Once you've decided to go it alone you just need to convince your bank manager that it's a good idea. 'Kitchen Table Tycoon' author Anita Naik explains the business plan basics.
A business plan is a document designed to tell someone (usually someone you want to borrow money from or yourself) everything they need to know about your business. If your idea is well thought out you should be able to put together the following:
- A short and concise summary of your business that explains what sort of business you are, your unique selling point, who you are (and why you're suited to doing this) and how much funding you will need to start up and why.
- A description of your business, so that someone who has never heard of your service or product will get a clear picture of what you are selling and why.
- A clear customer profile (this should be backed up with your own market research go to businesslink.gov.uk for help in this area).
- A marketing plan of how you're going to conquer the market. This should include details of how you will let customers know about your business.
- The financial aspects of your business, such as sales forecasts, and cash flow (again see businesslink.gov.uk for help on this).
You should also be able to map out:
- How you will fund your business
- What equipment you need to start your business
- What office supplies/supplies you will need
- Whether you'll be a sole trader or a public limited company
- How you'll do your company accounts.
