start up business plan uk

Business Planning Templates

The first step in planning your business venture, clarifying your ideas, aims and objectives, is to write a business plan.

Your plan is an essential document to ensure your ideas are feasible and is critical for banks. In addition, new suppliers and larger customers may require this document for credit checks. It's also helpful to track progress against your original targets.

Writing Your Business Plan - Downloads

We have three templates you can use to do your business plan kindly offered by SCORE and Bank of Scotland. There are two for preparing the narrative of your plan (One for a startup business and the other for an existing business) and a cash flow template.

Template for startup businesses: pdf startup template .
Template for existing businesses: pdf existing business template .
Financial planning spreadsheet for startup businesses: Excel financial plan template .

These free business plan templates can help you quickly write a business plan. First, you can download the templates as Adobe PDF files to your computer. Then, you can click each of the template links below to open now or right click your mouse to save for later use.

Basic Outline

A basic business plan outlines the answers to questions about your intentions, such as:

Is there a demand for your products?
How are you defining your customer demographics?
What are your explicit strengths and weaknesses?
Can you mitigate threats and exploit new market opportunities?
Are your competitors aggressive or passive?
Have you assigned key employees to your tactical plans?
How robust are your financial plans?

Structure of Business Plans

Here's the basic structure in summary from the downloads above:

Executive Summary

It's best to write this section last after you've prepared the rest of your plan because this is simply a summary of the whole plan. It should ideally be one page, but two pages are equally acceptable.

Business Purpose

This area covers the fundamentals of your business, including:

Mission statement
Company goals and objectives
Business philosophy
The industry you're in
Legal ownership and key employees

Products and Services

Describe your key products, services, pricing strategy and margins.

Marketing Plan

Detail your marketing activities, including market research, market trends, market size, external market economics, and barriers to entry. As your market is made up of customers, describe their characteristics.

You also need detailed information about your competitors and why you'll be able to take market share from them. And finally, you'll need information about your promotional activities to reach out and entice your potential customers to purchase your products.

Operations Plans

This part describes how you're going to produce your products together with distribution methods to get products to your customers and your wholesale suppliers.

Management and Staff

People are behind all successful businesses, so including the key people and advisors is essential.

Startup Costs Budget

If you're starting a new business, you should detail the costs you'll incur while starting up before the day to day operations commence. For most companies, this is the amount they'll need initial funding for to begin trading.

Financial Plans

Your financial plans should contain enough detail (i.e., monthly) for the first year, then quarterly or yearly for the following two years. You should include a profit and loss account, a cash flow forecast and a Balance Sheet together with a break-even analysis.

Additional Business Planning Help

Use the following sites to get additional business planning templates to assist starting your business.

Teneric planning templates
Check your startup costs

How to Write a Business Plan: Step-by-Step Guide + Examples

Determined female African-American entrepreneur scaling a mountain while wearing a large backpack. Represents the journey to starting and growing a business and needi

Noah Parsons

24 min. read

Updated May 7, 2024

Writing a business plan doesn’t have to be complicated.

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

The basics of business planning

If you’re reading this guide, then you already know why you need a business plan .

You understand that planning helps you:

Raise money
Grow strategically
Keep your business on the right track

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow.

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals.

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business.

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create.

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan.

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

A summary of the problem you are solving
A description of your product or service
An overview of your target market
A brief description of your team
A summary of your financials
Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service.

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business.

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market.

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.”

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market.

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers.

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service.

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics.

The best place to start with a marketing plan is with a positioning statement .

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning.

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy .

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services.

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer.

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process.

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like.

Depending on how your business is structured, your operations plan may include elements of the business like:

Supply chain management
Manufacturing processes
Equipment and technology
Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains.

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

A description of each task
The proposed due date
Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap.

Possible milestones might be:

Website launch date
Store or office opening date
First significant sales
Break even date
Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

Conversion rates
Customer acquisition costs
Profit per customer
Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality.

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before?

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

Sole proprietor
Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided?

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter.

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast.

A typical financial forecast in a business plan includes the following:

Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business.

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

Company logo
Business name
Value proposition (optional)
Business plan title
Completion and/or update date
Address and contact information
Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity.

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers.

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project.

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure.

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it.

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template.

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses.

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples .

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started.

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality.
Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas.

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

Did you meet your sales goals?
Is spending following your budget?
Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets.

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees.

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

Download Template

One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

View Sample Plans

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

Write a brief executive summary
Describe your products and services.
Conduct market research and compile data into a cohesive market analysis.
Describe your marketing and sales strategy.
Outline your organizational structure and management team.
Develop financial projections for sales, revenue, and cash flow.
Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

1. Not taking the planning process seriously.
Having unrealistic financial projections or incomplete financial information.
Inconsistent information or simple mistakes.
Failing to establish a sound business model.
Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

How will your business make money?
Is there a need for your product or service?
Who are your customers?
How are you different from the competition?
How will you reach your customers?
How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

Use AI to help write your plan
Common planning mistakes
Manage with your business plan
Templates and examples

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Essential guide to writing a business plan

A group of people working on a business plan

Your business plan outlines what your business does and what you are trying to achieve. It explains what the market opportunity is, what makes your business special and how you will make it a success.

Writing a business plan helps you:

check that your business idea makes sense
plan your sales, marketing and business operations
identify potential problems and how to overcome them
set out your objectives and the financial return you expect
work out what financing you need
convince other people to back your business

Why write a business plan?

How to write a business plan

Your business and products

Your market and competition

Your marketing and sales

Management and personnel structure

Your business operations

Financial performance

SWOT analysis

1. Why write a business plan?

Writing a business plan helps you think about what you are doing.

The plan sets out your strategy and action plan for the next one to three years, or sometimes longer.
As part of the process, you set concrete objectives and plan how you will achieve them.
Writing a business plan helps you focus and develop your ideas. Priorities are identified. Non-priorities are dropped, saving precious time.
Putting the plan in writing makes it easier to spot any gaps where you have more work to do.
Once written, the plan is a benchmark for the performance of the business.
By involving your employees in the planning process, you can build a successful, committed team.

You may need a business plan to explain your idea to other people

A business plan is essential if you are raising finance from a bank or outside investors.
A good plan can help you attract new senior management, or business partners such as distributors and agents.
You should tailor your plan to the target audience. For example, you may want the plan to 'sell' the business to your bank manager or investors.
Ask the intended recipient if there are any specific issues they want the plan to address or a template you should follow.

2. How to write a business plan

Base your business plan on accurate, detailed information where possible. But do not include all the detail in the plan. Leave the detail for operational or marketing plans.

Keep the plan short

Focus on what the reader needs to know.
Cut out any waffle.
Make sure there are no spelling mistakes.
Detailed business plans are often quickly shelved because they are difficult to use on an ongoing basis.

Include any detailed information you need in an appendix

For example, you might want:

detailed financial forecasts and assumptions
market research data that backs up what you say
CVs of key personnel (essential if you are seeking outside funding)
product literature or technical specifications

Base your business plan on reality, or it may be counterproductive

Over-optimistic forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost-cutting.
Be realistic, even if you are selling the business to a third party. Financiers, business partners and employees will see through over-optimistic plans that ignore weaknesses or threats. Management credibility can be damaged.

Make the plan professional

Put a cover on it.
Include a contents page, with page and section numbering.
Start with an executive summary. This summarises the key points, starting with the purpose of the business plan.
Use charts, if helpful.

Even if the plan is for internal use only, write it as if it were aimed at an outsider

Include company or product literature as an appendix.
Give details about the history and current status of the business.

Review your business plan

Read through the plan from your target reader's point of view. For example, try to imagine the impression the plan will make on your bank manager.
Check the plan is realistic. Include evidence to back up what you say (perhaps in the appendix) or provide evidence if needed.
Make sure you assess the risks. What might go wrong (eg if your main supplier closes down or you lose a key customer) and what would you do about it?
Concentrate on the executive summary. People often make provisional judgements based on this. Only then do they read the rest of the plan to confirm their decision.
Show the plan to friends, business peers and expert advisers for comments. Which parts did they not understand or find unconvincing?

3. Your business and products

Explain the history of the business.

When did it start trading and what progress has it made to date?
If the business is just starting up, what is your personal industry background and what progress towards launching the business has been made?
Who owned the business originally?
What is the current ownership structure?

Describe what your product or service is, avoiding technical jargon if possible

In general, what makes your product or service different ?
What benefits does it offer? What are its disadvantages and how will you address these?
What changes and improvements are you planning?

Explain any key features of the industry

For example, any special regulations, whether the industry is dominated by a few large companies or any major changes in technology.

4. Your market and competition

Describe the market in which you sell.

Highlight the segments of the market in which you compete. What are the key characteristics of customers in each segment and what influences their purchasing decisions?
How large is each market segment? What is your market share?
What are the important trends, such as market growth or changing tastes? Explain the reasons behind the trend.
What is the outlook for each important market segment?

Describe the nature and distribution of existing customers

Do they fit the profile of the chosen market segment? If not, why not?
Are sales largely made to one or two major customers?
If you are a new start-up, do you have any confirmed orders and who are your best prospects?

Outline the main competition

What are the competing products or services ? Who supplies them?
What are their advantages and disadvantages compared to you? For example, price, quality, distribution.
Why will customers buy your product or service instead? How will your competitors react to losing business and how you will respond?
Never openly criticise or underestimate competitors.

5. Your marketing and sales strategy

Where do you position your product or service in the market.

Is it high quality and high price?
Is it marketed as a specialist product due to a particular feature?
What unique benefits does it offer customers? For example, product reliability or customer service.
Which of these benefits are you going to highlight?

What is your pricing policy?

Explain how price-sensitive your customers are.
Look at each product or market segment in turn. Identify where you make your profits and where it may be possible to increase margins or sales or cut costs. Set your pricing accordingly.

How do you promote your product or service?

Each market segment will have one or two promotional methods that work best. For example, social media marketing, direct marketing, advertising or PR.
If you are considering a new marketing strategy, start small. A failed investment in marketing can be costly.

What sales channels do you use to reach your target customers?

For example, do you sell directly to the customer, or through retailers or agents? Do you sell online?
Compare your current channels with the alternatives. Note the distribution channels used by your competitors.
Look at the positive and negative trends in your chosen distribution channels.

How do you do your selling?

Look at the cost-efficiency of each of your sales methods . For example, online sales, in person, through an agent or using telesales.
Include all the hidden costs, such as management time when calculating prices or return on investment.
Explain how long it takes to make sales (and to get paid for them), what the average sales value is and how likely customers are to give repeat orders.

6. Management and personnel structure

Set out the structure and key skills and experience of the management team and the staff.

Clarify how you cover the key areas of production, sales, marketing, finance and administration.
Address any areas of deficiency, and your plans to cover this weakness.
Explain your recruitment and training plans, including timescales and costs.

Analyse the workforce in terms of total numbers and by department

Compare the efficiency ratios with competitors, or with similar industries. Useful figures might be sales, average salaries, employee retention rates and measures of productivity.

Be realistic about the commitment and motivation of the workforce

Show how committed you and other members of the management team are. For example, how much you have invested in the business.
Consider how you would survive the loss of a key member of the team.
Note any unusual upward pressure on pay levels.
Spell out any plans to improve or maintain motivation.

7. Your business operations

Look at the capacity and efficiency of your operations, and any planned improvements.

What premises does the business have?

Do your business premises meet your current and future needs? What are your long-term commitments to property?
What are the advantages and disadvantages of the present location? Should the business expand or move?

What production facilities do you have and how is production organised?

How modern is the equipment?
What is the capacity of the current facilities compared with existing and forecast demand?
Who are your key suppliers? How do you select and manage them?

What management information systems are in place?

For example, management accounts, sales, stock control and quality control.
Are they reliable? Can they deal with any proposed expansion?
A financier will be very concerned if management information systems are inadequate. Management of a business is always limited by the quality of the information available.

Are your IT systems reliable?

Is IT a key strength (or weakness) of your business? The development of IT systems to help your business is usually an important issue.

What quality or regulatory standards does the business conform to?

For example, ISO 9000 or CE approval.

8. Financial forecasts

Your financial forecasts translate what you have said about your business into numbers.

Set out historical financial information for the last three to five years, if available

Break total sales figures down into component parts. For example, sales of different types of product or to different groups of customers.
Show the gross margin for each sales component. List what costs are included as direct costs for each component.
Show the movement in the key working capital items of stock, trade debtors and creditors. Use ratios such as stock turnover (in months), debtors period (in days), and creditors period (in days).
Highlight any major capital expenditure made.
Provide an up-to-date balance sheet, and a profit and loss account .
Explain the reasons for movements in profitability, working capital and cash flow . Compare them with industry norms.

Provide forecasts for the next three (or even five) years

The sophistication of your forecasts should reflect the sophistication of your business. A small business may only need sales, profit and cash flow budgets .
A more complex, asset-based business - or one with complex working capital requirements - will need balance sheet forecasts as well.
Use the same format as for the historical information, to make comparison easier.
Clearly state the assumptions behind the forecasts. These should tie in with what you say in the rest of the plan. For example, if the plan says that the market is becoming more competitive, profit margins should probably be falling.
Be realistic about forecasts in new markets. For example, how much resource can you devote to selling, what success rate can you expect and how long will it take to convince new customers ?
Look at the overall trends of historical and forecast numbers. Are they believable? Do the forecasts allow for the possibility of problems and delays in payments that could affect cash flow?
Consider 'what-if' scenarios. For example, consider what will happen to your cash flow if sales are 20% lower than forecast (or 15% higher).

Put detailed financial forecasts in an appendix at the end

Include a detailed list of assumptions. For example:

the profit margin on each product
how long it takes to collect payment from debtors
what credit suppliers will offer you
what financing you are expecting and the interest rate you will pay

Use the cash flow forecast to predict any financing requirements

Add an extra contingency element onto the funding requirement shown in the forecast (perhaps 10-20%). Think about what mid-month peaks might be.
Identify what types of financing you want. For example, long-term loans or an increased overdraft facility.
Include the likely interest or dividend costs of any new finance.
Carry out sensitivity tests on the cash required by changing key factors, such as sales or margin. Note the outcomes.
Explain why the financing is required and what it will be used for.

If necessary, get help

Small business advisers at banks and business support organisations may help you put together financial forecasts free of charge.

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9. SWOT analysis

A SWOT analysis helps show that you really understand your business and the key external factors that you need to deal with.

Set out a one-page analysis of strengths, weaknesses, opportunities and threats

Strengths might include brand name, quality of product, or management experience.
Weaknesses might be lack of finance, or reliance on just a few customers.
Opportunities might be increasing demand or a competitor going bust.
Threats might be a downturn in the economy or a new competitor.

Be honest about your weaknesses and the threats you face

Spell out mitigating circumstances and the defensive actions you are taking.

Driving your business forward

Identify what makes you better than the competition.

Think about what the key ingredients of your future success will be and how you will strengthen your position in the market.

Establish your overall business aims

Where do you realistically intend to be in three years' time?

Decide on half a dozen key objectives that will make a significant difference

Many businesses think in terms of:

income - more sales, better margins
customers - new customers, higher levels of customer satisfaction
products - improving existing products, launching new ones
human resources - recruiting new employees, developing new skills

Set clear targets

You should know exactly what you want to achieve, by when.

Work out how you will reach these targets

Look at each aspect of your business in turn and create a step-by-step action plan for it.
Get help preparing a business plan and financial forecasts from your local enterprise agency .
Find an ICAEW chartered accountant or an ACCA accountancy firm for help with financial forecasting and business planning.
Find a trade association relevant to your sector through the Trade Association Forum.

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Browse topics: Business planning

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What is a business plan?

Our experts

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A business plan is a written statement of your business; what you want to achieve with it and how you will do that. It should outline the structure of your business, the product or service, the customer, the growth potential and the financials.

But as well as giving information about your business it should also inspire you for the future.

Every business should have a plan whether it is to open a second shop or float on the stock exchange. It is why you are in business. It helps you to define strategy and, if properly used, will help you involve and motivate key members of staff.

It allows you to work out how to make your business a success and can help you avoid failure by plotting the pitfalls along the way. It should outline a realistic target for how that can happen while remaining flexible enough to make changes along the way. By setting out a plan and some targets, you can also monitor your progress and get the business back on track fairly quickly if anything goes wrong.

What should a business plan cover?

A business plan is basically split into four parts: the business; marketing; finance and the management team.

For a full guide on what to put into your business plan, see our FREE business plan template

The business

Your business plan should start with the basics of your business. A cover sheet should outline the company name, address and current owners. Start by outlining the legal structure of your business and who owns it. Keep this brief – any reader or potential financier will be more concerned about how the business will operate in the future.

Then describe your business and the product or service that you will provide. Explain why the product will be profitable and why your customers will buy it, whether your product is unique or simply better than other products on the market.

If your business is in the high-tech or biotech sector, you may include any patents or intellectual property owned by the business.

Try to give a breakdown of the overall sector and its potential. Perhaps you can use competitors to show how big the market is and what percentage of sales you think you can capture. However, avoid falling into the trap of basing your business on simply taking a small share of a large market. Trying to capture a 1% share of the whole Chinese population just because it is a big population won’t impress. You will need to have a clearer idea of who your customers are and how you will get them to buy your product.

All of these will tie into your goals and objectives for the business, the eventual aim for the company and how you expect to achieve that.

The key to marketing is understanding your customers. You must be able to profile your target customer and their likes and dislikes accurately. This will help you understand how to position your product or service in the marketplace, and how to price your offering. You must also be aware of how your customer base is likely to change over time, whether it is declining or growing.

Your plan should offer the reader a combination of clear description and analysis, including a realistic SWOT (strengths, weaknesses, opportunities and threats) analysis of each area.

This will demonstrate to investors or lenders that management is realistic about the company’s prospects. This should also include spelling out any competition. By ignoring any competitors, readers will think you have overlooked a major problem for your business.

This should include all the financial data on your business. If you have already started trading, include any previous year’s accounts, (up to three years) as well as details of any outstanding loans or assets. Also include the current management accounts, cashflow forecasts and a breakeven analysis .

Make sure that realistic financial projections are outlined and that you provide different scenarios for sales, costs and cashflow for both the long and short term. Don’t be tempted to dress up the figures. Sales figures growing ever steadily will not impress a seasoned investor. Similarly, be realistic about your costs. Consumer products, particularly those on the internet, will need to plan for a large upfront marketing budget. Neatly spreading an equal amount of your marketing budget across the whole year simply isn’t realistic.

The management

This section should outline all background and experience of all the key members of the management team.

You should provide CVs for each individual and outline the strengths and weaknesses of the team as a whole. If you are missing certain skills in your management team, this can often be solved if you are seeking equity investment. Business angels often take an active part in the companies they invest in and any venture capital firm will have a wide network of contacts that may be able to join the board in a non-executive capacity.

The executive summary

The last thing written is the first thing that appears in the business plan – the executive summary. This is the most important section and summarises in two pages what is written in detail in 10 or 15.

This is where, among other things, you state the company’s mission statement – a few sentences encapsulating what the business does for what type of clients, your aims for the company and what gives it its competitive edge.

The mission statement should combine the business’ current situation with your aspirations.

Just as the business plan, the executive summary should be clearly written and powerfully persuasive, yet it should balance sales talk with realism in order to be convincing. It should be no more than 1,000 words.

Any reader should be able to get a good feel for the business from that summary. In fact, this summary may be the only opportunity you get to put your case to investors. Venture capitalists refer to the elevator pitch . If you can’t convince an investor of how good your business is in the time it takes for a lift to travel between the ground floor and whatever floor you exit on, you may have missed your opportunity. That sounds harsh, but remember that investors are busy people, who typically receive hundreds of business plans every year.

Perhaps you can use competitors to show how big the market is and what percentage of sales you think you can capture.

The mission statement

One of the hardest things for people to write in a business plan is the mission statement. Mission statements can tell a lot about your business, so it’s important to take time, look at some mission statement examples , and put effort into writing a good one.

You should think of a mission statement as a cross between a slogan and an executive summary. Just as slogans and executive summaries can be used in many ways so too can a mission statement. An effective mission statement should be able to tell your company story and ideals in less than 30 seconds.

Here are some basic guidelines in writing a mission statement:

A mission statement should say who your company is, what you do, what you stand for and why you do it.
An effective mission statement is best developed with input by all the members of an organization.
The best mission statements tend to be 3-4 sentences long.
Avoid saying how great you are, what great quality and what great service you provide.
Examine other company’s mission statements, but make certain your statement is you and not some other company. That is why you should not copy a statement.
Make sure you actually believe in your mission statement, if you don’t, it’s a lie, and your customers will soon realize it.

Different types of business plan explained

Business plans are also called strategic plans, investment plans, expansion plans, operational plans, annual plans, internal plans, growth plans, product plans, feasibility plans, and many other names. These are all business plans.

In all these different varieties of business plan, the plan matches your specific situation. For example, if you’re developing a plan for internal use only, not for sending out to banks or investors, you may not need to include all the background details that you already know. Description of the management team is very important for investors, while financial history is most important for banks.

Some of these specific case differences lead to different types of plans:

Start-up plan

The most standard business plan is a start-up plan, which defines the steps for a new business.

It covers standard topics including the company, product or service, market, forecasts, strategy, implementation milestones, management team, and financial analysis. The financial analysis includes projected sales, profit and loss, balance sheet, cash flow, and probably a few other tables. The plan starts with an executive summary and ends with appendices showing monthly projections for the first year.

Internal plan

Internal plans are not intended for outside investors, banks, or other third parties. They might not include detailed description of company or management team. They may or may not include detailed financial projections that become forecasts and budgets. They may cover main points as bullet points in slides (such as PowerPoint slides) rather than detailed texts.

Operations plan

An operations plan is normally an internal plan, and it might also be called an internal plan or an annual plan. It would normally be more detailed on specific implementation milestones, dates, deadlines, and responsibilities of teams and managers.

Strategic plan

A strategic plan is usually also an internal plan, but it focuses more on high-level options and setting main priorities than on the detailed dates and specific responsibilities.

Like most internal plans, it wouldn’t include descriptions of the company or the management team. It might also leave out some of the detailed financial projections. It might be more bullet points and slides than text.

Growth plan

A growth plan or expansion plan or new product plan will sometimes focus on a specific area of business, or a subset of the business. These plans could be internal plans or not, depending on whether or not they are being linked to loan applications or new investment.

For example, an expansion plan requiring new investment would include full company descriptions and background on the management team, as much as a start-up plan for investors. Loan applications will require this much detail as well.

However, an internal plan, used to set the steps for growth or expansion funded internally, might skip these descriptions. It might not include detailed financial projections for the whole company, but it should at least include detailed forecasts of sales and expenses for the company.

Feasibility plan

A feasibility plan is a very simple start-up plan that includes a summary, mission statement , keys to success, basic market analysis, and preliminary analysis of costs, pricing, and probable expenses. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing.

Next steps creating your own business plan

Hopefully, you now have a better understanding of what needs to go into a business plan, and how to begin tackling your own.

However, creating an effective business plan isn’t a couple of hours work – you’ll need to put some serious time into this in order to get the result you’re after (whether that’s new investment, or internal stakeholder buy-in). We’re here to help.

Startups.co.uk has created a simple, free business plan template you can download and use.

Remember, a business plan is all about your vision, above all. There are some essentials you’ll need to cover, but the real success is down to you – push the reasons you believe in your business idea, and show your audience why you care. They may just come along for the journey with you.

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Read time: 5 mins Added: 26/05/2023

A compelling and comprehensive business plan is an important asset for any business. It helps you to understand where you are now and where you want to be - then sets out how you intend to get there. If you need funding for your business, a detailed business plan can help give lenders or investors the confidence to invest.

5 things you’ll learn from this guide:

1. Why you should write a business plan

2. What to include in your plan

3. How to set SMART objectives

4. How to develop your strategy

5. The importance of financial forecasts

Why you should write a business plan

What to include in your plan.

How to set SMART objectives
How to develop your strategy
The importance of financial forecasts

The process of writing a business plan forces you to explore your business idea in detail and identify what you need to do to make it happen. It will quickly show up any flaws or potential stumbling blocks, allowing you to make your mistakes on paper rather than in your actual business.

A well-thought-out business plan will:

set a direction for the business and help you create an action plan
help you and your staff focus on what's important
show your commitment to banks, investors, colleagues and employees
help you to spot problems early on and tackle them effectively
set targets and evaluate your success
help you attract better-qualified staff

Business planning isn't just for when you're setting up – you should keep reviewing and updating your plan regularly. A plan is always a useful asset for persuading others to invest time, money and effort in your business, and keep your plans on track.

There are some key elements of a business plan:

Executive summary While this comes first, you should write it last. It’s a concise summary of all the key information in the full plan, and is your elevator pitch on paper.

Mission statement What is the purpose of your business – what problem are you aiming to solve for customers? You need to outline what you want your business to achieve, apart from making a profit.

Objectives How do you want your business to be performing in a year, and five years? You need to define your measures of success, making sure they are SMART.

S.M.A.R.T. Objectives

Objectives should meet each of these criteria:

Specific Outline clearly what is required in a simple statement.

Measurable Include some type of metric that will enable you to monitor progress and know when the objective has been achieved.

Achievable The objective should be challenging, yet grounded in business reality.

Relevant The focus should be on achieving the outcome, not the means of doing so.

Time-Bound There should be a target date by which the objective must be achieved.

Your strategy

Your strategy outlines how you intend to achieve your objectives. It details both the environment you’re operating in, and how you operate in it.

It’s vital that you understand who your potential customers are, and what they want. Alongside that, you should research who your competitors are - not just businesses that do the same as you, but those that meet your customers needs in a different way too (indirect competitors). Our Understanding your market guide has more information.

You also need to be aware of the external opportunities and threats for your business. Economic conditions, changes in legislation and new technologies can all have an impact on your business. You should identify any which are relevant to your business and outline how you will respond to them.

Lloyds Bank business customers have access to Business KnowledgeBox as part of Internet Banking, which contains guides to setting up and running over 500 types of business and includes key market trends and issues, and trading and compliance considerations.

Our customers also have access to the Lloyds Bank International Trade Portal which provides a gateway to explore international trade opportunities and detailed market information.

You’ll also need to outline how you’ll operate including:

Who your suppliers will be
The staff, facilities and equipment you’ll need
How you’ll promote your product or service

Your Budget

Financial forecasts will help you, as well as potential lenders or investors, to understand if you have a viable business. You should provide details of your financial forecasts – how much you’ll sell and what the costs will be. Outline where the start-up funds will come from, and at what point you’ll need further investment for growth.

Key figures you need to capture are:

Sales forecasts
Costs and overheads – staff, facility, energy
Assets – any significant company property
Investments, loans and grants A breakdown of costs, including tables detailing:
Start-up costs
Projected cash flow
Projected profit and loss
Projected balance sheet

You can also find more information and a range of business plan templates and examples at www.gov.uk .

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Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.

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While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.

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Business planning tips

On this page

Failing to plan is...well, you know the rest

To build a successful business, having a clear mission and specific goals is vital. The best way to do this is to write a thorough business plan setting out exactly how you're going to turn your dreams into reality.

Do's and don'ts when writing a plan

Do be realistic.

While it's important to show ambition, be realistic when projecting your results.

Do check for accuracy

It may be an old cliche, but you only get one chance to make a first impression. Make sure you triple check the accuracy of your content and ask a colleague or mentor to proof read it with a fresh pair of eyes.

Do your research

Make sure all research is up to date and accurate, and that any claims can be substantiated. You need to be aware of the good, the bad and the ugly!

Don't include your CV

Your business plan is about the company you intend to run, not ones you may have run in the past. A link to a completed LinkedIn profile will tell someone all they need to know about you.

Don't say you have no competition

There's always competition, the key is understanding your market and convincing your customers that your product is superior.

Don't start at the start

Start with an executive summary. This should be one page long and is your elevator pitch on paper.

6 steps to writing a business plan

Our in-depth six-step guide can help you put together a robust business plan and set you up for success or expansion.

Introduction

A business plan is a written description of your company, your aspirations and ambitions, and the methods by which you can achieve your goals.

Creating a business plan gives you a clearer understanding of what you need to do to reach your objectives. By producing a detailed business plan containing facts, figures, statistics and a summary of your skills, you will give potential investors all the information they need to buy in to your proposal.

Getting started

Once you've decided to write a business plan, the next step is deciding what needs to be included. And remember, your plan should be flexible.

An executive summary exists to summarise your ambitions and approach in a concise way. This is not always an easy task, but it's a good way to ensure you remain focussed on both the bigger picture and your core ambitions.

Your business summary should

Describe your business - how you want it to grow, the niche you fill, why you think it can succeed
Describe the sector it sits in - if the sector is strong, where will you fit? If it's performing poorly how will you buck the trend?

Product summary

It's worth giving your product or service a section of its own. Outline what makes it different from similar offerings and discuss the reasons that you will succeed.

Aims, objectives and audience

You should cover:

Where do you want your idea to go and how are you going to get there?
In a year's time what shape will your business be in?
Will you have secured investment, or hired additional members of staff?
Will you be able to cope if you fail to hit projected financial targets?

It's vital that all of these factors are assessed prior to launching or expanding a business. Research carried out by the Chartered Management Institute (CMI) has discovered that over half (54%) of all UK businesses that fail within the first three years of operation do so because of poor management.

Get to know your audience

You must have an understanding of your core demographic and how you are going to engage them. The more intelligence potential investors can get from reading the plan, the better.

Operations and organisation

It's good to have a solid concept, strong product and ambitious goals, but to grow a successful company, you will also need a detailed understanding of job roles, company structure and the day-to-day running of your operation.

This section of the plan is often the most detailed. Overlooking just one of the below areas could be extremely harmful when it comes to launching a company or seeking investment.

Areas to cover

Location - where will you be based and why?
Suppliers - who are they and what are the contract terms?
Production - will anything be outsourced?
Distribution - how will you deliver your product?
Employees - how many do you need and what will they do?

Financial considerations

All aspects of your business plan are essential in their own right, but it's important to make sure the financial elements are accurate and in order.

Some entrepreneurs make the mistake of believing that because they are determined to succeed, they will be able to fund business growth by reinvesting the business' profits. However this rarely works, suppliers need to be paid prior to the customer getting their hands on the goods, meaning you will need some kind of initial investment or loan to cover supply costs.

What kind of financing you need
How much money you require
Whether you are willing to give away equity in the business in return for funding
When you will be able to pay back any loan you take out

How much, what for, and from where?

Always consider these three questions when planning your finances, and always be cautious in your answers.

Measuring success and risk

No business is guaranteed to succeed. Investors understand that handing any amount of money over to a startup is a risky decision, but it's important to reassure them. Highlight that you are aware of the risks, have plans in place to avoid pitfalls, and are willing to change course or adopt different methods should you need to.

Types of business risk

Compliance - If you fall foul of laws and regulations, your business could fail before it has a chance to properly grow.
Operational - Operational risk can come in many forms. It could relate to employee error or a water leak that damages equipment.
Financial - Nearly all businesses will get into debt in their opening years, but it is how that debt is managed that is important.
Reputational - Building customer confidence in your brand and rewarding them with a quality service is an essential ingredient for all businesses.

Need a little more help?

You can find additional information and a range of business plan templates and examples on the www.gov.uk website.

Get your business idea off the ground

From the start, you’ll need to think about your approach to running your business and what support you might need to make it happen.

Something else we can help you with?

Support centre, @natwestbusiness.

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Business insights

Writing a business plan

Your guide to a successful business plan

A good business plan defines what you want to achieve and how you intend to achieve it. Our guide could help you write yours.

Define your business

It’s important that you define what type of small business you are so that everyone you work with understands what you’re trying to achieve. A comprehensive business plan is the best way to go about defining your business.

Your plan should include:

What your business will do
The products or services it will provide
How customers will access your products or services (eg in a shop, online or by phone)
Your approach to pricing
Your long and short-term objectives – including a series of benchmarks if possible that you can check your progress against

Know your customers

Make sure you know as much as possible about who will be buying from you. For example, if you’re marketing to consumers, here are some questions you might want to ask. Knowing the answers will help you promote your business much more effectively:

How old are they?
What do they do for a living?
What are their lifestyles like?
Do they already buy the product or service?
Why will they buy from you and no one else?
How will you tell them about your business?

Naming your business

The name you choose for your business should reflect the image you want to project to your market. Pick one that’s easy to pronounce and remember, but do some research first. Make sure your chosen name is not already in use, it’s available as a web address and will work on your business stationery. You may also consider looking into the name’s meaning in different countries and languages – especially if you see yourself expanding internationally in the future.

If you have the facilities, you could test various names to see how people from your proposed customer base react. There are companies that provide this service, or you could do it informally by asking friends and family.

Taking on staff

If you take on employees – even part-time – you’ll need to familiarise yourself with employment law and know how to get the best out of your staff. There are plenty of guides that will help you to understand the law and make decisions to suit your business, such as the number of employees you need, what you should offer them and if they will be contractors or permanent. Here are some key things to consider:

What are my responsibilities and what do I need to provide them with?
How will I make sure they are properly managed and trained?
What should I pay them and does it match with the pay offered for similar roles in the area?
Does it comply with the National Minimum Wage and National Living Wage?
How will they benefit my business and help me to achieve my goals?

Writing it all down

When you write your business plan, remember to be clear, realistic and concise. It’s important to consider that someone reading it in the future might not be familiar with jargon or more technical terms, so writing it in plain English is advisable. You should use research and, if possible, evidence, to support your conclusions and include an action plan. Nothing needs to be set in stone, however; business plans are dynamic documents – meaning that you should adjust your plan as your business develops. See our in-depth guide to writing a business plan [PDF, 6.2MB]

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Protecting your business idea

Got a big idea? Find out how to protect it

The Intellectual Property (IP) rights of your business determine the value of your idea, so a copyright, patent or trademark is essential.

Important information

Start Plan From concept to launch, we have you covered

We are a startup consulting agency dedicated to helping entrepreneurs turn their ideas into successful businesses.

We believe that every idea has the potential to change the world

Our Company

About startplan.

Our mission is to help individuals turn their ideas into successful startups.

We have a long history of guiding and supporting entrepreneurs, providing them with the tools and support they need to succeed.

We work with people who have an idea for a startup, giving them the knowledge and tools they need to become entrepreneurs.

Our clients have already raised millions of pounds and built products that have served millions of users worldwide.

StartPlan was founded to help startups succeed in the process of raising investment. We have a wealth of business knowledge and use proven methods to help our clients raise capital.

We also offer top-quality service and products to ensure the success of our clients.

Get expert advice and support from our team

Real-life results, 10 years of helping startups thrive.

StartPlan has been helping entrepreneurs turn their ideas into successful businesses for over a decade.

In that time, we’ve had the privilege of working with a diverse range of clients and helping them achieve their goals.

Is It An Executive Summary A Pitch Deck A Financial Plan A Project Toolbox A Marketing Plan A Targeted Consumers An Interface Wireframe An Interface Design A Mockup Design An Industrial Design A Concept Design

You’re looking for .

We are dedicated to helping tech startups turn their ideas into successful businesses. Our team of experienced consultants offers a wide range of services to support entrepreneurs at every stage of the startup journey. Explore our services below to learn more about how StartPlan can support your startup’s growth and success.

Our services

Market research.

Developing a plan to effectively promote products or services.

Business plan

Creating a comprehensive and professional business plan.

Creating a presentation to pitch a business to potential investors.

Executive summary

Summarising key points of a business plan in a concise document.

Consumer survey

Gathering insights on consumer behavior and preferences.

Guidance and mentorship

Providing ongoing support during the early stages of building a business.

Interface Wireframe

We will carefully design and characterise your product's interface.

Mockup Design

One picture is worth a thousand words. This is what we'll do.

Industrial Concept Design

Developed graphic 3D model that clearly and easily illustrates the product.

For more detail, visit

Assessing Business Potential Before Starting Up

What are the 3 critical factors to check before launching a startup.

According to our proven model, these critical factors can help you make informed decisions and increase your chances of success:

Business Model

Assess whether your business idea is financially viable and how you plan to make money from it. Look at successful businesses in your industry to get a sense of what the most profitable business models look like.

Competition

Understand who your competitors are and how they are positioning themselves in the market. You can learn a lot from your competitors, but be aware that if they have already overtaken the market, it may be difficult for your startup to gain a foothold.

Market Research

Look at industry trends and the overall health of the market in which you will operate. Consider the potential for growth and the amount of money that companies in your field are making. It’s also worth looking at the success of other startups in your industry to get a sense of whether investors are willing to fund ventures like yours.

Our team is made up of experienced consultants and industry professionals who are passionate about working with entrepreneurs to develop and grow their businesses. Our team has a diverse range of skills and expertise. We are committed to providing the highest level of service to our clients and helping them achieve their goals.

Testimonials

Customer feedback, launching a startup, the startplan process, get started.

Are you ready to turn your tech startup idea into a reality? StartPlan can help you every step of the way.

Simply fill out the form below with your contact information and a brief description of your startup idea, and one of our team members will be in touch to discuss how we can help you succeed.

Latest Blog Posts

From industry insights to tips for building a successful tech startup, our blog is the go-to source for valuable information and advice.

Check out our latest posts for valuable information and inspiration to help you grow your business.

The Role of Mentorship in Tech Startup Success

Mentorship is crucial for tech startup success. In this post, we discuss the benefits of having a mentor and offer tips for making the most of the relationship. From setting goals and expectations to seeking feedback and staying engaged, we explore the key elements of a successful mentorship. Whether you are just starting out or looking to take your startup to the next level, this post is a must-read for tech entrepreneurs.

Frequently Asked Questions

Get Quick Answers to Common Questions About Our Business Consulting Services

What services does StartPlan offer?

StartPlan offers a range of consulting and business planning services for tech startups, including business plan development, financial planning, marketing planning, and investor preparation.

What industries does StartPlan work with?

StartPlan works with a wide range of tech startups, including mobile apps, web apps, and physical products.

How does the StartPlan process work?

StartPlan follows a structured process to help tech startups launch and succeed. This process includes market research, business plan development, product development, and investor preparation. We also offer ongoing support and guidance to help clients establish and grow their startups.

Do I need a completed product to work with StartPlan?

No, you do not need a completed product to work with StartPlan. We can help clients at all stages of product development, from planning and design to market research and product development.

What is important to check before starting a startup?

There are a number of things that are important to consider before starting a tech startup. Firstly, it’s important to conduct thorough market research to understand the size and growth potential of the market in which your startup will operate, as well as the competitive landscape. It’s also important to develop a solid business plan that outlines your value proposition, target market, and financial projections. Additionally, you should consider whether you have the necessary resources, including funding, talent, and infrastructure, to successfully launch and grow your startup.

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Help to start-up

There are over 5.5m businesses in the UK. If you’re ready to join them, we can help. Check what you need to do to set up your business and how to get help from government-backed schemes.

1. Register your business

Follow our guidance and set up your business . This includes:

Rules for your type of business
Responsibilities hiring freelance or agency support

2. Write a business plan

Get detailed information on how to write your business plan and download free business plan templates .

3. Get help with tax

If you’re starting a business, you’ll need to understand what tax you may have to pay. Check out the guidance , which covers some helpful topics below

Hiring an accountant or tax adviser
Check tax code guidance

4. Check your finance options

You could be eligible for a government backed Start Up Loan of £500 to £25,000 to start or grow your business.

Seaweed & Co applied for a government-backed Start Up Loan which allowed the business to expand into markets in Europe and North America.

“Having the support from Start Up Loans, as a government-backed programme, gave me the confidence to believe in myself and fully make the move to become my own boss.”

Dr Craig Rose, Founder Seaweed & Co.

Your free finance guide to help you get started

The British Business Bank’s finance guide is designed to help you make an informed choice about accessing the right type of finance for your business, whether you’re looking to start-up, scale or grow your business.

Employing people

If you’re looking to employ people for the first time there’s several things you’ll need to consider. We’ve made it easy for you through this helpful checklist .

If you’re looking to employ more people, check out the support available .

Free resources and network to start or develop your business

The British Library’s Business and IP Centre network supports small business owners, entrepreneurs and inventors to take the right steps to start up, protect and grow their business. The National Network is delivered through regional and local libraries around Britain, offering insights and access to free resources, training and events to help you imagine, start or develop your business.

Help and advice

Contact the Business Support Helpline for general advice and support and speak to someone over the phone or online.

Or find out how your local growth hub can help you with advice and support at any stage of your business journey.

We are aware of scams coming from email and social media where people try to impersonate us. We will never ask you for money or your bank details. Learn more about what to look out for and how to protect yourself .

Common Scams

Completing your Start Up Loan application

You wouldn’t build a house without a detailed blueprint of your plans, a set of tools and a clear idea of the costs. We feel the same way about building a business. That’s why we require our applicants to provide a range of key business documents with your Start Up Loan application. Our free downloadable templates are designed to help you organise your business idea, develop your plans and figure out how to make your start up work.

Small Business UK

Advice and Ideas for UK Small Businesses and SMEs

Example business plans

Put together your business plan with our tips.

Where can I find an example of a business plan?

If you’re preparing to write your first business plan and are looking for some useful resources and advice on what elements to include you have come to the right page.

It is essential to have a realistic, working business plan when you’re starting up a business. We have our own section devoted to business planning where there are lots of articles and links to information on writing business plans . The content can show you how to prepare a high quality plan using a number of easy-to-follow steps but also contains more specialist information to help you really fine tune your document, plus advice on presentation and targeting.

If you are specifically looking for advice as a franchisee, check out our article on the 11 things you need to include in a franchise business plan .

There are a range of other sources you may also want to use. An often overlooked source is your Bank who may well have information, examples and templates of business plans:

Barclays template and checklist [pdf]
Lloyds sample plan [downloadable pdf – see section 4]

The Prince’s Trust offers downloadble pdf, MS Word and Excel templates . They also offer personal advice on completing a plan through their Enterprise programme if you are selected to work with them.

Slideshare has lots of business plans uploaded, which you can browse through here . We liked this thorough 26 page example from The Business Plan Team , as well as a template created by former Deloitte Management Consultants here , and a good example of a colourful, visual plan suitable for a trendy food business here .

An interesting interactive free business plan creator is offered by LawDepot . On the website you are stepped through 7 simple steps using a well-designed graphic interface, and at the end you can output the subsequent plan ready to fill in. There are 12 industries to choose from and it has sections for company structure, product, marketing, SWOT, operations and ‘Fine Details’.

Other Web Resources: Business Plan Templates

You can find examples of business plans for different types of businesses at:

ACCA – the Association of Chartered Certified Accountants have 3 example business plans for three different business sectors: Cafe, Import Business, UK Ltd business seeking finance.
Bplans – owned and operated by Palo Alto Software Inc., the site has free plans to download and it also has examples for lots of different types of individual or specific market sectors.
Expert Hub – based in South Africa, this site has 21 example business plans for different categories.
Start Up Loans – offer a downloadable .docx template.
Invest Northern Ireland – have a .doc business plan template to download here
StartUps.com – have four sample plans that you can access from Google Drive (note, this is a USA site so the examples are US-based, although the formats could still work for a UK business).
Examples.com – 20+ example downloadable .pdf plans for different sectors.

Finally, how about a video on the subject? Quite a few examples on Youtube.

How about this one from Craig Frazier?

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Types of Small Business Structures in the UK

Are you thinking about starting a business? These are the most common business structures — including their tax implications and how to get started.

Small Business Structures in the UK

Getty Images

Some business structures are easier to start than others, which one works for you depends on various factors.

Are you ready to start a small business ? First, you must determine the best business structure for your company. The United Kingdom has four main types of business structures: sole traderships, partnerships, limited companies, and limited liability partnerships.

Different business structures provide different benefits. While a sole tradership is easy to set up and requires minimal paperwork, a limited partnership may offer additional financial protections or tax benefits. Below, we explore the different business structures in the UK, giving you insights into their main pros and cons, tax responsibilities, and guidance on how to set each one up.

The Bottom Line

Before you can begin trading as a business in the United Kingdom, you must choose your business structure. There are several different business structures in the UK, including sole traderships, partnerships, limited companies, and limited liability partnerships. Each business structure has its own pros, cons, tax liabilities, and legal requirements.

However, the most common business model is the sole trader, which is typically the easiest and fastest for those just starting out.

Sole Trader

The sole trader is the most common business model. Over 3.1 million sole proprietorships exist in the UK , comprising 56% of the business population.

A sole tradership is typically the easiest to business structure to set up because it involves less paperwork, legal responsibilities, and lower startup costs. However, the biggest drawback to being a sole trader is that you take on personal responsibility for all business debts.

Typically the easiest and fastest way to begin your own business

Often comes with less paperwork and administrative responsibilities than other structures

Generally lower startup costs than other business forms

Your personal finances are at risk because you are personally liable for any business costs

If you are a high earner, then you may pay more tax than other business structures

Tax Implications and Responsibilities

As a sole trader, you must keep business and expense records, as well as submit a Self Assessment tax return each year.

Most locations in the UK require you to pay Income Tax on any profits you earn over £12,570, a figure known as your personal allowance. The amount you’ll pay ranges from 20% to 45%. Sole traders must also pay Class 2 and Class 4 National Insurance. In addition, if you reach a turnover of over £90,000 per year, you’ll also need to register for Value Added Tax (VAT).

How to Get Started as a Sole Trader in The UK

As we noted above, setting up as a sole trader is relatively easy. You should inform HMRC that you’ve begun trading as soon as you can, though the official deadline to register for Self Assessment is 5 October. You can notify HMRC by registering for Self Assessment via their online website .

Partnership

With a partnership, you’ll enter into business with one or more partners. You’ll each share responsibility for the business’s ownership, liabilities, and profits. A partner could be an individual or a “legal person,” such as a limited company.

A partnership has several benefits: you’ll share financial responsibilities, administration, and liability with your partners. Similarly to sole tradership, a partnership is also quicker and easier to set up than more complex business structures. However, this type of business can leave you more vulnerable to your partners' mistakes, and conflict amongst partners could derail your business.

Support and shared liability with business partners

Easy to set up when compared to other business structures

Less administrative tasks than other types of businesses

Vulnerable to partner fallouts or differences of opinion

Less personal autonomy than sole tradership

Each partner must register as self-employed and submit their own annual tax return. Each partner is legally entitled to their share of the business’s profits, must help cover bills and expenses, and is liable for their share of the business’s losses.

The rates of tax you will pay as a partnership are the same as those for sole traders. In addition, you’ll also need to register for VAT if you make over £90,000 per year.

How to Get Started as a Partnership in the UK

To set up a partnership, you must:

Choose a Business Name: Note that you can not choose offensive names, the same as an existing trader mark, or include a variation of “limited” in the title.
Select a Nominated Partner: This partner is responsible for keeping business records and managing the partnership’s tax returns.
Register with HMRC: Your nominated partner can register for Self Assessment with HMRC online.

Limited Company (Ltd)

Most limited companies are either ‘limited by shares’ or ‘limited by guarantee’. In either case, this type of company structure ensures that the company itself is legally separated from the people who run it (including keeping company and personal finances separate). Because of this separation, the limited company can also enter into a partnership, as mentioned above.

The administrative requirements of a Limited Company are more demanding than those of a sole trader or partnership. You must regularly file your accounts and pay Corporation Tax. You are also required to keep strict documentation, including creating in-depth financial of every transaction. Failure to meet these requirements may result in a £3,000 fine by HMRC or disqualification as a company director.

Your company’s information will also be publicly available via Companies House, giving you less privacy than some other business structures.

Business and personal finances are separate, meaning you’re not personally liable for business debts or legal costs

Elevated professional status when compared to a sole trader; can potentially help you bring in more clients

The resulting limited company can enter into separate business partnerships

Can be more tax-efficient

Your information is publicly available via Companies House

Heavy administrative burden

Unlike sole traders or partnerships, limited companies are not required to pay income tax or direct national insurance. However, they are required to pay Corporation Tax—25% of their net profits. As sole tradership can come with higher tax payments, a Limited Company may provide additional tax benefits.

You must also pay Employers' National Insurance contributions if you employ staff (including yourself in a Director role).

How to Get Started as a Limited Company in the UK

Here are the steps to set up a Limited Company :

Choose a Name: You must follow several rules, including avoiding offensive names or registering a “same as” name (a name similar to another registered company).
Choose Directors: Directors have several key legal responsibilities, such as keeping strict records, reporting company changes, filing accounts and tax returns, and paying taxes.
Decide on Shareholders or Guarantors: For companies limited by shares, the shareholders' responsibilities for the company’s financial liabilities are limited to the amount that the shareholder has agreed to pay for the shares. This usually applies to for-profit companies. For companies limited by guarantee, there are no shareholders. Instead, the company is owned by guarantors who agree to pay a certain amount towards company debts. This is more typical for not-for-profit companies that invest profit back into the company. You must select at least one shareholder or guarantor who can act as a company director.
Identify PSCs: You must also identify people with significant control (PSC) over your company. This includes anyone with voting rights or owning more than 25% of company shares.
Prep the Relevant Documents: You must prepare documents with recorded agreements on how your company will be run.
Check the Records You Need to Keep: Detailed records about your company need to include financial and accounting information.
Register the Company: Finally, you must register your company with an official address and a Standard Industrial Classification (SIC) code, which identifies what your company does and its primary industry.

Limited Liability Partnership (LLP)

You can set up a limited liability partnership with two or more individuals or legal entities. Just like a regular partnership, each person or entity is entitled to a percentage of business profits. Similarly to the owners of a limited company, those in a limited liability partnership have a limited liability — only amounting to the amount you invest in the business.

As with a Limited Company, your business information is made public via Companies House, giving anyone access to your account records.

The bottom line: An LLP offers protection for your personal finances. With an LLP, you’re only liable for your company share and are personally protected from any business debts that may arise. However, if you choose an LLP, you can’t keep your profits beyond the financial year. You’ll also typically deal with high administrative costs.

Separate business and personal finances

Only liable for debts up to the amount you invested

You may pay less tax than you would if you were a sole trader

Your business information is publicly available

High administrative costs

Yearly profits must be allocated to members in the year they are realised

The first rule of an LLP is that you must always have two designated members. Designated members take on more responsibilities than standard members, such as keeping accounts.

Unlike a Limited Company, an LLP is not a separate legal entity and is not taxed. Instead, members distribute profits and pay tax on their share by filing a Self-Assessment tax return with HMRC.

As such, you must register your LLP with HMRC for Self-Assessment and VAT (if you earn over £90,000 per year), maintain accounts, file returns, and pay tax. You must report any company changes to Companies House and HMRC, as well as comply with any additional applicable laws and regulations.

How to Get Started as an LLP in the UK

Choose a Name: Once you’ve chosen your name, you must include your business name and all partners’ names on any official paperwork, such as your invoices.
Register Your Address: Your registered office address is your LLP’s “official” address. This should be where you’ll receive all written correspondence.
Register Your LLP: Next up, you need to register your LLP. You can do this using approved third-party software, by post, or via a formation agent.
Make Your LLP Agreement: You’ll also need to create an LLP agreement — where you’ll share details on how you’ll run your LLP, profit sharing, and responsibilities. All members must sign off on your LLP agreement.

The UK's main business organisations are sole traderships, partnerships, limited companies, and limited liability partnerships. As this guide outlines, each has its own benefits, tax requirements, and legal responsibilities.

The sole trader is the most common business structure in the UK. Over three million sole traders currently account for over 56% of all businesses.

A sole tradership is typically the easiest business structure to set up and run in the UK. It typically comes with less paperwork, legal complications, and start-up costs than other types of business structures.

The best business structure depends on various factors, including personal liability, tax and legal requirements, and administrative responsibilities. While a sole proprietorship is the easiest to start and has less red tape, business structures like a limited company come with less financial risk, as your personal finances are separate from your business finances.

Tags: entrepreneurship , small business , United Kingdom

Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired.

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Business and self-employed

Tools and guidance for businesses

Popular tasks

HMRC online services: sign in or set up an account
Self Assessment tax returns
Pay employers' PAYE

Includes self-employment and starting a business

Business tax

Includes Corporation Tax, Capital Gains Tax, Construction Industry Scheme (CIS) and VAT

Business finance and support

Finding finance, business support, writing a business plan

Running a limited company

Includes registering, setting up, company accounts and tax returns

Expenses and employee benefits

Includes company cars and paying tax on employee benefits

Business debt and bankruptcy

Includes bankruptcy, insolvency and recovering debt

Business premises and business rates

Includes business rates, leases, renting, planning permission, waste, and energy certificates

Food, catering and retail

Labelling and handling food, transporting, food safety

Includes moving goods in the EU and commodity codes

Exporting and doing business abroad

Licences and licence applications.

Applying for licences for events and businesses

Selling your business and closing down

Stopping self-employment, winding up or liquidating a limited company

Sale of goods and services and data protection

Includes regulations for online retailers, offering credit and Trading Standards

Childcare providers

Includes registering as a childcare provider

Manufacturing

Managing waste, health and safety, regulations

Patents, trade marks, copyright and designs

Includes registering, protecting and applying for designs and patents

Business waste and environmental impact

Includes registering as a waste carrier, classifying waste, hazardous waste

Scientific research and development

Includes funding and support scheme guidance

Maritime vessels and work at sea

Includes health and safety onboard, crew, registering vessels

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IMAGES

Free Startup Business Plan Templates
Business Plan For A Startup Templates: How To Write & Examples
Business Start Up Plan Template 5 Facts About Business Start Up Plan
Free startup business plan templates
Startup Business Plan: Keys to a Successful Launch
Sample Business Plan Template for Startups

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COMMENTS

Free Business Plan Template & How to Write Your Plan
Business Plan Template from Startups.co.uk. Click here to download your free Business Plan template PDF - you can fill in your own details and those of your business, its target market, your customers, competitors and your vision for growth. Download PDF (240KB) Work through your business plan, step-by-step.
Write a business plan
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to: You'll need a ...
How to Start a Business in 2024
Step 7. Set up shop. Purchasing a business premises, equipment, and/or software. If you're launching a business that you can't really offer as an online service, then you'll need to rent or lease a commercial property. To decide on the location and size of the property, you'll need to consider five key areas: 1.
Free template: How to write a business plan
A business plan is essential for reaching financial success. Download our business plan template and use it to help you achieve your goals. Whether you're starting a business or planning to expand, having a business plan can help to get you on track and get some detail behind your ideas. However, research from Barclays shows that one in four ...
Creating a business plan for your startup: step-by-step guide
Step 1. Set out your stall. You may be clear about what will make your new business great, but you need to be able to communicate that to investors, customers and other stakeholders. An effective business plan will often start with a clear statement about what the business will do, and what product or service it will sell. Step 2. Set clear goals.
Free Basic Business Plan Template For Startup and Established Businesses
Financial planning spreadsheet for startup businesses: Excel financial plan template. These free business plan templates can help you quickly write a business plan. First, you can download the templates as Adobe PDF files to your computer. Then, you can click each of the template links below to open now or right click your mouse to save for ...
How to Write a Business Plan: Guide + Examples
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Business plans and templates
Business plans and templates | Enterprise | How we can help. First name. Last name. Email address. Subscribe. Ready to craft a winning business plan? Our expert guidance covers market research, strategy, start-up funding, competitor analysis, financial forecasts and more.
Essential guide to writing a business plan
Writing a business plan helps you: check that your business idea makes sense. plan your sales, marketing and business operations. identify potential problems and how to overcome them. set out your objectives and the financial return you expect. work out what financing you need. convince other people to back your business.
How To Write a Business Plan in 9 Steps (2024)
While your plan will be unique to your business and goals, keep these tips in mind as you write. 1. Know your audience. When you know who will be reading your plan—even if you're just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them.
What is a Business Plan? Fundamentals Explained
A feasibility plan is a very simple start-up plan that includes a summary, mission statement, keys to success, basic market analysis, and preliminary analysis of costs, pricing, and probable expenses. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing.
How to write a business plan
A well-thought-out business plan will: set a direction for the business and help you create an action plan. help you and your staff focus on what's important. show your commitment to banks, investors, colleagues and employees. help you to spot problems early on and tackle them effectively. set targets and evaluate your success.
Writing a business plan
A business plan is a written description of your company, your aspirations and ambitions, and the methods by which you can achieve your goals. Creating a business plan gives you a clearer understanding of what you need to do to reach your objectives. By producing a detailed business plan containing facts, figures, statistics and a summary of ...
Writing a business plan
A comprehensive business plan is the best way to go about defining your business. Your plan should include: What your business will do. The products or services it will provide. How customers will access your products or services (eg in a shop, online or by phone) Your approach to pricing. Your long and short-term objectives - including a ...
How to start a business in the UK: an expat guide
Start-up visa. You can apply for a start-up visa if you have an endorsement from a UK higher education institution or an organization with a history of supporting UK entrepreneurs. You'll need to prove your business idea is new, innovative, and with potential for growth. Fees range from £308 to £363.
Business Plan Template
Step 1: Business Plan. A Business Plan is like a blue print for your business - it details all your goals and how you plan to achieve them. You will be required to submit a Business Plan with your final Start Up Loan application. Check out our Business Plan template below.
Free Business Plan Template for Small Businesses (2024)
Our free business plan template includes seven key elements typically found in the traditional business plan format: 1. Executive summary. This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business ...
StartPlan
Building a startup business plan. 03. Planning, designing, and developing. 04. Preparing to attract investors. 05. Guidance and support. Contact Us. ... StartPlan is a trading name of STARTPLAN UK LTD, Registered in England and Wales, 13869386, at The Leadenhall Building, 122 Leadenhall St, London EC3V 4AB, UK. StartPlan is not a regulated firm ...
Help to start-up
Check what you need to do to set up your business and how to get help from government-backed schemes. 1. Register your business. Follow our guidance and set up your business. This includes: 2. Write a business plan. Get detailed information on how to write your business plan and download free business plan templates. 3.
Business Planning Templates
Completing your Start Up Loan application. Download our free template to help you organise your thoughts and develop your plans. You wouldn't build a house without a detailed blueprint of your plans, a set of tools and a clear idea of the costs. We feel the same way about building a business. That's why we require our applicants to provide ...
Example business plans
Start Up Loans - offer a downloadable .docx template. Invest Northern Ireland - have a .doc business plan template to download here; StartUps.com - have four sample plans that you can access from Google Drive (note, this is a USA site so the examples are US-based, although the formats could still work for a UK business).
Set up a business
Partnerships. A partnership is the simplest way for 2 or more people to run a business together. You share responsibility for your business's debts. You also have accounting responsibilities ...
Apply for a Start Up Loan for your business
Apply for a government-backed Start Up Loan of £500 to £25,000 to start or grow your business. ... You'll get free support and guidance to help write your business plan, and successful ...
Types of Small Business Structures in the UK
Most locations in the UK require you to pay Income Tax on any profits you earn over £12,570, a figure known as your personal allowance. The amount you'll pay ranges from 20% to 45%.
Business and self-employed
Finding finance, business support, writing a business plan. Running a limited company. Includes registering, setting up, company accounts and tax returns. ... Help us improve GOV.UK.