A guide to developing a business plan
Developing a business plan provides you with clear direction, as well as being required by lending or funding institutions to support your loan or grant application.
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Major Topic |
Summary |
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Executive Summary |
A maximum one page summary of the business, objectives, assumptions, approach, factors for success, cost and revenue summaries. This should have a “selling” focus to it, whereby you |
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Table of Contents |
To navigate the document |
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Company Description |
Overview, line of business, ownership, governance, objectives, location, image |
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Product |
The products or services that you intend to deliver - including pricing models, distribution methods and customer service procedure |
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The Market |
Who exactly is your target market and why? What could be the opportunity for market expansion, based upon consumer trends |
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Competition |
Who are the competitors that exist now and who might emerge in the future i.e. who might be looking at the same approach to the same market |
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Marketing and sales plan |
Describing how you plan to reach your target market - perhaps including internet promotions and other advertising |
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Potential Risks |
Vulnerabilities of the business, what would make it not work, what could emerge that is outside of your control - for example a change in legislation |
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Operational Plan & Staffing |
Infrastructure, product selection processes, delivery processes, accounting methods and practices, auditing, customer database . |
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Financial Plan - costs and forward projections |
Establishment costs, on-going costs, expansion costs and revenue projections |
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Exit strategy |
Longer term future plans e.g. expand by bringing in a partner, transfer control to a relative, or sell the business. |
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Proposed Time-line |
Subject to approval, the implementation schedule - milestones for implementation such as company registration, equipment purchase, staff recruitment, website and promotions |
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Appendix - Supporting Documents |
This could include copies of any existing registrations, or any relevant policies or procedures that have already been developed for the business |
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See also "Seven Common Business Pitfalls" if you want to avoid the most common causes of new business failure
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