If you have a great business idea, write it down. If you want to grow your business, you also need a plan.
If you have a great business idea, the first step is to write it down.
Then you’ll need a Business Model Canvas to flesh out the idea. Download your free canvas now.
Later, you will need a full business plan template. Download a free, easy-to-use, business plan template here.
You need a plan to raise investment
Your business plan should cover objectives, sales, strategies, marketing and financial forecasts, over a short to long-term period.
It is useful to remember that using a business plan can help you to hone your business idea, as well as set goals and track your progress.
Your plan should be time-specific, and you should reference it regularly. Investors, lenders and State bodies want to see convincing details in your plan.
Describe what you intend to do simply and clearly
The problem you are planning to solve for the customer
How well you articulate the “value proposition”
Identify the market segment you plan to operate in
How you plan to get your product to market (“the route to market”)
Your business model
You have a good understanding of the competitive landscape
Terms like “value proposition” and “route to market” are explained in more detail in the ThinkBusiness guide to a marketing plan.
What do I put in my business plan?
So what does a business plan look like, and why is it important? Every plan should have a solid structure. There are a number of elements to a business plan that you must cover.
Cover and confidentiality clause
Ensure the cover of your plan carries your branding and maybe even a photograph of your product.
It is always good practice to include a confidentiality clause. You should ask the recipient to sign this, as you need to ensure that sensitive information included in the business plan
