Any tips or advice about how to write a business plan? (hospitality industry/ members club)
Replies10
- @Charlotte Simpson Sounds amazing! Thank you so much Charlotte :)
- Hey Pauline,Virgin Startup have a handy downloadable resource that helps you map out a plan https://www.virginstartup.org/business-plan-template-downloadBest of luck with your new biz!
- @Beatrice Garcia Thank you so much Beatrice, that’s really helpful.Your question reminds me a book by Donald Miller « Building a Story Brand »
- Agree with @Liana Fricker , here is a further resource on the Lean Canvas model. Best model i've used to date as really helps to condense your thoughts and focus on the main issue when building a business: What problem does your business help solve in the world?https://medium.com/@steve_mullen/an-introduction-to-lean-canvas-5c17c469d3e0
- @Liana Fricker Thanks Liana, I will have a look on it :)
- @Pauline Micmacher definitely use this. My company runs a free accelerator that uses the 'Lean Start Up' methodology to help established businesses and start ups test and validate new products and ideas. It was supposed to start in Feb but with the current situation we've moved it to March. If you're interested, DM me or head to this link for more info: https://www.theinspirationspace.co/in-action/new-beginnings-starts-february-2021
- @Liana Fricker Thank you very much Liana. I am in the early stages of my project so that’s helpful.
- Depending on what stage of development you're at, a Business Model Canvas is a great way to get all the key elements that make up a traditional business plan on one piece of paper. This is useful if you're still validating the idea or want a 'birds eye' view of your business. Here's a link to a useful video that explains how you can use it in more detail: https://www.youtube.com/watch?v=QoAOzMTLP5s
- @Sarp Metin, ACIM Hi Scarp,Thank you so much for your help :)
- Hello Pauline - formats, headings might differ depending the nature of the organisation it will be presented to, but from my experience in writing them, I'd list these must-have sections:- An executive summary- Thorough market research detailing current environmental conditions and future prospects- Internal/external environment analyses (SWOT, maybe a BCG matrix or equivalent, detailing reasons why the business will be preferable over other market competitors)- Listing initial investments, areas/equipment the amount will be invested in- Some financial projections, might additionally help if they are created with the help of accountant or are at least proofread by one (residing in the same country of your proposed business)Hope this helps,Sarp
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