Writing a Business Plan is essential but it is not as difficult as it may sound - it is simply a way of putting your ideas on paper.
Areas that are usually covered:
- description of the business - brief overview of purpose of business and location.
- evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
- sales and Marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
- product/Service - description and its advantages (and disadvantages).
- management - CV's, training needed, what are these people bringing into business?
- financial forecasts - cash flow forecast, profit and loss, initial financial outlay
Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it. And remember, with financial predictions - best to be prudent - don't be over-optimistic!
Help and advice on creating a business plan for your business, can also be found on at the East London Small Business Centre