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Business plan

Looking for a simple business plan? Try the 5Ps. It’s an easy framework to think about your business and grow it.

Purpose, Problems, People, Plans and Pay-off.

Fist things first, you need to get the right tools in place i.e. banking, accounting and tax.

Get a business account, fast

  • Do not use your personal current account. Mix up your business transactions in your personal account and you will create a bookkeeping and tax headache for yourself that will waste time.
  • Do look professional. Impress your customers with a new business bank account.
  • Do get started for free in 5 minutes. Sign up to Countingup’s business current account in just 5 minutes (no lengthy forms). It’s free to open. Find out why 20k sole traders bank with Countingup.

>> Click to get your own business account

Keep the taxman at bay

  • Get a real-time estimate of your tax. You don’t want to fall foul of HMRC in your first year. The Countingup business account has a built-in tax estimate to give you peace of mind. You will know how much to keep aside for the taxman at the end of the year.
  • Get your records organised. HMRC requires sole traders keep records of all business transactions. Countingup automates all of this for you.
  • Get paid fast. Coutingup lets you create professional invoices with your logo. Invoice your customers and get paid fast.

>> Click to get your admin sorted

Purpose

Why does your business exist? Write it down. For example, at Countingup our mission is to relentlessly make it easier to run a small business. What’s yours?

Problems

List two or three bullets on what are the biggest challenges your new business is facing? What are the holes? Where are you weak?

People

List two or three bullets on people you need to help you. They may be contractors, freelancers, employees or investors. It may be a service you need from someone such as a website designer or an accountant. Who are the key people you need to help you right now and why?

Plans

List two or three bullets on what your top priorities are. What is important? What is urgent? Do you need to hire? Do you need to build a product? Do you need to get customers? Set out your priorities.

Pay-off

List two or three bullets on why you are starting a business. Do you want more flexibility or more time? To earn a living? To become a millionaire? What’s the pay off for you?

Good luck!