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Write a business plan

Download free business plan templates and find help and advice on how to write your business plan.

Business plan templates

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.

Business plan examples

Read example business plans on the Bplans website.

How to write a business plan

Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

• clarify your business idea
• spot potential problems
• set out your goals
• measure your progress

You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.

It can also help to convince customers, suppliers and potential employees to support you.

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How To Write A Prince’s Trust Business Plan

Kurt Graver April 7, 2019 Business Start-up Advice

Starting a business can be an exciting yet daunting endeavour. Writing a comprehensive business plan is a key step to setting your new business up for success. 

If you’re an aspiring entrepreneur aged 18-30 looking for support in the UK, The Prince’s Trust offers invaluable programs and funding opportunities. This guide will walk you through crafting a strong business plan tailored to the Prince’s Trust application process.

What is The Prince’s Trust?

Founded in 1976, The Prince’s Trust is a youth charity dedicated to helping young people aged 11-30 gain the confidence and skills needed to realise their potential. The organisation provides training, mentoring, grants and loans to support youth entrepreneurship and employment.

Specifically, The Prince’s Trust Enterprise program offers training courses and funding to help young people start their own businesses. The program has three key stages:

Understanding Prince’s Trust Funding: Loans and Grants

Navigating funding channels can be daunting for fledgling ventures. The Prince’s Trust eases this burden through tailored loans and grants to empower youth-led businesses.

The Trust offers low-interest loans covering start-up costs like equipment, marketing, and initial overheads for young entrepreneurs. Repayment plans are flexible based on the financial situation.

Grants 

In certain cases, the Prince’s Trust also issues grants that do not require repayment. These provide a financial cushion without debt burden. Grants are reserved for youth facing significant barriers when starting a business.

Eligibility Criteria

• Age between 18 and 30 years old
• Unemployed or working less than 16 hours/week
• Demonstrate a feasible, profitable business idea

Application Process 

• Attend an information session 
• Work with a provided mentor to develop the business plan
• Submit the plan to a panel for review and final funding approval

Ongoing Support

Beyond financial assistance, the Trust offers continuous mentorship, marketing advice, networking opportunities and other resources for sustainable success.  

Elements of a Strong Prince’s Trust Business Plan

Your business plan should bring your venture to life and instil confidence that you have a viable, well-researched concept. While The Prince’s Trust doesn’t prescribe an exact template, your plan should include: 

Executive Summary

This is your “Elevator Pitch.” 

On average, you spend 20 – 30 seconds in a lift.

Write a concise summary of your business that lasts no more than 30 seconds.

No fluff, just the core purpose of your business and the key benefits.

Company Description 

Provide an overview of your company’s mission, values, goals, and competitive differentiators. Explain your motivation for starting this business. Convey your passion!

Products and Services

Describe what your business sells or does for customers. Explain the key benefits customers receive and what makes your offerings unique. You can organise details by product/service categories.

Market Analysis

Section 4 – target market.

Your target market is the most likely people to be interested in and buy your product.

There could be multiple buyer profiles who will be interested in your product.

List them out as your primary, secondary and tertiary markets.

Also, include buyer habits. These include

When do they buy? How often do they buy? How much do they spend?

Section 5 Market research

There are two types of market research.

Primary Market Research

Primary market research is:

Previous sales and feedback from customers The research was conducted directly with prospective customers’ surveys and interviews.

Primary Market Research doesn’t need to be face-to-face; you can do it online using polling software, Google Forms or many other applications.

Secondary or Desk Research

This type of research is done by market research companies or governments about the industry or/market in general.

Primary research is better than secondary research as it proves the demand for your product service. Desk research is useful as it gives insight into the overall market, but this type of research is also relevant to your competitors and possible new entrants.

Competitor Analysis 

The Prince’s Trust’s business plan template uses Competitor SWOT analysis. This is where you list all of your competitors and describe their strengths and weaknesses together in one place.

It’s important not to just users have a box-ticking exercise. A competitive SWOT analysis gives you greater insight into how you can strengthen your own USP and improve upon the weaknesses in your competitor’s business.

Marketing Plan

Detail how you will promote your company to acquire and retain customers. Identify strategies based on your target demographics, such as social media, print ads, events, etc. 

Operations Plan

Explain how your business will operate post-funding when you have launched.

Sections include:

Production – How will you produce your product or deliver your service? Delivery – How will your product/service reach your customers Payment Terms and Methods – How quickly will you get paid? This will be very important for your cash flow assumptions. Suppliers – Who are your suppliers – are they reliable? Premises – A description of where your business will be located. Some companies may need commercial property. Others can start from home. If you need a commercial, include the lease terms you agreed with a landlord. Equipment – Any equipment you may need to start the business. Legal – Any legal or regulatory issues that need to be resolved or complied with the business for you to start the business. Insurance – An insurance quote for your business from a reputable supplier.

Management Team

Your background.

Traditionally, banks only loan money to entrepreneurs who are highly experienced in their field.

The Princes Trust is different. It was started to help young people who do not have years of experience. If you have little experience, you must make up for it with passion.

Your Motivation

Why do you want to start a business? Is it a hobby? Is it something that you are highly experienced in? You need to convey that you are desperate to start the business, and it’s just not a backup option.

Previous Work Experience

Enter here what type of work you’ve done in the past. Any relevant work experience within your business field will be beneficial. If you have yet to gain previous experience, mention any key managerial decision-making roles you’ve had.

Qualifications

List any relevant qualifications and vocational training you may have. Qualifications related to your business are ideal, but qualifications of any kind show you are a dedicated, committed person, so include them.

The Start-up loan company do not fund training as a start-up cost, so I wouldn’t mention anything that would make them think you’re not qualified to run the business now.

However, every business owner should be developing and learning, so it’s okay to include professional development.

Hobbies and Interests

If you’re not qualified in your chosen field, mention that your business is your primary interest. It would be best if you then portrayed your business as your passion project.

For partners/staff, include their credentials and roles. Demonstrate you have what it takes to succeed.

Financial Plan

Provide projected startup costs, income statements, cash flow statements, and other key financial projections. Show the business can achieve profitability.

Funding Request

Specify the amount of funding you requesting and how the funds will be allocated. Ensure the costs include only essentials.

Backup Plan

Your backup plan is how you will repay the loan if your business doesn’t go as well as expected.

It depends on the circumstances. Sometimes, you can sell the business, equipment or the lease to repay the loan.

In other circumstances, the best thing you can do is return to full-time employment to repay the loan.

Tips for a Winning Prince’s Trust Business Plan

Follow these tips to create an impressive plan:

Keep it concise – Stay focused on the most vital details. Avoid fluff.

Be persuasive – Craft a compelling narrative around your idea that excites readers. 

Back up claims – Provide concrete evidence like market research data and financials to reinforce points.

Focus on essentials – Only include crucial costs in projections. Don’t pad the budget.

Highlight passion – Emphasise your motivation, commitment and, most of all – why this business should exist.

Sell your skills – Tout your qualifications but also soft skills like determination and work ethic.

Mind formatting – Use section headers, lists and emphasis tools like bolding judiciously to enhance readability. 

Check for errors – Proofread closely. Ask others to review. Grammatical or math mistakes undermine professionalism.

Bringing Your Business Plan to Life 

With your Prince’s Trust training and mentorship, transform your idea into a detailed plan following the sections above. Conduct thorough market research. Illustrate financials. Refine your concept. 

Pulling together a polished business plan requires time and effort. But the learnings gained in the process will prove invaluable as you embark on your entrepreneurial journey.

Once complete, use your Prince’s Trust business plan to have constructive discussions with mentors and strengthen areas as needed. With their feedback incorporated, confidently submit your plan as part of your startup loan application. 

Of course, plans must adapt as realities change after launching. But putting in the work upfront to craft a thoughtful business plan establishes a fundamental roadmap and skills to propel your venture forward.

So what are you waiting for? Let The Prince’s Trust programs and funding speed up turning your business concept into a thriving company. Sharpen your plan. Perfect your pitch. And start fulfilling your entrepreneurial dreams!

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Start Your Business - Prince's Trust

Take that idea you've been dreaming of and, with our Enterprise training, mentoring and funding, become your own boss. Prince's Trust have helped over 90,000 young people to start their own business – and you could be next. We work with 18 to 30-year-olds living in the UK to turn big ideas into a reality. Find out everything you need to know to make your business a success through our online resources or through a short course online or in a centre near you.

Get in touch to sign up today.

Seen an opportunity that’s right for you, or just want some advice? Have a chat with us and together we can work out the best next step. Get in touch by clicking HERE and we’ll aim to get back to you within five working days.

If you prefer to speak to someone over the phone, or require assistance in filling out the form, please call us on 0800 842 842 . Our opening hours are Monday to Friday, 9.00am to 6.00pm.

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Small Business UK

Advice and Ideas for UK Small Businesses and SMEs

How to get funding for your business with The Prince’s Trust

The Prince's Trust could give you with a useful mix of funding and mentoring as well as getting to grips with cashflow forecasting.

If you’ve got a great business idea but are finding out the hard way that it can be a royal pain to get funding, The Prince’s Trust could be the answer.

The Trust’s enterprise programme has been running for four decades and is open to 18 to 30-year-olds who are unemployed or working fewer than 16 hours a week. In addition to business training schemes which tackles topics like marketing, planning and tax, the programme provides funding of up to £7,500 (through the government-funded Start-Up Loan Company ) along with support for your business idea. You can pay the loan back within one-five years and can make extra early payments with no early repayment charges.

Prince’s Trust programmes start with a free information session where they can tell you how your venture can be supported. You’ll then attend a two to four-day workshop where you’ll receive mentorship and resources before the chance to apply for a loan.

A year to work through business idea

Sophie Beesley, head of the Business Programme says, ‘We’re very flexible about the time it takes to develop a viable business idea. There’s basically a window of 12 months to work the idea through (before you can secure funding). Although, if someone came to us with, for example, a lot of plumbing experience and wanted to set up their own plumbing company, they could get a loan in as little as three to four weeks.’

Loans and funding available

Simon Prynn used a £1,000 loan from The Prince’s Trust to set up his own drum classes and says the funding and support he received changed his life. ‘I was so sick of having jobs I didn’t like and going back to college wasn’t for me. This was something I knew I could succeed in doing,’ he says.

‘I think the key thing the Trust is looking for is commitment and passion to go that extra mile. My advice to anyone with a business idea is: go for it! Everyone told me I couldn’t do it, even my mum and dad, but The Prince’s Trust helped to prove them wrong. Before I was just drifting, now I have purpose and direction.’

The Printed Bag Shop

Craig Smith and his partner Lisa Kennedy received a £3,000 loan from the Trust to start their business, The Printed Bag Shop , after they were made redundant. The company has since gone on to win several awards.

Smith says, ‘It’s hard work being self-employed because you can feel quite lonely, but they’ve really helped. We have since got further loans, but we wouldn’t have been in a position to get them without the help the Trust initially provided.’

“The business has supplied the likes of The Royal Bank of Scotland and Coca-Cola, and managed to hit £1 million in revenue this year for the first time”

‘We are over the moon with the success of the company, mostly because it means we are providing a better future for our daughter, Ellie. Not only in terms of money, but I also hope we can encourage her to have a “can do” attitude throughout life,’ adds Smith.

The typical amount of funding businesses usually receive from the Trust is £2,500. Interest on the loan is six per cent and the repayment scheme requires that you only pay £20 for the first six months with the remainder spread out over a period of two to five years.

‘Because it’s such a comprehensive programme we need around £1 million a month and are always looking for donations,’ adds Beesley.

Small Business is working in partnership with a panel of lenders to help you find the best finance deals.

If you’re looking for fast funding for your business, complete this quick application to access our panel of business lenders.

More on early-stage funding

150 UK small business grants to apply for right now – UPDATED – In need of some funding for your small business? These grants should give you a boost, wherever you’re based in the UK

Dom Walbanke

Dom Walbanke is a feature writer for Growth Business and Small Business, focused on matters concerning start-ups and scale-ups. He has also been published in the Independent, FourFourTwo magazine and various... More by Dom Walbanke

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The Prince's Trust

How it can help.

The Prince's Trust offer different programmes to help young people build confidence, gain essential skills for work or start a business. The programmes include:

• Get Into - work with top employers such while improving your CV and interview techniques. Some courses include a trial shift with potential job offers available at the end
• Get started - gain careers advice from experts in a week while taking part in a team project that gives you a taste of what you love
• Employability online - our online course has the tools to help you get the job you want. From where to start your job search to how to feel confident in an interview, work through our videos, worksheets and quizzes at your own pace
• Team - making friends is easy when you've got 12 weeks to gain skills, experience and take on a 'once-in-a-lifetime' community project to transform your neighbourhood with like-minded people
• Explore - try everything from kayaking to high ropes during an action-packed week-long residential, then choose from a range of options to create your own learning plan
• Development awards - Receive a grant to cover course fees, equipment or even childcare costs to make your next step into work, education or training even easier

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The Prince’s Trust and Sectra launch initiative to boost young people’s careers in tech

The Prince’s Trust has teamed up with medical imaging IT and cybersecurity firm Sectra to launch a new initiative aimed at widening access to technology careers for young people from diverse backgrounds.

The programme, titled ‘Get into IT and Administration’, was introduced in Belfast over the summer and focuses on providing under-represented groups with a clear pathway into the tech sector.

This digital and technology-focused employability programme has already supported its first intake, offering participants real-world exposure to the health tech industry. The initiative provides practical support, including CV writing assistance , technical training, and insights into industry opportunities. Additionally, direct career pathways, such as apprenticeships with Sectra, are being made available to successful participants.

Yousif, one of the first participants in the programme, shared his experience: “The hands-on experience and exposure to real-world challenges showed me how impactful and rewarding a career in this field can be. The team at Sectra were incredibly knowledgeable and supportive, and it was inspiring to see how they use technology to make a difference in the world.”

Other young people who took part in the programme noted the boost in confidence, the development of practical skills, and the creation of networking opportunities that will benefit their future careers. Lauren, another participant, said: “This experience has made me really excited for any future prospects in technology. If you get the opportunity to go onto a programme, I would say to go for it. You will get new experiences from it and get to know new people.”

Over the past two years, The Prince’s Trust has helped more than 2,000 young people engage with digital and technology employability programmes. Despite this success, The Trust recognises that inequalities persist and is committed to reaching more disadvantaged communities. The partnership with Sectra is seen as a vital part of this mission.

Julia Beaumont, Chief Technology Officer at The Prince’s Trust , emphasised the importance of such collaborations: “Through our partnership with Sectra, we’re able to challenge existing perceptions and inspire young people from all backgrounds to consider careers in the digital and technology space, regardless of the barriers they might face. It is crucial for governments, businesses, and charities to unite in providing young people with employability training, career opportunities, and the technical skills that are vital in today’s job market.”

Jane Rendall, Managing Director for Sectra in the UK and Ireland, echoed these sentiments: “We have been extremely impressed by the energy and enthusiasm shown by individuals taking part in our initiative with The Prince’s Trust. Health technology companies have an opportunity and a responsibility to embrace diversity in their workforce by recruiting from the communities in which they are privileged to serve. This programme is an example of putting that into practice, and it is a fantastic opportunity to help empower more young people to reach their potential in a sector that touches the lives of so many.”

This partnership between The Prince’s Trust and Sectra is a significant step towards creating more inclusive opportunities in the tech industry, equipping young people with the skills and confidence they need to thrive in today’s digital world.

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The Prince’s Trust partners with tech company to draw kids into sector

New programme from the prince’s trust sees partnership with tech company encourage young people into the it sector.

• Clare McDonald, Business Editor

The Prince’s Trust has partnered with medical IT and cyber firm Sectra to educate young people about tech careers to encourage them into a tech job in the future.

The youth charity launched its “Get into IT and Administration” programme in Belfast this summer to help young people, especially those from under-represented groups, understand more about the types of roles that might be available to them in the technology sector, and how to go about moving in the direction of a tech career.

One huge barrier standing in the way of young people choosing tech careers is the lack of understanding about what tech careers involve .

Julia Beaumont, chief technology officer at The Prince’s Trust, said: “Through our partnership with Sectra, we’re able to challenge existing perceptions and inspire young people from all backgrounds to consider careers in the digital and technology space, regardless of the barriers they might face.

“It is crucial for governments, businesses and charities to unite in providing young people with employability training, career opportunities, and the technical skills that are vital in today’s job market. Through partnerships with passionate and dedicated organisations like Sectra, we are harnessing expertise and making this vision a reality.”

Firms often complain that those entering the job market do not have the technology skills they need to walk straight into a role.

Get into IT and Administration serves as an “employability programme”, with participants in the first intake given real-world experience of what it’s like to work in the health tech sector, help writing CVs and training in tech skills.

Following the programme, some participants are given the opportunity to do an apprenticeship with partner firm Sectra.

Those who have taken part have said one of the most important parts of the experience was learning appropriate skills that can be applied in a real-world situation, as well as the opportunity to meet people who could help them in their future careers.

Read more about tech careers

• Research by the Subject Choice, Attainment and Representation in Computing Project has found that the technical focus of the computing curriculum is leaving many without other important digital skills .
• A lack of skilled workers has been an ongoing concern for the tech sector, but Computer Weekly’s annual survey finds skills in artificial intelligence and cyber are a particular pain point.

Two participants from this year said the programme helped them to understand what a “rewarding” career in health tech is and left them “excited” about the possibility of pursuing tech roles.

Despite efforts such as this, there are still concerns over the lack of young people going into technology careers, and especially the lack of diversity of those looking into a future in tech , with a lack of people from under-represented groups, including those from a less wealthy socio-economic background – choosing tech careers.

Both The Prince’s Trust and Sectra aim to support young people from disadvantaged backgrounds to encourage them and give them the skills they need for a better career in the future.

Jane Rendall, managing director for Sectra in the UK and Ireland, said: “We have been extremely impressed by the energy and enthusiasm shown by individuals taking part in our initiative with The Prince’s Trust.

“Health technology companies have an opportunity and a responsibility to embrace diversity in their workforce, by recruiting from the communities in which they are privileged to serve.

“This programme is an example of putting that into practice, and is a fantastic opportunity to help to empower more young people to reach their potential in a sector that touches the lives of so many.”

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