A business plan is a detailed statement that sets out proposals for a new business.

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Business Plan

  1. A business plan is a detailed statement that sets out proposals for a new business. The reason business plans are made is because it explains the ways in which existing businesses could be developed. Planning a business involves researching and collecting information, and analysing and presenting this information in a way that decisions could be made.

Business plans should contain the following:

  • A summary outlining the proposals key features.
  • Statements of the businesses aims and objectives
  • A description of the business to be started.
  • Market research data, which can be used to make support sales forecast.
  • Details on an operational requirements such as IT, machinery and production facilities.
  • Other resources required such as finance and staff.
  • Information about the manager or the management team of the business.
  • Financial forecasts that show profit or loss for the first 2 years.
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  1. A business plan consists of three plans. They are financial plans, marketing plan and operation plans.

The financial plan includes the sources of finance that are used to run the business with, a balance sheet and cash flows and budgets.

The marketing plan is all about how you’re going to promote your business. This may consist of promotion, target market, which the competitors of the business are and the prices of products.

The operation plan is basically how the business will be operated. This may include the opening times, where the premises will be based, how stock ...

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