General Guidelines

• Remember that the most important reason for preparing a business plan is to establish for yourself the viability and future development of your business proposal.
• A business plan is a common sense document. Avoid jargon and keep to the point.
• Don't be afraid to ask questions. The best sources of information are people already in business. Talk to your suppliers and to your potential customers. Have a look at what your competitors are doing.
• Be realistic. Financial projections should err on the side of caution.
• A business plan doesn't have to be a long document. A good business plan is one that explains succinctly and clearly to the potential lender or investor how the business proposal will succeed.

Typically, a good business plan will include information on the following:

Introduction / Executive Summary

• Business structure and ownership.
• The business idea.
• Brief overview of the business.
• What have you done with the business to date?
• What are your short term and long term objectives for the business?

Promoter's Background

• Personal details.
• Practical and professional experience.
• Motivation.
• Personal qualities.
• Include CVs of the Principals involved in the business (in the Appendix)
• Describe any business courses which the promoters have attended.

Description of Proposed Business

• Describe the product or service.
• Are there unique features?
• If a product, describe the production process involved and the availability of raw materials.
• What specific need/requirement will the business serve. Are there any innovative aspects to the project?
• What are the aims and objectives of the business?

Structure of the Business

• Specify the legal status and business name under which the business will trade.
• Specify any requirements needed under any statute or regulation, e.g. planning permission, health and safety, food safety, etc.

Management Structure / Staffing

• Describe how the business will be managed and staffed.
• Highlight any particular staffing skills involved in the business.
• Describe present employment (if any), projected increase in first year and projected increase in second year of operation.

The Market

• Describe any market research which you may have carried out.
• Describe the competition in the target market.
• Describe your proposed marketing strategy and how the product or service will be distributed and sold.
• Who are your customers and what are their needs?
• What are the future trends in the market for your product or service?
• How have you arrived at the prices for your product/service?

Operations

• Submit details of premises required.
• List machinery and equipment required including cost of each item.
• How will your product/service be produced and delivered?
• What are your production/output targets?
• Describe jobs that each employee will carry out.
• Other requirements, e.g. special storage facilities.

Investment & Financing

• Prepare a schedule showing the finance needed to start the business. Show the working capital requirement separately.
• What funding is available? Own resources, bank loans/overdraft, private investor, grants, etc.
• Prepare monthly Cashflow Projections for the first two years.
• Prepare two year Profit and Loss projections and Balance Sheets.
• Describe the assumptions made in your projections, e.g. credit terms for suppliers.
• If already in business submit recent set of audited accounts.

Conclusion

• Why do you think the business will be a success?
• What supports are you seeking?
• Why do you need the support?
• Why should you get the support?

Additional Information

• Quotations for building works, machinery and equipment (if applying for a capital grant).
• Letters of approval from lending institutions.
• Letters of intent from prospective customers (if possible).
• Any other material which might help explain your business, e.g. photographs, brochures, samples of product, etc.

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