Starting a new business is really exciting, but also requires a lot of hard work and can be quite stressful, particularly in the early days. There are a lot of things to consider – from whether you need any staff to balancing your books – it is a good idea to get an expert to help with things like this such as Chippendale and Clark accountants Chippenham.
However, one of the first and most important things that you should do when starting up your own business is to write a business plan. This is important for you, as well as for people such as banks who you may require a loan from, to be able to see how you have thought about your business and how you plan to generate an income from it.
Here is a guide to how to write a plan for your business…
Remember that a business plan doesn’t have to be a long read. In fact, it is advisable to keep it concise. Focus on the important facts rather than lots of waffle and make sure that it gets across the information well. It is also important that you keep an eye on your grammar and punctuation. Keeping the plan on the shorter side makes it much easier to use and refer back to long term -after all, who wants to keep referring back to a thick book when you just need the facts?
When writing a business plan, you must be realistic. Don’t be tempted to put overly optimistic forecasts in there, as the only person who will lose out when you don’t hit those targets is you. It will lead to problems with cash flow, and as well as this, people such as banks will be notice that the plan is not realistic, so may not lend you any money to start your business.
Make sure that you have done your market research. A good knowledge of your target market is essential, and research into the buying habits of the market you are aiming for should be in your business plan. This is also important when it comes to marketing your business, as you will need to know who you are aiming your products at, and how best to reach them.
Be Professional – a well load out business plan is important and shows you have taken pride in it and thought it through thoroughly. A front cover, a contents page and even some charts and graphs where necessary make a huge difference if you want people to take your business plan seriously. Attention to detail is really important – you could have a great plan but if it is poorly presented you may still find that you struggle when you are showing it to the people that need to see it.
Before you finish your business plan, read through it as if you were an outsider and review it. Check for any mistakes, make sure you have provided the correct data and information and consider if it is likely to be achievable.