactly how you will be running your business, why there is a need for it, who will be buying from it and what you need to do to make it a success.
Get your business plan right and you have the chance to build a successful business and avoid many of the common mistakes new businesses make. Get it wrong and your business could have problems and maybe never even get off the ground.
What is included in a Business Plan?
- Your Business Plan will make you be specific about goals and objectives for the business. What income do you need? Is it a 'lifestyle business? Is it local or national? Do you envisage employing people? If you have an idea of your specific goals you can then plan to meet these goals and have an idea of the timescales and investment needed.
- As part of your Business Plan you will need to include research about your market, potential customers and competitors. Again this helps to determine not only your marketing strategy, but also the products or services you provide, your pricing and ultimately the potential for your business idea.
- A Business Plan will also include financial information including sales and cash flow forecasts plus identifying the costs for the business, for example premises, stock, staff and marketing. You will need this information if you are going to require funding or investment but even if not, it is important that you understand the financial feasibility and implications of your business idea.
What help can e-factor provide?
As part of the free support and advice our Business Advisors give to start up businesses, we can help you write your Business Plan. Not only will this advice help you create a realistic and workable Business Plan it will also act as a 'sounding board' for your ideas and strategies on how to make your new business a success.
To speak to a Business Advisor about help with your Business Plan call 0800 952 0181 or complete our contact form
