This is a key document which tells the reader about the business, its aims and objectives and the amount of money it will make for its investors/lenders int the future.

It is the document you will use to win over investors and banks; to convince them that the business concept is a well thought out viable venture and it would be shrewd to get involved now.

The question that will answer this one, is who is your target audience, and do they have specified requirements they want potential start-ups to meet? If the answer is yes, then you will need as many business cases as the varying requirements.

Examples are, for government funding (look out for a set of FAQs for this topic coming soon!), banks (look out for a set of FAQs for this topic coming in March!) and some private lenders, who want their own templates to be completed.

The key sections to cover for any business case, irrespective of the style of the document and level of detail required, are listed below.

Your business and objectives

• What will your business do?
• Split your business objectives into short, medium and long-term objectives.
• This is where you will detail the costs your business will incur and the income you are projecting. Remember to include the assumptions you have made, because these are estimated figures, which may change.

Your skills and experience

• What skills do you have that qualifies you to make this business a success?
• If there are skills you don’t have, then highlight them and explain how you will achieve them in future weeks/months.
• Investors want to know that you know what you are doing and are aware enough about your skills’ gaps to address them.

Your target customers

• Be specific about who they will be, e.g. age range 20-30, single mums on low income.
• Be ready to explain why the target group is the right one for your business.

Your market and competition

• Be specific about your market. Sometimes, it may be easier to think about who your business will not target.
• List at least 3 key competitors in detail. So, include their name, address, website, what they produce/sell, prices, their strengths and weaknesses.
• What’s your unique selling point? What makes you different to the competitors you have mentioned?

Your marketing and sales plans

• Every investor or lender wants to know that the business will be properly marketed to achieve the revenue targets you are projecting. So, be detailed in how and where you will advertise your business.
• What media will you use? E.g. social media, leaflets, business cards or sponsoring competitions? Include the frequency of advertising events.

Your operational plans

• Where will you operate your business from?
• Who will work for the business? Remember to profile this over the short-, medium- and long-term periods you referred to in your objectives’ section.
• Have you considered the relevant laws and regulations that may affect your business?
• What about business insurance?

Supporting evidence

• Always include supporting information in Appendices. It will give your business case content integrity and show the reader that you are thorough and have done your homework.

Spend as much time as needed to get a polished and complete product. Remember, this is your pitch to investors who have heard it all before.

What is it that your business can do differently? Why is it such a good idea? What will make them want to spend their money on your business and not the hundreds of others out there wanting similar investments?

So, in short, maximise the amount of effort you put in your business case. It will help you in the long run.

Yes, if you have the funds and you aren’t comfortable doing a business case that will make the required impact, then hire a professional. It is money well spent (depending on the quality they produce). Don’t cut corners here. What may seem like an extravagant expense now, will be what will provide the foundation for the business you want.