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If you're about to start a business (or approach a financial institution for funding to expand your existing business), then you must have a business plan. Your plan allows you to set your goals, assess your strengths and address your weaknesses.
You wouldn't set out on a journey not knowing where you were going, yet many people establish a business with no real concept of what they want to achieve or how they'll achieve it.
The outline below shows what you need to include in your business plan; use it to gather the appropriate information so that you get your business off to the best start.
EXECUTIVE SUMMARY
Quote (about your vision for the business)
What already exists
The niche -- as you see it and benefits your business will bring
Type of business proposed -- benefits you will bring to the market niche
Overall financial goals -- anticipated sales and profits
Funds required to start up business
BUSINESS PROFILE
Business name
Principals
Description of business:
• what it aims to do
• its target market
Vision -- ultimate goals
Mission -- value, service you'll offer
Competitive advantage you have -- e.g. flexibility, able to draw on wide base of talents, connections in the industry etc.
SWOT analysis [Strengths Weaknesses Opportunities Threats](Be honest with these, but only put in threats, weaknesses that you know you can meet and overcome successfully)
Objectives:
• at the end of the first 12 months of operation
• after 12 months
PRODUCT AND MARKET ANALYSIS
Product / Service -- description of what you're offering
Features
Benefits
Price structure
Industry description and outlook
Market demand -- percentage of market you think you can capture; competition share you think you can take etc.
OPERATING PLAN
Resource requirements:
• what you need in order to operate
• what this will cost
List items and specify prices (tables etc)
MANAGEMENT PLAN
Manning levels:
• details of staff required
• training needed
Experience of managers and their skills
MARKETING PLAN
Divide this into:
Internal - how you'll win repeat customers and referrals
External - how you'll get new customers
Impact - how you'll target specific groups
Detail how you'll go about targeting and selling to each group e.g.
Service levels
Vouchers
Hand-outs
Music
Decor
Entertainment
Special add-ons
Etc.
Publicity and direct approaches you'll make (specify targets e.g. music schools etc)
Promotion (e.g. freebies, discounts, buy one get one free, every 6th something free, charity performances, openings etc)
Give SPECIFIC details e.g. break down into gross profits, overheads, net profits etc.
ACTION PLAN
Use table to show:
• Activities to be carried out
• When these will be done
• Who will do each
Give a chronological sequence of action to show how you plan to start and develop the business.
Provide plenty of graphs (use different styles), tables, facts and figures.
Get info from Bureau of Statistics on demography, socio-economic groups, age etc etc.
Have AN appendix and include any extra details (for example: newspaper cuttings about bands bemoaning the fact that they can't get their CDs cut etc).
By following this outline, you'll have a realistic goal for your business ... and your bank manager!
Jennifer Stewart offers home study tutorials, professional writing and editing services for web pages, press releases, advertising material, business reports, content for autoresponders, technical booklets, articles for newsletters, and more from her website: http://www.write101.com
You can subscribe to free, weekly Writing Tips: mailto:WritingTips-subscribe@yahoogroups.com
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