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Dan-S Dan-S is offline
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Join Date: May 2005
Posts: 0
Business Planning - In What Order?

Hi folks,

I presently work in the distribution and supply of natural stone & ceramics, and am looking into starting my own retail operation (showroom etc). I understand a business plan is the essential first step to starting a venture like this, but what next?

Do I try and secure funding first, or find a premises? Can I present the plan to people without information like cost of premises included? Also, the financial parts of the plan (profit/loss etc) seem to be a lot of guesswork. Is that expected when the plan is written before trading begins?

Any help mightly appreciated.
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Statler's Avatar Statler Statler is offline
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Join Date: Sep 2002
Posts: 838
Hi Dan,

I always suggest starting off with some market research, in order to prove that your idea is viable. Find out about your potential customers - where they are, who they are, what they expect from such a service, etc. Then you want to find out about your competitors - where they are, who they are, what they offer, how much they charge, etc. All of this will be useful info.

As for the financial projections - yes, some of them will involve guesswork (I often suggest doing a best and worst case scenario, with the latter being of most use as it tells you the bare minimum that you need in order to keep the business afloat), and yes, all funding providers will expect them to be as complete as possible.

Lee
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