business plan cost in uk

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• Business and self-employed
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Write a business plan

Download free business plan templates and find help and advice on how to write your business plan.

Business plan templates

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.

Business plan examples

Read example business plans on the Bplans website.

How to write a business plan

Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

• clarify your business idea
• spot potential problems
• set out your goals
• measure your progress

You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.

It can also help to convince customers, suppliers and potential employees to support you.

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Free Simple Business Plan Template

Our experts

Written and reviewed by:.

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Your business plan is the document that adds structure to your proposal and helps you focus your objectives on an achievable and realistic target. It should cover every aspect of what your business journey will look like, from licensing and revenue, to competitor and sector analysis.

Writing a business plan doesn’t need to be a difficult process, but it should take at least a month to be done properly.

In today’s capricious business climate there’s a lot to consider, such as the impact of political challenges like Brexit. These details are especially important in today’s bad economy. Investors are looking for entrepreneurs who are aware of the challenges ahead and how to properly plan for them.

Below, you’ll find everything you need to create a concise, specific and authoritative business plan. So let’s get started turning your idea into a reality!

Click here to download your free Business Plan template PDF – you can fill in your own details and those of your business, its target market, your customers, competitors and your vision for growth.

Our below guide will give you detailed advice on how to write a quality business plan, and our PDF download above can give you a clear template to work through.

But, creating an effective business plan needs….planning! That’s where a high quality planning tool can help.

We recommend creating an account with monday to use this tool – there’s even a free trial . Doing so means you can start your entrepreneurial journey on the right foot.

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What to include in your business plan template

There’s a lot of information online about how to write a business plan – making it a confusing task to work out what is and isn’t good advice.

We’re here to cut through the noise by telling you exactly what you need to include for a business plan that will satisfy stakeholders and help develop a key identity for your brand. By the end, you’ll have a plan to make even Alan Sugar proud and can get started with the most exciting part – running your business.

Throughout this guide, we’ve featured an example business plan template for a new restaurant opening in Birmingham called ‘The Plew’. In each section, you’ll be able to see what the contents we’re describing would look like in a ‘real-life’ document.

What to include in your business plan:

• Executive Summary
• Personal summary
• Business idea
• Your product or service
• Market analysis
• Competitor analysis
• Cash forecast
• Operations and logistics
• Backup plan
• Top tips for writing a business plan
• Business plan template UK FAQs

1. Executive summary

This section is a summary of your entire business plan. Because of this, it is a good idea to write it at the end of your plan, not the beginning.

Just as with the overall business plan, the executive summary should be clearly written and powerfully persuasive, yet it should balance sales talk with realism in order to be convincing. It should be no more than 1,000 words.

It should cover:

• Mission statement  – what is your company’s purpose?
• Business idea and opportunity – what unique selling point (USP) will you provide?
• Business model – how will your business operate?
• Business objectives – what are you aiming to achieve?
• Target market – who is your customer base?
• Management team – who are the owners/senior staff?
• Competition – who are you competing against?
• Financial summary – can you prove the business will be profitable?
• Marketing strategy – what is your marketing plan and associated costs?
• Timeline – how long will it take to launch/grow your new business?

It sounds like a lot – but don’t feel you have to spend hours putting this together. Here’s what the above information for an executive summary might look like when put into our example business plan template for ‘The Plew’:

Startups’ business plan template example: executive summary

2. Personal summary

Investors want to know who they’re investing in, as much as what. This is where you tell people who you are, and why you’re starting your business.

Outline your general contact details first, giving your telephone number, email address, website or portfolio, and any professional social media profiles you might have.

Run through this checklist to tell the reader more about yourself, and put your business ambitions into context.

• What skills/qualifications do you have?
• What are you passionate about?
• What is/are your area(s) of industry expertise?
• Why do you want to run your own business?

Here’s what our two fictional co-founders of ‘The Plew’ might write in their personal summaries for our example business plan. CEO Gabrielle Shelby, has highlighted her expertise in the restaurant industry, while CFO Freya Moore outlines her accounting and finance knowledge.

Startups’ business plan template example: personal summary

Richard Osborne, founder and CEO of UK Business Forums, says personality is important in a business plan.

“Having a strong, personal reason at the heart of your business model will help keep you going and give you the motivation to carry on,” he affirms.

3. Business idea

This section is essentially to offer a general outline of what your business idea is, and why it brings something new to the market.

Here, you should include your general company details, such as your business name and a  one-line summary of your business idea known as an  elevator pitch. This section should also list a few key business objectives to show how you plan to scale over the next 1-3 years.

We also recommend carrying out a SWOT analysis to tell investors what the strengths, weaknesses, opportunities, and threats are for your business idea. Think about:

• Strengths: ie. why is this a good time to enter the sector?
• Weaknesses: ie. what market challenges might you encounter?
• Opportunities: ie. what demand is your product/service meeting in today’s market?
• Threats: ie. how will the business be financed to maintain liquidity?

In the template below, you can see a breakdown of the above information for ‘The Plew’. At the top is its mission statement: “to craft an unforgettable dining experience in a chic atmosphere.”

Startups’ business plan template example: business idea

Need a business idea? We’ve crunched the numbers and come up with a list of the best business ideas for startup success in 2023 based on today’s most popular and growing industries.

4. Your products or services

Now it’s time to explain what you are selling to customers and how will you produce your sales offering.

Use this section to answer all of the below questions and explain what you plan to sell and how. Just like your business idea outline, your answers should be concise and declarative.

• What product(s) or service(s) will you sell?
• Do you plan to offer new products or services in the future?
• How much does the product or service cost to produce/deliver?
• What is your pricing strategy ?
• What sales channels will you use?
• Are there legal requirements to start this business?
• What about insurance requirements?
• What is the growth potential for the product or service?
• What are the challenges? eg. if you’re looking to sell abroad, acknowledge the potential delays caused by post-Brexit regulations.

What insurance and licensing requirements do you need to consider?

Depending on what your business offers, you might need to invest in insurance or licensing. Our How To Start guides have more details about sector-specific insurance or licensing.

Public Liability, Professional Indemnity, and Employers’ Liability are the most well-known types of business insurance. We’ve listed some other common other licensing and insurance requirements below:

In our example product/service page for ‘The Plew”s business plan, the founders choose to separate this information into multiple pages. Below, they outline their cost and pricing, as well as sales strategy. But they also include an example menu, to offer something a bit more unique and tantalising to the reader:

Startups’ business plan template example: product list and pricing strategy

5. Market analysis

This section demonstrates your understanding of the market you are entering, and any challenges you will likely face when trying to establish your company.

This section pulls all of your target market and customer research together to indicate to stakeholders that you are knowledgable about the sector and how to succeed in it.

• Who is your typical customer and where are they are based? Describe the profile of your expected customers eg. average age, location, budget, interests, etc.
• How many customers will your business reach? Outline the size of your market, and the share of the market that your business can reach.
• Have you sold any products/services to customers already? If yes, describe these sales. If no, have people expressed interest in buying your products or services?
• What have you learned about the market from desk-based research? What are the industry’s current challenges, and how has it been affected by the economic downturn?
• What have you learned about the market from field research? (eg. feedback from market testing like customer questionnaires or focus group feedback).

What is your marketing strategy?

Once you’ve highlighted who your rivals are in the market, you can provide details on how you plan to stand out from them through your marketing strategy. Outline your  business’ USP, your current marketing strategy, and any associated advertising costs.

‘The Plew’ identifies its target audience as young, adventurous people in their mid-30s. Because of the restaurant’s premium service offering, its audience works in a well-paid sector like tech:

Startups’ business plan template example: customer analysis

6. Competitor analysis

This section demonstrates how well you know the key players and rivals in the industry. It should show the research you have carried out in a table format.

Begin by listing the key information about your competitors. Don’t worry about sounding too critical, or too positive. Try to prioritise accuracy above all else.

• Business size
• Product/service offering
• Sales channels
• Strengths/weaknesses

Competitors will take two forms, either direct  or  indirect. Direct competitors sell the same or similar products or services. Indirect competitors sell substitute or alternative products or services.

Here’s a breakdown of the strengths, weaknesses, and opportunities, and threats presented by a competitor restaurant for ‘The Plew’ called Eateria 24. At the bottom, the founders have written what learnings they can take from the chart.

Startups’ business plan template example: competitor analysis

Check out our list of the top competitor analysis templates to download free resources for your business, plus advice on what to include and how to get started.

7. Cash forecast

Outline your financial outlook including how much you expect to spend, and make, in your first year

All of your considered costs can be put into one easy-to-read document called a monthly cash forecast. Cash forecasts contain:

1. Incoming costs such as sales revenue, customer account fees, or funding.

2. Outgoing costs such as staff wages or operating expenses. The latter can cover everything from advertising costs to office supplies.

For those firms which have already started trading, include any previous year’s accounts (up to three years) as well as details of any outstanding loans or assets.

Annual cash forecast: what is it?

By conducting 12 monthly cash forecasts, you can create an annual cash forecast to work out when your company will become profitable (also known as breakeven analysis) . You will break even when total incoming costs = total outgoing costs.

In your annual cost budget, make sure to also include month opening/closing balance.  This is important to monitor for accounting, particularly for year-end.

• Opening balance = the amount of cash at the beginning of the month
• Closing balance = the amount of cash at the end of the month

The opening balance of any month will always be the same as the closing balance of the previous month. If you are repeatedly opening months with a negative closing balance, you need to adjust your spending. Here’s an example of what ‘The Plew’s financials might look like in its first year of operation:

Startups’ business plan template example: cash forecast

8. Operations and logistics

Explain how your day-to-day business activities will be run, including key business partnerships around production and delivery.

A.) Production

List all of the behind the scenes information about how your business will operate. Include:

• Management team – who do you plan to hire as senior staff and why?
• Premises –  where will you be based? What will be the cost?
• Materials –  what materials/equipment will you need to make your product/service?
• Staffing –  how many employees will you hire? How much will they cost?
• Insurance – what insurance do you need for production?

B.) Delivery

Detail how your customers will receive your product or service. Include:

• Distribution –  how will you sell your product to customers?
• Transport –  how will you transport the product/service to customers or partners?
• Insurance –  what insurance do you need for delivery?

C.) Supplier analysis

Lastly, you should carry out a supplier analysis.  Write down 2-3 suppliers you plan to use as part of your business operations and evaluate them on factors like location and pricing.

In our example business plan for ‘The Plew’, the founders have chosen to present this information in an easily-digestible chart, breaking down the leadership and employees into two different areas: product development and operations.

Startups’ business plan template example: staffing section

9. Backup plan

Explain how you will manage any surprise losses if your cash forecast does not go to plan.

In the event that your business does not go to plan, there will be costs to incur. A backup plan outlines to potential investors how you will pay back any outstanding loans or debt.

In the short-term: 

If your cash-flow temporarily stalls, what steps could you take to quickly raise money or make savings? For example, by negotiating shorter payment terms with your customers.

In the long-term:

If you’ve noticed a drop in sales that seems to be persisting, what changes can you make that would improve cash flow longer term? For example, can you do more of your business online to reduce rent fees?

To placate investors even further, it’s a good idea to include details about potential support channels you can utilise (eg. a business network or contact) who might be able to help if you get caught in a sticky cash-flow situation.

Startups’ 5 top tips for writing a business plan

• Keep your predictions realistic. Your business plan should showcase your knowledge of the sector and what’s achievable. It’s not about impressing investors with big numbers or meaningless buzzwords.
• Don’t go over 15 pages. Business plans should be engaging, which means sticking to the point and avoiding a lot of long-winded sentences. Keep your executive summary to less than 1,000 words, for example.
• End with supporting documents. Use your appendix to include product diagrams or detailed research findings if these are helpful to your business case.
• Get a second pair of eyes. Everyone misses a spelling error or two – invite a trusted business contact or associate to look over your business plan before you send it anywhere.
• Leave enough time to write! It’s exciting to think about getting your business up and running – but planning is an important step that can’t be rushed over. Spend at least a month on writing to get all the details correct and laid-out.

At Startups.co.uk, we’re here to help small UK businesses to get started, grow and succeed. We have practical resources for helping new businesses get off the ground – use the tool below to get started today.

What Does Your Business Need Help With?

Designing a business plan is very important for laying the foundation of your business. Ensure you spend an appropriate amount of time filling it out, as it could save you many headaches further down the line.

Once your plan is complete, you’ll then be ready to look at other aspects of business set-up, such as registering your company. Sound daunting? Don’t worry!

Our experts have pulled together a simple, comprehensive guide on How to Start a Business in 2024, which will tell you everything you need to know to put your new plan into action.

• Can I write a business plan myself? Absolutely! There are plenty of resources available to help, but the truth is a business plan needs to reflect the owner's personal ambitions and passion - which is why entrepreneurs are best-placed to write their own.
• How long should a business plan be? We recommend your business plan is kept to a maximum of 15 pages. Keep it short and concise - your executive summary, for example, should be no more than 1,000 words.
• Is it OK to copy a business plan? While not technically illegal, copying a business plan will leave you in a poor position to attract investment. Customising your plan to your unique business idea and industry specialism is the best way to persuade stakeholders that you have a winning startup formula.

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How to calculate business startup costs: an essential guide.

You might think that starting a business is simple, financially. Unfortunately, not all business startup costs are clear. There are some that you may not consider until you’ve begun the process. Some business expenses might occur that you’ve never even heard of. Business owners will tell you that startup expenses are more than just office space and furnishings. If you’re contemplating starting a business , learn how to calculate your costs here!

Here’s What We’ll Cover:

What are Business Startup Costs?

Common business startup costs, costs that occur after business has started, how much does it cost to start a business in the uk, key takeaways.

Any good business plan will go through the task of calculating business startup costs. These are the organizational costs that occur during the creation of a new business. Some are one-time expenses, while others are ongoing expenses. Regardless, understanding and budgeting for all of the possible costs is crucial to success. Startup costs require planning and accounting, and if a business neglects this then they are less likely to thrive.

There are some common business startup costs that should always be considered when doing calculations. They’re all listed below and are all necessary to start a business.

A Business Plan

Believe it or not, a business plan should be part of your startup costs. Business plans take time to create, and often require professional services to polish. They’re a road map and a financial plan to present to possible investors. Without this part of your financial plan, you’ll be less likely to secure funding. Startup funding is crucial to getting a business off the ground.

Research is a necessary part of any startup. The company needs to be able to prove that it’s viable in the market. If research is neglected, a company may enter the market offering products that are unnecessary.

Borrowing Costs

Borrowing costs take into account the business loans received for a startup. This includes interest on loan payments, as well as any fees applied to debts over time. Borrowing costs make up a large portion of startup costs until they are paid off.

Business Insurance and Business License Fees

Businesses are required to have insurance, and as such they will have insurance payments to make. There may also be a requirement for commercial property insurance when selecting where your business will live. Business licensing and permitting are also necessary costs to factor in.

Tech Expenses

In today’s world, businesses need technology to thrive. This includes digital marketing costs and software needs. Many businesses can’t function without business accounting software . They also need content marketing and advertisements to create an online presence. Without it, they may be doomed.

Office Equipment and Basic Supplies

If your business is going to exist in a physical space, office equipment and basic supplies are necessary. You’ll need office furniture, fixtures, and office supplies to get started. Without them, daily tasks won’t be completed.

Everything mentioned prior to this is related to setting a business up. However, they aren’t the only business startup costs. Startup also includes post-opening costs, such as the ones below:

• Employee Costs: Hiring employees will require additional funding. You’ll need to take into account employee salaries, employee benefits, and employee training. All of these will cost money for your business.
• Promotion: While online advertising was mentioned prior, it’s worth mentioning again. Promotion is key in this world. Without paying for promotion and advertising, a business likely won’t get far.

Most businesses have reported that it takes about £5,000 to launch. However, that doesn’t take into account all of the costs spent during the startup period. As a general rule of thumb, the startup period is about a year before everything is off the ground. Small businesses have reported that additional startup costs amount to about £23,000 in the first year. Those costs break down into the following categories:

• Legal Costs: £6,500
• Accountancy: £4,000
• Human Resources: £4,500
• Company Formation: £8,000

Most people state that they underestimated their startup costs by about £2,000. As such, building a cushion to provide that is recommended.

Starting a business isn’t cheap. In fact, it takes a lot of work and money before you can start earning money. As such, calculating your startup costs before you dive in is suggested. Understanding the needs of your business and their associated costs is a recipe for success. If you want more small business articles like this, visit our resource hub ! We love supporting small businesses.

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15 Startup Business Costs To Consider In The UK

We’re dedicated to helping people start their own successful businesses – and the key to success is transforming your idea and passion into a plan. it’s like the old saying goes, “failure to plan is planning to fail”. .

Unfortunately, 1 in 5 new businesses in the UK fail each year . The biggest reason for this is that they didn’t plan. Having an idea will only take you so far, but to reach success, you need to know how to translate this vision into actionable steps and get a clear view of the challenges you’ll face along the way. 

One of these challenges is how much starting a business will cost you and all of the hidden expenses that you might not have thought of.

Knowing what to expect (and planning to cushion to fall back on!) will help you finance the right amount, soar through your first 12 months and ultimately put you on track to earning profit. 

So to help you on the way, we’ve put together this guide on the startup business costs to consider and plan for in the UK. 

What you'll get from this page:

The importance of knowing your startup business costs 

Finances are arguably the most important part of any business. If you can’t make your business profitable, it’s game over. As much as you might love your business idea, if you can’t get the finances to line up, it will be like trying to cross the Atlantic on a sinking ship. 

We’re not saying this to frighten you or dampen your spirits. It’s just to really hammer home the importance of knowing what startup and running costs you can expect to face.

The more you know, the more you can plan for and the less you will rely on sales as you find your feet. 

In addition, if you plan on applying for finance, whether you’re applying for a loan or seeking an investor, knowing your costs will also ensure that you ask for the right amount to get your business in the best position possible.

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What type of start-up costs can I expect? 

It’s time for our favourite answer: it depends! 

The type and amount of start-up costs you can expect will vary by the type of business, industry, location and ambition. For example, different company structures (i.e. a sole trader or limited company) will see different costs involved with company formation and taxation.

Generally speaking, all start-up costs can be grouped into one of three categories. 

Investigatory costs

These are the costs that are involved in researching your market, making a business plan and ultimately assessing your business before you register it.

This could include costs of buying competitor products as part of industry analysis, running surveys or panel groups to create user research or any consultancy fees for research or advice. 

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Pre-launch startup costs

These costs happen as you prepare to register and launch your business, but before you are ready to start trading.  This could include anything from equipment, formation fees, training and qualifications, office furnishings, and initial inventory. 

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Post-opening startup costs

Post-opening startup costs happen after your business is officially launched and trading and cover the day-to-day management and promotion of your services.

For example, they can include bills like insurance and utility bills, licensing, stock management, rent and finance repayments, and any advertising, marketing and promotion. If you hire employees, payroll will also fall under this category. 

15 startup business costs to consider

Now you have an understanding of startup costs, let’s help you plan with some of the most common expenses that you will be facing. 

1. Research expenses 

We briefly mentioned these in the investigatory costs section, but this expense will cover anything that you need to research your business, audience, industry and competitors. For example, this could include: 

• Hiring an external research agency to help you explore your industry and market fit. 
• Any software you use to research, such as survey websites for audience research.
• Offered incentives to your audience if they speak with you, such as gift cards or physical gifts.
• Access to paid market research insights that other companies have already completed in your sector.
• Any professional fees for paid advice from accountants, consultants or legal professionals.  

Another important research cost to consider is money to purchase competitor’s products or services. 

Just looking at a website will only get you so far, sometimes you need to go through the entire journey and stress test their products to get insights that you wouldn’t otherwise. For example, how are their products shipped and packaged? What is the unboxing experience like? What is their customer service team like? What emails or after-care do they provide? Unless you act as one of their consumers, you won’t easily get these answers. 

2. Professional fees 

This will cover the costs of any professional that you will need to hire for your business, whether it’s for one-off use or an ongoing basis. This can include:

• Accountants
• IT manager 
• And more. 

Basically, any service or advice that you pay a professional for will be included in this section. This could be anything from helping manage the books, to getting your equipment installed, to helping write contracts or even gaining appropriate certification.

When looking at this cost, don’t assume that you will be able to do everything in-house without help. Even if you don’t hire an accountant and choose to manage the books yourself, you still will want to consider any one-off services that you might need help with, like annual reports.

In addition, you’ll want to think about the cost of the accounting software you will use instead, which we’ll cover a little bit more in the subscriptions section. 

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3. Finance fees 

Whether you’re considering applying for a loan, attracting an investor or borrowing from friends – you don’t get money for anything. Whatever method you’re using to finance your startup costs, you need to factor in any interest and fees that you’ll accrue and how you can pay the amount back. 

4. Insurance costs 

The level of coverage and types of insurance that businesses will need depend on your industry, structure, and the services that you offer. If you’re a sole trader, technically, you don’t need to take out any insurance. 

However, there are very big caveats to that and instances where insurance is essential for any business. For example:

• Professional or Public Liability Insurance could be required depending on the contracts you enter into, especially if you work closely with or in the public eye. Some clients may refuse to work with you unless you have a minimum coverage amount, ranging between £1-£10 million. But the good news is that if you’re held responsible for injury or property damage, you’re covered. 
• Employers’ liability insurance is a legal requirement if you have employees – and you can be fined up to £2,500 every day you don’t have this protection in place. 
• Building and contents insurance protects your premises and equipment if the worst should happen. If you’re running a business from home, note that your personal building and contents insurance might not cover your business, so you will need a separate policy for this side.
• Vehicle insurance is essential if you’re using a business vehicle or travelling as part of your work. 

There may also be policies you can choose to take out for extra protection, such as personal accident insurance, which guarantees your income if an injury prevents you from working. 

5. Rent or property costs 

If you’re planning on renting or purchasing a property to run your business from, then you need to factor the cost of rent or mortgage into your plan. 

But as well as the rent, you will need to consider any changes or upgrades you need to make to the space to make it suitable. This could include any remodelling or installations (particularly if you work with specialised equipment) or even essential furnishings like desks and chairs. 

6. Employment 

If you want to employ staff, then you need to factor in costs for wages, payroll and employer expenses – such as national insurance and pension contributions. 

This will also be a factor for anyone that wants to set up a limited company, as you will class as an employee of the company and therefore earn a monthly salary . 

Alternatively, if you’re considering hiring any contractors or freelancers, you will need to factor in where you will hire people from. If you plan on using an agency or external recruiter, you must factor in their fees on top of the contractor’s salary. 

7. Equipment and supplies 

What equipment and supplies do you need to get started with your business? These could be big-ticket items, such as computers, machinery, trade tools, office furniture, or even vehicles. 

But as well as thinking big, you should also think about every day or unseen costs that you will also need, such as:

• Uniforms or protective clothing;
• Stationary;
• Power cables/extension cords;
• First aid supplies;
• Kitchenware;
• Refreshments (never forget the tea).

Think about the items you will come into contact with and use daily. Then, make sure you add its cost to the list. 

8. Technology or subscriptions 

As well as physical assets and supplies, there will be a list of technological services and subscriptions that you will need to factor into your business. This will include any software licenses you may need (i.e. Microsoft or Adobe), as well as data, storage, and security.  

Bills and utility also come under this heading, so think about the power, gas and water costs of your building – as well as the internet. If you have a business phone, you will also need to cover the costs of the mobile network.

You’ll also need to consider any third-party programs or applications you might use, such as CRM, marketing or accounting software . 

It is worth noting that some of this software can come with free tiers or options.

Which Accounting Software Is Right For You?

OPTIONAL: Claim your free Bookkeeping for Beginners guide?

9. Stock 

If your business model relies on selling stock, you must source where and how you will get it. Ask yourself: 

• What manufacturers, supplies or distributors are you going to use? 
• How much do they charge? 
• How much stock do you need to start?
• Where will you store your stock and how much room do you have?
• How much does it cost to move your stock?

Our recommendation: don’t go all in on your first order. Test the waters first and reassess when you have more data. 

10. Delivery

If you ship out physical items to customers, you should factor in delivery and packaging costs and which provider you will use. This will also help you price your product, especially if you charge for delivery. 

Although it might be tempting to go for the cheapest option out there, unboxing plays a key element in how customers see your product and brand. It’s why Apple have spent so much time and money on designing their patented white boxes – so users get that slick experience from the very first second. Obviously, you don’t have the money and resources of Apple, but it could be worth researching and costing custom printed boxes or inserts to add that extra something special. 

11. Marketing and promotion 

You got to spend money to make money, right? In the case of marketing your business, that is true. There’s no point putting all this time, money, and effort into a business if your audience doesn’t know that you exist. 

Marketing is all about promoting your business to your audience, getting them to trust your brand and ultimately spend money on your products and services. 

There are tons of ways that you can market your business, some of them free (including social media). But depending on your business and tactic, you might want to set aside some money to spend on paid advertising or creating assets for your business. 

If you’re looking for some marketing tips, we’ve got a host of guides and ideas to get you started, including: 

• How To Promote Your Business On Google
• 6 Best Website Builders For Small Businesses
• Top 17 Small Business Website Design Tips
• How To Convert More Website Visitors Into Customers
• How To Market A Small Business On Social Media
• What’s The Difference Between PPC & SEO?
• 7 Small Business PPC Tips
• 7 Affordable Small Business SEO Tips

12. Website

More and more business is happening online. If you don’t have a website, your customers won’t be able to find you. 

Having a website comes with varying costs, from hosting and building to professional design or copy work that you might want to invest in. For most startups, we’d recommend using a website builder as they offer relatively inexpensive packages that cover most services in one. Some builders even offer free tiers to get started, but we wouldn’t rely on those options forever. 

13. Formation fees 

If you’re planning on forming a limited company, there are formation fees that you will need to pay. In many cases, though, this cost can be around £50. 

In fact, if you don’t want to handle the paperwork, you can hire a company formation agent to form your company on your behalf for just £12.99 or under. 

Top-Rated Company Formation Agents

14. Taxes 

No company is exempt from taxes. If you’re a sole trader, you will be liable to submit a self-assessment tax return each year and pay income tax on your profits, as well as Class 2 and 4 National Insurance . 

If you’re a limited company, you will be expected to submit annual reports and pay corporation tax at a fixed rate. 

You will also be liable to pay VAT if you are VAT registered. 

Although it will be hard to work out your exact tax bill until you get a clear idea of your expenses and profits, an accountant could help you complete a financial forecast to better understand what money you will need to set aside for your tax bills. 

15. Rainy days 

Finally, it’s always a good idea to set extra money aside for overlooked or unexpected expenses that you might come across. Having that extra cushion will always come in handy. 

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How to calculate startup business costs 

We’ve given a lot of examples of startup business costs to consider when creating a business in the UK. Now it’s time to get into how you use this list to calculate your expenses.

First, use the above costs to list all the necessary expenses. During this step, it might be useful to separate these items into one-time expenses (i.e. equipment) and ongoing costs (i.e. technology). 

Once you have a full list, it’s time to research how much each item will cost your business. This step could involve talking to different vendors to get their price lists, or even scouting properties available for rent. 

With a full list of estimates, it’s time to get your total amount. When looking at ongoing expenses, it might be useful to break this down into how much it will cost you for the first 6 or 12 months of your business. Then, add a safety cushion to help you account for any hiccups, price increases or expenses you’ve overlooked. 

With this figure, you’ll be armed with the data you need to complete your business plan and apply for the investment needed to get started. And for anything else that you will need on the way, you can always rely on Business4Beginners for advice, tips, and help. 

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Blog / Small business tips / How much does it cost to start a business in the UK?

How much does it cost to start a business in the UK?

Before you can launch a new business, you have to have enough cash to get it off the ground. But, how much exactly does it cost to start a new business?

This figure varies widely depending on your chosen industry, location and venue—launching an online freelance writing business will cost significantly less than opening a brick and mortar retail store.

On average, UK startups budget £5,000 to launch . Further, the average UK startup spends  £22,756 in their first year , according to a study commissioned by Geniac . 

But, as only 42.4% of SMEs survive past their first five years , the key is budgeting enough to not only launch, but survive and thrive in the long-term.

In this article, we’ll explain the importance of calculating business startup costs, define the types of startup costs you may encounter and provide tools to help you calculate and organise your small business finances to boost your chances of long term success.

Table of contents:

Why do you need to calculate business startup costs.

• How do you figure out how much cash you’ll require to get started? 

What are startup expenses?

What are startup assets, what are the different types of startup costs, 13 common business startup costs, should you try to minimise startup costs , where to find capital for your new business, wrapping up.

Financial preparedness helps you to budget for expected and unexpected costs. A clear-cut view of your financial health can help you make better business decisions, keep your business afloat and ultimately boost profits. 

According to the same Geniac study , approximately two-thirds of small business owners experienced unexpected costs during their first year, leading to reduced profits and stunted growth.  

By strategically calculating your own business startup costs and factoring unexpected expenses into your budget, you increase your chances of success.

Calculating startup costs also helps you to:

• Figure out if you can afford to launch your business at all
• Explore multiple funding options if you do not have enough cash to self-fund your venture
• Demonstrate to investors that you understand your startup costs, thus building trust
• Decipher if your business idea is financially viable in the long-term
• Discern if you can afford any staff to help you launch
• Calculate a budget for all areas of your business, such as what and how many materials and equipment you will need to launch, how much it will cost to market and promote your brand, etc. 

If you fail to calculate your startup costs before you launch, you may end up grossly underestimating your needs. 

How do you figure out how much cash you’ll need to get started? 

The best practice is to overestimate what you’ll need in your business plan . Expenses can rise over time, so account for that inflation in your startup costs. Don’t make the mistake of overestimating revenue and thus underestimating costs—hope for the best, but plan for the worst.

Before you can calculate how much cash you’ll need to get started, you have to fully understand how your own business will run. You may want to seek business advice to help you determine the best legal and financial models for your business type, as they vary based on your business goals.

On the legal side, you have to determine your company formation type before you can register your business. Will you be registering as a sole trader, a limited company, a business partnership, or a limited liability partnership?

Each has its pros and cons as well as varying rules regarding taxes, reporting and responsibilities. We will detail the exact costs of registering your business under each company formation type in a later section.

Top Tip: To learn more about how to choose your company formation type as well as the benefits and drawbacks of each, read our guide on how to register a business in the UK 📖

On the financial side, you’ll need to grasp the basic fundamentals of accounting to avoid running into cash flow problems. This includes choosing the right accounting method and knowing the three main financial statements so that you can work bookkeeping tasks into your business plan.

Top Tip: To learn more about how to streamline your small business accounting process, read our complete guide to accounting for startups 📂

Once you choose your business formation type and accounting principles, you’ll have a much better handle on how your business will operate. This is key for helping you to accurately create a cash flow forecast and determine your projected revenue, things you need to include in your business plan if you are looking for investment. 

When starting a new business there are things you’ll need to spend money on in order to get up and running. These are your startup expenses. 

Startup expenses are ‘sunk costs’, meaning you won’t get back what you spend, regardless of whether your business succeeds or not. These expenses are essential in not only getting your business to market but determining how successful you are in the early months and years of your operation. 

That’s because the money you invest in your business early on will determine how quickly you can attract and engage a loyal audience, thus bringing in enough revenue to stay afloat and scale.

Examples of startup business expenses include:  

• Marketing and branding: Money spent on web design, website hosting, logo design, content creation, social media advertising, business signage, flyers, posters, brochures, business cards and any other marketing collateral.
• Professional fees: Money spent on business consultants and advisors to help with writing a business plan, for example, or accountants and solicitor fees for registering your business with Companies House. 
• Recruitment fees: Money spent on job boards to advertise vacancies or recruiters to hire new employees.  
• Registering your business: As mentioned above, this is a one time fee that you will pay after you choose your company formation type.  

Top Tip: You can get a free business bank account when you register your business with Tide, plus you’ll only pay £14.99 instead of £50! We’ll pay the rest on your behalf. Register your business today 👍

Unlike startup expenses, startup assets are things you’ll invest in that have ‘asset value’. This simply means they retain their value over time. 

For example, if you’re setting up a photography business, your camera, laptop and printer would be assets. These all have sell on (asset) value and could be sold to make your business some money back. 

If your asset qualifies, you can deduct the full cost of the item from your profits before tax under HMRC’s annual investment income (AIA) . So while you’ll still need to account for assets in your initial startup calculations, these costs aren’t sunk expenses in the same way that a lot of other purchases will be. 

AIA can be claimed on most plant and machinery up to the AIA amount. The AIA amount varies frequently, so make sure to check the GOV.UK website for the latest numbers. Here are the most recent reported amounts, as of June 2020:  

According to GOV.UK , you can claim capital allowances on:

• Items that you keep to use in your business (including lorries, vans, trucks and motorcycles, but not cars)
• Costs of demolishing plant and machinery
• Parts of a building considered integral, known as ‘integral features’
• Some fixtures, for example, fitted kitchens or bathroom suites
• Alterations to a building to install other plant and machinery – this does not include repairs 

You cannot claim capital allowances on: 

• Things you lease (you must own them)
• Buildings, including doors, gates, shutters, mains water and gas systems
• Land and structures, for example, bridges, roads, docks
• Items used only for business entertainment, for example, a yacht or karaoke machine

HMRC also says that you cannot claim AIA on:

• Items you owned for another reason before you started using them in your business
• Items given to you or your business

Not all costs are created equal. With some costs, you will never earn back what you spend, while others are paid with the intention of earning a return on your investment (ROI).

Here are the various startup cost types.

• One-time costs: These are the ‘sunk’ costs that most startups experience, such as the cost to incorporate your business, purchase a top-level domain (TLD) for your website or buy an expensive piece of equipment. 
• Fixed or ongoing costs: Ongoing costs are paid on a regular basis and rarely fluctuate. These costs include rent, utilities, interest fees on business loans and labour. Fixed costs are usually contractually agreed upon.
• Variable costs: Conversely, variable costs vary and depend on the amount of goods or services you need to produce in a given time period. For example, seasonal costs affect many retail businesses, causing a spike in purchase orders when demand is higher. As such, the cost of running a business reliant on seasonal demand will fluctuate throughout the year.
• Essential costs: Essential costs are purchases you make that are absolutely necessary in order for your business to either stay afloat or grow. Critical research and development (R&D), new staff hires and game-changing SaaS tools may fall into this category.
• Optional costs: You should only spend on optional costs when you have enough cash to cover crucial expenses and keep your emergency fund fully stocked. If that is the case, you may want to spend money on optimising your website, upgrading to a more advanced subscription-model on a key SaaS tool, or increase your digital ad spend to broaden your reach.

Understanding your business expenses will help you work backwards to determine how much cash you’ll need to launch.

Top Tip: Learning how to manage your expenses is crucial to business survival. Read more about how to save money, pay the right amount of taxes and keep a pulse on your financial health in our guide to business expenses 💳

The specific startup expenses, assets, variable costs and fixed costs you’ll incur in getting your small business off the ground depends on the industry you’re in, but there are typical costs for every business. Let’s dive in.

1. Research

Coming up with solid business ideas and then understanding how to start a business in the UK requires thorough research. And before you launch your business, best practice is to first validate your idea(s) by learning about and talking with your target audience to see if there’s purchasing interest

A lot of market research , like searching on Google, scanning social media sites, finding competitors and questioning family and friends, for example, can be done for free. But if you need to dig deep into industry data, you may need to invest in a market research firm or paid online market research platforms.   

Rates for market research can vary widely, from £100 for a survey to upwards of £8,000 for online consumer data.

2. Equipment

Equipment costs cover the plant and machinery you’ll need to produce your product or offer your service. This includes office space and/or shop costs.

For example, if you run an ecommerce business, you’ll need a computer, desk, chair and printer, as well as other office furniture such as filing cabinets and bookshelves. If you’re selling products in a shop, you’ll need display units, a till and a contactless payment machine. If you buy stock from a wholesaler, you may need a van to transport goods. 

On top of the equipment you need to do the work, you may need other essentials to provide a comfortable workspace – things like kitchen appliances, water coolers, air conditioning and bathroom fittings, for example.  

Write down every item you need to run your business and furnish your premises.

3. Registration fees

Depending on the structure of your business, you may need to pay an incorporation fee. 

Here is the cost breakdown of registering your business:

• Registering as a sole trader is free
• Registering a limited company costs between £50 and £100 depending on the method you choose, although you can register for only £14.99 with Tide as we take care of the rest for you 
• Registering a limited partnership costs £71
• Registering as a limited liability partnership costs between £50 and £100 depending on the method you choose

4. Business premises

If you’re able to work from home, the cost of your business premises will be free and you’ll be able to claim back a proportion of household bills on your tax return. If you need to rent commercial space, costs vary widely. 

According to Statista, the cost of renting prime office space in London in Q1 of 2021 was as high as £110 per square foot (so a 1,400 sq ft office would cost around £154,000).

However, some areas charge per person per month. For example, in Leeds the average rent is around £250 per person per month. So for a small team of four, office rent would be around £12,000.

For prime industrial space , rental costs in 2021 were as high as £17 per square foot in London and as low as £5.50 per square foot in Wales. Rent for a 5,000 square foot industrial space would cost up to £85,000 in London but around £27,500 in Wales.

For prime retail space in UK cities in 2021, costs varied between £2,150 per square foot per year in London to £92 per square foot per year in Bristol.  

While some office and business space rents include utilities, others don’t. If utilities aren’t included in the space you’re thinking about renting, add the following to your startup costs and ongoing monthly expenses:

• Water 

5. Inventory

If your new business is in retail, manufacturing, wholesale, distribution or hospitality, you’ll need stock to be able to hit the ground running. 

Working out how much stock you need can be challenging. Too much can leave you stuck with items you’ll never sell. In the case of hospitality, in particular, this can mean spoilage and, thus, financial losses. On the other hand, too little stock may leave you unable to meet demand. 

Estimate your startup inventory costs by working out:

• What products you’re going to sell
• How many products you’ll need to open your business
• The recommended retail price (RRP) of your products (which helps to standardise the price of goods)
• The product markup

Let’s say you plan to sell mugs that retail at £10. The average product markup is between 30% and 40%, which means the wholesale price of the mug would be £6-£7. Multiplying the wholesale price by how many items you’ll need to open your business will give you an estimate of how much you’ll need to spend on stock.

So if the wholesale price of the mug was £6 and you need 300:

£6 x 300 = £1800

According to research f rom Deloitte , in 2020 38% of consumers did more shopping online relative to pre-lockdown levels.

A website is your online business shop front and an important sales and marketing tool for any new startup. The type of website you’ll need depends on what you plan to offer. If your site will primarily promote services, a template-based design on an all-inclusive platform such as Wix or Squarespace may be suitable. 

• Wix plans start from £13 a month
• Squarespace plans start from £15 a month

Both include domain, hosting and storage.

If you’re running an ecommerce business, Shopify or WordPress WooCommerce might be better suited, both of which offer templates and simple tools to help you create and manage an online store. 

• Shopify plans start from $29 (around £21) a month
• WordPress and WooCommerce are free, but you’ll need to purchase a domain (around £10-15 a year) and hosting (between £3 and £200 a month depending on your demand)

If you want to work with a web designer to create a custom design for your website, the average cost, according to TechRad ar, can be anywhere from a few hundred pounds to several thousand.

Top Tip: To learn more about joining the online business world, read our guide on how to start a business online 💡

7. Marketing

To get customers or clients to buy from you, you’ll need to market and promote your business. This will require a digital marketing strategy .

The good thing about marketing is that it doesn’t have to cost anything. Word of mouth and social media are two of the most effective ways of promoting a business and both are completely free.  

However, you may want to get the word out about your business through paid online, print or media advertising, or by hiring a marketing company to promote your business. 

According to Nuanced Media founder , Ryan Flannagan, you can work out your marketing budget by calculating your revenue and company size.  

According to this study, new companies should spend 12%-20% of their gross revenue on marketing. 

Top Tip: To learn more about creating an effective marketing strategy to drive traffic to your product or service even before you launch, read our guide on how to build a go-to-market strategy that attracts ideal customers 👀

8. Branding

Branding is a reflection of who you are and what you do as a company. As a new business, your brand will play a critical role in how customers perceive you and consistent presentation has been shown to increase revenue by as much as 33% . 

Like marketing, branding doesn’t have to cost anything. If you have a clear vision in mind and are competent with graphic design, it’s possible to create your own name and logo, brand guidelines, values and mission statement. 

However, you’ll need to factor in costs for additional assets related to your brand, such as business cards, product packaging, point of sale, signage or event flyers.  

If you’re new to the concept of branding or want to be sure that what you create is going to have the desired impact, hiring a branding agency or freelancer is a worthwhile investment. But it might not be cheap. 

Research by canny shows that branding prices range from £300 for stationery design to as much as £50,000 for brand strategy. 

Top Tip: As your business and customers grow, you may need to shift your brand’s tone and voice to stay aligned with current trends. The best practice is to consistently revisit and evaluate your brand presence as your business evolves. To learn more about what makes up a brand and when and how to rebrand as you grow, read our five-step approach to rebranding your company 🔎

9. Office supplies

Along with the equipment you need to furnish your business premises, you’ll need office supplies to help you do the work. 

Small purchases like paper, pens, printer ink and first aid supplies can soon add up when purchasing everything at once, so focus only on the things you need and look at where you can save by doing things digitally.  

For example, rather than using paper forms, think about using online forms for processes to reduce paper and printer ink usage.

10. Professional services

As tempting as it is to do everything yourself as a new business owner, getting professional help can benefit you in the long run. Whether it’s accounting , legal or IT assistance, or business mentorship, being able to turn to someone skilled in a specific area can help you prevent costly mistakes down the line. 

Prices for business consultants vary depending on the discipline and amount of help you need. 

In some cases, you may be able to get advice for free. GOV.UK’s Business Helpline , the Federation of Small Businesses and mentorsme all give you access to experts without charge. 

However, for specialised, on-going expertise you should add professional services to your startup costs. 

According to Consultancy.uk , the average price range for business consultants is £50-£300. This price often covers a specific time period that the business consultant will be working with you. Some consultants charge hourly or daily prices, while others charge based on the project at large. This varies widely from consultant to consultant, so make sure to get a full understanding of how your consultant will charge you before moving forward.   

Top Tip: It may be smart to talk with an accountant or bookkeeper to guarantee your business finances are above board, organised and categorised correctly for tax purposes. To learn more, read our guide on how to choose an accountant for your small business 📂

11. Business insurance

Insurance is important to protect your business, assets and customers should anything go wrong. 

Here are some of the typical types of insurances new businesses in the UK need: 

• Building and contents insurance: Covering all stock and materials in the event of damage, theft, fire or natural disaster
• Professional indemnity insurance: Protecting you from claims made by unhappy clients/customers
• Public liability insurance: Protecting you against claims from members of the public who have been injured or suffered property damage due to carelessness
• Employer’s liability insurance: The same as public liability insurance, but for employees 
• Vehicle insurance: Covering any vehicles used for business purposes

Insurance costs vary depending on the type and amount of cover you need, excess amount and additional features. The easiest way to find out how much a premium will be is to get a quick online quote through a comparison website like Simply Business . 

12. Payroll

If you plan on recruiting staff or contractors from the start, you’ll need to factor in their salary and/or fees . 

Hiring full-time employees will mean paying wages , as well as regular pension and insurance payments, plus setting up PAYE . Using contractors or freelancers will give you greater flexibility, but the one-off costs will likely be greater. 

You’ll also need to take recruitment costs into account. If you’re sourcing talent through an agency or job board, you’ll most likely need to pay a fee. 

Recruitment fees depend on the industry, the salary and whether the vacancy is temporary or permanent, as this infographic by Agency Central shows: 

If you’re advertising a role through a job board, prices differ depending on the platform you use. 

Here are typical prices for the leading job boards, from Recruitee :

• Indeed: Free or sponsored for $0.10 (around 8p) per click up to $5 per post (around £4).
• Monster: $375 (around £298) for a single job for 30 days or $399 (around £317) for 60 days, with the cost per job reducing on a sliding scale to $135 (around £107) per job for between 100 to 249 postings.
• LinkedIn: LinkedIn Recruiter starts at $8,999 (around £7,100) and Recruiter Lite at $2,399 (around £1,900) per annum. The cost of a job post per day is 1.3 times your pay per click budget.
• Facebook: Prices start at $5 (around £4) and increase to what you can afford. The more you pay, the higher the distribution of your job post.

You can also find freelancers on sites like Upwork , Fiverr , Toptal . Depending on the site, you may need to pay a small fee to use their services.

13. Software and licences

Most businesses need some form of software to carry out work. 

Whether it’s a Customer Relationship Management (CRM) platform to manage customer interactions, an email marketing tool to capture email addresses and contact customers, accounting software like Xero or Quickbooks for invoicing or bookkeeping, or a specialist design tool like Adobe Photoshop, most software will require you to pay a one-off licence fee or ongoing subscription cost. 

You’ll also need to include the cost of data storage and back-up to protect data should anything go wrong. 

Software prices can range from a few pounds a month for a basic page up to hundreds for a top-end premium solution. 

Write down every piece of software that’s essential for your business to get started and the cost of the required package.

Where to find prices

Some of your required startup costs will have defined prices that are easy to find. For example, the price of a website builder like Squarespace can be found on the company’s website. Other costs, such as the price of raw materials or office suppliers may be hidden from public view. 

If you don’t know the cost of what you need, you can find estimated prices by:

• Searching online and gathering average prices
• Talking directly to vendors and service providers. Based on your business needs, they’ll be able to provide you with a free quote.
• Asking other business owners. A business that’s of a similar size to yours may have similar costs for office supplies, insurance, professional services and branding. 
• Asking business mentors. An experienced mentor who has worked with business owners in your industry may be able to help provide ballpark costs for common purchases. 

How to calculate your business startup costs

To calculate your startup costs, you need to create an expenses list that covers the costs of everything you need to open your business. 

You can do this on a spreadsheet or, if you prefer, using pen and paper.

• Write down all of your required startup expenses and assets (the things you’ll need to start your business) and total how much they’ll cost. Some purchases will have a defined cost, others you’ll need to estimate based on research and average industry prices. 
• Organise your startup expenses and assets into a list of one-time expenses. 
• Create another list of monthly expenses which includes all of your fixed costs (your monthly outgoings) and estimated variable costs for 12 months (or longer if you prefer). To work out your variable costs, you’ll need to estimate how many products you’ll sell in each month of the first 12 months. For example, you might estimate selling 100 mugs in month one, 500 by month five and 1200 mugs by month twelve. From that, you’ll be able to work out how much you need to spend to meet customer demand. 
• Add your one-time expenses list to your list of monthly expenses to get a figure for how much capital you’ll need to start and run your business. 

Download this spreadsheet template for free.

Our free template helps you to easily and automatically calculate these costs. The top half is designated for monthly costs and the bottom half for one-time costs. 

In the top half, enter your monthly costs in the “Monthly Costs” column and then enter the number of months those costs apply to your business in the “# of Months” column. The spreadsheet will automatically calculate your Total Monthly Costs in the far right column.

In the bottom half, enter your one-time costs in the “Total Cost” column on the far right. As they are one-time costs, there are no further calculations necessary.

Once complete, the spreadsheet will automatically add up your monthly and one-time costs to produce a “Total Startup Costs” number. 

Create a formal report for your costs and add them to your business plan. Having clearly presented figures will help you in securing capital or investment.

It’s important to try to keep your startup business costs as low as possible. Why? Because slow and steady wins the race. Avoid investing a lot of money upfront in case your idea doesn’t take off right away or you encounter any problems post-launch.

Because many startup costs are sunk costs, it may take you some time to break even. If you can keep your costs low, you will break even and reach profitability faster. 

If you can get into the habit of keeping costs low and thus retaining more revenue, you will give yourself a better chance of successfully scaling your business. Plus, if you can retain more revenue, you can reinvest that money back into your business. 

Here are a few ways to minimise your startup costs:

• Work remotely: Renting an office space is incredibly expensive, with the average price in some areas reaching £455 per square metre per year . To avoid that, if possible, try launching your business from home, a cafe or a coworking space, either alone or with a distributed team, and grow from there.
• Opt for low-cost or no-cost alternatives: Avoid paying premium prices for goods or services when starting out. Instead, opt for refurbished or second hand equipment, or use a template website like Squarespace or Wix instead of paying a seasoned developer, in order to cut costs. You can always upgrade later on when you reinvest in your business.
• Prioritise organic marketing initiatives: There are plenty of ways to promote your business online entirely for free. Build an audience on social media, create blog content, ebooks, newsletter content, etc. and distribute it via online channels. Record webinars, create videos on a budget , attend networking events, and so on. Until you have enough money to spend on paid media, build a customer base organically with a thorough digital marketing strategy . 
• Look for the best deal from suppliers: Don’t sign a contract with the first supplier you meet with. Often, international suppliers are cheaper than local suppliers , but each has its benefits and drawbacks. Don’t sacrifice quality, especially if it’s for a customer-facing item. When you do find an eligible supplier, negotiate the price, respectfully, to see if you can land an even better deal.

Top Tip: Working online is a great way to reduce startup costs. It’s also crucial for many businesses who are following work-from-home guidelines in response to COVID-19. Working online allows you to work remotely, often requires little to no large upfront costs and gives you ultimate freedom and flexibility over where and how you spend your workday. To learn more, read our in-depth guide to starting a business online 🖥

With the average cost of starting a business in the UK at around £12,600 , you may need to secure capital for your new venture. 

There are several ways you can do this: 

• Bank loan: Many major banks offer unsecured loans of up to £250,000, over one to 15 years
• Start Up Loan: A government-backed unsecured small business loan of £500 to £250,000, with a fixed interest rate of 6% per year payable over one to five years.
• Startup grants: Grants are offered on a case-by-case basis by the British Small Business Grants , InnovateUK and Horizon2020 .
• Angel investment: Investment from successful entrepreneurs and long-time investors in exchange for equity. 
• Crowdfunding: A large number of people pooling small amounts of capital to finance a business venture.

If your predicted costs are small, utilising an overdraft of your business account or applying for a business credit card might be an option.

Top Tip: Government support could be available to help your startup business. Do you know about these grants and funds? 🚀

Determining your startup costs depends on your business type, vision and goals. But while budgeting for launch is important, planning for growth is crucial to long-term success.

Business expenses are much more than simply the exact amount it will cost to open. You need to set aside emergency funds in case you run into unexpected hurdles, generate a viable go-to-market strategy to attract your ideal audience and drive purchasing behaviour and plan for paying ongoing fixed and variable costs. 

The best place to start is to determine how you are going to formulate your company and the accounting methods you’ll use. From there, you can figure out which common costs apply to your specific business and begin to calculate expenses. 

Look for ways to reduce costs where possible. Remember it’s a marathon, not a sprint, so start small and slow. The more that you understand your financial health, the better chance you’ll have at surviving far beyond your first few years in business.

When you are ready – you can register your business with Tide for only £14.99! Registering your business with Tide is fast, easy and only £14.99. You not only get to officially start your company, but you get a free business current account at the same time, which is the best way to ensure you’re keeping your finances in order from day one. Be your own boss and  register your company with Tide !

Photo by Pixabay, published on Pexels

Valentine Hutchings

Head of Community and small business enthusiast

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Writing a Business Plan UK

Crafting a business plan in the bustling UK market isn’t just about mapping the future—it’s about securing it. Whether you’re a seasoned entrepreneur or stepping into the startup scene, a well-crafted business plan is your blueprint to success. It’s not merely documentation; it’s a strategic tool that shapes your journey. This necessity for clarity and vision in business plan writing ignites interest in turning visions into viable realities. 

The desire for precision and expert guidance has never been more critical. With a professional business plan, you equip your venture with the armor to thrive in competitive tides. Ready to transform your business idea into a structured plan that captivates investors and guides your team? Let’s dive deep into the essentials of business plan writing in the UK, ensuring your foundation is as robust as your ambition.

Varieties of UK Business Plans and Their Specific Purposes  

• Comprehensive Business Plans

The comprehensive business plan is an extensive document that addresses all critical facets of a business. It includes detailed sections on the company’s overview, market environment, competitive landscape, marketing and operational strategies, and financial forecasts. This plan serves as an essential guide for both startups and existing businesses, providing a detailed roadmap for internal strategy and operational management.

• Investor-Oriented Business Plans

When targeting angel investors or venture capitalists, a business plan needs to be sharply focused on potential returns on investment. These plans must convincingly demonstrate the viability of the business model, growth potential, and a clear exit strategy. Investor-specific business plans often emphasize market size, unique value propositions, and the management team’s expertise to capture the investors’ interest and confidence.

• Loan Application Business Plans

When applying for bank loans, this business plan emphasizes financial stability and risk management. It features comprehensive financial projections, including cash flow estimates and debt repayment strategies, to assure lenders of the business’s capacity to manage and repay debt. This plan is essential for demonstrating the business’s financial health and operational viability.

• Visa Application Business Plans

For entrepreneurs looking to establish a business in the UK under various immigration routes, such as the Innovator Visa or Start-up Visa, having a robust business plan is a crucial requirement. Immigration business plans must align with specific criteria set by the UK immigration authorities, showcasing the business’s potential to contribute significantly to the UK market. These plans often require detailed market analysis, clear operational strategies, and projections of job creation or other economic benefits.

• Nonprofit Business Plans

Nonprofit business plans differ from commercial business plans as they focus on sustainability rather than profitability. These plans emphasize mission, outreach, and impact, detailing how the organization intends to meet its goals, manage funds, and ensure long-term viability. Sections on funding sources, grant applications, and fundraising strategies are particularly important.

• Franchise Business Plans

For those looking to open a franchise, the business plan must adhere to the franchisor’s requirements while also proving the franchise’s potential success in a local market. Franchise business plans include analysis of the franchise model, marketing and operational support from the franchisor, and specific financial projections that consider initial franchise fees, ongoing royalties, and marketing expenses.

Key Elements of a Business Plan

• Executive Summary

This section provides a snapshot of your business, outlining your company profile and goals. It’s essential to make this part clear and compelling to attract investors’ attention.

• Business Description

Offers a detailed description of your business, the problems it solves, and why it is uniquely suited to succeed. This section should also include information about your business model, location, and legal structure.

• Market Analysis

An in-depth look at your industry, market trends, target demographics, and competitor analysis. This part should highlight the demand for your product or service and your strategy to capture market share.

• Organization and Management

Outlines your business’s organizational structure, including details about the ownership, management team, and their qualifications. This part is crucial to establish credibility.

• Sales Strategies

This is where you describe how you intend to sell your product or service. Include sales tactics, pricing strategies, advertising, and promotions.

• Funding Requirements

If your business plan is intended to secure funding, this section should clearly state the amount of funding you need and how it will be used.

• Financial Projections

Provide financial forecasts to show the sustainability of your business. Include income statements, balance sheets, and cash flow statements for the next three to five years.

Process of Writing Business Plans

Mastering how to write a business plan UK is an essential skill for any entrepreneur looking to navigate the complexities of the market. This section will delve into the structured steps necessary to develop a comprehensive business plan. 

• Gather Information Research your market, understand your audience, and get a clear idea of your business landscape. Accurate information is the foundation of a reliable business plan.    
• Draft Your Plan Start by drafting sections that describe your business and product or service. Be clear and concise, focusing on why your business will be successful.    
• Review and Revise Business plans UK should be dynamic. Review it with stakeholders, and be prepared to make changes as your understanding of the business environment evolves.    
• Polish and Finalize Ensure the plan is professionally formatted and free of errors. A well-presented business plan reflects positively on the professionalism of your company.

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Business Plan Software in the UK

For many entrepreneurs, the detail and precision required in business plans writing UK can be daunting. This is where business plan software uk becomes an invaluable tool, especially within the UK’s complex business environment. These software solutions offer structured templates and interactive tools that simplify the creation of a comprehensive plan. 

By using business plan software, entrepreneurs can ensure all critical elements of the plan are addressed, from market analysis to financial projections. The advantage of such software lies in its ability to streamline and automate parts of the planning process, which can save time and reduce errors. For those seeking more tailored assistance, many business plan companies provide specialized software aligned with UK regulations and market specifics. 

Furthermore, for personalized guidance, enlisting help with business plan writing from a business plan consultancy can complement the software’s capabilities. These consultancies offer expertise in strategic formulation and can fine-tune your plan to better appeal to British investors and market demographics. Together, business plan software and professional business plan consultants form a powerful duo to elevate your business strategy.

Cost of Writing a Business Plan

The cost of writing a business plan uk can vary widely depending on whether you do it yourself or hire a professional. If you choose to do it yourself, the primary cost is your time. However, using a professional business plan writer can range from £500 to several thousand pounds, depending on the complexity of the plan and the expertise of the business plan consultant.

Why Consider a Professional Business Plan Consulting Firm?

While drafting a UK business plan can be a formidable challenge, professional consultants specialize in turning your business aspirations into a clear and actionable roadmap. Their expertise not only simplifies the complex process of business planning but also enriches your plan with nuanced market insights and tailored strategies that align with your specific goals.

At BSBCON, we provide expert guidance through every step of the business planning process, from initial research to final presentation. We tailor our business plan writing services to match the unique needs of your organization, ensuring that you not only start on the right foot but also continue to thrive in competitive markets.

If you’re ready to take your business idea to the next level, consider reaching out to our business plan writers . We are here to help you develop a comprehensive, strategic business plan that not only secures funding but also provides a clear path for your business’s future.

By choosing our business plan services , you ensure that your business plan is not only well-crafted but also meticulously aligned with your strategic goals. Let us help you create a roadmap that leads to success.

How can we help you?

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HELPING SMALL BUSINESSES SUCCEED

MORE DONUTS:

What do you need to know about starting a business?

• Start up business ideas
• Set up a business
• Skills and wellbeing
• Business planning
• Financing a business
• Tax and National Insurance
• Business law
• Sales and marketing
• Business premises
• Business IT
• Grow your business
• Types of business
• Testing business ideas
• Product development
• Is running a business really for you?
• Start up stories
• Registering as a sole trader
• Setting up a limited company
• Business names
• Buy a franchise
• Buying a business
• Starting an online business
• Setting up a social enterprise
• Small business support

Protect your wellbeing from the pressures of starting and running a business and develop key business skills.

• Dealing with stress
• Manage your time
• Self-confidence
• Write a business plan
• Business strategy
• Start up costs
• Start up funding
• Setting prices
• How to work out tax and NI
• Accounting and bookkeeping
• Licences and registration
• Protecting intellectual property
• Insurance for business
• Workplace health, safety and environmental rules
• Looking after your customers
• Promote your business
• Your marketing strategy
• Sales techniques
• Research your market
• Creating and optimising a website
• Commercial premises
• Premises security
• People management
• Recruitment, contracts, discipline and grievance
• Employment rights
• Hiring employees
• Buying IT for your new business
• Basic IT security
• Preparing for business growth
• How to scale up your business
• Funding business growth
• Start exporting
• Personal development

Essential guide to writing a business plan

Your business plan outlines what your business does or will do and what you are trying to achieve. It explains what the market opportunity is, what makes your business special and how you will make it a success.

Business plans are not just for limited companies. They can be valuable tools for self employed sole traders and businesses that are planning expansion into new markets or a change of direction.

Writing a business plan helps you:

• check that your business idea makes sense
• plan your sales, marketing and business operations
• identify potential problems and how to overcome them
• set out your objectives and the financial return you expect
• work out what financing you need
• convince other people to back your business

Why write a business plan?

How to write a business plan

Your business and products

Your market and competition

Your marketing and sales

Management and personnel structure

Your business operations

Financial performance

SWOT analysis

1. Why write a business plan?

Writing a business plan helps you think about what you are doing.

• The plan sets out your strategy and action plan for the next one to three years, or sometimes longer.
• As part of the process, you set concrete objectives and plan how you will achieve them.
• Writing a business plan helps you focus and develop your ideas. Priorities are identified. Non-priorities are dropped, saving precious time.
• Putting the plan in writing makes it easier to spot any gaps where you have more work to do.
• Once written, the plan is a benchmark for the performance of the business.
• By involving your employees in the planning process, you can build a successful, committed team.

You may need a business plan to explain your idea to other people

• A business plan is essential if you are raising finance from a bank or outside investors.
• A good plan can help you attract new senior management, or business partners such as distributors and agents.
• You should tailor your plan to the target audience. For example, you may want the plan to 'sell' the business to your bank manager or investors.
• Ask the intended recipient if there are any specific issues they want the plan to address or a template you should follow.

2. How to write a business plan

Base your business plan on accurate, detailed information where possible. But do not include all the detail in the plan. Leave the detail for operational or marketing plans.

Keep the plan short

• Focus on what the reader needs to know.
• Cut out any waffle.
• Make sure there are no spelling mistakes.
• Detailed business plans are often quickly shelved because they are difficult to use on an ongoing basis.

Include any detailed information you need in an appendix

For example, you might want:

• detailed financial forecasts and assumptions
• market research data that backs up what you say
• CVs of key personnel (essential if you are seeking outside funding)
• product literature or technical specifications

Base your business plan on reality, or it may be counterproductive

• Over-optimistic forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost-cutting.
• Be realistic, even if you are selling the business to a third party. Financiers, business partners and employees will see through over-optimistic plans that ignore weaknesses or threats. Management credibility can be damaged.

Make the plan professional

• Put a cover on it.
• Include a contents page, with page and section numbering.
• Start with an executive summary. This summarises the key points, starting with the purpose of the business plan.
• Use charts, if helpful.

Even if the plan is for internal use only, write it as if it were aimed at an outsider

• Include company or product literature as an appendix.
• Give details about the history and current status of the business.

Review your business plan

• Read through the plan from your target reader's point of view. For example, try to imagine the impression the plan will make on your bank manager.
• Check the plan is realistic. Include evidence to back up what you say (perhaps in the appendix) or provide evidence if needed.
• Make sure you assess the risks. What might go wrong (eg if your main supplier closes down or you lose a key customer) and what would you do about it?
• Concentrate on the executive summary. People often make provisional judgements based on this. Only then do they read the rest of the plan to confirm their decision.
• Show the plan to friends, business peers and expert advisers for comments. Which parts did they not understand or find unconvincing?

3. Your business and products

Explain the history of the business.

• When did it start trading and what progress has it made to date?
• If the business is just starting up, what is your personal industry background and what progress towards launching the business has been made?
• Who owned the business originally?
• What is the current ownership structure?

Describe what your product or service is, avoiding technical jargon if possible

• In general, what makes your product or service different ?
• What benefits does it offer? What are its disadvantages and how will you address these?
• What changes and improvements are you planning?

Explain any key features of the industry

• For example, any special regulations, whether the industry is dominated by a few large companies or any major changes in technology.

4. Your market and competition

Describe the market in which you sell.

• Highlight the segments of the market in which you compete. What are the key characteristics of customers in each segment and what influences their purchasing decisions?
• How large is each market segment? What is your market share?
• What are the important trends, such as market growth or changing tastes? Explain the reasons behind the trend.
• What is the outlook for each important market segment?

Describe the nature and distribution of existing customers

• Do they fit the profile of the chosen market segment? If not, why not?
• Are sales largely made to one or two major customers?
• If you are a new start-up, do you have any confirmed orders and who are your best prospects?

Outline the main competition

• What are the competing products or services ? Who supplies them?
• What are their advantages and disadvantages compared to you? For example, price, quality, distribution.
• Why will customers buy your product or service instead? How will your competitors react to losing business and how you will respond?
• Never openly criticise or underestimate competitors.

5. Your marketing and sales strategy

Where do you position your product or service in the market.

• Is it high quality and high price?
• Is it marketed as a specialist product due to a particular feature?
• What unique benefits does it offer customers? For example, product reliability or customer service.
• Which of these benefits are you going to highlight?

What is your pricing policy?

• Explain how price-sensitive your customers are.
• Look at each product or market segment in turn. Identify where you make your profits and where it may be possible to increase margins or sales or cut costs. Set your pricing accordingly.

How do you promote your product or service?

• Each market segment will have one or two promotional methods that work best. For example, social media marketing, direct marketing, advertising or PR.
• If you are considering a new marketing strategy, start small. A failed investment in marketing can be costly.

What sales channels do you use to reach your target customers?

• For example, do you sell directly to the customer, or through retailers or agents? Do you sell online?
• Compare your current channels with the alternatives. Note the distribution channels used by your competitors.
• Look at the positive and negative trends in your chosen distribution channels.

How do you do your selling?

• Look at the cost-efficiency of each of your sales methods . For example, online sales, in person, through an agent or using telesales.
• Include all the hidden costs, such as management time when calculating prices or return on investment.
• Explain how long it takes to make sales (and to get paid for them), what the average sales value is and how likely customers are to give repeat orders.

6. Management and personnel structure

Set out the structure and key skills and experience of the management team and the staff, if you have any.

• Clarify how you cover the key areas of production, sales, marketing, finance and administration.
• Address any areas of deficiency, and your plans to cover this weakness.
• Explain your recruitment and training plans, including timescales and costs.

Analyse the workforce in terms of total numbers and by department

• Compare the efficiency ratios with competitors, or with similar industries. Useful figures might be sales, average salaries, employee retention rates and measures of productivity.

Be realistic about the commitment and motivation of the workforce

• Show how committed you and other members of the management team are. For example, how much you have invested in the business.
• Consider how you would survive the loss of a key member of the team.
• Note any unusual upward pressure on pay levels.
• Spell out any plans to improve or maintain motivation.

7. Your business operations

Look at the capacity and efficiency of your operations, and any planned improvements.

What premises does the business have?

• Do your business premises meet your current and future needs? What are your long-term commitments to property?
• What are the advantages and disadvantages of the present location? Should the business expand or move?

What production facilities do you have and how is production organised?

• How modern is the equipment?
• What is the capacity of the current facilities compared with existing and forecast demand?
• Who are your key suppliers? How do you select and manage them?

What management information systems are in place?

• For example, management accounts, sales, stock control and quality control.
• Are they reliable? Can they deal with any proposed expansion?
• A financier will be very concerned if management information systems are inadequate. Management of a business is always limited by the quality of the information available.

Are your IT systems reliable?

• Is IT a key strength (or weakness) of your business? The development of IT systems to help your business is usually an important issue.

What quality or regulatory standards does the business conform to?

• For example, ISO 9000 or CE approval.

8. Financial forecasts

Your financial forecasts translate what you have said about your business into numbers.

Set out historical financial information for the last three to five years, if available

• Break total sales figures down into component parts. For example, sales of different types of product or to different groups of customers.
• Show the gross margin for each sales component. List what costs are included as direct costs for each component.
• Show the movement in the key working capital items of stock, trade debtors and creditors. Use ratios such as stock turnover (in months), debtors period (in days), and creditors period (in days).
• Highlight any major capital expenditure made.
• Provide an up-to-date balance sheet, and a profit and loss account .
• Explain the reasons for movements in profitability, working capital and cash flow . Compare them with industry norms.

Provide forecasts for the next three (or even five) years

• The sophistication of your forecasts should reflect the sophistication of your business. A sole trader or small business may only need sales, profit and cash flow budgets .
• A more complex, asset-based business - or one with complex working capital requirements - will need balance sheet forecasts as well.
• Use the same format as for the historical information, to make comparison easier.
• Clearly state the assumptions behind the forecasts. These should tie in with what you say in the rest of the plan. For example, if the plan says that the market is becoming more competitive, profit margins should probably be falling.
• Be realistic about forecasts in new markets. For example, how much resource can you devote to selling, what success rate can you expect and how long will it take to convince new customers ?
• Look at the overall trends of historical and forecast numbers. Are they believable? Do the forecasts allow for the possibility of problems and delays in payments that could affect cash flow?
• Consider 'what-if' scenarios. For example, consider what will happen to your cash flow if sales are 20% lower than forecast (or 15% higher).

Put detailed financial forecasts in an appendix at the end

Include a detailed list of assumptions. For example:

• the profit margin on each product
• how long it takes to collect payment from debtors
• what credit suppliers will offer you
• what financing you are expecting and the interest rate you will pay

Use the cash flow forecast to predict any financing requirements

• Add an extra contingency element onto the funding requirement shown in the forecast (perhaps 10-20%). Think about what mid-month peaks might be.
• Identify what types of financing you want. For example, long-term loans or an increased overdraft facility.
• Include the likely interest or dividend costs of any new finance.
• Carry out sensitivity tests on the cash required by changing key factors, such as sales or margin. Note the outcomes.
• Explain why the financing is required and what it will be used for.

If necessary, get help

• Small business advisers at banks and business support organisations may help you put together financial forecasts free of charge.

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9. SWOT analysis

A SWOT analysis helps show that you really understand your business and the key external factors that you need to deal with.

Set out a one-page analysis of strengths, weaknesses, opportunities and threats

• Strengths might include brand name, quality of product, or management experience.
• Weaknesses might be lack of finance, or reliance on just a few customers.
• Opportunities might be increasing demand or a competitor going bust.
• Threats might be a downturn in the economy or a new competitor.

Be honest about your weaknesses and the threats you face

• Spell out mitigating circumstances and the defensive actions you are taking.

Driving your business forward

Identify what makes you better than the competition.

• Think about what the key ingredients of your future success will be and how you will strengthen your position in the market.

Establish your overall business aims

• Where do you realistically intend to be in three years' time?

Decide on half a dozen key objectives that will make a significant difference

Many businesses think in terms of:

• income - more sales, better margins
• customers - new customers, higher levels of customer satisfaction
• products - improving existing products, launching new ones
• human resources - recruiting new employees, developing new skills

Set clear targets

• You should know exactly what you want to achieve, by when.

Work out how you will reach these targets

• Look at each aspect of your business in turn and create a step-by-step action plan for it.
• Get help preparing a business plan and financial forecasts from your local enterprise agency .
• Find an ICAEW chartered accountant or an ACCA accountancy firm for help with financial forecasting and business planning.
• Find a trade association relevant to your sector through the Trade Association Forum.

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What are you looking for, how to write a business plan uk | free uk business plan template.

• Brought to you by AAT Business Finance Basics

• 1. What is a business plan?
• 2. Download: Free UK business plan template
• 3. Getting started on a business plan
• 4. How to structure a business plan step-by-step
• 5. What content should a business plan include?
• 6. UK business plan example 1: GreenTech Innovations
• 7. UK business plan example 2: EcoBoutique
• 8. UK business plan example 3: BizConsult Solutions
• 9. Business plan writing tips

You’ve got the brilliant business idea, you might have even started setting up or running your business, but writing a business plan and creating business proposals are vital for the launch and growth of any venture. It’s a document where you can organise all your ideas, create a company description, make sure that you’ve considered and researched everything, and ultimately decide that the business is viable. Commitment to making a business plan is a commitment to the business. Read our guide and download your free business plan template. 

What is a business plan?

A business plan is a document that details all the future plans and predictions for your business. It will explain your ideas, map out how they’ll be put into practice and provide relevant information and facts including the business details, management plan, operating plan, marketing and sales strategy , financial projections, and operational and team specifics.  

A business plan is essential in helping you: 

The business plan is a living, working document that should be read and reviewed regularly. If there are multiple directors or partners in the business then they should all be in agreement with what the plan outlines, the detailed information in the plan, and what is written in the plan. You will also need to share it with potential investors. The business plan will formalise all the ideas and assumptions, keep you focused, and ensure that everyone is on the same page.

How long writing your business plan should take will depend on your business size, the complexities of it and what stage you’re at. The most important thing is that it’s user-friendly and doesn’t include any waffle. Get straight to the nitty-gritty so that your stakeholders are engaged when reading it and so that you are more likely to use and update it regularly. Your business plan will probably cover the first three to five years. It’s important to include all the right information (see the checklist below) but it’s not a document to spend too long on. It’s more important that you are spending time running the business.

There are lots of business plan examples out there but typically yours should include: 

• What your business will do 
• The business structure and operations  
• Team members and their expertise 
• Market analysis to see current and projected state of the market and industry
• How your business will sell and market  
• Startup costs and funding required 
• Financial projections 
• Legal requirements 

Writing a business plan will allow you to take a step back and look at the business more objectively, predicting potential issues in advance, such as financial forecasts, and coming up with solutions or a shift in how you originally thought that you would do something.

Download: Free UK business plan template

We want to take the stress out of writing a business plan. Our free downloadable UK business plan template will guide you on everything you need to include and get your business primed for success. 

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Getting started on a business plan

Before you begin to make your business plan, keep these three things at the forefront of your mind. 

Focus on what makes you unique

Be creative with your plan, shout about your unique selling proposition (USPs) and what makes you different. Represent your brand using language and visuals, and talk about why you and your team are best to run this business.

Don’t over complicate it

Keep it concise so that you can get on with running the business and so the business plan is an easily readable and usable document. Too much detail in the plan can become confusing.

Be realistic and honest

The business plan will give you an indication of where you’re supposed to be. Review it every few months, update it as you go and change your activities in line with it. It will be impossible for you to predict everything so just give it your best shot and be prepared to be flexible.

How to structure a business plan step-by-step

The business plan should follow this format with these six sections. 

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The executive summary should always be written last. Think of it as a one-pager giving an overview of all the best bits of your plan. If the executive summary doesn’t captivate and interest the reader then it’s unlikely that they will read the rest of your plan. 

Describe your what, where, who and why - including your product/service, brand, location, business model and size. 

This section will involve the most amount of research as you study the current and projected conditions of the market and the industry, and look at what your competition is doing , before making your own marketing plans . 

Explain the experience, skills and credentials of all the people involved. Why are they the right people to make this a success?

Detail your required facilities, premises, systems and software. 

This section translates everything into numbers - your startup and running costs, funding , revenue projections with a cash flow forecast . 

What content should a business plan include?

Take a look at these business plan sections in more detail to see examples of the sort of details you should include, depending on your type of business. In the next section, we’ve used this framework to create some UK business plan examples featuring three fictional small businesses. 

1. The executive summary

Give a topline description of:

• In the most basic terms, what is the business? Is it a product or service? What does it do and how?
• Why is there a need for this business?
• What does this business do better than similar existing businesses?
• What experience or skills do you have that will help make this business a success?
• How will it make money?
• Who will your customers be?
• Who are your main competitors?
• How will people find out about you?
•  What is the opportunity for investors?

2. Business details and description

In this section:

• Describe your what, where, who and why – including your product/service, brand, location, business model and size.
• Food (lunch / dinner)
• Private hire for meetings / parties / events
• Putting on own events (music, comedy)
• Classes (e.g. cocktail making)
• Opening for breakfast / take away coffee
• What will the legal structure of your company be (LTD, PLC, sole trader, partnership, charity, social enterprise)?

3. Marketing and sales strategy

This section will likely be split into the following areas:

Market conditions and competition

You can include your gut instincts about the market here and what you know, but be sure to also back this up with evidence and research.

• Who are your biggest competitors? (Bear in mind competitors don’t always have to be exactly the same type of business, but something that people might spend their money on instead of your product).
• How do your competitors market and price themselves?
• How much is currently spent in your industry and what is demand like?
• What are the barriers to entry?
• What trends are happening internationally within similar businesses (maybe in countries like the US who may be further ahead)?

Target market

• Who is your target market ?
• Create a customer profile with as much detail as possible about your ideal customer.
• Make a list of friends, clients, business contacts, companies to target that might buy from you and include any current customers.
• For example: if you make jewellery, as well as selling it directly to the customer you could consider selling wholesale to other businesses, or starting jewellery making classes.
• What is your brand’s personality and characteristics?
• What does it stand for? What’s your mission statement?
• Do you have a tone of voice and brand guidelines?
• How will your brand do business/work with clients / communicate with customers?
• For example: business cards, leaflets, templates (invoice, e-newsletter), sales presentation.

Sales and marketing plan

• For example: website, social media, email marketing, blogging and blogger outreach, print advertising, radio, PR, partnerships, networking, podcasts, videos, directories, referrals, PPC, SEO.
• Plan your website – domain name , who will build it, what information and functionality does it need?
• Decide on a marketing budget .

4. Management and employees

• Who will make up your team and what relevant skills and experience do they have?
• Do you need to employ people?
• What friends/family/business contacts do you have with skills that might be able to help you (preferably for free)?
• Do you need to outsource anything?

5. Operational set up

• What premises do you need? Where will they be? Where will you work from?
• What assets/tools do you require (and which of these do you already have)?
• Are there any licences that you require? Any other legal considerations?

6. Financial plan and projections

This section should look at the following areas:

• For example: premises, insurance, licences, staff wages, your salary, stock, delivery costs, machinery, tools, computer, printer, telephone, electric, wifi, website, accountant, marketing, travel, design and print, training, photography, networking events, exhibitions, client entertaining.

Startup finance

• How much do you need to start the business and to ensure you have enough cash flow?
• How will you be financing it?
• Include as much detail as you can about your prices, pricing structure and margins.
• How much money do you need to make on a monthly basis to cover your costs and pay yourself and how much do you have to sell to make this figure?

Projected accounts

• Cash-flow forecast 
• Projected balance sheet 
• Projected profit and loss accounts

UK business plan example 1: GreenTech Innovations

1. executive summary.

GreenTech Innovations is a tech startup developing advanced solar panel technology that increases energy efficiency by 20%. This business addresses the growing demand for affordable and sustainable energy solutions. We stand out with our patented technology and a team of experienced professionals. Our revenue model includes direct sales to consumers and partnerships with energy companies. Our customers are environmentally conscious homeowners and businesses. Competitors include SolarCity and SunPower, but our superior technology and lower costs offer a competitive edge. We will use digital marketing and industry trade shows to gain visibility. 

GreenTech Innovations, based in London, specializes in renewable energy products. Our core product is an innovative solar panel with higher efficiency and lower costs. Revenue streams include direct sales, energy company partnerships, and government contracts. We are structured as an LTD company.

Products/services/revenue streams:

• High-efficiency solar panels
• Installation services
• Maintenance contracts
• Licensing our technology to other manufacturers
• Government and commercial contracts

Market conditions and competition: The renewable energy market is growing, driven by environmental concerns and government incentives. Competitors like SolarCity market themselves as premium providers; we will differentiate by offering better technology at a lower price. The UK market spends billions on renewable energy annually, with strong demand forecasted.

Target market: Our target market includes environmentally conscious homeowners and businesses. Ideal customers are tech-savvy, value sustainability, and are looking for long-term savings on energy costs.

The brand: Our brand stands for innovation and sustainability. Our mission is to make renewable energy accessible and affordable. We will communicate through a professional, approachable tone and prioritize customer education.

Sales and marketing plan:

• Website with e-commerce capabilities
• Social media campaigns
• SEO and PPC advertising
• Email marketing
• Partnerships with green energy advocacy groups
• Presence at trade shows and industry conferences

Our team includes Dr. Jane Smith (CEO), a solar energy expert with 20 years of experience, and John Doe (CTO), who holds several patents in solar technology. We plan to hire additional engineers, marketing professionals, and sales staff. Some tasks, such as legal and accounting, will be outsourced.

We need a manufacturing facility in London, equipped with state-of-the-art machinery for solar panel production. Our office will house our R&D lab, administrative offices, and logistics team. Necessary licenses include manufacturing and environmental permits.

6. Financial plan and projections costs:

• Manufacturing equipment: £500,000
• Initial inventory: £200,000
• Facility lease: £100,000/year
• Staff salaries: £300,000/year
• Marketing: £100,000

Startup finance:  We seek £1 million in funding through equity investment and government grants.

Pricing: Our solar panels will be priced competitively at £500 per unit, with a 30% profit margin.

Projected accounts:

• Year 1: Revenue £2 million, Profit £400,000
• Year 2: Revenue £4 million, Profit £1 million
• Year 3: Revenue £8 million, Profit £2.5 million

UK business plan example 2: EcoBoutique

EcoBoutique is a sustainable fashion retailer offering eco-friendly clothing and accessories. Addressing the rising demand for ethical fashion, we differentiate ourselves with unique designs and fair-trade practices. Our team, led by experienced fashion designer Emma Green, will operate from a flagship store in Manchester and an online platform. Our revenue model includes direct sales and partnerships. Our target customers are environmentally conscious consumers. Competitors include other sustainable fashion brands, but our commitment to quality and ethical sourcing sets us apart. We seek £500,000 in funding to establish our store and marketing efforts, promising growth and strong returns.

EcoBoutique, located in Manchester, sells sustainable clothing and accessories. Revenue streams include in-store and online sales, private events, and wholesale partnerships. The company will be structured as an LTD.

• Sustainable clothing (organic cotton, recycled materials)
• Accessories (bags, jewelry)
• Private hire for fashion events
• Online store
• Wholesale to other retailers

Market conditions and competition: The sustainable fashion market is expanding rapidly. Competitors like Patagonia and People Tree use online marketing and brand loyalty strategies. The UK fashion industry sees significant consumer spending, with growing interest in sustainable options.

Target market: Our ideal customers are eco-conscious individuals aged 20-40, interested in fashion and sustainability.

The brand: EcoBoutique stands for ethical fashion and sustainability. Our mission is to provide stylish, eco-friendly clothing. We will use a friendly, informative tone and emphasize our commitment to fair trade.

• Website with e-commerce and blog
• Social media and influencer partnerships
• Email newsletters
• Community events and pop-up shops
• Print advertising in eco-friendly magazines

Our team includes founder Emma Green, a fashion designer with a background in sustainability, and Liam Brown, our marketing manager with extensive retail experience. We will hire sales associates and an e-commerce manager. Some services, such as accounting and web development, will be outsourced.

We need a retail space in Manchester, designed with sustainable materials, and an e-commerce platform. Licenses required include retail and health & safety permits.

• Store renovation: £200,000
• Inventory: £100,000
• Marketing: £50,000
• Staff salaries: £150,000/year
• E-commerce platform: £50,000

Startup finance: We seek £500,000 through a combination of loans, personal investment, and crowdfunding.

Pricing: Clothing items priced between £30-£150, with a 40% profit margin.

• Year 1: Revenue £1 million, Profit £150,000
• Year 2: Revenue £1.5 million, Profit £300,000
• Year 3: Revenue £2 million, Profit £500,000

UK business plan example 3: BizConsult Solutions

BizConsult Solutions is a consulting firm offering business strategy and digital transformation services for SMEs. We address the need for modern, tech-savvy business solutions in a competitive market. Our experienced team, led by Sarah Lee, specializes in helping businesses innovate and grow. We generate revenue through consulting fees, workshops, and retainer agreements. Our target customers are SMEs across various industries. Competitors include larger consulting firms, but our focus on SMEs and personalized service sets us apart. We will use content marketing and networking to attract clients. We seek £300,000 in funding to establish our office and marketing activities, promising steady growth and high returns.

BizConsult Solutions, based in Birmingham, offers consulting services in strategy and digital transformation. Revenue streams include hourly consulting fees, retainer agreements, and workshops. The company will be structured as an LTD.

• Business strategy consulting
• Digital transformation services
• Workshops and training sessions
• Retainer agreements for ongoing support

Market conditions and competition: The consulting market is competitive, with demand for digital transformation services rising. Competitors include large firms like McKinsey and Deloitte, but they primarily target larger enterprises. We focus on SMEs, offering affordable, high-quality services.

Target market: Our target market is SMEs in various sectors, seeking to modernize their operations and strategies.

The brand: BizConsult Solutions is innovative and client-focused. Our mission is to empower SMEs to thrive through strategic and technological advancements. We will communicate through a professional and approachable tone.

• Professional website with case studies and testimonials
• Content marketing (blogs, whitepapers)
• Webinars and online courses
• Networking events and industry conferences
• Email marketing and LinkedIn outreach

Our team includes Sarah Lee (CEO), with 10 years of consulting experience, and Michael O’Connor (CTO), an expert in digital transformation. We will hire additional consultants and administrative staff as needed. We will outsource web development and legal services.

We need an office in Birmingham, equipped with meeting rooms and collaborative workspaces. Essential tools include project management software and CRM systems. Required licenses include business operation permits.

• Office setup: £100,000
• Technology and software: £50,000

Startup finance: We seek £300,000 through a combination of bank loans and private investment.

Pricing: Consulting fees range from £100-£300 per hour, with retainer packages starting at £2,000 per month.

• Year 1: Revenue £500,000, Profit £100,000
• Year 2: Revenue £750,000, Profit £200,000
• Year 3: Revenue £1 million, Profit £350,000

Business plan writing tips

Writing a business plan can take some time and some areas of the plan will be easier to tackle than others. 

• Make initial notes every time you think of something and don’t worry if you can’t cover all points at the start.
• When you are ready to start to write the plan, make sure you use sections and these are in a logical order.
• It is important that your plan is simple, accurate and easy to follow if you are going to ask others to look at it.
• Try to avoid jargon or terms that only people in your type of industry will understand.

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SGI Consultants are experienced professional business plan writers who write high-quality, bespoke business plans to help you attract investors, secure a bank loan or obtain approval from landlords or regulatory organisations.

All businesses should have a business plan. It is an essential document that provides a description and framework of your business’s future. Your business plan should explain your business strategy and fundamental goals to get from where you are now to where you want to be.

Most people need help to write a business plan, and most self-written business plans need to be more comprehensive to get funding.

When you work with one of our business plan writers, you will get more than a business plan; you get a complete business service that helps you achieve your goals. Your business plan will be structured using our Business Success Formula, which lays the foundation for your success.

We only write bespoke business plans, written just for your business.  All business plans include market research, competitor analysis and financial projections (P&L, Cash Flow, Balance Sheet, Business Valuation & Break-Even Analysis).

Our business planning service's primary goal is to help you take the next step in your business development.

Whether you need a business plan for:

• A business loan or startup loan
• To secure investment from Angel Investors, VCs or Crowdfunding platforms
• Get endorsement for an Innovator Founder Visa or Global Expansion Worker Visa.
• Send to a landlord or agent to secure a property
• Test the viability of your business.
• To manage your business performance.

Our experienced business plan writers have helped over 1,800 entrepreneurs start and raise funding through our proven business planning process. We maintain an exceptional funding success rate of over 90% because of our meticulous approach rooted in startup best practices.

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Custom-Tailored to Your Business

Using a proprietary methodology, each business plan is developed from the ground up, specifically around your unique business model, industry landscape, target customers, and ownership goals. This bespoke approach allows us to focus on your precise needs.

Created by Industry Expert Business Plan Consultants

Our business plan writers and consultants have decades of combined experience across various industries, from technology to manufacturing to consumer goods. We leverage our extensive background in launching and advising startups to craft optimal strategies.

Ongoing Support and Guidance

We continue collaborating long after plan delivery during launch stages, funding discussions, or growth phases. Retain specialists as on-demand strategic advisors regarding pivots, ideas incubation, and due diligence prep.

Proprietary Business Success Framework

Our proven formula identifies strategic pillars present across various thriving modern companies. We instil elements like market viability, differentiated offerings, mitigated risk, and capital efficiency into all documentation.

Financial Models and Projections

Our business plan writers have extensive financial modelling backgrounds. They can build advanced models projecting revenue, costs, and cash flows based on business model specifics, industry metrics, and macroeconomic assumptions over 5-10 years.

• Strategically validate your business viability
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• Save time trying to write plans yourself
• Focus energy on operations not documentation
• Accelerate your ability to launch and scale

Business Planning Formula

Most successful businesses contain similar attributes. Our business plan writers follow our Business Success Formula on every business plan, ensuring your business plan includes everything you need to make your business successful.

Your business plan will be meticulously rewritten and carefully crafted by our tried-and-true business success formula. This isn't a mere document; it's a strategic roadmap that integrates key principles and proven methodologies to lay a solid foundation for your business. 

Alignment with a Profitable Market (PM)

Your business plan will identify and analyse your target market, ensuring it's ripe for growth and success.

We'll help you uncover the true demand for your product or service, ensuring your market is both accessible and capable of sustaining your business.

Development of an Appealing Product or Service (PS)

We will assist you in articulating the unique value proposition of your offering.

Your product or service will be positioned not only to meet but exceed the expectations of your target audience.

Optimisation of Operational Strategy (Engine Optimization - EO)

Our formula incorporates robust marketing, sales, and operational strategies to create an efficient and profitable engine for your business.

From technological solutions to human capital, we'll help you build the systems that keep your business running smoothly.

Mitigation of External Threats:

Together, we'll identify and prepare for potential challenges from competition, market dynamics, economic factors, political landscape, and technological changes.

Your business plan will include contingency strategies to navigate these complexities.

Integration of Sustainable Growth Plans

Your business will be positioned for long-term success through careful working capital planning, ongoing business analysis, and continuous improvement strategies.

Collaboration and Expert Guidance

Your business plan writer will work closely with you to understand your vision, goals, and unique challenges.

Your business plan will be tailored to your specific needs, reflecting your ambition and aligning with best practices in your industry.

Business Planning Process

Your business plan writer will go through a 7-step process to ensure consistency and a high standard of work. You will work closely with your business plan writer. You can view your plan while it is being written and collaborate. It's a two-way process; you will entirely control the business plan writing process.

• Discover - Our discovery calls reveal ambitions, challenges, and priorities to inform plan direction.
• Research - We thoroughly analyse markets, competition, and trends to uncover growth opportunities. 
• Strategize - Consultants translate research into strategic pillars formed by our proven methodology.
• Model - Financial models, forecasts, and valuation scenarios quantify business potential.
• Validate - We stress-test assumptions and fine-tune positioning for resilience.
• Finalise - Plans optimised to showcase your venture's value propositions.
• Launch - Advisory on pitching, funding sources, and investor discussions to capitalise on planning.

Standard delivery for our business planning services is 21 days. However, if you need it faster, we can complete it by your deadline.  We guarantee our business plans will improve your business model and help you on the road to getting funding for your business. Our business plan writers will not stop working for you until you have reached your goal.

Pricing Aligned to Each Phase of Growth

Our tiered plans and customised packages are designed to provide a comprehensive business plan service matched to your business’s development needs. We recognise every business follows a nonlinear progression - with shifting priorities across planning, funding, operations and expansion. 

That's why we offer business plan solutions tailored to each phase, allowing flexibility to focus on specific business aspects at any given point on your journey. 

The Basic plan is aimed at those seeking pre-seed funding from government startup loans and grant schemes. Our popular Standard Plan provides a comprehensive business plan for loans, landlords, visas and investors. The Premium plan is aimed at companies seeking high growth potential, aiming to impress investors and endorsing bodies. The Elite Plans advisory services provide additional support and guidance to help you reach your goals.

With every engagement, our business plan writers and consultants transfer decades of experience into frameworks personalised for your success, empowering your startup to strategically progress to that critical next level.

Basic Support & Advice

Basic Market Research

Basic Executive Summary

3 Years of Financial Projections

Basic Business Analysis (Risk Analysis, SWOT)

Marketing Plan

Operations Plan

Basic Competitor Analysis

Business Plan Written In Loan Provider Template

Funding Advice / Application Support

Standard Plan

The Standard plan provides comprehensive business plans adapted for worldwide startup and business visa programs, fundraising, investor-ready formatting, detailed marketing and 5-year projections.

Standard Market Research

Heptalysis Executive Summary

5 Years Of Financial Projections

Competitor analysis

Standard Business Analysis (Risk Analysis, SWOT, PESTLE)

Funding Advice / Visa Application Advice

Investor ready format

Premium Plan

The Premium plan offers enhanced research and analysis for startups pitching to top-tier investors and endorsing bodies, with multiple plan versions, valuation, and expert consultation sessions. 

Standard Support & Advice

Advanced Market Research

5 Years Of Financial Projections With Sensitivity Analysis

Detailed marketing plan

Competitor analysis with Porter Five Forces Analysis

Advanced Business Analysis (Risk Analysis, SWOT, PESTLE)

Business Valuation (Pre & Post Money)

Investor-ready format

Investor-ready Pitch Deck

The all-inclusive Elite plan features the highest level of business plan preparation with extensive analysis, scenario models, and dedicated mentorship to position leading startups for Series A funding.

Priority Support & Advice

nvestor-ready format

Multiple Business Plans Based on Funding Scenarios

Post Engagement Support

Business Plan Types We Write

A loan business plan should focus on demonstrating repayment ability, financial management capabilities, and risk mitigation. Project realistic cash flows, include collateral/security details, and outline measures in place to ensure consistent profits.

Investment 

An investment business plan should highlight large market opportunities, key competitive advantages and IP, projections of high returns, and strengths of the leadership team. The goal is to get investors excited about growth potential.

A visa business plan must thoroughly validate your startup's viability and significant growth prospects in the UK market. This includes extensive market research and competitor analysis to demonstrate a clear customer need and gap in the competitive landscape. The plan should also include five years of realistic yet ambitious financial projections for revenue and jobs created. Finally, you must detail how you will invest visa funds into UK growth, including specifics on expenditures over two years and the precise impact on target customer acquisition, product development, hiring projections and other expansion metrics. 

Established Businesses

Existing companies need business plans when entering new growth stages. These plans detail expansion goals, new marketing initiatives, partnerships and hires to support scaling, and updated financials connected to these growth strategies.

Additional Business Planning Services

At SGI Consultants, we offer complementary services to support your business growth and success.

Our experienced consultants and analysts provide expert guidance and support tailored to your needs.

Financial Forecasting and Analysis

Our financial experts can help you create accurate, data-driven financial projections to support your business planning and decision-making. We offer standalone services, including:

Detailed financial modelling and sensitivity analysis

Cash flow forecasting and budgeting

Financial viability and profitability assessments

Scenario planning and risk analysis

Our financial forecasting and analysis services enable you to make informed decisions, optimise your financial performance, and achieve your growth objectives.

Market Research and Competitive Analysis

Understanding your market and competitors is crucial for business success. Our market research and competitive analysis services provide in-depth insights to help you:

Identify and prioritise target customer segments

Assess market size, trends, and growth potential

Analyse competitor strengths, weaknesses, and strategies

Identify opportunities for differentiation and competitive advantage

Develop effective market positioning and go-to-market strategies

With this knowledge, you can make data-driven decisions, refine your business strategy, and build a sustainable competitive edge.

Pitch Deck Design and Development

A compelling pitch deck is essential for securing investment and stakeholder buy-in. Our team can create professional, visually impactful pitch decks communicating your business idea, value proposition, and growth potential. We offer:

Customised pitch deck design aligned with your brand identity

Compelling storytelling and content development

Visualisation of key metrics, milestones, and financial projections

Coaching and support for pitch delivery and investor meetings

With a powerful pitch deck, you can make a lasting impression on investors and stakeholders and increase your chances of success.

Fundraising Strategy and Support

Navigating the fundraising process can be complex and time-consuming. Our fundraising experts can help you develop and execute a comprehensive strategy to secure the capital you need to grow your business.

We provide:

Identification and prioritisation of potential investors

Development of compelling investment materials and proposals

Coaching and support for investor meetings and negotiations

Advice on valuation, deal structure, and terms

Ongoing support and guidance throughout the fundraising process

With our fundraising strategy and support services, you can focus on running your business while we help you secure the investment you need to achieve your goals.

Business Coaching and Mentoring

Starting and growing a business can be challenging, but you don't have to navigate it alone. Our experienced business coaches and mentors provide ongoing guidance and support to help you:

Refine your business strategy and operational plans

Identify and overcome obstacles to growth

Develop effective leadership and management skills

Make data-driven decisions and optimise performance

Build a strong, sustainable business foundation

With our business coaching and mentoring services, you can benefit from the wisdom and experience of successful entrepreneurs and business leaders who are invested in your success.

Visa Application Support for Lawyers

We partner with law firms to provide comprehensive business planning support for clients seeking Innovator Founder or Global Mobility visas to start businesses in the UK. Our expert business plan writers work closely with your legal team to develop plans that meet all visa requirements, including:

Extensive market research and competitor analysis demonstrating apparent demand and market opportunity in the UK

Detailed 5-year financial projections showcasing revenue growth and job creation potential

Strategies for investing visa funds into UK business growth, with specific expenditure plans and anticipated impact on key expansion metrics.

Due Diligence and Growth Planning for Investors, Incubators, and Accelerators

We offer in-depth business planning services for investors, incubators, and accelerators to support your portfolio companies' growth and funding goals. Our team can assist with:

Conducting thorough due diligence on business models, market potential, and financial projections to validate investment opportunities

Developing comprehensive growth strategies and detailed execution plans to guide startups through successful funding rounds and scaling phases.

Creating investor-ready business plans and pitch decks that effectively communicate each venture's unique value proposition and growth potential to secure further investment

By leveraging our business strategy, financial modelling, and investor relations expertise, we help your portfolio companies navigate the startup landscape's complexities and position themselves for long-term success.

Frequently Asked Questions

The three most important purposes of a business plan are:

• To create an effective strategy for growth.
• To determine your future financial needs.
• To secure a loan or attract investors (including angel investors and VC funding) and lenders.

Get a Free Business Plan Consultation

Sign up for a 30-minute session to discuss your business goals with our expert team. We will review your business concept, plans, or existing model to provide strategic advice and next steps.

In this free consultation, we will:

• Learn about your business idea, product or startup
• Assess and analyse your business plan if you have one
• Provide advice on your target market and customers
• Evaluate your business and revenue model
• Suggest improvements to your business strategy
• Identify risks, gaps and areas for better planning
• Recommend priorities and next actions based on business growth best practices

Many entrepreneurs make avoidable mistakes early on or have gaps in their business plans or ideas. Book a session to get an outside look at your business and a professional opinion on improvements to set you up for success.

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Business Plan Cost UK

• 13. April 2018
• BrainHive Know-How Base @en

The  Cost of Hiring a Business Plan Writer in the United Kingdom

The business plan cost in the United Kingdom is slightly higher (15-30%) than in the United States and elsewhere due to the geographically more restrictive nature of sourcing a competent business plan writer for your project. While especially in London and other larger cities there are many options such as using a CPA, a dedicated business plan / startup consultant or even crowd-sourcing via peopleperhour.com or upwork.com it is usually best to look for a dedicated professional UK business plan writer who has a long-standing experience with writing business plans for typical business plan recipients of grant programs and startup lenders servicing the needs of founders in the United Kingdom.

Depending on who is the exact business plan recipient, quality matters tremendously and it is not often very transparent what will quality-wise be the output of any given business plan assignment. In the United Kingdom a business plan can cost therefore anything between £500 and £2,000-£3,000, sometimes even £4,000 British pounds depending on the size of the project and the complexity of requirements of the business plan recipient.

Factors Determining the Cost of a Business Plan Writer in the UK

Being one of the financial capitals of the world, London is also one of the most expensive cities to live and work at. If you are looking for a professional business plan writer in London, you will definitely pay a premium to cover London’s living costs. Going for an expensive business plan writer, it is all the more important that you analyze the track record of the business plan consultant, so that you can be sure that you are getting quality for your money. Generally the business plan writers will ask you for the following aspects of the project to determine the budget required to come up with the full business planning documentation:

• – Are there any specific requirements for the business plan (some grant programs or business plans for academic purposes come with their own list of requirements, concerning the volume of pages of the written part as well as the projections horizon / figures breakup for the financial plan)
• – What is the capital volume of the startup and from which sources does the capital come from?
• – How many different business objectives must be included in the business plan? Are there different products or a mix of services and products or perhaps is there a special business perspective such as a franchising or patenting concept? All this influences the complexity of the market research required to make a plausible and convincing business case.
• – What is the scope and scale of the project? If International markets have to be analyzed it is usually more work for the business plan analyst.
• – How many founders are involved? Since every business plan needs to associate the founder background to the success story of the business idea, some business plan writers will charge extra for larger teams.

Of course the above aspects (which should by no means be regarded as representing the complete spectrum of relevant factors, there’s more) are just valid for determining the cost for a business plan creation within the United Kingdom but they are general questions needed for calculating budgets of business planning analysts. Usually, the kind of people that you are dealing with if you want to source the businessplan from a dedicated professional, are senior startup consultants which would earn anywhere between £80-£150,000 GBP per year and thus they charge a good budget to not only be able to afford their life in the United Kingdom, but also account for their opportunity cost incurred through foregoing the plenty of other income opportunities open to these versatile business experts in the business hub that is the UK.

Sourcing a Business Plan Writer in the UK vs. Hiring Worldwide

If we could give you one piece of truly good budgeting advice if you are looking for a business plan writer in the United Kingdom, it would be that you better stop looking for that elusive, exclusive UK business plan writer and rather start looking for a more international player with a solid track record in the writing of English business plans be it for UK start-ups, American start-ups or even international. In the international business plan writing field, the competition is broader and therefore it is much easier to find an affordable yet qualified business plan writer than if you exclusively look for someone in the UK.

Due to modern ways of communication it is much easier to exchange briefings and correspondence and even video conferences together with your business planning professional. Trying to find a pricey UK business plan writer to “hold hands” with is not always the best use of your budget as a startup. Perhaps there are business plan consultants which also have a good connection to business angels and banks and will therefore facilitate the funding process for you. But nothing stops you from sourcing business plan economically and then being able to negotiate better deals with local startup consultants.

The reason why this strategy is so successful is that business planning is hard brainwork that is not yet automatized by AI software or easily sources from cheap foreign labour (like graphic design, data entry or certain programming jobs). The business planning software on the market are basically just fancy entry forms but cannot spin credible startup success stories by themselves. To understand the actual red thread of success for a given startup and to align the results of market research with the background of the founders and also come up with solid financial planning, among other things, takes time and effort of a qualified business plan analyst. But if you are insisting on exclusively using a local writer to help you, you will definitely pay £100s of pounds extra.

Go ahead and research suitable business plan writers for your project and you will find that the more serious business plan consulting companies will rarely charge below £2,000 GBP for any given startup, even if it’s just a small kiosk or an ethnic cuisine restaurant. CPAs and Auditors, lawyers and general startup consultants are usually above that rate as they calculate their consultant day rates which are anywhere between £600 to £800 GBP. There is an added disadvantage that usually correction loops cost extra and you do not know what is going to be the final price for the business plan creation.

BrainHive: Global Business Plan Writers with German Roots and Headquarters in the UK

Our consulting house was founded in Frankfurt, Germany, by a bilingual business administration graduate with a deep-seated passion for startup planning. Since our formation over 10 years ago we have been able to offer one of the most effective business plan pricing system in this specific branch of startup consulting. After moving our headquarters to London, we internationalized our business plan pricing and adapted our way of work to the realities of the markets where our clients hail from.

The business plan cost in the UK is still at such a level that it is highly advantageous to find an intelligent strategy to connect the need for the actual business plan writing with the consulting and coaching need for ambitious startups. Why don’t you approach us and we shall explore your options? It will really help you to find the appropriate budget for your UK business plan.

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Small Business Startup Costs: How much will it cost?

Category: Blog , Business Advice , Business Planning , Funding & Financing

Tags: business plan for startups , business startup costs , small business startup cost

Recommended Next: How Much Does It Cost To Start A Small Business?

Thinking about starting a small business in the UK? Starting a small business is exciting: you have a chance to showcase all of your talents and put forth your experiences in order to create a business of your own that you can believe in. But the process isn’t simple. Starting a small business requires time, dedication and, yes, money! So, what are the small business startup costs?

As a new small business idea comes to mind, typically you will want to start by writing a business plan . The finances may be hard to figure out so early on but if you start with the business plan you will begin to realize the small business startup costs that you have to make and you will have a better understanding of how much it will all cost.

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If you are well organised and thorough, you can plan out your business, your financials and keep your small business startup costs low and budget on track.

While small business startup costs can vary from location to location and industry to industry, there are certain costs associated with starting a business that will always remain consistent. Be sure to read on to understand the costs of starting up and how to ensure you have the funding you need.

Start your business – but start it small

Every single person coming up with a small business idea at one point has had money on their mind as they come up with every possibility of how this business will make them rich and successful.

It’s great to have high expectations for your company. This is how you should think about your endeavour.

However, the same train of thought can lead you down the wrong path and pretty much force you to invest too much far too quickly (especially concerning if you are borrowing funds to start up).

In the very early stages of starting a small business in the UK, your small business startup costs should be well organised and pretty much pre-planned with very little room for unexpected purchases and expenditures (however, always have backup funds set aside for the unexpected).

Take a second right now and try the Small Business Startup Assessment Tool, and see what stage you’re in, what you still need to succeed and how much funding you may be eligible for from government sources.

When speaking to many business owners that we manage here through UKStartups.org, some of the best feedback we receive from those who have succeeded with their startups is to go into business expecting to fail (at least in terms of spending). It’s simple really, if you are not assuming growth and success you won’t spend frivolously. Success will come naturally if you are careful.

With any small business starting up where the initial funding amount of capital to start with is a concern, you can always start small, in an inexpensive way to test out the clientbase, your products/services and to get a feel for it. If the test you perform seems to be somewhat successful, then go from there and start planning your business further and allocate additional funding.

How much a small business startup costs depends on you and how much you are willing to spend.

Business owners across the UK have been known to spend millions on their startups and fail – while some have spent under £1,000 and have succeeded . Ultimately, how much you spend on your startup depends on you and your needs.

Estimating your small business startup costs

As mentioned earlier, the costs a small business startup has to cover vary from location to location (London may be more expensive to open a business than East Yorkshire), your industry plays a big role on startup costs (if you need to have a machine for your business versus having an online eCommerce store that drop-ships products), and of course various other factors such as availability of funds, time to dedicate to the business, employee needs and more.

The basic costs that a small business must cover initially when starting up can consist of the following:

• Tools and equipment needed
• Business registration and licence fees
• Office space
• Internet and phone bill (other utilities)
• Shipping costs

While certain business types can start up with relatively low small business startup costs of under £1,000, an average small business owner in the UK spends about £4,000 to £8,000 to start their small business.

One of the main reasons many small business owners fail early on is because they run out of funds. While writing a business plan and forecasting your small business startup costs can help, it doesn’t always end up 100% accurate, especially as a new business not knowing the figures perfectly. It is said to ensure you have 3 months of backup funds available shall you decide to go into business – or at least have it prepared in terms of where to source the funds shall you need it. 

Different types of small business startup costs

Not all small business startup costs are the same.

In any given business, there are always one time costs, ongoing costs, essential costs, optional costs, fixed costs and variable costs.

So what are the differences?

It is very important as a small business startup to know how much it costs to start the business and understand the different types of small business startup costs.

One-time startup business costs are those costs that will most likely be relevant only in the early on startup process such as the expenses for registering the business or purchasing equipment. This means that the costs for that timeframe will obviously be higher but will dip the following month as it was a “one-time cost”.

Ongoing costs are exactly what it says they are. These are costs that are reoccurring. These types of expenses are predictable and they don’t often fluctuate. Some ongoing costs can include payroll expenses or utilities.

Essential startup costs are costs associated with starting a business and costs that are absolutely necessary for the business to sustain and grow. For example, for an online eCommerce store, an essential cost would be website development or marketing.

Optional business costs are those costs that you’d like to have but are not 100% necessary yet. Think about a painting company that wants to get the new Mercedes van for their business but not just yet because their current van is still pretty good – that is an optional cost. Also known as a “would be nice cost” as it would be nice to have that.

Fixed costs are often costs such as rent, which are consistent month-to-month.

Variable costs are costs associated with your business that change depending on the situation. For example as a retail store, your inventory would be a variable cost. A cost that changes because you don’t know how much you will sell each month.

Projecting your cash flow

When starting a small business, the most difficult thing early on is your business plan and projecting your cash flow in order to determine how much your business will make and how much your small business startup and ongoing costs will be.

While there are tools such as the Business Plan Builder which automatically project your cash flow you may want to have our experts review your startup projections as well.

Projecting your cash flow isn’t very easy but as a startup business owner, a business plan is vital. So be sure to enter your expected sales revenues (hopefully you’ve done some research on this and know how much to expect your business to make). It doesn’t have to be 100% accurate, but an approximate estimate. From that, it is recommended to deduct all of your expenses (think marketing, utilities, bills, loans, payment, payroll…everything) and use that to figure out your cash flow and projections moving forward.

Money to cover your small business startup costs

After you’ve had a chance to complete your business plan, to figure out how much money you need to start your small business, you’ve done your financial projections, the next step is figuring out the money.

Where will the money come from?

Do you have the funds in pocket? Credit card? Line of credit? Consider borrowing from private investors or perhaps try government funding?

Remember how you obtain funds to cover your small business startup costs will affect the future of your small business so it is important to be smart about it.

As mentioned, personal savings, loans from family and friends, bank and government loans, and grants are just a few potential funding sources. Many companies use a combination of sources in the early stages to start up.

To get help from government funding agencies and receive a government grant, a government loan or startup funding from the UK government consider using our Funding Calculator Tool to see how much you may be eligible for and if it’s obtainable for your specific business and industry.

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Business Plan Writing UK

The Best UK Business Plan Writers

Businessplanwriting.co.uk is the UK’s top destination for professional and affordable business plan writing services, starting from just £150!! Our experienced team of writers is dedicated to helping entrepreneurs and small business owners succeed. Whether you’re starting a new venture or looking to grow your existing business, we offer tailored business plan writing services to meet your specific needs.

A well-crafted business plan is crucial for securing funding, setting goals, and making informed decisions about your business’s future. We take the time to thoroughly research your business and industry, crafting a customized plan that reflects your vision and goals.

Our affordable services are designed to fit any budget, with various packages available to suit your needs. For those on a tight budget, we offer a cost-effective business plan writing option that includes a basic plan outline and financial projections, providing a solid foundation for your business journey.

How much do Business Plans Cost in the UK?

In the United Kingdom, the cost of a business plan may vary greatly based on a number of variables, including the plan’s complexity, the degree of experience and research necessary, and the unique requirements of the firm. Business plans may cost anything from a few hundred pounds to as much as £5000. This is not necessary. For as little as £150 you should have a good business plan. We have a motivated team of writers that passionate about providing affordable business plan writing in the UK.

Before starting the process, it is also a good idea to have a clear concept of your budget and any special wants or criteria, as this may assist to ensure that you are able to discover a business plan writing service that fulfills your goals and matches your budget.

We have seen that the majority of people or businesses seeking business plan writing services are usually on a tight budget. But in trying to grow their business they end up paying more than they should on a business plan. You can see our business plan writing cost below and place your order.

Our Business Plan Pricing

• Around 15 pages
• 5 Day Turnaround Time
• Free Corrections
• One Year Financial Projections for All Financial Statements
• 24/7 support
• Around 30 Pages
• Thorough Marketing Plan
• 3 Year Financial Projections
• 40-50 Pages
• 7 day Turnaround Time
• Deep Research and comprehensive Referencing
• 3-5 Year Financial Projections plus Business Ratios

Business Plan Writing Services UK

Are you looking for the best business plan writers in the UK?

Look no further than BusinessPlanWriting.co.uk. We offer premium, well-researched business plans that will help you get the funding you need to get your business off the ground.

Here are some of the benefits of working with us:

• We have a team of experienced and professional business plan writers.
• We will work with you to understand your business and your goals.
• We will help you secure the funding you need to get your business started.

If you’re ready to take your business to the next level, call us today or visit our website to learn more about our services. And don’t forget to check out our customer reviews to see what others are saying about us.

You can contact us through the form below and we will respond very quickly. You can also click the WhatsApp icon on the right botton side of your screen. Another option is to send us an email to [email protected]

Get Investors for your Business!

Our business plans at businessplanwriting.co.uk start from a standard  15-20 page plan for £150  up to £300 for a 35-40 page standard plan and £500 for a comprehensive plan.

A business plan is a document that outlines the goals, strategies, and financial projections of a business. It is important for any business to have a well-developed business plan in order to ensure success. There are several key elements that should be included in a business plan, such as the company overview, market analysis, competitive analysis, product/service offering, sales and marketing strategy, and financial projections.

The first element that should be included in a business plan is the company overview. This section should provide an overview of the business, including its history, mission statement, and any relevant information about the company.

The second element that should be included in a business plan is the market analysis. This section should provide an analysis of the target market, including information on the size of the market, growth potential, and any relevant trends.

The third element that should be included in a business plan is the competitive analysis. This section should provide an analysis of the competition, including information on the major competitors, their market share, and their strengths and weaknesses.

The fourth element that should be included in a business plan is the product/service offering. This section should provide information on the products or services offered by the company, including a description of the products or services, pricing information, and any unique features or benefits.

The fifth element that should be included in a business plan is the sales and marketing strategy. This section should provide information on how the company plans to market and sell its products or services, including information on the target market, promotional strategies, and sales channels.

The sixth and final element that should be included in a business plan is the financial projections. This section should provide information on the company’s financial projections for the next three to five years, including information on revenue, expenses, and profitability.

A business plan is a critical document for any business. It should include the company overview, market analysis, competitive analysis, product/service offering, sales and marketing strategy, and financial projections. A well-developed business plan is essential for any business to ensure success.

There are a number of common mistakes that can be found in business plans. These mistakes can range from simple errors to more serious issues that can jeopardize the success of the business. Some of the most common mistakes include:

1. Not doing enough market research 2. Not having a clear target market 3. Not having a clear business model 4. Not having a clear marketing strategy 5. Not having a clear financial plan

One of the most common mistakes that can be found in business plans is not doing enough market research. This can lead to a number of problems, such as not understanding the needs of your target market or not having a clear understanding of your competition.

Another common mistake is not having a clear target market. This can lead to wasted marketing efforts and a lack of focus on the right customers. It is important to have a clear understanding of who your target market is and what needs they have.

These are just a few of the most common mistakes that can be found in business plans. By avoiding these mistakes, you can increase your chances of success.

A business plan is a critical tool for any business owner. It should outline the company’s goals, strategies, and how it plans to achieve them. But how long should a business plan take to write?

There is no one-size-fits-all answer to this question, as the amount of time it takes to write a business plan will vary depending on the business’s size, industry, and complexity. However, most business plans can be completed within 1-2 months.

One of the main factors that will affect how long it takes to write a business plan is the size of the business. A small business will have less to include in its plan than a large corporation. Therefore, it will generally take less time to write a business plan for a small business than for a large business.

Another factor that will affect the time it takes to write a business plan is the industry. Some industries are more complex than others, and this will be reflected in the length of the business plan. For example, a business plan for a manufacturing company will be more complex than a business plan for a service company.

Conclusion:

In conclusion, the amount of time it takes to write a business plan will vary depending on the business’s size, industry, and complexity. However, most business plans can be completed within 1-2 month

Our business plans at businessplanwriting.co.uk start from a standard  15-20 page plan for £150  up to £300 for a 35-40 page standard plan and . You can see all our different packages HERE . For large and extensive projects we will give you a custom quote.

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Let us Know what your goals are with the Business Plan

The purpose of the business plan is to establish a thorough and effective document that explains the company's goals and strategy. The business plan will act as a blueprint for the company's growth and development, ensuring that all stakeholders - including founders, workers, investors, and partners - are on the same page with the company's direction and goal.

Our Professional Business Plan Writers Get to Work

Once you have decided to work with our professional business plan writers, we will get to work on creating a comprehensive and effective plan for your business. Our team of experienced business professionals will begin by gathering all necessary information and data about your business, including your goals, target audience, industry, and competition. We will also conduct market research and financial analysis to better understand the opportunities and challenges facing your business.

Premium Business Plan is Ready!

Your Business Plan will be sent to you within the agreed deadline. You are able to send it back for revisions. Our team takes pride in having the business plan writing services. Our aim is to make sure you are happy with the final product.We hope you are delighted with the finished result and that it will be a useful tool for your company in the future. Please contact us if you have any questions or issues regarding the plan, or if there is anything else we can do to assist you. We are always here to assist you and your company.

Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

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What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

How much does a business plan cost?

By jessica oman / in health.

The cost of a business plan varies greatly depending on what type of business plan you need. Some plans may be as simple as an executive summary and a one-page financial worksheet, while others can be well over 50 pages and contain several years of financial projections. Decide what type of business plan your company needs in order to help determine the cost of the plan.

Hiring a firm

You can hire a consulting firm to write your business plan, but this is often the highest-cost option. However, you will get a comprehensive business plan written by a dedicated team of specialists in marketing, finance and industry. Business plans written by firms can cost many thousands of dollars. A typical small firm may offer simple business plans for as little as £1,300 (U$2,000). More complex plans can cost as much as £5,850 (U$9,000).

• You can hire a consulting firm to write your business plan, but this is often the highest-cost option.
• More complex plans can cost as much as £5,850 (U$9,000).

Private Consultants

Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert. A lengthy plan with three years to five years of financial projections may still cost several thousand dollars, but the total cost can be much less than hiring a firm because only one or two individuals are doing the work. Some private consultants charge by the hour and let the client decide how many hours to budget for the work. However, fees for a business plan will still vary quite a bit.

• Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert.
• A lengthy plan with three years to five years of financial projections may still cost several thousand dollars, but the total cost can be much less than hiring a firm because only one or two individuals are doing the work.

Writing It Yourself

The cheapest way to get a business plan is usually to write it yourself. Software products are available to help. The cost of the software can be as low as £52 (U$80), and then you only have to put in the time to get the plan done. For businesses with very low start-up capital, this can be the best option.

• The cheapest way to get a business plan is usually to write it yourself.
• The cost of the software can be as low as £52 (U$80), and then you only have to put in the time to get the plan done.

Combining Services

A business plan can cost less if you do the research and create a draft on your own, and then present it to a company or consultant for review and completion. For example, you could complete the written portion of the business plan and then have someone else help with the financials. This can be a good option for entrepreneurs who can articulate their business idea clearly but may need help putting together realistic financial projections.

What is Peacock?

• How much does it cost?
• Is it included with Instacart?
• Where can I sign up?

Where can I watch Peacock?

• Is there a free plan?
• Is Peacock streaming the Olympics?
• What shows and movies can I watch?

Peacock streaming: Pricing, plans, and how to sign up

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Peacock is the streaming home for NBCUniversal movies and shows, making it the only subscription service with access to new Universal films like "Night Swim," original series like "Apples Never Fall," and classic sitcoms like " The Office ." With a starting price of just $6 a month, it's also one of the best streaming services for budget shoppers, especially if you're a fan of NBC programs.

Ad-supported and ad-free Peacock plans are offered. Both plans give you access to Peacock's entire streaming lineup, and the ad-free tier also adds live access to your local NBC station. 

To help you decide whether Peacock is worth it, we've broken down everything you need to know about the service, including full details on pricing, plans, content, and supported devices.

Peacock is a convenient streaming source for hit NBC TV shows, Universal movies, and select sports like Sunday Night Football. Prices start at just $6 a month, with additional discounts on annual plans.

Peacock is a streaming service created by NBCUniversal with two subscription plans: Premium (with ads) and Premium Plus (ad-free). The platform offers a collection of shows, movies, and original series, along with live sports and news. 

Content can be viewed via an on-demand library or always-0n streaming channels broken down by genres and franchises.

Peacock's catalog includes a mix of Universal films and NBC shows, like "Night Swim" and "Parks and Recreation." Original series and movies are also available, including hit shows like "Ted," "The Traitors," " Poker Face ," and "Twisted Metal."

For detailed impressions, you can read our full Peacock review .

How much does Peacock Premium cost?

Peacock Premium currently costs $6 a month for ad-supported streaming. Annual ad-supported plans typically cost $60, but if you sign up before June 30, you can lock in a limited-time Peacock Premium deal to get one year for just $20. To watch without ads, you need to upgrade to a Peacock Premium Plus plan, which costs $12 a month or $120 a year. 

However, Peacock is increasing its prices on July 18. On that date, new Peacock Premium subscriptions will cost $8 a month or $80 a year. Meanwhile, new Peacock Premium Plus subscriptions will cost $14 a month or $140 a year. Existing members will start paying the adjusted rates on their next billing cycle on or after August 17. With this increase, Peacock's monthly pricing will match that of Disney Plus . 

Both Peacock plans offer access to the service's entire lineup, including new original series, exclusive content from NBC shows and WWE Network, live sports like Sunday Night Football, and next-day streaming support for many NBC shows airing on TV. In addition, Peacock Premium Plus also includes download support and livestreaming access to your local NBC station. 

Do Instacart members get Peacock?

Instacart Plus members get Peacock Premium included with their membership. The grocery delivery service added Peacock Premium as a sweet extra benefit as of November 2023, meaning that members can now get free access to ad-supported streaming in addition to unlimited free delivery and more.

Where can I sign up for Peacock?

You can sign up for a Premium or Premium Plus subscription right now through the Peacock website .

Peacock's streaming app is available on all the best TVs from every major brand, as well as iOS and Android mobile devices, Roku, Apple TV, Android TV, Google TV, Fire TV, Xbox One, PlayStation, Chromecast, Xfinity, and Flex devices. Check out our guide to the best streaming devices for our top media player picks. 

The service is also available through its official website. You can browse a full list of supported devices here .

Is Peacock free?

Peacock originally offered a free entry-level plan, but that option is no longer available to new subscribers . However, members who signed up for the free plan before February 2023 can still access select content without paying for a subscription. 

Peacock's free plan has around 10,000 hours of ad-supported movies and TV shows, but you can get access to a lot more by upgrading to a Peacock Premium plan.

Peacock Premium usually costs money, but if you subscribe to Xfinity internet or TV , you might be able to get it for free. Current Xfinity Internet customers with gigabit speeds or those who are Diamond or Platinum Rewards members can get Peacock Premium for free. Likewise, Now TV customers can also get Peacock Premium for no extra charge.

Instacart Plus members also get Peacock Premium included with their subscription for free. This is a recent addition to the service, which became available to members in November 2023.

Is Peacock streaming the 2024 Olympics?

Yes, Peacock is the streaming home of the 2024 Paris Olympics. Members can watch every event live on the service, starting with the Opening Ceremony on July 26. You can learn more on Peacock's Olympics hub page .

What shows and movies are on Peacock?

Peacock Premium and Premium Plus plans both feature more than 80,000 hours worth of on-demand TV and movies. Peacock Premium Plus also lets you livestream your local NBC network. 

All paying subscribers can stream classic shows like "The Office," "Law & Order," and "Parks and Recreation." Peacock users can also access new episodes of ongoing NBC and Bravo shows the day after they air. Daily broadcasts from NBC News and MSNBC stream on Peacock as well, along with new episodes of "Days of Our Lives." 

New Universal movies also arrive on Peacock after they play in theaters. Some notable movies on Peacock right now include the Blumhouse horror flick "Night Swim." However, though new Universal films typically hit Peacock first, they only remain on the service for a few months before hitting other subscription platforms, like Prime Video . 

Outside of NBCUniversal content, Peacock has select movies and series licensed from other studios, including a rotating selection of films like "Constantine" and "Ghostbusters" from Warner Bros. and Sony. The service also has past seasons of the hit Paramount series " Yellowstone ." 

Peacock subscribers are also able to watch original shows and movies. Some popular Peacock exclusives include:

• "Apples Never Fall"
• "The Traitors"
• "Twisted Metal"
• "Based on a True Story"
• "Hart to Heart"
• "Poker Face"
• "They/Them"
• "Dr. Death"
• "The Resort"
• "Paul T. Goldman"
• "One of Us Is Lying"
• "Vampire Academy"
• "Rutherford Falls"
• "Would It Kill You To Laugh?"
• "Queer as Folk"
• "Everything I Know About Love"

Peacock has live sports, too, including Sunday Night Football during the NFL season, matches from the Premier League, Major League Baseball games, and WWE events .

You can purchase logo and accolade licensing to this story here . Disclosure: Written and researched by the Insider Reviews team. We highlight products and services you might find interesting. If you buy them, we may get a small share of the revenue from the sale from our partners. We may receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising team. We welcome your feedback. Email us at [email protected] .

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Money blog: 'We have never seen such a spike': Popular coffee brand issues price warning

Welcome to the Money blog, your place for personal finance and consumer news and tips. Leave a comment or your Money Problem/consumer dispute (don't forget to leave a contact number/email) in the box below.

Wednesday 10 July 2024 22:59, UK

• 'We have never seen such a spike': Popular coffee brand issues price warning
• Major four-day week trial being launched
• UK companies with best customer service revealed

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The Danish capital might not be what comes to mind when you think of a cheap holiday - but if you're willing to help the community, you can earn yourself freebies and discounts. 

Under a new scheme being trialled, visitors to Copenhagen can claim anything from a free lunch or glass or wine to a free kayak rental. 

They can earn these freebies by completing tasks such as litter picking, travelling by public transport, cycling or volunteering in an urban garden. 

The CopenPay scheme is being trialled from 15 July until 11 August. 

Twenty-four attractions in the city are signed up to take part, including the Museum of Copenhagen - where you can claim a free coffee if you've walked there, travelled by bike or used public transport. 

On certain dates, you can earn a free one-hour GoBoat cruise around the city, or a 45-minute free bike ride with Donkey Republic. 

Officials have said if the trial is deemed a success, CopenPay could be rolled out throughout the year.

Yesterday it was the cost of tea that was on the rise, now it seems coffee isn't safe from imminent price hikes either... 

Caffeine lovers have been warned that the price of a cup of coffee could keep increasing for at least another year. 

Industry giant Lavazza said "very challenging headwinds" meant UK prices will not drop until the middle of 2025 at the earliest.

Poor harvests in Brazil and Vietnam, geopolitical conflict and supply chain disruption have all contributed to costs reaching record levels, said the group's chairman, Giuseppe Lavazza.

On Monday, prices reached an all-time high of £3,356 a tonne.

"We have never seen such a spike in price as the trend right now," said Mr Lavazza.

For consumers, this has meant the price of a 1kg bag of beans has already risen by 15% in a year. 

Mr Lavazza said this could increase by 20% to 25% over the next 12 months.

Meanwhile, a flat white at the firm's flagship cafe in London now costs £3.50 to take away or £5.50 to have in.

"We have faced very, very strong headwinds. I don't see any reason why coffee prices will go down," Mr Lavazza added. 

The UK retail coffee market is worth £1.3bn, growing by 3.9% year-on-year and driven by price inflation of 3.8%, according to Nielsen figures. 

Yesterday, the Indian Tea Board warned average tea prices could rise by up to 20% after extreme weather caused poor harvests. 

In the last week of June, the typical price of Indian tea leaves rose to more than £2 per kg, it said. 

You can read more about that here ... 

The UK's biggest supermarket chain has told customers its Express stores across England will close at 7.30pm instead of the usual 10pm or 11pm if the Three Lions reach the final of the Euros. 

It said the decision had been taken to allow its staff to get home or to the pub in time for kick-off at 8pm. 

Employees who do not want to watch the match will be paid as normal, it said. 

Stores will be open as normal the following morning. 

England are playing the Netherlands this evening in the semi-finals. 

If they get through, they will face Spain in the final - and will have the chance to become the first England men's team to win a major tournament since the World Cup in 1966. 

HSBC is increasing the amount it will lend for most mortgages.

At the same time, the bank is ditching its 65% and 80% loan-to-value offers.

The maximum amount of money that can be borrowed on an 85% LTV has risen the most, ballooning by 150%.

Here are the changes in full:

• 95% LTV: From £500,000 to £570,000
• 90% LTV: From £550,000 to £750,000
• 85% LTV: From £750,000 to £2m (or £1m for flats)
• 75% LTV: From £2m to £3m
• 70% LTV: Increased to lending over £3m

"This could make the difference between someone being able to buy the property they want or need, or having to compromise by buying a smaller property with fewer bedrooms, or maybe in an area that is outside the catchment area of their preferred school for their children," said Chris Pearson, HSBC UK's head of intermediary mortgages.

Campaigners are launching a major new four-day working week trial in the hopes of winning over the new government.

Participating companies will begin the scheme in November before the findings are presented to the government next summer.

Some 54 of the 61 companies that took part in the first 4 Day Week Campaign pilot continued to use it after the study finished.

Director Joe Ryle told  The Guardian he was optimistic a Labour government would be more receptive than the Conservatives.

"Change is in the air and we hope to see employers embracing this change by signing up to our pilot," he said. 

"The nine-to-five, five-day working week was invented 100 years ago and is no longer fit for purpose. We are long overdue an update."

You may remember we reported on the success of the first trial here...

The quality of customer service is deteriorating across the UK's biggest companies, according to a new report.

A survey of 60,000 people about 275 major firms found satisfaction levels were at their lowest since 2010.

Customers reported a decline in complaints handling, as well as worse customer experience and a more negative view of company ethics, the Institute of Customer Service found.

"The current outlook isn't where we need it to be, despite our research showing that higher levels of customer satisfaction correlate with financial stability and growth," said Jo Causon, chief executive of the Institute of Customer Service.

"Business leaders need to understand the evolving needs and expectations of their customers, developing their organisations' approach accordingly to unlock the sustainable growth the economy needs."

The ICS's Customer Satisfaction Index rates satisfaction on a scale out of 100, with the overall score across all 275 companies standing at 75.8, a drop of 0.8 points on a year ago and 2.6 points below its high of 78.4 in July 2022.

Utility providers were the worst offenders, with a satisfaction rating of 69.8 out of 100 - though it was the only industry to see a slight uptick (0.3 points).

Digging into the data further, and water companies - plagued by sewage spills and rising bills - were the most disappointing among utilities, dropping to 69.5 points.

Tourism, leisure, retail, banks, automotives, insurance, public services and transport industries all saw a decline.

Satisfaction fell fastest over the last year in the telecommunications and media sector, down 2.1 points to 73.3/100.

On the other end of the scale, Timpson, Nationwide and John Lewis scored highest among individual companies - between 85 and 86 points.

Taylor Swift, Elon Musk and Martin Lewis are among celebrities whose identities are commonly misused by scammers, data suggests.

Martin Lewis's face and name have been used to steal £20m over the last two years, MoneySavingExpert found after analysing Action Fraud figures.

Some £500,000 was reported lost to one scam featuring Mr Lewis.

"It's likely that the criminals pumping out these scam ads effectively use their own in-house dark web digital marketing teams, researching which celebrities and advert types get the best click through rates, and honing the way they work to be able to attract more victims," said Mr Lewis.

"If it's an ad with me in, it's always a scam, as I don't do adverts."

The King, Jeremy Clarkson and Rishi Sunak have also been used by scammers. 

MoneySavingExpert asked Action Fraud to supply the data based on a list of celebrities it had created after asking people on social media who they had seen in scam ads. 

"Topping this list is about the worst compliment I've ever had," said Mr Lewis.

Below are the top 10 high-profile figures whose identities have been misused, with the percentage of total mentions in scams:

Ticket scams are rife as criminals seek to cash in on the popularity of Swift's Era's tour.

Fans have lost out on an estimated £1m since UK tickets for her tour went on sale last July, according to data published by Lloyds Bank.

Mentions of cryptocurrency, investing, retirement planning and promises to get rich quick are also particular warning signs to look out for in scam ads, MoneySavingExpert warned.

Every Wednesday we ask Michelin chefs to pick their favourite Cheap Eats where they live and when they cook at home. This week we speak to Benjamin Ferra Y Castell from one-starred  Pavyllon in London.

Hi Benjamin, can you tell us your favourite places in London where you can get a meal for two for less than £40?

1. Saint George Cafe

This is a French bakery offering delicious sandwiches made with high-quality products. Their bread is made by a French baker with a specially selected flour. 

The pastries are also amazing - using high-quality butter and the chocolate used in the pain au chocolate makes it one of my best sweet treats in the city. On top of all of this, their coffee is some of the best in London.

2. Tachbrook Street Market  in Pimlico

This market is really affordable and convenient and away from the hustle and bustle of Victoria Station. 

I used to go with my wife who loves spicy food, especially to a Thai food stand on the left part of the market which is a must-try. 

If you come back often enough as I do, they sometimes give a nice discount! 

Authentic Thai food made with love, available for less than £10 for a substantial portion.

3. Bar Italia in Soho

Offers great Italian coffee with authentic products from different regions of Italy. 

You can try different sandwiches and they have an excellent burrata. They serve real coffee, how it should be made.

What is your "go-to" cheap eat to cook at home when you have a night in?

I would suggest a nice vegetable appetiser, something fresh and flavourful which is cheap and tasty as long as it's seasonal. 

At home, when the first heirloom tomatoes come into season, I slice them and season with olive oil, fresh herbs and some anchovies on top - seasoning generously is a must! 

Try to buy smart, local and according to the season - that's one of my favourite tips.

I also recommend a nice pasta when cooking at home, using a brand called Rummo (note from Money team: their range is available from Ocado for around £2), served alongside delicious seafood. 

Go early to Billingsgate fish market, to buy quality seafood direct from fisherman. It's also usually cheaper and always fresher. Plus, you can negotiate a bit!

We've spoken to lots of top chefs and bloggers - check out their cheap eats from around the country here...

By  James Sillars , business news reporter  

A stronger open for the FTSE 100 today after financial and energy stocks dragged yesterday. 

The index was 0.3% up at 8,161 following the 0.7% hit of the previous session.

Part of that decline was a double-edged sword as it was linked to lower oil prices.

In better news for drivers, Brent crude touched $84 a barrel and was a further 0.7% down as some market concerns over tight supplies eased.

Chinese economic data was also seen as pouring cold water on prospects for higher demand in the world's second-biggest economy.

Weaker profit estimates from BP also led the market down.

Companies reporting on their progress today included JD Wetherspoon.

The pub giant reported a 5.8% rise in comparable sales over the 10 weeks to 7 July.

It was likely aided by Euro 2024 and in spite of unseasonably wet weather, which has been blamed for hitting consumer spending more widely.

Its shares were 0.1% down in response.

The performance likely reflected the fact that the sales growth figure was lower than the 11% rise achieved in the same period last year.

Wetherspoons also highlighted cost pressures from wages and some products.

By Emily Mee, Money reporter

If TikTok is anything to go by, many of us are seeking that Sabrina Carpenter bronzed look this summer (me included). 

But without a pop star's team of make-up artists and the bank account to boot, how can the rest of us get that perfect glow? 

We've asked four beauty experts to give us their top affordable dupes for high-end products. Here's what they said (before one of them reveals the product you should never skimp on)... 

Suzanne Baum , freelance beauty editor

For Suzanne, affordable make-up brand e.l.f. can't be beaten for its dupes: "Super affordable, long-lasting and provides a perfect finish for a summer glow." 

These are her picks from the brand... 

e.l.f. Bronzing Drops, £12 

It's a dupe for... Drunk Elephant's D-Bronzi drops, £34

"A nourishing tinted serum for a sun-kissed glow," she says. 

Just add one to three drops to your moisturiser, face oil or body cream.

e.l.f. Halo Glow Liquid Filter, £15 

It's a dupe for...  Charlotte Tilbury Flawless Filter, at £39

"A multi-purpose, liquid glow booster that gives your complexion a soft-focus social filter effect IRL," says Suzanne. 

Wear on its own for sheer coverage, under foundation as a luminous base, as a highlighter or mixed with foundation for a dewy glow.

e.l.f. Power Grip Primer, £10 

It's a dupe for...  Milk Makeup Hydro Grip Primer, £35 

"A gel-based, hydrating face primer that smooths skin while gripping your make-up," Suzanne says. 

e.l.f. Halo Glow Contour Beauty Wand, £9 

It's a dupe for...  Charlotte Tilbury Beauty Light Wand, £30 

"A liquid contour wand with a cushion-tip applicator for a naturally sculpted complexion," the beauty expert says. 

Apply to your hairline, temples, sides of your nose, hollows of your cheeks and jawline, then blend with a brush. 

e.l.f. Camo Liquid Blush, £7

It's a dupe for.... Rare Beauty Soft Pink Liquid Blush, £24

"A long-lasting liquid blush that delivers a high pigment pop of colour to cheeks with a dewy finish," says Suzanne. 

e.l.f. Glow Reviver Lip Oil, £8 

It's a dupe for... Dior Lip Glow Oil, £32 

"An ultra-glossy tinted lip oil that nourishes, hydrates and enhances your lips' natural colour," Suzanne says. 

Joyce Connor , make-up artist  

For Joyce, she'll often go for the high-end brands over dupes - but there was one product that she thought was even better than the original. 

Here are her picks... 

Revolution Pro CC Perfecting Skin Enhancer, £10

It's a dupe for... IT Cosmetics CC+ Nude Glow, £37

The IT Cosmetics product is Joyce's go-to, but she says the Revolution version makes for a "very good" dupe. 

She says it gives a "nice glow without being shiny, because in the summer we don't want to be caked in make-up". 

It is worth noting that the IT Cosmetics version includes SPF 40, whereas the Revolution one does not. 

Apply before foundation for an added glow. 

Boots Glow Essence Serum, £5 

It's a dupe for... Glossier Future Dew Facial Oil Serum Hybrid, £30

There's quite a difference in price here, and Joyce says the Boots version gives a "nice sheen" under your foundation. 

However, she notes the Glossier product has a more golden tint. 

Massage two to three drops onto your skin before moisturising. 

Avon Radiance Ritual Touch Of Gold Body Oil, £5

It's a dupe for... Sol De Janeiro GlowMotions Glow Body Oil, £35

For added glow, massage into the skin and do not rinse - or you can use it as a bath oil. 

NYX Professional Makeup Fat Oil Lip Drip Lip Gloss, £7.99

It's a dupe for... Dior Addict Lip Glow Oil, £32

"To be honest, I prefer the Fat Oil to the Dior one," says Joyce, picking it out as her favourite dupe. 

"It lasted longer on my lips. I didn't have to top it up as quickly. I like the sheen of it. The colour was lovely," she raves. 

Sue Moxley , beauty expert  

Sue believes you don't have to spend a fortune to get quality products - and she's a fan of "good old" Revlon and L'Oreal. 

Revolution Fix and Glow Setting Spray, £8.99

It's a dupe for... Charlotte Tilbury Hollywood Flawless Filter, £39

Okay, this isn't a direct dupe as it's a setting spray rather than a foundation. But Sue says if you pair this with your favourite foundation, it should give you that "wonderful flawless glow" similar to Flawless Filter. 

She recommends spraying it about 10 inches from your face all over and allowing it to dry for a few minutes. 

NYX Bare With Me Blur Tint Foundation, £9.99

It's a dupe for... Jones Road What the Foundation, £42

A good alternative to the trending Jones Road foundation is NYX's Bare With Me, which Sue says "smoothes pores but looks really light and natural". 

"Apply with a make-up brush all over your face for a professional finish," she says. 

Lacura Luminous Filter Foundation, £5

It's a dupe for... Clinique Even Better SPF15 Foundation, £34.50

TikTok went wild for this Aldi dupe, which Sue says is an alternative to the "high end glossy foundations". 

"It's such a bargain - it's definitely up there," she says. 

She recommends applying all over with a sponge, pressing rather than rubbing into the skin. 

Rimmel Natural Bronzer, £6.99 

It's a dupe for... Iconic London Kissed By the Sun Bronzer, £25

Sue says this is a light bronzer that "glides on easily with a blusher brush". 

Swirl it on the hollows of your cheeks, up to your temples, down underneath your jawline and on the bridge of your nose. 

So, how much difference is there between the dupes and the high-end products? 

You might be wondering just how noticeable the difference is if you go for the cheaper alternative. 

It's a difficult question to answer as it can vary from product to product - and not all the experts we spoke to were in total agreement. 

Sue Moxley says a lot of the lower end budget brands use similar ingredients to their more expensive counterparts. 

"You can get better packaging or the quality of the packaging is better, but it's also the brand name that is putting the prices up," she says. 

The high-end brands do put extra ingredients in, she says, but "they don't warrant the amount of difference in price". 

"It's still lovely to go and buy a Chanel lipstick or something and have it in your bag and it makes you feel wonderful. You get it out and it's gorgeous packaging and you put it on in the restaurant," she says.

"It does make you feel good, but I do believe that there are products out there that are equivalent in quality and ingredients wise." 

But Joyce Connor says the high-end brands are often worth it - although she does say you can "mix and match". 

More expensive brands rarely sell single-ingredient products, she says, and this can make a difference in terms of what you're getting. 

For example, she says an own-brand hyaluronic acid cream will often have that single ingredient but a similar product from a high-end brand will likely include peptides and ceramides - all providing extra value. 

One item not to skimp on

Joyce says if you're going to spend money on anything, it should be your moisturiser so you can get a perfect base for your make-up. 

"There are plenty of dupes out there that that are going to be effective as long as you are moisturising," she says. 

Her pick is the Goldfaden MD Vital Boost Even Skintone Daily Moisturiser - but at £60 for 50ml, that might be a bit much for some. 

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