Want to Start a Business? Write a Dynamic Business Plan
Are you planning to start a business and need bank financing or investors? The first step you need to take is to develop a solid business Plan!
The elements set forth below will aid you in formulating and writing a dynamic Plan that is sure to get you closer to fulfilling your dream.
- Executive Summary. Write clear and concise statements on what your business will do, what industry it will serve and why it will be successful.
- Business Market. Describe the market your business will be in, why this market is in need of your products and/or services and what opportunities are available. Do your homework before preparing the market analysis including a study of current market trends and anticipated market direction. Cite credible sources and list them in your Plan.
- Business Strategy. Describe the initial steps you will take to launch the business including target clientele, timing, branding including marketing materials such as your website and written brochures that you will use to sell your products or services. Illustrate how your business will be a welcome change in your chosen niche.
- Technology. How will your business operate from a technology standpoint? Will it be paperless, state-of-the-art and/or have proprietary software? How will it be the same or different from what others are using and how will it aid in generating revenue?
- Leadership Profiles. Besides you, who will act as leaders within the organization? What will the leadership philosophy be and how will the company be governed? Describe the collective experience of this group including its credentials, personality and industry knowledge. Attach resumes as applicable.
- Employees. What types of positions will be created and what roles filled by the hiring of employees? What is the timing, anticipated starting salaries and anticipated growth in the first year.
- Mission Statement. Create a mission statement that includes core values, company culture and core purpose. Make sure the mission statement is unique and one that you will personally have no issue living up to on a daily basis.
- Ancillary Services. Describe what other services you may be able to offer that complement the core business. Outline how these additional services can support the core business in times of downturn.
- Operations Plan. Where will your office be located and what is the strategy behind that location? What is your entity structure going to be and why? Set forth a very specific timetable that you will use to get to the target date of operation including negotiating leases, purchasing furniture and equipment and training of the initial staff.
- Avoiding Pitfalls. There are potential pitfalls with the start-up of any business. List each pitfall that you foresee and describe what mechanisms you will have in place to safeguard against each one.
- Revenue Projections. Project out the first five years, year by year, of anticipated gross revenue, where that revenue will likely come from and your logic in calculating same. List your monthly costs by category, i.e. rent, marketing, travel, office supplies, payroll, legal and accounting fees, etc. and then set forth the cash necessary to get started by category, i.e. furniture, fixtures, equipment, computers, etc. Determine the loan amount necessary to get the business off the ground and prepare an exhibit clearly showing repayment of the loan dollars over a certain time period.
While it is necessary to put all of the above items in a business Plan, you can get creative, especially if you are entering a market that requires creativity such as graphic design, architecture, etc. Use of color, borders and other graphics will make the plan more interesting and pleasing to look at if appropriate for the personality of the business and your personality as the business owner.
Each of these steps is designed to paint a picture to the prospective lender or investor of the stability of your business concepts. While there are many ways to produce a business Plan and many categories you can add and/or name differently than the above, these will cover the key points.
Be sure to proofread carefully, use bullet points to separate out ideas and use bold and highlighted text for ease of reading where appropriate. Make sure the presentation is bound and that you always deliver two copies to your banker or investor as he or she will likely need to share it with another individual before making a decision.
When presenting your business plan, arrive in business attire, present your ideas and concepts in a clear and confident manner and sell it with passion!
Want to start a business? Start with a great Business Plan!
Jane Schulte is Executive Vice President and COO of PRISM Title & Closing Services located in Greater Cincinnati and Author of WORK SMART, Not Hard! 2008. Please visit http://www.stop-struggling.com to purchase the book and to obtain tools to make your workdays stress free!
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