Business Plan

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To turn your business idea into a successful business, you need to draw up a formal business plan. The length of this plan is totally unrestricted - 5-500 pages, it's up to you as long as you stick to a ‘Business Plan’ and don’t ramble off into possibilities and dreams!

Cover Page
The opening page of your plan - should include all fundamental details about the proposed business such as the company name, proprietor/s, address, contact numbers, email/web address, etc.

Index Page
The index page is where you list and detail the content of your document with headings and subsections etc. and their corresponding page number.

Executive Summary
The first page of the plan to be read, which should be the last page to be written.  This section is where you summarise the operation and idea of your business.  Use this section to "sell" your enterprise and make an effort to present your idea in the most enticing way to any reader – be they possible investors/financiers or potential customers/buyers.

The Promoters
Names/addresses/contact numbers, for each person responsible for starting the business and their respective credentials eg. education/knowledge/skills/experience that are relevant to the project.

The Project
Explain to the reader in simple and clear terms what exactly the proposed business project is.  Describe it in detail and convey clearly what exactly is/are the products/services you will be bringing to the market.  Outline the processes and activities required to manufacture and/or ensure the provision of the service being marketed. Ensure that the listed legal status of the business is documented eg. sole trader, Plc., Ltd., Inc. etc.  Document the administrative attributes of the business such as employment, management, property ownership etc.  State where the business is to be located, list the premises and/or manufacturing space/retail unit etc, where the enterprise itself will be based.  Spell out clearly, the required components for the formation and running of your business; eg. skills, raw materials, processing applications, equipment capital expenditure and ongoing maintenance/running costs of such technology.  Detail the Quality Standards the business intends to adhere to during operation.  Discuss all aspects of fiscal regulation, such as; pricing, incomings/outgoings, cashflow, credit control (loans) etc.  Give an account of all professional consultants and service providers used in establishing the business, eg. accountants, solicitors, financial analysts etc.

Further Planning

Your Market
Identify the market or niche you wish to target with your product or service.  Account for the projected clientele, eg. socio-economic group, idiosyncratic attributes, spending patterns, favoured product trends etc.  Consider your competitors, what is it that you can do/provide that will surpass any similar competing entities.  Take into account the method of distribution and related logistic procedures, if necessary.  Formulate a marketing policy and include specific methods of promotion and sales strategies.

Some helpful links might be:

• Central Statistics Office - for statistics on population, industry, economy etc., in Ireland - http://www.cso.ie/
• Eurostat - for EU information - http://epp.eurostat.ec.europa.eu
• Market Research.com - reports from various publishers / information on products, trends, regions, etc, etc  - http://www.marketresearch.com/
• Research and Markets.com - similar to above - http://www.researchandmarkets.com/
• UK National Statistics - population, industry, economy, etc of UK - http://www.statistics.gov.uk
• US Census Bureau - as above of the USA - http://www.census.gov/

Financial Considerations:
Evaluate all capital expenditure costs from the beginning. Err on the side of caution - overestimation is preferable to the opposite!  Categorise all costs for the day-to-day operation of the business, such as machinery/service costs (eg. electrical/heat consumption), staff salary, etc.
Detail your creditors and sources of funding/capital provision that you are sure of (ie. don't presume an institution will provide a loan, be sure that before including funds in your budget, the resources are actually available).
Construct a realistic cash-flow budget on a per month basis (incomings/outgoings, projected credit or debit...).  you may require 3rd party assistance with financial and budgeting plans an optimally comprehensive evaluation. Whatever way you go about, make sure you thoroughly understand it.

Appendices:
A section of the document where you give an account of the source(s) of information you have referred to in other sections of the plan, e.g. brochures, premises specifications and alteration quotations, technological expenditure, financial projection, correspondence, market research report, customer contact and response, competitor profiles.

Conclusion of plan:
Your business plan is the sum of all the basic criteria that need to be fulfilled in order to successfully start up and grow over time.  It is a medium you can use  to state your objectives and the methods you will use to reach them. It should be a structured and thought-out reference for you to promote and grow your business.  You should consulted and/or alter the plan as issues arise or shifts in market trends  occur, to ensure you are on track.  This plan should be dynamic and fluid on a continuous basis, with changes and updates being made as appropriate.  The business plan's first and foremost function is to assist you.  It is also there to attract promoters and financiers on board, which is why it should be comprehensive and convincing.  It should 'attract' people you want on your side, eg. banks / financial institution, government grants, corporate sponsorship/interest and even customers. so they can clearly see that your business is worthwhile and viable.