A business plan provides direction, keeps you on track and is usually a requirement when you seek finance.
Read Why do I need a business plan to find out how writing a business plan can assist your business.
Basically, your market research helps you understand your customer needs so that you can offer a product or service that precisely fits those needs.
You'll need to provide information such as your target market, customer demographics, competition and distribution methods.
A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
Read about the finance options available for businesses on the Business Finance Guide website.Maybe you think you don't need a step by step guide to writing a great business plan.Maybe you think you don't need a template for writing a business plan.A business plan is a written document that describes your business.It covers objectives, strategies, sales, marketing and financial forecasts.Provide information on competitor weaknesses and strengths and show how you intend to improve on what they're doing.Use organization charts to clearly spell out the roles of key management people and the proposed size of your organization.Be sure to modify your information depending on your target audience.For example, your bank will be interested in how you intend to repay the loan or overdraft, what you intend to do with the money and how it will help your business grow.Download a free business plan template on The Prince’s Trust website.You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. Get detailed information about how to write a business plan on the Start Up Donut website.