print all print section Hi, it’s time to work on that
wonderful idea of yours
It doesn’t matter what stage you’re at with your business idea,
this document will help you to get started with creating a business plan. You may find our business template does not look like any template you’ve seen before, that’s because we wanted to provide you with something that
is simpler and more relevant for your application for funding from Virgin Start Up. This template covers all of the things we need to know to assess your
application. It’s your first step to get funding, get a mentor and get ahead!
There’s no ‘right way’ to complete this document, but you probably fall in to one of two camps:
1. Haven’t started a business plan yet or aren’t sure if what you’ve done so far is right?
• No problem, take this plan one page at a time and before you know it, you’ll have a fully-fledged business plan.
2. You already have a business plan? Simply do one of the following:
• Translate your plan from its current form into this one, then you can be sure you’ve included everything and it will be in a format that’s easy for us to review.
• Go through the questions in this template and add references to where you’ve answered them in your business plan.
You’ll see a red box at the bottom of some pages. That’s there to remind you to update your financials as you go. Previous applicants tell us it’s much easier to
add a bit here and there, rather than trying to translate your whole business plan into numbers at the end…especially when you start changing bits of the plan 01 print all Before you start,
We need to grab a few details from you. Your name
The name of your business
Virgin Startup loan amount requested
Your business in one sentence Your Website
Your Twitter print section 02 print all Your business idea
1. Use the space below to describe your business idea in a bit more detail
4-5 paragraphs, what problem does it address, how is your idea better than other solutions out there, who are your target customers,
who are your competitors and what is your income generating model. print section 03 print all 2. How did you come up with the idea? print section 04 print all 3. How have you confirmed there is a need for your business?
What activities did you undertake to prove there is a demand for your product/service? (e.g. market research, test trading etc…) print section 05 print all print section About you and why you are starting up
A start-up’s success is as much about the individual(s) behind the business as the idea itself. As such, it’s
really important for us to get to know you as well as your idea, so in this section, please tell us about
yourself (if there is more than one of you, make sure you include information on everyone)
4. Details of relevant work experience, including: dates, position held, location, any qualifications gained
and references who can vouch for your experiences and skills
You can probably cherry pick most of this from your CV – just a few relevant highlights will suffice. e.g. if you have had a job related to the business you are proposing. 06 print all print section 5. Explain why you believe you are the right person to be doing this, including any additional information
that you think can demonstrate you have what it takes to turn your idea into a successful business. 07 print all print section 6. Who are your customers and how will you reach them?
Your business’ success is ultimately down to whether you can attract sufficient customers.
You need to make sure it is clear who your customers are and what the best way is to reach them.
Customer Profile TIPS: Break your target
customers down in to
groups, perhaps based on
demographics, what they
do, where they shop, , their
household income, whether
they have kids etc… Rank
your customer profiles below
by priority for your business. Why are they your
customer? For each of the groups
you’ve identified, why is
your business relevant to
them. How are you
going to get their
attention? What specific things
will you do to get target
customers’ attention e.g.
adverts placed in particular
places, specific social
networks etc… How are you going
to convince them to
buy from you? What techniques are you
going to use to ensure that
interest in your product /
service translates to a sale
e.g. attractive offers, sharing
reviews or maybe just the
price or features of your
product / service. What specific
activities does this
mean you need to
do? Translate the information
in the previous 4 columns
in to activities e.g.
creating Facebook page
and building audience,
producing leaflets, buying
advertising space etc… STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. What are the costs
associated with
these activities? Make sure the costs you
put down are realistic,
achievable and necessary 08 print all Customer Profile TIPS: Break your target
customers down in to
groups, perhaps based on
demographics, what they
do, where they shop, , their
household income, whether
they have kids etc… Rank
your customer profiles below
by priority for your business. Why are they your
customer? For each of the groups
you’ve identified, why is
your business relevant to
them. How are you
going to get their
attention? What specific things
will you do to get target
customers’ attention e.g.
adverts placed in particular
places, specific social
networks etc… How are you going
to convince them to
buy from you? What techniques are you
going to use to ensure that
interest in your product /
service translates to a sale
e.g. attractive offers, sharing
reviews or maybe just the
price or features of your
product / service. What specific
activities does this
mean you need to
do? Translate the information
in the previous 4 columns
in to activities e.g.
creating Facebook page
and building audience,
producing leaflets, buying
advertising space etc… STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. print section What are the costs
associated with
these activities? Make sure the costs you
put down are realistic,
achievable and necessary 09 print all print section 10 7. Who are you competing with and how will you beat them?
No matter how good your idea is, there will always be other businesses fighting for the same customers –
either on price or features or quality. You need to make sure you understand your competitors’ strengths and
weaknesses.
Competitor TIPS: Provide a short profile
of each of your competitors/
groups of competitors What will you be
competing with
them on? Is it price, features, quality,
location or something else? Why do customers
buy from them? Competitors already have
paying customers so you
need to identify what
makes customers buy from
them? Why would
customers switch
and buy from you? You have already identified the
area that you are competing
on…now identify what sets
you apart i.e. what’s going to
get customers to choose you
over them? What specific
activities does this
mean you need to
do? Translate the information
in the previous 4 columns
in to activities e.g. Product
quality control. Focus on
logistics re: quick delivery STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. What are the costs
related to each
activity Make sure the costs
put down are realistic,
achievable and necessary print all Competitor TIPS: Provide a short profile
of each of your competitors/
groups of competitors What will you be
competing with
them on? Is it price, features, quality,
location or something else? Why do customers
buy from them? Competitors already have
paying customers so you
need to identify what
makes customers buy from
them? Why would
customers switch
and buy from you? You have already identified the
area that you are competing
on…now identify what sets
you apart i.e. what’s going to
get customers to choose you
over them? What specific
activities does this
mean you need to
do? Translate the information
in the previous 4 columns
in to activities e.g. Product
quality control. Focus on
logistics re: quick delivery STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. print section What are the costs
related to each
activity Make sure the costs
put down are realistic,
achievable and necessary 11 print all print section 8. Logistical matters
Product / Service How will you make/
source your product/
service? How you will you deliver
your product/service to
your customer? How do you ensure
What marketing activities
quality of product/service are you planning to
is maintained?
undertake – both at
launch and standard
monthly activities once
your business is up and
running? What are the associated
costs that come with
each activity STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. 12 print all print section 9. Sales and Marketing
You have worked out the costs to get your product/service made/sourced, plus how it will get to your customer.
Now you need to tell us about your sales plan.
Product / Service Price you will charge Why is your price set at
this level? Where does your
price level fit vs the
competition STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. Are you planning to use
discounting? 13 print all print section 10. Sales - Quantity
Product / Service What quantity do you need to
sell to break even in a typical
month? How many products/services do
you believe you will be able to
sell? Is demand for your product
seasonal? How will this impact
you ability to cover your costs? i.e. to cover your overheads Tell us what evidence did you use to build your
sales forecast? What has your market research or
test trading concluded? If you are already trading,
have you got evidence of the sales so far? Have
you got orders or letters of intent from potential
buyers? For example, are you expecting higher demand in
certain seasons? Is your demand linked to product
cycles? e.g. new mobile handset releases STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. 14 print all print section Legal/regulatory matters...
11. Do you need a license to operate your business? How will you obtain this?
Potential legal licenses a business may need include: health and safety regulation, food hygiene and safety,
intellectual property, copyright, patents,online and distance selling, data protection 12. Do you need any specific qualifications? If you do not already hold this, how and when will you obtain this?
Is there any cost associated with this? 15 print all print section 13. What are the tax, insurance & other contractual requirements for your businesses? How have you ensured
these are addressed? 14. Have you addressed all of the Health & Safety requirements? E.g. have your premises confirmed as compliant
with all health & safety requirements by the relevant authorities? 15. Please provide us other relevant information that is not covered in the above . E.g. have you considered
whether you need to protect your product/brand (IP protection, trademarks, copyright, patent etc…) 16 print all print section 16. What does it take to get your business off the ground?
Even starting the simplest of businesses requires a lot of work to get trading. Whether you are starting from
scratch, or already going, we need you to identify the steps you need to take and milestones you need to hit
before your business can operate. This will help you to buy machinery, secure premises, sort licenses, buy stock,
recruit staff and plan launch marketing
Activity Details e.g. Secure premises e.g. Sign lease agreement (expected XX/XX/XX),
pay deposit (by XX/XX/XX) & rent up front for X
months (due XX/XX/XX) By When STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. Cost Associated With Activity
(if applicable)
e.g. £XX Rent up front 17 print all Activity Details e.g. Secure premises e.g. Sign lease agreement (expected XX/XX/XX),
pay deposit (by XX/XX/XX) & rent up front for X
months (due XX/XX/XX) By When STOP! Check that your financials are consistent with what you have just written.
If you do not have a copy of our easy to follow financial template already, email support@virginstartup.org to request one. print section Cost Associated With Activity
(if applicable)
e.g. £XX Rent up front 18 print all 17. Contingency Plan
You cannot predict everything and there is a possibility that your plan doesn’t quite work out…
Your startup loan is a personal loan, so it is really important that you consider what your backup plan is.
If your business’ performance isn’t generating sufficient income to repay your loan, what is plan b? print section 19 print all 18. What is success for your business?
The success of a business is often about ‘keeping your eye on the prize’ – Can you identify an aspiration
for where you want your business to be in 12 months, 3 years’ time and beyond? This information will
help us to understand more about your long-term goals so we can work out how to best support you. print section 20 print all print section Congratulations! You’ve completed
your business plan to apply for a
start-up loan from Virgin StartUp
You’re one step closer to turning your business idea into reality and it’s a big step we want to celebrate with you
– so get online and tweet @VirginStartUp and share your progress with us and the rest of our startup community. If you have any questions about the business plan, email support@virginstartup.org and one of the Virgin Startup team will be happy to help you
Also, make sure you check out www.virginstartup.org for even more advice and inspiration.
Good Luck, and remember...
“Building a business is not rocket science; it’s about having a great idea and seeing it through with integrity.
That goes for Virgin Galactic too, which is rocket science.”
Richard Branson, founder Virgin Group 21

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