The Business Plan

   By: Larry E Havard

The following checklist is an outline you can use to make sure that important points are covered in your summary. These Guidelines are a suggestion. Your business may need to stress different points. If so, make sure that they are included.

Business form: proprietorship, partnership, corporation?

Merchandising, manufacturing or service?

What is the product?

Is it a new business? A take-over? An expansion?

Why will your business be profitable?

When is your business open?

Is it a seasonal business?

What have you learned about your kind of business from outside sources (trade suppliers, banks, other business people, publications)?

 

Who is your market? DEFINE YOUR MARKET

How are you going to satisfy your market’s wants?

How will you attract and hold your share of the market?

How are you going to price your product?

 

Plan to keep an eye on the competition.

Who are your nearest competitors?

How is their business?

What have you learned from their operation?

 

Plan to keep an eye on any demographic shifts in your area.

What are your location needs?

What kind of building do you need?

Why is this a desirable area? a desirable building?

 

How does your background/business experience help you in this business? Also, for your own benefit, what weaknesses do you have and how will you compensate for them, i.e.: what related work experience have you had?

Who is on the management team?

What are the duties of each individual on the management team?

Are these duties clearly defined? How?

What additional resources have you arranged to have available to help you and your business?

 

Plan for training personnel for both operations and management.

Wages: Salary of hourly? Overtime? Fringe benefits? Taxes?

What are your personnel needs now?

What will your needs be in five years?

How will the loan (or other injection of new funds) make your business more profitable?

Should you buy or lease?

Do you need this money? Establish a procedure for making borrowing decisions. Plan your borrowing.

How is the loan to be applied?