Step 2 - Business Planning

Finance

The good news is that your business plan does not have to be 50 pages long, but every new business needs a business plan in some format, the plan must include financial information and both the plan and financials need to be reviewed on a regular basis. 

Most business plans are written and then filed in the draw – never to be seen again.  It is important that you select a format that is relevant to you and your business needs to make it a useful part of your business management and growth.

There are various templates you can download from the internet or you may want to consider using the template provided by your bank – especially if you want to approach them for funding.

Even if you are not considering external investment for your business, it is essential that you have researched the financial aspects of your business and have a good understanding of how you expect the business to perform.

Please visit our Frequently asked questions page for more information on the financial aspects of your business plan.

Marketing

The marketing plan is a key section to your business plan – especially for a new business and, as a minimum should include:

Remember, marketing is not just about promotional and publicity activity, it should be part of your overall strategy of putting your customers first.

There are various templates you can download from the internet or you may want to consider using the template provided by your bank - especially if you want to approach them for funding.

Naming your business and the Legal Status

There are a number of things to consider when choosing a business name, not least how it links to your marketing, brand and eventual legal status. As most businesses will eventually have a web presence, a check against available domain names can also save you the expense of design and printing stationery, only to find that the domain name for your fledgling business is not available.

Every business will have a legal status and most people would recognise the terms sole trader, partnership or limited company, but there are other legal statuses you may want to consider; including being a Social Enterprise.  Visit our FAQ page for more information 

Other

Depending on the size of your business, sector and if you are looking for investment, there are numerous other areas you should consider including in your business plan.  Suggestions would be:

Insurances – are you going to employ people, manufacture a product, provide a professional service?  There are numerous insurances to consider and these should be researched and included as part of your plan

Premises – most young business start from home, but you will still need to consider and include in your plan any licences, agreements and insurances required

Employees –your business plan should include information on key employees and their experience

EDEAL has over 25 years experience with start-up and pre-start businesses, please contact EDEAL to find out how we can help you. 

Step Three - Preparing for Launch

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