Business Plan Checklist

New Business Startup

Creating a business plan is a critical step in starting a new business. It helps you clarify your goals, identify potential challenges, and develop strategies to overcome them. Your business plan should be a comprehensive document that outlines your mission, product or service, target audience, marketing plan, financial projections, and overall strategy for success.

Here’s a template you can use to create your own business plan:

  1. Executive Summary
  • Provide an overview of your business, including your mission statement and goals.
  1. Product or Service
  • Describe your product or service in detail, including how it meets the needs of your target audience.
  1. Market Analysis
  • Identify your target audience and assess the size of the market.
  • Analyse your competition and identify their strengths and weaknesses.
  • Identify industry trends and potential challenges.
  1. Marketing Plan
  • Develop a marketing strategy that targets your ideal customers.
  • Identify the channels you’ll use to reach your target audience (e.g. social media, advertising, email marketing).
  • Develop a plan to build brand awareness and establish a loyal customer base.
  1. Financial Projections
  • Develop a financial model that includes revenue projections, expenses, and profit margins.
  • Identify potential funding sources (e.g. loans, investors) and outline how you plan to use the funds.
  1. Operations
  • Develop an operational plan that outlines how you’ll deliver your product or service.
  • Identify any legal or regulatory requirements that you need to meet (e.g. licences, insurance).
  1. Team
  • Identify the key roles and responsibilities within your organisation.
  • Outline any key skills or experience required for these roles.
  1. Risk Analysis
  • Identify potential risks to your business (e.g. economic downturns, changes in regulations).
  • Develop strategies to mitigate these risks.
  1. Conclusion
  • Summarise your business plan and highlight your key strengths and competitive advantages.

Remember, your business plan should be a living document that you can refer to regularly as you build your business. Continually update it as your business evolves, and use it as a guide to help you make informed decisions.

For those interested, I’m keen to create a monthly business startup clinic, for those interested please do reach out.

Robert Lewis – Celtic Financial Planning Ltd

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