Author: Cathy Sparks

How to Create a Business Plan

Why do You Want to Create a Business Plan?

According to the US Chamber of Commerce, “One of the cornerstones of launching a new business is writing a business plan.  The plan is a roadmap to a business’s goals and outlines the steps to achieve them.  The plan also serves as a sort of resume to put in front of loan officers, investors, and partners to secure funding.”

See: uschamber.com/co/start/business-ideas/writing-a-business-plan

Benefits When You Create a Business Plan

Every traditional lender wants to see one.  Potential investors also want to see one.  If you are working with a partner you will need one to show agreement on what the plan for the business actually is.  It is also a vital piece of communication with management.

If you want to sell your business, or need to do a business valuation, you need one.  Beyond all of that, you need a plan to follow for your business anyway.  There is a specific format and design that it needs to follow.  Some loan applications have a place for this, but it is best to already have one put together that you can adjust as needed.

You have a couple of options.  You can either hire a business plan writer, or you can do it yourself.  There are a lot of resources out there to help you if you choose to do it yourself or work with a mentor.

Create a Business Plan with the Help of the SBA

The Small Business Administration offers extensive guidance in this area.  Local small business development centers can help as well.  The important thing is to make sure all of the necessary information is included.  It also needs to be in the right order.

See: sba.gov/business-guide/plan-your-business/write-your-business-plan

What Information, and in What Order?

First, there is an introduction.  Then, there is a research section.  After that comes the financial information. Finally, though not required, you may have an appendix with additional information.

The introduction includes an executive summary, a description, and strategies.

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Executive Summary

The executive summary is a complete summary of the business idea.  The description goes into further detail than the summary.  It describes the business, answering questions like:

What type of business is it? What product or service will it offer?

This is where you work to get others excited about your business.  Catch their attention and make them want to keep reading.

Strategies Section

The strategies section lays out your plan for getting started.  Do you have a marketing plan? Where will you locate? How many employees will you start with? What is your ramp up plan?

Create a Business Plan: The Research Portion

After the introduction comes the research portion of the document.  This is also called the market analysis.  It has two parts: The Analysis of Audience and the Competitive Analysis.

Analysis of Audience

The analysis of audience answers the following questions:

  • What need will your business fill, and for whom?  For example, are you a childcare facility filling a need for affordable childcare for working moms?  Are you an eatery filling a need for a lunch spot for those working downtown?
  • How will your business fill the need?

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Competitive Analysis

The competitive analysis is just what it says, it analyzes the competition.  It answers the following questions.

  • Is there already a business working to fill this need?
  • Is there room for more?
  • How do you plan to compete with them?

Create a Business Plan with a Planning Section

After the research section will come the planning section.  This will include the plan for design and development and the plan for operation and management.

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Plan for Design and Development

The plan for design and development explains how the process will play out, from start to finish.  What steps are you going to take? Basically, it is a more detailed version of your strategies section.

Plan for Operation Management

The plan for operation management discusses who will own the business, and who will run it from day to day.  This could be as simple as stating that you are going to be the sole owner and operator.  Or, it could be as complicated as laying out a complete partnership plan or board of directors format.  Do you plan to run the business daily or hire a manager for the day-to-day operations?  Discuss that here.

A lot of new business owners get lost here.  How do you have financials if there is no business yet?  You lay out your funding plan in this section.  What money do you already have? Where did you get your current funds?  Did they come from angel investors, crowdfunding, personal savings, or something else altogether?

How much do you need? How will you use the funds? This section also has a complete set of financial projections.  It usually goes out for at least 5 years.  It’s best, if possible, to have an accountant put together your projections.

Create a Business Plan with an Appendix

An appendix is optional, but recommended by most professionals, including The Small Business Administration.  It can include such things as credit histories, resumes, product pictures, and letters of reference.

If applicable, licenses, permits, patents, legal documents, and other contracts should be included as well.

Anything you can include that makes it easier for the lender is a good move.  You have the space, so why not use it? More detail is nearly always going to be better than less detail.

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Presentation

The presentation is important as well.  Your business plan should be professional in both appearance and content.  If you are using your plan to apply for a loan, do not just fill out the questions on a loan application.  Take the time to put together a well written and well-designed strategy.

This is where a business plan writer can come in handy.  It is possible to do it yourself but use all available resources like The Small Business Administration and Small Business Development centers.

You need this document for more than just to get funding.  It can help you make decisions about growth.  It can also help you recognize and shore up weaknesses. This document also highlights your strengths for potential lenders, investors, and partners.

That can help you convince partners to join your business.  A well-researched business plan can help you recognize opportunities, as well, even some you may not have considered previously.  Maybe there is a market need you can fill that you didn’t even see until you did the market research for this document.

Takeaways

You need a business plan.  Lenders and potential investors want to see one.  It is also vital to communication with partners and management.

It should include all the necessary information, in the right order.  This includes an introduction with executive summary, description, and strategies sections.  Next, it should have a research section with both a market analysis and an analysis of audience.  Then, there should be financial information with current funds and budget, sources of those funds, projections, and the funds request.  Finally, you should have an appendix if applicable.

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An Introduction to Yelp Ads for Local and e-Commerce Businesses

If you own a business, you know word of mouth is vital to your success. A glowing review from a handful of customers, or even just one influential somebody, can put your business on the map. And a bad review? Well, that can ruin your reputation. Or at least put a good dent in it. …

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Top 15 Boston Celtics Podcasts You Must Follow in 2020

Top 15 Boston Celtics Podcasts Contents [show] ⋅About this list & ranking Boston Celtics Podcasts Locked On Celtics Celtics Beat The Enes Kanter Show Anything is Poddable Celtics Reddit Podcast The Garden Report CelticsBlog Gino Time Causeway Street Podcast Boston Celtics Celtics Talk Radio UNLEASHED Winning Plays Boston Celtics Newsfeed Celtics On 98.5 The Sports Hub Submit […]

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Alternatives To High Risk Mortgage Refinancing

Alternatives To High Risk Mortgage Refinancing

Many financiers locate themselves in a cash money problem at once or an additional. Jobs, restorations, modifications in home mortgage terms as well as rates of interest, local charges and also tax obligations, it can all accumulate.

This leaves capitalists clambering to stabilize their profiles. The majority of re-finance with an eye on home mortgage items with reduced regular monthly settlements. The present item of option is the rate of interest just home mortgage.

This home mortgage allows homeowner pay the passion component of a financing monthly, while making funding repayments at a later day.

Various other aspects require to be taken right into account, such as shutting costs, funding prices, and also rate of interest prices. What might feel like a short-term remedy can become a long-term problem.

If the passion just home mortgage will certainly be acquired for greater than 2 years, the capitalist will certainly pay two times the rate of interest for 2 years, which can include thousands of bucks to at the home mortgage. This kind of home mortgage turning additionally makes it tough to approximate just how rapidly the home mortgages will certainly be repaid.

The price of changing home mortgages in between passion just as well as dealt with price home loans can be high. If the capitalist takes out a $200 000 home mortgage as well as makes repayments for 10 years, the capitalist still owes $200 000.

This suggests that the financier is paying a high rate for the opportunity of having reduced regular monthly costs for a year or 2.

Something that triggers financiers problem is that the rate of interest just home mortgage requires the capitalist to shed their earnings for a year, or extra, till the home loan is re-financed. This alone need to make financiers be reluctant prior to authorizing a rate of interest just home loan contract for their financial investment residential or commercial properties.

The second problem with the passion just home loan is that it does not complimentary any kind of equity from the house to develop earnings for the profile, when the home is offered. Both of these are essential elements of any kind of effective building financial investment technique.

There are choices. As heart-breaking as it might appear, marketing a non-performing residential or commercial property will certainly eliminate the cash money problem, and also shield future revenues. Place several of the earnings in a savings account where it can be made use of to take advantage of equity, protecting against the capitalist from being compelled to think about a harmful home mortgage item.

The financier still earnings, on a yearly basis, also without turning the residential property. The financier is not bound to return any of the cash to the tenant– plus the financier still possesses the building.

As soon as every 5 years, the ordinary individual actions. Incorporate this with the reality that tenants that think they are buying the house will certainly take much better treatment of the residential or commercial property, as well as the financier has actually developed a great deal that raises their revenue stream while safeguarding their financial investments.

Smart spending needs greater than comprehending market fads. Occasionally a financier can prevent a calamity by taking a great consider options to the standard techniques of investing, setting up funding, and also turning buildings.

The present item of selection is the passion just home loan.

The price of changing home loans in between rate of interest just as well as dealt with price home mortgages can be high. If the financier takes out a $200 000 home mortgage as well as makes repayments for 10 years, the capitalist still owes $200 000. The second problem with the passion just home loan is that it does not totally free any type of equity from the house to develop earnings for the profile, when the home is marketed. Place some of the revenue in a financial institution account where it can be made use of to utilize equity, avoiding the capitalist from being required to take into consideration a harmful home mortgage item.

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Top 5 Innsbruck (TI) Influencers, Blogs, Podcasts & Youtubers in 2020

Top 5 Innsbruck Blogs, Podcasts and Youtubers
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Innsbruck Influencers

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1. Travel Executive – Blog

About Blog Travel Executive is Europe’s leading luxury travel blog, testing and reviewing the world’s best hotels and resorts. Dining, Drinking and Arriving in style is the most important to luxury travelers.
Frequency 30 posts / year
Also in Luxury Travel Blogs
Blog luxury-executive.com/blog
Facebook fans 577 ⋅ Instagram Followers 24.3K ⋅ Social Engagement 2 ⋅ Domain Authority 18

2. LillaGreen | Travel Blog

LillaGreen | Travel BlogAbout Blog LillaGreen is a travel blog from Austria which gives you useful tips and advice on how to travel the world better.
Frequency 4 posts / quarter
Also in Austria Travel Blogs
Blog lillagreen.at
Facebook fans 8.1K ⋅ Twitter followers 206 ⋅ Instagram Followers 1.6K ⋅ Social Engagement 26 ⋅ Domain Authority 24 ⋅ Alexa Rank 5.9M

3. CITYCATWALK | STREET STYLE BLOG AUSTRIA |

CITYCATWALK | STREET STYLE BLOG AUSTRIA |About Blog CITYCATWALK is the leading street style fashion blog in Austria, delivering quality fashion and deep insights about Austrian street style fashion. CITYCATWALK also presents the street style fashion scene from cities like Munich, Zurich, Paris, London and Timisoara. CITYCATWALK believes that every person has a story, something that deserves to be told and seen.
Also in Street Fashion Blogs
Blog citycatwalk.at/blog
Facebook fans 2.3K ⋅ Twitter followers 2.4K ⋅ Domain Authority 28

4. Escape Town | The Outdoor Travel Blog from Austria

Escape Town | The Outdoor Travel Blog from AustriaAbout Blog The Austrian travel journalist Lea Hajner writes worldwide about outdoor and winter sports, adventure, hiking and sustainable lifestyle. With inspiring photos & practical travel tips!
Frequency 1 post / month
Blog escape-town.com
Facebook fans 2.6K ⋅ Twitter followers 2.6K ⋅ Social Engagement 20 ⋅ Domain Authority 39 ⋅ Alexa Rank 3.6M

5. Travel Executive – Blog

About Blog Travel Executive is Europe’s leading luxury travel blog, testing and reviewing the world’s best hotels and resorts. Dining, Drinking and Arriving in style is the most important to luxury travelers.
Frequency 30 posts / year
Blog luxury-executive.com/blog
Facebook fans 577 ⋅ Instagram Followers 24.3K ⋅ Social Engagement 2 ⋅ Domain Authority 18

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Success again… $100,000.00 in Business Revenue financing!

Our client in Avon, IN achieved $100,000.00 in business revenue financing to assist in growing his company.

This allowed our client to have the working capital he had desired to achieve his business goals.

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