Small Business Administration

 

starting up a business plan

If you are interested in starting a child care business, this publication will help you plan, prepare and operate your business. It explains the step-by-step process of starting the business, from assessing the need for child care services to selecting the service, setting up . Oct 10,  · A simple business plan example. For a simple business plan example, imagine a woman making jewelry at home and selling it at a local flea market on the weekend. A business plan could give her a chance to step back from the normal flow and look at ways to develop and improve the business. The planning process should help her understand her /5(4). For a startup business, creating a business plan is like creating a game plan in sports. You need to scout out all the information to create a winning strategy for the game. While business plans.


How to Create a Startup Business Plan in 8 Easy Steps | Examples


Are you starting a business? Even if you don't need financing, it's a great idea to create a business plan. Using this template, you can create a standard business plan that will cover all the key parts of your new business.

In addition to creating a business plan starting up a business plan use for getting startup financing, other good reasons for working on this plan include:. Questioning key assumptions. Small business expert Amanda McCormick suggests looking at five key assumptions to make sure you are ready to start and you can be more confident of success. Make sure you didn't forget anything. Use this business plan template to look at all the areas of your business.

The template will help you make sure all areas are covered, so your startup goes more smoothly. Make plans. Probably the most important thing you can do with your business plan is to use it to starting up a business plan your startup business. Small business expert Susan Ward suggests creating goals for each section of your business plan and making an action plan to achieve each one. Describe what type of business this is retail, manufacturing and what the business produces or sells. Discuss how the business will be organized corporation, LLC, starting up a business plan proprietorship, for example and the process you will use to set up this organization form.

Describe the facility you will use for your business, including an address and information about the area. Include the square footage and a layout of the business, if this is available. If your business is in your home, describe the space you will use.

Discuss whether this location will be purchased or rented and the terms for purchase or rental. Include information on local ordinances that pertain to your business, as well as licenses and permits you have obtained or need to obtain.

Describe the owners and management of the business, along with the expected number and types of employees who will be working in the business. This will be a very brief description; you'll be doing a more detailed management plan in a later section. Create a description of the competition for your products or services within your target market, including:. The next step is creating a strategy for marketing and promoting your company's products or services to this market.

Here are some items this marketing and promotion plan should include:. Along with your marketing and promotion strategies, starting up a business plan, you will need to create a budget for all of these activities, for the first three years of your business.

The most important step in the process of creating your business plan is the creation of your financial documents. This section will also take the most time and effort. Here is the information you need to include in your starting up a business plan plan:.

This financial statement should include all of the equipment, supplies, and other items you will need to purchase for startup, as well as fees and licenses, deposits, initial expenditures for advisers, and costs for creating your business structure.

You will need to prepare a startup balance sheetshowing assets, liabilities, and owner's equity as of the date of startup. Include a detailed statement sometimes called a "cash flow statement" showing month-by-month sales and collections, along with all monthly business expenses.

If you are selling products, you should create a break-even analysisshowing the point at which you expect to break even on product sales, starting up a business plan.

Many lenders request that you include this statementitemizing all of your financial needs for the business, along with your personal investment in the business, and the financing expected from your lender or investor.

If you take your business plan to a lender or investor, you will also be asked to provide personal financial information. Preparing this information for inclusion in your business plan will help you gain the trust of these individuals.

Here is what you should bring with you for all owners for the last three years. Finally, you will need to create a management plan who's running this companyan operating plan how is it being runand an executive summary.

Describe the backgrounds and qualifications of the individuals who will own the company and make top-level decisions. This may include your Board of Directors if you are incorporating.

Describe the key management positions you will require; if you have any of these key positions filled, discuss the qualifications of the people who will fill them. Include an organization chart, showing the top positions and the types of employees who will be working in your organization.

Include information about the key advisers for your business, including consultants, your CPA or financial advisor, attorney, insurance agent, and banker. If you have not selected some of these individuals, discuss the qualifications you will be looking for to fill these positions. Describe how your business will operate on a daily basis.

What production process will be used? What will you do to market and sell products and services? What hours will you be open? Describe how your accounting, billing and collections, and other financial operations will be conducted. Include a discussion of the computer and technological systems in your business. Will you operate a website? If so, who will maintain it? What computer hardware and software will be used? What will your phone system look like?

What office equipment will you need? The last step in preparing your business plan is to create an Executive Summary. This document summarizes the business plan information and is placed at the beginning of the document.

Your Executive Summary is important! It may be the only part of your business plan that a lender sees, so make it excellent. The Executive Summary should be interesting to your reader and provide the basic information about the business. In particular, the Executive Summary is intended to summarize your financial needs for startup or purchase. Here are the points you should emphasize in your Executive Summary:.

Now that you have completed writing your startup business plan, one more important task is ahead, starting up a business plan. By Jean Murray. Write a general description of your business, which includes:. Type of Business. Legal Organization. Business Location. Licenses and Permits. Management and Employees. A general description of each product The pricing structure of this product and whether you will have different prices for various markets Whether you will produce this product or purchase from a wholesaler to resell to your customers, starting up a business plan.

If you are providing services, describe these services in detail, including:. A general description of each type of service and how it will be performed Pricing for the various services you will be providing. Create a description of your target market. This description should include:. A description of your "ideal" customer in terms of this person or company's characteristics, attitudes, and buying behaviors.

This description should be as complete as possible. A discussion of the information about the "population" to whom you will be selling, in terms of numbers and demographics characteristicslike age, sex, education level, starting up a business plan, income level, and other important information A description of the buying behaviors of your target market. Describe the Competition for Your Products or Services. The top three ways in which you will initially inform your target market about the existence of your products and services.

The types of paid advertising you will use to promote your products and services. The ways in which you will use publicity to promote your products and services. The personal selling methods you starting up a business plan use to promote your products and services.

The types of materials brochures, flyers, web site you will use to starting up a business plan your new products and services. Startup Costs Worksheet. Beginning Balance Sheet. Month-by-Month Budget for 1st Year, starting up a business plan. Pro Forma Income Projections. Break-Even Analysis. Sources and Uses of Funds. Create a description of the management of your business, including:.

Owners and Directors. Managers and Employees. Business Advisors. Create a plan for operations for your business, including:. Day-to-day Operations. Accounting and Financial Operations. Computer and Technology. Company informationstarting up a business plan, including the company name, when it was founded or purchased, when it will open for business, and the location and legal form of organization.

A one-sentence description of the products and services of the business.

 

The Complete, Step Guide to Starting a Business

 

starting up a business plan

 

Are you starting a business? Even if you don't need financing, it's a great idea to create a business plan. Using this template, you can create a standard business . For a startup business, creating a business plan is like creating a game plan in sports. You need to scout out all the information to create a winning strategy for the game. While business plans. And for a startup business, this work plan can help to thoroughly think through every step of starting your business, guides you in creating critical decisions for your business, and guarantees your business to be a success. However, since it's a startup business, your business plan might be .