Writing Your Small Business Plan

Making the decision to start up your own small business can be one of the biggest choices you make in your life. Running a business takes serious commitment, and a lot of hard work, and isn't a decision that should be entered into lightly, but if you have decided that this is definitely the route for you, then writing up your business plan is one of the first things you need to consider.
Your business plan will lay out in detail exactly what you want to achieve, and how you plan on doing it, the more detailed your plan is the better. You will need this plan not only for yourself, but also for your bank if you are going to be applying for financial help to start your business, so make sure it is written professionally, as the bank won't be impressed if you turn up with coffee stained scraps of paper with a few ideas jotted down.

• The first thing you need to make obvious within your business plan is exactly what your business will do, what products or services you will be offering, how you will offer these to customers (online, by phone or from a shop etc), and how you will approach the pricing. Clearly defining your business in this way will make it easier for the bank to decide if you are viable for a loan. It will also help you in the long run as you will know exactly where you are heading.


• Think about who your customers will be, it is essential to have a clear idea of who you are marketing your products or services to so you can promote your business effectively. Questions to ask yourself may be; Are your customers young or old? What are their lifestyles like? How will you market your business to them? The more information you have regarding your potential customers the better.


• Choosing a name for your new business is essential, and you should put a lot of consideration into this. The name should suit your business and reflect the image you wish to portray. Look online and check if there are any businesses already using this name or something very similar, you can do this by going on a website registry site and typing in the name you wish to use. Try to choose a name that isn't too long and can be easily remembered.
• If you are going to need to take on staff include this in your plan, as this will be an extra expense you will need to think of. Also you will need to familiarise yourself with employment laws.

These are just a few of the things to consider when starting your business plan. Remember your plan isn't set in stone, as your company grows you may need to adjust areas, or add sections you hadn't thought of before.
One thing to remember is that to be successful in setting up a new business you need to be flexible and realistic

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