Starting & Running a Business All-in-One For Dummies, 4th Edition (UK)

Chapter 4

Preparing the Business Plan

IN THIS CHAPTER

Understanding why you need a business plan

Creating your business plan

Utilising software

Preparing your pitch

Perhaps the most important step in launching any new venture or expanding an existing one is the construction of a business plan. The Business Insolvency Helpline, which should know a thing or two about what can go wrong with a new venture, lists ‘Lack of a business plan’ as the second-most likely reason for a business to fail (https://business-insolvency-helpline.co.uk/reasons-why-a-business-may-fail). The first reason, in case you’re wondering, is ‘Not understanding what it’s all about.’ That shouldn’t concern you too much with this book at your side.

Your business plan must include your goals for the enterprise, both short and long term; a description of the products or services you offer and the market opportunities you anticipate; and finally, an explanation of the resources and means that you need to achieve your goals in the face of likely competition.

Preparing a comprehensive business plan along these lines ...