A well-written business plan is a key step in putting your business on the road to success.
A business plan helps to clarify business objectives and the roadmap to achieving them.
It is also an important document when applying for funding.
A business plan should be a living document that you regularly revisit and adapt when necessary to keep your operations on track.
The key sections of a business plan are:
Business and key objectives
A description of your business and its products or services.
Outline the goals you want to achieve in the short term (current year), medium term (next one to two years), and long term (three years and beyond).
The objectives should be measurable and realistic.
Skills and experience
Detail your previous experience relevant to your business.
This could be working as an employee in a similar company or running another business of your own.
If you are starting a business in an area that is completely new to you, think about your transferable skills, life experiences you’ve had, or relevant training you’ve completed.
Target customers, market, and competition
This section must demonstrate a strong understanding of your target customers and the methods you use to identify them.
You may need to explain how your business will be positioned in the market you are operating in and how your business is different from your competitors.
Sales and marketing
Outline how you will attract customers such as your product distribution strategy, the branding you will create, the pricing you will set, and the methods you will use to promote your business.
Operational plans
This section should include details like where you will trade (such as a home office or external premises), the staff you need to employ and the roles they will fulfil, regulations that could impact your business, and how you will overcome potential risks and challenges.
Financials
Outline how you will fund the activities detailed in your plan and the revenue you expect to generate.
Include a cash flow forecast that predicts the money you will have coming into and out of your business over the next 12 months.
Further reading
Read our guide to how to write a business plan.
Further support
Download our free business plan template.
Download the guide
Want a PDF of our guide? Click the download button below:
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Whilst we make reasonable efforts to keep the information in this guide up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
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