Planning is key for start-ups

Whether you are looking to start a business in Stockport workshop space, Dinnington industrial units or Hooton office space, the importance of planning your business simply cannot be underestimated.

Business plan

Many people believe that a business plan is simply to ensure you secure funding from a bank to kick-start your business but that isn't necessarily the case.

A clear and concise business plan is vital for the actual running of your business – particularly in the early days – when you may need something written down or typed out to refer back to when making decisions.

The plan will keep you on a specific course and bring you back to your aims when things start to mount up and you may become distracted.

Prove your plan

As we all saw in the final episode of the Apprentice, business plans can easily be ripped apart by people who are not directly involved in the creative process.

Writing a business plan for your very own company is an exciting process so it is important to maintain a clear head and go through your plan with a fine-toothed comb to spot errors and prove every part of your plan – particularly if you are planning to use it to secure financial backing.

Financial planning

Making accurate and realistic financial plans can be difficult but it is crucial if you are serious about starting a new business and taking on established companies in your industry.

Forecasting how much capital it will take to set up your business, cash flow forecasts, profit estimates and a balance sheet forecast should all be part of the financial planning element of your plan.

Keep it short and sweet

If you need to refer back to your plan or use it to attract financial investment it's important to make it as short as possible while including the main facts and figures – nobody wants to leaf through reams and reams of boring information.