Preparing your business plan is one of the most important steps in starting a small business. The plan, and your personality, will be the two main factors on which a bank or other investors will base their decision whether to offer financial support. A logical, well researched business plan will also make sure that you have identified the pitfalls threatening any new business, and help you to develop a business strategy that will help you to avoid the most likely causes of business failure.
The first step in producing your business plan is the research needed to gather the necessary information and data on the market as a whole, your competitors and your own proposed business. Hunches and guesswork are not enough; your information must be well researched, reliable and accurate. Much of it will be available from your own knowledge or published sources including the internet, but many of the most important facts wil require your own firsthand market survey.
Alternative Business Plan Templates
Having gathered your facts, a template will help you to sort and present them in a logical, easy to read format.
There is no universal format for a good business plan; the optimum layout may vary according to the nature of the business, and the state of its development.
Many banks and financial institutions have their own preferred Business Plan format, so check this with your intended backers before your start.
If your business is complicated, or needs a very large investment, you may enlist the help of a management consultant or adviser in preparing the business plan, and they will provide a suitable format - but make absolutely sure that the plan and its contents are yours not theirs.
In all other situations, a simple format like the one in the template shown below, modified to meet the particular circumstances of you business, should help you to present your plan successfully.
Sample Business Plan Template
COVER SHEET
- Business plan for ………….(name of your business)
- By…… (your name)
- Contact Details:
CONTENTS SHEET
EXECUTIVE SUMMARY
A single page (maximum) summary of the key points in the plan including:
- The Nature of the Business
- Main Objectives
- Strengths
- Risk Factors
- Financial Projections
- Finance Required
BACKGROUND
- The Market
- The Competition
- Trends and Outlook
THE BUSINESS
- The Nature of the Business
- Description of Main Product(s) or Service(s) (including your “unique selling point”)
- Organisation
- Management and Staff
- Business Location
- Objectives
MARKETING
- Potential Market and Customers
- Pricing Strategy
- Advertising Strategy
- Target Market Share
SWOT ANALYSIS
- Strengths
- Weaknesses
- Opportunities
- Threats
FINANCIAL PROJECTIONS
- Cash Flow Projections
- Turnover Projections
- Profit/Loss Projections
- Finance Required and Source(s)
But it All Comes Back to Market ResearchA business plan template like this can help you order your thoughts and present your plan convincingly, but ultimately it’s the content that will determine the success of your business.
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