If you’re about to start up a career as a Street Fit Dance Fitness Instructor you might be wondering whether you need to come up with a business plan. Many successful entrepreneurs claim they have never felt the need to formalise their ideas in a written plan, but it is often an advantage to see everything laid out for you in black and white – which is fundamentally all that a basic business plan is.
Why you might want to write a business plan
Writing a formal business plan is a must if you intend to raise lots of money from a bank or investors, but unless you are really ambitious (e.g. you want to buy a studio from scratch and do it up), this will probably not apply to you.
If you want to borrow a small amount from the bank, then they will definitely want to see something written down to show you have put time in to planning the future. Sometimes a simple letter will be enough, but rather than risk rejection, it is better to compose a concise business plan.
Even if you don’t anticipate the need to raise any funds, a business plan is a great way to focus your thoughts and concentrate on the all-important details that can be lost amidst all the excitement. A business plan can also help you to communicate your ideas to others, whether that is for feedback or promotional purposes.
What goes in a business plan?
If you look around the Internet you will find a variety of templates and guides to creating a business plan, and the important thing to remember is to try and keep it tight and comprehensive. If you find yourself exceeding ten pages of A4, you are probably being more detailed than you need to be.
In a nutshell, your business plan has to explain what your business does, how you are going to set it up and run it, how much money needs to be invested in it and how much are you going to make from it; that’s pretty much it.
An example structure
There is no one way to write a business plan, but here is a structure that should suit most Street Fit Dance Fitness Course Instructors.
1. What does your business do? One to two sentences is sufficient, and should be interesting enough to spark a reader’s interest.
2. What makes you different from similar businesses? (Hint: being certified in a unique fusion of street dance fitness).
3. What are your long-term targets?
4. Do you intend to borrow any money? If so, how much and when do you expect to be able to pay it back?
5. Who are you and where did your idea come from?
6. Who is your competition (put something down – even if it is the latest line in console fitness games).
7. A summary of local/regional trends in your market (half a page is fine).
8. Resources needed (such as staff and premises).
9. Your marketing strategy – how are you going to promote yourself?
10. Your financial forecasts (profit and loss and cash flow projections for three years are standard). There is a handy guide on these forecasts at https://www.gov.uk/forecast-business-finances.
Once you’ve written your business plan, make sure you review it occasionally to take into account any changes in circumstances or feedback. A business plan is a living document and many business owners create several versions as their business develops.