You dont need a businessplan to open a business account with NatWest, RBS or HSBC (and a number of others) unless you need facilities. Im surprised Barclays have asked as at that level the business managers dont even look at them!
That said - you should have some form of plan for yourself but you dont need a website - just draw something up on word and excel.
I don't know why Barclays want one, they said they need it to be able to open the account, I guess to see if it's a good enough plan so they don't waste time and money opening one otherwise. I could understand it if I had asked for a start up loan or overdraft but I haven't asked for either.
But never really been a fan of Barclays, but I currently have personal accounts with them so it's easier.
Ring them back, tell them you don't need to borrow money and ask them if they really need it. Better still find out how many years you get free banking for.....actually no don't.....you get a paltry 12 months. Why would you open a business bank account account with them when you can get 2 years and more for free elsewhere. So open one elsewhere and either move your personal accounts or if you don't want to do that, then don't. It's just as 'easy' to have accounts in different places with online banking. Plus if you have account at NWB/RSB you can do your Barclays payins there and vice versa it's that what you are worried about. (It's only pathetic HSBC who won't let you do that). So ring then back and tell them to shove their business plan.
But to do the business plan for yourself....Google business plans and you will get some ideas of headings and content....the content I've seen is mostly 'americanised' so don't copy their language, but the rest will be good enough for what you need.
Are you training to be a bookkeeper or Accountant? The latter I expect to be able to do very detailed plans, plus have general knowledge of all types of funding streams.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Everything Jo said. (she's front line banking so listen to everything that she says).
Just to add a bit of additional detail though. Ensure that your business plan include a forecast (12 month plan) and a projection (5 year plan).
Ensure that you are able to answer questions around porters five forces so that you are able to field any question about your industry, competition, etc. that the bank manager (used in the vaguest possible sense of the term) might throws at you.
Your plan should be no more than twenty pages but no less than ten. Use legible fonts, Arial or Calibri 11 point seems standard. Make it look professional and make the projected figures seem credible... We all know that at best a five year plan is a guesstimate but make it at least sound as though you believe in it yourself.
At the end of the day though they want you to have a bank account with them. Once they are happy that you are a credible business proposition the meeting will be more about trying to sell you other bank products. General advice there is to show interest, take the literature but don't sign up on the day for anything but the bank account(s).
Good luck Eilef,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
