Developing Your Business Idea

Once you have identified your idea, the next stage is to develop your idea by creating a business plan. Funders and/or investors often require a copy of your business plan especially if you are requesting funds for more than one year. Creating a business plan can feel very daunting, particularly as this may be the first time that you have done this, however, there are a number of available online templates, many of which are free, along with lots of free support and guidance. 

What is a Business Plan? 

A business plan is just a written description of your vision for the future of your business, it contains information on what you are planning to do and how you are going to do it. Business plans commonly run for between 2 to 5 years. As a minimum it should state: 

• What your goals are 

• How you are going to achieve these goals 

• Any foreseeable challenges 

• How you will overcome these challenges 

• How you will structure your business 

• Any investment you will need 

• How the investment will be used 

• Who are the beneficiaries, how many will benefit 

More developed business plans could include: 

• The sector you intend to work in, what it looks like, potential opportunities 

• Details of management / staff team 

• Board members / trustees 

• Your values 

• How you intend to market your business 

Templates and Support 

There is a business plan template, a copy with examples and support document with tips on how to complete the template: Business Plan Template click here, Business Plan Support Document click here, Business Plan Template with Examples click here.  Full support can be provided by the Community Wealth Builder Team and more information is available from the following sources: 

A quick, simple one page business plan is available from the Social Business Model Canvas and is free to download https://www.socialbusinessmodelcanvas.com/ 

The School for Social Entrepreneurs provides a number of resources including writing your first business plan https://www.the-sse.org/resources/starting/writing-your-first-business-plan/ 

Free downloadable business plan templates are available from The Prince’s Trust, along with some top tips https://www.princes-trust.org.uk/how-we-can-help/tools-resources/business-tools/business-plans 

Information on how to complete cash flow forecasts and free downloadable templates are available from British Business Bank https://www.startuploans.co.uk/cash-flow-forecast-template/ 

It is also important to remember to revisit your business plan regularly; it should be a living document not one that is produced as a funding requirement and then not looked at again.  Use it to focus on what goals you have achieved,  

what are still outstanding and add in any new goals you would like to set.  Use the business plan as a tool to link your goals to members of your team, setting deadlines for completion and financial information. 

Be realistic and get a fresh pair of eyes (someone independent) to read through it to make sure that it makes sense and seems realistic. 

Community Wealth Builder delivers a number of training sessions including  

• Business Development Workshop 

• Moving Forward in Business 

• Be Impactful 

Please check out of training and events page for future dates and to book a place click here or contact the team on 01302 737375