Your business plan will be a written document describing your business, the objectives it will achieve, the strategies it will employ to achieve them, the market it will serve and the financial forecasts to show how it will make a profit and will fund itself.
Planning your business is essential. It should be constantly evolving before, during and after you start. Putting it in writing will crystallise your thoughts, identify your goals and objectives, and how you will achieve them. It will also provide a yardstick to measure progress and highlight any areas that need attention to keep the business on track.
Your business plan will be evolving constantly as new influences come into play. It will help you monitor your performance and stay on track and will therefore need updating and changing as your business grows. Having a clearly presented document will also make it easier for any specialist you may use to provide support. In the case of raising funds from a bank or investor a business plan will be a necessary requirement.
Writing a business plan – with links to sample business plans and templates.