business plans

[slipstream 1985]

Do you need them? Will it be impossible to run or start a business without one or more importantly will you be able to get finance? Im very paperwork averse and often have things figures etc worked out in my head. Infact during my last job i was occupying my mind with working out the margins and percentages on this potential business idea.

The business would require no staff except myself and instantly make a profit but requires a large capital investment to start with.

Any thoughts would be appreciated.

[Stu R]

Depends on the business really. I doubt it'd be detrimental to many businesses to have one though. I'm guilty of making them and sticking them in a box file to be forgotten about, rather than taking the 'living document' approach, but my business didn't require the input or funding of anyone else.

I've read a ton of them and most people get quagmired in trying to sound professional and 'pitchy'. I prefer quick, honest and more CV like with financials and marketing plans done separately but referenced. Keeps the important points from getting buried in buzzordy BS.

If you're trying to secure funding, I'd expect to have to create one.

[Simpo Two]

Stu R said:

If you're trying to secure funding, I'd expect to have to create one.

That.

But if you're self-funding I'd say it's more down to your skill at marketing and selling and office admin, not guessing numbers to put in boxes.

It is all very well saying 'We'll turn over £1M in Year 2' - but you cannot know this. What you need is orders (that you can fulfil).

[Frimley111R]

I'd say, 'No' but bear in mind it doesn't need to be 100 pages. It could just be the basics o how much it costs you to find work and how much you will make and profit margins etc.