Business Planning

Writing a Business Plan is essential but it is not as difficult as it may sound - it is simply a way of putting your ideas on paper.

Areas that are usually covered:

• Description of the business - brief overview of purpose of business and location.
• Evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
• Sales and Marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
• Product/Service - description and its advantages (and disadvantages).
• Management - CV's, training needed, what are these people bringing into business?
• Financial forecasts - cash flow forecast, profit and loss, initial financial outlay

Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it. And remember, with financial predictions - best to be prudent - don't be over-optimistic!

You may be able to obtain examples of business plans from:

• Local libraries
• Business services of banks

For further help and advice on creating a business plan for your business contact Business Link.