If you need to create a business plan there are numerous templates available but it is the content that truly matters.
Primarily and critically you have to consider why you are compiling a business plan and ensure the content reflects this.
The purpose of a business plan is to ensure you are very clear on the product or service you intend to deliver, you fully understand the market place you are entering and to demonstrate you have the skills and attributes to deliver it successfully.
Especially, it should describe your knowledge and ability to manage all of the tasks required to successfully run a business.
A business plan provides the background and a justification for initiating a new product or service. It evaluates the benefits of the product or service, the target market, costs, risks and provides a rationale for the way forward.
If you are seeking funding, your business plan should clearly state a compelling financial case for potential investors to support you.
Consider preparing your business plan from two aspects;
Unique Selling Proposition
An overview of the problem or market opportunity to be exploited and what specific benefit is to be achieved once your product or service is in place highlighting what differentiates you from your competitors.
Detail
This is the strategic perspective describing the background, the need and anticipated results. Your skills and experience, analysis of the target market and the competition. It must also include financial detail; the cash flow, budget and funding requirements required to launch and importantly sustain the business. You should also consider any regional, geographic or cultural limitations.
What do you need to include in your business plan?
An executive summary
It must be clear and concise, simply introducing the problem to be addressed, the solution, benefit achieved, budget, funding, potential return, an outline time frame, who is to be involved and their skills, knowledge and experience.
Your objectives
These need to be Specific, Measurable, Achievable, Realistic and Time bound.
A SWOT analysis
Identify the Strengths, Weaknesses, Opportunities and Threats consider both yourself and the business.
Market Research
Explain your target market, defining your ideal client.
What service or product your competitors are delivering and how you differentiate yourself.
Why should potential customers buy from you?
How will you deliver your product/service?
Is your product or service customer facing or on line?
Will it be a home service, pop-up shop, ecommerce, retail outlet, delivered by post or courier service?
Market Strategy
How will you promote yourself? On line (website, social media, podcasts, video, what platforms, etc), offline (adverts in magazines, newspapers, radio, etc), networking?
Financial
Estimate how much money will be needed to launch and sustain the business including predicted turnover, margin, costs and cash flow.
Costs will typically include a detailed timeline of expenses; eg salaries, materials (if a product), travel, promotional materials, bought in services (eg website), rent, insurance, utility costs, taxes, NI, interest payments, etc.
The level of funding and investment required.
How will funding be raised? Self-financed, loans, grants, investors, friends and family, gifted?
The following should be included as appendices
Cost/price analysis
Cash flow projection
Profit and Loss projection
Risk
What are the obvious and less obvious risks of starting and running this business?
What is the cost associated with the impact, eliminating or mitigating each risk?
Does the benefit outweigh the cost?
Evaluation
What will be the measurement criteria, eg, turnover, number of clients, etc?
How will progress be measured eg on line analytics, cash flow, etc?
Equally importantly how often you will review your business plan to reflect any changes.
Regulatory compliance
How will you comply with GDPR, a privacy statement, HMRC, VAT (if required), etc.
If a limited company understanding all the responsibilities of being a director.
Questions you need to consider - is your product or service
Politically correct?
Economically sound?
Socially acceptable?
Technologically compatible with current trends, eg set up for mobile phone use?
Legal?
Environmentally friendly?