business plan for start up uk

Creating a business plan for your startup: step-by-step guide

You’ve had a great idea for a startup or new business. Now you need to make sure it all makes sense and create a document that shows how and why your business will succeed.

Every company is unique and this will be reflected in its business plan. The steps below can be tailored to your requirements but should ensure the key elements are all included.

Step 1. Set out your stall

You may be clear about what will make your new business great, but you need to be able to communicate that to investors, customers and other stakeholders. An effective business plan will often start with a clear statement about what the business will do, and what product or service it will sell.

Step 2.  Set clear goals

Do you want to takeover the world or just a small corner of it? Is creativity, social impact or innovation more important than maximum profit? Decide on the business, financial and even personal goals you want to achieve in the short and medium term.

Step 3. Explain your product

Describe what your product or service will be, and what makes it unique or different. What are its limitations or downsides? How will you make, develop or source it?

Step 4. Introduce your customer and market

Who is your target customer and how big is your potential market? The better you understand the customer, the more likely you will create something they will buy. Market research is critical. Consider how you could test the market and assess demand with a Minimal Viable Product.

Step 5. Explain your sales and marketing approach

How will you make potential customers aware of your product or service? Marketing and advertising costs are often underestimated, especially in a crowded market with a lot of competition for customers. Will you have time to do the marketing yourself or will you need to hire staff or outsource tasks?

Step 6. Consider variable costs

These are the costs associated with the product or service itself, including manufacture, storage and delivery. For a digital business this could include development and testing.

Step 7. Estimate fixed costs

There will also be fixed costs that you will need to pay no matter how much you sell. These could include salaries and wages, National Insurance, tax, office costs, accountant’s fees, bad debts, interest payments and rates.

Step 8. Work out your pricing

Take the cost of the product or service away from the sales price and you have your gross profit. Subtract your overhead costs for the relevant time period and you’ll start to have an idea of how much you’ll need to sell to make a profit. There are various pricing models and you may need to experiment to find the right one for your business.

Step 9. Evaluate the competition

Identify other businesses that could compete for customers. Make a list of factors related to their product or service – everything from cost and service level to features and reputation. Assess your idea against the competition to spot risks and opportunities.

Step 10. Crunch the numbers

Financial calculations and forecasts are at the heart of a business plan. They could include capital requirements, profit and loss forecasts, cashflow forecasts, required assets and funding requirements. How much startup capital do you need and what runway will that give you before more investment or revenue is required?

Step 11. Decide on a legal structure and business organisation

Will you be a sole trader, limited company or set up a business partnership, perhaps with a co-founder? Do you need staff and will they be offered any equity?  What access to advice and expertise do you have – and what will you need to pay for?

Step 12. Assess the risks

With so much disruption and uncertainty it has never been more important to assess the risks your business may face. Be honest about gaps in the founders’ knowledge or experience and look to fill them. Work out contingency plans and stress-test your assumptions.

Step 13. Iterate your approach

A business plan should be an evolving document that reflects what you are learning and the data and insight that is being collected. The sections may need to be adapted or added to, depending on the nature of the business, its sales model and type of funding.

Step 14. Talk to Barclays Eagle Labs

The Ecosystem Managers at Barclays Eagle Labs are used to working with founders and entrepreneurs at the start of their business journey. They can advise you on approaches, considerations and next steps. Find your nearest Eagle Lab here.

Step 15. Find a business plan template to suit your needs

There are numerous business plan templates online with some specifically tailored for startups. No two are the same, so it pays to search widely and borrow from multiple sources to create the business plan that best fits your circumstances and concept.

This Barclays Business Plan Generator is a great first step in clarifying your business idea.

Barclays (including its employees, Directors and agents) accepts no responsibility and shall have no liability in contract, tort or otherwise to any person in connection with this content or the use of or reliance on any information or data set out in this content unless it expressly agrees otherwise in writing. It does not constitute an offer to sell or buy any security, investment, financial product or service and does not constitute investment, professional, legal or tax advice, or a recommendation with respect to any securities or financial instruments.

The information, statements and opinions contained in this content are of a general nature only and do not take into account your individual circumstances including any laws, policies, procedures or practices you, or your employer or businesses may have or be subject to. Although the statements of fact on this page have been obtained from and are based upon sources that Barclays believes to be reliable, Barclays does not guarantee their accuracy or completeness.

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How to start a business: an 11 step guide to success

Our experts, written and reviewed by:.

In the midst of rising energy bills, continued threat of recession, and a cost of living crisis, you might be surprised to learn that now is still an excellent time for entrepreneurship in the UK.

Despite the economic backdrop, analysis of Companies House data reveals that more than 436,000 businesses were registered in the UK between January and June 2023, an increase of 8% from 2022. On average, 101 new businesses were registered every hour in the first half of 2023, according to iwoca, a small business lender.

Anyone can start a business – you don’t need impressive funding or a big-league degree in order to begin. What you do need, however, is a set of actions, a realistic time frame, and a clear goal to work towards.

We’ve collaborated with some other small business founders on the below guide to help you get started. Read on for our step-by-step formula to starting a business in 2024:

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This article will cover:

Step 1: come up with a business idea, step 2: research your idea, step 3: create your business plan, step 4. choose your business structure, step 5. get funding, step 6. register your business, step 7. set up shop, step 8. build your team, step 9. choose your suppliers, step 10. launch your business, step 11. grow your business.

• Starting a business: FAQs

Ironing out your business idea and operating model

Every budding entrepreneur starts off with a rough idea of what they want to achieve. The first step is to take this general ambition and turn it into something specific and measurable. 

While this might sound daunting, at this stage you simply need to be able to answer ‘YES’ to the following top-level questions:

1. Do you know if you want to start a side-gig or a full-time company ? 2. Do you know what product or service you want to sell? 3. Do you know if you want to sell online or in-person? 4. Does the idea fit your skillset ? 5. Do you know what industry you want to sell in?

What is your business idea?

If you’re looking for inspiration, have a read through our business ideas pages . Every year, we research the emerging industry trends to identify the most likely routes to success – as well as the cheapest ideas to get going quickly on a budget.

• Best business ideas
• Best cheap business ideas
• Starting a side hustle
• Recession-proof business ideas

Are you starting a business in a specific industry? Click through our How To guides to find your niche. Or, go straight to five trending new business ideas , as listed below:

• 🩺 How to start a care agency
• 👶 How to start a day nursery
• ☕ How to start a cafe or coffee shop
• 🏋️‍♀️ How to start a gym business
• 🛍️ How to start a retail business

💷 Want to start selling on a budget?

Two of the cheapest business models that you can start up with only a small savings pot include dropshipping or selling on Amazon .

In comparison, starting a gym business is an expensive venture up-front, thanks to pricey equipment and premises rental costs.

Lots of businesses launch from a personal need. Sanjay Lobo MBE was inspired to start the volunteering platform onHand when he needed a cheaper way to get carers for his dad, who had Parkinson’s.

Conducting market research, market analysis, and competitor analysis 

🔍 Market research

The aim of market research is to build up a complete dataset of who your audience base is, including age, gender, and socioeconomic status. Typically, it takes the form of a physical or online survey. Here are the key questions you should ask:

• Who is your target customer or client? Where are they based?
• What products or services do they already use that you’ll compete with?
• What makes your product or service worth the money?
• How much would your target customer or client be willing to pay?

Top tip: Your market research must not involve family or friends. Aim to get a truly randomised set of respondents that will give you an accurate, unbiased reflection of your business idea.

🔍 Market analysis

Once you’ve completed your market research, you should carry out broader market analysis to see how your audience findings might align with any current sector challenges and opportunities. Market analysis uses a combination of field research and desk research .

Field research = market reports, news articles, and competitor websites. Desk research = feedback from market testing like customer questionnaires or focus group feedback.

🔍 Competitor analysis

Finally, it’s time to check out the competition. Download a free competitor analysis template to evaluate what options your target audience currently have. That way, you can identify any needs that aren’t currently being met.

List the key information about your competitors:

• Business size
• Product/service offering
• Sales channels
• Strengths/weaknesses
• Direct or indirect?*

*Competitors take two forms: direct or indirect. Direct competitors sell the same or similar products or services. Indirect competitors sell substitute or alternative products or services

Sarah McNena and Joelle Drummond founded low-alcohol, zero-carbon brewery Drop Bear Beer Co. after they couldn't find any similar product idea during market research.

Downloading a business plan template to build your strategy

Business plans are often thought of as a tool for attracting investment. Even if you’re not interested in raising capital straight off the bat, a business plan is a solid roadmap to launch your business.

Our comprehensive guide to how to write a business plan has more information about what to include. Here’s a quick overview:

✏️ Business description and objectives

A business plan should include all of the below strategy materials to give the reader an idea of how you will run your business, and what your idea of success looks like.

• Elevator pitch
• Company mission statement
• Core company values
• Organisational culture

📊 Financial analysis

Entrepreneurs are often surprised at the average cost of starting a business. Recent estimates put the figure at around £12,601. To demonstrate that your business idea is financially viable, your business plan needs to include a cash forecast.

A cash forecast is a thorough plan of your expected startup costs (how much you’ll spend getting set up) and business overheads (how much you’ll spend when you’re up and running).

What are startup costs?

Startup costs – also known as sunk costs – are the fees associated with launching your company. No matter if your firm succeeds or fails, you can’t get them back as they will already have ‘sunk’ into the business venture.

Your startup costs will differ depending on your operational model (online firms won’t need to pay for office space), but here are the most common for new business owners:

• Paying your salary 
• Paying any employee salaries
• Loan or grant repayments
• Labour costs
• Insurance (including Employer’s Liability Insurance if you decide to hire staff)
• Software costs
• Office rental costs
• Making a website or hiring a website designer

The financial analysis section in a business plan should also outline a company’s expected sales revenue. This can be calculated based on how much you expect to make from any products or services – also known as your pricing strategy .

Subtract this from the total of your cash forecast and you’ll be able to find the point at which you’ll start making a profit – also known as the break-even point .

Top tip: Complete a business continuity plan to outline how your business will stay afloat in the event that you run out of money.

🚀 Marketing and sales plan

The business plan should also provide details on how you plan to stand out from competitors through your marketing strategy. Mention what your USP is, where and how you will advertise it , and any associated advertising costs. 

For example, your strategy could detail whether you intend to use social media to reach customers through Twitter or Instagram. We’ll go into more detail on marketing tips and tricks in the ‘Branding’ section below.

Selecting a business structure that best fits your growth plans

To register your business, you’ll first need to choose your company structure. 

You can either start as a sole trader, a partnership, or as a limited company. All of these have different tax rules and liability considerations. The most suitable option will depend on how quickly you plan to scale up your business.

• Sole trader . You’ll own the business exclusively and be entitled to all profits – but also liable for any losses.
• Partnership. Similar to the option above, but profit and liability are split between all founders.
• Limited company. A private company where your liability is only tied to the amount you have invested.

Register as a sole trader if you are:

✔️ Not sure how profitable your business will be

✔️ Prefer simplicity

✔️ Don’t want lots of admin.

Register as a limited company if you are:

✔️ Sure your business will be profitable

✔️ Sure you will grow quickly

✔️ Wanting to work with agencies

Which is cheaper? Sole Trader vs. Limited Company

It is important to note that the startup costs for a sole trader are much less when compared to a partnership or corporation. 

All you need to become a registered sole trader is your national insurance number. Partnerships need to cover the legal cost of drafting a partnership agreement and other registration fees.

However, there is a tax incentive for registering as a limited company. Sole traders pay 20%-45% income tax, whereas limited companies pay upwards of 19% corporation tax.

Top tip: You can always change your business structure down the line but don’t make the decision too quickly. The differences between your business structure are substantial and are worth proper consideration.

Funding your business using grants, loans, and private equity

Unsurprisingly, funding is often cited as one of the biggest barriers to setting up a new business, which makes it a very important step to get right when starting up.

According to analysis by CB Insight, 38% of ex-startup owners cite running out of cash as the main cause for their firm’s closure.

How can I fund my business?

There are a lot of different sources of business finance . Among the most popular for startups are:

• Business loans
• Small business grants
• Angel investors
• Venture capital
• Equity crowdfunding 

That said, the startup funding world is a big place to conquer. We’ve come up with a detailed list of the 10 best alternative ways to fund your business, helping you explore every possible financing route.

📞 How do I find an investor?

Talking to peers, such as friends or family members, is a good source of small grassroots funding. In fact, successful business owners have told us it was the key ingredient to starting a business .

More ambitious, limited company owners should look to private investment, like an angel investor. They can provide businesses with larger amounts of growth capital. 

Making a strong impression at small business networking events is probably the best way to capture the attention of funders and get them interested in your business idea. Search online for relevant events that industry leaders might attend.

If you have already secured a meeting with a potential investor, read our guide to putting together a funding pitch . 

🤝 How do I take out a business loan?

Business loans allow you to retain business ownership, protect your credit score and personal wealth, and – most importantly – get your business off the ground.

• Startup loans – the Startup Loan is a government-backed scheme that lets first-time business owners borrow up to £25,000 with a fixed interest rate of 6% p.a.
• Business loans – business loans are similar to startup loans, except that they are not just for new businesses and don’t have the same caps.

Be wary that some loan providers can charge hefty interest rates. Loans can also put your credit score at risk if you don’t pay them back in time.

Don’t take out a loan unless you are 100% certain that you’ll make the money back. Speak to a third-party accountant or financial advisor if you’re still not sure.

Victoria Coe grew KinKind to profitability off the back of a £25k Government backed Startup Loan. The business has since won multiple beauty industry awards and featured in the Startups 100 Index - twice.

🎁 How do I apply for a small business grant?

Small business grants differ from a business loan as there are no repayments or interest fees. Plus, you won’t have to go through as many checks to apply for one.

Our full guide to applying for a small business grant has more information on the schemes available based on your specific industry.

💻 What technology do I need?

Although funding is vitally important, it is also essential that you are able to effectively track and manage your money further down the line. That’s where the below business finance tools come in handy:

• Small business accounting software is a useful tool for automating complex bookkeeping tasks, like self-assessment.
• For sole traders, there is even free accounting software to get started with no charge.
• Opening a business bank account is a requirement if you’re a limited liability company. They’re also popular with sole traders to keep professional and personal finances separate.

🥾 Can I fund myself?

Yes! Also known as bootstrapping, many entrepreneurs choose to fund their venture using personal savings . It is a popular method for those who find it harder to apply for large amounts of capital, such as full-time workers.

Carol Lathbridge and Lola Cawood bootstrapped their vegan hair extensions brand, Tiwani Heritage, while being new mothers and working 9-5 jobs.

Registering on Companies House and trademarking your name

Now that you’ve got a company name and a company structure, you need to register and trademark them to ensure that rival entrepreneurs cannot steal your design.

📝How to register your business name

Our full guide to registering a company name has more details but the process can be done easily online.

Simply make an account on the Companies House website and use the Company Name Availability Checker to make sure your ideal name isn’t taken or too similar to an existing company’s name.

Once that’s confirmed, you’ll need to input some basic information, like a business address, SIC code, and director names.

💳 You’ll be charged £12 by Companies House to register the company online.

How to register for corporation tax

An important part of registering a limited company is signing up to pay corporation tax. This must be done within three months of trading or you will receive a penalty from HMRC. Sole traders do not need to register for corporation tax.

™️How to trademark your business name

Many entrepreneurs incorrectly assume that registering a business on Companies House – or even owning a domain name – means that their brand is protected. In reality, without a trademark, it is easy for another business to come along and claim your name or logo.

Our guide to applying for a business trademark breaks down the process into simple, actionable steps, including what paperwork is required.

Top tip: Once registered, you can use the ® symbol to show that your brand and logo are protected. Registered trademarks can also be sold, traded, and even used as security on loans and mortgages.

💳 First timers will be charged £170 for a standard trademark application done online ( £200 by post ).

How else can I protect my intellectual property (IP)?

While a trademark protects brands, logos, and slogans, a patent protects new inventions, processes, or scientific creations.

Innovative entrepreneurs that want to stop anyone from using their unique product should also look to file a patent application through the government website .

💳 Patents cost around £300 in the UK, but you have 12 months from the day of filing to settle the bill.

Purchasing a business premises, equipment, and/or software

If you’re launching a business that you can’t really offer as an online service, then you’ll need to rent or lease a commercial property . To decide on the location and size of the property, you’ll need to consider five key areas:

1. Customer base – If your customers are based in a particular geographical area, or travelling via a particular mode of transport, it makes sense to locate your business where they can easily find you.

2. Competitors – Where are your competitors? Do you want to be close to a cluster of competitors that already attract customers, or to have exclusivity in your area?

3. Supply chain – Think about proximity to suppliers. If you’re a fish and chip shop offering fresh scampi to your customers, it will shorten and cheapen delivery to base yourself near the coast.

4. Layout – Think about internal layout and access limitations – you may need to provide access for employees, customers, and deliveries outside working hours.

5. Planning permission – Seek advice from a property law expert to see if future expansion is possible. Failing this, local authorities now have online planning portals to find the planning history for a building.

👀 How do I find a commercial property?

• Search property websites, like Zoopla, and arrange viewings independently
• Speak to universities and other public institutions 
• Search local council websites for nearby business parks and knowledge districts
• Compare coworking costs for flexible workspace

🖊️ Should I licence, lease, or buy?

Licensing your property = maximum flexibility, but minimum security. It typically suits smaller businesses and startups as it covers a short period of time – usually a few months.

Leasing your property = less flexibility, but security of tenure for the term of the lease , which is generally between three and 25 years. You’ll also be responsible for internal maintenance of the property.

Buying a property = zero flexibility, but maximum security. You’ll own the freehold and will be responsible for all maintenance and upkeep. Few business owners buy their premises unless they have large amounts of spare cash and want a long-term investment.

Top tip: Consider how the decision to licence, lease, or buy your premises affects your pricing strategy. The more expensive your upfront costs, the more you’ll need to charge to stay in profit.

Do I need to rent a commercial property?

If you reach a point where you have a team and require an office space but you don’t want to fork out tens of thousands on an annual rent bill, coworking spaces and managed offices are a good alternative.

Alongside lower costs and more flexible contracts, these can also provide an added benefit of networking potential with your fellow tenants. Learn more about the benefits of flexible work spaces with our handy guide to coworking – all you need to know.

🏠 What about a home office?

It’s not always vital to rent a business premises. Many entrepreneurs set up a home office , starting out with just a website, to save money.

This will save you money in the long run. Remember, you will still need to pay insurance to start a business from home . 

Amelia Christie-Miller launched Bold Bean Co. in a basement flat in Madrid. In one year, the startup has won listings in Planet Organic, Selfridges, Gorillas, and Waitrose.

💳 What are the associated costs when renting a commercial property?

• Rent or mortgage costs
• Business rates (similar to council tax, this is a fee paid to local authorities)
• Contents insurance (for leasing or buying a property)
• Utilities (gas, electricity, telephone connections, and internet)

Developing a senior leadership team and recruitment strategy

Depending on your industry or specialism, hiring might be put off until later, or it might be a fundamental step that needs to happen immediately. However, any entrepreneur wanting to scale their business will eventually need to hire staff members to delegate tasks to.

How to develop a hiring strategy

Making a bad hire can have expensive repercussions – particularly if you’re a startup with a limited budget available.

One of the most important parts of building a team is to know in advance what you want so you can hire strategically, not randomly. Think about:

1. Business objective and mission statement. What roles will you need to get there? 2. Location and working model. How closely will you work together? 3. Leadership style. How well do you work with others? Do you want to make all the decisions?

👩 Example : Jane is an ex-journalist who wants to launch a remote PR agency in Sheffield. Her customer base is in London. She has no experience managing clients.

1. Jane hires a sales manager to onboard clients and grow the business. 2. To enable in-person networking, Jane recruits a Londoner who she can manage remotely. 3. Jane chooses a coaching leadership style to develop the sales manager’s PR skills.

Top tip: In the early stages, you may want to use a recruitment consultant to help fill roles. This can be expensive, but you are paying a premium for experience and connections that may be difficult to replicate.

Another option is to hire an apprentice. Training apprentices is known to be more cost effective than hiring skilled staff, as it tends to require lower overall training and recruitment costs.

You can also adapt their training according to the needs of your business, so you’re essentially investing in the business’ future, as well as that of the employee’s.

How (and when) to outsource talent

There are a lot of benefits to outsourcing talent to freelancers. This flexible contract option allows you to ‘try before you buy’ if you’re not sure whether you need a full-time employee just yet.

That said, if you’re hiring any contract employees, we recommend purchasing HR software. Essentially an automated HR manager, this tool removes pressures on employee management and admin – helpful if you have a big team of gig workers.

How to run a business on your own

There are currently 2.9 million sole proprietorships in the UK (companies that do not employ anyone beside the owner). Instead, they rely on software apps to stretch out their resources and play the roles of multiple departments.

Business technology costs can quickly add up, which is why downloading a free version of the top software brands is a good short-term option – until you’re ready to upgrade.

Here are the best free systems for startup owners:

• Free accounting software
• Free Customer Relationship Management (CRM) software 
• Free Project Management (PM) software
• Free payroll software
• Free website builder software
• Free ecommerce software

Finding and analysing your supplier list

When you sell a product or service, you become a part of the business supply chain. It should go something like this: Manufacturer > Distributor > Vendor > Customer.

It’s important to focus on sourcing a good, high-quality supplier you can trust to get a job done. Should a supplier make a mistake and disappoint a customer, for example, if your chosen courier loses a parcel, this could severely affect customer satisfaction.

Suppliers will also inform several other key areas, such as the quality and pricing of your sales offering.

🔍 Supplier analysis

When researching a supplier to partner with, you should think about these four key aspects:

• Supplier cost – prices between suppliers can vary dramatically, so it’s important to look for the best deal.
• Quality – the quality of any purchased products will determine how much you charge customers.
• Reliability – when choosing a new supplier, you’re entering into a long-term business partnership. It’s wise to ask for references from any previous or existing customers.
• Location – you’ll likely want to find a local supplier based near your premises or your customers. This will help to reduce shipping and delivery costs.
• Working culture – find out how they like to work and what they value. Are they a company you can build trust and loyalty with?

👀 How do I find a supplier?

Reaching out to vendors can be as simple as sending a quick message via an online channel or handing over a business card at a networking event.

If they’re a particularly sought-after supplier, you might need to organise a more formal meeting and design a business pitch to get them on your side.

📦 Business-to-consumer (B2C) startups most typically partner with a wholesaler. They will provide the products and resources you will need to complete your product lines. Our ultimate guide to wholesaling has more information on how they work and how to find one.

Want to start a dropshipping company? Our guide to the best dropshipping suppliers has more information on who the best providers are for new startup owners.

The Modern Milkman, which came in fourth in this year’s Startups 100 Index, utilises a local supply chain of farmers to deliver on its promise of fresh groceries, sold sustainably.

Building your brand and marketing to customers

Branding your business

How you choose to brand will depend on various factors, most of which can be informed using your market research:

• Who is your target audience? 
• What is your product? 
• What is your unique selling point (USP)? 
• What platforms should you use to advertise? 
• What platforms do competitors use to advertise?

What branding elements do I need?

Materials – eg. a logo, brand colours, font, and promotional imagery. Tools – check out our marketing tools guides for more information on available software. Channels – where will you advertise? eg. what social media channels are you using?

Across every channel and marketing tool, ensure that all aspects of your brand – font, colour, design patterns – are consistent. Choose one style and stick to it throughout any campaigns, so that it’s clear to customers who you are and how you are appealing to them.

In such a competitive landscape, having attractive imagery on pages like Instagram is crucial to ensure your brand’s ‘voice’ is seen as well as heard on users’ screens.

👷‍♂️ How do I build a website?

It’s almost impossible to have zero online presence in today’s business world. While lots of startups begin with social media pages and business listings, these alone aren’t enough to showcase your brand and build trust with customers.

In fact, research by YP and LSA found that 30% of customers automatically strike a business from consideration if they don’t have a website.

There are three basic approaches to building a website:

🧱 Use a small business website builder – Wix and Squarespace are both simple and efficient tools for web creation.

• Best easy-to-use website builders
• How to build a business website
• Expert tips for building your business website
• Best free small business website builders 
• Design tips for branding your website 

🧱 Build it yourself using open-source software – we only recommend this route for those who are very experienced with coding and software development.

🧱 Hire a website designer to build one for you – this is a good option if you’re not at all confident about building a website. However, remember that the more complex the site, the more it will cost. 

Available on mobile and desktop, our number-one rated small business website builder is Wix

Marketing your business

Good planning will start you in the right direction when launching your business, but it’s customers that will ultimately generate sales

There are several ways to attract customers. We’ve touched upon launching a website above, but to find success it’s also important to focus on increasing local awareness. In Salesforce’s latest customer survey , 48% of respondents said they were keen to support small businesses in their nearby community. 

🖥️ How do I develop an online presence?

Unless your target audience is specifically based elsewhere, concentrate on directing advertising and networking to localised channels, like:

• Sending a press release to newspapers or business directories
• Community groups on Instagram, Twitter, TikTok, or YouTube
• Local entrepreneurs on LinkedIn
• Local Facebook and Google advertising

Read more about:

• Top digital marketing trends
• How to reach customers through Twitter
• How to use Instagram for business
• How to use Facebook ads
• How to use Instagram ads
• How to use affiliate marketing
• How to use AI marketing 

⛰️Top tip: Most early-stage marketing is a process of trial and error. You may need to test a number of methods and approaches before seeing results.

Identifying opportunities for future growth and scale-up

Once you’ve completed all of the above steps, you’ll have laid the foundations to get your business idea off the ground. Now, it’s all about building upwards.

Identifying growth opportunities

According to a 1957 article by acclaimed business manager, Igor Ansoff, there are four recognised methods for developing your business strategy, product, or service offering. These are:

Building your network

Almost all successful new businesses rely upon partnerships made along the way. They can be the key towards finding like-minded businesses and referrals that accelerate your growth, providing opportunities in areas like:

• Knowledge-sharing: Established companies can advise or give feedback on your ideas.
• Logistics: Company partners might be able to give you access to professional equipment and tools.
• Hiring: You’ll meet other, qualified professionals in your industry who may be right for a future role.

Networking with others in your industry will help you to build brand awareness, which could also grab the attention of potential investors.

Managing customer relationships

Strong client or customer relationships are the lifeblood of any business. That’s why startups need to stay on top of changing customer demands to ensure they feel engaged and looked after by the company and its employees.

Investing in Customer Relationship Management (CRM) tools and tricks is the straightest path to developing an effective customer service strategy.

Among others, small business CRM software assists with:

• Email marketing and outreach 
• Storing customer information 
• Coordinating campaigns 
• Complaints and enquiries 
• Customer data and insight 
• Converting leads into sales

Customer needs will differ depending on the sector you are based in. For industry-specific CRM systems, read our CRM software guides.

Streamlining your operations

Another important growth step is to identify the areas where you can save resources to minimise costs and maximise profit.

🤖 Look for any processes that a business can automate , like completing payroll, helping to free up management time.

🕒 Look for low-level skills that are taking up management time. Simplify these tasks by giving them to a cheaper, junior employee to increase efficiency.

📁 Look for inefficient processes to fix or eradicate . For example, poor file storage leaving staff members unaware that their work was already done (recently or in the past).

Tips for scaling your business operations 

1. Develop an action plan as a first step 2. Keep goals SMART ( S pecific, M easurable, A chievable, R ealistic, T ime-Bound) 3. Stay on top of market trends 4. Don’t rush into big decisions – be slow to hire 5. Know when to delegate 6. Build a strong management team 7. Make sure to connect with customers 8. Don’t forget about profitability! 

Haris Pylarinos bootstrapped the cybersecurity firm Hack the Box. Despite raising $70m across three funding rounds, Pylarinos has prioritised profitability to ensure the business’ survival, as well as growth.

This guide has covered all 11 steps involved in starting a business , including researching and planning your business idea, registering your business, sourcing funding and fostering business relationships, and finally – growing your business!

At this point, you’ll know your company better than anyone, and will be best-placed to control the direction of travel. But while we’ve made it all sound easy, we know the reality of getting started can be a bit daunting. 

The most important part of setting up a successful company is to get stuck in when you’re ready. You will likely make mistakes as a new business owner, but true entrepreneurs can appreciate the importance of failure: an opportunity to learn from your mistakes.

It took Wild cofounders Charlie Bowes-Lyon and Freddy Ward nine months and multiple failures to create the UK’s first plastic-free deodorant.

Useful reading:

• 10 tips for entrepreneurs to save money in a recession
• Best business tools for new entrepreneurs
• Inspirational business stories
• How to set up a business email
• How can I start my own business with no money? The good news is you have complete control over much you want to spend. Starting a business can be expensive - but if you make use of free tools like a website builder or project management software, and work from home instead of an office, you can keep spending to a minimum. All owners will need to spend £12 on registering their business, as a starting cost.
• Can I start my own business from home? Yes. Lots of successful entrepreneurs have developed a home-grown idea into a multi-million pound company, as a useful way to save on premises and utility costs when starting out. Dropshipping and other remote business models are also ideal for starting a business from the comfort of your home.
• How much does it cost to start a business in the UK? Generally speaking, startups should budget at least £5,000 to get started, but the total cost will depend on your business model and what you are planning to sell.
• When should you start a business? Whenever! There is no exact 'right time' to start selling a product or service. While it's a good idea to be aware of the market you're selling in and the current challenges, as long as you have the key ingredient - a good idea that you feel passionately about - you can start a business at any time.

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Read time:   5 mins         Added:   26/05/2023

A compelling and comprehensive business plan is an important asset for any business. It helps you to understand where you are now and where you want to be - then sets out how you intend to get there. If you need funding for your business, a detailed business plan can help give lenders or investors the confidence to invest.

5 things you’ll learn from this guide:

1. Why you should write a business plan

2. What to include in your plan

3. How to set SMART objectives

4.  How to develop your strategy

5.  The importance of financial forecasts

Why you should write a business plan

What to include in your plan.

• How to set SMART objectives
• How to develop your strategy
• The importance of financial forecasts

The process of writing a business plan forces you to explore your business idea in detail and identify what you need to do to make it happen. It will quickly show up any flaws or potential stumbling blocks, allowing you to make your mistakes on paper rather than in your actual business.

A well-thought-out business plan will:

• set a direction for the business and help you create an action plan
• help you and your staff focus on what's important
• show your commitment to banks, investors, colleagues and employees
• help you to spot problems early on and tackle them effectively
• set targets and evaluate your success
• help you attract better-qualified staff

Business planning isn't just for when you're setting up – you should keep reviewing and updating your plan regularly. A plan is always a useful asset for persuading others to invest time, money and effort in your business, and keep your plans on track.

There are some key elements of a business plan:

Executive summary While this comes first, you should write it last. It’s a concise summary of all the key information in the full plan, and is your elevator pitch on paper.

Mission statement What is the purpose of your business – what problem are you aiming to solve for customers? You need to outline what you want your business to achieve, apart from making a profit.

Objectives How do you want your business to be performing in a year, and five years? You need to define your measures of success, making sure they are SMART.

S.M.A.R.T. Objectives

Objectives should meet each of these criteria:

Specific Outline clearly what is required in a simple statement.

Measurable Include some type of metric that will enable you to monitor progress and know when the objective has been achieved.

Achievable The objective should be challenging, yet grounded in business reality.

Relevant The focus should be on achieving the outcome, not the means of doing so.

Time-Bound There should be a target date by which the objective must be achieved.

Your strategy

Your strategy outlines how you intend to achieve your objectives. It details both the environment you’re operating in, and how you operate in it.

It’s vital that you understand who your potential customers are, and what they want. Alongside that, you should research who your competitors are  - not just businesses that do the same as you, but those that meet your customers needs in a different way too (indirect competitors). Our Understanding your market guide has more information.

You also need to be aware of the external opportunities and threats for your business. Economic conditions, changes in legislation and new technologies can all have an impact on your business. You should identify any which are relevant to your business and outline how you will respond to them.

Lloyds Bank business customers have access to Business KnowledgeBox as part of Internet Banking, which contains guides to setting up and running over 500 types of business and includes key market trends and issues, and trading and compliance considerations. 

Our customers also have access to the Lloyds Bank International Trade Portal which provides a gateway to explore international trade opportunities and detailed market information.

You’ll also need to outline how you’ll operate including:

• Who your suppliers will be
• The staff, facilities and equipment you’ll need
• How you’ll promote your product or service 

Your Budget

Financial forecasts will help you, as well as potential lenders or investors, to understand if you have a viable business. You should provide details of your financial forecasts – how much you’ll sell and what the costs will be. Outline where the start-up funds will come from, and at what point you’ll need further investment for growth. 

Key figures you need to capture are:

• Sales forecasts
• Costs and overheads – staff, facility, energy
• Assets – any significant company property
• Investments, loans and grants A breakdown of costs, including tables detailing:
• Start-up costs
• Projected cash flow
• Projected profit and loss
• Projected balance sheet

You can also find more information and a range of business plan templates and examples at www.gov.uk .

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Business Planning Templates

The first step in planning your business venture, clarifying your ideas, aims and objectives, is to write a business plan.

Your plan is an essential document to ensure your ideas are feasible and is critical for banks. In addition, new suppliers and larger customers may require this document for credit checks. It's also helpful to track progress against your original targets.

Writing Your Business Plan - Downloads

We have three templates you can use to do your business plan kindly offered by SCORE and Bank of Scotland. There are two for preparing the narrative of your plan (One for a startup business and the other for an existing business) and a cash flow template.

• Template for startup businesses: pdf startup template .
• Template for existing businesses: pdf existing business template .
• Financial planning spreadsheet for startup businesses: Excel financial plan template .

These free business plan templates can help you quickly write a business plan. First, you can download the templates as Adobe PDF files to your computer. Then, you can click each of the template links below to open now or right click your mouse to save for later use.

Basic Outline

A basic business plan outlines the answers to questions about your intentions, such as:

• Is there a demand for your products?
• How are you defining your customer demographics?
• What are your explicit strengths and weaknesses?
• Can you mitigate threats and exploit new market opportunities?
• Are your competitors aggressive or passive?
• Have you assigned key employees to your tactical plans?
• How robust are your financial plans?

Structure of Business Plans

Here's the basic structure in summary from the downloads above:

Executive Summary

It's best to write this section last after you've prepared the rest of your plan because this is simply a summary of the whole plan. It should ideally be one page, but two pages are equally acceptable.

Business Purpose

This area covers the fundamentals of your business, including:

• Mission statement
• Company goals and objectives
• Business philosophy
• The industry you're in
• Legal ownership and key employees

Products and Services

Describe your key products, services, pricing strategy and margins.

Marketing Plan

Detail your marketing activities, including market research, market trends, market size, external market economics, and barriers to entry. As your market is made up of customers, describe their characteristics.

You also need detailed information about your competitors and why you'll be able to take market share from them. And finally, you'll need information about your promotional activities to reach out and entice your potential customers to purchase your products.

Operations Plans

This part describes how you're going to produce your products together with distribution methods to get products to your customers and your wholesale suppliers.

Management and Staff

People are behind all successful businesses, so including the key people and advisors is essential.

Startup Costs Budget

If you're starting a new business, you should detail the costs you'll incur while starting up before the day to day operations commence. For most companies, this is the amount they'll need initial funding for to begin trading.

Financial Plans

Your financial plans should contain enough detail (i.e., monthly) for the first year, then quarterly or yearly for the following two years. You should include a profit and loss account, a cash flow forecast and a Balance Sheet together with a break-even analysis.

Additional Business Planning Help

Use the following sites to get additional business planning templates to assist starting your business.

• Teneric planning templates
• Check your startup costs

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Business plan template

A well-written business plan is an essential tool for any business. Not only can it help you attract funding, it can also help you test your business idea.

What should I include in a business plan?

Most business plans cover the next 12-36 months and include the following:

• Outline the aims and goals for the business and how the business owner plans to achieve those goals.
• The background of the business
• Introduce the business' management team.
• profit and loss forecasts,
• a breakdown of how much money will be required to set up and run the business,
• sales forecasts,
• pricing strategy.
• Overview of the market the business operates within, the customers the business plans to target and what marketing methods will be used.
• Assessment of comparative strengths, weaknesses, opportunities and threats posed by rivals within that market.
• The last thing to be written is usually the executive summary - which should appear at the front of the business plan. It rounds up all the detailed information contained in the main body of the business plan.

A business plan does not need to be a lengthy document but should provide these key elements.

Business plan templates

These simple and professional business plan templates from Templates.net can help you set out your business idea, plan the road map for your business formation and help you attract funding.

Available in several file formats and easily customizable, these files are a great addition to your template library.

Download the business plan templates (charge applicable).

• Start up business plan
• Simple business plan
• One-page business plan
• Sample business plan
• Business plan outline

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Business planning tips

On this page

Failing to plan is...well, you know the rest

To build a successful business, having a clear mission and specific goals is vital. The best way to do this is to write a thorough business plan setting out exactly how you're going to turn your dreams into reality.

Do's and don'ts when writing a plan

Do be realistic.

While it's important to show ambition, be realistic when projecting your results.

Do check for accuracy

It may be an old cliche, but you only get one chance to make a first impression. Make sure you triple check the accuracy of your content and ask a colleague or mentor to proof read it with a fresh pair of eyes.

Do your research

Make sure all research is up to date and accurate, and that any claims can be substantiated. You need to be aware of the good, the bad and the ugly!

Don't include your CV

Your business plan is about the company you intend to run, not ones you may have run in the past. A link to a completed LinkedIn profile will tell someone all they need to know about you.

Don't say you have no competition

There's always competition, the key is understanding your market and convincing your customers that your product is superior.

Don't start at the start

Start with an executive summary. This should be one page long and is your elevator pitch on paper.

6 steps to writing a business plan

Our in-depth six-step guide can help you put together a robust business plan and set you up for success or expansion.

Introduction

A business plan is a written description of your company, your aspirations and ambitions, and the methods by which you can achieve your goals.

Creating a business plan gives you a clearer understanding of what you need to do to reach your objectives. By producing a detailed business plan containing facts, figures, statistics and a summary of your skills, you will give potential investors all the information they need to buy in to your proposal.

Getting started

Once you've decided to write a business plan, the next step is deciding what needs to be included. And remember, your plan should be flexible.

An executive summary exists to summarise your ambitions and approach in a concise way. This is not always an easy task, but it's a good way to ensure you remain focussed on both the bigger picture and your core ambitions.

Your business summary should

• Describe your business - how you want it to grow, the niche you fill, why you think it can succeed
• Describe the sector it sits in - if the sector is strong, where will you fit? If it's performing poorly how will you buck the trend?

Product summary

It's worth giving your product or service a section of its own. Outline what makes it different from similar offerings and discuss the reasons that you will succeed.

Aims, objectives and audience

You should cover:

• Where do you want your idea to go and how are you going to get there?
• In a year's time what shape will your business be in?
• Will you have secured investment, or hired additional members of staff?
• Will you be able to cope if you fail to hit projected financial targets?

It's vital that all of these factors are assessed prior to launching or expanding a business. Research carried out by the Chartered Management Institute (CMI) has discovered that over half (54%) of all UK businesses that fail within the first three years of operation do so because of poor management.

Get to know your audience

You must have an understanding of your core demographic and how you are going to engage them. The more intelligence potential investors can get from reading the plan, the better.

Operations and organisation

It's good to have a solid concept, strong product and ambitious goals, but to grow a successful company, you will also need a detailed understanding of job roles, company structure and the day-to-day running of your operation.

This section of the plan is often the most detailed. Overlooking just one of the below areas could be extremely harmful when it comes to launching a company or seeking investment.

Areas to cover

• Location - where will you be based and why?
• Suppliers - who are they and what are the contract terms?
• Production - will anything be outsourced?
• Distribution - how will you deliver your product?
• Employees - how many do you need and what will they do?

Financial considerations

All aspects of your business plan are essential in their own right, but it's important to make sure the financial elements are accurate and in order.

Some entrepreneurs make the mistake of believing that because they are determined to succeed, they will be able to fund business growth by reinvesting the business' profits. However this rarely works, suppliers need to be paid prior to the customer getting their hands on the goods, meaning you will need some kind of initial investment or loan to cover supply costs.

• What kind of financing you need
• How much money you require
• Whether you are willing to give away equity in the business in return for funding
• When you will be able to pay back any loan you take out

How much, what for, and from where?

Always consider these three questions when planning your finances, and always be cautious in your answers.

Measuring success and risk

No business is guaranteed to succeed. Investors understand that handing any amount of money over to a startup is a risky decision, but it's important to reassure them. Highlight that you are aware of the risks, have plans in place to avoid pitfalls, and are willing to change course or adopt different methods should you need to.

Types of business risk

• Compliance  - If you fall foul of laws and regulations, your business could fail before it has a chance to properly grow.
• Operational  - Operational risk can come in many forms. It could relate to employee error or a water leak that damages equipment.
• Financial  - Nearly all businesses will get into debt in their opening years, but it is how that debt is managed that is important.
• Reputational  - Building customer confidence in your brand and rewarding them with a quality service is an essential ingredient for all businesses. 

Need a little more help?

You can find additional information and a range of business plan templates and examples on the www.gov.uk website.

Get your business idea off the ground

From the start, you’ll need to think about your approach to running your business and what support you might need to make it happen.

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We believe that every idea has the potential to change the world

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About startplan.

Our mission is to help individuals turn their ideas into successful startups. 

We have a long history of guiding and supporting entrepreneurs, providing them with the tools and support they need to succeed.

We work with people who have an idea for a startup, giving them the knowledge and tools they need to become entrepreneurs.

Our clients have already raised millions of pounds and built products that have served millions of users worldwide.

StartPlan was founded to help startups succeed in the process of raising investment. We have a wealth of business knowledge and use proven methods to help our clients raise capital.

We also offer top-quality service and products to ensure the success of our clients.

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StartPlan has been helping entrepreneurs turn their ideas into successful businesses for over a decade.

In that time, we’ve had the privilege of working with a diverse range of clients and helping them achieve their goals. 

Is It An Executive Summary A Pitch Deck A Financial Plan A Project Toolbox A Marketing Plan A Targeted Consumers An Interface Wireframe An Interface Design A Mockup Design An Industrial Design  A Concept Design

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We are dedicated to helping tech startups turn their ideas into successful businesses. Our team of experienced consultants offers a wide range of services to support entrepreneurs at every stage of the startup journey. Explore our services below to learn more about how StartPlan can support your startup’s growth and success.

Our services

Market research.

Developing a plan to effectively promote products or services.

Business plan

Creating a comprehensive and professional business plan.

Creating a presentation to pitch a business to potential investors.

Executive summary

Summarising key points of a business plan in a concise document.

Consumer survey

Gathering insights on consumer behavior and preferences.

Guidance and mentorship

Providing ongoing support during the early stages of building a business.

Interface Wireframe

We will carefully design and characterise your product's interface.

Mockup Design

One picture is worth a thousand words. This is what we'll do.

Industrial Concept Design

Developed graphic 3D model that clearly and easily illustrates the product.

For more detail, visit

Assessing Business Potential Before Starting Up

What are the 3 critical factors to check before launching a startup.

According to our proven model, these critical factors can help you make informed decisions and increase your chances of success:

Business Model

Assess whether your business idea is financially viable and how you plan to make money from it. Look at successful businesses in your industry to get a sense of what the most profitable business models look like.

Competition

Understand who your competitors are and how they are positioning themselves in the market. You can learn a lot from your competitors, but be aware that if they have already overtaken the market, it may be difficult for your startup to gain a foothold.

Market Research

Look at industry trends and the overall health of the market in which you will operate. Consider the potential for growth and the amount of money that companies in your field are making. It’s also worth looking at the success of other startups in your industry to get a sense of whether investors are willing to fund ventures like yours.

Our team is made up of experienced consultants and industry professionals who are passionate about working with entrepreneurs to develop and grow their businesses. Our team has a diverse range of skills and expertise. We are committed to providing the highest level of service to our clients and helping them achieve their goals.

Testimonials

Customer feedback, launching a startup, the startplan process, get started.

Are you ready to turn your tech startup idea into a reality? StartPlan can help you every step of the way.

Simply fill out the form below with your contact information and a brief description of your startup idea, and one of our team members will be in touch to discuss how we can help you succeed.

Latest Blog Posts

From industry insights to tips for building a successful tech startup, our blog is the go-to source for valuable information and advice.

Check out our latest posts for valuable information and inspiration to help you grow your business.

The Role of Mentorship in Tech Startup Success

Mentorship is crucial for tech startup success. In this post, we discuss the benefits of having a mentor and offer tips for making the most of the relationship. From setting goals and expectations to seeking feedback and staying engaged, we explore the key elements of a successful mentorship. Whether you are just starting out or looking to take your startup to the next level, this post is a must-read for tech entrepreneurs.

Frequently Asked Questions

Get Quick Answers to Common Questions About Our Business Consulting Services

What services does StartPlan offer?

StartPlan offers a range of consulting and business planning services for tech startups, including business plan development, financial planning, marketing planning, and investor preparation.

What industries does StartPlan work with?

StartPlan works with a wide range of tech startups, including mobile apps, web apps, and physical products.

How does the StartPlan process work?

StartPlan follows a structured process to help tech startups launch and succeed. This process includes market research, business plan development, product development, and investor preparation. We also offer ongoing support and guidance to help clients establish and grow their startups.

Do I need a completed product to work with StartPlan?

No, you do not need a completed product to work with StartPlan. We can help clients at all stages of product development, from planning and design to market research and product development.

What is important to check before starting a startup?

There are a number of things that are important to consider before starting a tech startup. Firstly, it’s important to conduct thorough market research to understand the size and growth potential of the market in which your startup will operate, as well as the competitive landscape. It’s also important to develop a solid business plan that outlines your value proposition, target market, and financial projections. Additionally, you should consider whether you have the necessary resources, including funding, talent, and infrastructure, to successfully launch and grow your startup.

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550+ Business Plan Examples to Launch Your Business

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration.

Find your business plan example

Accounting, Insurance & Compliance Business Plans

• View All 25

Children & Pets Business Plans

• Children's Education & Recreation
• View All 33

Cleaning, Repairs & Maintenance Business Plans

• Auto Detail & Repair
• Cleaning Products
• View All 39

Clothing & Fashion Brand Business Plans

• Clothing & Fashion Design
• View All 26

Construction, Architecture & Engineering Business Plans

• Architecture
• Construction
• View All 46

Consulting, Advertising & Marketing Business Plans

• Advertising
• View All 54

Education Business Plans

• Education Consulting
• Education Products

Business plan template: There's an easier way to get your business plan done.

Entertainment & Recreation Business Plans

• Entertainment
• Film & Television
• View All 60

Events Business Plans

• Event Planning
• View All 17

Farm & Agriculture Business Plans

• Agri-tourism
• Agriculture Consulting
• View All 16

Finance & Investing Business Plans

• Financial Planning
• View All 10

Fine Art & Crafts Business Plans

Fitness & Beauty Business Plans

• Salon & Spa
• View All 36

Food and Beverage Business Plans

• Bar & Brewery
• View All 77

Hotel & Lodging Business Plans

• Bed and Breakfast

Finish your plan faster with step-by-step guidance, financial wizards, and a proven format.

IT, Staffing & Customer Service Business Plans

• Administrative Services
• Customer Service
• View All 22

Manufacturing & Wholesale Business Plans

• Cleaning & Cosmetics Manufacturing
• View All 68

Medical & Health Business Plans

• Dental Practice
• Health Administration
• View All 41

Nonprofit Business Plans

• Co-op Nonprofit
• Food & Housing Nonprofit
• View All 13

Real Estate & Rentals Business Plans

• Equipment Rental

Retail & Ecommerce Business Plans

• Car Dealership
• View All 116

Technology Business Plans

• Apps & Software
• Communication Technology

Transportation, Travel & Logistics Business Plans

• Airline, Taxi & Shuttle
• View All 62

View all sample business plans

Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples.

Ready to get started?

Now that you know how to use an example business plan to help you write a plan for your business, it's time to find the right one.

Use the search bar below to get started and find the right match for your business idea.

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Advice and Ideas for UK Small Businesses and SMEs

Example business plans

Put together your business plan with our tips.

Where can I find an example of a business plan?

If you’re preparing to write your first business plan and are looking for some useful resources and advice on what elements to include you have come to the right page.

It is essential to have a realistic, working business plan when you’re starting up a business. We have our own section devoted to business planning where there are lots of articles and links to information on writing business plans . The content can show you how to prepare a high quality plan using a number of easy-to-follow steps but also contains more specialist information to help you really fine tune your document, plus advice on presentation and targeting.

If you are specifically looking for advice as a franchisee, check out our article on the 11 things you need to include in a franchise business plan .

There are a range of other sources you may also want to use. An often overlooked source is your Bank who may well have information, examples and templates of business plans:

• Barclays template and checklist [pdf]
• Lloyds sample plan [downloadable pdf – see section 4]

The Prince’s Trust offers downloadble pdf, MS Word and Excel templates . They also offer personal advice on completing a plan through their Enterprise programme if you are selected to work with them.

Slideshare has lots of business plans uploaded, which you can browse through here . We liked this thorough 26 page example from The Business Plan Team , as well as a template created by former Deloitte Management Consultants here , and a good example of a colourful, visual plan suitable for a trendy food business here .

An interesting interactive free business plan creator is offered by LawDepot . On the website you are stepped through 7 simple steps using a well-designed graphic interface, and at the end you can output the subsequent plan ready to fill in. There are 12 industries to choose from and it has sections for company structure, product, marketing, SWOT, operations and ‘Fine Details’.

Other Web Resources: Business Plan Templates

You can find examples of business plans for different types of businesses at:

• ACCA – the Association of Chartered Certified Accountants have 3 example business plans for three different business sectors: Cafe, Import Business, UK Ltd business seeking finance.
• Bplans – owned and operated by Palo Alto Software Inc., the site has free plans to download and it also has examples for lots of different types of individual or specific market sectors.
• Expert Hub – based in South Africa, this site has 21 example business plans for different categories.
• Start Up Loans – offer a downloadable .docx template.
• Invest Northern Ireland – have a .doc business plan template to download here
• StartUps.com – have four sample plans that you can access from Google Drive (note, this is a USA site so the examples are US-based, although the formats could still work for a UK business).
• Examples.com – 20+ example downloadable .pdf plans for different sectors.

Finally, how about a video on the subject? Quite a few examples on Youtube.

How about this one from Craig Frazier?

Further reading on business plans:

• Advice and the basic tips of writing a business plan
• A check list of what should be in your business plan

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Help to start-up

There are over 5.5m businesses in the UK. If you’re ready to join them, we can help. Check what you need to do to set up your business and how to get help from government-backed schemes.

1. Register your business

Follow our guidance and set up your business . This includes:

• Rules for your type of business
• Responsibilities hiring freelance or agency support

2. Write a business plan

Get detailed information on how to write your business plan and download free business plan templates .

3. Get help with tax

If you’re starting a business, you’ll need to understand what tax you may have to pay. Check out the guidance , which covers some helpful topics below

• Hiring an accountant or tax adviser
• Check tax code guidance

4. Check your finance options

You could be eligible for a government backed Start Up Loan  of £500 to £25,000 to start or grow your business.

Seaweed & Co applied for a government-backed Start Up Loan which allowed the business to expand into markets in Europe and North America.

“Having the support from Start Up Loans, as a government-backed programme, gave me the confidence to believe in myself and fully make the move to become my own boss.”

Dr Craig Rose, Founder Seaweed & Co.

Your free finance guide to help you get started

The British Business Bank’s finance guide is designed to help you make an informed choice about accessing the right type of finance for your business, whether you’re looking to start-up, scale or grow your business.

Employing people

If you’re looking to employ people for the first time there’s several things you’ll need to consider. We’ve made it easy for you through this helpful checklist .

If you’re looking to employ more people, check out the support available .

Free resources and network to start or develop your business

The British Library’s Business and IP Centre  network supports small business owners, entrepreneurs and inventors to take the right steps to start up, protect and grow their business. The National Network is delivered through regional and local libraries around Britain, offering insights and access to free resources, training and events to help you imagine, start or develop your business.

Help and advice

Contact the  Business Support Helpline  for general advice and support and speak to someone over the phone or online.

Or find out how your  local growth hub  can help you with advice and support at any stage of your business journey.

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Get your UK Start-up Visa Business Plan that is fully compliant with requirements of the endorsement body

We have a 95% success rate.

Full compliance

Your UK Start-up Visa Business Plan will be fully compliant with the endorsement body’s requirements. We monitor their guidelines carefully. This is the reason we can boast a nearly perfect success rate of 95%. If the endorsement body asks for revisions, we will provide them free of charge.

Entirely customizable

We prepare each OGS business plan from scratch. Each plan has unique graphics, and each features beautiful and modern design. Your tailored solution will highlight your business’s best features and provide the kind of structured outline that the endorsement body needs to see before they approve your visa.

Industry focus

Our team of experienced business plan writers have prepared 5,000+ business plans covering 42 industries and various locations across the UK. Our unique level of expertise allows us to provide first-rate and industry-specific business plans to satisfy needs of the endorsement bodies.

The OGScapital team includes a group of immigration-focused consultants who have spent the last 15 years focused exclusively on immigration. We create 120-150 Start-Up Visa business plans every year, and, with a 95% success rate, we can stand behind our work.

Operational guide

OGScapital will draw upon their wide-ranging knowledge of industry-specific best practices when preparing your Start-up Visa Business Plan. The result will be a reliable business development road map that will guide you towards your business goals, helping make your company a success.

Our solution

Our thorough and sophisticated business plan will get you the UK Start-Up Visa you need.

UK Start-Up Visa Business Plan:

• Users : Start-up Visa applicants and immigration lawyers

Document size : 35-45 pages

Timeframe : 10-12 days

• Graphic design: included

Assigned team : 2 senior consultants, including a project lead

Unlimited revision period : 3 weeks

Rush Delivery Service: Available

Document contents:

• Executive Summary
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• Description of The Business Model
• Business/Operating Strategy
• 5 Forces Analysis and SWOT Analysis
• Financial Model
• Use of Proceeds
• Industry Analysis
• Market Forecast
• Mission/Goals
• Services/Products
• Marketing Strategy and Mix
• Management Team

All Self-Employed Visa Business Plans are prepared using our extremely user-friendly and eye-catching format. Review the sample and you’ll see what kind of quality you can expect from OGScapital.

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Our fee is highly competitive. Talk to one of our experts about cost, as our prices change depending on task complexity.

Business plans vary depending on your needs, but all documents include a number of key sections: market analysis, business model description, operational strategy, goals, financial model, etc.

This is highly unlikely (our success rate, after all, is 95%). If it does happen, though, we will happily make the necessary amendments without additional charge.

No, applicants are no longer able to apply for a Tier 1 visa, but it is possible to extend a Tier 1 (Entrepreneur) visa.

UK Start-up Visa Business Plan

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OGScapital was founded in 2006 by a group of 8 partners. Our immigration business plan writers have all worked closely with Home Office, and they are fully aware of the current requirements and are among the first to know when these requirements change. Thanks to our expertise and our multi-industry experience, we are proud to say that we are the #1 business plan company with a focus on immigration business plans. We serve 150 UK Startup visa clients every year, and our 95% success rate speaks to the quality of our team and our work.

OGScapital has been serving customers since 2006

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I highly recommend them, they were in charge of creating my company's Business Plan, the delivery was faster than the established deadline, the work they did was excellent and the presentation of the document was very good, not to mention that the communication and feedback is constant, friendly and fast, I was really very satisfied with all the service they provided me.

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Knowing your options gives you the insight and relevant information to plan, execute, and implement a visa business plan. A visa business plan holds no water missing any one of the three: business, planning, and money.

Your visa business plan should elaborate your intent and methodical manner. You should know who you are visiting, your financial status, your target business fields, and your local knowledge about strategizing your business ploy with locals in the UK market.

Get your UK Startup Visa Business Plan that is Fully Compliant with the Requirements of the Endorsement Body

You may consider updates and the latest information once you finalize how to make a business plan for a visa? We are sharing here tips for your reference and adopting new and easier methods for starting business visas that are compliant with endorsement bodies.

However, you may check at the Govt. of the UK site for a list of authorized endorsement bodies.

A UK start-up visa business plan in the UK will allow businesspersons, executive, and managers from outside European Economic Area (EEA) and Switzerland to establish their business in the UK.

At times a pre-approval in close coordination may be viable to streamline the documentation part. If this pre-approval is in place that comes in 2 or 3 working days, it gives a sense of certainty to clients and helps them plan their UK visa business plans more effectively.

UK Start-up visa business plan has conditions like:

• You should be min 18 years of age
• No previous business in the UK (unless held leave as tier1 Graduate Entrepreneur)
• Should have an endorsement by the UK endorsing body. Endorsement letter should not be older than three months before the visa application date
• Latest passport and another form of valid travel identifications
• Passport size color photograph
• Financial evidence to show you can live at your means for the duration of your trip, like a bank statement or pay-slips for the last 6 months, will suffice

Time for Visas

It will take about 3 to 5 weeks for visa application processing. Once all clear and done, the next steps will ensue.

Foreigners Visa

Foreigners can search for types of business plans in the UK to get relevant visas, depending on what nationality they hold. You may be asked to apply for a work visa first before opting to cue your documents for a business visa. This will involve the following steps:

• Apply for a correct visa that entails your given data and details
• Weigh and assess your business legal structure
• Process your business details for an incorporation
• Get registration for Tax

Who is the Target UK Visa Business Customer?

UK Startup visa application for UK business will help attract entrepreneurs to set up businesses, which in return will boost local commercial hubs and give rise or jack-up the economy as a whole.

The Home Office is taking all the right steps in ensuring that foreign entrepreneurship gets the right, error-free information, service, and methods that are easier to follow. All proper documentation will ensure to get you an immigration business plan template for a smooth ride in a business venture in the UK.

Independent bodies within the country familiar with starting a business set-up will assess your business probabilities, expansion scope, and financial structure to keep it a seamless venture. They will investigate:

• Your options or proposals with an idea for your innovative extending scheme
• Its viability at par with local businesses, and
• Its scalability for revenue returns

The visa is for two years. After its expiry, you can switch to the innovator category on the same business ideas. This way, you can still retain an endorsement.

Types of UK visas

The UK, like other countries, has various visa categories. Once you have a sample of UK start-up visa business plan, you can make an informed decision:

For work visas, you need to get a job offer from an employer in the UK. You can get a Tier 5 visa without sponsorship if you are between 18 and 30 years old and want to live and work in the UK for up to 2 years.

If you are 16 or over and have been offered a course by a student sponsor and have enough money to support yourself, you can apply for this visa. English reading, writing is a must for this visa.

Business Visa

It’s a one-time or long-term visa that allows you to stay in the UK at a stretch for max up to 6 months. You must apply for this visa if you have to take part in a conference, meeting, or training. Not to mention, there are various types of business plans UK as well as visa immigration business plans.

Visitor Visas

It’s all online, where you will see what docs and information you need to share for such visas.

Settlement Visa

It’s a type of visa for those who intend to work, live, and study in the UK with no future restrictions. It almost carries no limits.

Family Visas

These visas facilitate you to establish a family life with your UK resident family members.

Transit Visas

This visa is a must when you are traveling in transit through the UK to another country. However, you need to show documentary evidence you have enough funds and have clear intent to move out of the UK.

Available Types of Business with UK Visas

Different types of visa business plans can be more effective if you know your business plan services for a visa.

The following types of visas can help you proceed with the nature of the business plan to buy UK Visa.

Types of Business visas:

Tier 1 Exceptional Talent Visa

It’s for people who are famous globally as world leaders, having rare talent in the field of science and arts. You need to score a minimum of 75 points to get an approving nod from a competent body for this visa.

Standard Visitor Visa

This category allows you to have fun and site seeing opportunities with your family members in the UK. You can land in the UK for business purposes also, such as

• If you have business activities relating to your intent to join or establish a business in the UK
• You are planning to attend a conference, training, and or meeting

Six months’ stay is its tag line.

Tier 1 Entrepreneur Visa

These are typical investor visas for those who are keen to establish a new business in the UK. You need 95 points with conditions to fulfill your financial obligation for business setup. Command in the English language is mandatory. It’s a three-year visa.

Tier 1 Investor Visa

It’s good for those who want to stay in the UK by investing part of their wealth in the UK. Such an investment must be a robust nature of an investment for contributing to the economy of the UK.

UK Sole Representative Visa

It is good for those companies who wish to extend their businesses overseas and run a branch office in the UK. However, the company rep should not be a director or shareholder in the company. It’s a three-year visa with an extension facility for another two years.

UK Turkish Businessperson Visa

It’s only for Turkish businesspeople looking to own a business in the UK. They must show sufficient financial muscle for such a venture. Applicant should be an active member of the business. It’s a one-year visa with three years pending visa extension.

Tier 1 Graduate Entrepreneur Visa

This visa is given to students who are very much positive about establishing a business in the UK after completing their graduation. It’s a UK point system method, and people outside EEA can also avail of this facility.

Draw a Business Plan

The above-given business visa information, their types, and duration will help you take a step ahead to plan your visa business plan cost. They are business visas, and each has a different amount tag and need financial involvement to set up your business in the UK.

Nonetheless, you need to ensure that your business needs staff members and directors, managers, and shareholders to be with you to run a successful business. All visa categories need you to evaluate costs for a business plan needed for UK startup visa .

Your plan must have room for a multi-layer system to be in place for creating a strategic business plan. You may look into local market norms, pros, and cons to enter a new market. Draw an outline for rules that will determine how you will run your business.

You need stakeholders, maybe investors, managers, and staff, to make it a business entity. Check for local regulations in this respect to have a clear budget cost in front. Also, evaluate the cost of a immigration business plan.

You must have a clear figure on your capital money, financials, and its immediate disbursement plans, majorly dealing with procurement, engaging tools, mobilization of machinery, staff, and management cost. Then you have certain daily operational costs for the project or service line you are adopting. Designing a proper sales business plan will keep your business up and running.

OGS Capital Consultants – Contact Us

We, at OGS Capital Consultants, have professionals who will offer top of the range services in a wide range of fields.

We have a unique thinking method to count in the first and last brick to give a business plan for a start-up visa to the UK, covering all intermediary steps with precision, leaving nothing undone. The UK startup visa is the tag line for you to see the variety of services and its further diversification we can couple it into.

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How to write a business plan

• Starting Up

A robust business plan is crucial to the success of your new business.

A well-written business plan is important when you’re about to start a business opens in new window .

A business plan is a document that gets to the heart of what your business does, how it works and – most importantly – what makes it different and what will help it succeed.

A good business plan should:

• explain your business objectives opens in new window ;
• be a roadmap that can help you achieve your business objectives;
• highlight potential problems so that you can avoid them impacting on the business;
• identify opportunities and gaps in the market opens in new window ;
• detail shortcomings such as running out of money;
• provide information to help secure a loan or investment opens in new window .

A business plan should be a living document.

Rather than file it away, use it to monitor progress and keep your new business on track.

Starting a business doesn’t come with a set of instructions.

We know that understanding the many different types of financial product in the marketplace can be difficult.

Our Making business finance work for you guide is designed to help you make an informed choice about accessing the right type of finance for you and your business.

Download your free copy

Writing your business plan

This guide will help you research opens in new window and write a good business plan.

It covers presentation and the audience you are writing for, the sections and information to include.

• Business Plan Structure – How to structure and order your business plan, and how long it should be.
• How to approach writing a business plan – Writing for your audience and what your plan should include.
• Business objectives – How to define your business goals over the short, medium and long term.
• Skills and experience – How to detail your experience, and how you’ll tackle any skills gaps opens in new window .
• Target customers – Who your customers are, and what your pricing approach opens in new window is.
• Market and competitors – How to analyse competitors opens in new window and identify market trends.
• Sales and marketing – What promotional activities you’ll use to attract customers opens in new window .
• Operational plans – How to define staffing opens in new window and premises needs opens in new window .
• Financials – What financial information to include, such as breakeven points and margin.
• Appendix – What to put in the appendix at the back of your plan.

1. Business plan structure

It’s important to get the structure right.

Make sure your plan is readable, clear, and easy to understand – and base your content on evidence.

To see a detailed example of a business plan structure, download our free business plan template opens in new window .

• Length – Keep the length to a 15-minute skim read, including only essential information. Put additional detail in the appendix for further reading.
• Executive summary – This appears at the beginning of the Business Plan and should be the last thing you write, summarising everything that is covered in the Business Plan. This includes the business opportunity, customer need, your business proposition and why it will be different in the market.
• Structure – Keep everything simple, using short paragraphs and bullet points, and include relevant graphs and tables, if appropriate. If using statistics, list the source of the information.
• Language – Avoid technical jargon and ‘management speak’, sticking to clear, concise language in plain English. Get a friend to proof read it for spelling errors and to highlight parts that aren’t clear.

Some things are best left out of a good business plan.

Avoid fancy graphics, needless animation and distracting sound effects.

Use readable font sizes – too much small text can make your plan hard going.

2.  How to approach writing a business plan

The foundation of any good business plan is research.

You’ll need to find out about your market opens in new window , calculate revenue forecasts opens in new window , and learn about target customers opens in new window .

A good business plan should answer crucial questions about your business.

• Work backwards – Start with your business goals or when you think that your business will start making money, and work back to figure out what you need to do to make your business profitable.
• Be realistic – Make the financials realistic, and look at worse case scenarios so you get a view of what could go wrong and what you would need to do to put things right.
• Be honest – Highlight weaknesses in the market and your business, then detail how you’ll address them and include that in the plan.
• Review the plan – Read the plan from your audience’s perspective, and double-check assumptions. Are they realistic, what could go wrong, and how would you handle a problem that cropped up?

3. Business Objectives

Business objectives opens in new window summarise what your business does and what it offers.

This section should be no longer than a few paragraphs or a single slide, providing a top-level summary of your business.

• Define your business – What does your business do? What services does it provide? opens in new window Who will access it and how much will you charge?
• Be specific – Avoid generic, one-word descriptions such as ‘ hair dressing ’ or ‘plumbing’.For example: Instead of simply writing ‘” Dog grooming opens in new window “, a better description would be: “This is a mobile dog grooming business, delivering grooming services, nutrition and exercise advice to dog owners throughout Hertfordshire. Our fleet of dog spa vans provide tailored treatments using only organic products to your doorstep.”
• Short term objectives – List what your business will achieve in the next year, or its first year of operation.
• Medium – long term objectives – What are the business goals including financial targets in the next one to two years?

Use S.M.A.R.T. objectives to help set your business goals – Specific, Measurable, Achievable, Realistic and Timely – and list both financial and non-financial goals, such as the impact it will have on customers and  how your brand will be viewed opens in new window .

For help with setting goals, read our guide on  setting business aims and objectives opens in new window .

4. Skills and experience

It’s important to show how your previous experience and skills opens in new window make you qualified to start your business.

A few lines on your experience and skills is useful here.

It’s a good idea to attach your CV as an appendix to the business plan for additional information too.

Remember to

• List relevant experience that directly relates to the new business, along with key skills that will be helpful for your start up.
• List relevant education, courses and transferrable skills such as bookkeeping opens in new window or using Microsoft Office. Explain how they’re relevant.
• Be honest about skills and experience that you lack. Explain how you’ll address this, such as training opens in new window , hiring specialist staff opens in new window or outsourcing elements opens in new window of your business.

5. Target customers

Customers are the heart of any business plan.

It’s essential to show that you understand potential customers and know what they’re looking for from your products and services.

There’s a variety of ways to learn opens in new window about your target customers, including online research, focus groups and surveys.

This information will allow you to choose the right marketing channels opens in new window to offer the ideal product at the right price.

• Include customer demographics – Summarise gender, age and average income or expenditure.
• Location, location, location – If your business is based on footfall, such as a coffee shop opens in new window , or it covers a geographic area such as mobile dog grooming, detail the location of your customers. If it’s an online business opens in new window , your reach might be nationwide, but again show the target demographic, e.g. 18 -30 male and female.
• Addressable market – What is the total size of the customer base opens in new window that would be interested in your business? For example: The addressable market opens in new window for a dog grooming business would be all dog owners in the UK that spend money to groom their pets.
• Target market – Within the addressable market, identify the number of customers your business can target opens in new window . These are customers your business can realistically reach via marketing opens in new window , and is usually constrained by location, pricing and the reach of your marketing activities.
• Customer segmentation – How would you describe large groups of your customers? What are their characteristics? How do they buy products similar to yours? For example: Dog owners who spend lots on grooming and pet services and are willing to pay for luxury treatments could be labelled ‘pampered owners’. By identifying customer groups, you can develop a service that meets their needs (in this case, luxury dog grooming services) at prices they’re willing to pay opens in new window .
• Customer need – Explain in a paragraph the problems faced by the customer, what solution your business will provide, and the benefits of that solution to the customer. For example: Many families living in England have children with gluten intolerance who can’t eat the majority of school snacks, and there are few affordable alternatives available. This business helps parents by offering a range of gluten free, affordable school snacks with packaging that’s fun for kids. This results in happy, healthy children and removes the stress parents feel when packing lunchboxes.
• Set pricing – What will your business charge for products and services opens in new window ? Show how you figured out pricing, examining costs and how much customers are willing to pay. Detail how your pricing stacks up against competitors opens in new window . Is it lower or higher? Why would customers pay more? How can you afford to price it less? Remember being cheaper isn’t always the best way to start a business.

For methods to find out more about your customers, read our guide to  market research techniques opens in new window .

6. Market and competitors

Use your business plan to examine the market opens in new window that you’ll be operating in.

Knowing what’s happening in your market, which competitors you need to monitor opens in new window , and their strengths and weaknesses, lets you exploit gaps in the market that will help your business succeed.

This is your chance to show that you really understand your market and ensure your business is able to respond quickly to changing market conditions.

This section should include:

• Market overview – Describe the general market in a few paragraphs, highlighting trends and developments that could be an opportunity. Trends include sales growth opens in new window , new technology, greater efficiencies or new routes to market. Developments may include new regulation or legal requirements opens in new window .
• Market research – Describe briefly the research you’ve carried out, such as surveys, online research, mystery shopping or attending trade shows. Please don’t carry out your research with family and friends – use an unbiased source.
• Competitor overview – Who are the main competitors in your market? Write a short summary for each main competitor. You can include details such as market share, their products, pricing, how many customers that you think that they have, and their marketing activity.
• SWOT analysis – For each competitor and your business, conduct a SWOT analysis opens in new window . This is short for Strengths, Weaknesses, Opportunities and Threats.

What are the strengths and weaknesses of your business? How will you address these? What are the future threats that could hurt your business, and where are there potential opportunities?

It’s worth spending some time thinking about the SWOT analysis, and put the SWOT into the main body of the business plan – even the weaknesses!

• Your unique differentiator – What is different about your business compared to the competitors you’ve listed? What weaknesses does your business exploit and how will that attract customers? Explain how and why your business is different in a paragraph.

7. Sales and marketing

How you position your products or services is critical to its success.

This section of a business plan should explain how you’ll reach your customers, how you’ll sell to customers opens in new window and your marketing goals.

• How you’ll reach your customers – What marketing channels opens in new window will you use to reach your customers? Look at where competitors advertise or promote their business. List two or three key channels you can use, and summarise the activity and results you expect these channels to achieve.
• Detail your sales processes – How will you sell your products or services, for example, will you  take orders over the internet in a shop opens in new window or provide quotes for your service personally? What are the costs involved in selling? What is the average revenue per sale that you expect?
• What is your key message? – Examples could be great customer service opens in new window , more features or a higher-quality product. How will you communicate that message in your marketing activity?

If you’re starting out in marketing and advertising, you can find advice in our guide on  how to advertise your business opens in new window .

8. Operational plans

The operational section concerns how your business will work, what staffing you’ll need opens in new window , where you’ll operate from opens in new window , and the suppliers you’ll use opens in new window .

You’ll need to explain your reasoning behind each one, as well as include details such as salaries and information about your supply chain opens in new window .

• Supply chain – Good suppliers can help your business grow opens in new window , while bad suppliers can create cash flow opens in new window and operational difficulties. Research potential suppliers and shortlist the best opens in new window . What are the risks in using them,? Create a short list of intended suppliers and the relationship you have with them.
• Management – Identify the key roles in your business during start up. How will you recruit to fill the roles? Create a diagram showing the management structure, and list salaries and recruitment costs. Have they made an investment in the business?
• Staffing – What staff do you need opens in new window ? What productivity do you need from staff, such as the number of customers a staff member can serve in an hour? Provide a summary of the roles, and link to details such as salaries, working hours, activity levels opens in new window and hiring costs in the appendix.
• IT, systems and machinery – Explain the IT and infrastructure requirements of your business, such as costs involved in buying machinery and IT platforms. How long would development take and cost? Budget for buying office equipment opens in new window , and include details of information management systems opens in new window , bookkeeping, stock and quality control systems.
• Premises – Where will your business operate from? Explain your reasoning, including any specialist facilities. If you’re running a business such as a shop opens in new window , explain why you’ve selected this location. Costs related to premises can be included in the cash flow forecast.
• Legal and regulatory – If applicable, identify any regulatory authorisations, permissions, or requirements opens in new window that apply to your business, such as planning permission or food safety requirements if opening a restaurant.
• Insurance – What insurance does your business need opens in new window ? Detail who supplies it, what it covers and how much it costs. If you don’t need insurance, explain how you would handle an operational crisis.
• Risks – What could stop your business operating?

9. Financials

Financials underpin your business plan with hard numbers.

If you’re already trading, you’ll be able to use historic revenue data to forecast the profit and loss of your business opens in new window .

If you’re a start up, you’ll need to explain your assumptions and show evidence in your financial forecasts.

Complete a cash flow forecast opens in new window and include it in the appendix.

• Show historic figures – If you’re already trading, show your business activity over the past 6 months in an ‘actual’ cash flow.
• Create a one-year forecast – Show all costs the business needs to start up. Include an explanation of key assumptions such as pricing and the cost of equipment or machinery needed.
• Be realistic about funding – Identify the start up costs needed opens in new window to get your business off the ground. Explain what funding your business will need, what it will be used for, and what type of funding opens in new window you require. Include repayments of any loans opens in new window you are intending to take out.
• Risks and exit strategy – What are the risks to your financial assumptions? How will you manage these risks? If it goes wrong, what is your exit strategy from the market?

For help with working out your launch costs, read our guide on how to calculate business start up costs. opens in new window.

10.  Appendix

It’s a good idea to put further detail in the appendix, and refer to it throughout the business plan.

Assumptions explained in detail:

• CV and details about senior managers or business owners
• Market research information, such as survey results
• Insurance opens in new window and regulatory information
• Cash flow forecast opens in new window

Thinking of starting a business? Check out our free online courses in partnership with the Open University on being an entrepreneur.

Our free  Learn with Start Up Loans courses opens in new window include:

• Entrepreneurship – from ideas to reality
• First steps in innovation and entrepreneurship opens in new window
• Entrepreneurial behaviour opens in new window

Plus free courses on finance and accounting, project management, and leadership.

Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or its subsidiaries, or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.

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How to Start a Business in The UK Online?

Do you want to start a business in the UK but need help with how to do it? Don’t worry! 😟

Starting a business 🏢 in the UK can be rewarding for both residents and foreigners. With a user-friendly environment, the UK offers many opportunities for entrepreneurs. But this process looks complicated without a clear roadmap.

This article will give you an overview of the step-by-step process for starting a business in the UK, including choosing a legal structure to register your business, creating a business plan, conducting market research, and many more.

Whether you are a sole trader🧑‍💼, partnered with someone, or a limited company, this guide will help you navigate these processes and set you on the path to success.

Let’s get started!

🔑 Key Highlights

• Regardless of Nationality, anyone can start a business in the UK by registering with HMRC.
• Businesses differ based on their legal structure, such as sole traders, partnerships, limited companies, and LLP.
• Develop a roadmap and set goals before starting your business journey.
• Before starting a business in the UK, consider the legal structure, a good business plan, conducting market research, etc.

Table of Contents

In The UK, Who Can Start A Business?

Anyone, regardless of nationality, can start a business in the UK. While foreign citizens are not restricted in doing so, they must or need to fulfill some guidelines.

Most of these are subject to legal requirements, such as registering with HMRC (HM Revenue and Customs) and Companies House (if necessary) and obtaining the required license or permit before starting a business.

Also, you must fulfill other requirements, such as submitting a unique business name and business bank account and understanding tax obligations and potential insurance needs.

What Are The Different Business Types In The UK?

In the UK, you have various options based on the legal structure. The type of business you want to establish in the UK should be based on the structure of your business.

However, choose your business structure carefully because it will impact your business journey. The following are different types of businesses based on legal structure:

Sole Trader

As a sole trader, you are responsible for all the profits and losses of your business. You’ll have to operate your firm as an employee yourself. All the profits you make after taxes are solely your profits. But you are fully responsible for all the company losses as well.

As a sole business, you must follow specific guidelines. They are:

• Keep a record of the revenue and expenses.
• File a document showing all incoming and outgoing of your business.
• Pay income tax.
• Also, pay class 2 and class 4 national insurance.

Partnership

A partnership is when two or more individuals jointly run a business. As a partnership business, you must agree upon a formal agreement describing earnings, losses, liabilities, and ownership, which will be split between partners.

It has the same duties as a sole trader, except you have one or more partners. Also, there are some things you need to know before forming a company partnership. They are:

• Decide on a company name and a partner.
• HMRC registration

Limited Companies

Limited companies are private corporations with some shareholders who appoint a director as its administrator. The company’s finances are separate from those of the founder. That means the corporation must pay corporate taxes and have a bank account.

In particular cases, only one person who works for the company may register as a limited company by appointing himself or herself to the position of director.

As a director, that person has some obligations, which are listed below:

• Track all activities of the company. Also, make a note of all changes.
• Ensure that the company’s accounts and tax returns are documented.
• Corporate tax must be paid.

Limited Liability Partnership (LLP)

LLP is forming a business that involves at least two corporate affiliates. These members are responsible for registering the company with HMRC, keeping accounting records, etc.

All the members pay tax on their share of profits, but if the company can’t do so, they are not obligated to pay from their pocket. As a member/partner, you have some duties. They are: 

• Choosing a company name
• Register the business with HMRC
• Keeping accounting records
• An agreement defining the LLP’s operation.
• Sending yearly accounts to companies’ house

Learn more with this 👉 Business Process: A Comprehensive Guide

12 Steps To Start A Business In The UK

Starting a business is complicated, especially when you are unfamiliar with the UK guidelines. However, you can get help from plenty of guidelines on the government’s website and various business support organizations. 

Following the proper steps in these guidelines, you can establish and run a business in the UK. Here are guidelines for you to start your journey:

1. Business Idea

When starting a business, you must have a solid business plan. There are endless possibilities for how you want to set up your business, but you have to be precise.

You have to check if your business plan is viable.

You must understand whether this business idea is in demand on the market and whether it can grow in the future. Also, one important thing to understand is whether you fully believe in this business plan and have the knowledge/skillset for it. If not, your business might fall quickly.

2. Business Plan

The next step is to map out your business plan. Your plan must be comprehensive and cover different business areas, such as short—and long-term goals, marketing strategy, financial projections, target market, competition scope, and operational details.

You must always have a plan for your business to grow, giving you a clear vision. But dont worry, it’s not mandatory to follow these plans. They can change as you start your business journey.  

3. Market Research

After creating your business plan, the next step is to conduct thorough market research, which is also essential. This typically includes things like gathering as much information as possible about your target audience, competitors, and customer needs.

This step is necessary to be done with perfection as it s for validating your idea, positioning your company in the market, and developing the best marketing strategies. So, take your time to get a good grasp of the market to significantly increase your chances of success.

4. Legal Structure

Once you are done with your research, you must (next) decide on your company’s legal structure. This part can prove to be a bit complex if you try to do it on your own, so consulting a lawyer is a good idea.

Choosing the proper structure is essential for the future of your business. Each option that is available has its own pros and cons, so you’ll want to weigh those based on your needs. Also the same lawyer can also help you determine the best structure for your company.

5. Register Your Business

After you have the structure laid out, the next step is to actually register your business with the government to legally recognize your company. It’s done on the gov.uk/set-up-business site, and it takes under 24 hours.

Once registered, you get licenses to start your business. To do this, you need to first choose a business name that is not already in use and pay the correct taxes at the right time. Depending on your business structure, you may need to incorporate your company through Companies House.

6. Financing 

Next, assess your short—and long-term needs and financing options. Personal savings often cover initial costs, but to get started, consider financing through loans or investments from trusted third parties.

So, the best thing to do is to create a financial plan to manage start-up costs, operating expenses, and cash flow effectively. Additionally, a business bank account also needs to be set up to separate personal and business finances, which is crucial for tracking business expenses and budgets.

7. Location And Infrastructure

For a physical store, research where your target audience is likely to be and choose that location. You must also consider the leasing costs and additional expenses such as electricity and water. These costs can add up, so carefully include them in your business plan.

You can operate online or in physical locations such as offices. You can also choose a home office, shared office, or entire office rental for Office space options. But carefully choose these options because leases and permits can impact your finances.

8. Branding And Marketing

Research the market carefully to determine your brand identity. Think about how you can approach your target audience. Also, choose a suitable approach for branding and marketing, such as doing it yourself or working with a freelance marketing expert.

You can choose other approaches, such as hiring an in-house marketing manager or working with a marketing agency. Evaluate which approach best fits your finances and business goals.

9. Staffing And Human Resources (HR)

If you are not hiring, factoring it into your business plan is essential. Determining budgets for salaries and HR procedures will make onboarding smoother—HR procedures like hiring, training, payroll, compensation packages, and legal compliance.

You must research industry standards to make realistic offers when hiring along with HR matters. And if you plan to hire someone, look up salary standards, benefits packages, etc., and compare them to your company’s capacity. Map out all this and start hiring.

10. Technology And System Setup

You must determine the hardware and software needed to run your business effectively. This can include computers/laptops, HR management software, or your phone system . You can then begin investing in and setting up these products.

For example, if a company needs an online medium to communicate with its customers and employees, it can invest in cloud phone systems like KrispCall. These systems will help the company communicate with its customers globally through features like global calls , SMS, and voicemails. KrispCall also provides UK virtual numbers for businesses.

11. Insurance

You must review your business’s insurance needs and factor in general liability, property needs, and workers’ compensation. Also, consult an insurance expert to ensure you get the appropriate coverage for your business.

This will help you mitigate any potential risk in your industry. After all this, choose an insurance company that aligns with your financial plan and business needs.

12. Compliance And Regulations

Lastly, familiarize yourself with relevant laws, regulations, and compliance requirements specific to your industry. Then, to avoid complications in the future, ensure commitment to taxation, licensing, data protection, and health and safety regulations.

Follow all the applicable laws and regulations to prevent future problems. Otherwise, problems can become complex and complicated to solve. This is particularly crucial in the case of physical stores because various risks are associated with them.

📖 Also read: How to Set up a Virtual Call Center from Home

Things To Consider Before Opening Business In The UK

Before starting a business, you need to consider different factors. These factors will help you understand the legal requirements and avoid any issues in the future.

Here are some things to consider before opening a business in the UK:

• Legal Structure : Go with the legal structure that best fits your business. Each structure has different requirements, so choose the one that meets your needs and goals. Some appropriate legal structures are sole trader, partnership, LLP, or limited company.
• Registration Of Business : Registering your business with HMRC(HM Revenue and Customs) and, if necessary, Companies House is crucial. This process ensures compliance with tax regulations and legal requirements.
• Business Name : Another thing to consider is choosing for your business is unique and available. Here, you also need to check its availability with the Company House and Intellectual Property Office. It helps to avoid legal issues in the future.
• Tax And National Insurance : Being aware of your tax obligation is crucial. You can’t register with HM Revenue and Customs(HMRC) if you can’t meet tax regulations. Also, It is necessary to understand national insurance obligations.
• Business Bank Account : If you are starting a new business, you need to create a new business bank account for your business finances. This will help clarify transactions, simplify accounting, and maintain precise records for tax purposes.
• Premises And Licenses : You also need to find out whether you need a permit or license to operate your business to avoid legal issues and penalties. For this, you should check with the local authorities of the UK to determine what permits and licenses are needed.
• Business Plan : Creating a business plan to organize your business and set goals is also needed. Simply because, a good business plan helps with a roadmap, marketing strategies, and financial projections. 
• Market Research : Conduct market research to identify potential opportunities and challenges for a business. First, understand a market to identify your target audience and gaps in the market. This is crucial to gaining a competitive edge.

Closing Thoughts

Starting a business in the UK requires proper planning and research on what steps to take and which structure to follow. And if done properly, it offers immense potential for business leaders of all types to build successful ventures and thrive in the digital marketplace.

That said, writing a business plan and conducting proper market research are just a few essential things to consider to ensure your business’s financial success. You also need to properly brand and market your product.

And by following the steps outlined in this guide and staying committed to your vision, you can turn your online business dreams into reality and achieve sustainable growth and prosperity.

How can I start a nonprofit organization in the United Kingdom?

You can start a nonprofit organization in the United Kingdom by following the steps below:

• Research Feasibility and Need
• Understand UK Nonprofit Laws
• Build a Solid Foundation
• Create Governing Documents
• Register Your Charity
• Get an EIN and Open a Bank Account
• Appoint a Board of Directors
• Start Fundraising and Operations.

Can I Start a business in the UK without a License?

Yes, you can start a business in the UK without a License for most types of business. However, depending on the type of business, you may need to register with HMRC. 

What is the best business to start in the United Kingdom?

The best business to start in the United Kingdom depends on factors like your idea, plans, and the market demand. Some easy-to-start businesses in the UK are e-commerce stores, digital marketing agencies, food and beverage businesses, etc.

How can I start a business in the UK with no money?

Starting a business without money in the UK is challenging, but you can achieve that through resourcefulness, creativity, and careful planning. Follow these steps to begin a business in the UK without initial investment:

• Choose a business idea wisely
• Utilize your Skills and resources
• Start small
• Create a good business plan
• Build an online presence
• Utilize free tools and resources.
• Seek funding
• Build network and connection

Do I need a Business Bank Account to set up business in the UK?

Although a business banking account is not legally required, you should set one up for financial clarity, professionalism, and tax reasons.

Can a foreigner start a local business in the UK?

Yes, a foreigner can start a local business in the UK. The UK has a business-friendly environment for foreigners. However, they must follow specific guidelines in order to open a company in the UK.

These guidelines are deciding on a legal structure, registering your business, choosing a unique business name and bank account, obtaining premises and licenses, writing a business plan, conducting market research, etc.

Arun Chaudhary

Arun is SEO Analyst at KrispCall. He has written in extensively in the field of cloud telephony and call center solutions.

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• Business and self-employed

Set up a business

What you need to do to set up depends on your type of business, where you work and whether you take people on to help.

Register your business

Most businesses register as a sole trader, limited company or partnership.

Sole traders

It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.

Find out more about being a sole trader and how to register .

Limited companies

If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities .

Some people get help from a professional, for example an accountant, but you can set up a company yourself.

Partnerships

A partnership is the simplest way for 2 or more people to run a business together.

You share responsibility for your business’s debts. You also have accounting responsibilities. Find out more about being in a partnership and how to register .

Rules for your type of business

You may have other responsibilities depending on what your business does.

Check if you need:

• licences or permits , for example to play music, sell food or to trade in the street

There are also rules you must follow if you:

• sell goods online
• buy goods from abroad or sell goods abroad
• store or use personal information

Where you work

Check what your responsibilities are if you:

• run your business from home
• rent somewhere to run your business from

If you rent or buy a property, you may have to pay business rates . Small businesses can apply for a discount on business rates and some may pay nothing.

Check if you can claim office, property and equipment as expenses .

Taking on people to help

If you take on agency workers or freelancers you have some responsibilities, for example their health and safety.

Becoming an employer

There are things you’ll need to do if you take on your own employees . You’ll have more responsibilities, including:

• running payroll
• paying for their National Insurance - but you can claim an allowance to reduce your bill
• providing workplace pensions to eligible staff

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Barclays accused of greenwashing over financing for Italian oil company

Exclusive: Environmental groups say bank is misleading public over ‘sustainable’ financing for Eni as company vastly expands fossil fuel production

Barclays is being accused by environmental groups of greenwashing after helping to arrange €4bn (£3.4bn) in financing for the Italian oil company Eni in a way that allows them to qualify towards its $1tn sustainable financing goal.

Environmental groups have said the London-based bank is deliberately misleading the public by labelling the financial instruments as “sustainable” at the same time that Eni is in the midst of a multibillion-pound fossil fuel expansion drive designed to increase production.

An investigation by the journalism organisation Point Source has revealed that the deals for a revolving credit line were completed last year, months after the Milan-based company announced it intended to increase its spending on the production of oil and gas by at least a third over four years, investing between €24bn and €26bn.

In February 2023, Eni said it was aiming to increase its production of oil and gas by between 12.6% and 17% over the four-year period to the end of 2026.

Eni’s oil and gas expansion plans include a project to develop the Verus gas field, which could emit 7.5m tonnes of carbon dioxide a year and has been described as a “carbon bomb” by the Institute for Energy Economics and Financial Analysis.

Owing to its expansion plans, Eni’s production in 2030 is projected to be 35% higher than that required to align with the International Energy Agency’s net zero emissions by 2050 scenario, according to the campaign group Reclaim Finance. Eni says it still aims to achieve net zero by 2050.

The financing Barclays helped Eni raise includes a sustainability-linked bond (SLB) worth €1bn and a revolving sustainability-linked loan (SLL) worth €3bn.

While there is nothing in the terms of these financial instruments to prevent Eni from using the funds raised to develop oil and gas projects, including the Verus gas field, Barclays says the financing qualifies to be counted towards its 2030 sustainability target because the interest rates have been linked to emissions goals.

However, environmental groups and financial experts say the goals in the contracts, which exclude scope 3 emissions, are unambitious and incompatible with the internationally agreed target to limit any rise in global temperature to 1.5C above preindustrial levels.

Scope 1 emissions come from sources that an organisation owns or controls directly, while scope 2 emissions are caused indirectly and come from where the energy it uses is produced. Scope 3 emissions include all other indirect sources in the value chain of an organisation that are not within scope 1 and 2.

The exclusion of scope 3 emissions in the targets has been criticised because the majority of Eni’s emissions, such as those from burning the oil and gas it produces, are considered scope 3.

Jo Richardson, the head of research at the non-profit research organisation Anthropocene Fixed Income Institute, said: “There are a lot of sustainability-linked financial products that are not effective – and these are two classic examples.

“To see a really effective sustainability structure in the oil and gas sector you would need to see a company with a clear and committed plan to reducing scope 3 emissions.”

Lucie Pinson, the founder and director of Reclaim Finance, said: “Issuing an SLL like this is an easy way for Eni to raise money without having to make a significant climate effort or change anything about its business. It also allows banks who have pledged net zero to keep financing the worst climate offenders while pretending to support their transition.”

In June last year, the Financial Conduct Authority sent a letter to financial institutions warning of “the possibility of potential risks to market integrity and suspicion of greenwashing in the context of SLLs”.

It said it was concerned about “weak incentives, potential conflicts of interest, and suggestions of low ambition and poor design”.

In February this year, Barclays announced that it would no longer provide direct funding for new oil and gas projects. However, financing in the form of SLBs and SLLs could continue for companies that are developing new oil and gas fields because the bank does not consider this to be “direct” project financing.

Huw Davies, senior finance adviser at the campaign group Make My Money Matter, said: “Not only are the UK’s largest banks [continuing to help] finance companies that are expanding oil and gas production, but this shows they’re doing so under the pretence of so-called ‘sustainable’ finance.

“Barclays’ decision to provide billions in corporate finance to Eni – a company which continues to develop new oil and gas – is enabling fossil fuel expansion, and contradicting their claims to be serious about sustainability.”

When contacted by the Guardian, Barclays declined to comment.

In a statement, Eni said it chose the targets in its sustainability-linked financial instruments “tailored to their maturity range” and because of this “it was not possible to use a scope 3 target”.

It added: “Eni has built a business model that puts sustainability at the centre of every business activity, including financial strategy.

“The development of the Verus project is consistent with Eni’s objective of achieving scope 1 and 2 carbon neutrality in all its businesses by 2035 … In particular, the development of Verus would include the use of capture and storage of CO 2 to supply decarbonised energy in line with Eni’s objectives.”

Barclays was a lead arranger in the $3bn sustainability-linked revolving credit facility that was provided to Eni by 26 global financial institutions including Italy-based Mediobanca Group, New York-based Citi, and France’s Natixis.

The SLL has a time period of five years and its sustainability targets relate to the installed capacity for the production of electricity from renewable sources as well as emissions goals.

Barclays was one of three banks that structured the $1bn SLB for Eni. The other banks involved were Goldman Sachs and JP Morgan Chase. All banks declined to comment.

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UK's Labour Outlines Plan to Renationalise Railways Within 5 Years

UK's Labour Outlines Plan to Renationalise Railways Within 5 Years

A train passes in front of Battersea Power Station as it enters Victoria station in London, Britain, February 10, 2023. REUTERS/Henry Nicholls/File Photo

(This April 24 story has been refiled to say that Arriva is being sold to I Squared, not owned by I Squared, in paragraph 10)

LONDON (Reuters) - Britain's opposition Labour Party said it planned to renationalise the country's rail network within five years without paying compensation to private operators as it set out its plans to fix the troubled railway system.

Britain's train services were privatised in the 1990s but several operators have been renationalised in recent years, some of them losing their franchises after underperforming.

Labour wants to set up a publicly owned Great British Railways which will inherit passenger rail contracts currently held by private firms as they expire, a process it expects to be completed within its first term in office.

The party leads the governing Conservative Party by around 20 percentage points in opinion polls with a national election expected later this year.

"Labour will deliver the biggest overhaul to our railways in a generation," Labour transport policy chief Louise Haigh said ahead of a speech on Thursday setting out the plans.

Photos You Should See - April 2024

Battered by the COVID-19 pandemic and more recently disrupted by industrial unrest, the deteriorating quality of key services has drawn widespread criticism.

Nearly 70% of voters support bringing train operators back into public ownership permanently, a poll conducted this month by polling firm YouGov showed. Fewer than 10% opposed it.

NO SURPRISE

In the 2010s, Britain had several listed transport groups operating rail contracts, but they have either been taken private, such as Go Ahead Group, or exited the sector, such as National Express now Mobico, leaving FirstGroup the only quoted stock.

Shares in FirstGroup, which runs buses and also has contracts for rail services in western England, to Edinburgh from London, and some commuter services in London, fell 2% in early deals. Analysts said FirstGroup's stock does not price in any future rail contracts, hence the small move.

Among the other companies running rail contracts in Britain are Trenitalia which operates the c2c line east of London and Arriva Group, which is being sold to private equity firm I Squared, and they are unlikely to be surprised that their British rail contracts would not be renewed.

"This is not a surprise. Labour have been talking about this for absolutely ages," said Liberum analyst Gerald Khoo. "The only thing that's slightly more tangible is they're much closer to getting into power."

Train operators in Britain will still have a chance to operate some lines as Transport For London outsources some of its connections, such as the Overground which is operated by Arriva.

SUNAK'S PLAN

The current government of Prime Minister Rishi Sunakhas also proposed establishing a new Great British Railways (GBR), company but with a different role.

The government's proposals would group responsibility for rail infrastructure and services under GBR while maintaining a franchise system, giving it the role of contracting out passenger services to private firms.

The government has highlighted the need for private sector involvement to boost efficiency in the network after the coronavirus pandemic reduced commuting by passengers.

Latest statistics show that cancellations in the last three months of 2023 were at their highest level since records began in 2018 although industrial action by staff was a factor behind some of the problems.

Labour said the increases in cancellations and rail fares showed the current system - with four rail operators already managed by the government - had failed.

It said it planned to establish a Passenger Standards Authority to hold GBR accountable for its performance and passengers would be given price guarantees for future fares.

(Reporting by Alistair Smout, additional reporting by Sarah Young; Editing by William Schomberg, Alex Richardson and Daniel Wallis)

Copyright 2024 Thomson Reuters .

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Tags: United Kingdom , Europe

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Australian stabbing video ‘part of public discussion’, insists Musk

Billionaire prepares to launch legal challenge over decision to ban the clip on X

Elon Musk’s X has argued that a video of a bishop being stabbed in Australia is “part of the public discussion”, as it prepares to fight a legal challenge over a decision to ban the clip.

Australia’s online safety tsar ordered the social media app to remove a video of an alleged terror attack on Bishop Mar Mari Emmanuel at a church in Sydney earlier this month. 

Mr Musk lashed out at the decision by accusing the country of censorship, which led to Australian Prime Minister Anthony Albanese calling him an “arrogant billionaire”.

In a post on X, previously known as Twitter, the company’s global affairs team said it was launching a legal challenge against the ban, which it has so far complied with.

The attack on Bishop Mar Mari Emmanuel was a tragic event, and our thoughts are with him and all those affected. As it relates to this situation, we wanted to provide the most up-to-date facts and share an update regarding our legal challenges in Australia. The eSafety… https://t.co/X2Qrd9IKWP — Global Government Affairs (@GlobalAffairs) April 25, 2024

A statement from the company said: “First we believe that these posts should not have been banned in Australia at all.

“The content within the posts does not encourage or provoke violence and fits within the Australian legislation’s category that permits content that can be reasonably considered as part of public discussion or debate.

“Second, we oppose the demand to globally remove this content from X, as we believe that no government should possess such authority.”

The row comes after an attack on April 15 that saw a 16-year-old boy stab a bishop on a live-streamed video during a service. He has since been charged with terror offences.

The ban is set to be argued over in court on May 10, with X claiming: “Governments should not be able to censor what citizens of other countries see online.”

The legal challenge is the latest indicator that Mr Musk’s social network is willing to challenge the West’s online safety laws. 

The Tesla billionaire has pledged to champion free speech since taking over X, placing the business on a collision course with policymakers ordering technology companies to enforce tougher measures against harmful content and disinformation.

Western governments have typically taken an aggressive stance against what is judged to be terror content over concerns they serve as propaganda for extremists, with tech giants expected to act swiftly to remove them.

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