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Business planning and budget

You need to be realistic when planning & budgeting your business

Money runs the world - and your business. If the flow of money suddenly stops, so does the growth of your business. We know that your business idea is very important to you and that you have high hopes and will work hard to be successful. To succeed, besides passion you will need a sense of reality in terms of turning your business into a success. 

Even if there won’t not be other employees besides you in the company and a plan might not seem relevant to you, it’s still a very good idea to have one. It will help you maintain focus and make it a whole lot easier when you approach a bank or an investor. Therefore, we suggest that you create your business plan and your budget in writing.

Planning will give your business idea wings!

Stay updated

Markets and trends change constantly. Be flexible. Always have a Plan B ready. In other words, your idea may still be great, but maybe you need to rethink your target group, distribution setup or manufacturing process. Or maybe you need a business partner instead doing it all solo. 

The 8 Step Business Plan

  1. Executive Summary. This is your entire business plan in a nutshell: Mission, vision, and purpose.
  2. Business Description. Which needs in the market your business fulfills and how? How will your business make a profit and become a success?
  3. Target Market. Who are your customers and what is the location of your market? Will it be B2C or B2B? 
  4. Competition. When you have made your SWOT analysis, you can use it as inspiration to describe strengths and weaknesses and determine your competitive advantages.
  5. Operations. How you operate, where’s your office, do you have a staff? Every expense related to your business is relevant.
  6. Management. Are you managing everything yourself? Do you have a board or staff? Describe the management hierarchy.
  7. Sales & Marketing. Describe how you plan to market your business. What channels are suited to reach your target group and target market?
  8. Financial Summary. t’s a record of the financial dealings within your company, i.e. current or future funding and investments as well as your current financial status.

Rules of thumb for business budgets

  1. If you are a single person company you should include your private economy.
  2. Make sure to double the miscellaneous part to anticipate any surprises.
  3. Double down on your earnings for the first six months – better safe than sorry.
  4. If you wish and if the conditions are met, apply for start-up money, which must be done before the actual establishment of the company.
  5. If you have inventory, stock, security or materials include it in your budget.
  6. If you have expenses for water, heating or electricity include it in your budget.
  7. If transport, packaging or distribution is related to your business include it.
  8. Always hire an accountant to go through the details and result of your budget when in doubt.

Download the template

Business Plan Template

Download the template

Marketing plan

Download the template

Budget plan

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