What Should You Do Before You Write A Business Plan

Once you have decided to complete the company formation process, it is vital you write a business plan. This plan should set out your business proposition, objectives and how you plan to achieve them. However, there is a crucial step before you begin the plan; research. Take a look at our guide:

1. Understand What to Include
Before you start your business plan it is important you understand what needs to be included, what you hope each section will achieve and how best to present it.

2. Decide on Structure
It is important you decide how your company will be structured and how you plan to trade: as a limited liability partnership sole trader or limited company.

3. Understand the Commercials
Having an in-depth understanding of the financials and forecast before you commence your business plan is vital

4. Know What You Are Up Against
Regardless of whether you think your business idea is entirely unique, it is very likely that there is some competition. Therefore it is important you have a comprehensive understanding of their proposition and how it is similar and different to yours.

5. Define You Demographics
Just as it is important to know your competitors, it is also vital you know who will buy your product and understand their consumer behaviour.