How to compile a comprehensive business plan
In association with leisure property specialist Davis Coffer Lyons
Getting funding and finding a suitable site are major hurdles for new businesses, and if you want to be taken seriously you'll need a good business plan in place.
Drawing up a comprehensive plan helps property agents and financial backers understand your aims, showing that you have a grasp of the industry, and can alert them to any areas you may have overlooked. Operationally, it can also prove invaluable in the first months of the business.
A good plan can also help secure a good site by assisting your property agent to argue your case with landlords and persuade them that you will be a good tenant. This is especially important when there's a lot of competition for a site and the landlord is in a position to pick and choose.
Leisure property specialist Davis Coffer Lyons offers the following advice:
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Develop the concept. Show you've done extensive market research. Include mock visuals where possible.
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Analyse your customer audience. Show that you've looked at demographics and understand who your target market is.
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Understand pricing policy. This will affect your turnover and margins, which will dictate your ability to pay staff, overheads and rent.
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Identify your location. Be clear as to the kind of location your concept requires to reach your target market - in town, out of town, on the high street, shopping malls, suburbs, leisure parks - and be precise.
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What are your rollout plans? How many sites do you require, and over what period do you expect to secure them? What are your long-term goals/exit plans? It may be advisable to start with a flagship site in an almost "cast iron" location. Satellite locations can then be targeted for future expansion plans.
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Arrange the funding. The business plan should provide full details of how you intend to finance the business.
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Conduct a set-up and cash-flow analysis. A detailed exercise should be provided highlighting factors such as fit-out costs, anticipated turnover, profits, and staffing costs.
For more info, go to:
www.daviscofferlyons.co.uk.