| When you are considering starting a new business it | | | | 1. An executive summary. |
| is absolutely vital to draw up a business plan. A | | | | This is an opportunity for you to provide an |
| business plan provides details of the type of business | | | | overview of your business idea. Many potential |
| you are planning to start, the market you are aiming | | | | investors have been known to base their entire |
| for, and exactly how you intend to go about | | | | decision on this section alone. It needs to give the |
| penetrating and surviving in that market. A key part | | | | basics of the entirety of your business plan in a |
| of the plan is to predict the financial results and | | | | succinct fashion, that is to say no more than two |
| anticipated growth of the business for a number of | | | | pages in length. Use a lively and interesting writing |
| years going forward. | | | | style. |
| Preparing a professional business plan can provide you | | | | 2. A brief description of yourself, what your business |
| with many advantages, including considerably | | | | intends to offer and to whom. |
| enhancing your chances of securing external funding | | | | Write down your ideas on how to market and sell |
| to get your enterprise up and running. Any potential | | | | whatever products or services your business is going |
| investors, from the banks to grant providers, venture | | | | to offer. Provide information about yourself and |
| capitalist firms or even friends and family who may | | | | anyone else who is involved with your business. |
| be interested in giving you financial assistance, are | | | | Include any professional qualifications and relevant |
| more likely to be persuaded by a well prepared | | | | business or practical experience. |
| business plan. | | | | 3. Operations information. |
| The process of developing the plan can also be | | | | Where the company will be located and what facilities |
| helpful in other ways, as having your ideas laid out in | | | | it will have. |
| black and white can often make it easier for you to | | | | 4. Financial information. |
| spot any shortcomings or weaknesses before they | | | | This section looks at the business costs, your |
| actually occur. | | | | intended sources of income, how much capital you |
| While writing up such a document may sound a little | | | | already have and how you intend to repay any debts |
| intimidating, particularly if you have never done such a | | | | you may accrue in setting up the business. It should |
| thing before, in fact it is not all that difficult. There | | | | also include an analysis of the perceived level of risk |
| are a number of simple steps to follow that will | | | | involved. |
| enable you to draw up a professional looking business | | | | The forecast should detail your expectations for the |
| plan without too much blood, sweat or tears. The | | | | first three years of the new business, but particular |
| plan should include such details as the date you are | | | | detail should be provided to cover the first twelve |
| planning to launch your business and what plans you | | | | months of trading. |
| may already have in place to fund it. The best way | | | | An up to date and professional business plan is |
| to structure the plan is to break it down into several | | | | essential if your business is to get off the ground and |
| clear sections. | | | | stay on track in future years. |