Highlighting your own professional attributes, as well as those of any other business owners, gives you a chance to demonstrate your ability to succeed with the new venture based on your track record. You can approach this section a little like an abbreviated CV, noting any key achievements, particularly where they are relevant to the proposed start-up.
There may be certain areas where the business owners do not possess the relevant skills or industry knowledge. These gaps should, if possible, be filled by a competent management team who will contribute to your business, either as employees or contractors. Explain how any missing skills will be dealt with.
You may already have succeeded in securing some level of investment for your business. Make sure that you include details of existing investors, emphasising their unique value to your enterprise in terms of skills, experience and the potential to open doors.
If you don’t already have a LinkedIn account, create one. If you do have one, make sure you update it. This is often one of the first places a potential investor will look when researching the team behind an investment opportunity. You should also encourage other key members of the management team to create or update LinkedIn profiles.
Operations and logistics
When starting out in business, it’s a good idea to do as much as you can yourself to keep costs down. However, taking on too much yourself can actually hinder growth, so it’s crucial that you assess your realistic requirements in terms of employees. Decide which roles will need to be filled by part-time or full-time workers so you can plan your hiring process.
There are an increasing number of businesses that are started up by entrepreneurs working from home. This can work for certain online ventures but often it will be necessary to rent out commercial or industrial premises. Consider the expenses of rental and also any utility bills.
There are various types of insurance or licenses you may need to obtain, depending on the type of business you’re starting. If you have any staff, you’ll need to get employers’ liability insurance and if you stock any high-value goods, your insurance premiums may be significant. If you’re planning to work with children, you’ll have to make sure all relevant employees are DBS checked and comply with any relevant rules and regulations.
The core products of some businesses rely on specialised machinery which can be extremely expensive and may even be the reason for seeking investment. Include full details of any business equipment required, together with costings.
Don’t forget to do some research into your key suppliers. Find out the pros and cons of different potential suppliers and try to establish accurate cost estimates which should be worked into the Business plan.