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CHAPTER TWO. Planning Your Business

Business plan

AFTER COMING UP with an idea and doing your research, writing a brief business plan is your first practical step to starting your business. A business plan will act as your map; it will guide the business from start to growth, with reference to milestones along the way. For example, you might want to open a shop, launch a website or reach a number of customers within a certain time frame. And, of course, you’ll need to refer to resources: what you have already, what you’ll need and how you’ll pay for it.

You will need a plan if you’re looking to raise money, from friends or family or from the bank. But it’s a very important document even if you aren’t looking for external funds just yet.

With it in hand, you’ll be off on your business journey. “I’m off!” you might say.

Or IMOFF.

It’s an easy way to remember the headings to include in your business plan: Idea, Market, Operations, Financials and Friends.

 Idea: What’s your idea?

 Market: Who will be your customers or clients? And who is your competition?

 Operations: How will you develop the idea, promote it, and provide good customer service?

 Financials: Can you earn more than you spend, so that the business makes a profit? Do you need any funds to get started?

 Friends: Do you have a support network on hand for when you need business advice? Are there complementary businesses you’ve identified with whom partnerships are a possibility?

Have these as headings in your plan and you’ve taken a big step closer to becoming your own boss.

TIP { Revisit regularly

Review your plan regularly to check progress against targets or to make changes as you respond to new opportunities. I revisit the Enterprise Nation plan for a ‘gentle’ recap every six months and then at the start of each year head off for a couple of days to re-read the plan, rethink the business, and rewrite if required.

Here are the headings of a detailed business plan template you can complete and call your own . . .

Executive Summary

The Idea

The Market

Customers

Competition

Operations

The CEO

Sourcing

Sales & Marketing

Press

Online

Partners

Systems

Friends & Family