It is important that you produce a realistic working business plan. It can help you spot potential pitfalls before they happen, structure the financial side of your business efficiently, focus your development efforts and also work as a measure of your success. In addition, if you do not have a working business plan you will not be able to secure any funding.
A business plan might include:
- Executive summary - this is an overview of the business you want to start
- Business opportunity - who you are, your skills, experience and relevant training, what you plan to sell or offer, why and to whom
- Marketing and sales strategy - why you think people will buy what you. want to sell and how you plan to sell to them, who your key competitors are and how you plan to beat the competition
- Management team and personnel - your credentials and the people you plan to recruit to work with you
- Operations - your premises, production facilities, your management information systems and IT
- Financial forecasts - this section translates everything you have said in the previous sections into numbers