Case Study: Karma Active
Shell LiveWIRE Grand Ideas Award winner Luke Boulton-Major shared his opinions and experiences on business planning.
Luke is the founder of Karma Active. His business provides alternative sports programmes to school children. They offer sessions that involve young people of all ages and which teach a unique blend of martial arts and dance. The business is a social enterprise that is very popular among children aged 5-12 in the Bristol community.
Writing a business plan is an essential part of starting a business as well as a useful exercise because, as they say, failure to plan is a plan to fail. When I was building Karma Active's business plan I made the decision to show it to lots of people, especially people who weren’t afraid of giving harsh feedback as this will help point out the holes in your plan. It is crucial to seek advice from people who have a vested interest in your success. There are lots of people out there who are willing to hand out advice, but you should carefully choose which advice you take on board, especially when making important plans in your business.
I wanted to be accepted into an award-winning business incubator to grow my company and needed to attract a lot of seed funding to get the idea off the ground in the way I wanted. Creating a business plan can be a daunting task and the plan itself will change a lot along the way, but it is also a refreshing part of starting a business since, once it's written, all that’s left is to execute! My goal was to become the largest supplier of alternative sports activities to schools in my chosen region. I could have never accomplished this without addressing key business points in my plan like how Karma Active will use PR and where we will open gifted and talented academies.
Having a sound business plan in place gives the business a good sense of direction. The next business plan for Karma Active involves how we will grow nationally, which is by franchising the business. Having a sound business plan in place when franchising can mean the difference between success and failure of new franchises as it helps show the franchisee the clear route to success. Without this they could need a lot more support to grow a successful business.
Find out more
Click on the links in the 'Related Information > Websites' box below for more information on writing a business plan.