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THE PRINCE’S TRUSTBUSINESS PLAN PACK
THE BUSINESS PLAN
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WELCOME
You’ve got a business idea. You’ve decided to start a business. You want to get going.
But there’s a lot more to a good business than a good idea. You need to think things through to maximise your chances of success. Are you the right person to run the business? Will customers like your product? A business plan will help you turn an idea into a business. It needs you to think through all the parts of your business to plan how everything will work. It will take a few weeks to write if you’re going to do it properly. Some parts will be easier to complete than others. Stick at it because it’s not the final document that’s important, it’s the process. Although you want to have a good plan when you’re done, an OK plan is better than no plan.
THE BUSINESS PLAN
The Prince’s Trust Business Plan Pack
The best business plans aren’t long and complex; they explain only the most important information – what you want to achieve, how you will get there and the things you need to do along the way.
It’s best to tackle a business plan in small chunks. The Prince’s Trust Business Plan Pack can help. This is The Business Plan divided into sections to help you develop your business idea. You can use the information in The Guide to help you complete the sections.
The pack is also available electronically. Some of the sections of The Business Plan have tables to record the financial parts of your business. The tables are also available in MS Excel format and the sums in these are automatic.
The Prince’s Trust Enterprise programme
The Prince’s Trust has helped many young people to complete their business plans and start their own businesses. If you are aged 18–30 and unemployed or working fewer than 16 hours per week, then we might be able to help you. We have offices throughout the UK and in each, there is a team of Enterprise programme staff.
To take part, you need to be interested in self-employment and have a business idea that you would like help to test and explore. The programme can then help you to see if your business idea will work and whether self-employment is right for you. If through this process you find out it is, the programme can offer mentoring support and, if you really need it, financial support to start your business. However, if self-employment turns out not to be the right option, the programme can offer support to secure other goals in employment, education, training or voluntary work.
We can’t guarantee that your businesswill work or that we will be able to offeryou money, but if you are up for a challenge and want our help to explore your business idea, get in touch and come and meet us.
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CONTENTS
03GETTING STARTEDWhose plan is this?
04SECTION ONEExecutive summary
07SECTION TWOOwner’s background
09SECTION THREEProducts and services
10SECTION FOURThe market
12SECTION FIVEMarketing strategy
13SECTION SIXMarket research
14SECTION SEVENCompetitor analysis
17SECTION EIGHTOperations and logistics
20SECTION NINECosts and pricing strategy
21SECTION TENFinancial forecasts
25SECTION ELEVENBack up plan
02
££
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GETTING STARTED
Business and owner details:
Business name:
Owner(s) name:
Business address and postcode:
Business telephone number:
Business email address:
Home address and postcode(if different from above):
Home telephone number(if different from above):
Home email address(if different from above):
WHOSE PLAN IS THIS?
03
GETTING STARTED
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SECTION ONE
EXECUTIVE SUMMARY
1.1 Business summary:
1.2 Business aims:
1.3 Financial summary:
04
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ELEVATOR PITCH
05
SECTION ONE
1.4 Your business name:
1.5 Strapline:
1.6 Elevator pitch:
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SECTION ONE
06
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SECTION TWO
SECTION TWO
2.1 Why do you want to run your own business?
2.2 Previous work experience:
2.3 Qualifications and education:
OWNER’S BACKGROUND
07
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SECTION TWO
2.4 Training:
2.5 Details of future training courses you want to complete:
2.6 Hobbies and interests:
2.7 Additional information:
08
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SECTION THREE
SECTION THREE
3.1 What are you going to sell?
a product a service both
3.2 Describe the basic product/service you are going to sell:
3.3 Describe the different types of product/service you are going to be selling:
3.4 If you are not going to sell all your products/services at the start of your business, explain why not and when youwill start selling them:
3.5 Additional information:
PRODUCTS AND SERVICES
09
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SECTION FOUR
SECTION FOUR
4.1 Are your customers:
individuals businesses both
4.2 Describe your typical customer:
4.3 Where are your customers based?
4.4 What prompts your customers to buy your product/service?
4.5 What factors help your customers choose which business to buy from?
THE MARKET
10
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SECTION FOUR
4.6 Have you sold products/services to customers already?
Yes No
If you answered “yes”, give details:
4.7 Have you got customers waiting to buy your product/service?
Yes No
If you answered “yes”, give details:
4.8 Additional information:
11
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SECTION FIVE
SECTION FIVE
MARKET RESEARCH
12
5.1 Key findings from desk research:
5.2 Key findings from field research – customer questionnaires:
5.3 Key findings from field research – test trading:
5.4 Additional information:
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SECTION SIX
SECTION SIX
MARKETING STRATEGY
13
What are you going to do? Why have you chosen this marketing method? How much will it cost?
TOTAL COST
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SECTION SEVEN
SECTION SEVEN
COMPETITOR ANALYSIS
7.1 Table of competitors
14
Nam
e, lo
catio
n Pr
oduc
t/ser
vice
Pr
ice
Stre
ngth
s W
eakn
esse
san
d bu
sine
ss s
ize
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SECTION SEVEN
7.1 Table of competitors continued...
15
Nam
e, lo
catio
n Pr
oduc
t/ser
vice
Pr
ice
Stre
ngth
s W
eakn
esse
san
d bu
sine
ss s
ize
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SECTION SEVEN
7.2 SWOT analysis 7.3 Unique Selling Point (USP)
16
Stre
ngth
s
W
eakn
esse
s
Opp
ortu
nitie
s
Th
reat
s
Uni
que
Selli
ng P
oint
(USP
)
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SECTION EIGHT
SECTION EIGHT
8.1 Production:
8.2 Delivery:
8.3 Payment methods and terms:
8.4 Suppliers:
Name and location Items required and prices Payment arrangements Reasons for choosing of supplier
OPERATIONS AND LOGISTICS
17
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SECTION EIGHT
8.5 Premises:
8.6 Equipment:
If being bought
Item Already New or Purchased Pricerequired owned? second hand? from
18
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SECTION EIGHT
8.7 Transport:
8.8 Legal requirements:
8.9 Insurance:
8.10 Management and staff:
8.11 Additional information:
19
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Pr
oduc
t/ser
vice
nam
e
A N
umbe
r of u
nits
in c
alcu
latio
n
B
Prod
uct/s
ervi
ce c
ompo
nent
s
C
Tota
l pro
duct
/ser
vice
cos
t
D
Cos
t per
uni
t
E
Pric
e pe
r uni
t
F Pr
ofit m
argi
n (£
)
G
Profi
t mar
gin
(%)
H
Mar
k up
(%)
SECTION NINE
SECTION NINE
COSTS AND PRICING STRATEGY
20
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10.1 Sales and costs forecast
M
onth
A
Mon
th n
ame
Sa
les
fore
cast
B
Prod
uct/s
ervi
ce
C
Prod
uct/s
ervi
ce
C
osts
fore
cast
D
Prod
uct/s
ervi
ce
E
Ass
umpt
ions
(e
.g. S
easo
nal t
rend
s)
£SECTION TEN
SECTION TEN
FINANCIAL FORECASTS
21
12
34
56
78
910
1112
Tota
l
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SECTION TEN
£
10.2 Personal survival budget
Section Monthly cost (£)
A Mortgage/rentEstimated costs Council tax Gas, electricity and oil Water rates All personal and property insurances Clothing Food and housekeeping Telephone Hire charges (TV, DVD etc.) Subscriptions (clubs, magazines etc.) Entertainment (meals and drinks) Car tax, insurance, service and maintenance Children’s expenditure and presents Credit card, loan and other personal debt repayments National Insurance Other
B Total costs (£)
C Income from family/partnerEstimated income Part-time job Working tax credit Child benefits Other benefits Other
D Total income (£)
E Total survival income required (£)
22
PERSONAL SURVIVAL BUDGET
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10.3 Cashflow forecast
£SECTION TEN
M
onth
A
M
onth
nam
e
M
oney
in (£
)
B
Fund
ing
from
Th
e Pr
ince
’s T
rust
Fu
ndin
g fr
om
othe
r sou
rces
O
wn
fund
s
In
com
es fr
om s
ales
O
ther
C
Tota
l mon
ey in
(£)
M
oney
out
(£)
D
Loan
repa
ymen
ts –
Th
e Pr
ince
’s T
rust
Pe
rson
al d
raw
ings
E To
tal m
oney
out
(£)
F B
alan
ce (£
)
O
peni
ng b
alan
ce
C
losi
ng b
alan
ce
23
23
45
67
89
1011
12To
tal
Pre-
star
t1
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SECTION TEN
£
10.4 Costs table
Cost item What is included and how you worked it out Total cost
24
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SECTION ELEVEN
SECTION ELEVEN
11.1 Short-term plan:
11.2 Long-term plan:
11.3 Plan B:
11.4 Plan B continued...
BACK-UP PLAN
25
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princes-trust.org.ukOr call 0800 842 842
DSN1763 © The Prince’s Trust 2012 – all rights reserved. The Prince’s Trust is a registered charity, incorporated by Royal Charter, in England and Wales (1079675) and Scotland (SC041198). Registered Office: 18 Park Square East, London NW1 4LH.
For more information on The Prince’s Trust, go to:
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