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Write a business plan
Download free business plan templates and find help and advice on how to write your business plan.
Business plan templates
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.
Business plan examples
Read example business plans on the Bplans website.
How to write a business plan
Get detailed information about how to write a business plan on the Start Up Donut website.
Why you need a business plan
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to:
- clarify your business idea
- spot potential problems
- set out your goals
- measure your progress
You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.
It can also help to convince customers, suppliers and potential employees to support you.
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How to write a business plan (and business plan template download)
6-minute read
Sam Bromley
10 November 2022
It’s important to know how to write a business plan, because it helps you answer questions about your business and recognise potential obstacles before you set it up properly. Our guide explains more, plus you can download a free business plan template too.
While not all new businesses start out by writing a business plan, for many it’s an important step. It acts as your guiding document, helping you establish and grow your business, and it has a life well beyond just setting up or applying for finance.
But how to make a business plan, exactly? The first thing to know is that it doesn’t have to be detailed – and in fact being too long and descriptive can put your readers off. You should be able to explain your idea clearly, structuring your plan into sections including:
- the problem – what gap or need is your business answering?
- the solution – how will your business meet those needs?
- competitor analysis – what other businesses are you up against?
- SWOT analysis – SWOT stands for strengths, weaknesses, opportunities and threats – can you identify those for your business?
Download a free business plan template UK
Our article below explains how to write a business plan. Why not download your free business plan template, which you can fill in as you work your way through our step-by-step guide?
Keep in mind that a business plan can take several weeks to write. It’s worth doing it properly – let us know how you get on, and if you have any questions.
What is a business plan?
But a business plan isn’t something you write down when you’re setting up and never look at again. You’ll refer back to it often, making sure you’re hitting your goals and getting the best from the brilliant ideas you come up with at the beginning.
And if you’re looking for funding, your business plan needs to convince people to back your idea.
So it’s not an overstatement to call your business plan the ‘bible’ you’ll use to help establish your company.
And while business plans come in different formats, most of them include the same core sections. If you want to read an example business plan before you get stuck in, find out where to get one below.
Business plan examples
Before you start writing, it might be useful to get some inspiration from other business plans.
Whether you're looking to start a business as a candle maker or dog walker , read some business plan examples to familiarise yourself with how to approach your type of business.
Once you’ve got an idea of how other businesses have written their business plan, it’s time to start writing your own.
How to write a business plan: step-by-step
H ow to write an executive summary for a business plan.
The executive summary goes at the beginning of your business plan. As it’s a snapshot of your plan, it’s often best to write it last.
This section is common in many business documents, from client reports to business proposals for new projects.
It’s designed to hook readers with your idea, giving an overview of your plan – including what makes you different, how you’re going to market your ideas, and how much money you expect to make (and spend).
As the executive summary is at the beginning of the document, it’s important to make a good impression on your readers. We’ve got a guide on how to write an executive summary , with a quick six-paragraph plan you can use to structure yours effectively.
Your business
This is where you jump in and start talking about your idea. This section should include:
- the problem – what’s the need for your business? What’s the problem you’re solving, or what’s the opportunity? Why would people want what you’re selling?
- the solution – how are you solving the problem? What will your business do? How does it meet the needs you’ve identified? And importantly, how is it different?
- your history – how long has your business been established? If it’s new, what’s your experience in the sector or industry?
- business structure – who are its owners and what is its legal structure ?
Here you explain industry trends and the competitors you’re up against. It’s where you include the market research you’ve carried out.
This research can be quantitative (based on measurable data and statistics), qualitative (based on gathering individual experiences and opinions), or ideally both. This section should answer:
- where you’re selling (and who to) – who are your potential customers and what are their characteristics? How will you target them? How many customers are you targeting? Will that number grow? Where do those customers shop at the moment? Do you have any existing customers, or confirmed orders?
- market trends – how is the market changing? Is it growing? Are tastes changing? What are the reasons?
- the competition – a competitor analysis answers questions about your competition. How will you attract customers from your competitors? What advantages and disadvantages do you have against them? How do you think your competitors will react when you start out? How will you respond?
SWOT analysis
SWOT stands for strengths, weaknesses, opportunities and threats. This is a very important part of your business plan, because it helps you drill down into your idea. You usually format a SWOT analysis in a grid on one page – four squares, one for each section. Then you make notes in each square.
Formatting the SWOT analysis in a grid helps you see how the different elements of your idea interact. For example:
- how will your strengths help you capitalise on opportunities?
- how will your weaknesses amplify threats – and what strengths can help you overcome them?
Completing SWOT charts for your competitors too should help you see how to win business from them.
Read more about creating a SWOT analysis .
Strategy and execution
Now that you’ve done some analysis, in this section you can explain how you’re actually going to run your business.
Here you’ll include a number of sub-sections:
- marketing and sales – explain more about your product and service, including its features and benefits. Talk about your pricing strategy, and how you’re going to promote your product. And how exactly are you going to sell? Which channels will you use – is it direct to the customer, online, or through other retailers?
- operations – where’s your location and what premises are you looking at? Is it suitable for long-term growth? How are you going to keep accurate records (for example, of stock , sales, accounts and quality control)?
- your team – are you the only one running your business or are you planning on hiring staff? How will you structure your team? Outline each team member’s experience, and what they bring. You might also want to include any outside advisors and experts you’re using, like accountants
Here you detail the numbers – especially important if you’re looking for investment. The financials need to be realistic, accurate and watertight.
Here’s what to include, presented in raw figures and charts:
- sales forecasts and the cost of goods sold – estimate what your sales will be in the future, listing the goods or services you’re selling as well as the cost of each unit. From this, you can estimate profit
- a profit and loss forecast – an overview of sales, cost of sales, overheads, profit and loss
- cash flow statement – cash flow is what keeps you afloat – with no money coming in, you can’t run your business. The cash flow statement shows you how much money you generate over a specific time period, as well as what you’re paying out. Read more about writing a cash flow forecast
- balance sheet – shows an overall picture of your financials at a specific point in time. It summarises your assets (what you own), liabilities (what you owe) and equity (the net difference when you subtract liabilities from assets)
The detail you need here depends on what stage you’re at with your business, as well as the size of your business. You might want to ask for expert help and advice on crunching the forecasts.
While the business plan itself shouldn’t be long and complicated, there might be information you choose not to include in the body of the plan itself that people should refer to.
This can include graphs, tables and notes. You can signpost the relevant appendices people should look at throughout the body of the business plan.
Top tips for writing a business plan
When you’re using business plan templates, keep the following in mind.
Know your audience . Remember who you’re writing for – is the business plan primarily for your own use, or are you looking for a loan, or even equity investment? Keeping your audience in mind will help you stay on track.
Keep it concise . Keep your plan snappy. While you don’t want to miss out crucial detail, you should also bear in mind people’s attention spans. Don’t turn in a 100-page plan.
Keep it simple . It’s likely your plan will be seen by people who don’t have intimate knowledge of your industry, so you need to make sure that it’s written in language that’s accessible to people without specialist experience.
Don’t forget the presentation . Tables, graphs and charts can help you get information across better than blocks of text. It’s also worth thinking about how to ‘pitch’ your plan to investors, potentially in a presentation that gives the toplines from your plan .
All ready to go? Now insure your new business
It’s important to look at business insurance when you’re starting out, because it helps protect you if anything goes wrong.
Most businesses should consider public liability insurance , which covers you if a member of the public gets ill or injured and blames your business.
Other covers to think about include employers’ liability insurance (usually a legal requirement if you have staff) and professional indemnity insurance , if you give advice as part of your business.
Read more articles about starting your business :
Going self-employed in the UK: a guide to get started
Which bank has the best business bank account?
How to register as self-employed
What is business insurance?
Get your business insurance sorted
We have over 800,000 customers plus a 9/10 satisfaction score. Why not take a look at our expert business insurance options – including public liability insurance and professional indemnity – and run a quick quote to get started?
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Business plans
If you’re thinking about setting up your own company, getting your business plan right is crucial. Check out our top tips on how to write a business plan.
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
We can help you answer this during our Enterprise programme, which provides you with the skills, tools and confidence you need to become your own boss. But, there's no reason why you can't start crafting your business plan today.
- Business plan pack (pdf, 1mb)
- Business plan template (Word) (doc, 393kb)
- Business plan template (PDF) (pdf, 3mb)
- Business plan financial tables (Excel) (xls, 52kb)
Apply for our Enterprise programme today .
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan. Make sure you include a summary of your business, and how it will make money right from the start, and use simple language throughout.
Be specific
Being specific is just as important as being concise. The details will help you drill down into how you will actually deliver your plan.
Know your market
A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?
Know your finances
The other essential part of a business plan is the finance section. If your business isn’t going to make any money, it won’t be successful so you need to be very clear on how you will make a profit. Use it to your advantage – y our plan will be incredibly useful when it comes to securing loans and investment, but that’s not its only use. It’s also a personal tool to help you understand your objectives.
Did you know that we can give you access to start-up funding support with low interest personal loans for business purposes, from £500 to £25,000, offered through the Start Up Loans Company? We also offer small start-up business grants in special circumstances. Please note, failure to meet loan repayments may affect your credit score.
The Prince's Trust is authorised and regulated by the Financial Conduct Authority (FRN No.718625). We are registered with the ICO (Information Commissioner's Office) (No.Z5724362). We are a credit broker, not a lender. We can introduce you to a limited number of finance providers who may be able to offer you finance facilities. We will only introduce you to these finance providers.
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- Business Plan Template
Business Plan template
What is a business plan.
A Business Plan is a written document that describes your core business objectives and how you plan to achieve them over a set period of time. It is designed to help you, and others, understand how you plan to generate money and make your business sustainable. A Business Plan often includes information about your goals, strategies, marketing and sales plans and financial forecasts. Read on below for more information about the key sections of a Business Plan.
Download your copy of the Business Plan template now. The document includes a Personal Survival Budget template and a Cash Flow Forecast template, which are also required for your application:
The guide is an annotated version of the Business Plan template with notes from our Business Advisers about what type of information, examples and evidence to include in order to help us understand you and your business. While we encourage you to use this Business Plan template, it is not mandatory and you are welcome to submit your own Business Plan template provided it details similar information.
Please note, the following documents should open on any device with a document viewer and editor but for the best user experience, we recommend editing this Business Plan template on a desktop.
Why is a Business Plan important?
There are many great reasons why it is worth your time creating a Business Plan – even if you’re not quite ready to apply for a Start Up Loan. Here are just seven:
A Business Plan:
- Provides a structured way of organising your thoughts and clarifying your idea.
- Helps you set out your goals and spot any potential problems in achieving these goals.
- Gives you a clear strategy to follow when things get busy.
- Is often essential for securing external finance for your business (and is required if you’re applying for a Start Up Loan).
- Allows you to measure your progress as you go along.
- Ensures all of your team are working towards the same vision.
- Helps you plan for the future.
Key sections of a Business Plan:
A Business Plan can include whatever information you feel is required to best convey how you are planning to make your business sustainable and, when it comes to applying for a Start Up Loan, the following are the core sections we require.
Your business and key objectives: A brief description of your business and its core products or services. This section also includes a clear and concise overview of the goals your business is trying to achieve over a set period of time. Sometimes these are broken down as short, mid and long-term goals, but it helps if they’re measurable (how will you know if you have achieved this?) and realistic (can you achieve this with the money, resources and time you have?).
If you are applying for a Start Up Loan, you will of course also need to detail how you intend to use the money if you’re successful. Our Loan Assessment team will want to see that the Start Up Loan will support your overall business objectives.
Your skills and experience: An overview of your experience as it relates to your business. If you’ve previously worked in a similar business, or have experience running another business, this will help provide confidence that you are in a good position to start up. Even if this is all brand new to you, think about any transferable skills you’ve developed, life experiences you’ve had or training you’ve completed that may be useful.
Your target customers, market and competition: A summary of key insights that demonstrate you have a strong understanding of your customers (and how to identify them), your market (and how to position yourself within it) and your competitors (and how to differentiate yourself from them on factors like price, quality, brand etc).
Your sales and marketing plans: This section is all about how you are planning to attract customers. You might include information about where you’ll distribute your products, what your branding and logo will be and what pricing you’ll apply. Additionally, you will need to demonstrate how you will spread the word about your product/services in order to generate demand, such as using social media, exhibiting at a trade conference or investing in online advertising.
Your operational plans: This will be different depending on your business model, but may include information on where you’ll trade (like a home office or external premises), the number of staff you’ll need to employ, what their roles will be and any equipment or tools you’ll need to run your business. You can also use this section to detail any processes that are important to your operations, as well as any industry, tax or legal regulations related to your business. It’s also good to think about any risks you may face, how you will overcome them and what you will do if things don’t go to plan.
Financials Many business plans include a financial section, which outlines how you’ll fund all of the activities you’ve outlined and what revenue you expect to generate. Because we ask you to complete a Cash Flow Forecast as part of your Start Up Loan application, we don’t require too much detail on this in your Business Plan. Rather, these two documents should be complementary.
Check out our Cash Flow Forecast guide and template >>
Writing a Business Plan – our top tips:
The tips below have been prepared by our Business Advisers and Loan Assessment team to help you understand some of the key things that will strengthen your application. For more in-depth advice, read our guidelines on how to write a Business Plan .
- Demonstrate that you understand your market and customer. For our Loan Assessment team to feel comfortable that your business plans are viable, they will want to see that there is a market who wants and needs your product/service, that you have thought about how you’ll set yourself apart from competitors and that you know how to attract your customers. Any market research you can do, like a simple online survey, looking up industry reports or interviews with potential customers will help.
- Use evidence and examples to back up any statements you make. It’s always more powerful when you can prove what you’re saying with hard facts, whether it’s with a strong statistic, a customer quote, examples of similar activity or other research. It doesn’t have to be detailed – sometimes it will be sufficient to include a link to further information – but it will help our loan assessment team feel more confident that your business plan is viable.
- Make sure everything ties together by linking every strategy to your core objectives. The purpose of a Business Plan is to show what your goals are and how you’re going to achieve them so remember to put your objectives at the heart of your plan. For example, if one of your goals is to generate 10 new sales per month, then in your marketing section you’ll need to think about how many sales each promotional channel needs to deliver in order to support this objective.
- Consider any risks you face and how you will overcome them. Every business has risks so don’t shy away from referencing these in your business plan. Demonstrating that you are aware of your key risks. Having a clear plan for how to reduce or overcome these is something that will set your business plan apart and give our loan assessment team confidence that you’re ready for the challenge.
- Be as clear and concise as possible and avoid waffle. Remember, we’re not looking to see every single detail about how your business will operate, rather we just need to know enough information to give us confidence that you have a clear plan in place. You might like to use bullet points, graphs, tables and subheadings to help you keep your content focused and help you avoid the temptation to go into too much detail.
- Presentation matters: proof read, review and format your document. As with most things in life, first impressions count. Use clear headings, structure your document in a clear order and check you’ve used consistent fonts throughout. Remember, you don’t have to be a writer or a designer to prepare a professional looking document. Most importantly, double check that you haven’t made any spelling or grammatical errors. It can be a good idea to have someone proof read your work for you once you’re finished to pick up anything you might have missed.
Learn new skills
Start Up Loans has partnered with the Open University to offer a range of free courses.
A Business Plan can include whatever information you feel is required to best convey how you are planning to make your business sustainable and, when it comes to applying for a Start Up Loan, the following are the core sections we require (our Business Plan template includes them).
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- Write a business plan: step-by-step
Download a business plan template
Our business plan template is an interactive form designed to simplify the process of creating your business plan.
Business plan preparation
The business plan template asks a number of detailed questions about your proposed business, so it's worthwhile to carry out research before you complete it. Consider:
- your business goals
- legal requirements for your business
- your business market and competitors
- financial forecasts
- sales plans
- potential suppliers
- staff and premises
Download our business plan template (DOC, 874K)
For further support to create your business plan see what to include in your business plan .
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Free Business Plan Template
Our experts
Our independent reviews are funded in part by affiliate commissions, at no extra cost to our readers.
Got a brilliant idea for a new business? Then congratulations, the hardest part is over. Now comes the most crucial: putting it down on paper.
Your business plan is the document that adds structure to your proposal and helps you focus your objectives on an achievable and realistic target. It should cover every aspect of what your business journey will look like, from licensing and revenue, to competitor and sector analysis.
Writing a business plan doesn't need to be a difficult process, but it should take at least a month to be done properly.
In today's capricious business climate there's a lot to consider, such as the impact of political challenges like Brexit. These details are especially important in today's bad economy. Investors are looking for entrepreneurs who are aware of the challenges ahead and how to properly plan for them.
Below, you'll find everything you need to create a concise, specific and authoritative business plan. So let's get started turning your idea into a reality!
Our below guide will give you detailed advice on how to write a quality business plan. But first, you need to know what to include – and that's where a high quality template can help.
We recommend creating an account with monday to use this free template – doing so means you can start your entrepreneurial journey on the right foot.
What to include in your business plan:
There's a lot of information online about how to write a business plan – making it a confusing task to work out what is and isn't good advice.
We're here to cut through the noise by telling you exactly what you need to include for a business plan that will satisfy stakeholders and help develop a key identity for your brand. By the end, you'll have a plan to make even Alan Sugar proud and can get started with the most exciting part – running your business.
- Executive Summary
- Personal summary
- Business idea
- Your product or service
- Market analysis
- Competitor analysis
- Cash forecast
- Operations and logistics
- Backup plan
- Top tips for writing a business plan
- Business plan template FAQs
1. Executive summary
This section is a summary of your entire business plan. Because of this, it is a good idea to write it at the end of your plan, not the beginning.
Just as with the overall business plan, the executive summary should be clearly written and powerfully persuasive, yet it should balance sales talk with realism in order to be convincing. It should be no more than 1,000 words.
It should cover:
- Mission statement – what is your company's purpose?
- Business idea and opportunity – what unique selling point (USP) will you provide?
- Business model – how will your business operate?
- Business objectives – what are you aiming to achieve?
- Target market – who is your customer base?
- Management team – who are the owners/senior staff?
- Competition – who are you competing against?
- Financial summary – can you prove the business will be profitable?
- Marketing strategy – what is your marketing plan and associated costs?
- Timeline – how long will it take to launch/grow your new business?
2. Personal summary
Remember, investors want to know who they're investing in, as much as what. Outline your general contact details first, giving your telephone number, email address, website or portfolio, and any professional social media profiles you might have.
Run through this checklist to tell the reader more about yourself, and put your business ambitions into context.
- What skills/qualifications do you have?
- What are you passionate about?
- What is/are your area(s) of industry expertise?
- Why do you want to run your own business?
Richard Osborne, founder and CEO of UK Business Forums, says personality is important in a business plan.
“Having a strong, personal reason at the heart of your business model will help keep you going and give you the motivation to carry on,” he affirms.
3. Business idea
Here, you should include your general company details, such as your business name and a one-line summary of your business idea known as an elevator pitch. This section should also list a few key business objectives to show how you plan to scale over the next 1-3 years.
We also recommend carrying out a SWOT analysis to tell investors what the strengths, weaknesses, opportunities, and threats are for your business idea. Think about:
- Strengths: ie. why is this a good time to enter the sector?
- Weaknesses: ie. what market challenges might you encounter?
- Opportunities: ie. what demand is your product/service meeting in today's market?
- Threats: ie. how will the business be financed to maintain liquidity?
Need a business idea? We've crunched the numbers and come up with a list of the best business ideas for startup success in 2023 based on today's most popular and growing industries.
4. Your products or services
Use this section to answer all of the below questions and explain what you plan to sell and how. Just like your business idea outline, your answers should be concise and declarative.
- What product(s) or service(s) will you sell?
- Do you plan to offer new products or services in the future?
- How much does the product or service cost to produce/deliver?
- What is your pricing strategy?
- What sales channels will you use?
- Are there legal requirements to start this business?
- What about insurance requirements?
- What is the growth potential for the product or service?
- What are the challenges? eg. if you're looking to sell abroad, acknowledge the potential delays caused by post-Brexit regulations.
What insurance and licensing requirements do you need to consider?
Depending on what your business offers, you might need to invest in insurance or licensing. Our How To Start guides have more details about sector-specific insurance or licensing.
Public Liability, Professional Indemnity, and Employers' Liability are the most well-known types of business insurance. We've listed some other common other licensing and insurance requirements below:
5. Market analysis
This section pulls all of your target market and customer research together to indicate to stakeholders that you are knowledgable about the sector and how to succeed in it.
- Who is your typical customer and where are they are based? Describe the profile of your expected customers eg. average age, location, budget, interests, etc.
- How many customers will your business reach? Outline the size of your market, and the share of the market that your business can reach.
- Have you sold any products/services to customers already? If yes, describe these sales. If no, have people expressed interest in buying your products or services?
- What have you learned about the market from desk-based research? What are the industry's current challenges, and how has it been affected by the economic downturn?
- What have you learned about the market from field research? (eg. feedback from market testing like customer questionnaires or focus group feedback).
What is your marketing strategy?
Once you've highlighted who your rivals are in the market, you can provide details on how you plan to stand out from them through your marketing strategy.
Outline your business' USP, your current marketing strategy, and any associated advertising costs.
6. Competitor analysis
This section demonstrates how well you know the key players and rivals in the industry. It should show the research you have carried out in a table format.
List the key information about your competitors:
- Business size
- Product/service offering
- Sales channels
- Strengths/weaknesses
Competitors will take two forms, either direct or indirect. Direct competitors sell the same or similar products or services. Indirect competitors sell substitute or alternative products or services.
Check out our list of the top competitor analysis templates to download free resources for your business, plus advice on what to include and how to get started.
7. Cash forecast
All of your considered costs can be put into one easy-to-read document called a monthly cash forecast. Cash forecasts contain:
1. Incoming costs such as sales revenue, customer account fees, or funding.
2. Outgoing costs such as staff wages or operating expenses. The latter can cover everything from advertising costs to office supplies.
For those firms which have already started trading, include any previous year's accounts (up to three years) as well as details of any outstanding loans or assets.
Annual cash forecast: what is it?
By conducting 12 monthly cash forecasts, you can create an annual cash forecast to work out when your company will become profitable (also known as breakeven analysis) . You will break even when total incoming costs = total outgoing costs.
In your annual cost budget, make sure to also include month opening/closing balance. This is important to monitor for accounting, particularly for year-end.
- Opening balance = the amount of cash at the beginning of the month
- Closing balance = the amount of cash at the end of the month
The opening balance of any month will always be the same as the closing balance of the previous month. If you are repeatedly opening months with a negative closing balance, you need to adjust your spending.
8. Operations and logistics
This section gives investors a tangible idea of how your day-to-day business activities will be run, including key business partnerships around production and delivery.
1. Production
- Management team – who do you plan to hire as senior staff and why?
- Premises – where will you be based? What will be the cost?
- Materials – what materials/equipment will you need to make your product/service?
- Staffing – how many employees will you hire? How much will they cost?
- Insurance – what insurance do you need for production?
2. Delivery
- Distribution – how will you sell your product to customers?
- Transport – how will you transport the product/service to customers or partners?
- Insurance – what insurance do you need for delivery?
3. Supplier analysis
Lastly, you should carry out a supplier analysis. Write down 2-3 suppliers you plan to use as part of your business operations and evaluate them on factors like location and pricing.
9. Backup plan
In the event that your business does not go to plan, there will be costs to incur. A backup plan outlines to potential investors how you will pay back any outstanding loans or debt.
In the short-term:
If your cash-flow temporarily stalls, what steps could you take to quickly raise money or make savings? For example, by negotiating shorter payment terms with your customers.
In the long-term:
If you've noticed a drop in sales that seems to be persisting, what changes can you make that would improve cash flow longer term? For example, can you do more of your business online to reduce rent fees?
To placate investors even further, it's a good idea to include details about potential support channels you can utilise (eg. a business network or contact) who might be able to help if you get caught in a sticky cash-flow situation.
Startups' 5 top tips for writing a business plan
- Keep your predictions realistic. Your business plan should showcase your knowledge of the sector and what's achievable. It's not about impressing investors with big numbers or meaningless buzzwords.
- Don't go over 15 pages. Business plans should be engaging, which means sticking to the point and avoiding a lot of long-winded sentences. Keep your executive summary to less than 1,000 words, for example.
- End with supporting documents. Use your appendix to include product diagrams or detailed research findings if these are helpful to your business case.
- Get a second pair of eyes. Everyone misses a spelling error or two – invite a trusted business contact or associate to look over your business plan before you send it anywhere.
- Leave enough time to write! It's exciting to think about getting your business up and running – but planning is an important step that can't be rushed over. Spend at least a month on writing to get all the details correct and laid-out.
Now that you're up to speed on everything a business plan needs to include, we recommend using the free monday.com business plan template to jot down your ideas.
At Startups.co.uk, we're here to help small UK businesses to get started, grow and succeed. We have practical resources for helping new businesses get off the ground – use the tool below to get started today.
Designing a business plan is very important for laying the foundation of your business. Ensure you spend an appropriate amount of time filling it out, as it could save you many headaches further down the line.
Once your plan is complete, you'll then be ready to look at other aspects of business set-up, such as registering your company. Sound daunting? Don't worry!
Our experts have pulled together a simple, comprehensive guide on How to Start a Business in 2023, which will tell you everything you need to know to put your new plan into action.
- Can I write a business plan myself? Absolutely! There are plenty of resources available to help, but the truth is a business plan needs to reflect the owner's personal ambitions and passion - which is why entrepreneurs are best-placed to write their own.
- How long should a business plan be? We recommend your business plan is kept to a maximum of 15 pages. Keep it short and concise - your executive summary, for example, should be no more than 1,000 words.
- Is it OK to copy a business plan? While not technically illegal, copying a business plan will leave you in a poor position to attract investment. Customising your plan to your unique business idea and industry specialism is the best way to persuade stakeholders that you have a winning startup formula.
Startups.co.uk is reader-supported. If you make a purchase through the links on our site, we may earn a commission from the retailers of the products we have reviewed. This helps Startups.co.uk to provide free reviews for our readers. It has no additional cost to you, and never affects the editorial independence of our reviews.
- Essential Guides
Written by:
Helena is a Senior Writer at Startups. As resident people and premises expert, she's an authority on topics such as business energy, office and coworking spaces, and project management software. With a background in PR and marketing, Helena also manages the Startups 100 Index and is passionate about giving early-stage startups a platform to boost their brands. From interviewing Wetherspoon's boss Tim Martin to spotting data-led working from home trends, her insight has been featured by major trade publications including the ICAEW, and news outlets like the BBC, ITV News, Daily Express, and HuffPost UK.
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Writing Your Business Plan
A business plan is a document that will not only help you to evaluate your business idea, but it will also provide you with focus and direction. It should set out what you want to achieve and how you intend to achieve it.
Download A Business Plan (Word) Template Here
Making A Request For Funding
If you have identified that you will need to borrow money to start your business, then a detailed business plan will be required and will play a vital role in making a successful application for finance. A lender or investor will want to see that you can pay back any loans or provide them with a return on their investment.
Do's and Dont's
- Do think about the audience for your business plan and write it accordingly.
- Don’t forget to update your business plan regularly. Business planning is not just for start-up businesses!
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4 Free Business Plan Templates: Where to find them and what you get
1) Gov.uk – The ‘write a business plan’ page of the UK government’s website includes advice and a selection of different business plan templates so you can select which one is best for your business.
2) The Prince’s Trust – Although The Prince’s Trust specialise in supporting young people their business plan template is available to anyone. At 16 pages it is substantially shorter than the one from Business Link and is less formal in tone. The Prince’s Trust plan also goes into more depth on the logistics of how the company is going to work and the reasons for starting it up.
3) Microsoft Word – Microsoft have a start-up business template which you can download. When you open it up in word it runs to 28 pages and is full of questions, advice and points to consider. Compared to The Princes Trust and Business Link plans it is a lot more text heavy and takes some reading. It is also a lot more focussed on the financials of the company than the other two plans, concentrating on accounts payable, pricing and other financial planning considerations.
4) Your Bank – One of the main reasons people do a business plan is because their bank asks them to. If this is your motivation then it makes sense to use a template your bank will like. Our business banking partners HSBC have a business plan tool , Natwest have an online form and Barclay’s offer plenty of advice . Many of the other main UK banks also have templates or advice online. Using the bank’s own forms should mean that you tick all of the boxes and answer all of the questions they are likely to be looking at which can only help make your meeting go more smoothly.
Whichever template you choose it is important that you invest the time to get your plan right before you try to use it. Most of these plans require you to do a considerable amount of research into your target market, customers and competitors. Don’t leave it until the night before your bank meeting to get it done!
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What are you looking for, how to write a business plan uk | free uk business plan template.
- Brought to you by AAT Business Finance Basics
- 1. What is a business plan?
- 2. Download: Free UK business plan template
- 3. Getting started on a business plan
- 4. How to structure a business plan step-by-step
- 5. Business plan examples
- 6. Business plan writing tips
You’ve got the brilliant business idea, you might have even started setting up or running your business, but writing a business plan and creating business proposals are vital for the launch and growth of any venture. It’s a document where you can organise all your ideas, create a company description, make sure that you’ve considered and researched everything, and ultimately decide that the business is viable. Commitment to making a business plan is a commitment to the business. Read our guide and download your free business plan template.
What is a business plan?
A business plan is a document that details all the future plans and predictions for your business. It will explain your ideas, map out how they’ll be put into practice and provide relevant information and facts including the business details, management plan, operating plan, marketing and sales strategy , financial projections, and operational and team specifics.
A business plan is essential in helping you:
The business plan is a living, working document that should be read and reviewed regularly. If there are multiple directors or partners in the business then they should all be in agreement with what the plan outlines, the detailed information in the plan, and what is written in the plan. You will also need to share it with potential investors. The business plan will formalise all the ideas and assumptions, keep you focused, and ensure that everyone is on the same page.
How long writing your business plan should take will depend on your business size, the complexities of it and what stage you’re at. The most important thing is that it’s user-friendly and doesn’t include any waffle. Get straight to the nitty-gritty so that your stakeholders are engaged when reading it and so that you are more likely to use and update it regularly. Your business plan will probably cover the first three to five years. It’s important to include all the right information (see the checklist below) but it’s not a document to spend too long on. It’s more important that you are spending time running the business.
There are lots of business plan examples out there but typically yours should include:
- What your business will do
- The business structure and operations
- Team members and their expertise
- Market analysis to see current and projected state of the market and industry
- How your business will sell and market
- Startup costs and funding required
- Financial projections
- Legal requirements
Writing a business plan will allow you to take a step back and look at the business more objectively, predicting potential issues in advance, such as financial forecasts, and coming up with solutions or a shift in how you originally thought that you would do something.
Download: Free UK business plan template
We want to take the stress out of writing a business plan. Our free downloadable UK business plan template will guide you on everything you need to include and get your business primed for success.
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Getting started on a business plan
Before you begin to make your business plan, keep these three things at the forefront of your mind.
Focus on what makes you unique
Be creative with your plan, shout about your unique selling proposition (USPs) and what makes you different. Represent your brand using language and visuals, and talk about why you and your team are best to run this business.
Don’t over complicate it
Keep it concise so that you can get on with running the business and so the business plan is an easily readable and usable document. Too much detail in the plan can become confusing.
Be realistic and honest
The business plan will give you an indication of where you’re supposed to be. Review it every few months, update it as you go and change your activities in line with it. It will be impossible for you to predict everything so just give it your best shot and be prepared to be flexible.
How to structure a business plan step-by-step
The business plan should follow this format with these six sections.
You must be logged in to use this checklist
The executive summary should always be written last. Think of it as a one-pager giving an overview of all the best bits of your plan. If the executive summary doesn’t captivate and interest the reader then it’s unlikely that they will read the rest of your plan.
Describe your what, where, who and why - including your product/service, brand, location, business model and size.
This section will involve the most amount of research as you study the current and projected conditions of the market and the industry, and look at what your competition is doing , before making your own marketing plans .
Explain the experience, skills and credentials of all the people involved. Why are they the right people to make this a success?
Detail your required facilities, premises, systems and software.
This section translates everything into numbers - your startup and running costs, funding , revenue projections with a cash flow forecast .
Business plan examples
Take a look at these business plan sections in more detail to see examples of the sort of details you should include, depending on your type of business.
1. The executive summary
Give a topline description of:
- In the most basic terms, what is the business? Is it a product or service? What does it do and how?
- Why is there a need for this business?
- What does this business do better than similar existing businesses?
- What experience or skills do you have that will help make this business a success?
- How will it make money?
- Who will your customers be?
- Who are your main competitors?
- How will people find out about you?
- What is the opportunity for investors?
2. Business details and description
- Describe your what, where, who and why – including your product/service, brand, location, business model and size.
- Food (lunch / dinner)
- Private hire for meetings / parties / events
- Putting on own events (music, comedy)
- Classes (e.g. cocktail making)
- What will the legal structure of your company be (LTD, PLC, sole trader, partnership, charity, social enterprise)?
3. Marketing and sales strategy
4. management and employees.
- Who will make up your team and what relevant skills and experience do they have?
- Do you need to employ people?
- What friends/family/business contacts do you have with skills that might be able to help you (preferably for free)?
- Do you need to outsource anything?
5. Operational set up
- What premises do you need? Where will they be? Where will you work from?
- What assets/tools do you require (and which of these do you already have)?
- Are there any licences that you require? Any other legal considerations?
6. Financial plan and projections
Business plan writing tips.
Writing a business plan can take some time and some areas of the plan will be easier to tackle than others.
- Make initial notes every time you think of something and don’t worry if you can’t cover all points at the start.
- When you are ready to start to write the plan, make sure you use sections and these are in a logical order.
- It is important that your plan is simple, accurate and easy to follow if you are going to ask others to look at it.
- Try to avoid jargon or terms that only people in your type of industry will understand.
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Your Business Plan
BUSINESS PLAN _________________________________ ____________________ 14 March 2023
Executive Summary
The Ownership The business will be structured as a sole proprietorship.
The Management _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
The Goals and Objectives _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
The Product _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
The Target Market _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Pricing Strategy _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
The Competitors _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Business Plan - _________________________________
The Business
Business Sector The owners would like to start a business in the retail sector.
Business Goals and Objectives _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Business Ownership Structure The business will be structured as a sole proprietorship.
Ownership Background ____________________ (owner): _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Business Management Structure _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Organisational Timeline _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Business Assets _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
The Product
Marketing Plan
Pricing _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Advertising _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Competitor Analysis
Staffing _________________________________ will employ one full-time employee in the initial startup phase.
Business Plan Information
A Business Plan, also referred to as a marketing plan, business strategy, or business proposal, is a mission statement that sets out your vision, structure, and methods, and helps you to plan for the future. It includes a business history, a marketing analysis, a financial statement, and operational details.
A Business Plan is a living document, meaning it should be periodically revised and updated as your company grows and changes.
Who should write a Business Plan?
Anyone who is starting a business should map out their vision for the future. Startups often require external funding, and entrepreneurs can show their Business Plan to potential business investors, who will want to know what makes the enterprise a good investment and when they will see a return.
Established businesses can also benefit from developing a Business Plan to attract further funding, manage rapid growth, or reevaluate the company's vision and goals.
Why is a Business Plan important?
While many companies create a Business Plan to attract external funding, a Business Plan is also a vital internal document that can help you and your business partners to:
- Develop a course of action to achieve your objectives
- Establish benchmarks of success to measure your progress
- Better understand your competitors and target market
- Attract business partners and employees
- Anticipate problems in regards to competitors, cash flow, and long-term viability
- Manage cash flow with a detailed income statement
- Navigate the regulatory requirements of your industry
How do I write a Business Plan?
LawDepot's Business Plan template contains the following key sections:
Business Description: Your business name and address, as well as a brief history (how the business was started, how it has evolved, and any achievements to date).
Business Forecast: The measurable goals and objectives of your business, with a timeline for achieving them.
Business Structure: How the business is owned and managed (i.e. whether it is a sole proprietorship, partnership, limited liability partnership (LLP), or limited company), and how decisions are made.
Product/Service Details: The primary product or service your business will provide, in addition to potential future products or services.
Marketing Plan: Your business's target market, competitors, pricing strategy, and advertising strategy.
SWOT Analysis: A detailed description of your business's strengths, weaknesses, opportunities, and threats to help predict your viability and focus your business strategy.
Operational Details: A description of the business's day-to-day operations, facility, outside suppliers, and staffing requirements.
Financial Information: Your business's target market, competitors, pricing strategy, and advertising strategy.
When to should I review my Business Plan?
Your Business Plan should be updated whenever something changes, such as introducing a new product, branching into a new market sector, or taking on a business partner.
It's also important to regularly take a critical look at your business. At least once per year, complete a comprehensive update of your plan in light of developments within your business and industry as a whole. If you are pivoting or changing your business altogether, it is essential to revise your Business Plan.
Related Documents:
- Partnership Agreement: outlines the duties and obligations of business partners to each other and the business
- Joint Venture Agreement: outlines the terms of a temporary partnership
- Purchase of Business Agreement: a contract used when purchasing the shares or assets of a business
- Non-Disclosure Agreement: protects your business ideas and other sensitive information
Frequently Asked Questions:
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Your use of this site is subject to our Terms of Use , Disclaimer , Cookie Policy and Privacy Policy . LawDepot® is not a law firm and cannot provide legal advice. We provide information and software and you are responsible for appropriately using this material. ©2002-2023 LawDepot® (Sequiter Inc.). All Rights Reserved. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
©2002-2023 LawDepot® (Sequiter Inc.). All Rights Reserved. LawDepot® is not a law firm and cannot provide legal advice.
Use of this site is subject to our Terms of Use and Cookie Policy . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Your use of this site is subject to our Terms of Use , Disclaimer , Cookie Policy and Privacy Policy . LawDepot® is not a law firm and cannot provide legal advice. ©2002-2023 LawDepot® (Sequiter Inc.). All Rights Reserved.
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A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan
Know your audience. Remember who you're writing for – is the business plan primarily for your own use, or are you looking for a loan, or even
Top Tips · Be concise · Be specific · Know your market · Know your finances · Don't try and do everything on your own, join our Enterprise programme today.
Writing a Business Plan – our top tips: · Demonstrate that you understand your market and customer. · Use evidence and examples to back up any statements you make
Our business plan template is an interactive form designed to simplify the process of creating your business plan. Business plan preparation.
1. Executive summary. This section is a summary of your entire business plan. · 2. Personal summary. Remember, investors want to know who they're
Download a free business plan template. This document helps you to evaluate your business idea and provides you with a focused approach to execute it.
Many of the other main UK banks also have templates or advice online. Using the bank's own forms should mean that you tick all of the boxes and answer all of
In the most basic terms, what is the business? · Why is there a need for this business? · What does this business do better than similar existing businesses?
A Business Plan, also referred to as a marketing plan, business strategy, or business proposal, is a mission statement that sets out your vision, structure