Business Plan Assistance
Perhaps you are ready to work with a professional consultant and you want to prepare your own thoughts before a formal meeting. You can use the notes below to get an understanding of the key components of a business plan. Give special thought to each area and determine for yourself what they mean to your business. Once you are done, you are ready to start writing a business plan.
Need more help? In the sections below are links to sample sections of business plans. Keep in mind that they are included only to help explain the purpose of the section. Each business plan is a unique document that is specific to your personal vision. Use them to get your thoughts started but don't depend on them for any significant portion of your content.
The Executive Summary is the introduction to the Business Plan. It plainly states the intention of the plan (secure funding, recruit employees, etc.) then briefly explains what the business will do and how it will do it. When writing the Executive Summary, treat it like a 30 second conversation with a very important person. For example, if you were in an elevator with Bill Gates, what would you say to convince him to invest in your business between the 10th floor and the Lobby?
Answer one of the following questions:
How would I explain my business in 30 seconds or less?
What do I sell? Who buys it? Why do they buy it?
The Management and Personnel section describes the human resources behind the business. These resources could be employees, business partners or subcontractors. Your Management section must explain the importance of the human element to your business strategy then tell the reader how you will locate these people and convince them to work with you.
Answer one of the following questions:
Who will be responsible for getting my product or service to the customer?
Who is the most important person in my business and what does that person do?
The Operation section describes your process for operating the business. It should explain how you intend to offer your product or service and what makes your system special. If your system depends heavily on specific equipment or if it represents a strategic advantage, state this in the Operation section.
Answer one of the following questions:
How will my business deliver the product or service?
What enables me to offer my service in a way that is better than my competitors?
The Products and Services section will describe what you will offer your clients and in what format. Will you sell services by the hour or products by the barrel? Will you charge a flat fee or will there be a subscription involved? All of these questions need to be answered in order to explain what your clients will receive in exchange for their money.
Answer one of the following questions:
What do I give my customer for their money?
What benefit does my customer takes away from our interaction?
The Marketing section will explain your strategy for effectively promoting your products and services. You must carefully define your target market and explain why you chose them. Then, you must discuss how you'll reach that market and convince them of your products benefits. Finally, this section should include information on your competitors. Tell the reader what your clients consider to be alternatives to your product and why will still they choose you.
Answer one of the following questions:
How will I tell potential customers where I am and what I offer?
How will I convince people to take money out of their pockets and give it to me?
The Finance section of your plan should wrap up the other section by proving the profitability of your business. This is tricky to do because there are often no direct comparisons to your business. And if direct comparisons exist, it means that the market for your product is probably ripe with competition. When writing the Operation section be careful to balance optimism with realism. Be honest about the financial risks but also show the financial reward in store for you in the end.
Answer one of the following questions:
How will I pay for the people and materials to create my product or service?
How will I be able to pay my bills while I’m waiting for sales to turn into cash?
Local Incentives and Resources
Most cities have a department of local government devoted to attracting new businesses and building new businesses. These departments can generally assist in creating a business, finding a location and securing local funding. Use your favorite search engine to find the Economic Development Department in your city.
Small Business Administration
The Goal of the Small Business Administration is to maintain and strengthen the nation's economy. They do this through several state offices throughout the United States which offer assistance with loans, marketing and more. Click Here for the Richmond, VA office of the SBA.
SCORE
The Service Core of Retired Executives is a group of former business people who have devoted themselves to helping other business owners. SCORE offers support in virtually every business category and can connect you with an executive for free. Click Here for the SCORE website.
Crown Financial Ministries
Crown Financial Ministries offers Bible-based training curriculums designed to be taught in small groups. Most students take advantage of their personal finance class but they also offer a soup to nuts business class titled Business by the Book. Click Here for the Crown website.
Nx LeveL
NxLevel helps entrepreneurs launch and grow thriving businesses with a large and effective entrepreneurial training network. They offer several core curriculums for startups and existing businesses run by youth or adults.