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Step 6 - Business Development

In this part of the business plan you must:

  • Formulate your vision for the next three years
  • Make the reader follow you into the future

It can be very difficult to think one to three years ahead, because you are in the middle of developing ideas concerning your new business.

Try to imagine that you are on board a helicopter. You fly up and look down at this new business of yours. You think:

  • “How would I like my business to look in three years time?

Business plan questions

In the business plan template you are asked to reflect on the following issues:

Business appearance in three years

In order to start your business, you might have had to lower your ambitions compared to what you once had in your thoughts and dreams. Maybe a lack of funds forced you to lower your ambitions. But you want to fulfill your ambitions within three years.

How do you see your business next year? And what about in three years?

Your product or service in three years

Some business owners have to sell stuff that they don’t actually like to sell. It is sometimes the only way to get started.

How do you see your product or service in one year, as well as in three years?

Customers in three years

Maybe you have started with one kind of customer that you knew about from your former work, or maybe your old company is your first customer, but you would like to move on and find a greater number of first-time customers.

Financial forecast for year three

Try to set figures on your visions. It is not easy to convert dreams and visions to exact figures, but it helps in making them reachable.
When you have made your operating budget for year one, you could make a copy of this. Then you could change the relevant figures so they match your long term plans.

Other goals with your business

Modern entrepreneurs often set other goals for their business rather than just profit and managerial issues.
Some look upon themselves as so privileged that they have the personal strength to help the local community by enhancing the educational level, and to take part in other social activities and civic engagements.

Others secure better working conditions for their workers than the average business owner. Others make sure that their production does not pollute the local river or damage the worker.

Do you have any special goals for your business?

Download business plan template

Go to Download Center and find the template in which you can write your own business plan.

How would I like my business to look in three years’ time?
- A question you should ask yourself

Download Business Plan templates
9 Steps to Start a Small Business
Step 1 Entrepreneur /Team Resources
Step 2 Product or Services
Step 3 Description of the Market
Step 4 Sales and Marketing
Step 5 Organising your Company
Step 6 Business Development
Step 7 Budgets
Step 8 Financing
Step 9 Business Concept
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