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After learning a bit about funding, legal issues, intellectual property and regulatory issues, it’s time to put down your ideas in a concise document that effectively captures your ideas about the business and that you can use to raise awareness from investors. Research at a leading international business school indicates that you chances of achieving your goals are improved greatly if you actually right them down. A critical point to consider is that if you are applying for funding at a certain organization, the business plan may need to be written in a required format with specifc documentation attached. It is important to take note of this and to keep strictly to the funders guidelines when preparing a business plan.

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There are a number of useful websites to guide you in preparing a business plan. There are also useful software packages that can be used. A useful starting point is the SME Tookit South Africa that provides information about all aspects of setting up and running an SMME in South Africa. Visit the section on business planning to learn more about preparing a business plan.









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