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What our members have to say...
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"DMA have had a positive experience of using the online Angel Investment Network services and are looking forward to attending the upcoming investment fair. Help and support has always been swiftly available from the whole team, and we have also received the personal attention of the Managing Director to help tighten up a complicated and very sector-specific proposal. The fees for Angel Investment Network services are extremely favourable when compared to other UK investment networks and the online listing process is quick and easy, which is obviously a huge bonus for fledgling companies low on resources. All in all, a successful service run by helpful and knowledgeable people."
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Leo McDowall-Benton - www.darkmatteraudio.com |
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Steps To Create A Business Plan
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Developing a successful business takes time and patience. Of course, you need direction as well. This is where a business plan comes into play.
Not only is a business plan necessary from a development point of view, but you will need this should you decide to seek outside funding. Now are you beginning to see how important it is to have a solid plan in place from day one?
Here are five steps to complete as you create your business plan:
1. Describe your company, as well as the product and/or service that you offer. Don’t be surprised if you learn things about your new company that you never knew before.
Note: this is a good time to consider your competition, including what they have to offer and which marketing methods they are using. When seeking funding, this is one of the sections that potential investors consider most important.
2. Analyze your market. Who is your target market? How do you plan on reaching these people? How much money do you have to spend on marketing? In addition to your own views, include outside documentation to backup the potential of your business.
3. Focus on the structure of your company, including current management and future growth. Who are the major “players” in your business at the present time? Are you the only employee? By forecasting how many employees you will need as your company grows, it is easier to stay on track and make the necessary hiring decisions.
4. Financial information. In this section, you should focus on everything from how much money you are starting with to how much you will need as your business grows. Your plan should offer current, historical and prospective financial information.
What are your expectations for the future?
Answering this question is a must if you have any thoughts of receiving funding.
5. Executive summary. Although it may be the last step on the list, your executive summary will be at the beginning of your business plan. In no more than one page, include information on your company, its objectives, products and/or services offered, management, and an overall statement of why you think you will succeed. In short, this is an overview of your business plan. But remember, if your executive summary is boring and lacks solid data an investor will decide against reading the remaining information.
Although it may not be the most exciting part of developing a business, creating a business plan is a must. |
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