Many of us have been there: That sudden epiphany in the shower or at a bar chatting with friends.
How to create the perfect business plan in 10 steps Small Business Guides 6 min read Every business needs a plan.
Your business plan will keep you focused and help convince investors to lend you money. But how do you write the perfect business plan?
Here are 10 steps to help you get it right. Why do you need a business plan? You may be wondering why you need a plan in the first place.
After all, you have a clear idea in your mind about what you want to achieve. You know the market, you have the necessary skills.
So why do you need a plan? There are many good reasons. Here are just a few of them: To clarify your ideas Writing something down gives it structure and substance.
Your ideas will be clearer on paper than in your head. To discover and solve problems The business idea you have in mind may have some holes — you might not have covered everything. This will become much more apparent when your words are on the page.
To get feedback from others A properly written business plan can be shared with trusted people to get their advice. A written plan will provide that proof. To guide you as your business grows A good business plan will keep you on track and focused, even as day-to-day work becomes a distraction.
But these 10 steps will help you create the perfect business plan. The executive summary This is where you describe your company and the product or service that it will sell. Try to describe the goal and mission of your business in just a couple of sentences.
Work hard at this and try to make it memorable. Who are your customers? Do you have a clear idea of the type of people or businesses who will buy your product or service? If not, think carefully until you do. This is one of the first questions any investor will ask you about your business plan.
Have your answers ready: Know whether your customers will be consumers or businesses. If they are businesses, who will you target within those companies?
Determine whether you'll have regular clients or one-off buyers. You need to identify the people who will buy from you. Think about the following: Demographics — such as age, gender and social status. Firmographics — this applies when selling to businesses. Firmographics includes size of the company, revenue of the company and services or products of the company.
Location — perhaps a specific area, town, or even country. Groups — such as people with shared interests or habits.
The better you evaluate your target audience, the more comprehensive your business plan will be. What are your opportunities?The guide is an annotated version of the Business Plan template with notes from our Business Advisers about what type of information, examples and evidence to include in order to help us understand you and your business.
Get inspired with our gallery of over example business plans. Choose the category that is closest to your own business or industry, and view a plan you like.
LivePlan includes all business plan samples, so you can easily reference any of them when you’re writing your own plan. If you’re. Get help from us on writing a business plan.
Follow our step-by-step guide that gives advice on everything from defining a business to hiring staff. Writing a business plan is a vital first step when starting a business, in order to set out your proposition, your market, customers and competitors.
The business planning process will give you a feel for the various elements that will determine your success, from cash flow, to sales forecasting.
Analyse your competitors, research your market or develop your brand with our Free Guide to Starting a Business. Download it today! Starting a business?
Analyse your competitors, research your market or develop your brand with our Free Guide to Starting a Business. To get started you’ll need a solid business plan.
You’ll also need a. A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope.