I Network

It is essential to have a realistic, sensible and well thought out business plan when thinking about starting up any new business venture.

A business plan is basically a document that once completed, allows you to determine and plan for the future of your business. It can also be used to secure any funding which is required as well as provide you with a forecast on everything from your running costs to projected income.

This guide will show you how to prepare a high-quality plan using a number of easy-to-follow steps.

The audience for your business plan

There are many benefits to creating and developing a realistic business plan. Even if you are to use it just for your own purposes, it will will allow you to:

• Spot any problems before they happen.
• Effectively forecast the financial area of your new business.
• Allow you to focus on any areas that you may need to develop.
• Be used as a blueprint for the success of your business.

Many people use a business plan simply for the purpose of recieving funding from an investor or though a loan from their bank.

The following will request to see your business plan if you are looking for funding.

• Banks.
• External Investors.
• Grant Providers – such as your local enterprise board.
• Potential Partners.

Review, change and implement

You should always look at reviewing you business plan at regular intervals to ensure that you are on track with any targets which you have set out.

When reviewing your business plan, you must quickly point out any problems you are having in achieving your targets and be able to quickly make any adjustments.

Reviewing your business plan will allow to also look at ways in which you can develop your business and how any development on your business will be implemented.

What your plan should include

Depending on the type of business you have, or are about to setup, depends on what will be included in your business plan. However, most business plans should include the following:

An executive summary

This is a vital area of your business plan which should include an overview of your business. Many judgments from investors are made on this section of the plan.

Business Description

This section should include information such as who you are, what you are going to provide and to who.

Marketing and Sales Strategy

How you are going to sell your product or service and why they should decide to use your product or service.

Management and employees

This section should include a comprehensive description of your own credentials as well as the kind of people which you will need to employ and the skills which they will need.

Operations

This will include information on the kind of premises you will be working from, the facilities and machinery you will be using along with any IT solutions which you will need to acquire.

Financial details

This area determines the financial forecast of your business.

Document

The following document is a template that will show you in more detail the information that you will need in your business plan.

• View the I Network template business plan (PDF)

If you are currently unemployed, on the Live Register and would like to become self employed then Breffni Integrated is an agency that can hep you to achieve this.

There are many services that we provide to our clients to help them obtain the necessary skills in running a successful business.

These include:

• Mentoring: A one to one meeting with professional consultants who can answer your questions and help you overcome any fears and obstacles during the pre enterprise start up stage.
• Loan Fund: Breffni Integrated has strong ties with many lending institutions including Cavan County Enterprise Fund, First Step, the banks and Credit Unions.
• Training Courses: We offer a number of training courses from Start Your Own Business training courses to Basic Book Keeping training.

The Back to Work Enterprise Allowance Scheme

A special scheme exists for those who are unemployed. This scheme entitles those eligible to keep a portion of their Social Welfare payments on a gradually reducing scale over two years while also being self employed.

To be eligible one must be in receipt of Job Seekers Benefit payments for at least 12 months with an underlying entitlement to Job Seekers Allowance. Other qualifying payments for at least 12 months include One – Parent Family Payment, Carers allowance, Invalidity Pension etc. A shorter scheme also exists for those on Jobseekers Benefit i.e. those who have been made redundant from their previous employment to become self employed and retain their Jobseekers Benefit payment for the duration of that entitlement.

Periods spent on FAS, CE, VTOS, Social Economy Programme, JI, Failte Ireland, Back to Education Scheme, Teagasc or FIT is accepted as a period of unemployment.

Furthermore you may also be entitled to keep your entire secondary benefits e.g. medical card, mortgage supplement, back to school allowance etc.

To find out more please feel free to contact Terry Hyland using the details on the right