A well thought out business plan will give an overview of your objectives, plans, budget predictions, and sales and marketing strategies. This will enable you to identify what success looks like and give you a one-stop document to present to potential investors, banks, suppliers and employees in the hope of garnering their support. You can also refer back to it at a later stage to review your learnings and progress.

A clear and concise business plan is essential; a clear focus and confident approach allows you to present your product or service, along with all its benefits, in a simple and easily digestible manner – perfect for investors and financial supporters. All elements need to be researched and backed up with evidence and conclusions, showing the reader that your business is on the path to success, development and sustainable growth.

The plan should set out:

  • What your business is
  • The products or services offered
  • Your chosen method of interacting with customers
  • How you arrived at your pricing strategy

You’ll also need to clearly demonstrate that you understand the needs of your customer base, so you can take full advantage of any opportunities you have to engage them.

Knowing the following things about your potential or current customers will help you with this:

  • How old are they?
  • What kind of jobs do they have?
  • How would you describe their lifestyles?
  • Are they already a customer to one of your competitors?
  • Will they have a positive opinion of your product or service?
  • What will make your offering stand out to them?

To help get your started, you can download a business plan template and how to guide here.