If you’re thinking about setting up your own company or considering applying for funding for your business, getting your business plan right is crucial.
A business plan should provide an outline of your business, the market in which it will operate and how it aims to make money. We’ve identified some top tips to help you on your way:
- Be concise: It’s really important that potential investors can understand what your business is all about from a quick glance at your plan. Remove any filler language and get to the point quickly.
- Be specific: Being specific is just as important as being concise. The details will help you drill down into how you will actually deliver your plan.
- Be realistic: You should be honest with yourself in your business plan, if you’ve got a strong idea, let it stand on its merit.
- Know your market: A big part of knowing whether your business will be successful is understanding your market. This not only includes your customers, but your suppliers and competitors too!
- Know your finances: Be very clear on how your business will make a profit – If it isn’t going to make any money, it won’t be successful.
- Use visuals: Whenever possible, and without overdoing it, use visuals in your business plan. Graphs, charts, and images can help bring your concept to life. Plus, it breaks up the text and helps a plan flow better.
- Be creative: Include a creative element in your business plan so you stand out and grab someone’s attention. You can use templates, but don’t look identical to a template. Do something unique to make the plan yours.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.