setting up a business |
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Key term
A business plan is a written document that describes, a businesses goals and the objectives to achieve them. The document will include details of ownership, finance and marketing.
A business plan is a written document that describes, a businesses goals and the objectives to achieve them. The document will include details of ownership, finance and marketing.
Stretch & challenge: Why might some businesses owners decide not to write a business plan?
Information
Although business plans are time consuming to draw up, most businesses (especially new businesses with inexperienced owners) will create one. Benefits include:
Although business plans are time consuming to draw up, most businesses (especially new businesses with inexperienced owners) will create one. Benefits include:
Task 3
Imagine that you were a bank manager being asked for a loan to a new entrepreneur wanting to set up their first business. What would you want to see in the business plan?
Imagine that you were a bank manager being asked for a loan to a new entrepreneur wanting to set up their first business. What would you want to see in the business plan?