Do you have a business plan? Let me tell you, it CAN be easy! One way to start your business plan is to find a template online, but I wanted to make it even easier by covering all the bases for you. Check out this guide to get you started...

Table of contents:

What is  a business plan?

A business plan is usually a formal document produced for businesses to apply for funding, loans etc. and includes the goals of a business and the time frame to achieve them. It is a plan of action for business and even if you don't plan to apply for any funding, it is worth creating a plan for your personal use.

Why do you need a business plan?

Failure to plan, plan to fail.

This is one of my favorite quotes and I swear by it. Having a plan guides you through the stages of your business and can have you better prepared for the structure and running of your business going forward. It is a way to think through the elements of your business and I advise you to create or revise your business plan every year, focusing on the current year ahead. 

How to start a simple business plan?

AIf you are submitting your plan for a loan, then you should include an executive summary. This is a statement that summarises your overall business plan. You should also describe your business, who you are and what you do.

If your business plan is simply for your personal guidance, you may not need to include the above details, although it is good to reconnect with your business purpose.

Start by outlining your business goals. What do you want to achieve within the next year? You could also set goals for the next three and five years too.

Outline your products and services. What are you going to offer and when?

What market research will you implement to discover where your ideal client is, how to market to them and how best to serve them? This is a great opportunity to become aware of what your potential customers want and need.

From there, you are able to devise a marketing and sales plan. How will you market your business? How will you promote your products and services? This is an opportunity to think about the 4P's:

• Product - What are you offering?
• Price - What is the price point and why?
• Place/Position - Where will you sell it? Where will you position it on the market?
• Promotion - How will you promote this product?

Analyse your business finances. What investment and capital (money) do you have available? What do you need to invest in? Do you need to apply for grants or loans? Creating a personal and business budget plan is ideal. A lot of business owners hate this, but it is essential and, personally, one of the best things I ever did for my businesses.

Once you have a clear understanding of your finances, you can create a cashflow projection, with your business goals in mind and your overall marketing plan and the projected sales you forecast to make.

Include any other plans that are essential to your business.

Last of all, implement it! That is the key to actually achieving it.

Does this sound like something you are going to implement?

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Screenshot of my Trello board where I store my testionials. Create an easy system to organize your files.

What to include in your business plan?

The previous section outlines exactly what to cover in your plan, but I would like to dig a little deeper.

• Your business goals need to be very specific and measurable, eg. within one year supply to 20 shops at wholesale price.
• Know your products and services inside and out. What are the features and the benefits of what you have to offer?
• Do your market research with a variety of groups of different people and try to focus on those you are aiming to sell to, eg. asking your 89 year old Mum about gym wear isn't going to be valid results. (Unless your 89 year old Mum actually does like to go to the gym!)
• With your marketing plan, know where you are going to reach your potential customers and how. This will determine how to gain sales.
• Don't avoid finances. I know you already thought about it. Create a spreadsheet or sign up to software that will help you keep your bookkeeping in order.

Tips for keeping business plans simple!

• Create a document that is easily accessible and can be changed. Sometimes, business plans do change!
• If you find getting started a challenge, speak to an experienced business coach or mentor. I can help.
• Schedule time in your diary to create or update it regularly.

How to create a simple business plan: Summary

• A business plan is usually a formal document produced for businesses.
• .It is a way to think through the elements of your business and I advise to create or revise your business plan every year.
• Including a summary,  information about your business, business goals, products and services, market research, marketing plan, finances and a cashflow forecast.
• Create an accessible document, speak to an experienced advisor and stay accountable to yourself! 

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