Having a strong business plan is your first step to getting your business off the ground. To help you draft an effective business plan, we have provided a handy guide on what you need to include.
- Your business idea and legal structure
- Your background and the experience you have within your business sector
- Why do you want to run your own business?
- How much finance will you need to start-up and what will you spend this on?
- What are you charging for your product/service and how did you reach this figure?
- Who is your competition and what do they offer/charge? How do you compare?
- Who are your customers? How will you attract them and why do you think there is a demand for your product/service?
- Have you considered marketing or advertising?
- Will you be offering credit terms to your customers or require the same from your suppliers?
- How will people pay you?
- Be sure to include cash-flow projections, this details your cash inflow and expenditure.
When you go into business by yourself, you need to make sure you are clued up on the finance side of your business.
- Income – How much salary will you require?
- Sales – Consider the cost of your product/service and how much this will generate via your projected sales; is it enough to cover all your expenditure?
- Bank Account – You will need a business bank account when your start up a new business.
- PAYE, VAT and National Insurance contributions – Consider all HMRC requirements and how you will manage these. For more information regarding Self Assessment, visit HMRC and see below for further info about HMRC.
- Tax allowances – Do you know there are tax allowances for small businesses? Whether you are thinking of investing or buying assets for your business, or simply thinking of employing someone, there may be a tax relief or allowance that can help. The Business is Great site can help.
- Pensions – You may need to contribute to a private pension.
Location, location, location
You’ll need to include details of where you intend to operate your business within your business plan so consider the following;
- Do you require premises or a workshop?
- The cost of a property, including items such as insurance, council tax and rates – have you factored that into your finances?
- Can you work from home?
Taking the leap into self-employment
Now you have your business plan prepared, what are your next steps? How do you launch your new business? Have you got the finance in place?
You might have saved up enough cash to get your business off the ground, or borrowed from family and friends. Or you might need to apply for business finance.
Just like any high street bank, DSL Business Finance offers business loans. We can be the only lender in your funding requirements or we can join up with banks or other funders to help you raise your goal.
HMRC is there to help
The HMRC knows that most businesses want to get things right the first time round but might need some help to do so.
The links below will assist with all the important milestones in your business
Starting Your Own Business
Becoming An Employer
Exporting Goods (UKTI)
Trading With Other EU Countries (UKTI)