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:
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.
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