How to start your business planning

It can seem to be a daunting process when you begin so here are some tips to get you started

The reason you're probably planning is to try and get more customers and to raise finance.

Both of these require a financial plan on how to are going to achieve your goals

• Who exactly are going to buy your products? - write down a profile
• What need is your product going to satisfy?
• Why will they buy your product and not someone else's?
• What is the demand for this product?
• Who are you competing with?
• What are the prices being charged today - and what are you going to charge?

If you can answer these questions then put together a simple sales projection spreadsheet detailing the volume you are going to sell and the price.

Multiply these together and you'll see your sales totals. Is this enough ?

You'll need to subtract the direct cost of the product you are selling (if you sold just one more tomorrow what costs are involved?)

What's left? Is this enough to cover other day to day expenses such as telephone, rent and advertising?

If not, you need more sales or you need to cut your costs.

This is the basics for starting your planning. See more indepth with our business plan guide

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