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Branching Out
Kashflow
Figuring Out

The Value of a Business Plan

A Business Plan isn’t just for created to raise investment; it is an essential tool to store all the information you need to know to make your business a success.   
The business plan format is there to help you start a business….It is made up of professional sections that you need to research and understand before starting your business so you can achieve the following…                                             

  • Confidence in your idea…

Market research will help you to define your market offer, unique selling points and position in the market place amongst your competitors. Exploring brand values and researching the image you want to portray is very important to give definition to your new business.

 

  • Assurance you are doing it properly…

 It is important to understand the legal requirements involved in the technical and contractual requirements for managing online and face to face customers, industry requirements, suppliers, contractors, and employees...  

  • Realisation of the money you need and can make

Researching and understanding the costs involved in setting up and running your business and the price points which you can sell your services and products for is necessary to manage your financial income projections, and cash flow requirements in terms of investment and sales targets.  

  • Effective use of your time and money

Researching the marketing techniques and PR opportunities that are valuable and effective for your type of industry is important for creating a robust marketing and PR strategy that allocates time and attention to forming relationships with target customers and partners.

 

The business plan is simply a document to store all of this important information which you need to know before starting a business.  Without it, you are likely to come unstuck and lost along the way, as you will forget what you have learnt from people through research, training and networking – all essential activities when starting out.  For your own use, you can produce the business plan in a format that is good for you, e.g.  presented through diagrams, a PowerPoint presentation, a notebook etc. This will encourage you to use it. 

Useful Resources

Business Plan Pro 2008