4 of 40

Write now Article Tools

Page 4 of 4

of your business too: office equipment, stock, furniture, fixtures and fittings. Vehicle insurance is also important, especially if you have more than one vehicle.

FINANCIAL PLANNING
Provide a Profit and Loss Forecast and a Cashflow Forecast for the first two years at least. Some investors require three year forecasts with an exit strategy (which basically means they get the return on their investment). Make sure you provide notes to go with the forecasts so that funders can see how you have arrived at your figures.

Once you have completed all the research necessary to populate your Business Plan, start road-testing. Keep reviewing your plan on a regular basis as you road test and as your business starts to take off. Update it and amend it as you go along, and use it to underpin your activity. It will help you to stay on the right track as your business grows.

Running a business requires determination, confidence, a belief in yourself, hard work, and a measure of good luck. By being proactive, however, you will make your own luck. Never sit on your laurels and wait for business to come to - get out there and get it...

And finally Good Luck. With good planning, and a lot of hard work, you are reducing the risk of failure, and are planning to succeed.

Learn more about this author, Emilie Wiseman.
Click here to send this author comments or questions.

• << previous page
• 1
• 2
• 3
• 4

Add your voice

Know something about What you need to know about starting your own business?
We want to hear your view. Write now!