Learning objective

After reading the component you will have the capability to explain what a Business Plan is and will have the tools to develop your own Business Plan.  It will take approx 30 minutes to read this module however the time needed to develop a Business Plan will depend on the idea, the stage of development at which it is at and the market research required to prove it’s viability. 


Preparing a business plan is fundamental to the success of your business or project. Putting your ideas and research results down on paper is a crucial step to converting your ideas into commercial reality. It is the key to making things happen. The business plan will allow you to assess the feasibility of your project in a logical manner. It is also a marketing tool that can be used to attract investors, help in securing bank loans and to apply for financial support from relevant agencies. A business plan should be a realistic view of the expectations and long-term objectives of the project. It should provide a framework within which the project must operate, which is fundamental to its success or failure.  This module will look at all the aspects that need to be covered in a business plan.  The mind-maps in section 8.2.4 outline the detail of each of the sections of a plan and the attached template will give you a starting point from which you can develop your own business plan for your new project.

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