Why do you need a business plan?
If you're starting a business or considering diversifying your present business, you'll need to write a business plan. Most funding providers will request a comprehensive business plan when you apply for any business support type grants, so it's vital it has been written up correctly.
What is a business plan?
A business plan is a summary of the business proposal and how the business will operate successfully. The business plan should consider:
- Business objectives
- Business concept
- Market analysis
- SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)
- PEST analysis (Political, Economical, Social and Technological)
- Marketing strategy
- Risk assessment
- Cash flow forecast
- Profit and loss account
Providers of advice and templates
- Bplans: Find the business plan from 500+ samples that best matches your business and use it as inspiration when writing your own. The website is full of advice, including articles and blogs.
Businessballs.com: Lots of free tips, samples, examples and tools for writing your own business plan.
Entrepreneur: A comprehensive guide to writing a business plan by US magazine Entrepreneur.
- GOV.UK: Download free business plan templates and find help and advice on how to write your business plan.
HM Revenue & Customs: Information and support to help you handle your responsibilities to HMRC easily and effectively.
Prince's Trust: Download a free guide and templates.
- SmallBusiness.co.uk: Guides, videos and expert opinions on business plans.