Business plans can make or break your wedding industry business and therefore it is worth taking time out to make one.
- Sums
Know your sums! One of the most important aspects of a business plan is ensuring the sums add up in the financials section. This is particularly important if you intend to pitch to investors, as they will be interested in understanding your calculations and projections for the business before they take a leap of faith and invest in you. Even if you are not looking for investment, knowing your sums will allow you to plan your financials better when starting out a new business.
- Succinct
A common misconception is that business plans have to be huge documents with hundreds of pages. An investor will want to understand your business from a quick glance and how it will make money. Therefore, keep your structure and language simple. It maybe worth having an executive summary to provide an overview of the business plan covering What the business does? How it will operate? Why it should thrive in a competitive wedding industry? Whether the sums add up?
- Suppliers
Know your wedding supplier competitors and your target market. Ensure your plan highlights how you are different to other suppliers in the wedding industry and who your business is targeting.
- Specific
Be as specific as possible about your business idea, how it will operate and how you intend to delivery your business plan.
- Style
A well-presented business plan could also influence whether someone may wish to invest in your business idea. Therefore, focusing on the style of your business plan can be just as important as the content.
For further advice about setting up your wedding supplier business contact: info@theweddinglawyer.co.uk
Comments are closed.