Before embarking on a new enterprise you must draw up a detailed business plan. This is a document that sets-out and justifies your business idea in a logical framework. It is a blueprint for the business and is vital if you are going to approach potential investors and funders.

Drawing up a business plan will help you to identify your strengths and weaknesses, key areas where you need to develop expertise and the financial risk involved in setting up the business. It represents the dynamic process of planning and reviewing the business agenda over time, and it should be continually updated.

The business plan is best written by you, the promoter, but generally speaking you may need professional help from an accountant or other business adviser. Your Rural Enterprise Adviser can provide assistance and guidance in the preparation of your business plan. Once completed, a business plan will make you feel more confident about your ability to set up and operate the business.