What is a Business Plan

A business plan sets out the main features of your business and identifies what you plan to sell, who you will sell it to and what costs you will have to meet in order to make sales. It should include a marketing plan and financial projections to show what level of profit the business should make and when.

A good business plan is critical in making sure you understand how your business will work and will also be needed if you want to raise money from a bank or investor.If you're not sure where to start with your business, creating a plan is an excellent way to work through all the issues and pitfalls you might encounter. You can do this yourself using one of the many example plans available on the internet - but you'll probably find it quicker and more effective to contact a business advisor who can work through the process with you.