Once you've conducted research into the feasibility of your new business you're ready to write your business plan.

Your business plan is essential for your business - it's your blueprint for the future. It sets the direction for your business and keeps you on track once you're up and running. It's also a requirement when you're seeking finance.

Depending on what type of business you intend to start, your business plan could include these elements:

• executive summary - a one-page overview written after your business plan is finalised
• introduction - explains the purpose and objectives of going into business
• marketing analysis - looks at the industry you are entering and how you fit in
• marketing plan - your marketing strategy
• operations plan - how you'll set up the business, i.e. structure, location, regulations
• management plan - how you'll manage your business
• financial plan - how you'll finance your business, costing and financial projections.

Business planning is an ongoing business activity - you should regularly review and revise your business plan.