A Business Plan is basically a mission statement that will set out your vision, structure, methods and helps plan your property business for the future. It will include a marketing analysis, financial statement and describe the operational details of the business.
Your Business Plan should become a living document. That means it should the reviewed and revised regularly, updating your plan as your company grows and changes.
Who should write a Business Plan?
Anyone who wants to start a business. The business plan should set out their business vision for the future. Sometimes start up companies need funding to get going and business owners/entrepreneurs can then show their Business Plan to potential business investors. These investors will want to know why this business is a good investment and when they will see a return on their investment.
Those already established in business can also benefit from developing a Business Plan to get further funding to manage business expansion. It can also be useful to re-evaluate the company's vision and goals.
Why is a Business Plan important?
Most business owners write a Business Plan to get funding however, a Business Plan is also an important document that can help you to:
- Think about all areas of your business
- Understand your competitors and target market
- Develop a plan and actions to achieve your goals
- Set benchmarks of success to measure your progress
- Foresee issues regarding competitors, cash flow, and long-term viability
- Manage cashflow with an income statement
- Consider the regulatory requirements and insurance requirements of your industry
How can I write a Business Plan?
Please find our free Business Plan template below: