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Give some serious thought to this, as it is this that will give you the edge over your competitors.

MARKETING PLAN
Marketing is not just about sales or advertising, it is about how you reach your customers, and give them what they want so that they will repeatedly buy your products and services. One of the most effective ways of "selling" your products is through word of mouth or recommendation. Encourage satisfied customers to talk to their friends and colleagues. In this section you should consider the following headings:

The 4 Ps - Price, Place, Promotion, Packaging

Promotion is about how you reach your customers. This can be achieved through advertising, direct marketing, referral and recommendation, and so on... (A more in-depth article on Marketing Planning will be available soon).

Place can be important for many business. For example, retail businesses that rely on passing trade may need a High Street location. Web-based businesses don't need to spend money on premises, but will need to spend on advertising to the online and offline communities to attract customers to the website. Place is therefore "fit for purpose". Don't be tempted to spend unnecessary finance on fancy premises if you don't need them.

HUMAN RESOURCES
As already mentioned above, potential investors will want to see a strong management team which will include a mix of skills and experience. If your business lacks a particular area of expertise, give some thought as to how you will overcome this. Perhaps you will outsource this aspect of the business, maybe you will recruit a business partner, or maybe a potential investor will play a more active role in the business. You will also need to pay attention to how you will recruit staff, and the legal issues concerned with employment law.

LEGAL ISSUES
Legal identity of business structure - will your business operate as a sole trader, partnership, limited company or limited partnership. Do your research and decide which is the best for the purpose of your business.

Licenses
Does your business require any licenses to operate? Food licenses, etc. Check with your local council.

Inland Revenue and Customs and Excise
None of us can get out of paying our taxes. Make sure you keep within the law and register your business to the appropriate authorities.

Insurance
Most industries and businesses are now required to have Public and Employers Liability Insurance. Get the best insurance you can afford. We live in a litigous age. Don't forget to insure the contents

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