Once you’ve conducted research into the feasibility of your new business you’re ready to write your business plan.

Your business plan is essential for your business – it’s your blueprint for the future. It sets the direction for your business and keeps you on track once you’re up and running. It’s also a requirement when you’re seeking finance.

Depending on what type of business you intend to start, your business plan could include these elements:

executive summary – a one-page overview written after your business plan is finalized 
introduction – explains the purpose and objectives of going into business 
marketing analysis – looks at the industry you are entering and how you fit in 
marketing plan – your marketing strategy 
operations plan – how you’ll set up the business, i.e. structure, location, regulations 
management plan – how you’ll manage your business 
financial plan – how you’ll finance your business, costing and financial projections.

Business planning is an ongoing business activity – you should regularly review and revise your business plan.