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Guide to Start-ups Step 1: How to Write a Business Plan

Welcome to Dot London’s Guide to Start-ups.

Over a course of 5 short pieces, we’ve provided a lowdown of all the key questions any budding entrepreneurs may need answering before establishing their business.

These are broken down as follows:

Simply read on for Step 1, or choose another topic from the links above. Don’t forget, you can discover tips and tricks from fellow business owners via our Dot Londoners’ Portal.

 


When thinking about starting a new business, this is the first thing you should focus on. A business plan simply sets out what you want to achieve and how you plan to go about it. If you don’t require major financial backing or to instantly hire a busload of staff, it can be as simple as a few bullet points on a one page document.

Treat it as a snapshot of where you are and what you want to achieve at the very beginning of starting a business. It will help you achieve some clarity about where you are at and what your next steps are going to be. Once things get underway, you can add to it, but for now let’s begin with the essentials.

Break your business plan down into the following sections:

Vision

This section is all about you. Use the following questions as a guide.

Business overview

This is about planning out the business you will build.

Pricing

This section is explicitly about how your business will be profitable.

Promotion

This is about making your potential customers aware of your business. The following questions may be a useful starting point.

Objectives

It’s important to set some objectives to measure your progress and take action if things don’t seem to be working. Examples could include:

Also think about what obstacles could prevent you achieving these objectives and what can you do to tackle them.

Actions

Make a list of what you need to do and when you need to achieve it by. Just think of this as a to-do list, except this time you’re really going to need to do these things!

Examples could include:

From this point, your business plan will naturally expand and get more specific as you begin to take action. At the start of your entrepreneurial adventure, however, even a basic plan will give you a solid foundation on which to build your business.

For further resources, David Jordan of personal training gym The Fitting Rooms recommends www.entrepreneur.com. Read more of David’s start-up insights here.

Next – Step 2: How to choose the perfect business name