Getty Images Starting your own business is so stressful, with so many things to be done, that it's easy to convince yourself that doing the bare minimum for a business plan is enough. There are a ton of business-plan templates out there, so you could always just dump your own information into one of them and run with it. After all, you just need it to get fundingand then you'll never look at it again. Well, you could do that, but your business plan can actually be a living document you use often, to ensure your performance and growth are on track.
Writing a business plan Your guide to a successful business plan A good business plan defines what you want to achieve and how you intend to achieve it. Our guide could help you write yours. A comprehensive business plan is the best way to go about defining your business.
Your plan should include: What your business will do The products or services it will provide How customers will access your products or services eg in a shop, online or by phone Your approach to pricing Your long and short-term objectives — including a series of benchmarks if possible that you can check your progress against Know your customers Make sure you know as much as possible about who will be buying from you.
Knowing the answers will help you promote your business much more effectively: How old are they? What do they do for a living?
What are their lifestyles like? Do they already buy the product or service? Why will they buy from you and no one else?
How will you tell them about your business? Naming your business The name you choose for your business should reflect the image you want to project to your market. If you have the facilities, you could test various names to see how people from your proposed customer base react.
There are companies that provide this service, or you could do it informally by asking friends and family. There are plenty of guides that will help you to understand the law and make decisions to suit your business, such as the number of employees you need, what you should offer them and if they will be contractors or permanent.
Here are some key things to consider: What are my responsibilities and what do I need to provide them with? How will I make sure they are properly managed and trained?
What should I pay them and does it match with the pay offered for similar roles in the area?
How will they benefit my business and help me to achieve my goals? Writing it all down When you write your business plan, remember to be clear, realistic and concise. You should use research and, if possible, evidence, to support your conclusions and include an action plan. Nothing needs to be set in stone, however; business plans are dynamic documents — meaning that you should adjust your plan as your business develops.
You may also be interested in Start-up business account Free business banking for the first 12 months Kick-start your business with free banking for 12 months1, with expert advice on hand when you need it in those vital early months.
Protecting your business idea Got a big idea? Find out how to protect it The Intellectual Property IP rights of your business determine the value of your idea, so a copyright, patent or trademark is essential. Protect your idea Important information Available for small businesses, including individuals setting up their first business bank account within the first 12 months of trading.
Standard transactions include most payments out debits and payments in credits. There are charges for non-standard transactions, such as audit letters, returned or stopped cheques, international payments and duplicate statements.
See a full list of standard and non-standard transactions.This sample business plan is intended to provide you with a template that can be used as a reference for when you’re hard at work on your plan. The company is a completely fictional organic denim and apparel company, however, we made sure the industry research was grounded in real world numbers as.
Get inspired with our collection of free sample business plans, all in SBA-approved format and available in their entirety online.
Video Podcasts Start A Business Subscribe Books. The following business plans were presented at MOOT CORP ® Competition. Read the details of any of these plans or select from the list below the best example of each specific topic.
Read the details of any of these plans or select from the list below the best example of each specific topic. Business Plan Template: Complete Fill in the Blanks Sample Business Plan Proposal (With MS Word Version, Excel Spreadsheets, and 7 Free Gifts) (Starting A Business Book 2) - Kindle edition by Meir Liraz.
Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading Business Plan Template: Complete Fill in the. Get the most out of sample plans. Bplans has over sample plans to learn from. Before reading the plan, hear what the business planning experts have to say about getting the most out of business sample .
A good retail business plan gives the retail firm a pathway to profit. This free sample business plan retail store guide is designed to help an owner-manager work up a sound business plan.