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