Please rest assured, you’re not alone if you’re baffled by what a business plan is, why it’s needed or what you need to include. Unless you’ve been on a business course, why would you know?

So, we’ve created a simple guide to what a business plan is, why your investors ask for them and how to create one. We've even included a template if you prefer to follow a prescribed format, but it isn’t necessary to do so. Just watch our bite sized Masterclasses on the site or check out the information on these pages and you will be in a good position to benefit when the next round of grants come along.

Bitesize Masterclasses

Quick overview

Find out why you might need a business plan and what it should contain. In these sessions we’ll look at strategies and solutions to ensure your business plan meets your goals.

If you have ever tried to apply for significant funding for your business from a bank, grant provider or other investor you will most likely have been asked to share your business plan.

Please rest assured, you’re not alone if you’re baffled by what a business plan is, why it’s needed or what you need to include. Unless you’ve been on a business course, why would you know?

So, we’ve created a simple guide to what a business plan is, why your investors ask for them and how to create one. We’ve even included a template if you prefer to follow a prescribed format, but it isn’t necessary to do so. Just watch our bite sized Masterclasses on the site or check out the information on these pages and you will be in a good position to benefit when the next round of grants come along.

What is a business plan?

It’s everything anyone might need to know about your business

    • Who owns your business?
    • What do you do?
    • Why do you do it?
    • How do you do it?
    • How do people buy your product/service?
    • Who do you do it for?
    • What makes you different to others that do it?

It’s a written document, almost a Bible for your business. 

    • Like an architect’s plans it will contain everything a builder would need to know to build a house to your specification
    • It is written as one document so that it’s obvious if there are any inconsistencies in thinking that might harm your business or stop you succeeding.
    • For example, you want to offer a premium service to high paying individuals, but you have only allowed minimum wage staff costs and no allowance for training and development. 

It acts as a good tool to show others and remind you what your long-term goals are for your business.

    • This doesn’t have to be continued growth either although growth may well be one of your goals. But these could also include: –
      • Better work life balance
      • Being able to fulfil a lifelong ambition
      • Being able to enjoy a passion or hobby
      • Being able to support you as a second income or to top up a pension

Sadly it’s not unheard of to have started with clear plans for a business and what it will mean to your life, but to get so sucked into operating it once you get started, that 5 years down the line these plans have turned into pipe dreams that are unlikely to be realised without focus.

It’s often helpful when thinking about a business plan, to consider what you’d want to know about a business before you’d invest your money in it. 

If you think about it, investing is exactly what you are doing when starting or running a business. The time you are spending on your business is money that you could be earning elsewhere if you had chosen a regular job.

So rather than considering a business plan as a necessary nuisance, it’s often helpful to approach it with the view that it will help ensure you and your business provide the return on your invested time that you intended. 

Business Plans and Their Role Masterclasses

In this first of two masterclass videos on business plans, Guy explains the importance of having a business plan and what you need to include in it. By the end of this video you will be able to create your own business plan to help you attract investment and guide your business.

Business Plan Template

Business-Plan-Template.docx

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What Should be Included in a Business Plan?

What Should be Included in a Business Plan Checklist.docx

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