Creating a business plan
Before you even start looking at things like marketing your business you need to make sure you've got a good business plan in place and a workable business budget to follow.
A realistic business plan is vital as it can help you secure investments or loans from a bank, and it can help you convince potential customers and suppliers to support you.
A business plan is a written document that sets out what your business is and what its long term goals are. It should include:
- Your objective: What will your business provide? For example, you currently work as a hairdresser in someone else's salon, but you want to become a self-employed hairdresser so you can use your current skills to target a specific group of people that will appreciate your artistic flair
- Your strategy: What's your long term aim for the business? For example, you want to build up a network of mobile hairdressers in the Leeds area, with you as the overall manager
- Marketing tactics: How are you going to market your business? For example, through social media, promotional hair-cuts, or organising showcasing events to highlight the services you offer
- Your financial forecast: What do you expect to make and how are you going to pay for the business? How is this going to rise every year?