How to write a great business plan

"Over 90% of the people who join the Academy have never written a business plan before. Luckily, it's not my first time!" - Debra Barry, Partnership Selection Manager.

That's where the support of our Selection Managers come in. With almost a decade of experience helping prospective advisers assess and refine their business ideas, managers like Debra have seen first-hand what separates a strong business plan from one that's less likely to succeed.

In order to join and thrive at the St. James's Place Academy, you need to know what makes - and what breaks - a good business proposal.

Here are her 6 practical tips for nailing your business plan: 

1. Start with your "why"

A good business plan should explain what you're going to do, how you're going to do it and when you'll achieve key milestones. A great business plan goes a step further and explains WHY.

"Sharing your personal motivations for launching a business helps bring to life your passion, dedication and values," says Debra.

Think carefully about why you've chosen this path. Why financial advice? Why now? What makes you well placed to help clients? Your answers can help shape a more authentic and compelling plan - and may also end up transforming into your niche.

2. Test your idea with real people

You might think that your business sounds like a good idea, but it’s not your opinion that matters the most.

Think about your clients and target market – who are they and will they think that your business is a good idea?

Conducting network soundings is particularly important when launching a financial advice business, as finding clients for new business, and looking after them is a responsibility that you must shoulder throughout your career.

Do some market research, and speak to people you know; can they see you as a financial adviser and would they sit down with you once you’re qualified?

Identifying your competitive advantage through market research is crucial. Understanding your unique strengths and how they differentiate you from competitors can help formulate a strategy for success.

3. Write it down

Research consistently shows that writing goals down makes people more likely to achieve them. A business plan is not just a document for someone else to review. It's a framework for your own success.

As Debra explains, the process of creating a plan often reveals strengths, gaps and opportunities that may not be obvious at first. Putting your ideas on paper helps you move from ambition to action and gives you something concrete to measure progress against.

4. Expect your plan to evolve

Many first-time business owners put pressure on themselves to create the perfect business plan from day one. The reality is that most successful business plans go through multiple versions.

"Don't be afraid of change," says Debra. "It's much better to make mistakes and alterations to your business plan while your enterprise is still in the planning stage."

Including measurable targets like milestones and numbers in your business plan gives you something to aim for and ensures that you’ve done the necessary research to get your business off the ground.

Having a robust and fine-tuned business plan will make the hard part (getting the business up and running) easier. Debra warns that rushing your plan or delivering a draft only cheats yourself and your business out of a chance in the long run.

5. Know your numbers

At the core of a business plan is the proof that your proposition has the potential to be profitable.

You’ll need to share a realistic breakdown of the business you need to generate in order to earn a living. This means looking at potential costs, your network analysis, your predicted first-meeting-to-conversion rates, and how many solutions per client you need to deliver a successful year in order to fulfil those - a lot to contain in one business plan!

However, the more detail you can provide, the more confidence you'll have in your strategy.

6. Why business planning matters at the SJP Academy

"Business planning is an integral part of the selection process here at St. James's Place," says Debra. "Not only does it enable you to bring to life your vision, network soundings and financial projections, but it also enables us to establish whether your business has what it takes to become a successful financial advice practice."

Rather than expecting applicants to navigate the process alone, Academy candidates work closely with experienced Recruitment Managers and the Selection team to develop and refine their plans. Having experienced professionals to challenge assumptions, offer guidance, and provide practical support can make a significant difference.

Starting a business will always require commitment, resilience and hard work, but with the right plan and the right support, it becomes far easier to move from "what if?" to "what next?" - and the Academy is here to support you every step of the way.