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Starting a new business? Get planning
StumbleUponA strong business plan is essential to launching a new business. Andrew Gleeson offers his top ten resources in the UK to help you get it right...
A strong business plan is essential to launching a new business. Andrew Gleeson offers his top ten resources in the UK to help you get it right...
Writing a business plan is one of the most important things an entrepreneur must do when starting a new business. However, writing a compelling business plan is easier said than done. The following resources are a great way to start writing your plan and should also take you well on the way in understanding the implications decisions you make in the process, from corporate structure to sources of funding.
Business Plan Pro® (software)
Business Plan Pro is the best selling business-planning software
available and for several good reasons: it's easy to use,
saves time, and has over 500 sample plans to get you started. It
also provides a structure whereby you can complete a plan in a
methodical manner, while enabling you to benefit from a helping
hand at every step. It is available from Amazon, PC World and
Palo Alto.
Business plan competitions
Numerous business-planning competitions take place across the
UK, testing a wide range of skills that are often neglected by
entrepreneurs. By producing a credible business plan and
presenting your case persuasively, you will significantly
enhance your ability to secure funding. Entry costs are usually
negligible, although some competitions limit entry to students
or local residents.
These competitions are an invaluable resource enabling you to road test your business plan in a safe environment before submitting the plan to potential investors. In addition the competitions enable you to tap into increased support; obtain critical independent analysis of your business plan; gain access to mentors and networking opportunities; improve key transferable skills; enhance your understanding of what investors want.
Visit: www.bplans.co.uk/write_a_business_plan/article.cfm/285
Start-up websites
There are a number of start–up websites that can help you
understand what needs to be done and how. These websites
normally consist of a mix of articles and relevant products and
services from third-party vendors. Most also have specific
business-planning sections to help you with your plan. The
following three well-known UK sites can give you some further
insights into the building blocks that make up a winning
business plan.
Visit: www.startups.co.uk, www.clearlybusiness.com,
www.bytestart.co.uk
Government websites
There are a number of government websites designed to assist
those starting a business
Companies House is a good place to start. The website contains information on incorporation procedures. It also provides annual accounts of companies which can be purchased to enable you to assess the financials of comparable companies.
Her Majesties Revenue and Customs (HMRC) also has an easily accessible site where you can access information and calculators. Topics covered include: self-employment, self-assessment, employing staff, VAT and Corporation Tax.
Visit: www.companieshouse.gov.uk,
www.hmrc.gov.uk
Local advisors
Despite the availability of a range of different online
resources, there are occasions when professional advice is
highly recommended. While there is undoubtedly a trade off
(professional advice usually costs), there are some decisions
that should be made only after consultation with professionals,
such as choosing the legal structure of the company. While local
accountants are a natural starting point, there are also a
number of other bodies that can provide information and advice,
and can point you in the right direction for more complex
concerns.
Business Link provides information, advice and support to help people start, maintain and grow their business. It is an excellent site with some really great sections and clear sign posting to additional resources. There is also a postcode search facility so you can track down your nearest local advisor.
The National Federation of Enterprise Agencies (NFEA) is the membership body for Local Enterprise Agencies, and other similar organisations. It forms a network of independent, not-for-profit local agencies that provide a comprehensive range of free services including a facility to search for your local agency.
Visit: www.businesslink.gov.uk,
www.nfea.com
Funding
Entrepreneurs need to consider the financing of their business
from the start and many will look to outside help to assist them
in the start-up phase. A good understanding of the implications
of the various sources of funding is important, not least with
respect to the various obligations arising under each. At their
most basic, sources of funding are either debt based or equity
based, and each class confers certain obligations on the
recipient of the funds. If the business plan is used to secure
funding it will need to clearly outline the benefits to the
investor, and the terms of investment, as they’ll be seeking to
assess their risks, as well as the ability of the firm to
generate free cash flows.
Outside of the traditional sources of finance, it is also worth exploring websites that explain the merits of grant or VC funding. J4B, is one such example, it allows quick and simple searches of the j4b database of business grants and loans — the most comprehensive database of its kind in the UK. The British Venture Capital Association (BVCA), is another starting point. It has over 170 full members and contains a searchable directory of local members.
Visit: www.j4b.co.uk, www.bvca.co.uk
Bplans
Bplans.co.uk, owned by Palo Alto Software, contains extensive
business-planning resources including an extensive back
catalogue of articles, a number of free sample business plans,
calculators, and links to a range of further resources.
Visit: www.bplans.co.uk
Scavenger by Cobweb
Scavenger reports are essential reading material for
anyone starting up a business in the UK. Reports include
business opportunity profiles on specific industries and are
updated frequently. There are over 800 profile reports from
children’s day nurseries to coffee shops to even complementary
therapy.
Visit: www.scavenger.net
Sites with Demographic Data
There are also numerous resources you can use in assessing
likely demand for your goods or services. Websites such as www.caci.co.uk/acorn and www.upmystreet.com provide
extensive free demographic data about areas based on UK postcode
searches. These enable you to build up profiles of the local
population and are ideal when you are looking to set up a shop
to serve the local community specifically. If you want to
consider setting up overseas, then websites such as www.cia.gov/cia/publications/factbook/ give
an excellent insight into various local conditions in advance of
undertaking more detailed localised research.
Your Local Library
Finally, libraries can be excellent resources, helping you
access information from a host of disparate sources. They can be
particularly useful for researching hard-to-access data relating
to markets and potential suppliers. Your local library may stock
one of Pearson’s excellent titles on starting a business and
writing a business plan. www.pearson-books.com/bplans
Don't just think local, the Business and IP Centre at the British Library www.bl.uk/bipc/ is just one example of a new resource specifically created to support entrepreneurs in the UK. It enables users to access a range of databases including Amadeus, Economist Intelligence, Mintel, Datamonitor, One Source, LexisNexis, Dialog and the Complete Business Reference Adviser (COBRA).
Summary and Conclusion
Writing a winning business plan can take time and effort.
However, using the resources mentioned here should make the job
a lot easier and help you to gain a thorough understanding of
the fundamentals that underpin every successful business. Good
luck!
About the author
Alan Gleeson is the Managing Director of Palo Alto Software, Ltd., creators of Business Plan Pro® 2007. He holds an MBA from Oxford University and is a graduate of University College, Cork, Ireland. For further information on business planning visit www.bplans.co.uk and www.paloalto.co.uk
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