Business Plan nightmare!!

[talented talons]

Hi Peeps,

getting on with my business plan, well kind of, and need some advice as to what did any of you do when u first started doing one?

I can do most sections, but when it comes to projections etc, i am stumped as each year is so different to the next. Especially with this credit crunch.

Any help or advice as where to look with this would be most appreciated.:lol:

 

[angelina221]

Oh good old business plans!
When i saw my bank manager i was a bit confused with the next 3 years projections, after all it is just guess work as you have no idea how things will pan out.
I think if you put your worst case scenario for the first year then anything over that will be a pleasant surprise.
2nd year usually 1 1/2-2 times the 1st year and year 3- 3 times.
To be honest i didn't really have a business plan and just filled it in when i got to the bank!
My business advisor was great. The banks just want something written down to go on.
Your advisor should be able to help as they do this on a daily basis so they have some idea of figures in your industry.
A projection is just an estimate and as such you can't really be precise .
Take into account ; revenue from product sales, revenue from service sales, payments to trade suppliers, utility payments, rent, wages, insurance, professional fees, advertising etc....
Take with you any information you have for what you need to pay out and you should be able to work out together with your advisor a good business plan.

 

[persianista]

Call business link. they have advisors who will help you, plus they can help with almost every aspect of starting a new business. good luck x

 

[YSL]

I would recommend this book which also has downloadable sections for you to use...
The Definitive Business Plan: The Fast Track to Intelligent Business Planning for Executives and Entrepreneurs (Financial Times Series): Richard Stutely: Amazon.co.uk: Books

 

[talented talons]

Thanks for all your help with this guys, its one of those things we have to do, but doesn't make it any easier.

I'm just such a perfectionist i always want to do it right. Nothing is set in stone though is it.

I'm just going to do the best i can and go from there.

Thanks again!