All Startup or Growing Businesses seeking funding should have a Business Plan that includes the following: details of the business and its mission, the marketplace, the products or services, the amount of funding required, how the customers and sales targets will be achieved, and, financial details by month and annually as appropriate.
The text should be 2 -3 pages maximum, and the financial details in 1-2 spreadsheets. Should there be other relevant text material, there should be links to view same. Sections are:
- Executive Summary: Briefly introduce the company, its mission or goals, and highlights.
- Company Description: Detail the business structure, and legal standing.
- Market Analysis: Identify target markets, customer needs, and competitive landscape.
- Organization & Management: Describe the management team and organizational structure. And Bio(s) of the key personnel.
- Services or Products: Explain offerings and their benefits.
- Marketing & Sales Strategy: Outline how to attract and retain customers.
- Funding Request: Specify the funding amount required, use of funds, and repayment plan .
- Financial Projections: Provide sales and costs forecasts and financial statements.
So many startup businesses these days are ‘one person businesses’, or controlled and managed by one person. In these situations, the business principal has to address every one of many areas of running the business. Getting advice from one or more external people, with proven business experience, is almost essential, and can be the deciding factor that makes the funding application and the business successful. With the right questions and guidance, a working Business Plan can be created for a viable business within days, then appropriate funding obtained.
Posted by Startup Assist UK