5 – Your Business Plan and cashflow forecast

Business Plan

Starting to draft your business plan will help shape the basis of your application. It will also help further define the structure of your firm.

You can speak to your accountant for help with your business plan. Your bank may also provide guidance and templates for you to use. The content is more important than size.

It’s useful to have a professional review your documents before they’re finalised. You could ask your financial advisor or accountant to help. You could also ask for feedback from family members.

More information:

Cashflow forecast

Your application should include a cash flow forecast. This shows that you have thought about your projected income and costs and shows the viability of the business.

Create a 13-month cash flow forecast to include the next set of regulatory fees and your professional indemnity insurance (PII) renewal fee.

Think about when you will receive income what back-up funds are available. For example, it’s unlikely you will be able to issue your first bills and have them paid all within your first month.

Aim to get quotes for some of your big expenses, including:

  • PII
  • case management systems
  • lease payments
  • advertising costs

Nb. Do not buy any insurance until your firm is given provisional authorisation.

You will need to revisit both of the documents below as your application is developed.