Behind every successful business there is a comprehensive business plan. There are many things this plan should contain, apart from your personality, including a financial planning section. This should be written by a financial advisor, or at least from information they have provided. Having a financial planner to help will show any lenders that you are serious about your business and they will be able to quickly see whether it is a viable investment opportunity for them.
Here are some of the other things that should be in your business plan: –
- The title page is more important than you might think. By including this page your lenders will be able to quickly see what the plan is for and general information about it.
- A one-page business summary. This will need to be written after everything else, but it should be included in the front so investors can get a comprehensive, but brief idea of your business.
- About your business: this is all the information about the structure, registrations, premises, location, staffing and your products or services.
- Your marketing plan: You need to do a marketing analysis of the industry you are entering, describe your target market and your competitors. Detail your key marketing plans and how you intend to meet your targets. This will show investors you know what you are doing.
- The future of your business: this is an essential step for your business plan to have because a static business is not necessarily a successful one. Goals for the business and key business milestones should be explained. A vision statement should also be included.
- Finances are an important part of any business. Having finances is the way your business goes from an idea to a reality. It’s important to show prospective investors you know what you are talking about when it comes to finances.
- Supporting documentation. This could be things such as council maps, resumes, financial tables or even emergency procedures.
Having written out your business plan once you may think that’s the end of it, but this document should be a ‘living document’ that evolves as it is amended and updated on a regular basis. This will help you stay on the right track to achieve your business goals.
Once you have a business plan, you may want anyone who sees it to sign a confidentiality agreement, especially if your idea is innovative in any way. Letting the competition get wind of what you plan and jump in with a similar product or service before you, will ruin your plans and the edge you had hoped to gain over them.
Business plans are not that difficult to do; you can get free business plan templates online that will help show you what to write and how to write it.