Product or service Market research Business details
A business plan is a written plan drawn up by an organisation. It is a requirement when seeking finance from a bank or other financial institution. The following areas should be covered in a business plan.
• The name and address of the business • Its mission statement
• The type of business (e.g. sole trader, private company limited by shares (CLS))
• Details of the owners, directors and key employees
• Description of the product or service offered by the business • The unique selling point (USP) of the product or service
Fixed assets
• Any market research already carried out • Details of the business’s target market • Details of the business’s main competitors • How the product or service will be promoted • How much the product or service will cost and where it will be sold • Details of the business’s premises
• Details of any vehicles, machinery or other fixed assets owned by the business
• Total value of the business’s fixed assets Finance
• Details of any existing loans the business has • Details of the business’s existing funds • How much funding the business requires • When and how they will pay it back
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A business plan describes a business, what it offers, its market, its fixed assets and its finances.
A fixed asset is any property that a business owns that is not easily sold or turned into cash, such as premises, vehicles and machinery.
