A business plan is the first process that should take place when developing a business idea or concept. It consists of a written document and should cover the following areas:

- business idea / objectives
- financial forecasts (revenue / costs)
- 3 year profit and loss
- strategy to take the business forward
- marketplace / competitor audit

A business plan is essential for raising finance from external sources, such as banks and VC’s (venture capitalists). You should use the business plan to show potential financers that your idea is a viable business prospect and would yield good return on investment or be relatively low risk in terms of a loan.

Raising finance is not the only purpose of a business plan. It is an invaluable tool to develop the thought process and structure of your business. It will enable you to identify any problems which may occur down the line and help you to plan resources and adapt the business accordingly. The business plan is not a static document it should be updated on a regular basis as your idea grows into fruition.

A business plan should be constructed into the following areas; Executive Summary, Business Environment & Opportunity, Monetising Strategy, HR / Personnel, Operations, Financial Forecasts.

Executive Summary Financial Forecasting Market & Competitors Sales & Marketing Operations

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