Starting up
Your business plan for a Start Up Loan: what it must cover
A business plan for a Start Up Loan covers seven set sections. What each one needs, the standard it is assessed against, and how myplan builds it for you.
A business plan for a Start Up Loan covers seven set sections, from your objectives through to your backup plan. The scheme assesses a specific structure. myplan, our free AI planning tool, builds it for you by asking plain questions. Most founders finish the whole workbook in 30 to 60 minutes.
Section 01
What does a business plan for a Start Up Loan need to cover?
Seven sections, in a set order:
- Your business and objectives. What you do, and concrete goals for this year and the next two. Plus the loan itself: amount, term, and an itemised list of what it buys.
- Your skills and experience. Hands-on experience and training, treated separately.
- Your target customers. Who they are, the need you solve, and your pricing approach.
- Your market and competition. Named competitors, your differences, and evidence you researched it.
- Your sales and marketing plans. The channels you will actually use, and how.
- Your operational plans. Premises, suppliers, staffing, licences and insurance.
- Your backup plan. How repayments and living costs are covered if things go slowly.
Section 02
The standard your plan is assessed against
Four rules do most of the work. Objectives should be SMART: specific, measurable, attainable, realistic and time-bound. Competitors need names, not “there are lots of competitors”. The loan request works like a shopping list: every item has a £ figure, and the lines must add up exactly to the amount. And one firm rule from the scheme’s guidance: relying on someone else to repay the loan is not an acceptable backup plan.
A first draft is fine. Your bizbritain advisor reviews everything before it goes anywhere near a lender.
Section 03
How myplan builds it
You do not write the document. myplan asks you about each section in a short guided conversation, saves every detail as you confirm it, and compiles your answers into the Start Up Loans required format. You download the finished Business Plan alongside your workbook.
To arrive prepared, download our business plan preparation guide. It walks through all eight conversations, with what to have ready for each. The application steps around it are in our guide to how to apply for a Start Up Loan, step by step.
Ready to start? The first step is the 60-second check for a Start Up Loan. bizbritain is an FCA-authorised finance broker and a Start Up Loans Business Support Partner, with a panel of 100+ lenders. We help you prepare before you apply.
This guide is general information, not financial advice. Applications are subject to status, affordability and lender criteria.
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