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the plan
What's your plan? How are going to bring all this together to start and grow your business? It's not essential to capture it all in writing, but creating a business plan can help to focus thoughts and prioritise actions. It will also help to show this to potential investors, lenders and partners. Think of it as a CV/resume for your business, something to keep updated as things evolve.
Try to break it down into the areas shown below. All the steps we have just worked through will take you a long way. Click here for more information on each area, and here for suggested templates you can use to create a plan on a page and a more detailed business plan.
Full Business Plan
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Elevator Pitch: in one or two sentences, how would you make a compelling case for your business idea and why it will succeed? (See The Big Idea)
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Business Offering: what products, services, skills and experience are you selling? (See The Big Idea.) Have you got any IP rights protection? (See Copyright, Etc.)
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Vision & Goals: what is your vision and the value proposition for your business? (See The Big Idea.) What do you want to achieve?
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Customers: who do you intend to sell your stuff to? (See The Big Idea, Brand & Marketing)
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Competitors: who are they? What are they selling? Do they have IP rights that may block you? (See Copyright, Etc.) How is your offering different? (See The Big Idea.)
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Implementation Plan: practically speaking, how will your business operate to achieve your goals? (See The Big Idea, Office & Staff, The Money, Legal Ease)
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Sales & Marketing: how are you going to get people to buy your stuff? (See Selling.)
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Pricing: what are you charging for each product or service, and how does this compare with competitors? (See The Money.)
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Financial Projections: realistically, how will your outgoings compare with your anticipated income? (See Office & Staff, The Money.)
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Funding: what money do you need, and where are you going to get it? (See The Money.)
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Risks & Regulation: what are your key risks and how will you address them? (See The Risks.) What legal and regulatory requirements apply, and how will you comply with them? (See Legal Ease.)