Business Start-up Guide October 2016 | Page 5

2.1 Overview

This section , often known as the Management Summary , should summarise in brief the key points of the Plan , highlighting your objectives for the business and how you propose to put them into action . This is the section most likely to be read by people unfamiliar with your business , including those who might be called upon to provide finance for your Plan , so try to avoid technical jargon .

2.2 Description

This should supply a concise description of the business , the essence of your business idea and how you plan to put it into practice . Include details of the background to your proposal , for example how long you have been developing the business idea and what work you have carried out on it to date .

2.3 Personnel

Supply the details of the key personnel including you and any external consultants . Highlight the skills and expertise that these people have ( it is a good idea to supply brief CVs for the benefit of external funders ) and outline how you intend to deal with any weaknesses in the team .

2.4 Product

Explain the details of your product or service and your Unique Selling Proposition ( USP ). This is exactly what its name suggests , something distinct from what the competition currently offers . You should also outline your pricing policy in relation to the market .

2.5 Marketing

Provide information on your target markets and your outline marketing plans . This may form the basis for a separate , more detailed , dedicated Marketing Plan . You should include an overview of your competitors and your expected market share together with details of the potential for growth . This is usually a very important part of the plan as it gives a good indication of the likely chance of success .

2.6 Practices

You will need to include information on your proposed operating practices and production methods as well as premises and equipment requirements . Explain how your production or service provision will be carried out and outline any need for capital investment .

2.7 Financial forecasts

The Start-up Business Plan should cover your projected financial performance and the assumptions made in your projections . This part of the plan converts what you have already said in the commentary about the business into numbers . It will include a cash flow forecast which shows how much money you expect to flow in and out of the business in the first few years , as well as supplying profit and loss predictions and a series of balance