{"id":36,"date":"2023-02-28T14:27:21","date_gmt":"2023-02-28T14:27:21","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/?page_id=36"},"modified":"2023-02-28T14:28:26","modified_gmt":"2023-02-28T14:28:26","slug":"business-plan","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/business-plan\/","title":{"rendered":"Business Plan"},"content":{"rendered":"<p><span data-contrast=\"auto\">A business plan is a document which outlines the objectives of a business and how it intends to achieve these objectives.\u00a0 These are used mainly when starting out in business.\u00a0 You need to find out if it is financially viable (wise) to actually set the business up in the first place.\u00a0 You will need to work out all your costs and carry out market research on potential customers to find out if <\/span><span data-contrast=\"auto\">sales income<\/span><span data-contrast=\"auto\"> will be enough to cover these costs and earn profit.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">The entrepreneur can therefore decide whether it is worthwhile going ahead with the business idea or whether the anticipated profit is too low a level to justify financing his\/her idea.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">It is also likely to be used to convince investors, for example, a Bank Manager to lend the business cash in order to get it started.\u00a0 Banks and other lenders are more likely to lend to entrepreneurs who have been thorough in their planning and research.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">To be convincing, it must therefore contain essential information:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u2b9a\" data-font=\"Noto Sans Symbols\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Noto Sans Symbols&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u2b9a&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong><span style=\"color: #ff0000\" data-contrast=\"auto\">General details<\/span><\/strong><span data-contrast=\"auto\"> \u2013 the name of the business, proposed location and what it is going to produce;<\/span><span data-ccp-props=\"{&quot;335559685&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u2b9a\" data-font=\"Noto Sans Symbols\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Noto Sans Symbols&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u2b9a&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong><span style=\"color: #ff0000\" data-contrast=\"auto\">The market<\/span><\/strong><span data-contrast=\"auto\"> \u2013 who are the potential customers?<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;335559685&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u2b9a\" data-font=\"Noto Sans Symbols\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Noto Sans Symbols&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u2b9a&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong><span style=\"color: #ff0000\" data-contrast=\"auto\">Human resources<\/span><\/strong><span data-contrast=\"auto\"> \u2013 who will be employed and work for the business?<\/span><span data-ccp-props=\"{&quot;335559685&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u2b9a\" data-font=\"Noto Sans Symbols\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Noto Sans Symbols&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u2b9a&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong><span style=\"color: #ff0000\" data-contrast=\"auto\">Finance<\/span><\/strong><span data-contrast=\"auto\"> \u2013 what are the expected costs of running the business, what sales income is expected and what is the expected profit?\u00a0 Also where is the start-up cash coming from, ie, all from the owner\/s or partially from a loan?<\/span><span data-ccp-props=\"{&quot;335559685&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">The Business Plan can also be used when planning for expansion.\u00a0 You may want to redo your business plan with\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;335559685&quot;:284}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">the new costs and benefits \u2013 this will help you decide if expansion is the right thing for your business.<\/span><\/b><span data-ccp-props=\"{&quot;335559685&quot;:284}\">\u00a0<\/span><\/p>\n<h2><span style=\"color: #ff0000\"><span class=\"TextRun Underlined SCXW152868710 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW152868710 BCX8\">Sample Business Plan<\/span><\/span><span class=\"EOP SCXW152868710 BCX8\" data-ccp-props=\"{}\">\u00a0<\/span><\/span><\/h2>\n<table style=\"font-weight: 400\" data-tablestyle=\"MsoTable15Grid1LightAccent1\" data-tablelook=\"0\">\n<tbody>\n<tr>\n<td colspan=\"3\" data-celllook=\"0\"><i><span data-contrast=\"auto\">BUSINESS PLAN OF SP ENTERPRISES<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"3\" data-celllook=\"0\"><i><span data-contrast=\"auto\">GENERAL DETAILS<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Business Name<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Bannerman Enterprise<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Type of Ownership<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Sole Trader<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">What does the business do?<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Operate in private sector \u2013 we sell greetings cards<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">THE PRODUCT<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Description of goods\/USP<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Greetings cards, wrapping paper, balloons, mugs, pens and small gifts<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">HUMAN RESOURCES<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Key people and experience\/skills, can be displayed on an organisation chart<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Marketing dept, Human Resources, Operations dept, Finance dept<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">PREMISES AND EQUIPMENT<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Where is the business to be based, what equipment will be required.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Based in Baillieston Road Glasgow.\u00a0 Equipment required \u2013 shop fittings, cash register, motor van.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">THE MARKET<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Who are the customers?<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Consumers of all ages based in the Baillieston area.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Price of the goods services.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">25% mark-up on all goods purchased<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Who are the main competitors?<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">2 other Card shops located within a 25 mile radius.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Market research results<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Who would buy our products and what price they were willing to pay<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">FINANCE<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Who are the investors and where is the money coming from?<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Start up capital invested by sole trader and external financing, eg, bank<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Estimated cash budget and trading, profit and loss statements.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Estimated Cash Budget, T,P and Loss Account and Balance Sheet provided.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td data-celllook=\"0\"><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Costs and expected revenue<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><i><span data-contrast=\"auto\">Costs \u2013 stock, maintenance, wages and general expenses.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Revenue shown on Break-even chart provided.<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>A business plan is a document which outlines the objectives of a business and how it intends to achieve these objectives.\u00a0 These are used mainly when starting out in business.\u00a0 You need to find out if it is financially viable (wise) to actually set the business up in the first place.\u00a0 You will need to [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-36","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/36","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/comments?post=36"}],"version-history":[{"count":2,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/36\/revisions"}],"predecessor-version":[{"id":38,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/36\/revisions\/38"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/media?parent=36"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}