Writing a business plan

[okaythensure]

Looking for an idiots guide to writing my first business plan.

Does anyone any recommendations please? I really am starting from scratch so somethings that signposts next steps etc. would be really helpful.

https://www.xero.com/uk/guides/starting-a-business/write-a-business-plan/

Thanks so much, really helpful!

Be realistic with projections, backed up by evidence. Ask 'why' and 'how' for every statement you make. Your business plan will potentially be used to attract investment or bank support, so if you make a statement about future sales, investors will want to know why you have arrived at the number, and how you will achieve it.

It is fine to have a 'best case', 'worst case', and 'expected case', however most business plans I see have some hockey stick revenue projection curve with absolutely no way of achieving it. Don't forget profitability either. Many businesses focus on revenue and not profit. Have a good cash flow forecast too. Profitable businesses fail as they run out of cash.

Sales needs effort, how many sales people do you have? If none, how much of your time will be allocated to selling? If you are spending all your time selling, who will do the work?

That sort of thing.

Thank you for taking the time @HappiestSleeping I really appreciate that input.

I'm taking a college course with a view to offering a service once I'm qualified. It's a new area for me so I'm finding it quite difficult because it's all new.

In terms on my business I will be a one man band to begin with keep my current part time job until I make some decent inroads.

My other piece of advice is not to under charge. People value things that they have to pay for, so look at the market rate for your chosen service, and price yourself just under half way. You need to be mindful that you are a new entrant, but you also don't want to give your services for free.

You can always do an introductory deal to get some reference customers. Also, if you do that, write the feedback yourself and get them to rubber stamp it. You want decent feedback to attract other customer.

Running your own business is not for the feint of heart. It is rewarding though. And there are huge tax advantages. Make sure you set up a limited company, and get insurance. You cannot be over insured.

When I wrote my first plan, I found it helpful to break it down into sections: executive summary, business description, market analysis, marketing strategy, and financial projections. There are tons of templates available online that can guide you step-by-step.

One resource that helped me was a simple guide that provided clear examples and questions to answer for each section. It really kept me focused. Also, if you're thinking about expanding into international markets, checking out the German company register can be useful for understanding the requirements if you're planning to operate there.