Frequently Asked Questions

What information needs to be included in a business plan?

No two businesses are the same, so your business plan will be unique to your business. However, there are a number of headings that you should include in your plan to ensure that you address the main areas that a new business needs to look at.

The first is your personal objectives for setting up the business. What are your motives for running your own business? What experience and business skills do you have that will help you to run your business?

Secondly, what kind of business are you setting up and what business structure will you be operating under?

Thirdly, what are your long term objectives for the business? Where do you hope your business will be in terms of the market sector/business field in 5 years time?

The next section is about the market that you are entering into and your target customers. It would be useful to have carried out some market research to enable you to have an understanding of the target market, its size and what share of the market you can hope to achieve. An awareness of your competitors and their strengths and weaknesses is required for the next section, along with an analysis of their products and services.

The next section is about how you will market your product/service and should include details on the methods you will use, a time scale, estimated costs, how you will monitor and review progress etc.

This leads onto the sales targets and objectives section which should show your forecast sales targets in terms of volume and value.

The next section is all about what you will need to get your business up and running. This could include premises, equipment, staff, suppliers (stock), legal and licensing requirements and the respective costs associated with all of these.

The last section is about financial requirements and financial forecasts. Here you should disclose details about your own financial investment in the business, what you propose to borrow from other sources or what you have already secured. A break-even analysis should be included along with a detailed cashflow forecast, a profit and loss account and a balance sheet.

Please visit our downloads page to access the EDEAL business plan template.

In addition, you can obtain some free samples of business plans from www.bplans.com

If you need a more detailed response or would like to know more about how we can support your business, please contact us by using our Contact Us form, or alternatively you can email us at info@edeal.org.uk or call us on 0844 2640390

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