prince's trust business plan templates

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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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Business case for supporting a partnership with The Prince’s Trust

30 March 2023

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This business case and accompanying PowerPoint document will help you to present the case for supporting a partnership with The Prince’s Trust to board members and senior leaders. It highlights the key benefits that employing more young people will bring to your organisation, as part of a long-term, strategic approach to workforce planning.

Introduction

Being unemployed can have-long term repercussions for young people, leading to poorer mental and physical health and increasing the chances of future unemployment. For young people already facing disadvantage the impact can be even greater.

It's now more important than ever that NHS organisations ensure local young people are aware of the roles and career paths available in the NHS, and can access these. Working with The Prince’s Trust, with its direct reach into communities, can support your trust to engage with and recruit a diverse future workforce that can meet workforce challenges.

Key challenges for the NHS workforce

• The NHS has a shortage of over 124,000 staff , with 43,000 vacancies in nursing. 
• 6 per cent of the NHS workforce is under 25, 48 per cent is over 45.
• 24 per cent of NHS staff are from a black and minority ethnic (BME) background.
• 20 per cent of agenda for change staff (band 2-4) are male.

Youth unemployment - latest figures

• Youth unemployment rate (aged 16-24) was 10.8   per cent  in November to January 2023 compared to an unemployment rate of 3.7 per cent for the whole population.
• An estimated 2 99 ,000  young people were not in education, employment or training (NEET) and unemployed  in October to December 2022.

How The Prince's Trust can help

• The Prince's Trust health and social care programme has been running since 2020 and prepares young people aged 16-30 to find jobs in the health and care sector.
• Programmes are fully funded and can help you to recruit a diverse workforce and develop a pipeline of motivated, skilled, local young people into entry-level roles and apprenticeships.
• Promoting career pathways and apprenticeships in your organisation can help to retain this workforce and support local economic recovery and growth.
• 36 per cent are from a black and minority ethnic (BME) background
• 27 per cent are male
• 24 per cent are from the most deprived neighbourhoods in England.

Benefits of employing young people

Shape your future workforce.

• Recruiting and investing in young people now will help tackle the issue of the ageing workforce in the NHS as older workers can transfer their knowledge and skills to younger recruits.
• Prince’s Trust pre-employment programmes can be tailored to meet the needs of your trust. They can support you to inclusively recruit young people to ensure your workforce has the necessary skills and values needed for the future.
• Investing in young people brings returns in commitment and loyalty. Nurturing young people’s talent will motivate and engage them even further and will help to maintain productivity and reduce future recruitment costs.

Recruit a more diverse workforce

• Employing young people can enhance your reputation as an employer with strong community links and boost your public profile as an ‘employer of choice’. A good reputation will attract talent from all communities, helping to meet the needs of the community you serve.
• Adapting recruitment processes to engage underrepresented groups in your workforce will widen your talent pool. Long-term investment in pre-employment programmes and apprenticeships can lead to higher levels of staff retention ; employees tend to be loyal to the organisations that invest in them.
• The Prince’s Trust offers mentoring support alongside its courses for up to 6 months after completion of a programme. This provides young people with additional support as they prepare for and start employment. For employers, this can help to retain new starters and integrate them into teams.
• This may also have a positive impact on retaining the existing workforce as staff feel supported and perform better in organisations that value diversity and are committed to employees' wellbeing.
• Diversity and inclusion are key in delivering high quality services as they enable your workforce to be truly representative of the community they serve. The Prince’s Trust supports disadvantaged young people into employment and research has shown that within healthcare, a diverse workforce can ensure a better understanding of patients' needs which is crucial for the delivery of joined-up, personalised care.

Fulfil your corporate social responsibility

• The Prince’s Trust NatWest Youth Index 2022 reveals young people’s overall happiness and confidence has hit lowest point in the thirteen year history of survey. Young people facing disadvantage and unemployment report consistently worse overall wellbeing, with a quarter reporting they always feel anxious.  
• As the NHS is often the largest employer in a region, it is a critical source of employment for local people. By helping local young people into work and enabling them to develop a career, a trust can build a more inclusive work environment, improving the health and wellbeing of local communities and begin to narrow inequalities.

Cost effectiveness

• Delivering Prince’s Trust pre-employment programmes are a great way to help local young people get ‘work ready’. Programmes are fully funded and offers a viable pathway into entry-level roles and apprenticeships for unemployed young people.
• Following a Prince’s Trust programme, the young people you employ can become a talent pipeline for your apprenticeship programmes. Apprenticeships offer an alternative route to a qualification from level 2 up to level 7. Embedding apprenticeships into your workforce strategy can support workforce supply shortages, training needs and benefit services.
• The apprenticeship levy provides the opportunity to maximise apprenticeships within the NHS, using money that is already ring-fenced. Training apprentices can be cost effective and can reduce overall training and recruitment costs.
• Growing staff shortages have led to an overreliance on the use of agency and other temporary workers to fill vacancies, costing the NHS a significant amount of money.

Unique talent

• Young people are not only the workforce of tomorrow; they also bring unique skills, attitudes, and new ways of working to organisations. Adapting recruitment processes to include individuals who may be lacking in confidence will help to ensure they are supported and retained throughout the recruitment process.
• Attracting young people who would not normally consider a career in the NHS or who are unaware of the variety of roles available provides an opportunity for organisations to identify and shape their skills to specific roles.

Presentation template

We have produced an editable presentation template to assist you in presenting the business case to your board. The presentation includes key messages you can use for each member of your board.

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