Find an independent financial adviser Your plan: It is laid out in four simple sections: The project idea, the people, the market and the money. Instead, keep it simple and to the point. As long it is easy to read and sets out a clear plan of what you want to deliver with your business, then you are on your way.
The project Enlarge Business idea? Make sure you research your market before writing a plan This is where you get people hooked on your idea.
The secret here is to keep it simple; outline the basic plan and summarise the main points. It should briefly look at your competitive position and this is the clincher why your idea is better. Business objectives Your plan should focus on your first year of trading.
However, your business objectives section gives you an opportunity to talk about your vision for the business. You can break this down into short, medium, and long-term goals. Short-term - what do you and your business hope to achieve during the next year?
Medium-term - where do you want your business to be years two to three? Long-term - where do you want your business to be in five years?
Business description Here you should describe the products or services your business will provide. Sometimes a business can sell both a product and a service.
Explain any jargon or technical terms - assume that your reader does not know anything about your industry.
What are you actually selling? It can be useful to include photos. What is your unique selling proposition USP? Explain what will make your customers use your products or service rather than your competitors.
How can you build competitive advantage that will last? How much will you charge?
How have you come to this figure and how does this compare to your costs and profits? Business operations This section is about the day-to-day running of your business. You will need to show how you intend to deliver the product or service and should cover topics such as: Production — if you are producing a product how will you do that and how long will it take?
What is the production process? Delivery to customers — how will you deliver your product to the customer and how much will it cost? Payment — what methods of payment will you accept?
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Read Dominique's story If you’re 18 to 30, living in the UK and have a business idea or some ideas to explore, our Enterprise programme could be for you. Business plans and templates | Business tools | The Prince's Trust Some features of the website will not your available. We work with 18 to year-olds to turn big grade 12 creative writing into a business reality through our Plan programme.
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