Preparing a Business Plan for Your Trade Business

Have you got a business plan for your tradie business?

If you don’t, or if you’re starting a new business, it’s worth considering and pretty much essential to have a business plan in place so you know where you are heading. We’ve collated some of the best advice we could find so you can prepare your own business plan.

Before you start

Before diving in it’s important, like with any important document, to do a bit of research. You’ll need to find out about business structures, business marketing, and finances before you put pen to paper (or finger to keyboard). You can also try the www.business.gov.au website for help on your business structure. You can find examples in what your competition is doing and find better ways to market than them, as well as speak to mentors for advice. When it comes to finances it can be worth speaking to a professional such as a bookkeeper or an accountant to sort out the structure and banking side of things for you.

Once you have sorting these things out you’ll need to decide who the business plan will be for. Is it just for yourself? Or perhaps it is for investors or to present to the bank for a loan? It will need to be tailored to your audience. Once that is established you can begin writing.

7 Steps to a great business plan

1. Make sure to have a title page. This will state what the plan is for, will have your logo, name, title, business name, address, ABN/ACN, date, and contents listed out.
2. Your Business Summary should be next with what the business plan encompasses. This will get to the point and summarise the contents in one page. Do this after you have completed the business plan.
3. The About Page will outline the business structure and basics such as location, staff, products and other details.
4. Marketing should be addressed next. Your marketing plan should outline the industry, competitors, and customers. Make sure to talk about how your strategy will achieve your business goals.
5. Future Plans should be outlined next. Talk about your vision, mission, and goals in sight.
6. Your Finances Page will talk about costing and make projections about the future finances of the company. This is important and you shouldn’t avoid it. Include information on creditors, debtors, funding, and cash flow projections. This shows you are serious about the business.
7. And finally add any Supporting Documents at the end such as maps, resumes, letters, additional appendixes, or images.

The result

Once you are done don’t put it away forever. Make sure you keep it handy and check it regularly. It will keep you on track and focused on what is next and your goals. And of course if anything changes make sure to alter your projections and strategy. It will keep you in the game.

If you show the plan to anyone for advice consider a confidentiality agreement or ensure they are trusted. You don’t want to leak it to competitors. People such as accountants, lawyers, bookkeepers and mentors are generally okay to ask for advice and show your plan to. But make sure you ensure confidentiality.