free business plan workbook

7/28/2019 Free Business Plan Workbook

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PLANNING

Business_builder_new.indd 1 6/21/11


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who are they?

can you do about it?

can you take action?

are they?

they buy from you?

to reach them effectively?

whatwhenwhere

whyhow



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1

ImportanceofaBusinessPlan



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he format of a businessplan will vary fromone to the next. By

providing a preset format, wehave simplied this process

giving you an easy platform tobuild upon. We will give youthe tools necessary to start yourplan, which will allow you todesign it particularly for yourbusiness needs.

Just as a city grows sowill your business, so it isimperative that your business

plan stays up to date toovercome any unpredictablechanges that may occur.

Creating a strong business plan is one of themost vital steps an entrepreneur can take whencreating a business, no matter how big or small.Often times this crucial step is skipped simply due

to uncertainty of the process.

Think of a business plan as the written roadmapto your business. No matter the direction yourbusiness will take, your plan will offer assistanceto guide you along the way. A strong businessplan serves as a clear explanation of your businessventure, economic viability and future prospects.

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I m p o r t a n c e o f a B u s i n e s s P l a n



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HowaBusine

ssPlanisUsed



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As a clear, concise analysis of your business objective.

To reveal oversight/weakensses within the planning process.

A visual aid when presenting to important people such aspotential bankers/investors/lenders.

Commonlypeople forget

to utilize expertswithin their desiredfields when creatingtheir business plan.Getting the input

from others whohave previouslywalked in the shoesyou wish to fill can befound quitebeneficial.

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H o w a B u s i n e

s s P l a n i s U s e d



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ThingstoAvo

id



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Avoid long-term, future-projections.Since businesses will inevitably undergo

unpredictable changes, it is best to set short-term goals and adjust the plan as you advance.

Avoid optimism. If it can go wrong, planthat it will. It is rare that a business plan

will have calculated a precise measurement of

time and money that will be spent in the buildingprocess. It is best to over plan.

Avoid overlooking a game plan whendisaster strikes. Clarify what move you

make should your business be in risk.

Avoid getting lost in creating themost unique business plan. The mainobjective is to simply put your business ventureinto a clear, concise, and easy to read format.

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T h i n g s t o A v o

i d



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7

Formattinga

BusinessPlan



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As a business owner is essential that you understand andacknowledge your own personal strengths/weakness. If

you lack the ability to perform a task it is of great importance thatyou recognize how you are going to compensate for this deciency.Should you choose to add people to the process, it is key

you add a prole for them in your business plan.

The following topics have been recommendedfor majority of business plans:

Business Objective: The stated, measurabletargets of how to achieve business aims. Know

your personal strengths/weaknesses as well asopportunities/threats.

Product/Service: Describe the business, product,or service. How does your product/service differform those who are currently in the industry.Know what materials will be needed (both on aregular basis as well as start-up).

Market: Focus on the intended demographic youwish to serve. Know your competitors strengths/weaknesses. Also, know your competitive advantageand how your business is going to provide betterservice than the competitors in your industry.

Prots/Loss: Make a spreadsheet showing yourfuture projections on business prots/losses,as well as expenses. This also needs to includea start-up cost expense including all necessarymaterials/equipment, as well as emergencyfunding for unexpected situations. Alwaysprepare for the worst.

The business plan format is the wayin which you represent all the critical

factors pertaining to your business goalsand ventures.

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F o r m a t t i n g a B u s i n e s s P l a n



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6KeyStepsto

WritingaBusinessPlan



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Writing a business plan is one of the most difculttasks for a beginning business owner to try anddo. However, this highly benecial tool is going toserve a great purpose so, no matter the difculty,it is imperative you do not skip this step. Thefollowing are six steps to help you along the way:

Write out a simple explanation of your business idea.

Do your research to gain specic knowledge in key areas of your idea.

Based on your research, rene your explanation of your business idea.

Using the analysis of who, what, when, where, and why you can form morespecic information of your business.

Use a format that will highlight key data in a clear and concise manner. Keepin mind your plan will be presented to important people. You want to makesure key details will be easy to read.

Review and ll out the sample plans we provide and download the blankformat to a MS Word document. Use this documents as your advance.

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KeyElements

toInclude



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A Clear Business Concept:Too often new businesses fail because they lack a cleardirection. It would be highly benecial to intern forsomeone within your desired industry to get a realisticperspective of the day-to-day activities.

Market Knowledge:The best way to collect market data concerning yourproduct/services is to experiment with actual potentialclients. Based off reactions off prototype products/services you can determine the based route to take within

your desired market.

Industry Stability:Focus on a business with great economics more so thanan ultra unique business. In order for a good business tosucceed, there has to be a need. Instead, try a unique sellingpoint as opposed to an ultra unique business. An idea that istoo far out of the box may not serve an economic purpose.Think of your own unique twist on businesses that arecurrently in good standing.

Management:Think of skills and traits that you may lack and consider

hiring people that can compliment your weaknesseswith strengths. Acknowledging your weakness opensopportunity to ll the void with proper managing skills.

Financial Awareness:Skills most often overlooked by new business owners arethose relating to nances. Yet, money is the main purposesurrounding the ownership of a business. As a successfulbusiness owner, it is viable that you learn at least the basics inaccounting, computer software and cash ow management.

Product Specialty:If you try to be good at everything, you cant be great at

anything. Focus on what you do well so your competitiondoesnt become limited to price.

Subject To Change:Understand that your plan is always under construction. Beopen to making changes based on unexpected events thatinevitably will arise. By preparing yourself for the worst, youcan assure yourself of a possible solution.

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K e E l e m e n t s

t o I n c l u d e



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Development

ofaBusinessPlan



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Be open to adaptability. Your rst planis a rough draft that will need revisionover time. By committing yourself toosoon, you may miss the chance for greateropportunity up the road.

Recognize where you stand within yourindustry based on your experience andacknowledge your place within it. You maybe owner of a business, but you can stilllearn from those who have more experiencewithin your specic industry.

Acknowledge potential threats to yourbusiness and incorporate solutions to theirthreat. Being optimistic in a business plan isnot suggested.

Identify essential elements contribute toyour business success. Know what do youhave to gain/loose.

Acquire funds that are ample to nance the trialperiod or possible next predicted venture, withroom for the unexpected.

Save the hiring of employers until thepreliminary process has been concluded anda better understanding of how things willrun has been established.

Assemble theprototype for yourproduct/service

and test it out on a small

group of potential clientsto assist in approval of thenal product/service. Fine-tune each element of yourplan and trial run until allpotential kinkshave beenironed out.

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D e e l o p m e n t

o f a B u s i n e s s P l a n



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Top10Dos



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Top10Donts



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CreatingaBu

sinessPlan



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DescriptionWhat is the name of your company?

Legalities (do you need patents or Trademarks)?

List the owner (including all invested)

What are your hours of operation

Where is the prefered location of your business?

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Products/ServicesDescription of Product/Services

What are your unique selling points?

Manufacturing of Product/Services

Estimated Start Date

What benets do your products or services offer?

What are your required Materials/Inventory?

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CreatingaBus

inessPlan



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Products/Services Cont.Who are your key suppliers? (name/address)

Backup Suppliers (name/address)

How do you intend to sell your Products/Services? (retail, wholesale, phone,mail orders, telemarketing, internet)

What is the prices of your Product/Services?

What, if any, are your terms of sale? (discounts, coupons)

Do you require any licenses.

Do you have any restrictions/regulations?

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MarketWhat market trends can you nd in the industry? (Include source of information)

Who is the target demographic? (Consumers: age, sex, income, profession, lifestyle, education, size of

family; business: type, sales, size, number of employees, years in business, be as specic as possible)

Where is the location of your consumer?

What is the size of your consumer base? (One out of 10 or 1 out of 100)

Who are the largest and most protable consumers?

What competitive advantage do you have that your competitors do not?

What competitive advantage do you have that your competitors do not?

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CreatingaBusinessPlan



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Advertising/PromotionWho will sell your product/services? (include people in sales team)

How will you advertise/promote your business? (include names and time frames)

What marketing material will you need to acquire (yers, brochures, ads, catalogs, etc)who will design these materials?

What other extra benets will you offer through your advertising? (Discounts/coupons)



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Management

Attach resume per person (list attributes, education, & experience)

Identify persons in management/personnel positions

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CreatingaBusinessPlan



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Business SpaceDescribe the location of your business, building and parking,

Do you lease or own?

Are you accessible to major highways?

What is your location in comparison to wholesale consumers?

What are some strength and weakness of the location?

What is your ideal location? (get quotes)

Do you intend to have major machinery or equipment to be used in the business space?



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Retail/WholesaleResearch and describe the market need in desired location of business.

What competitors or other business will impact your business?

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CreatingaBu

sinessPlan



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CommunityHow can your business benet the community?

Are there ways to work collaboratively with your community or already established foundations?

How do you plan to create awareness in your community about your products or services?



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ImportantDo

cumentstoInclude



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Fiscal year-end nancial statements including incomestatements and balance sheets for the last 3 years (if expandingor acquiring a business) and/or last 3 year tax return.

Interim nancial statements, listing & aging of accounts

receivable & notes payable. Personal nancial statement from all persons on the loan. Last 3years income tax returns.

Sources and Uses of Funds Statement. Projected income statements, balance sheet, and monthly cash

ow statement for 2 years. Statement of Collateral Offered. Deeds of all real estate pledged as collateral. Sales contract on real estate to be purchased (contingent upon

attaining the loan.

Detailed preliminary construction contract or bid/ estimate. Copy of existing or proposed lease for building premises. Machinery and equipment quotes/ bids. Franchise agreement and FTC disclosure. Personal one page resume of all principal owners and

key employees Copies of business brochures (if any) Local map pinpointing business location

Below is a list of typical documents neededin a loan proposal

Important Documents for your Business Plan

Sources and Uses of Funds Statement Listing of Items to be Purchased Cash Flow Statement

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