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Do you write business plans?

Nov 29, 2010
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Wales
Hi all,

Just a random question to everyone on these forums, as i'm curious as to whether everyone does this. Before starting up a new business project, do you go about writing up a business plan?

I know it is ideal and sometimes required to write up a business plan before big projects where investment and funding is needed, but do you write one up for small business ideas, i.e. ecommerce store, ebay, amazon store?

Regards,

Calum
 
Re: Business Plans... do we all write them up?

Probably not, but i would always advise that you do. There is nothing like putting something down on paper and re-reading it to highlight errors or issues and also to start the think tank working on alternatives or better strategy..............

It also sets targets and goals which can be measured and comment on in the future...........so for the sake of a few solid days...............well worth it!
 
Re: Business Plans... do we all write them up?

A few scribbles on the back of an envelope is pretty much all I need LOL!

Have to admit :rolleyes: I DID go into my bank "on spec" to see if they'd give me a business bank account ... without anything in writing whatsoever - not only did I get into the manager's office, but I was offered a cuppa & bikkie & "no bother, sure write down what you've said & it'll be grand"

Mind you, that was just before NAMA ... :lol::lol::lol:

But still & all, if you have a clear vision & can explain it in simple terms, I reckon it'll take you anywhere! :clap:
 
Apr 24, 2007
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60DBP
Re: Business Plans... do we all write them up?

I do not write business plans, at least not proper ones.

What I do is take a blank A4 notepad and write down all the details, necessary funding, sales projections etc. This still provides me with all the necessary information without empty talk and fluff usually needed for properly formatted business plans. I do not borrow money from banks - only invest my own money in new projects, hence I write my business plans for MYSELF.
 
Jun 28, 2010
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Re: Business Plans... do we all write them up?

The other week I put my business plans for the next 12 months on paper

Took it to the bank, who then offered me a cash injection :o

Just shows 2 things
1. A well wrote business plan can impress the bank manager
2. To my surprise banks are lending to small businesses (if above applies)

BTW did,nt take the cash. But its there if needed, anytime.
 
Aug 22, 2009
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Kings Lynn, Norfolk
Re: Business Plans... do we all write them up?

I do not write business plans, at least not proper ones.

What I do is take a blank A4 notepad and write down all the details, necessary funding, sales projections etc. This still provides me with all the necessary information without empty talk and fluff usually needed for properly formatted business plans. I do not borrow money from banks - only invest my own money in new projects, hence I write my business plans for MYSELF.
Very similar to what I do
 
Re: Business Plans... do we all write them up?

I've got a little note pad like Tom from the apprentice which I write all my ideas in. :p

Lol :clap:
 
Apr 9, 2007
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Re: Business Plans... do we all write them up?

Personally no, i don't have a business plan.

Been in business for coming upto 4 yrs now, never needed too but i do set targets for the future. Ie, i have 12 month target, 3 yr target and 5 yr target. I like to work towards something, if not you just go stale.

To be honest, i don't think banks care too much about business plans, mainly because everything as far as lending goes is computer generated, the computer said yes or the computer said no.

From my experience, banks will go by credit rating of the business and of the person applying for finance. My bank HSBC are terrible of lending to businesses and I give up asking. Even, when we have confirmed purchase orders they still wont back us, but luckily we don't need the backing these days anyway!

If you are looking for investment from investers than yes you will be a complete business plan in writing i have read a 5 yr plan. May be right or wrong on that.

Good luck, Chris.
 
Mar 22, 2009
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UK
Re: Business Plans... do we all write them up?

The other week I put my business plans for the next 12 months on paper

Took it to the bank, who then offered me a cash injection :o

Just shows 2 things
1. A well wrote business plan can impress the bank manager
2. To my surprise banks are lending to small businesses (if above applies)

BTW did,nt take the cash. But its there if needed, anytime.

Obviously without you divulging too much info but were the rates competetive?, I'm after 10k with 3k in myself, were they talking that kind of figure?

I know its different for each person but just trying to see if I have a hope in hell :-)

Thanks,
 
Re: Business Plans... do we all write them up?

It's all up here *taps head*

I don't really write anything down unless i am illustrating it to other people. I however do not recommend this as i have forgotten multiple ideas :lol:
 

DJW

Jun 13, 2011
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UK
Re: Business Plans... do we all write them up?

The same as Andy & Gary, hoping to get a spray boothe financed (answer any day now) and secured a £2000 overdraft and raised 5000 capitol.

No plan just a spread sheet with all the info relevant to myself.
 
Jun 28, 2010
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Re: Business Plans... do we all write them up?

Obviously without you divulging too much info but were the rates competetive?, I'm after 10k with 3k in myself, were they talking that kind of figure?

I know its different for each person but just trying to see if I have a hope in hell :-)

Thanks,

With the overdraft fee and interest rates at % above base rate, worked out at
around 12-13% interest in total on the amount they offered
 
Jan 3, 2009
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uk
my business plan is in my head,
I set my self growth targets that are recorded in my excel accounts
 
Jun 19, 2010
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I have a business plan 44 pages long. This has long terms goals of targets, figures, Market research operation etc.

However what I did is then simply it for my short terms goals every 12 months so write my operations, marketing etc every 12 months with the aim of then reaching my long terms business plan goals. Might sound long but have everything on paper for me means I don't forget anything.

Also I have about 60 odd A4 pages that I've scribbles stuff on in pen which I go back through from time to time and amazingly find something interesting.

Really good to note everything down.
 
Very interesting discussion. I was just having a hard time writing a business plan.
 
Very interesting discussion. I was just having a hard time writing a business plan.
As for me, a written business plan speaks of the responsible approach of an entrepreneur to doing business. Of course, it is not possible to foresee all the nuances at the start, but it is still necessary to prepare a strategy that the entrepreneur will follow. In practice, preparing a business plan is not as easy as it might seem at first glance. Helps a lot in this - business innovation game This is how communication and exchange of experience with other entrepreneurs takes place in a playful way, ideas are generated that can be written in a business plan. Try it.