A business plan is the blueprint for any business and its economic and commercial success. Whatever the size and nature of your venture, the business plan is a critical tool that enables you, as the entrepreneur, to map out the future direction of the business and to demonstrate that a very realistic chance of success exists. Not only will a well-written plan help you to identify the long-term goals for your brand, it will also anticipate some of the pitfalls that you’ll face along the way as you strive to make your business commercially viable.
However, a business plan is never a finished article; as your business develops, your priorities and ambitions will change, so your plan should be constantly …show more content…
Just as no two businesses are truly alike, neither are two businesses ' plans. If anything, your plan should be written with a clear view at its heart of how you’re going to succeed in the face of stiff competition.
When writing a business plan, you may find the following structure useful:
• Executive summary - no more than one to two pages in length, this section presents an overview of your business and your plans for the future.
• Company description - a short summary of the structure and location of your business and its history (if it isn’t a new venture).
• Market analysis - successful businesses target a ‘niche in the market’ where there is undeniable demand for a product or service. Describe how your research has identified your target market and provide evidence for the demand that exists for your product or service, including the demographics of your target audience.
• Products and service description - a summary of the product or service that you aim to provide, with reference to your skills and experience that will equip you to offer it to your target …show more content…
Remember, you’re not writing a report for a colleague but laying out in plain and simple terms the aims and projections for your business.
Write in the present tense (except when providing financial projections for the future) and using British English, avoiding colloquialisms. The business plan is a professional document and should read as such.
Justifying your claims
Claims that cannot be supported with evidence may be treated with scepticism by investors, but it’s very easy to fall into the trap of exaggerating the likeliness of success. Therefore, gather as much relevant statistical data as you can in order to support the claims in your business plan.
For example, a business aiming to provide after-school football coaching to primary schools might refer to the number of schools and pupils in the target locality, data relating to the popularity of extra-curricular sports provision among children in the target age group, and information relating to the government’s commitments to tackle the increasing problem of childhood obesity.