You will probably not be able to complete it at this stage as it is likely to develop as you complete other aspects of your application. However, starting to draft it now will help to shape the basis of your application, as it will help define the structure of the firm you are proposing to have authorised and the areas of law that it will be providing. You can use the outline plan you prepared at Stage 1.
We have provided advice on the type of information we would expect to see in a Business Plan, including a marketing section, as well as some thoughts on how you might lay it out. It is not necessary to write pages for it to be a good business plan. You just need to identify the key areas and messages that you need to put in it and make sure these are clear.
The value of this to you is that it will help you shape your business and provide a clear message to stakeholders and consumers of what you are looking to achieve.
The following documents will help you with this stage:
There are other sources of guidance that you might want to use:
- Your bank should have a business section that will provide guidance and templates
- The GOV.UK website has a section on Business Plans
- If you are going to use an accountant, they will have experience of putting these together
