Business Planning

A Business plan should set out your plans and show that they are attainable.

The plan should show your business concisely and accurately. It is a selling “tool” so time and research must be spent on it and it must be attractive.

You should state your strengths backed up by evidence but also be realistic about any threats and show how you intend to overcome these.

A thorough Business plan helps you identify how you are going to approach and manage your new venture. The plan will include:

• The summary of the business
• Your personal profile
• Your personal/business aims
• Business details
• Staff resource required

Market Research and analysis (see separate page for more detail) ­ This is a key part of the plan. Is there demand for your product/service? To answer this you need to carry out market research into your potential market and customers

Marketing strategy ­ How will people know your business exists? By producing marketing plans that show promotion/advertising ideas, the selling place, the image of the business and pricing policy, you will be ensuring that your business is noticed and acknowledged throughout your target area.

Financial Planning (see separate page for more detail) ­ This will be both for you as an individual and for the business.