How to start your business plan
Before you start writing your business plan it is useful to do some background
preparation. This includes:
Getting advice on business planning and checking available templates
and tools that can help you develop your plan.
Collecting and analysing information. Sources include:
Small business service providers eg NSW Business Advisory Service.
• Market research providers eg Australian Bureau of Statistics.
• Accountants and banks.
• Business peers.
Formulating your business goals
Your business goals should provide a clear picture of the business you will be
in over the next years covering:
What products and services you are going to sell.
The customer groups and their requirements you will be targeting.
The basis of your future success. What will make customers buy from you
rather than your competitors?
What business returns you are aiming to achieve.
Finalise your business goals after completing your market research.
This covers how your business will be structured and run, and what
management capabilities will be developed. It could also cover any legal
matters in relation to structure, intellectual property rights, licensing and
contractual matters eg with suppliers.
The Business Structure fact sheet provides more information on alternative
Based on your research, it is useful to undertake a SWOT: an assessment of
the business that covers:
Strengths you should
Weaknesses you need
Threats you need to
Put dot points under each heading which realistically and honestly reflect
your research and self assessment. Your business plan needs to develop
strategies to deal with identified issues.
A good plan is like a map,
helping you to find the best
path to achieving your goals.
Setting business goals helps you
to use yo