Every new business venture must have a business plan to kick start.    It is indeed one of the most important steps to take.  There is absolutely no way you can get your finances sorted, get backing or know how much insurance and other protections are needed until the plan is formulated and written up.  Whether you plan to be a sole trader, partnership or limited company – the business plan is the only method of turning that bright idea into a profitable active business.   Let’s look at a basic plan.  Essentially it is a written document that provides a description and overview of the company’s aims for the future.  It should explain your business strategy and your key goals to get you moving from square one to wherever you plan to be in the future.

The plan should clearly lay out how you expect to make your business more profitable and gain resources and increased assets.  It should outline what your plans are for growth in your target market area and it will need you to think hasrd about where you want the business to be in say, three, five and seven years time.    A business plan is not just for newbies though.  It can be a very useful tool for an old established business to help it move in a new direction.