About Me.
business plan
A business plan is your most important document in the beginning stages. It is essentially the roadmap for your business.
Having a completed business plan lays out everything for potential investors, banks and company management to easily understand.
Even if you intend to use your own personal finances, a business plan will help keep you on track and organized.
Business Summary:
Describes your business and goals for your business.
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Business Description:
Explains the problems your business solves and how it differs from current competitors.
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Market Analysis:
The section explains how well you're positioned against competitors. Ex, target market, market size, potential growth rate, trends, etc.
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Organization and Structure:
How do you want to organize your business?
Who will manage?
How many staff are needed? What are their qualifications?
Will your business be a single-member limited liability company (LLC) or a corporation?
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Mission and Goals:
Provide brief mission statement and detail what the business wishes to accomplish.
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Products or Services:
How will your business operate?
Will you provide products?
If so, what's your cost? What's the retail cost? What's your profit?
How will you source the products?
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Background Summary:
Summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
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Marketing Plan:
This explains how you'll promote your business.
Advertising platforms
Business Cards
Brochures, Mailouts, etc..
How much money will be spent on marketing?
How long do you expect to market?
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Financial Plan:
This is the core of the plan.
Proposed budget?
Financial Statements, Balance Sheets, Cash Flow Statement
Funding request, if you need outside lending
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For Sample Business Plans Visit: https://www.smartsheet.com/content/simple-business-plan-templates
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KEY THINGS
exit strategy
Write a plan for an exit strategy ahead of time.
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The most common exit strategies are:
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Selling the business to another party
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Passing the business down to family members
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Liquidating the business assets
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Closing the doors and walking away
Scalable Business Model
A scalable business model can be easily duplicated to serve more customers without a significant increase to your expenses.
Some common scalable business models are:
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Subscription-based businesses
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Businesses that sell digital products
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Franchise businesses
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Network marketing businesses
taxes
Planning for taxes is extremely important.
Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.
