2. Making a Business Plan
Putting together a business plan is no different to planning a holiday, just a little more complicated! You work out where you want to go, how you want to get there and what resources you need to do so.
The justification for spending time creating a business plan is that it increases your chances of success. The earlier you see any difficulties, the easier it is to adjust your activities to overcome them.
Preparing & writing your business plan
Your product & Service - A brief summary of what you are going to sell.
What are your business goals - what you want your business to achieve over the first year & in five years time (but be realistic:
Knowing your market.
The more you know about what your customers want and how your product or service can satisfy their needs, the more likely they are to buy. Some of the ways to reach your customers are outlined below:
By Advertising - such as yellow pages & Thompson local business directory.
Trade or local community magazines.
Cold calling - flyers through letter boxes etc
The right structure
Do you want to set up a business as a sole trader, partnership or limited company.
Your sales message.
What aspects of your product or service is going to make it more attractive to potential customers than those offered by your competitors?
Your sales campaign.
How you plan to sell your product or service.
Your premises.
Where you will base the business, what size & location would best suit you? Are you going to work from home?
Your finances.
How you intend to fund the early months of your business - Your cashflow forecast should provide an indication of the funds you need to establish and run your business.
Your business plan should be updated at least once a year & be referred to regularly.