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defining your plans
Coming up with an idea which is something you personally believe in (and won’t get bored with) and which presents a sound business proposition, is a difficult task. Often, new business ventures fail because they do not manage to fulfil these criteria successfully.It is also important to make sure that your idea allows you to employ the staff you want, makes enough turnover to keep everyone in a job and produces a service or a product which has enough market demand.
It is important to bear in mind that even though yours may be a community group or social enterprise in the “voluntary” sector you should take a professional and business like approach.
Once you have identified your idea and what materials you want to collect, process or produce, you will need to define and document it into a business plan.
Your business plan will then feed other plans such as your communications plan and operational plan.
Your business plan will also be vital in terms of securing loans, funds and financial investment in your business.
For all these reasons, it is important that your business plan is both robust and watertight.
This section gives access to on-line information and advice on how to develop an initial idea into a credible business plan.