Creating a Business Plan
A business plan can help you focus and clarify your ideas and business objectives, plan for the future and attract investors and funding. While creating a business plan may sound like an overwhelming task, it is actually quite manageable when broken down into a few simple steps.
1. Executive Summary
The executive summary serves as an outline for your business plan. Although this is the first section wait until all other sections have been completed. It should highlight all main points included in the rest of the plan, including the following:
• Your product or services, the opportunity in the market & financials and forecasts
2. Business Details
The second section, but first step in creating a business plan is to write down the basic details of your business, including:
• The name, registered address, business’ website, contact details, including email and the legal status of the business (partnership, company, etc)
3. Business Description
In this section, you need to describe the background and vision of the business. This should include:
• When you plan to start the business? What sector the business will operate in (for example, retail or construction)? Any related experience you have and a description of your products and/or services
4. Business Aims
Lay out what your business aims or goals are in this section. Make sure they are measurable, because you will want to assess them periodically to see if you are meeting them. This section can include:
• How do you want the business to progress in the future? What goals do you want to achieve in the next year? Three years? Five years? What are your long-term goals for the business?
5. Legal Obligations
Write out any legal obligations you may have, such as any:
• Licences, Insurance, Health and safety law requirements & other legislative requirements
6. Market Research
You need to make sure that you have a group of buyers with a common need that you can satisfy at a profit. In this section, provide information about the market research you have conducted on your product or service. Elements to include are your market knowledge, customers & competitors.
7. Sales and Marketing
Use this section to show how you will sell, position, promote and market your product to customers. It should include a business model describing how you will use the product or service to generate income for your business, the sales channels you will use to distribute your product or service to the market, pricing structure and marketing plan.
The financial section of your business plan will help you lay out forecasts and projections to determine whether your business will be economically viable. Your financial section should include estimated running costs, Sales forecasts, Profits and loss forecasts & Cash flow projections.
For more help on creating a business plan and how to successfully start up a small business, contact CCS Insurance Services Ltd.