A business plan helps you determine if your business idea is viable.
A business plan brings together the research you have done. It also sets out a step-by-step action plan for your business.
If you need to borrow money to start your business, your bank will want to see that you have a good business plan.
Once you’re up and running, you should update your business plan regularly.
Sections of a business plan
The free Business Victoria business plan template includes the following steps:
- come up with your vision for the business – write a vision statement of where you want your business to be
- think of all the things you need to do to achieve this vision
- do a SWOT analysis – list your business’s strengths, weaknesses (and how you will deal with them), the opportunities your business will take advantage of, and threats that you have identified (and how you will deal with them)
- decide the top three strategies you could use to meet your business vision
- examine what will make or break these strategies, and write down three action points you can do
- write a one-page plan – this includes where you are now, where you want to be, the strategies you will use to get there, and the actions you will take to complete your strategies
- write a human resources plan – write a job description for the staff you will require, plus the services of contractors and suppliers
- write a marketing plan – this should include your research, such as your target market and how you will market your products and services to them.
Writing a business plan will help you determine if your business idea is viable and it will set out a step-by-step path towards success. A good business plan may also be required to get a business loan or investment from others. It will also help you identify potential opportunities and threats to your business.
Not everything will go according to your business plan, but at least you'll have a solid start and firm direction for your business. Your business plan should continue to grow and evolve as your business does.
Business Victoria has templates: