The Virgin StartUp Business Plan Template

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LET’S GET THAT BUSINESS OF

YOURS DOWN ON PAPER…
A good business plan is essential for your Start Up Loan application. The
process of completing it helps you to validate that your business idea is
going to stack up. We’re here to guide you through the Start Up Loan
application process starting with this business plan template, so you can
show us why your business is going to be a success!
This document is designed to help you create a business plan that is relevant for your application
for Start Up Loan funding through Virgin StartUp.
WHAT MAKES A GOOD BUSINESS PLAN?
Check out our diagram on what makes up a good business plan.
We are big believers in doing as much planning and research as possible before starting your
business – knowing the market and who your customers are will dramatically increase your chances
of success.
The idea, your ability to launch and operate the business, and the logistics, are all very important
considerations but first you need to demonstrate that there are customers for your business and
that you have access to this market.

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WHERE DO YOU START?

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PART 1: YOUR BUSINESS PLAN
Details about you and your business.
BEFORE YOU START
1 YOUR BUSINESS IDEA 10% Once you have your initial idea it’s important to build up each layer to inform the next. See steps 3 – 6. As you research
your market and customers you should refine and improve your idea to make sure it is something your customers want.
2 YOU 10% We want to know all about you, the brains behind the idea. You’ll be responsible for driving your business forward so it’s
important that we understand a bit more about your past experience and what gets you out of bed in the morning.
3 MARKET RESEARCH 20% Market Research forms the base of a good business plan. You have to know what is happening in your market to make
sure you understand current trends and what your competitors are doing.
4 CUSTOMER RESEARCH 30% Once you have established where your business will sit in the larger market, it’s time to think more about your
customers. This is the most important part of the plan and should be given the most attention. It’s really important that
you are able to present your own information that you have gathered yourself directly from your customers.
5 MARKETING 20% Now that you know who your customers are you can use that information to make a marketing plan that will help you
launch and grow your business.
6 OPERATIONS 10% Premises, staff, suppliers, rules and regulations – Now that you know all you can about your market and customers you
can make an operational plan about how you’re going to pull it altogether.
PART 2: GUIDE TO COMPLETING For each of the 6 sections of your business plan noted above there is a handy guide jam-packed with tips, links and examples. As
YOUR BUSINESS PLAN
you work your way through Your Business Plan make sure you benefit from all this extra advice by selecting ‘Click here for more
guidance’ to link you with the relevant advice for that section. You’ll spot this link throughout the plan so make sure you use it!
Remember! Completing a business plan for your business is a process of exploration that helps you to look objectively at your idea. A good business is the product of
refining of the initial idea over time using what you learn through your research and experience with your customers. Listening to and learning from the people who’ll be
paying for your product or service is the key to creating a successful business! Good Luck!
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BEFORE YOU START

We need to grab a few details about YOU and YOUR BUSINESS
Your Name
Your Business Name
Describe your business in

one sentence
Your Business Partner

(if also applying for a Start Up Loan)
Loan Amount
Requested
(Minimum £500 – Maximum £25,000)
To be Repaid over
(months) Choose an item.
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Business Website
Business Social Media Facebook: @

Instagram: @
Twitter: @
Snapchat: @
Other:
Your Living Costs

1. How do you currently pay for
them?
2. How will you pay for them

when the business launches?
Contingency Plan
As this is a personal loan we must
consider how you would be able to
make the loan repayments and
meet your living costs if the business
was to fail or generate less income
than forecast. Please describe in
detail how you would do this
referencing your living costs, loan
repayments, and earnings ability.
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1. YOUR BUSINESS IDEA Click here for more guidance
What will your business do and what is the opportunity? Describe, in detail, the products and/or services your business will be selling, what
channels you will use to sell them and who you will sell them to. What does your brand stand for? What is the business philosophy and values?
Include any pictures, drawings, or links that help bring this to life.
Type your answer here

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2. YOU AND WHY YOU’RE STARTING Click here for more guidance
Tell us about yourself, where the idea came from, and how your knowledge and experience will help to make the business a success.

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3. MARKET RESEARCH Click here for more guidance
3.1 The Big Picture
Describe the wider market you are planning to operate in and identify where your company will sit in this landscape, as well as any key
statistics or trends to support why you have chosen this area of the market.

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3.2 Competitors
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 1
Click here for more guidance
Name

Type of Competitor

What will you be
competing on

Strengths of Competitor

Weaknesses of
Competitor

Summary of How you
will compete with them
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COMPETITOR 2
Name

Type of Competitor

What will you be
competing on


Weaknesses of
Competitor

Summary of How you
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COMPETITOR 3
Name

Type of Competitor

What will you be
competing on


Weaknesses of
Competitor

Summary of How you
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COMPETITOR 4
Name

Type of Competitor

What will you be
competing on


Weaknesses of
Competitor

Summary of How you
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4. CUSTOMER RESEARCH Click here for more guidance
This is perhaps the most important part of planning and launching your business - Validating your idea by talking directly to the people that will
be buying your goods or services is the only way to ensure you are solving a problem the right way, and that there are customers willing to pay
you to do it.
4.1 Test Trading
If you have undertaken any Test Trading – Describe what test/existing trading you have carried out so far. How long have you been doing this
for and where? How much have you sold – provide a weekly/monthly breakdown of sales. Based on this trading what insights have you
gained into your business or customers and how will you be implementing these into your business going forward? If you haven’t undertaken
any test trading but are in a position to start, give it a go and come back and readdress this section.

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4.1.2 Direct Research | Click here for more guidance
If you have not undertaken any test trading describe what research you have done with your potential customers, what the findings of the
research were, and how you have used this to validate your idea.

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4.2 Evidence of Demand |Click here for more guidance
Describe how you have you used your customer research or test trading to build up a picture of your sales forecast.

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5. MARKETING Click here for more guidance

5.1 Customer Profile
Based on your market and customer research/test trading you should now have built up a good idea of the different types of customer your
business will appeal to and how to reach them with your marketing activity.
CUSTOMER PROFILE 1

Customer

Description of Customer

Why are they your
Customer

Channels you will use to
market to them
Activities within Type your answer here

channel and related
costs
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CUSTOMER PROFILE 2

Customer


Why are they your
Customer

market to them

channel and related
costs
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CUSTOMER PROFILE 3

Customer


Why are they your
Customer

market to them

channel and related
costs
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CUSTOMER PROFILE 4

Customer


Why are they your
Customer

Channels you will use
to market to them

channel and related
costs
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5.2 Route to Market | Click here for more guidance
Whether through a personal connection, an existing network of contacts, an audience you have built up on social media, or sign-ups you
have collected on your website, it’s important to demonstrate you have access to the market you plan to sell to – Who are your first customers
going to be and why have you chosen this as your route to market?

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5.3 Launch Marketing | Click here for more guidance
How are you planning to get the word out that you’re open for business? For each channel or medium you’re planning to use explain how
and why you’re going to use it – this should be relevant to the customers you have identified in your customer profile.

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6. OPERATIONS Click here for more guidance

6.1 Premises
Where will your business operate from? If your business premises plays an important part in your marketing/attracting customers (shops,
restaurants etc.…) you will need to have a specific premises identified and explain why you have chosen this premises. Also explain any fit out
costs that will be incurred.
If the business is less dependent on a specific location (operated from a readily available type of premises such as an office or industrial unit)
you may not need to provide this but you should provide evidence of example properties that are currently available within your budget that
suit your requirements.

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6.2 Staff | Click here for more guidance
Are you planning to employ any staff in the first 12 months of trading? If so, make a list of them here, what their role will be, when they will start,
how many hours per week they will work and what they will be paid. You should ensure the timings are accurately reflected in the Cash Flow
Forecast and that 10% is added to the cost to reflect employer’s national insurance.
Role/Job Title Hours per month/week or FT Cost Month Start (1 – 12)

What will the job title be or what will the How many hours per month will the What will their monthly salary, or average What month in year 1 will they start
functions be? employee work if part time? Or state if full monthly cost be? – This should include assuming the month you receive the loan
time. employer’s national insurance and any is month 0.
other employer’s costs. If they will be
paid by the hour please include the
hourly rate as well.
Type your answer here Type your answer here Type your answer here Type your answer here
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functions be? employee work if part time? Or state if full monthly cost, be? – This should include assuming the month you receive the loan
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6.3 Suppliers and Third Parties | Click here for more guidance
Make a list of all suppliers and major third parties your business will deal with throughout the first 12 months, what they will be supplying, and
how they are relevant or connected to your business.

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6.4 Risks | Click here for more guidance
What are the operational risks facing your business and what are you doing to mitigate the effect these will have on you and your customers.
Risk Factor Impact on Business Mitigation and Outcome
Type your answer here Type your answer here Type your answer here
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6.6 Legal and Regulatory | Click here for more guidance
What legislation and regulations apply to your business? Are there any specific licenses or qualifications required for you to operate the
business either legally or for credibility? Please provide evidence of these.
Relevant Law, regulation, or qualification Evidence of Compliance provided
Type your answer here Type your answer here

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7. NEXT STEPS Click here for more guidance
If your application is successful what are the next steps you need to take to successfully launch your business, when do you need to complete
them by and what is the cost associated at each stage?
Need to do By When Associated Cost
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GUIDE TO COMPLETING YOUR PLAN

This is your how-to guide for completing your business plan for your Start Up Loan application. We have provided
you with everything you need to complete a solid first draft of your business plan, there’s advice on what to write,
research and attach as well as providing handy examples and links to online content.
This Guide should be read alongside the relevant section in the business plan and we’ve included helpful links
between each section in the business plan and this guide to make this as easy as possible.
You really can’t go wrong if you follow this guide!
1. THE BUSINESS IDEA

2. YOU
3. MARKET RESEARCH
4. CUSTOMER RESEARCH
5. MARKETING
6. OPERATIONS
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1. THE BUSINESS IDEA Click to jump back to your business plan
In this section provide a summary, which someone who has never met you, and knows nothing Check out some great content on our website
about your business, would be able to use to gain a basic understanding of your proposition. to help you with this section
We recommend finalising this section after you have completed your customer research.
Common Business Plan Mistakes and How to
Include a summary of: Avoid Them
 What your business will do. Business Plan: How to Write an Executive
 What products and/or services the business will sell. Summary
 What the market opportunity is –Why is there a need for it? And how will you address this
gap in the market? Business Planning - Six Entrepreneurs Pitch their
 Your business’s philosophy and values, and tell us about what your brand stands for and Business Idea
who it appeals to.
 Who your customers are.
 What you have achieved so far – Website, social media following, test – trading, existing
trading etc.…
 What the business structure will be.
 Any other directors or shareholders as well as what their input into the business will be and
what shareholding they have if applicable.
Supplementary attachments to provide:
1. If the look and visual impact of your business is important to its success (e.g. a clothing company, or anything reliant on design such as
packaging or branding material) please attach any photos or mock ups of your products, work you have done on your brand and
identity, mood boards or anything else that would help tell the story of your business visually.
2. If your business is already trading or you have carried out test trading please provide evidence of your sales in the form of bank statements
or management accounts.
3. Anything else that will provide evidence of the work you have done on the business so far.
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2. YOU AND WHY YOU’RE STARTING Click to jump back to your business plan
In this section tell us a bit about you and your experience in each of these areas:
 Professional
 Academic
 Entrepreneurial
 What is your motivation for starting the business
Be sure to emphasise how your knowledge and experiences are relevant to the business. What
triggered the idea and why have you decided to start the business now.
An up-to-date copy of your CV

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3. MARKET RESEARCH
The Big Picture | Click to jump back to your business plan
In this section tell us all about the market you are planning to operate in. This should be formed Check out some great content on our website
of information and data you have gathered from reading case studies, market research to help you with this section
reports, relevant articles and web content. Some key information would be: How big is the
total market for your products or services? What are the niches within this market and how big How to Research Your Market When Starting
are they? What are the trends within the market and what factors are driving these? Is this a
new or mature market? If it is for a new or innovative product how does the market for this How to Validate your Idea with Google Trends
work or how will you be doing things differently? Where does your company fit into this overall
landscape? The more complex your business or market, the more detail you will need to
provide to make sure the proposition is clear.
Competitors | Click to jump back to your business plan
In this section provide an analysis of:
Direct Competitors Indirect Competitors Substitute Competitors
Someone who is competing with you for the same Someone solving the same problem or fulfilling the Someone who is competing with you for the same
customers for the same good or services. same need as you but in a different way. customer spend but for a different product
Example: Example: Example:
Coffee Shop vs Coffee Shop Coffee Shop vs Online coffee bean subscription Coffee Shop vs Pub
Two coffee shops located in the same area will be From a purely functional point of view, if a If it is a sunny afternoon in the weekend people may
competing for customers on the exact same basis – customer just wants coffee and is not interested in, prefer to meet friends in a beer garden over a drink
somewhere to sit and have a coffee/drink or to get or dislikes the experience of going to coffee rather than at the local coffee shop.
a takeaway coffee/drink. shops, they may prefer to drink coffee at home,
which is also more cost effective and convenient.
John’s Deli: P.34 Tesco: P.35 The Farm Café: P.36
Keep reading to see how to best represent your market research of your competitors.
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Example of a Direct Competitor | Click to jump back to your business plan
The name of your

Name John’s Deli
competitor
What type of competitor

Type of are they and Direct Competitor. John’s deli has been established locally since 2001 and has a strong local clientele.
competitor background information John’s has a strong focus on imported goods from continental Europe and America.
about them.
What will you be

What will you be competing with them on We will sell a lot of the same types of products at approximately the same price, and will be based on the
competing on – Price? Convenience? same High Street.
Quality?
John’s is very well established and has additional revenue streams working as a distributor for a lot of their
Strengths of What does this
suppliers, supplying wholesale to local cafes and restaurants as well as retail directly to consumers. They
competitor competitor do well?
have exclusivity of a number of high demand products.
While all the staff are very friendly their lack of use of technology makes it very unreliable and the service
is very slow. They do not have a proper POS till system and have no website to show what they do and
Weaknesses of What does this don’t have in stock. When you call to place a larger order it is written down on a piece of paper and
competitor competitor do badly? called through to suppliers rather than being entered into a system to track the order - As a result orders
are often not passed on or fulfilled. They also have no database of customers to use for marketing
purposes instead relying entirely on “inbound” sales.
We will be exclusively selling products that have been sourced from within a 100 mile radius of our shop.
Based on these factors There is a strong trend to localism as a more sustainable way to do business, and as an area rich in
what will your business producers of all kinds there is a huge range of products available. This will be a strong USP compared to
Summary of how
do, and what specific John’s. We will be buying directly from the producers ensuring our prices remain competitive while
you will compete
activities will you engage maintaining margins. We have our stock database linked to our website so customers can see at any time
with them in to make customers what we have in stock, and can also place orders online and track the orders. We will capture all
choose you instead? customers email addresses so we can market new and related goods to them as well as keep them
informed with what is going on with producer hosted events at the shop.
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Example of an Indirect Competitor
The name of your

Name Tesco
competitor

Type of are they and
Indirect Competitor. The UK’s largest supermarket chain.
competitor background information
about them.
What will you be

What will you be competing with them on On the most basic level we will be competing with them on the sale of food and ingredients to cook and
competing on – Price? Convenience? eat at home.
Quality?
Cheap and convenient – there is a large Tesco and 2 Tesco Express stores within a short walk of our shop
Strengths of What does this
where similar goods are cheaper, and they have more convenient locations next to the main train station
competitor competitor do well?
and a large car park.
Tesco don’t have a very strong public image and are seen in some ways as the enemy of small local
businesses and suppliers; While they offer some premium lines the quality of their produce is generally
Weaknesses of What does this
poor; They do not have a very good selection of organic sustainably sourced products which is becoming
competitor competitor do badly?
increasingly important to our target customers; Due to their large scale they aren’t able to offer the same
niche range of products or offer any products from small, local suppliers.
Based on these factors We will deliberately be sourcing a wide range of products that Tesco and other large supermarkets don’t
what will your business stock. We will focus a lot of our marketing on the local suppliers we are using, and communicating how
Summary of how
do, and what specific much more of the retail price they get to keep by buying from a small local business who sources directly
you will compete
activities will you engage as opposed to large multiples who have to put constant downward price pressure on their suppliers to
with them in to make customers keep margins high to cover their large overheads. We will focus our marketing on a very small range of
choose you instead? customers who we believe only go to Tesco or large supermarkets out of necessity rather than choice.
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Example of a Substitute Competitor
The name of your

Name The Farm Café
competitor

Substitute Competitor – They have a very similar ethos to our business sourcing all of their products from local
Type of are they and
producers but they are a restaurant that specialise in cooked meals for breakfast and lunch. They have
competitor background information
been open for two years and have a very strong reputation locally.
about them.
What will you be

We will be competing with them for the same customer’s spend – while we provide ingredients to prepare
What will you be competing with them on
and eat at home, they use the same high quality ingredients in their meals – customers may choose to go
competing on – Price? Convenience?
out for a meal rather than buy the ingredients to cook at home.
Quality?
Strengths of What does this High quality, sustainable, Locally sourced ingredients; Good reputation and very good reviews on
competitor competitor do well? TripAdvisor; Provide very good service and have strong well followed social media presence.
Due to the size and type of their premises (large restaurant) their overheads are much higher, and as they
Weaknesses of What does this use more fresh ingredients that spoil their waste is higher, both of which mean their meals cost well in excess
competitor competitor do badly? of average for the area and it is definitely perceived as “expensive” whereas our products are priced in line
with, or are cheaper than comparative quality products at the supermarket.
Based on these factors

We will focus our marketing on the joy and advantages of cooking at home - we will provide free recipe
what will your business
Summary of how cards that will be available in the shop as well as on our website about how to get the most of the
do, and what specific
you will compete ingredients, as well as creating short videos showing fast and easy recipes busy people can use to prepare
activities will you engage
with them a meal with our ingredients in under 10 minutes. We also plan to launch free cooking classes featuring our
in to make customers
more interesting products that are hard to source elsewhere to encourage people to buy them afterwards.
choose you instead?
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Check out some more great content on our website to help you with defining your Competitors:
How to Sell Smarter than your Competitors: Skinsincere

Video on How to Beat your Competitors
Paul Munnery: How to Research and Beat Your Competitors
Business Plan How to Better Your Competitors
Click to jump back to your business plan

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4. CUSTOMER RESEARCH Click to jump back to your business plan
It is essential that you have either done some test trading or spent Check out some great articles from our website:
considerable time conducting your own meaningful research with
your potential customers. You need to demonstrate that your idea GEW: How to Validate Your Business Idea
has been validated and that there is sufficient demand for your How Four Entrepreneurs were Funded Through Virgin Startup and
product or service for the business to be viable. This will help you test Validated their Business Ideas
the original hypothesis about your business, and the feedback you How to Build a Standout Startup Brand
get from your potential customers can provide insights you may have
otherwise overlooked. It is important that you go into this process
under the assumption that your idea isn’t perfect - This will help you be
more objective in listening and applying what your customers are
telling you.
Test Trading or Existing Business
In this section please provide as much information as possible about your trading to date and provide evidence of this in the appendices.
Provide monthly, weekly, or daily sales figures depending on the nature of your business and how long you have been test/trading.
Tell us what your assumptions were going into your trading, what actually happened once you started, and what you have learned from your
customers that you will be applying going forward.

Check out some great articles from our website about how to pop-up
Please provide third party confirmation of sales such as bank How to Sell Pop at a Popup Stall
statements. If the business has been trading for more than 12 months Four Reasons a Pop-Up can Benefit your Business
provide annual accounts prepared and filed by an accountant – in How to Run an Amazing Pop-Up: Lexie Sport
this instance a profit and loss statement must be included. Note that How to Run a Pop-Up at a Train Station
invoices and any other documents you have produced yourself will How to get Customers Before You Start Selling
not be sufficient.
Direct Research | Click to jump back to your business plan

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Test trading will not always be possible depending on the nature of your business.
If this is the case for you it is really important that you have personally spoken to as How to Build a Great Website for less than £100
many people as possible who are potential customers for your business. You need How to Prove your Business Idea Will Work
to gather your own information based on what is important to your business Michelle Lower: How to do Market Research on a Startup Budget
succeeding – as well as providing vital information you can use to shape your How to Test a Product: Annabel Karmel
offering it will also go a long way to demonstrating you have access to the market
you want to sell to.
It is important to get feedback from the people who will actually be paying you. If
you are a wholesaler for example, selling to other businesses rather than direct to
the consumer, as well as validating your idea with consumers that it is something
they want or need, you will also need to contact the businesses you will be selling
to get their feedback and find out if it is something they would potentially buy
from you. In an ideal world you would be able to secure some pre-sales or letters
of intent depending on how far your business has progressed. We know that as a
start-up this isn’t always possible but it is very important you are able to provide
evidence of some “warm leads” - that is to say customers who like your idea and
want you to get back in touch with them once you are up and running with a
view to being your customer or client in the future. You should use this feedback to
inform your business plan to ensure the idea behind the business you are trying to
launch has been validated
In this section provide as much detail as possible about what research you carried
out, what your methods were, who you spoke to, and what their feedback was.
Supplementary Attachments to Provide
Please provide evidence of this having been done in the appendices - Email chains are a good example, as well as summarised survey results.
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Crowdfunding | Click to jump back to your business plan
If you can successfully raise funds, or demonstrate meaningful interest through a crowdfunding How we Validated our Idea
campaign, you can use this in addition to other research to demonstrate evidence of demand for Crowdfunding: MBJ London
your business.
Evidence of Demand Example:
In this section explain why you now feel An excellent example of this comes from a business we funded to open a small take-away coffee shop on the
the business idea is validated, and platform of a suburban train station.
using the information from your To establish if there would be sufficient customers for the business to be viable we counted the number of
test/trading or research explain the people that use the platform between 6.30 and 8.30 from Monday to Friday over the course of 2 weeks. The
results varied a lot but on average 1200 people used the platform each day between these hours. We are
logic that will underpin the assumptions
proposing that the business is open longer hours but have identified this as the key period that will make or
that drive your sales forecast. break our business.
Each day we asked 100 people if they would buy a coffee or tea from a shop located on the platform if one
existed. Roughly 10% of those asked said they would buy one every day, which we have assumed as 4
days/week to account for holidays etc.…
Another 10% of people said they would buy one regularly which we are conservatively estimating to be 2
days/week.
30% of people said they definitely wouldn’t buy one at all and the other 50% said they would buy one
occasionally which we are assuming to be once every 2 weeks.
Weekly sales calculations:
1200 x 10% x 4 = 480

1200 x 10% x 2 = 240
1200 x 50% x 0.5 = 300
Total Sales = 1020 units x average price £2.40 = revenue of £2,400/week, or £5,000/month.
We are assuming it will take 6 months to grow to this level and that our first month’s revenue will be half of this
figure.
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5. MARKETING Click to jump back to your business plan
Before getting started on this section you should have a look through the great articles and videos on our website about how some of our
successful applicants and other inspiring entrepreneurs market their businesses.
Virgin Startup - Examples of Successful Marketing
Social Media Strategy Brand Awareness/Get Noticed
Creating a Social Media Strategy Market your business by breaking a guinness world record title
How the Meringue Girls built an instagram following of over130,000 How to get your business noticed
How to use influencer marketing How to get your startup in the media
How to build an email list of 80,000 subscribers How to do PR on a budget by Frugl
How to get influential people talking about your brand and grow
leads Online and Social Media Advertising
How to build an instagram strategy
How to grow your business with linkedin How to create a great Facebook ad
How I market my business with facebook How to get started with PPC
New social media marketing channels for startups
Customer Profile
While it’s important that your business is welcoming and open to doing business with all types of customers, from a marketing point of view, it’s
important to focus the time and resources you have at the specific groups your research or test trading tell you will be your best customers. If
you try to market your business to everyone you may spread yourself too thin, and by diluting your messaging to try to appeal to everyone, it
may end up appealing to no one. For example the language and methods you would use to market your business to a teenager would be
very different to what you would use to market to someone who is 60. It would be very difficult for a start up to find a way to market effectively
to both these demographics with a single marketing approach. By targeting specific customers via channels and messaging tailored
specifically to them, you increase your chances of your marketing being effective.
In this section provide a detailed analysis of who your customers are and how you are going to reach them.
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3 Examples of Customers for a Gourmet Burger Restaurant | Click to jump back to your business plan
CUSTOMER 1
Based on your research or

test trading, provide a
Customer description of the type of Burger Aficionados and bloggers.
customer you will be
targeting
What lifestyle factors or

behaviours does this group
Description of of people have in common, These customers are predominantly male, aged 30 – 40. They are always on the look-out for new burger
Customer where do they shop, what restaurants so they can be the first to review and post to social media.
do they buy, if relevant how
much money do they earn
Describe how these factors

are aligned with your
Why are they your We will be using high quality ingredients, such as grass fed beef and artisan baked buns, and focus on the quality
business’ values, price,
Customer? products/services and
and provenance of our ingredients.
location
List the channels you will be

Instagram, Facebook – most used platforms by this demographic.
using to reach your
customers. Be as specific as
to market to them possible and say why you
Personal Invitations – personal touch that will encourage people to attend more than a blanket email or social
media post. By only sending to a limited number of people it will also be more exclusive.
have chosen this
For each channel you have

Instagram – we will post pictures of all of our burgers taken by professional photographers. We will use hash tags
identified, describe in more
and tag relevant burger blogs and groups. Instagram is heavily used by this group.
detail what specific
Activities within
activities and strategies you
channel and related Facebook - use Facebook ads and promoted posts to have content visible in the feeds of people who like other
are planning to use and
costs burger restaurants and bloggers.
what the associated costs
will be and how regularly
Invitations – we will have a soft launch evening where we will invite prominent burger bloggers to the restaurant.
you will incur these costs
44
CUSTOMER 2 | Click to jump back to your business plan

Customer description of the type of Foodies
targeting

behaviours does this group These customers are an even mix of male and female and generally aged 25 – 45. They like eating in new
Description of of people have in common, restaurants and follow new food trends. They could live anywhere in the city but most weekends would make a
Customer where do they shop, what special trip to at least one new eatery they have heard about. They would prefer craft beer or real ale to lager
do they buy, if relevant how and would more likely favour independent businesses over buying from big chains.

Why are they your As premium/gourmet burgers are a food trend at the moment, and we have a clear USP with our offering, people
who are interested in, and enjoy trying new food are likely to want to try our burgers.
location.

Channels you will use using to reach your
Instagram, Facebook – most used social media platforms by this demographic.
to market to them customers. Be as specific as
possible and say why you
have chosen this.
For each channel you have

identified, describe in more
detail what specific
Activities within Instagram – we will be using Instagram stories to show our chefs creating new burger recipes. We will post at least 5
channel and related photos of burgers to our feed per day as well as 5 funny or interesting posts such as quotes about food or our
are planning to use and
costs ingredients.
what the associated costs
you will incur these costs.
45
CUSTOMER 3 | Click to jump back to your business plan

Customer Local Residents
description of the type of
targeting

behaviours does this group
Description of of people have in common,
They live within an easily commutable distance of the restaurant
Customer where do they shop, what
do they buy, if relevant how

Why are they your From a geographical point of view these are the customers who are most important to us and who we would
expect to make up a large part of our customer base.
location.

using to reach your
customers. Be as specific as Resident’s discount, local newspaper, loyalty card
to market to them possible and say why you
have chosen this.
Resident’s discount – we will have an opening party offering free burgers and fries to the first 100 customers. We will
For each channel you have make conversation with customers and ask where they live; if they are local we will give them a key ring which will
identified, describe in more allow them to have half price meals on Monday and Tuesday night. As we see people come in regularly we will
detail what specific ascertain if they live locally and provide up to 100 key rings in total.
Activities within
channel and related
are planning to use and Local Newspaper – it’s very important for us to be part of the local community – we will advertise our monthly
costs what the associated costs special in the local paper every week.
you will incur these costs. Loyalty Card – those that live locally are the most likely to be repeat purchasers, to encourage this we will have a
loyalty card that will allow the customer to get every 10 th burger for free.
46
Route to Market |Click to jump back to your business plan
In this section tell us who you’re first customers are going to be. If you are planning to start a bricks and mortar business with street frontage this
will be less relevant as you will have passing trade to rely on, (the launch marketing section will be very relevant to you) but if you’re business is
Business to Business (B2B), or an online or office based Business to Consumer (B2C) business that can’t rely on passing trade to get noticed, you
need to be more specific in identifying who your first customers will be. This could be through an existing network of contacts or through
customers you spoke to during your initial research or test trading. You could have the best product or service in the world but you need to be
able to demonstrate you have access to the market so you can actually sell it - you need to be able to provide evidence of these
relationships (such as emails from customers who want to buy your product or service, or expressing a strong interest in doing so when the
business is operational) to verify you have a viable route to market. If you are an online business you might want to think about how you can
leverage existing audiences to hit the ground running, such as using popular platforms like EBay, Amazon, or Etsy, or using influencer marketing
through social media.
How to Partner with a Big Brand
Launch Marketing | Click to jump back to your business plan

Example:
How are you going to get people’s attention to let them know
you’re open for business? Depending on your business and how Facebook Ads –
progressed it is it may be a good idea to focus a lot of marketing
activity around your launch. This could be through concentrated Launch Event – Approximately £500 for hire of venue plus welcome
spend on advertising through channels you know your target drinks ½ page advertisement in local newspaper - £150 per issue,
customers are using, opening day discounts, or free trial periods. run for 4 weeks = £600
If you are planning to use any of the start-up loan funds for Flyers – Planning to a do a flyer drop in the local area 5,000 fliers =
launch marketing, use this section to provide a detailed £200 including delivery
breakdown of how much will spent on each activity.
Discounts – Free for first day promotion – total cost to us
approximately £1000 worth of raw materials.
47
6. OPERATIONS Click to jump back to your business plan
Premises
In this section tell us where your business will operate from, why you have chosen this location and what the associated costs are.
If the businesses premises or location play an important part on the fabric of your business, such as a restaurant or retail premises requiring
footfall, you should provide a full description of the premises, the surrounding area (what other types of businesses and people are nearby and
what effect will this have on your business) detail of any fit-out work that needs to be carried out, and why you have chosen this location. To
do this accurately you need to have specific premises in mind that is available to rent. You need to provide evidence that you have been in
touch with the landlord or agent, and have an agreement in principle that you will be able to rent the premises for your required purpose,
along with the term and cost of the arrangement.
If your business premises is less dependent on exact location to reach customers (such as operated from an office, or an online business that is
not limited by geography to reach customers) it will be sufficient to provide examples of properties that are currently available within your
budget that fit your requirements. This is not required if you are planning to operate your business from home but you should make reference
to this specifically in the business plan.
 Email chains with landlord or agent confirming the property is under offer or that there is an agreement in principle to let the property to
you.
 Heads of Terms or a draft copy of the lease.
 Mock-ups, designs, floorplans etc.… that show what you plan to do with the property.
 Quotes for any fit-out work required.
48
Staff | Click to jump back to your business plan
Are you planning to employ any staff in the business other than yourself? If so, provide full details in this section. Include what the role will be,
what month the role needs to be filled, how many hours per week they will work or if it is full time, and how much they will be paid.

functions be? employee work if part time? Or state if full monthly cost, be? – This should include assuming the month you receive the loan
Salary of £35k/year, total cost of

General Manager Full-Time £38,710 including employer’s Month 1
National Insurance
Part time employees will get

£10/hour and full time employees
1 full time to start in Month 1, 1
2 x part-time working will be paid a salary of £20k to
part time to start in month 3, and
Sales Assistant x 4 approximately 20 hours/week, 2 x £25k depending on experience.
an additional full time and part
FT. Including employer’s NI this will
time to start in Month 6
cost up to £27,330 per FT sales
assistant.
49
Suppliers and Third Parties | Click to jump back to your business plan
To ensure you are getting the best prices from your suppliers and service providers, and that your cash flow forecast is as accurate as possible,
you should have contacted a number of these parties to get quotes and discuss payment terms – take this into consideration when preparing
your cash flow forecast.
In this section make a list of the major suppliers and service providers you will use, what you will buy from them, at what prices, and what the
payment terms will be. Focus on larger costs that will have a material effect on your cash flow.
Risks | Click to jump back to your business plan
In this section identify key operation risks to your business, what the impact will be, and what steps you are taking, or have taken to mitigate the
effect of these risks.
Risk Factor Impact on Business Mitigation and Outcome
We have built relationships with 3 other suppliers

If there was a problem with delivery or who between them can supply everything we
unfavourable change in terms it would have get from our main supplier. They are located
an effect across all of our products due to very close to us and have provided assurances
Reliant on one distributor for 80% of all how much we purchase from this supplier. around their ability to deliver at very short
products We would have to increase prices or reduce notice – this service costs more which is why we
margins to remain cash flow positive. In the do not use them as our main suppliers, but
instance of a delivery problem we may not would enable us to stay open and limit financial
be able to open on the effected days. and reputational damage of being closed for
periods of time.
50
Legal and Regulatory | Click to jump back to your business plan
In this section provide details of legislation and regulations that apply to your business. Are any specific licenses or qualification required for you
to operate the business either legally or for credibility?
Relevant Law, regulation, or qualification Evidence of Compliance provided
Planning permission granted for change of use – letter from local

A3 Premises use (restaurant)
authority attached
Personal Alcohol License License attached
Premises License License attached
Food Hygiene Level 2 Certificate attached
Evidence of your compliance with each of the legal and regulatory requirements you have identified as applying to your business.
51
Next Steps | Click to jump back to your business plan
In this section provide detail and timelines for each step you need to take from when you get the loan to achieve your first sale.
Deposit - £4,000
Sign lease and pay deposit Day loan is drawn down (end of March)
Legal costs - £1,500
Start shop fit-out 1 April £5,000
Buy Equipment End of fit-out circa 30 April £2,500
Contact web developer to build website Day loan is drawn £1,500
Contact mailing list about launch party 30th May £0
Send invites to local social media influencers

15th April £1000 – cost of pre-launch party.
about pre-launch
Buy stock 15th April – 30th April £5,500

52
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 a reality and it’s a big step we want to celebrate with
you – share your progress with the startup community and tweet us @VirginStartUp.
If you have any questions about the business plan email Hello@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 WITHRICHARD
INTEGRITY.
BRANSON, FOUNDER VIRGIN GROUP

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1

LET’S GET THAT BUSINESS OF

for Start Up Loan funding through Virgin StartUp.

WHAT MAKES A GOOD BUSINESS PLAN?

Check out our diagram on what makes up a good business plan.

that you have access to this market.

WHERE DO YOU START?

BEFORE YOU START

Your Business Name

Describe your business in

Your Business Partner

Business Social Media Facebook: @

Your Living Costs

2. How will you pay for them

1. YOUR BUSINESS IDEA Click here for more guidance

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3. MARKET RESEARCH Click here for more guidance

3.1 The Big Picture

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4. CUSTOMER RESEARCH Click here for more guidance

4.1 Test Trading

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5. MARKETING Click here for more guidance

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