Writing a Business Plan

Hello all,

Enjoying the April showers?

In continuation of our step by step guide to establishing your business, developed by Wright Hassall, a top-ranked firm of solicitors based in Warwickshire, United Kingdom, we will be looking this week at Writing a Business Plan.

In Part 1  we covered the issue of Researching your business idea.docx

Having conducted a market research, determined your market place and researched your competition, you would have decided how to position your business in order to stand out from the crowd.

In this part, we will look at:

Writing a business plan

Many people think a business plan is only needed for raising finance for a start-up. Although it is certainly a requirement if you’re looking for a business loan, it is also a really useful strategic tool to have in your armoury regardless of how you intend to fund your venture. It allows you to focus your efforts and helps you to consider all the possible pitfalls before going to market. Typically a business plan has a three-year forecast which acts as a roadmap for your future growth. It should be a living document which you continuously amend and update as your business develops.

Please see below some guides for writing your business plan:

https://articles.bplans.com/writing-a-business-plan/

https://www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools/business-plans

There are certain elements every business plan should contain such as your overall vision for the business, objectives, marketplace, funding, people and products; there will also be elements specific to your marketplace. You will need to research these carefully. Some banks also have templates to assist you with these. Here are a few you may find useful:

• Barclays
• HSBC
• Lloyds
• NatWest
• Santander

To your continued success!

Stella Okuzu