A business plan outlines a company's goals and strategies to achieve those goals. It includes details about the business concept, target market, products/services, and financial needs. A business model identifies the target market and revenue model to maximize profits. It should be regularly updated to adapt to market changes. A sustainable business model aims to benefit society and the environment in addition to being financially viable. Common sources of funding for starting a creative business include loans, crowdfunding, personal savings, friends/family, and credit cards.

1. Business plans and models
What is a business plan?1
It is a document or guide which sets out a business’s goals for the
future and helps come up with ways to achieve those goals. Business
plans can be informal or formal, however you can benefit from going
through a well thought out plan. A formal document is only needed
for a small amount of people. Business plans are usually for you and
you alone, so you know your goals for your business and the easiest
ways to achieve them. You can always update and change your
business plan if something doesn’t work after you test it out. You can
always have people write your business plan for you by consulting
experts, business plans are a lot easier, shorter and quicker than they
used to be. A business plan needs to include: Your business concept,
your strategy and actions you will take to achieve your goal, your services and its
advantages, the target markets. The background and story of your business including
employees, your financial needs.
What is a business model?2
A business model identifies the products or services a
business sells, selects a target market which would be
suite to the product/service and then anticipates the
amount of profit the company will make and tries to get
it to the maximum profit level. Business models are often
updated and if they don’t change to the market or the
challenges coming their way. Their business is more likely
to fail. Investors usually review these plans with the
businesses they would like to invest in.
Advantages of a Business Model:
• Competitive edge (unique reputation and buzz among consumers)
• Financial Sustainability
• Investors and Lenders are more likely to help you
• Help with growth of your service and assured it can grow
Disadvantages of a Business Model:
• Sometimes can’t be flexible
• Doesn’t consider if the product doesn’t sell
• Doesn’t consider accidents or how emergencies effect the business
What does a ‘sustainable business model’ mean?
A sustainable business model helps to create new and modified models that bring
positive or reduce negative effects upon society or the environment. It helps to improve
1
https://articles.bplans.com/what-is-a-business-plan/
2
https://www.investopedia.com/terms/b/businessmodel.asp

2. your business model and make it ‘Sustainable’ as in it create an advantage to other
businesses in the area.
If you want to start a creative enterprise, where does /
can the money come from?3
There are a few places you can get the money from if
you want to start your own creative enterprise, they are:
- Loans, but remember to pay it off.
- Crowdfunding such as Kickstarter OR GoFundMe help people with interesting
stories, people from all over the world give you free money!
- Savings, slow but a safe and simple solution to money trouble.
- Friends & Family
- Credit Cards (Although this is risky as it can charge you more and more if you do
not pay it off).
3
https://www.forbes.com/sites/nextavenue/2014/04/10/11-places-to-find-money-to-start-a-
business/