Many of you are likely looking to transition away from the unequivocal joys (insert sarcasm here) of mainstream employment into the exhilarating world of entrepreneurship. But before you toss your briefcase or rucksack out of the window and declare yourself the CEO of your living room, let's talk about how to create a business plan that doesn’t resemble a romantic comedy gone wrong. 

Firstly, working for yourself is a shackles-off moment but it's also a huge roller coaster of learning, emotional exposure and not to mention that statistics indicate that about 20% of businesses fail within their first year. By the end of the fifth year, approximately 60% of businesses have ceased trading. This shows that while many businesses succeed beyond the initial phase, a significant number do not survive the early years. Not ot scare you!

Getting your foundation right is key. What are you offering? Why is it different to the competition? Who is your target audience, and why/how would your customers come to you?.

Have you written a business plan before? It is a strange thing to do, research is key, a.i. tools are useful, but do not rely on them wholly. Look at your competition in fine detail, try to spot a weakness or something you could do better. Putting your thoughts down on paper can lead to many revelations. Here's what I learned to put down to help get you started. Even if you are self-financed, it's a worthy exercise. 

The Dos for Your Business Plan:

Do Your Research: Just like that time you decided to deep dive into the intricacies of avocado toast, you will want to research your market. Understand your audience, your competitors, and the industry trends. Google is your best friend—second only to coffee.

Set Clear Goals: Aim for SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound. “To be rich” is technically a goal, but “to generate £100,000 in revenue by Q4 2026” is far more useful (and less vague).

Create a Financial Plan: Numbers might not be your forte, but without a solid financial plan, your business could be like a ship without a captain—heading straight for the iceberg.  I have never seen a truly accurate forecast; it's a measure of your performance that will affect how you balance the rest of the cash flow, and to show you, your business partners and financiers how you aim to operate.

Do Seek Feedback: Share your draft with mentors or fellow entrepreneurs. It’s better to hear “this is a trainwreck” now than to stare at your empty bank account later.  Your family are important to consult, but they will tend to give you filtered responses.

Dont's for Your Business Plan:

Don’t Skip the Executive Summary: If there's any part of your plan that should be concise yet enticing, it's this. Remember, not everyone has the time to read your entire dissertation. Make it appealing enough that they want to dive deeper!

Don’t Overcomplicate Things: Avoid jargon and complex terminology. If your plan sounds like Shakespeare wrote it, it might be time for a rewrite. Clarity is key; think of it as your business's first impression.

Don’t ignore the Competition: No, ignoring your competitors won’t magically make them disappear. Remember, in business, it’s more like "Keep your friends close and your competitors even closer."

Don’t forget to plan for failure: Every great plan should include a strategy for overcoming potential challenges. If nothing else, it prepares you for those “exciting” unexpected turns that entrepreneurship tends to throw at you.

Creating a business plan in 2026 isn’t just about spreadsheets and PowerPoint presentations (please avoid PowerPoint); it's about envisioning where you want to go and how you plan to get there. So, put on your entrepreneurial thinking cap, and remember: failure to plan is planning to fail – and nobody wants to be the person at the start-up pitch saying, “Uh… we’ll wing it.”