Business plan template

[Carolleigh]

Hi all,

So I understand the first step to getting your business idea happening is to write out a business plan. I've set out to do this and been overwhelmed by the various templates etc online.

Is there one that you would recommend in particular?

Thanks

[web3k]

Hi Carolleigh,

The Business Victoria (http://www.business.vic.gov.au/homepage) website offers a lot of useful information for starting a business.

In particular, they do have a business plan template (http://www.business.vic.gov.au/BUSVI.../PC_62526.html). I've not used it myself, however it can't be half bad if its endorsed by a state government.

Each business plan will be different. You may want to include specific things that the template might not offer a section for, so modify as you require. No need to strictly keep to the template.

[Brenda Thomson]

Hi Carolleigh,

The Commonwealth Bank provides one on their website which isnt' too bad. Business Plan template
Given that it's provided by a bank if you are looking at getting finance for your new business then you will at least know you have all those bases covered.
PLUS it is only 22 pages long which is kind of good compared to some I have seen.
A business plan is vital for getting started - making sure you have a good idea, doing your competitor analysis, getting the cash flow forcasts right and all those sorts of things.
Something to think about for later...

Once you have started in business don't just file it away in a drawer and forget it. You don't have to maintain the whole thing I usually suggest summarising on a couple of pages that you update every 90 days - basically what you plan to achieve over the next 90 days and how you will go about doing it.. That way you can make sure you are staying on track with your goals and plans. And you can keep revising and updating as you need to. 90% of people I talk to don't do that and it makes a HUGE difference to business success.

[FS Concierge]

Originally Posted by Brenda Thomson

Once you have started in business don't just file it away in a drawer and forget it. You don't have to maintain the whole thing I usually suggest summarising on a couple of pages that you update every 90 days - basically what you plan to achieve over the next 90 days and how you will go about doing it.. That way you can make sure you are staying on track with your goals and plans. And you can keep revising and updating as you need to. 90% of people I talk to don't do that and it makes a HUGE difference to business success.

Great advice for Carolleigh - thanks Brenda!

Carolleigh, you may also like to check out this article by FS contributor Stacey Barr, where she condenses the condensed version down to a single page - there's a link to a template there too
http://www.flyingsolo.com.au/working...strategic-plan

All the best,
Jayne

[Carolleigh]

Thank you all! Fantastic advice! Time to get busy....

[Government Grant Guru]

I have written many business plans for clients and use the Innovic template. The good thing about this template is that it gives you questions to answer rather than just headings.

[Carolleigh]

Great! Thank you!

[Business Coach]

Hi Carol

Whatever business plan template you use doesn't really matter because they will have the same sections to complete.

What your better of starting with is a new business checklist to make sure you ask the right questions and get some answers first. After all, a business plan is just a collection of your answers. If you dont ask the questions you cannot complete a business plan.

Start with;

1. How many people in my area need this product
2. What will it cost me to deliver my product to a customer
3. What is the market price range for my product
4. how many other businesses in my area also sell my product
5. How many products will i need to sell to break even

A good business plan will involve 20-80 pages of information and about 4 weeks worth of dedicated time researching the answers.

[Carolleigh]

Business coach - thank you! Such a logical approach. Will start work on that asap and set it out in appropriate sections of business plan as you've said.