Business plan

brownbabygirl

We are planning to set up a private college. Do all businesses need a written business plan? How do I get a 'specific' template?

Any advice appreciated.

Rolo_Tomasi

If you require funding then the bank will probably insist that you have a written business plan however even if you do not need finance then you should sit down and write one. A business plan will make you think about where you want to be and how you intend to get there. It will also get you thinking about costs and how much you need to take in order to break even.

I dont think you will find a specific (free) template for your industry but there are plenty of free guides available which give you the questions you need to be thinking about.

paulwf

One of the free Business Link courses goes through writing a business plan. You can get templates from them or download from various bank sites or Lloyds sent me some Sage planning software on CD for free.

I agree with Rolo, you only *need* a plan to apply for funding however you should really do one anyway to plan your business, especially the market research, financial forecast and start up costs part. It should be a living document, i.e. keep it updated to help you plan for the future. Remember most businesses that fail do so through lack of planning.

Savvy_Sue

Absolutely agree. Any large venture needs a plan - how many students in the first year, how much will they pay in fees, how many staff will be needed, what will they cost, are there any professional fees we'll need to pay (accountant, payroll etc), what premises will we need, what will they cost, will we need to be affiliated to an examining body to make our certificates worth the paper they're printed on, what will that cost, what are their requirements, do we need to register with Ofsted, where will we advertise for staff and students and what will it cost - and that's in 2 minutes without a cup of tea inside me!

Then there's the 'what ifs' - what if we have either twice or half as many students, what if staff go sick or leave, what if Ofsted give us a poor rating ...

And it's not, as has been said, a fixed plan - it's fluid! In the early days, you probably change it frequently. You expected 12 students, you have 9, how does that affect your cashflow? Will you still break even?

But if you don't know what you're aiming for, how will you know when you've got there?

stephenni1971

Sorry to be a pessimist ( or maybe a realist ) , but if you are asking

a) Do I need a business plan

and

b) where can I get a template specific to starting a college

... then I really don't hold out much hope for your success.

Anyone contemplating any business should have a plan - it could be 10 sides of A4 or a 200 page document - but it needs to be done.

There is no easy way - no template - you have to do the thinking yourself. As Savvy Sue has mentioned already, there are a multitude of issues to cross.

Will you need CRB checks, affiliation to professional bodies, H & S reviews and audits? Can you even call yourself a college without official authorisation?

If you want to proceed with this you will need a lot of money a lot of time and a lot of effort.

paulwf

Everyone has to start from somewhere and there is no such thing as a daft question. That's why a lot of businesses take a year to plan as there is so much to learn. However I'm now getting concerned for the OP after posting for some basic info in October then seemingly not done any legwork in the next 2 months. Now it appears she has set up a Ltd Co yet isn't even sure if she needs a business plan.

OP, if you haven't already *please* get on the Business Link (or national equivalent) courses and get some professional advice from them and your local enterprise agencies.

As I posted in the other thread for a project of this size I really do think you should get someone on board to handle the commercial aspects of the project and let the pair of you concentrate more on the teaching side.

stephenni1971

paulwf wrote: »

Everyone has to start from somewhere and there is no such thing as a daft question.

I agree - it was not a daft question, but a naive one.

I could try and start any one of a number of businesses, given my experience. However I know that whatever path I took would involve a huge amount of study, research, investigation of competitors etc.

What got me was asking of anyone had a specific template of what to do.

To the OP consider these points

Premises -
Let or Buy?
Do they need adapted in any way?
What insurances will you need?

College -
Can you descibe yourself as one?
Do you need to register with Ofsted?
What curriculum will you offer - how can this be documented?
Will your qualifications be certified by an awarding body?

Staff -
How many will you need?
Will they be employed full/part time or self employed?
What are your criteria for teaching status?
Will you insist on teaching and trade specific qualifications?
Will they need CRB checked?

Students -

What will be your maximum number?
How many will you need to break even?
Will you be day only or residential?
You may need to encourage students from outside your area, if so how will it be cost effective for them to travel?
How do they pay for the courses?
What will you charge?
What will be the length of each course and how many will you run a year?
How many different courses will you offer?
How will you attract students and advertise your college?
Have you a marketing budget?

How much will you need for equipment?
What will be the lifespan of this equipment?
Will you need regular supplies of consumables?

Have you any idea of the insurance costs for a venture like this?
You will need to have a full Health and Safety policy in place to cover staff/ students.

brownbabygirl

Hi! Wow am getting shot down by some here. I have NOT put SO MUCH information in my original post to keep it brief and short. I didn’t know that excluded me from asking some basic questions. Things are going really well. Lots of research and hard work but a steep learning curve. Will let you know if and when it is launched.

I know I might seem dumb going from all my posts! That’s OK….!

fengirl_2

Without a business plan there is no way you are going to know whether your venture will make money or be viable. There is no template - its up to you to put together a good proposition.

brownbabygirl

fengirl wrote: »

Without a business plan there is no way you are going to know whether your venture will make money or be viable. There is no template - its up to you to put together a good proposition.

cheers, I found some templates online. it helps me know what to look out for.

brownbabygirl

stephenni1971 wrote: »

What got me was asking of anyone had a specific template of what to do.

To the OP consider these points

Premises -
Let or Buy?
Do they need adapted in any way?
What insurances will you need?

College -
Can you descibe yourself as one?
Do you need to register with Ofsted?
What curriculum will you offer - how can this be documented?
Will your qualifications be certified by an awarding body?

Staff -
How many will you need?
Will they be employed full/part time or self employed?
What are your criteria for teaching status?
Will you insist on teaching and trade specific qualifications?
Will they need CRB checked?

Students -

What will be your maximum number?
How many will you need to break even?
Will you be day only or residential?
You may need to encourage students from outside your area, if so how will it be cost effective for them to travel?
How do they pay for the courses?
What will you charge?
What will be the length of each course and how many will you run a year?
How many different courses will you offer?
How will you attract students and advertise your college?
Have you a marketing budget?

How much will you need for equipment?
What will be the lifespan of this equipment?
Will you need regular supplies of consumables?

Have you any idea of the insurance costs for a venture like this?
You will need to have a full Health and Safety policy in place to cover staff/ students.

hiya, we know the answers to all these. problem is how to structure it in a plan. i thought there was a 'template'. i am learning a lot so please be gentle:j