Business Idea Template
Please download the template from the link below and email the completed version to the Business Advisor helping you with your application.
You will need a programme which can open Microsoft Word files to view and complete this documents. If you do not have this software please let us know and we will be able to provide the documents in an alternate format.
If you have any trouble with the links above please email your Business Advisor who will be happy to send them as an email attachment instead.
And if you need any other help completing the documents please drop us a line or contact the Business Advisor helping you with your application directly.
To download you may need to right click and select ‘save target as’.
QUICK VIDEO GUIDE
5 Tips for completing your Business Idea document
1. Work through one section at a time
The template document is broken down into six sections which each cover a different aspect of your business. Aim to work through these sections one at a time, tackling each question individually. Begin with the foundations and build up the rest of your plan from there.
2. Use the prompts
Many of the questions have prompts to help you with your thinking and break down the question further. Use these prompts to answer as fully as possible. It can also be worth adopting the mindset of “If somebody was asking me to loan them money, what would I want to know in order to have confidence in their idea?” The Business Idea document is as much about you carefully considering how you will go about setting up your business, as it is about demonstrating that your idea is good to your Business Advisor.
3. Put yourself in the readers shoes
While your business idea may make total sense in your head you are aiming to explain to other people, including your Business Advisor, why it can be successful. This means making sure that you spell things out as clearly as possible. A good way to think of it is to assume that the person reading your Business Idea document knows absolutely nothing about you, your business or your industry (which is often the case anyway) and therefore needs to understand as much as possible about what you are aiming to do.
4. Provide evidence to support the things you’ve written
Being able to back up the things written in your Business Idea document will help validate your idea as well as give confidence to the reader. Examples might be emails from potential customers saying they are interested, copies of market research you have done, certificates for relevant qualifications or training courses and quotes for the things you need to start your business. If you are already trading then providing evidence to show what you’ve done so far can be invaluable.
5. Your first draft doesn’t have to be the finished article
Nobody expects that the first draft of your Business Idea document is going to be perfect and your Transmit Startups Business Advisor is on hand to help get things into shape. Don’t agonise about getting every single detail and scenario in there, aim to write down your current plans and then take on-board the feedback from our Business Advisor. The process of thinking through the questions and feedback will stand you in good stead for understanding the most crucial aspects of your business in future.