Ulster Bank

<p>Writing a detailed business plan makes you think carefully about every aspect of your new business. It helps you spot the things you've not thought through properly, and to avoid silly mistakes.</p> <p>It also helps you to be realistic about how much money you'll need to start. Most businesses don't make a profit straight away, so you'll also need to work out how much you'll need to keep going until you make a profit.</p> <p>Your business plan still matters once you're up and running. It's not something to file away, but something to refer to every day. Are your costs what you predicted? Are your sales growing as fast as you hoped? By working out how things are different to your plan, you can make the best decisions to make your business a success.</p> <p>Before you start writing your business plan, make sure you're ready and that starting up is the right thing to do given your circumstances.</p>

<p>Follow these steps to create your own business plan. It won't give you enough detail to really set up (or obtain bank finance), but it's a great way to explore what's involved. So when you're ready to launch your real business, you'll be better prepared to write your real business plan.</p>

<p>By now, you should have researched, tested and improved your idea!</p> <p>Describe your idea in as much detail as you can, especially the things that make it unique, different or better. A good business idea stands out even once you've tried to pick it apart!</p> <p>You need to be able to 'pitch' your business. That is, describe it briefly and with real belief or passion - for example, to your bank manager. What's your business 'pitch' going to be?</p>

<p>How much will it cost to set up your business? Some business ideas can be cheap to set up, especially if you can work from home or you don't need much equipment or stock. On the other hand, it can be expensive if you need premises, a lot of equipment, or a large supply of stock or materials.</p> <p>Gather your costs using the activity sheet. If you're not sure or can't find out, the fact file gives you some ideas. Then launch our Interactive business planner to find out how much you'll need.</p>

<p>Your operating costs are all the costs that you'll incur as you run the business. These might be overheads, such as your rent, rates or bills for electricity, gas, phone and insurance. You'll also need to include any finance costs like loan repayments, and the cost of your marketing activities.</p> <p>You should also include the cost of making your sales: your stock and supplies.</p> <p>Gather your costs using the activity sheet. If you're not sure or can't find out, the fact file gives you some ideas. Then complete the next step (Your marketing, promotion and sales), and launch our interactive calculator to find out how and when you'll begin to make a profit.</p>

<p>How will you get customers interested in your new business? You need to communicate what you are selling, why they will benefit from buying from you, and how to get hold of it!</p> <p>That means understanding your customers: there's no room for guessing when you're marketing your new business. If you've done your research, your business should be fulfilling a need they already have and selling in a place they want to buy from.</p> <p>No one will know about you if your marketing doesn't reach them. Find out where your customers go and what they read - and get your messages in the right place.</p> <p>Depending on what you sell, you might also need to tender for business. That is, compete against other companies with a bid to complete a contract.</p> <p>Write down your ideas using the activity sheet. You'll also need this information for the Interactive business planner, to plan your sales income.</p>

<p>Once you're up and running, you need to stay in control. That means keeping your records up to date, watching how money flows in and out of the business, and filing your accounts on time.</p> <p>You'll need to be organised and disciplined! The good news is that there are people to help, from book-keepers and accountants, to solicitors and marketing specialists - and your business bank.</p> <p>Use the activity sheet to think about what you'll need to do, and who can help. Once you've done this, your business plan is ready!</p>