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WRITING A BUSINESS PLAN

A business plan should give you an idea of what you need to achieve. Every business should have a plan and it should be one of the first tasks you complete before purchasing a property or starting out on an upgrade or extension

The Benefits of a Business Plan
If you want funding from an outside source they will always ask to see your business plan. A properly constructed Business plan will show to potential funding bodies such as the bank that you are approaching the project in a professional manner.

Other organisations, such as WAG/Visit Wales, will want to see your plan as part of any grant application (see funding and grants) that you may make.

The Plan will also as your business develops give you benchmarks against which you can measure how your business is doing.

How Do I Start??
The following are the important elements of a plan:

  • Introduce, in outline, your project and its location
  • Outline how you became involved in the business- and give details of your existing business e.g. number of rooms etc.
  • If a new business why you want to run an B&B/ guest House – and the details of the project
  • Who is involved? What is their background? If new to a business have you any relevant qualifications?
  • What are you objectives for the business?
  • Outline which sector of the market you are trying to appeal to. (See the Sales & Marketing section of whodoiask.com)
  • An estimated cost of the development and or the purchase
  • The cost of any equipment, furniture and fittings
  • A valuation of the property pre and post development
  • An outlined profit and loss account with cashflow (click here to see an example of a cashflow statement)
  • An estimate of how much money you want to borrow and over what period
  • The security you can offer-this is usually the property
  • Names of your solicitors, accountants and if building is involved your architect

Who can help you?
Contact Business Eye www.businesseye.org.uk/ who will provide impartial free business information.

You will need accountants at some point to assist. Either the ACCA www.accaglobal.com (professional association of accountants) or the Institute of Chartered Accountants www.icaew.co.uk both have members throughout Wales who are use to dealing with small tourism businesses. You can search their web sites to find the nearest accountant to you.

Documents
As part of your plan banks and other funding bodies will want to see the following (where relevant), especially for larger projects:

  • Copies of planning permission-building regulations applications and any other legal permissions required required
  • Architect or quantity surveyors estimate of the cost of the project
  • Contractors itemised estimate

To download this document please click on one of the following links:

Your Business Plan (Word Document 107Kb)
Your Business Plan (PDF Document 125kb)

Grants and Funding

Cashflow Example

Marketing

 


Your Business plan helps you to see what you need to achieve with your business.

Your business plan lets other organisations see that you are serious about your business.

You will need a clear Business Plan if you need to borrow money or if you want o apply for a grant