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Tradesman Insurance: Raring to Go: Business Planning Checklist for Tradesmen

Whether you're planning on being one man and a van or a small team, if you're raring to get your business going then it's a good idea to think about what you're going to do and how you're going to do it. Putting a business plan together will give you a heads up as to what you can expect and if you're looking for credit then you'll need one to be able to show that you're serious about making your business work. If you don't plan now then you'll pay for it later.

Getting started

Putting together a business plan can be relatively pain-free. We've put together a checklist of things you'll need to include in your plan so you can make sure you're heading in the right direction.

PERSONAL

Name and contact details.
Date of birth.
Education.
Relevant work experience.
Relevant courses taken or to be taken.
Strengths and weaknesses.

BUSINESS

General

Name of business.
Business idea.
Business image.
Location and premises.
Resources, equipment and expertise required.
Start up date.
Business structure.
SWOT - strengths, weaknesses, opportunities, threats.
Staff.

Specific

Short-, medium- and long-term business goals.
Short-, medium- and long-term financial targets.
Proposed aims for 1st, 2nd and 3rd year.

Product/service

Detail why your product or service is different.

Pricing

Explain how you will price your item.

MARKET

Market size.
Market trends.
Demand for product.

CUSTOMERS

Typical profile - age, sex, income.
Needs/wants.
Location.
Value of product/service.
Reason for buying your product/service.
How customers will buy.
Frequency of purchase.
Expected after-sales service.

COMPETITORS

Who they are.
Location.
What selling.
Promotion and sales.
After-sales service.
Special offers.
Strengths and weaknesses.
Pricing.
Reputation.

SALES AND MARKETING

Detail how you will reach your customers and the methods you will use.

FINANCES

Personal income for self and family

Estimated expenditure in first year.
Estimated income in first year.
Minimum survival income required in first year.

Business

Start up costs.
Finance required.
Profit and loss budget.
Cash flow forecast.

STRATEGY/POSITIONING

Detail how you are going to get where you want to be.

INFLUENCES

List who or what are the key influences in your decision making.
List who or what are the key influences in your customers' decision making.

Although putting together a business plan is no guarantee of the future success of your business, you're more likely to succeed if you have given some thought to the checklist above. Planning now will save you time, money and hassle in the future.