If you are one of the many people taking advantage of the StartUp Britain Campaign, then you are going to need a business plan that helps you form the basis of your new business.
There are many different facets to a good business plan, but here is a checklist of the basics you will need to include in your first business plan.
Business outline
This is your executive summary, and will fine-tune what you believe your business will be, and what you will present to others about your business idea.
This should include your target customers and market places, any growth you anticipate, and the funding you need now and in the future.
This is a basic precise of the sum of the other sections of your plan. After this you will break things down into more detail.
Funding
If you will need funding, you should have a plan of where that funding will come from, how much you will need to start-up the business, and how the money will be spent.
Stating that you will need x amount without any method of arriving at the sum, shows that there has been no thought and will put off investors who you go to; possibly leading to immediate failure.
You will need to know figures for premises, staff, training, machinery, stock, and a multitude of other things. Knowing how to raise money for your business is important, but if you don’t know how much you need you are doomed to fail.
The market
Ideally, after using market research, you will be able to outline your overall strategy as to how you are going to develop, maintain, and increase, a market share in your chosen business. You should consider variables like the size of the market, the location, and how you will encourage customers to your new enterprise.
One of the most common reasons for business failure is not knowing the market you are entering, whereas most successful startups are businesses where the owner is starting a business in a field they are already familiar with. Know your market and you will have a greater chance of success.
Related: Every Aspiring Entrepreneur Should Be Able To Answer These Business Questions
Marketing
To develop your business and gain income, you will need to make the public aware of your business. A marketing strategy is vital for this, and knowing who to market to is just as vital.
Though websites and social media are incredibly important, and a web host like bestwebhosting.co.uk will keep you on the internet (and even supply a revenue stream through reselling) you should remember that there are other possible marketing strategies too.
In the ideal world you will talk to a marketing company who will conduct surveys for you and pinpoint the exact people and areas you should market to.
Competition
You should always be aware of the competition you will face. Discover their strengths and weaknesses, and if you want their market share, you should know where you can be more competitive than they are.
This may lead to specialization in a niche market, or even targeting a different area altogether if you feel you cannot compete. It is better to know about any competition beforehand than not be aware whether you can compete or not As the saying goes “Be prepared”.
A business plan can go into much greater detail than expressed here, and the internet is a great source of business plan ideas (click here for some great advice from the government).
You should remember that the better your plan, the greater your chance of developing a profitable business; and that is all you want… to start with.
