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Starting a business in today's ever changing environment is a challenge in itself. So many entrepreneurs are jumping into business ownership without first planning their new venture.
The importance of planning your business cannot be over emphasized. By taking an unbiased look at your business, you can identify areas of weakness and strength that you might otherwise overlook.
Planning can mean the difference between your business success or your business failure.
The idea of a plan is to help keep you mentally focused. In a sense it is sort of like a goal. You write it down, follow it and make changes and updates as needed.
This is so that you can keep
everything in proper perspective because without a step by step
business plan, there is no way you can keep your business
running successfully, unless you are just a super lucky
person… What are the chances of that being true?
A business plan is simply the process you'll use to organize
your business goals and strategies. It is a written expression
of your business ideas.
And, it also provides information needed for others to evaluate your business. A thorough business plan can help if you are seeking assistance from a financial lender.
It will let the lender know that
you are serious, and also let them know that you are working and
planning for your business to ultimately be successful.
There are several organizations that offer free or low cost
assistance in preparing a business plan:
· Local University Outreach Center
· Local University Extension Office
· Small Business Development Center
· Service Corps of Retired Executives (SCORE)
· Women Business Center
Most cities have these or similar organizations. Look in your local white pages or contact your local government office for help locating them.
When it comes to preparing your business plan, you are going to organize it to fit your particular (business) circumstances.
A business plan should be one of
the first things a start up or new business should do before you
get too involved in your business. It is best to plan it before
you start it.
The things you are going to need to include in your business
plan are as follows:
Cover Sheet - This page should include your company name,
contact information, company logo, company trademark and your
copyright notice.
Table of Contents - Should be one page and it should give
details of the content of your business plan.
Executive Summary - This is summing up the purpose or a
brief statement or account covering the substance or main points
of your business.
What type of business is it?
What is your product or service?
State your company's goals.
State your company's objectives.
What is your business history?
Mission Statement - This is the description of your
business. In about a paragraph or less you mention your reason
for being in existence.
Marketing Plan - This is how you plan
to market your business. You will need to explain:
How will your company differ from your competitors?
Who your customers are?
Who is your market?
Is it wholesale or retail?
How long will this market need your product?
What are the characteristics of your average customer?
What are the environmental factors of your business?
Who is your competition?
What competitive advantage do you have over your competitors?
What is the best way you plan to sell your product or service?
How will you sell your product or service?
How will you promote and market your product or service?
Product or Services- This is a description of your actual product line and also the benefits of the product line
Operations - This is how you plan to
actually run the day-to-day actions, bill and customer service
of your business.
Who are the employees of your business?
What are their credentials?
How does the business make money?
How do you price your product or service?
Describe what inventory, raw materials and supplies the business
uses.
List your supplies.
How easy or difficult is it to obtain supplies?
Are their prices steady and dependable?
Information On Your Business - This is general
information about your business formation.
What is your form (sole proprietorship, partner ship, LLC or
Corporation)?
State all of your business licenses.
State your business zoning requirements.
State your business insurance requirements.
Have your building codes been complied with?
Have health codes been complied with?
Describe any other laws and regulations that affect your
business.
List trademarks, patents, licenses and copyrights should be
checked for legality.
Financial Plan - This is how and
where you plan to get money to get your business started and
running.
How will you finance your business?
How will you manage your finances?
Describe what needs to be financed.
Where will your finances come from?
Financial Statement - This is a financial report that
includes:
Balance sheet
Income statement
Accounts Receivable
Accounts Payable
Dept Schedule
Reconciliation of net worth
This should be included for new and existing
businesses, project the following financial statement for the
next three years (monthly for the 1st year, annually
for 2nd and the 3rd).
Operating (Or Income) Statement - This should include an
explanation of sales, expenses, profits.
Balance Sheet
Reconciliation of net worth
Cash Flow with Explanation
Break-even Analysis
Appendices - Include testimonials from present and
potential customers research clips miscellaneous charts ad
graph.
If You Are
Planning On Writing A Business Plan, You Need This Free
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So What Are The Steps To Get Started Writing Your Business Plan?
TLManage.com has put together a three fold process to help you get your business plan written in an expedient amount of time.
The first fold of the process is to work on and complete the TLManage.com Business Plan Work Shop. This is a printable worksheet that will ensure that you keep notes and write your plan correctly.
The second fold of the process is to review the TLManagecom Sample Business Plan. This plan will help you write your Business Plan in the correct manner.
The third fold of the process is to review the TLManage.com Business Plan Checklist, it will make sure you have not forgotten anything that should be included in your business plan.
After you have completed the TLManage.com Three Fold Business Plan Process, you will be ready to write your business plan to help you succeed in business in today's ever changing tough business environment.
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Writing A
Business Plan
Writing a business plan is one of the most important aspects
of starting a business in today's every changing
environment. Why is writing a business plan so important?
The first fold...
Click here»»
Business Plan
Sample
This Sample Business Plan will help you write your
business plan in the correct manner. You will get to see
what a business plan really looks like. And also see how it can
help you. The second fold...
Click here»»
Business
Plan Checklist
Business Plan Checklist, will make sure you have not
forgotten anything that should be included in you business
plan. The third fold...