Setting Out Business Plan

[trevmoff]

This has probably already been covered plenty of times but wondered if anyone had any advice about business plans, or one there could share with me so I can get a head start setting up

Thanks

[mikethetile]

business plans are personal to your business so taking a gander at some one elses wont help

your plan is your projection of what you hope to earn and what you estimate your costs to be, this all best guesstimates

if this is for a business loan you will need to demonstrate how you intend to market and grow the business and where you intent to be at milestones such as 2, 5 and 10years

and of course how you intend to repay the loan

business plans are a good way of analysing and plannning your business and you can compare your actual against your projected to see how you are doing

you will also need a cashflow forcast to plan your finances

[united]

Good reply from Mike

If you need help and support with your business plan then contact Business Link and they should help you out for FREE

[whitebeam]

My business plan was advertise, get work and earn money.

Thats all I know

[faithhealer]

My local small business centre helped sort mine out

[fergy7197]

depends on your aim, if you are like me and have not a great deal of experience and are starting out small, then A business plan at his time is not essential.

Once you have gained experience and are totally confident that your are ready to tackle big jobs, bathrooms, kitchens etc then start a business plan. as ny this time you will have a better feel for the market, understand your customer profiles.

It makes a business plan easier to do!

just my 2p.

Each to their own!

[andy8758]

Think of driving a car - if you dont know where you are going you could end up anywhere, or simply driving around in circles.

If you run a business, not having a business plan will leave you going round in circles. It does not have to be a 40 page glossy brochure - but it needs a clear overall purpose - e.g. to provide a professional tiling service that generates enough income to make a living. Simples. lol!

Once you have the overall purpose - you must decide "how will I achieve this?" this is where you set out your objectives. Again - this does not require an MA in Business Studies, but basic straightforward ways of achieving your purpose in an objective manner - e.g. :

1. To obtain and maintain basic equipment to do the job professionally at minimum expense.
2. To set out a pricing/quotation framework that ensures that the income generated covers the business running costs, and pays me a living wage.
3. To market my business to ensure a steady flow of work is generated.

You can undoubtedly add a few more....

Once you have decided your objectives - decide (a) how you can achieve them (b) when you want to achieve them by (c) what a successful outcome looks like (how do you measure your objective?) (d) if you cannot sort out a,b, or c is there any point to the objective - is it realistic? (e) write specific things down that need to happen to achieve that objective (e.g. objective 1 might include "buy a van,").

Now, as a matter of course in deciding what the purpose of your business is, and what the objectives are, it follows naturally that you will have some ideas of where you want to be in 1 year, 2 years, 3 years etc. (e.g. to break even in year 1 is a good plan!).

And in a nutshell you have a business plan. Now I know there are a lot of people out there saying "I just want to be a tiler" and thats fine. But if you want to run your own business - you want to be more than just a tiler, and you need to put some thought into what the business needs to be successful, or you will go bust pretty quick.

Oh, and finally, you need some contingency plans - e.g. what happens if I break a leg (e.g. how will I pay the mortgage then?) or what if it snows during the "barbeque summer" we are due this year?

None of this is highbrow quantum physics and there is nothing to fearfrom doing your own business plan - you can pay someone to do it for you - but the best person to decide what the business should be about - is the person actually running it!

Good luck!

[whitebeam]

Andy, you made that so easy to understand

[united]

Read this guide
Business Plan - A Guide to Writing a.pdf
I didn't write this, it's something i was given a while ago but it might help you out

[andy8758]

Read this guide
Business Plan - A Guide to Writing a.pdf
I didn't write this, it's something i was given a while ago but it might help you out

Thats a great detailed guide united. I dont disagree with anything in it, but.

A sole trader and even a partnership business will probably not need all the detail - although it is a good idea to get up to that standard once the business is established. I always think that anyone not trained in business studies may be intimidated by having to produce such a detailed plan and needs to start with the essentials - i.e:

1. Purpose (which counts as a vision and overall key objective),
2. Objectives (which need to establish and stabilise the business in the early years).
3. A forward strategy (where we want to be in 3/5/10 years is always a good idea).
4 A few good contingency plans (what ifs).

I have qualified as an assessor under EFQM (the European Foundation for Quality Management) which sets out considerable detail on what is necessary to run a good business. And boy is that a deep analysis. However it does recognise that such a business is something to work towards, and a simple business plan is essential in the early days of the business to allow some clear direction without a fledgling business becoming bogged down in detail.

To sum up - your plan is something for small businesses to build up to - they dont need that much detail in the early days.

[united]

Thats a great detailed guide united. I dont disagree with anything in it, but.

A sole trader and even a partnership business will probably not need all the detail - although it is a good idea to get up to that standard once the business is established. I always think that anyone not trained in business studies may be intimidated by having to produce such a detailed plan and needs to start with the essentials - i.e:

1. Purpose (which counts as a vision and overall key objective),
2. Objectives (which need to establish and stabilise the business in the early years).
3. A forward strategy (where we want to be in 3/5/10 years is always a good idea).
4 A few good contingency plans (what ifs).

I have qualified as an assessor under EFQM (the European Foundation for Quality Management) which sets out considerable detail on what is necessary to run a good business. And boy is that a deep analysis. However it does recognise that such a business is something to work towards, and a simple business plan is essential in the early days of the business to allow some clear direction without a fledgling business becoming bogged down in detail.

To sum up - your plan is something for small businesses to build up to - they dont need that much detail in the early days.

I agree with what you have said. Good advice

[Daz]

Great advice above (and I actually read some of it ).

First question is why do you need a business plan?....for yourself or a potential investor.

I estimated my startup costs (i.e. initial tools, advertising, van etc.), then decided how much I wanted to earn per month. That enabled me to work out quite quickly whether I would make a profit in year one. From there on it was a matter of focusing on getting enough work in so that I could pay my mortgage and feed my family.

Check out your local competition, identify your local market and decide (realistically) whether you can make your business a success.

[Scott]

Welcome Trevmoff, they guys have given some really good advice there i reckon

Good luck with it all, i dont need to add anything as they have done it all already. Now if you get stuck with anything else you know where to come!

[4ardafon]

I need bplan sample,too