Writing a small business plan
The importance of building your business plan
A good small business plan defines exactly what you want to achieve and how you plan to achieve it. Here are a few tips to help you create your own. You can also download a free guide to writing a business plan 6.64 MB 3
Define your business
Your small business plan should clearly state:
- What your business will do
- The products or services it will provide
- How customers will access your products or services (for example, in a shop, online or by phone)
- Your approach to pricing
Know your customers
Make sure you know as much as possible about who will be buying from you. For example, if you’re marketing to consumers:
- Are they young or old?
- What do they do for a living?
- What are their lifestyles like?
- Do they already buy the product or service you’ll be offering?
- What will they think of your product or service?
- Why will they buy from you and no one else?
- How will you tell them about your business?
Knowing the answers to these questions will help you promote your business much more effectively.
What’s in a name?
The name you choose for your business should reflect the image you want to project to your market. Pick one that’s easy to pronounce and remember. And make sure that it’s not already in use, is available as a web address and will work on your business stationery.
Taking on staff
If you take on employees – even part-time – you’ll need to familiarise yourself with employment law and know how to get the best out of your staff.
Writing it all down
When you write your business plan, remember to be clear, realistic and concise. Use research to support your conclusions and include an action plan. And remember that business plans are dynamic documents - meaning that you should adjust your plan as your business develops.
Will your business plan work?
You can find out if your idea is viable at our free Let’s Talk Business Ideas seminar. Free seminars and workshops .
Starting a business? Here's some information that you might find helpful.
Our free guide to writing a business plan 6.64 MB contains more detailed information about all of the above, plus some additional areas you might wish to include in your plan 3
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2. Lines open Monday to Friday, 8am-7pm. To maintain a quality service, we may monitor and record phone calls. Call charges