Take it step by step: 5 top tips on how to write a business plan by expert, Debra Barry

One of the most important things we can do for you is help you create a business plan that is robust and genuine.

Our skilled Recruitment Managers and Selection team know how important it is for you to have a business plan that will set you up for success – and that, for many people, this might be their first time turning a business idea into a 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!” says Debra Barry, Partnership Selection Manager. Debra has almost a decade of experience recruiting and selecting business owners for the St. James’s Place Partnership, making her somewhat of an expert on business plans. Below are her 5 top tips to help you nail your business plan step by step.

First of all… what is a business plan?

Forbes Advisor defines a business plan as “A comprehensive document that outlines the overall vision, strategy and goals of your business.” (2024).

A traditional business plan is a thorough and detailed strategic document commonly required by lenders, investors and potential investors. It follows a structured format and has specific sections, for example, a company description, and financial statements.

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

A comprehensive company description that details the company’s business operations, mission, values, history, and goals is a critical component of a business plan.

Additionally, a thorough market analysis is essential to understand the current marketplace, including target demographics, industry trends, and your competitive advantages.

Her 5 top tips for creating a great business plan include:

1.    You should open with an executive summary that talks about more than just your business strategy plan

Your introduction should offer an overview of your business launch plan, the actions you need to take and the targets you have in mind to ensure your plan is a feasible one.

However, the best executive summaries will talk about more than just the ‘what, when and how’ of a business plan – they’ll also include the ‘why.’

Sharing your personal motivations for launching a business helps bring to life your passion, dedication and values. Why this industry? Why this business? Why you?

Even including a well-crafted mission statement in the executive summary could be helpful in communicating the company's purpose and goals effectively.

2.    No successful business starts by thinking about what you want  

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.

Consider your current network, as well as potential local businesses and networking events you could work with, to ensure you have enough potential clients to speak to and make your new business a success.

3.    The business plan is as much for you as it is for the people you’re presenting it to 

Research shows that writing plans down makes you 42% more likely to achieve them, no matter your career background or circumstances. Putting pen to paper is the best way of bringing your plan to life and piloting your strategy to see if your business concept actually has wings.

Having a strategy written down as a business plan gives you a track to run on, and at St. James’s Place, your designated Recruitment Manager will let you know if you’re headed in the right direction.

4.    The first business plan you write probably won’t be the one you deliver  

Don’t be afraid of change; it’s much better to make mistakes and alterations to your business plan while your enterprise is still in the planning stage. Listen to your Recruitment Manager’s advice, lean into the numbers and don’t skimp on the specifics.

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 - it also gives you a starting boost to measure success!

Having a robust and fine-tuned business plan will make the hard part – getting the business up and running – so much easier. Rushing your plan or delivering a draft only cheats yourself and your business out of a chance in the long run.

5.    Financial forecasts and client forecasts are the most important parts of your plan

Last, but certainly not least, you need to prove that your business proposition has the potential to be profitable. The revenue from this business will need to cover your lifestyle costs and future ambitions, so it’s vital to get the financial projections right to secure your future strategic financial plans.

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!

Why start your business with St. James’s Place?

Starting up a business in any context is a challenging, but rewarding, enterprise. Partnering with St. James’s Place offers you financial backing, expert guidance, administrative and regulatory support, as well as the St. James's Place Advice Guarantee, to cushion the stress of launching a start-up alone. It’s still your name above the door, your business plan in action, we simply act as a business plan template, supported by a helping hand along the way from people like Debra in our Selection team.

Want to learn more about launching a business with us? Click here to read more about what St. James’s Place can offer you!