Guide To Writing A Business Plan*

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Guide to Writing a Business Plan*Guide to Writing a Business PlanYour business plan is a working document. It is not meant to be written and then forgotten. Youshould review it regularly and if necessary change it to ensure your plan (and your business) staysfocused on the objectives.1. Use this template to write your own short business plan.2. The text in ITALICS is instructional. You should delete it before printing your plan.3. Keep your sentences short and concise. Use bulleted lists to highlight key points.4. Break up your paragraphs with extra headings if necessary.5. This template is adapted from Business Victoria's Business Plan Template found onwww.business.vic.gov.au website

your logo here Law Practice Name Business Plan Business Address Prepared By: Your Name

Table of Contents1. Business Overview2. Services3. Market Analysis4. Competition5. Marketing Strategy6. Business Structure and Management7. Finances8. Action Plan

1. Business OverviewInclude in your overview: Legal form to be used - sole proprietorship, partnership etc Reasons why you are entering into private practice Where the law practice will be in two-to-five years and how this will be achieved, eg your positionfinancially and in the market place (you may need to complete this after you have worked throughthe other sections)Write your overview here

2. ServicesDescribe what you are going to offer your customers, including: Type of law to be provided or client niche to be serviced Reasons why people will seek your services Where the office will be located

Write your products/services here.3. Market AnalysisResearch your market and industry.Consider the following sources: industry profiles ongovernment reports, consumer surveys, running focus groups, identifying your competitors etc.Briefly outline what market your service will serve and why. For example, if you plan to specialise'in Intellectual Property (“IP”) Law, you need to know about IP trends, developments in IP

legislation locally, regionally and globally and identify a viable gap to fill.Make sure you include: Who will use your service Where your market is located: local, regional, state, national or international The state of the market: growing, declining, segmented Market influences such as seasonal price fluctuations or trends, eg infrastructure development,housing development demand, commercial construction, shipping etc The price range: based on your target market will it be high, low or in the middleWrite your market analysis here.

4. CompetitionList details about your competitors including: Who and where they are How you will position your service against them (Note: Bar Council's Rules and Rulings wouldlimit/restrict your ability to detail this) Your service features against theirs and what gives you a competitive edge The benefit/s of your service to the clientWrite competitor information here.

5. Marketing StrategyShow how clients will find out about your service including: Where, how and when you will promote your service What type of printed materials you will create Your website or online presence Details and cost of advertising including print, online, seminars, conferences etc How you will measure the success of your marketing strategy and various promotions (Note: BarCouncil's Rules and Rulings on advertising, website etc)Write your marketing strategy here.

6. Business Structure and ManagementDescribe the ownership structure (such as sole proprietorship or partnership) including: Reasons for chosen structure Sole proprietor or partners' brief career highlights Any key staff, their involvement, responsibilitiesWrite your business structure and management details here.

7. FinancesSummarise your financial situation including: How you will finance your law practice, eg business loan, personal funds, investment capital Costing, including your start-up costs, salary and fixed overhead Financial projections including how much you will need to make to break even, when you arelikely to make a profit and growth expectationsWrite your financial summary here.

Validate your summary by completing these financial templates and attaching them to the end of yourbusiness plan. Establishment Costs TemplateThese are your start-up costs which will not be repeated, eg setting up premises, licences,buying equipment, market research etc Profit and Loss Statement TemplateThis shows your profit and loss for the first 12 months: this will include revenue, product costsand expenses. Cash Flow WorksheetCalculate how much cash you will need to keep your law practice running, irrespective ofexpected profit, and where it will come from. This will help you determine your overall overhead. Break-Even Analysis Information SheetThis tells you how much money you need to make to run your law practice and is useful tocalculate your required cash flow.

8. Action PlanYour action plan is the most important part of your business plan. It manages how you are going toachieve your business plan objectives, so review it regularly and use it to control your activities. Listthe actions by key areas such as: Establishment Legal Finance MarketingList the key tasks to be done, by whom and by when. Do not make them too detailed or they becomeunworkable. If you do not achieve a task, reschedule it, but if it is still not done by the second date,ask why. Is it too large? Is it unclear how it will help the law practice? Do we have the skills to do it?See example below.KeyObjectivesTaskEstablishmentContact Bar Council Secretariat & PIIBy WhomScheme BrokerOpen Business Tax FileObtain GST LicenseFinaliseoRental ficesetup(telephone/internet er(s)oLegal Assistant(s)HiringHiring Key PersonnelPersonneloOffice ManageroAccounts PersonneloAdministrative StaffLegalContractsConsult with another lawyer (if outsidearea of expertise)Finalise contractsSignFinanceDetermineoGet costingsBy When

KeyObjectivesTaskfixedoBy WhomMeet with accountantoverheadDetermineIdentify amount to reduce loanfinancialobjectivesFinalise cashoReview Profit & Lossflow planoComplete cash flow planFinalise initialReview finance documentsfinanceMarketingDetermineIdentify fee collection in each quarter formarketingthe first yearobjectivesDetermineOutline planlaunch planAgreementandimplementationCreateaAgree conceptbrochureApproval of copyPrintDistribute brochure*Extracted from Setting Up Practice (2014)decisiononBy When

Guide to Writing a Business Plan* Guide to Writing a Business Plan Your business plan is a working document. It is not meant to be written and then forgotten. You should review it regularly and if necessary change it to ensure your plan (and your business) stays focused on the objectives. 1. Use this templ

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