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Starting a new business? Get planning

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...

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