The Secret To Writing A Foolproof Business Plan

A common question we get from entrepreneurs is if a business plan is necessary.

And our answer all depends on what you believe is necessary. Business owners often view business plans as an extra hassle, especially when it’s only needed as a required document by a third party. But what happens when you need to take stock of all your ideas and projections?

A great business plan can not only represent a business’ scope on paper, but it can also act as a roadmap to success.

So, even if is a business plan isn’t formally required – it has its uses. How do you make it foolproof?

First things first. Not all business plans are created equal.

There is no specific rule which says that a plan needs to have so many pages, chapters or statistics. In order to understand the level of detail, what data and which arguments to include, the writer must first understand their audience. A business plan to be used by the entrepreneur will probably not require the same information needed for one that’s presented to third parties, such as banks or investors.

So, with an audience in mind, what kind of information should you include?

The Basics

When it comes to writing business plans there are standard areas that are addressed, such as:

  • Mission statement and vision Statement
  • Company description
  • Unique traits of your products and services
  • Finances
  • Market strategies
  • Operations and management plan

Even if you don’t have any grand ideas for these elements, writing about it in your business plan will force you to consider your options and help you choose a direction.

Now that you have a fair idea of how to split up your plan, it’s time to think about it in context.

A plan for your own use

If you’re creating a business plan for yourself or your inner circle, then detail is not as important as objectivity. The goal of the plan is for you to put down your thoughts on paper so that you can visualise them better. In this way, you can identify any possible gaps in your reasoning or in your business model. The plan itself can be very short, and you can find templates for one-pagers across the web.

Although detail is not necessary for such a plan, critical thinking is. You need to ensure that you’ve got all your bases covered, from your core products or services to the organisation of your business. The thought process which is involved is the same as that used to make a more detailed plan.

A plan for third parties

When you need a business plan that will be read by people outside of your business, you need to include background information and more detailed explanations than you would in a one-pager.

Again, deciding what you would include in the plan depends very much on its audience. A bank might require more detailed financials, whereas an investor would be looking for key people that will ensure the success of the business. Even applying for local and EU-funded grants require particular information to be included.

Once you provide your plan to the third party, it will probably be read by a number of people –  your business plan is officially under scrutiny. These people will be checking the plan for several criteria, not least, consistency. There is nothing worse when a plan that says one thing on one page and then says the opposite on another.

Another important element that is often sought is data to back up your proposals and arguments. This is where market research really pays off. Put yourself in the third party’s shoes – their investment in you involves a certain level of risk. This business plan is your chance to prove to them that not only is your project worth the risk – it’s got potential to bring in a return too.

When do I know it’s ready?

A business plan is not a static document – as with your business, your plan will evolve over time.

The point of the plan is not so much to instruct as it is to guide. New business opportunities and changing environments will constantly challenge your business, and having a plan will help you make the right decisions at the right time.

Researching and writing a business plan is a time-consuming effort, especially if you are very busy. NM Group can create your plan and get you funding to cover the majority of the costs. We can also use your business plan to apply for a range of funding opportunities. It’s a win-win!

Get in touch today on [email protected].

Malta: The entrepreneur’s paradise

You’ve probably already heard a little (or a lot) about this small island with a very big personality. If you haven’t, then even the quickest of Google searches will tell you exactly why it’s such an attractive place to be: three hundred or so days of golden sunshine, endless waves of blue sea, vivid cerulean skies and a quintessentially-mediterranean lifestyle that helps you get through the working week feeling laid-back and ready for an ice-cold cocktail.

All that sounds fabulous – but what exactly does Malta have to offer entrepreneurs? The EU country has undoubtedly become home to some of the brightest minds in business, gaming, hospitality, technology and beyond. While the island lifestyle is tempting in itself, it’s not the only reason why business-minded people from all over the world have made Malta their home. Thanks to the island’s top thriving industries like gaming, financial services and tourism, the economy is positively booming and the local market is rife with opportunity. With its flexible and comprehensive legislative and regulatory framework, Malta is indeed emerging as one of the fastest growing business and start-up hubs for financial and corporate services in Europe.

The question is this: what should you do if you’re an entrepreneur looking to bring your business to Malta?

Invest in Malta

Standing at the very forefront of European economy, Malta is a great place to set up your business, whether you’re already established or a start-up about to launch into success. Among its many positive qualities, Malta offers an advantageous tax system which makes setting up shop a lot more straightforward and cost-effective.

Oh, and let’s not forget the fact that Malta is quickly becoming a hub for cryptocurrency, with the expert team at NM Group ready to educate and guide you every step of the way. If investing in cryptocurrency is something you’re interested in, you can talk to one of our awesome advisors.

Make the big bucks

We’ve already touched on how the cost of setting up and running a company in Malta is quite low compared to other European jurisdictions. More specifically, the island operates on a system of tax refunds that lowers the effective tax rate to a fantastic 5% – currently the lowest in the EU!

Prominent companies from the tech, gaming and corporate sectors (to name just a few) have flocked to Malta to make the most of these financial benefits – and the sunshine, of course. Strategically located in the middle of the med, the country boast prime real estate and a well-connected airport, a highly-educated, English speaking workforce and an exceptional communications structure, making it the perfect place to run a successful business.

In short: Malta helps you get more bang for your buck.

Bring the family along

One of the biggest challenges of any entrepreneurial endeavour comes with a little thing called relocation. When it comes to moving your business (and your life) to this slice of the mediterranean, NM Group can help you with all things related to citizenship and residency. From visa applications and Maltese citizenship to company redomiciliation and residence and work permits, you can trust this expert team guide you through it all.

Malta’s Citizenship and Residency Programme has loads of benefits to offer, including:

  • Schengen Residence status for 1 year prior to issue of passport
  • Malta is a EU member state
  • 160 visa-free destinations (including the US and UK)
  • Maltese passport issued within 1 year
  • Clear rules for eligibility

And if that isn’t enough to have you booking tickets already, there’s the fact that you can bring your family along too! The island is hailed as the perfect place for families, with low crime rates, good private and state schools, and a healthy mediterranean lifestyle to boot.

Save on tax

Malta’s unique tax refund system allows non-resident shareholders of companies registered in the country to benefit from an effective tax rate of 5%, or maybe even be tax exempt! Malta offers by far one of the lowest tax rates within the EU, legally and fully compliant with EU and international regulations.

Throughout the financial year, your Malta trading company will trade, issue invoices and generate a profit. Corporate tax has to be paid on that profit at 35% (Malta’s corporate tax rate).

Once the tax is paid, the non-resident shareholders will receive a dividend from the trading company and can claim back a refund equal to 6/7ths of the tax paid by the company. The end result is an effective tax rate of 5%.

Incorporate your company

Any entrepreneur worth their salt will tell you that company incorporation can be a bit of a headache. That’s precisely where an expert service like NM Corporate comes in – our team is your go-to for advice on anything from which bank to open accounts with and processing annual returns right up to helping you register under the Malta Tax Refund System.

NM Group offers the perfect mix of services to help you start running your business from Malta – get in touch today to learn more.