BUSINESS PLAN TEMPLATE – START UP LOAN
Please fill in the empty boxes within the template in as much detail as possible. If you need assistance to complete your plan, please contact us.
Name(s) / [Insert text here]Address / [Insert text here]
Contact Number(s) / [Insert text here]
Email / [Insert text here]
Business Name / [Insert text here]
If you have been working with a business advisor to prepare your business plan, please complete their name and organisation name. / [Insert text here]
About Me
Qualifications, ExperienceEmployment History (refer to your CV which you are required to submit).
Knowledge of your business sector.
Why do you think you are the right person to start this business?
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The Idea
Include here what your business idea is.
If it is a product what is this product?
If it is a service what is the service you are offering?
This is the opportunity to explain the idea of the business.
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Vision
What are your short, medium and long term objectives for the business?
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Management Structure
Who is involved in the day-to-day running of the business?
Who handles the financial management of the business? If this is yourself, what experience do you have in this?
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Legal Structure
Have you thought about the legal structure of your business? (Sole trader/Partnership/Limited Company etc)
If it is a limited company have you registered with HMRC?
What certification/qualifications do you need to run your business?
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Business Name
Have you thought about a business name?
Is this business name available or is it already being used? Have you registered the name?
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Business Premises
Where will your business be based? Are you starting at home or do you have/require a business premises? If so, please provide a copy of your lease agreement or heads of terms as supporting evidence.
Are there any other similar businesses close by, and have you considered the possibility of a similar business operating close to you? How will you combat this?
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Competition
Have you thought about who your competition would be?
Who are your main competitors do you think? Is anyone selling a similar product/service?
How can you differ from them? What is yourunique selling point? Why will they buy from you over your competitors?
TIP: make a list of your competition and think of ways in which you differ!
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Target Market
Who will be your customers?
How will you attract these customers to your business?
What is your target market? E.g. X amount of 18-30year olds in the Greater Manchester area. Do you have any opportunities to diversify your target market and expand to other markets?
Include the quantity of your target market.
If necessary include things like social class, their lifestyles, personalities, values, culture etc.
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Research
What market research have you done? Please give details as to what research you have undertaken.
Have you considered the external factors that may affect the success of your business, i.e. political, economical, social, technological, legal and environmental?
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SWOT Analysis
A swot analysis is a structured approach to evaluating the strategic position of a business and identify the strengths, weaknesses, opportunities and threats of a business.
Strengths
What are the strengths of your business/business idea?
Some examples are; ‘in a niche market’, ‘competitive prices’, ‘reliable products’, etc.
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Weaknesses
What weaknesses may you face as a company?
For example; lack of experience, difficult target market, market saturation, lack of expertise etc.
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Opportunities
How can your business evolve in the future?
Opportunities are external to your business, for example, has there been a rise in numbers of your target market in recent years? Is there an increase in people’s income which could be a benefit for your business? Is your business industry growing successfully?
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Threats
What external threats may your company face?
For example; new legislation, increasing number of specialists in your industry, etc.
What action will you take to overcome your weaknesses and threats?
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Advertising
What actions will you take in order to raise awareness of your product/service?
What methods will you use to advertise and promote your product/service?
How often will you use these? (Initially/throughout the year?)
What will the cost be of using these methods?
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Pricing Policy
Have you considered what you will charge for your product/service?
What are you competitors doing within the market?
What have you determined your pricing policy will be? (hourly rate/job rate etc)
Have you researched the costs of suppliers? Have you considered taxation costs?
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Sales Projection
Have you considered what level of sales you might achieve in your first year?
What do you predict that the sales income will be from your predicted sales numbers?
How have you come to this prediction?
What contingency plans do you have in place should forecasted sales not be met?
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Insurance
Have you thought about what insurance you need for your business?
Will it just be liability insurance or is there a specific insurance you will need as well?
What research have you done to evidence this?
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Start-up costs
In this section please list all of your expected costs for the running of you business.
For example; business equipment or vehicles you require etc. If you already own the piece of equipment please state it here and proceed with the cost in the owned column.
Please also list all of the items which you must spend money on before you can start trading Feel free to add more rows below if needed.
(These figures will go in the ‘start’ column in the cash flow forecast)
Item of Equipment / Owned Already(£) / Require (£)
Total Costs / £
Business Overheads/Outgoings
In the table below please enter your predicted costs for the running of your business. (NB: some of the costs listed may not apply to you so please just fill in the ones applicable and add any other costs that aren’t listed below).
(These figures will go in the cash flow as monthly outgoings)
Business over-head / Monthly (£) / Annual (£)
Employee wages [paying someone else –not Drawings]
Sub contractors
Rent & Rates [Business rent / rates/ room hire]
Light, Heat & Power
Van [lease]
Equipment [lease]
Telephone & postage
Stationery
Insurance
Advertising & promotion [cross check with section 6]
Website [cross check with section 6]
Motor & Travel [HMRC – 46p per mile]
Consumables
Repairs & Renewals
Accountancy / Legal
Loan repayments [business loan only]
Bank charges
Personal Drawings
Other expenses [assoc / membership required to run business]
Total value (£)
Employment Status
Do you have another income to cover your living costs; if so, what?
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Additional Financial Information
Does the business have any current creditors or debtors (people who owe your business money/people who your business owes money to)?Do you have any other personal loans?
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Evidence & Supporting Information
Please consider what information you can provide by way of supporting evidence. For example, if you require a significant amount of money for a piece of equipment, please provide quotes to evidence you are getting best value. If you need licenses to operate the business, include copies of those with your plan. If you have already secured work, provide evidence such as copies of contracts or letters of intent. This type of supporting evidence will be considered along with the rest of your application.
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Back Up Plan
What do you plan to do if your business fails?
How will you afford your loan re-payments if the business fails?
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From all of the information you have provided about your finances it is now possible for you to fill in your Cash Flow Forecastand Personal Survival Budget (PSB). NB: the cash flow forecast is interactive so please just fill in each box as required and it will automatically update. If some provided expenses do not apply to you please leave them blank.
Once you have completed the business plan and cash flow templates please upload them to our web portal via the link in the original email we sent you. If you have any queries please contact us on:
Good luck and we hope to hear from you soon – if you need any
support, please don’t hesitate to contact us.