Secure the funding you need to help grow your business with this step-by-step business plan. Show potential investors why your product or service will be successful with a business plan that sets clear objectives and a strategy for growing your business. Writing a business plan will help you set a realistic timeline for repaying the investment while conveying confidence to potential investors. It covers the executive summary, business summary, marketing strategy and your financial plan.
When should I use a business plan?
Use this business plan:
- to secure funding from investors for your business
- to set out in detail how you will use the investment to grow your business
- to set clear goals and a strategy to grow your business
- to create a roadmap for your business
- for businesses located in England, Wales or Scotland
What's included in a business plan?
This business plan covers
- an executive summary
- a business overview
- a marketing plan and strategy
- the management team
- financial information and funding requirements
- a SWOT analysis (optional)
What's a business plan?
A business plan is a written document that describes business goals and sets out the financial, marketing and operational strategies to achieve them. It documents what your business is and how you are going to make it grow. It is a fundamental prerequisite when starting a business, especially if you are launching a startup with high growth expectations.
Do I need a business plan?
A business plan is particularly useful for any business seeking investment. It shows potential investors why your product or service will be successful by setting out clear objectives and a strategy for growing your business.
Writing a business plan will help you define your long-term goals and set out a realistic timeline for repaying the investment, while conveying confidence to potential investors.
What is an executive summary?
An executive summary, or statement of purpose, is a short and precise description of your business, that is meant to grab your potential investors attention when they first look at your business plan. It details the business purpose and operations, identifies the management team, and outlines the financial projections. Read Writing an executive summary and business outline for information on how to draft executive summary.
What financial information should a business plan include?
Your business plan should include detailed financial information to prove that you have a clear understanding of the all-important monetary aspects of running a business. Financial information covers
- the amount of investment you are seeking
- the expected profit and loss statement (i.e. expected revenues and expenses)
- the expected return on investment in the coming years
- the planned repayment period
To elaborate your financial plan, read Financial Information and requirements.
What is a marketing strategy?
A marketing strategy details the strategy you intend to adopt to make your business grow. It starts with a market analysis, which identifies your target customers and your competitors. Your marketing strategy should include
- Pricing strategy
- Promotion techniques, eg online advertising
- Sales methods
What do I need to know before I complete my business plan?
- the funding amount and repayment period
- what your business will sell and for how much
- the marketing strategy, eg online advertising and market analysis, eg competitors
- who the management team is and how you will run your business as an operation
- the projected business revenue for at least the first year of business
- when you expect the business to break even
Ask a lawyer for further advice.