Writing a business plan

[aroomofherown]

Can anyone give some basic steps on how to write a business plan? My business is an online magazine for a specific industry that will hopefully generate employment ads.

What does writing a business plan actually involve?

I'm thinking:

1. Identify your users and their interests/needs
2. Create a website
3. Create twitter/facebook and start inviting people onto the website
4. Have some competitions to get people involved
5. Invite people to write for it
6. Market
7. Find out how much ads are worth
8. Pitch to the people who would place the ads - maybe give them 6 months free advertising first to minimise their risk and generate traffic

Does this sound about right? Obviously I need to add more detail but I'm stabbing in the dark as I have no real idea what a business plan is.

I'm no xpert but I think you need to explain why you think it will make money. So you need to consider the costs of running the business
Eg staffing, Internet site hosting, phone lines, marketing items, any travel costs or trade specific stuff
Then you need to explain where you think your revenue will come from
Eg advertising, a % commission of any work paid for
Then you need to consider competitors and why you will be better or different
Then you need to try to do some sort of projection of your turnover, gross and net profits based on actual costs/calculations if possible.

You are describing what you will do but not how ths will make you money and in what time frame.

Ah ok great. I'd not thought of the details like that. I will start working on it. Thanks ArthurandGeorge.

The business plan is more of a projected profit/ loss, to demonstatre your understanding of the financial aspects of the business.

www.gov.uk/write-business-plan

Houseofpox thanks for that - just checked out the videoclip on the gov.uk website and it was perfect for where I am up to.

Funny background music though

I used the one house of pox recommends got me the money!

Lonecat that's great news! How's your business going? Did you borrow money from the bank for it?

I was already running the business, it's a pretty good size and I have borrowed a big pile of money to grow it further. I borrowed on the fit to lend program through NatWest. So have fixed rate, no arrangement fee, no early redemption with government guarantee.

Pretty good deal if all a little scary.

Wow I'm impressed. Congratulations!

My sister wants to talk about being my silent partner but I'm not sure, although I do need a little money to get me started. Might check that scheme out.