The Business Plan: The Devil Is In The Details (Part 2/6)

So back to the Business Plan...

 

      Details

• You will need a Business Name (even in a working title)

• Try generating one here: Business Name Generator 

• It can be helpful to use the internet to see if your intended name is already in use (and where in the world) Avoid anything that could be seen as stealing another companies identity. You cant for example be Apple and sell Mobile Phones.



Apple watch anyone?

     Don't forget...

• A Contact Name
• A Business Address
• Social Media platforms, for example Facebook, Twitter, Pin Interest, Google+, Instagram (some research is required here to see which platforms will work best for your business idea)

 

• Legal Status (you will have to know what you have chosen and why)
• Name of Owners
• Telephone contact details
• Email Address
• Start Date (for when trading shall commence)

 

      Executive Summary

• The Executive Summary is the whole plan, but shorter
• The Summary should be a vision of what you want to achieve
• In pages aim for half a page to one page depending on the complexity of the business
• Write the Executive Summary Last (by the time the rest of the plan is complete you should know your business idea inside out and the summary will be easier to write)

Example Executive Summary

Mugs is a unique spot for not only commuters but also for locals and coffee lovers. Our café introduces a warm and comfortable atmosphere for people to relax and take a sip of our delicious coffee in a setting designed with elements of Scottish traditional art and music.

The aim of our business plan is to open a unique Scottish Artesian Coffee House that supplies up to 5 different roasts and blends from around Scotland that provide a unique taste and coffee experience. It will include (the feel of home) baking, cakes and sandwiches from locally sourced produce and a ‘light’ menu for brunch/lunch type food based around traditional Scottish fayre which will be our Unique Selling Point.

Our unique selling point is to provide and supply Scottish produce (only) of both a unique blend of coffee and food from a uniquely designed coffee house in the iconic Heilanman’s Umbrella in Glasgow, which is known for its historic import to Scotland and it's Highland heritage, direct to our customer demographic and local business community while supporting the local economy.

On a highly visible and high footfall corner site on the junction of Hope Street and Argyle Street beside Central Station the premises are fitted to a very high standard and comprise a large open plan ground floor seating/ serving area with disabled toilet, additional mezzanine seating area with ladies & gents toilets and store.

As you have probably gathered business plans can become quite wordy!, more of the Business Plan explored next time in Part 3

Looking for more content? A short YouTube Video

 



The Business Plan: Getting Started (Part 1/6)

 

So you have an Idea, the next stage is the Business Plan

Once you have an idea for a business to take it to the next stage you will need to do some considerable work. This work will take the form of a Business Plan. Before you rush in though, you should consider the viability of your idea.

 

One way to do this is to use an Opportunity Screening Checklist. These can be quite detailed and varied in their approach. An example of an opportunity screening checklist can be found by following this link:

 

 http://mba6601-entrepreneurialmanagement.wiki.usfca.edu/file/view/Screening+of+New+Venture+Opportunities.pdf

 

Using a tool like this can be helpful in identifying a good idea from a bad one. With a good idea in place the next stage is a business plan.

 So what is a business plan?

" A business plan is a written document that describes in detail how a new business is going to achieve its goals. A business plan will lay out a written plan from a marketing, financial and operational viewpoint"

Build your plan, piece by Lego piece:

The building blocks of the plan start here;

Functions of the Plan

• To assess viability
• To bring the project together
• To prove your idea has been thought out
• To support funding or award application
• To lay out how you will achieve your objectives

Top Tips

• The plan should use normal language and avoid unnecessary jargon
• Be professionally presented
• Be written for an outsider
• Be focused
• Be based on reality 

Structure and Layout of the Business Plan

• Details of the business
• Executive Summary
• Vision for the future
• Management and staff
• Products and services
• The Market
• Finance
• Other Information
• Appendices

In short...

Business Plans can be quite detailed (as you by now will have gathered) if the thought of this hasn't put you off, then you are ready to take your idea forward. Next time I'll start to look at each section of the Business Plan to provide some more info and advice/ examples where possible.   

Looking for more content? A short YouTube Video

Spotlight On...What Makes An Entrepreneur?

Dear Google,

Statistically according to Google, the average UK entrepreneur is a 36-year-old white male working in the construction industry.

So your average working entrepreneur...

The image below is what you get when you Google "statistically the average UK entrepreneur is a 36-year-old white male working in the construction industry"

 

Doesn't exactly add up does it?

Many people would say that managers and leaders are born, you either have the skills or you don't. The flip side to that argument is that people will argue that a manager can be trained in the skills required. So are entrepreneurs the same? Are you born or an entrepreneur? Or can you be taught how to be one?

 

To be an entrepreneur, you might need to have the skills listed here in Entrepreneur DNA So what do you need?

• Tenacity
• Street Smart
• Ability to Pivot
• Resilience
• Inspiration
• Perspiration
• Willingness to accept risk
• Attention to detail
• Competitiveness
• Decisiveness
• Domain Experience
• Integrity

Listing the skills needed is a good starting point...but surely to be an entrepreneur you need well an idea. An ability to see an opportunity and capitalise on it. Is it all about making money?...what about social enterprise? and would you need all of the listed skills to generate ideas? or could generate a hundred new ideas a month but lack the skills to take them forward.

 

The topic I feel is vast, and the definitions are many.

 

So, you have an idea, what next?

 

Any idea would need to be thrashed out in a Business Plan, to assess its viability and potential to make hard cold cash. As a student I have had some experience in producing business plans and was a runner up in an Enterprise Competition with my idea for a Social Enterprise- a not for profit organisation. Does that make me a typical entrepreneur or a student entrepreneur? The issue of enterprise and student engagement in enterprise is one which is gaining momentum in universities. What though does it all mean? and what are the resources available for business start ups?  

 

Through my blog I aim to answer the questions posed around entrepreneurship and explore the resources that are available to help turn business ideas into reality.  

 

Looking for more content? A short YouTube Video