Business Plan

Business Plans - A Complete Guide

A Business Plan sets out your company’s goals, strategy, and roadmap for success. It explains what your business does, how it will grow, and how financial and operational targets will be achieved.

A well-prepared Business Plan is essential for securing investment, managing resources, and staying focused on long-term objectives. This guide explains what to include, the different types of plans, and how to create one that helps your business succeed.

CONTENTS

What Is a Business Plan?

A strategic document and overview describing what your business does, its objectives and how it will succeed.

Clarifying Vision: Writing a business plan helps entrepreneurs crystallise their business ideas, refining their vision, objectives, and the steps needed to achieve them.

Strategy Development: It provides a roadmap for the business, outlining strategies for marketing, operations, and financial management.

Identifying Potential Challenges: By analysing the market, competition, and other business factors, a business plan helps in anticipating potential challenges and formulating solutions or contingencies.

Securing Funding: For those seeking external financing, a well-crafted business plan is crucial. Investors and lenders want to see a solid plan that demonstrates the business's potential for success before committing their money.

Attracting Partners or Key Employees: A business plan can serve as a tool to attract potential business partners, key employees, or collaborators, as it showcases the potential and direction of the business.

Setting Priorities: A business plan helps entrepreneurs prioritise their efforts and resources by focusing on key objectives and strategies.

Performance Measurement: With clear objectives and milestones laid out in a business plan, entrepreneurs can periodically check their progress against their plans, making adjustments as necessary.

Reducing Risks: By forcing the entrepreneur to think through various aspects of the business, including potential challenges and market dynamics, a business plan can help reduce the risks associated with starting a new venture.

Why Is a Business Plan Important?

A business plan provides the backbone, direction and qualifies the sustainability behind the concept and process. It is a versatile document which can be referred to and used to showcase in specific situations:

• Helps secure funding from banks or investors.
• Provides direction for management.
• Identifies risks and opportunities.
• Sets measurable goals.

What Should a Business Plan Include?

A strong Business Plan typically includes:

• Executive summary: A short overview of the business and its objectives.
• Company description: What your business does, structure, and purpose.
• Market analysis: Industry trends, target customers, and competitor research.
• Products or services: What you offer and how it meets customer needs.
• Marketing strategy: How you’ll attract and retain customers.
• Operational plan: Location, staffing, suppliers, and logistics.
• Financial plan: Revenue projections, costs, and funding requirements.
• Appendices: Supporting data, charts, and references.

Different Types of Business Plan

There are various types of Business Plan which can be created, depending on the stage and circumstance of your business.

Common types include:

• Startup plan: Focused on launching and attracting funding.
• Strategic plan: Sets long-term goals and direction.
• Operational plan: Outlines daily processes and short-term objectives.
• Growth plan: Focuses on expansion and scaling opportunities.
• Internal plan: Used for internal management and performance tracking.

How to Create a Business Plan

1. Research your market and competitors.
2. Define your goals and Unique-Selling-Point (USP).
3. Draft the details of each section clearly and concisely.
4. Finalise by using a business plan templates or professional support.

How Much Does a Business Plan Cost?

The cost of a professional Business Plan depends on the method of creation:

• Self-written – free (time-intensive).
• Professional consultant – £1,000–£5,000.
• Online templates – £50–£150.

Business Plan Template (Example)

Robot Lawyer provides a solicitor-verified business plan template designed for UK startups and SMEs. It helps structure your ideas and present them to investors or lenders.

Business Plan FAQs

Do I legally need a business plan?
No, but it is essential for growth and funding.

How long should a business plan be?
Typically 15–30 pages, depending on complexity.

Can I use the same business plan for investors and banks?
Yes, but tailor the emphasis (investors want growth, banks want security).

How often should I update my business plan?
Every 12 months or after major changes in the business.

Get Started with Your Business Plan

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