Free business advice for startups & writing a business plan
Are you looking for some free business advice for startups? Do you want some help with writing a business plan? If yes, this post is for you. There’s information on writing a business plan and some free business advice London tips from Maximum Solutions Consulting Ltd.
Before you start your own business, it’s important to be prepared. As a business owner myself, I cannot stress enough the importance of research and writing a thorough business plan.
Writing a business plan
You’ve had that lightning bolt moment and come up with a great business idea. Now you want to put your idea into action. Have you thought about writing a business plan? The Government has put together some free business advice for startups and how to write a business plan here.
It’s important to research your business idea thoroughly, including any existing or known future competition. More importantly, think about the timing of your business idea. i.e. is the market ready for your business idea? Has someone else already beaten you to it? What impact could this have on the success of your startup? Also, what does success mean and look like?
Writing a business plan is key to ensuring your business idea is carefully planned and organised. It can also serve as a checklist for initial set up actions. More importantly, you will need a business plan if you’re considering raising finance. For example, from investors, crowdfunding or maybe a loan from an organization like The Startup Loans Company.
Best practice for writing a business plan, include the following:
- An executive summary, which includes your business name and location. It also includes a brief description of the products or services, company values and a mission statement
- A high-level business overview, which includes a summary of the legal structure, products/services and customers and suppliers. In addition, growth plans, including short and long-term goals. Include an organisational chart, details about the business owner, roles and responsibilities
- Products or Services, which is a more detailed and thorough look at your service offerings. e. benefits, copyright, patents etc., research and development
- Market Analysis, which is a more detailed look at your competitors. Include the advantages and disadvantages you have over the competition (to identify any gaps), target customer/market segment, including size and demographics
- Marketing Strategy, which is a detailed look at how you will enter the market and promote your business. Be sure to include costs, logistics and distribution
- Financing, which includes how you plan to finance your business and a back-up plan if anything falls through. It’s good practice to include at least a 12-month cash flow forecast. This includes any known committed and contracted costs as well as a forecast for other costs. Be sure to carefully forecast your planned revenue, based on your marketing strategy and any other factors that may influence revenue. Consider invoice payment terms and when revenue will hit the books
Remember, things change and so your business plan needs to be flexible and kept up to date. Prepare for the unexpected to mitigate risk, reduce duplication and waste. This will help your business operate efficiently, which in turn helps cash flow.
YouTube Channel & free business advice for startups
Steve Wyatt, Business Advisor London has published several short videos to help entrepreneurs, small business owners and managers. If you’d like to browse the available free business advice for startups, please click here.
Maybe you want to learn more about business advisory services or you have a specific area you’d like some free business advice and tips on. If that is the case, please browse the short tips videos listed below:
- Making the Jump from PAYE to Self-Employed
- 5 Tips to Help Startups
- Tips to Ensure Good Cash Flow
- Marketing your Business
- 5 Tips to Ensure Good Customer Service
- Making your Business Efficient
- 5 Tips for the Effective Utilisation of Resources
- Tips Reduce Duplication and Waste Part 1 and Part 2
- GDPR Compliance Part 1 and Part 2
- Tips for Mitigating Risk
Free business advice blog posts for startups
Under the ‘Business Advice’ category, you will find some free business advice for entrepreneurs and small businesses and articles on:
- What are Business Advisory Services?
- How to find a business advisor
- What is good customer service
- and more
Business Advice London from Maximum Solutions Consulting Ltd
For further information about Maximum Solutions Consulting Ltd.’s business advisory services London, click here. This will take you to the Business Advisory Services London webpage.
To arrange your free no obligation call, please click here. This will take you to an online contact form, where you can submit a summary of your needs. Alternatively, you can send an email or make a call now.
Other sources of free business advice for startups
For anyone wishing to set up a business in the UK, the Government has a website complete with lots of free business advice for startups. Click here if you’re about to get started, which includes sections for established startups, wishing to grow and accelerate.
Start Your Own Business
Start Your Own Business is a good for free business advice resources and information, which you can find here.
The Princes Trust also provides a useful list of free business advice services, which you can access here.