The Business Plan Your Essential Tool
A business plan is essential to your new business/idea. Almost all the key decisions will come back to the business plan. Below we have set out a map to show that at the
centre of all the decisions/questions, feedback to business plan and show that without it, there will be many unanswered questions that are vital to your business model.
MARKETING
Your marketing strategy is a big
component in getting your business
seen and heard. There are many ways
to market/advert your business, some
which are free and some that are
varying in cost.
TAXES
What taxes do I need to consider?
VAT
Any business with an annual turnover of £90k is required
to register for VAT, start-ups can register for VAT from
day one, this allows them to recover the VAT incurred
on set up costs and aid cashflow. VAT returns can be
prepared monthly, quarterly, or annually, dependant on
what is most effective/applicable to the business.
Corporation tax (CT)
This is the tax a company pays on the profits of the business.
CT is payable 9 months and 1 day after the company year end.
This figure should also be included in the business plan.
Personal tax
This is tax that is payable on the sole trader/partnership profits
and also if you have a limited company the payable on the
income you personally received from the business.
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BUSINESS IDENTITY
Should you set up a limited company or
sole trader/partnership - scale and size
will dictate which set up best fits your
business plan model.
Business
Plan
PAYE
This is the tax that is payable on employment
income for your staff that you may need in
your business. PAYE is payable on the 19th
of the following month from payday.
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PAPERWORK
There are so many great and inexpensive
accounting software products and apps around.
They can really help with the day-to-day record
keeping. It’s essential that good practice is used
from day one, because as you get busier, if the
system is in place for recording and reconciling
your income and payments, this will make the
process work, and ensure you know exactly
where your business is at, as well as knowing if
you are on track according to your business plan.
FUNDING
Banks and institutions can provide a
business with loan for many things:
Working capital - does your business need funds to grow.
Your business plan will identify this and also allow you to
prove/clarify if this is a viable method to repay and trade
Hire purchase/asset finance - purchasing equipment
can be financed through banks etc. to spread the cost of
the asset over the useful life, reducing initial cost to the
business
Investment - an investor can help with cash injection
as well as bringing knowledge and skill sets to your
business. Almost all investors will want to see a business
plan to prove to the concept and see if their
investment is indeed sensible
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Expert Tips
1. DETAIL
The devil is in the detail. The more detail you have included
in the business plan the better. This exercise will no doubt
mean that you will identify and resolve problems for the
business which will save you time and money when you
kick off your business.
3. TAKE YOUR TIME
Don’t rush your business plan. Take the time to gather
information on not only how you want your business to work,
but also take advice and help from others that have gone
on this journey themselves. Other people’s learnings can
be extremely important.

2. BE REAL
Be realistic with your plan. Remember your business plan
can change over time but set a realistic model to give you
the best chance of success.
4. BELIEVE
Believe in your business plan. From day one you need to have
that belief that this can work, as there will be tough days on
the journey but ultimately that belief will get you through the
bad days and help you thrive on the good days!

If you would like to speak to one of our experts or receive some free initial advice on setting up a business plan,
or any other business, accounting or taxation subject, feel free to contact us.

Contact us: London Northampton @JSweeneyAccountants

01604 950034 25 Bedford Square, Seven Grange Lane,
@JSweeneyAccountants
info@jsweeneyaccountants.co.uk Bloomsbury Pitsford,
jsweeneyaccountants.co.uk London, WC1B 3HH NN6 9AP @JSweeneyAccountants