Your guide to a successful business plan.
- Define your business
It’s important that you define what type of business you are so that everyone you work with understands what you’re trying to achieve. A comprehensive business plan is the best way to go about defining your business.
Your plan should include:
- What your business will do
- Products or services business will provide
- How customers will access products/services
- How you will approach pricing
- Objectives both long & short – term
2. Know your customers
Make sure you know as much as possible about your customers. For example, if you’re marketing to consumers, below are some questions you could ask. Knowing the answers will help you promote your business much more effectively:
- Age?
- Lifestyles?
- Already buy product/service?
- Why will they only buy from you?
- How will you tell them about your business?
3. Naming your business
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. Make sure your chosen name is not already in use, it’s available as a web address and will work on your business stationery. You may also consider looking into the name’s meaning in different countries and languages – especially if you see yourself expanding internationally in the future. Get feedback on the name either through a company or from friends and family.
4. 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.
Key things to consider:
- My responsibilities and what to provide staff with?
- How I’ll make sure they’re properly managed and trained?
- What should I pay them & does it match with the pay in similar roles in the area?
- Does it comply with National Minimum Wage & National Living Wage?
- How will they benefit both me and my business?
5. Writing it all down
When you write your business plan, remember to be clear, realistic, and concise – writing it in plain English is advisable.
You should use research and, if possible, evidence, to support your conclusions and include an action plan – adjust your plan as your business develops.
Read our in depth guide to writing a business plan.
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