Business Plans - Top tips and where to get support
Who is this for?
This is for you if you want to develop a business plan to either start or develop your Tourism or Hospitality business in Northern Ireland and you need help with it.
Start-ups
Go for It is the start-up support package for Northern Ireland businesses. It is funded by Invest NI and delivered by the network of Local Enterprise Agencies across Northern Ireland.
You can find your closest Local Enterprise Agency here: www.enterpriseni.com
Existing businesses
If you are an existing business who wants to develop a business plan for growth or other reasons, then you may be eligible for support from your Local Council who run different programmes. Contact the Economic Development Department in your local council for details of their programmes.
Business Plan Top Tips
These Business Plan Top Tips are primarily for those In the Tourism & Hospitality Sector who are starting out in business and who want to develop a really worthwhile plan. However many of the tips are also relevant for those already in business who want to develop and grow their business and would like to put some structure around where they want to be in 2-3 years’ time.
1. Start by clarifying your Business Model
This will give you a clearer idea of what you will sell, what it will cost, who will buy it and where, where you will operate etc. and you can use this as a basis for your plan.
2. Do your research thoroughly
You need to be sure your business idea is what the market needs. Consider primary Research (your direct experience) and Secondary Research (what you glean from the market and sector overall).
3. Write at least the first draft yourself
It will be so much more meaningful and you are more likely to own it if you write it (or at least as much as you can) rather than ask someone else to write it all for you.
4. Decide who the reader will be
The reader has to understand the plan and you need to write it, not just for yourself, but with them in mind, whether a bank, an investor, a partner or a government funder.
5. Make sure it has a ‘Start, Middle and End’
This way it will have a good flow so that the reader will be able to understand where you came from, where you are now and where you want to go.
6. Write a fantastic Executive Summary
Many readers do not get past this first section and you want your Summary to be well written and attention grabbing so it drives the reader to finish the rest of the Plan. (And you should ideally write this section towards the end, after your plan is almost finished.)
7. Don’t make it too long or leave it too short – tailor this for the reader
Too long will leave them bored, too short will not give them enough information. For a standard plan, aim for 15 - 20 pages, with up to 10 more for Appendices, tailoring this to suit the reader and the type of business.
8. Use headings, bullet points, charts, tables, graphs, pictures
It gives the reader a much clearer, visual explanation of the business and it is a more interesting and engaging way to summarise the data or shows trends.
9. Show the plan to an independent professional
They will challenge you on key aspects better than a member of your family can and they will help you ensure there are no errors or typos and that it looks professional.
10. Develop an Implementation Plan
This way you won’t waste the effort you put into it by leaving your Business Plan to gather dust – instead convert it into a ‘Time-bound Action Plan with built in Milestones’ after you finish it.
11. Develop financial forecasts to fit your plan
It is important to understand the income, cost, cash and profit implications of your plan. You need to quantify your idea and ensure that it generates the return that your experience, skills, time and dedication deserve.
Start now. Take just one small step today and then another each day, until you have a first draft business plan to show to someone to help you finish it. Then implement it.
Remember the old adage that those who fail to plan, plan to fail.