Writing a Business Plan

Writing a Business Plan is essential but it is not as difficult as it may sound - it is simple a way of putting your ideas on paper. Areas that are usually covered in a Business Plan include:

• Description of the business - brief overview of purpose of business and location
• Evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
• Sales and Marketing - how the product/service will be promoted, sales targets set, competition.
• Product/Service - description and its advantages (and disadvantages).
• Management - CVs, training needed, what are these people bringing into the business?
• Financial forecasts - cash flow forecast, profit and loss, initial financial outlay.

A Business Plan should contain the essential information - not waffle! It should also be tailored to the needs of the audience. And remember, with financial predictions - it’s best to be prudent - not over-optimistic!

Examples of business plans can be obtained from:

• Local libraries
• Business services of banks

There are lots of organisations that can help you write a Business Plan, see our Business Advice Organisations page to find out more.