Excerpt From Book
Before starting your business plan:
Determine the purpose of the business plan.
Before proceeding to draw up your business plan, you should consider carefully, the purpose for which you are creating the plan.
-Is the plan a personal one and going to be used just by you to help set up business, or is it being prepared for third parties such as investors and bankers?
In each case, you will be able to focus your business plan on just what you need.
If you are seeking funding for your business, and your audience includes investors, banks, lenders or specialist advisors, then you will need a more formal business plan.
They will require a detailed outline of your proposed business activities, what you plan to do and how you plan to achieve it. Most business plans for monetary purposes include financial projections for start-up and operating costs. It is key, that you demonstrate the viability and sustainability of your business idea. This is because investors want to feel confident they’ll see a return on their investment.
If the business plan is for your own self, and you don’t intend to seek the assistance of third parties, you should still write a good business plan, as this will help you to stay organised, monitor your growth, and evaluate your growth.
It may be a wise idea, if you’re seeking funding from the banks, to ask for the structure of business plan they require. Some financial institutions may give you a Business Plan profile already drawn up for you to fill in.
What should a business plan include?
Get a complete checklist when you order your copy of Business Startup Checklist