Creating A Business Plan - Any Advice?

[mo3art]

We're at the research stage of possibly our own business and need to start with a business plan. Does anybody have any advice on creating a good business plan/any resources they don't mind sharing such as internet links etc?

Basic Background:
We have an option to purchase a "going concern" retail business for a reasonable price. We will have to borrow some money to purchase the going concern and thus need a business plan to bring to the bank.
We won't be entering into any agreements until we see the vendor's accounts for the past 3 years & speak to as many advisors as possible! We're also looking into the option of offering the vendor a golden handshake deal of a share in the profits in order to bring down the purchase price and thus the captial required at the outset.
I've already done the local County Enterprise courses in Business Startup.
Thanks a million
Mo

 

[Figment]

I started with the software Business Plan pro but only really used it for structure. The templates it provides are not very good.
From there, just write, re write and write again
And no matter how pie in the sky the projections are, they need to be in there and they need to add up.

 

[gauloise]

I got a book from my local enterprise board that you basically had to fill in to create the business plan but the most crucial element of the plan should be your cash flow projections over the next 3 years..take plenty of time to get this right as banks/grant bodies will give it close scrutiny. Best of luck!

 

[mo3art]

Thanks for the advice, much appreciated

 

[contemporary]

some good templetes here

other than that, cashflow, cashflow, cashflow, cashflow

also are you matching what you are looking for from the bank, if no expect securities and the age old will you remortgage question

 

[ivorystraws]

I was reliably informed at a lecture yesterday evening in the DCU invent center that the Marketing Plan is the heart of any Business plan and that on average, 30 seconds is spent purusing a business plan where the executive summary , business financial projections and the marketing parts are the most important.
I too used Business Plan pro as a template and evolved the business plan from there.

 

[dam099]

Any cashflows you are preparing ought to use as a starting point the last 3 years financials you are requesting from the vendor.

Then factor into to these any changes you are intending to bring to the business such as for example

1) Finance charges for the money you will need to borrow
2) The golden handshake deal if you go down that route and depending on how you structure it
3) Any money you intend to spend on improvements to the business
4) Any anticipated changes in sales based on your plans for the business
5) Any cost savings you think you can wring out of the business
etc.