What is a business plan? Watch this video if you want to understand what a business plan is and how to make a business plan. The key information you need to be able to write a business plan is explained in simple terms to help you achieve business success.

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This video covers the key components that you will find in any good business plan, including the business idea, financial forecasts, and marketing.

The video also explains the key purpose and limitations of using a business plan that you need to be aware of.

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In this episode, Patrick Bet-David discusses the 12 building blocks of how to write a successful business plan.

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Recommended videos:
How To Write A One-Page Business Plan: https://youtu.be/hdGKAHvgBqo

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Need to write an effective business plan? Here we explain the two main types of business plan in under 60 seconds…

📌 Full step-by-step guide to writing a business plan: https://www.business4beginners.co.uk/how-to-write-business-plan/

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What is a business plan?
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A business plan is a written document that describes your business. It may not sound like a lot, but it’s an in-depth guide to who you are, what you do, and how your business works. It’s useful for every business, whether you’re registered as a sole trader or limited company.

Those with a business plan grew an average of 30% faster than those that didn’t. What’s more, they were 2x more likely to get investments or secure loans than those without.

A business plan covers all different subjects, such as:

– Your business objectives and goals;
– Your employees and business structure;
– Your products and how you market them;
– Your customers, competitors, and industry;
– Your financial information and funding needed.

Fundamentally, a business plan is there to clarify what your business is, set out your goals, spot any potential problems and set yourself up to grow.

How to write a business plan?
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There’s no right or wrong way to write a business plan. This process is designed to help you uncover information about your company and guide you, not dictate every decision you’ll ever make from this point.

Generally, there are two types of business plans…

A traditional business plan, which generally includes:

– Executive summary
– Company description
– Market research
– Organisation and management
– Product or service
– Marketing and sales strategy
– Funding requests
– Financial forecasts
– Appendix

A lean startup business plan, which can include:

– Company overview
– Mission statement
– Unique selling point
– Target customers
– Market analysis
– Products or services
– Marketing strategy
– Key personnel
– Goals and objectives

Traditional business plans are more common and might be what you’re more familiar with. These can be dozens of pages long that list in detail about every aspect of your company.

On the other hand, lean startup pages are only a page long. They’re not often used to secure investments, but as a way to summarise a business plan into the key bullet points. If you’re looking for a way to get the basics out of the way quickly, this type of business plan might be for you.

If you’ve never written a business plan before, it can be a good idea to start with a lean startup plan to get an overview of your business and goals. You may also want to write a traditional plan afterwards to help you focus more clearly on these objectives and map out your roadmap in more detail.

Even if you aren’t showing these documents to investors at this stage, they’re good internal documents to look back on to keep you on the right path.

Resources
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How To Write A Business Plan: https://www.business4beginners.co.uk/how-to-write-business-plan/
Tips For Starting A Business While Employed: https://www.business4beginners.co.uk/starting-a-business-while-employed/
Tips For Running A Business From Home: https://www.business4beginners.co.uk/running-a-business-from-home/
7 Skills You Need To Be An Effective Leader: https://www.business4beginners.co.uk/7-skills-effective-leader/

DISCLAIMER: The information contained in this video is for general information purposes only. Any reliance you place on such information is therefore strictly at your own risk. Always consult with a qualified professional for advice tailored to your individual situation.
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