Business Planning
“To fail to plan is to plan to fail.”
Business Planning with TfE
Without a solid plan for the business you want to set up, you are leaving yourself open to chance. You wouldn’t go on holiday, or even on a night out, without some kind of plan in place.
So why do something as important and potentially risky as starting a business without first developing a realistic business plan?
A business plan helps you turn an idea into a series of practical questions. It can help you assess whether your idea is achievable, identify possible difficulties and decide what you need to do next.
What a business plan can cover
- Your business idea, products or services
- The customers you want to reach
- Your market and competitors
- Pricing, costs and expected sales
- Marketing and promotional activity
- How the business will operate
- Financial forecasts and funding requirements
- Legal, tax and record-keeping responsibilities
- Your goals and planned actions
Keep your plan current
A business plan is a working document rather than a one-off exercise. Your assumptions, figures and priorities may change as you research your market, speak to customers and gain experience.
Reviewing and updating your plan can help you make informed decisions and keep the business focused on realistic goals.
TfE can help you explore your idea and work through the practical questions involved in self-employment. Contact TfE to find out more about our support and Business Planning Workbook.
TfE provides general business information and guidance. It does not provide legal, tax, financial or investment advice.