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Rather, these two documents should be complementary.Д¬heck out our Cash Flow Forecast guide and template > WritingВ a Business Plan вЂ“ our top tips: Because we ask you to complete a Cash Flow Forecast as part of your Start Up Loan application, we donвЂ™t require too much detail on this inВ your Business Plan. Many business plans include a financial section, which outlines how youвЂ™ll fund all of the activities youвЂ™ve outlined and what revenue you expect to generate. ItвЂ™s also good to think about any risks you may face, how you will overcome them and what you will do if things donвЂ™t go to plan. 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. This will be different depending on your business model, but may include information on where youвЂ™ll trade (like a home office or external premises), the number of staff youвЂ™ll need to employ, what their roles will be and any equipment or tools youвЂ™ll need to run your business. 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. You might include information about where youвЂ™ll distribute your products, what your branding and logo will be and what pricing youвЂ™ll apply. This section is all about how you are planning to attract customers.

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Your target customers, market and competition:ДЄ 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). Even if this is all brand new to you, think about any transferable skills youвЂ™ve developed, life experiences youвЂ™ve had or training youвЂ™ve completed that may be useful. If youвЂ™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. Our Loan Assessment team will want to see that the Start Up Loan will support your overall business objectives.ДЄn overview of your experience as it relates to your business. 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 youвЂ™re successful. Sometimes these are broken down as short, mid and long-term goals, but it helps if theyвЂ™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?). This section also includes a clear and concise overview of the goals your business is trying to achieve over a set period of time.

Ensures all of your team are working towards the same vision.ДЄ 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.ДЄ brief description of your business and its core products or services.

Allows you to measure your progress as you go along.

Is often essential for securing external finance for your business (and is required if youвЂ™re applying for a Start Up Loan).

Gives you a clear strategy to follow when things get busy.

Helps you set out your goals and spot any potential problems in achieving these goals.

Provides a structured way of organising your thoughts and clarifying your idea.

There are many great reasons why it is worth your time creating a Business Plan вЂ“ even if youвЂ™re not quite ready to apply for a Start Up Loan. 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 template on a desktop. While we encourage you to use this template, it is not mandatory and you are welcome to submit your own Business Plan template provided it details similar information. 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.

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