Starting your own business has many benefits, from being your own boss to having more flexible working hours and the potential to earn a better income. However, there is quite a lot of work involved in getting your business started.
To have the best chance of your business succeeding, a good quality business plan will help to ensure you comply with all of the legal requirements and tax obligations. A business plan does not have to be particularly long but the more planning you do before you launch your business, the more time you will save once it is up and running.
What to include in your business plan
There are templates you can use for your business plan to make sure that you do not miss anything, but your business plan should be personalised to your business ideas and career goals.
Some of the key areas to include in your business plan are:
Registration and administration tasks
One of the most important aspects of setting up your own business is registering it with Companies House and paying the registration fee. You also need to arrange the administration aspect of paying salaries through an HMRC-approved PAYE tool. Alternatively, you can outsource this to an accountancy company.
Competitor research and USP
For your business to be profitable, you have to be able to offer services that are highly in demand in the area where you are setting up. You should conduct a competitor analysis of other companies or self-employed people that offer the same services and who you will be competing for business with.
You should try and find out details such as which services they offer, what their pricing structure is, any incentives or discounts they offer and review their marketing strategies. Once you have gathered all of this information, you need to ask yourself what will be unique about the business that will bring customers to you rather than your competitors.
Your unique selling propositions (USPs) are what will make your business stand out from the crowd and your marketing should explain how your business will benefit people.
Having a strong marketing strategy will be integral to how successful your business is, so you should spend time developing your plans for how you will market your business. Social media marketing, a business website, email marketing and printing marketing materials such as door drop leaflets are all important marketing channels that aesthetics clinics use to generate new and returning clients.
For your business to be successful, you need to ensure that it will be able to make sufficient profits after costs such as premises, equipment, products and salaries are paid out. A comprehensive financial projection should include a sales forecast, expenses budget, balance sheet, a cash flow statement and a profit and loss statement.
You can use a template to help you to create these documents and you will have a better idea of how to structure your pricing once you have done your financial forecasting. You will also know your budget each month and your expenditure limit.
SkinViva Training Academy provides you with aesthetic treatment skills, as well as developing your business planning and administration skills. With our support and expertise, your business will be set up to succeed.
Click here and download our 20-point business plan template that can be tailored to be used in any industry that your venturing your business into.