What’s a business plan?
- It’s a formal document that properly sets out your business idea, showing how it will be successful
- It also states how much money will be needed and where it will come from
Why have a business plan?
- Having one helps you reduce the risks involved in starting your business because it encourages you to think about all the aspects of the business
- It also helps to persuade the bank to give you a loan to start your business
- Shareholders and partners will also want to see your business plan
What’s in a business plan:
- A cash flow forecast
- The location of the business
- How the product or service will be marketed
- Business Plans – GCSE Business Studies Revision (mattg99.wordpress.com)
- Estimating Revenues, Costs and Profits – GCSE Business Studies Revision (mattg99.wordpress.com)