Business Plan- Success
If you’re thinking about setting up your own business, becoming self-employed getting your business plan right is crucial. A business plan is a written document that describe a business, its objectives, its strategies, the market it is in and provides financial forecasts.
Business Plan New Business
A business plan for a new business details the steps to start a new business. Putting the plan in writing helps you focus and develop ideas. It will include your skills, and experience in the type of business sector you will be setting up in. Your business plan will include how you aim to establish your new business, compete with existing businesses, get customers, run the business, cover all the expenses, and make money.
Business Plan Templates
There are numerous resources online to help you with your business plan. You can download free business plan templates and find help and advice on how to write your business plan. You can download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. You can download a free business plan template on The Prince’s Trust website.
Business Plan – SWOT analysis
A SWOT analysis is a strategic planning tool that helps a business owner identify his or her own strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation.
- Set out a one-page analysis of strengths, weaknesses, opportunities and threats;
- Strengths might include brand name, quality of product, or management;
- Weaknesses might be lack of finance, or reliance on just a few customers;
- Opportunities might be increasing demand or a competitor going bust;
- Threats might be a downturn in the economy or a new competitor;
Why will your business succeed?
Your business plan should answer this question: why will your business succeed when so many others fail? Many businesses fail because of the lack of short-term and long-term planning. Your plan should include where your business will be in the next few months to the next few years. A business plan will help you to:
- Clarify your business idea
- Identify potential problems
- Set out your goals
- Measure your progress
You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website. It can also help to convince customers, suppliers and potential employees to support you.