business Plan In A Day Business Plan business plan in a day Let me take a look at your business plan. Create a great business plan in just 24 hours!
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1 Create a great business plan in just 24 hours! If you ve you need a these business plan for yourself, If heard words from a potential your partners, investors, or lenders and lender, investor, or business partner, and you need a business plan pronto, this is for you! you need it fast, this book is book for you! See exactly what you need to do to create a high-quality, successful plan quickly. Help you quickly work through every section of your plan. Shortcuts and resources get you straight to all the information you need. We ve done the hard part! Use our carefully designed samples as a model for your own plan. Time-tested tips from insiders help you reach your goals. Written by Rhonda Abrams, America s leading expert on business plan success. Concise, but thorough. Everything you need to develop a winning plan. QuickTips help you finish important tasks fast. Financials made easy! Flow-through financials let you pull together your financial documents quickly. Formatting guidelines ensure that your plan matches industry norms and standards. Online resources point you to key sources of Distributed by Ingram Publisher Services Inc. information. Get it done right, get it done fast! Distributed by Ingram Publisher Services, Inc. $21.95 USD $21.95 ISBN the best-selling Successful Business Plan: Secrets & Strategies, Six-Week Start-Up, and many other business books. PlanningShop has a whole range of products to help you grow your business. Visit us at PlanningShop.com. BPIAD3 Cover_19.indd Finish a complete business plan in 24 hours or less! Business Business Plan Plan In A Day 3rd Edition By America s Best-Read small business columnist Rhonda Abrams Prepare a polished, professional business plan in just 24 hours! Perfect for getting a bank loan, raising capital, and planning your business Rhonda Abrams Rhonda Abrams s books have sold more than a million copies. Founder and CEO of The Planning Shop, she writes the most widely circulated column on entrepreneurship in the U.S. appearing weekly in USAToday.com and over 100 newspapers. She Rhonda booksthe have sold more than a million copies. Founder and is the authorabrams s of the best-selling Successful Business Secrets & Strategies, CEO ofplan: PlanningShop, shesix-week writes the most widely circulated column on entrestart-up, and many otheru.s. business books. weekly in USAToday.com. She is the author of preneurship in the appearing It s All Here! business plan in a day Let me take a look at your business plan. NEW! 3rd Edition Sample Plan Get It Done Fast Reach Your Goals Get Funding 2/7/13 1:51 PM
2 Contents Praise for Books from PlanningShop i About the Author vii The In A Day Promise viii Need a Business Plan Fast? This Book Is for You! ix Overview: What s a Business Plan? x Step 1 Executive Summary Prepare your summary Step 2 Company Description Give your company name(s) and location(s) Provide information about your company s ownership and legal status.. 16 Describe your company s history, development stage, and milestones Identify your product(s) or service(s) Describe your industry Explain your company s funding Pulling it all together: Company Description Step 3 Target Market Specify the geographic location and reach of your target market Describe the demographic characteristics of your target customers Explain customer motivations and purchasing patterns Determine your market size Evaluate market trends Pulling it all together: Target Market
3 CONTENTS xiii Step 4 The Competition Identify types of competition Identify your specific competitors Determine your competitors market share Determine competitive positions Highlight your competitive edge Evaluate barriers to entry and potential future competition Pulling it all together: The Competition Step 5 Marketing and Sales Plan Summarize your marketing message Describe your offline marketing vehicles Outline your online and social media marketing vehicles Identify any additional marketing and sales strategies Describe your sales team Step 6 Operation s Determine key operations elements Outline your technology plan Highlight your operational advantages Address current or potential operational challenges Describe your commitment to social responsibility Pulling it all together: Operations Step 7 Management Structure Highlight your key team members Predict future management needs Describe your staffing structure Identify your board members, advisors, and consultants Pulling it all together: Management Structure
4 xiv BUSINESS PLAN IN A DAY Step 8 Future Development Define your long-term goals Establish future milestones Assess the risks Explore exit strategies Pulling it all together: Future Development Step 9 Financials Produce your Income Statement Develop your Cash Flow Projection Generate your Balance Sheet Show your Sources and Use of Funds Consider preparing additional supporting financial statements Presentation Pointers Nine Surefire Ways to Ruin Your Business Plan The Experts Talk Business Terms Glossary Business Resources Index
5 1 Step 1: Executive SuMMary Step 2: COMpany DeSCription Step 3: Target Market Step 4: The COMpetition Step 5: Marketing and Sales Plan Step 6: Operations Step 7: Management Structure Step 8: Future Development Step 9: Financials
6 Accomplishments In this step you ll: Prepare your Executive Summary Time-Saving Tools You ll complete this section more quickly if you have any of the following handy: Information about your potential business plan readers Completed worksheets for Steps 2-9
7 Step 1 Executiv E Summary Your Executive Summary is the single most important part of your business plan particularly if you are seeking outside funding. Busy investors and lenders start reading here and use the Executive Summary to get an understanding of your business quickly. In fact, some investors ask entrepreneurs to first send only their Executive Summary and financial statements (Step 9). If they like what they see, they ll request the full plan. So if you can hook your readers here, they ll ask for more. Your goal is both to summarize the major components of your business and to make your readers want to learn more. This doesn t mean you can misrepresent your business. As in all parts of your business plan, the information and data you present in your Executive Summary must be truthful. But you can, and should, focus on those aspects of your business that show it in the very best light. KEY TO SUCCESS First Things Last! Even though your Executive Summary comes first in your business plan, you ll find it much easier to prepare and much more compelling if you write it last. Once you ve completed the rest of your plan on the pages that follow, you ll find it much faster to come back and produce this section. Your Executive Summary provides a brief snapshot of your business. Highlight the most important facts and concepts from your full business plan as concisely as possible. When completed, your Executive Summary will answer these questions for your readers: Does your basic concept make sense? Has your business been thoroughly planned? Is the management team capable? Is there a clear-cut market need for your product/service? What advantages do you have over your competition? Are your financial projections realistic? Is the business likely to succeed? Will investors be able to make money? Will lenders be able to get their money back?
8 4 BUSINESS PLAN IN A DAY QUICKTIP What Sets You Apart? Think about the number of business plans your readers must plow through each day, especially if they re investors or bank lenders. (An average venture capitalist, for instance, usually sees about 1,000 plans a year.) What distinguishes yours from the rest of the stack? Early on in your Executive Summary, highlight the qualities that set you apart from all the other businesses. Put your winning concept up front and make sure your readers get it. Visualize your reader As you create your Executive Summary, ask yourself, Who s going to read my business plan? You can improve your chances of getting a positive reaction if you keep your potential business plan reader in mind as you write. Remember, your reader is only going to spend a few minutes on your Executive Summary. They re going to hone in on the issues that concern them most. If you understand their priorities, you ll be better able to craft it to push just the right buttons. Do some homework to discover the interests and concerns of your likely business plan reader. Then put those issues near the top of your Executive Summary. A venture capitalist might want to see that you have groundbreaking new technology, and an angel investor might want to see that you ve identified an easily reached target market, while a banker wants to know that the company owners are investing their own money in the business. Give more emphasis to those aspects that concern your reader most. Of course, you might not be able to identify the particular person who s going to read your plan. In that case, you can focus on the type of person and their concerns. For instance, a banker is likely to look for aspects of your business plan that minimize risk, since they want to make sure their loan will be secure. An investor, on the other hand, looks for aspects that increase the chance that your company will grow large, since they will get a piece of the action. Refer to the interviews with investors and lenders in The Experts Talk on pages to get a better idea of how each type of reader reviews business plans.
9 STEP 1: EXECUTIVE SUMMARY 5 Prepare your summary Your Executive Summary is the single most important part of your business plan. Readers will review it before they read any other section. Many readers will breeze through the Executive Summary, so you need to explain your business concept clearly, concisely, and in a way that makes them want to know more. Your Executive Summary is the first impression many readers will get of your company. Make sure it s a good one. On pages 8-10, you ll find a worksheet to help you prepare your Executive Summary. Each question on the worksheet refers to corresponding worksheets throughout this book. You ll find it much easier and quicker to complete the Executive Summary worksheet if you ve already worked through the rest of the steps in this book (Steps 2-9). Just refer to your completed worksheets to assemble the key ingredients for an informative, compelling Executive Summary. Before you get to the worksheets you ll see a sample Executive Summary for the fictional company ComputerEase. Review this model for more ideas about the content and structure of an Executive Summary. KEY TO SUCCESS Pay Attention to Preparation A few ways to make your Executive Summary look appealing to readers: Divide the Summary into paragraphs that mirror the sections of your business plan. Keep each topic brief. Use bullets to highlight your most compelling information. Include a small chart or graph if it makes an important point clear. Use white space and informative subheads to break up text blocks and make the pages seem less intimidating. For additional suggestions, see Presentation Pointers on pages
10 6 BUSINESS PLAN IN A DAY sample plan: Executive Summary THE COMPANY ComputerEase, Incorporated, provides computer software and software-as-a-service (SaaS) training services, primarily to the corporate and business market. In addition to offering local training at its own dedicated facilities, the firm delivers on-premises training to corporations located in the greater Vespucci, Indiana, area. More recently, it has created online versions of its courses that can be accessed from anywhere with an Internet connection. The technology business services industry is one of the fastest growing in the United States, and ComputerEase intends to capitalize on that growth. The company s stock is currently held by President and CEO Scott E. Connors and Susan Alexander, Vice President, Marketing. PRODUCTS AND SERVICES The company provides software training programs targeted to the corporate market, and currently has a portfolio that covers a broad range of leading business software programs. There are two ways that training is delivered. On-premise training is provided by in-person instructors, either at the customer s place of business or at ComputerEase s Corporate Training Center. Online training is offered via the Internet. In addition to providing training for the mostused enterprise and business software and web-based business services, ComputerEase also creates custom programs at corporate customers request for both on-premise and online delivery. The online training programs increasingly incorporate at least some video training segments, enhancing the learning experience. TARGET MARKETS ComputerEase s brick-and-mortar business operates in the greater Vespucci, Indiana, area. Vespucci is the sixteenth-largest city in the United States, with a diverse and healthy economy. U.S. Census Bureau data show that more than 10,000 organizations with more than 50 employees (ComputerEase s primary target market) are located in the area. ComputerEase s online market is composed of English-speaking countries where a high percentage of businesses are automated or in the process of becoming automated. The market for online computer training has grown by more than 33 percent each year for the past five years, and is projected to sustain this rate of expansion into the next decade. THE COMPETITION No market leaders have yet emerged in the corporate software training field either in the Vespucci region, or in the online space. Competition is diverse and uneven, creating substantial market opportunities. ComputerEase maintains the following advantages over existing competition: Strategic partnerships with leading software publishers; formal certifications from those publishers; a growing reputation for delivering highly effective training and superior customer support; a company-owned, state-of-the-art computer training center; a local sales staff with strong ties to target customers; and a national network of third-party consultants and computer retailers that bundle ComputerEase s courses with their own services. Immediately highlights a positive factor Provides basic company details in a straightforward style Briefly describes the company s offerings Shows large market potential Describes competitive edge
11 STEP 1: EXECUTIVE SUMMARY 7 MARKETING AND SALES STRATEGY ComputerEase differentiates itself in its marketing by emphasizing the needs of the corporation, not merely the students taking the classes. Locally, the firm employs highly regarded sales professionals with extensive ties to the target market who secure sales predominantly through face-to-face solicitations. For customers who access ComputerEase s online training, the company has an aggressive online marketing strategy that includes advertising on prominent training websites, exhibiting at training industry trade shows, publishing a monthly newsletter on best practices in corporate training, and using search engine marketing by purchasing keywords. To support its customer base, ComputerEase also maintains an active Facebook fan page and has a Twitter feed. OPERATIONS ComputerEase owns its own Corporate Training Center with 20 PCs fully equipped with all the latest versions of the most popular business software programs. The company offers corporate training sessions at the Center, as well as at local corporations place of business. It plans to open a second Training Center with some of the funds currently being sought. ComputerEase utilizes the excess capacity of the Training Center by offering Saturday and evening classes to consumers. Additionally, ComputerEase has three development PCs for creating the interactive course content based on the instructor-led courses and documentation. All equipment is leased, resulting in lower capital expenses and ensuring the latest equipment at all times. All data center operations, including the server that hosts the online training applications and student data, are outsourced to a local managed services provider. Video production is outsourced to a local company experienced in creating instructional videos. MANAGEMENT President and Founder Scott E. Connors brings significant technology-related management experience to this position. Immediately before starting ComputerEase, Connors served as regional vice president for Wait s Electronics Emporium, a large computer hardware and electronics retail chain. Previously, he was a sales representative for IBM. Vice President Susan Alexander brings direct experience in marketing to the target market from her prior position as assistant marketing director for AlwaysHere Health Care Plan, and sales experience as a sales representative for SpeakUp Dictation Equipment. FUTURE DEVELOPMENT AND EXIT STRATEGY In addition to expanding online operations, ComputerEase will consider franchising. The company will also increase the number of company-run locations, choosing major metropolitan areas. Online, the company s goal is to become a major player in the corporate software training market. It would be open to merging with or being acquired by another leading online training brand or an online university or for-profit educational institution. Highlights management s relevant experience FINANCIALS The financial strategy of ComputerEase emphasizes reinvestment of income for growth during the first few years of operation, with the company reaching profitability within the next three years. Annual revenue projections for the current year are $466,000; for year two, $987,750; and for year three, $1,637,230. FUNDS SOUGHT AND USES The company is currently seeking $160,000 in investment financing. These funds will be used for expansion, primarily opening an additional Training Center, hiring new staff, and increasing marketing activities. Long-term plans are for the company to aggressively expand its online business; work with customers to develop interactive online custom training programs for employees; and either Provides develop a franchise operation or expand to become a regional company-owned chain, specific numbers adding at least one training location annually. and uses of funds. Hints at exit opportunity
12 8 BUSINESS PLAN IN A DAY My Executive Summary What is your business all about? What are its most compelling qualities? Answer the questions on this worksheet, summarizing conclusions you ve reached in the worksheets in Steps 2-9 of this book. Organize the information in a way that most appeals to your target reader. Combine related topics if that improves the flow. THE COMPANY What are the basic details of your business? (See worksheets on pages 15 and 17.) PRODUCTS AND SERVICES What products or services do you offer or plan to offer? (See worksheet on page 21.) TARGET MARKET Who are your customers? (Include a summary of any market research results.) (See worksheet on page 43.)
13 STEP 1: EXECUTIVE SUMMARY 9 THE COMPETITION Who are your competitors? How is the market currently divided? What gives your company its competitive edge? (See worksheet on page 60.) MARKETING AND SALES STRATEGY How will you market and sell your product? (See worksheet on page 76.) OPERATIONS What are your most important operational features? (See worksheet on page 92.) MANAGEMENT Who are your founders? Who are the key members of your management team and what are their qualifications? (See worksheet on page 106.)
14 10 BUSINESS PLAN IN A DAY DEVELOPMENT What is the company s current stage of development? What are your long-term goals? What are some of the milestones you ve met or plan to meet? What is your potential exit strategy? (See worksheet on page 120.) FINANCIALS What are the expected financial highlights or performance of your company? What are your company s expected gross sales and net profits? (Use gross sales and net profit figures from the worksheets on pages ) FUNDS SOUGHT AND USES How much money are you seeking, from what sources, and how will the money be used? (See worksheets on pages 25 and 147.)
15 Index A Acquisitions, corporate, 118 Advertising, traditional cooperative or joint ads, 72, 73 Financials and, 123 marketing budget and, 66, 124 Marketing/Sales Plan and, 62, 63, media kits, 34 Advisory committees, Allowances, defined, 126 Angel investors, 4, 151, 152, 153 See also Investors Appendix to business plan, 14, 20, 159 Assets, and Balance Sheet, 140, 141, 143 B B Corporations, 16 Balance Sheet, 124, 127, 134, , 149 Barriers to entry, 48, 58-59, 155 Boards of directors, Brand names, 14, 15, 39, 50, 56 Break-even analysis, 125 Broadcast media, 34, 63, 66 Business licenses, 12 Business plan anatomy of, x-xi appendix to, 14, 20, 159 company details (see Company Description) competition details (see Competitive Analysis) executive summary (see Executive Summary) financial details (see Financials) format of (see Presentation pointers) future development (see Development Plan) length of, 154 management details (see Management Description) marketing strategy (see Marketing and Sales Plan) mistakes to avoid, modifications for very small businesses, 81, 95 operational details (see Operations Plan) sales strategy (see Marketing and Sales Plan) target market details (see Target Market Description) Buy-outs, corporate, 118 C C Corporations, 16 Canada Statistics website, 35 Capital expenditures, 125, 145, 147 Cash Flow Projection, 124, , 140, 148, 149 Cash sales, defined, 135 Census data, 30, 35, 40 Cloud computing, 84, 85 Collections, defined, 135 Company Description, company funding, company history and development, company name(s) and location(s), company ownership and legal status, company products and services, in digital slide presentation, 155 elevator pitch, in Executive Summary, 6, 8 industry description, modifications for very small businesses, 81 overview of this section, worksheets and samples, 15, 17, 19, 21, 23, 25, 28 Competitive Analysis, in digital slide presentation, 155 evaluating barriers to entry and future competition, in Executive Summary, 6, 9 highlighting your competitive edge, identifying specific competitors, market share distribution, overview of this section, ranking competitors, types of competition, worksheets and samples, 49, 51, 53, 54-55, 57, 59, 60 Competitive risk, defined, 114
16 INDEX 189 Computers. See Equipment and technology Confidentiality, 158, Consultants, use of, 97, 102, , 125 Convenience, 38, 48, 56, 64 Copyrights, 16, 17 Cost of goods (COG), defined, 127 Cover letter to business plan, Cover sheet of business plan, 158 Credit card financing, 135, 150 Crowdfunding, 153 Currency fluctuations, 149 Customer service company websites and, 70, 71 competition and, 56 in international settings, 102 operational aspects of, 79, 81, 83 Customers demographics, 30, in international markets, 24, 32, 42, 72 loyalty, 63, 66 market size, motivations and purchasing patterns, 36, 38-39, 64, 74 online reviews, 62, 68 suppliers and trade associations insight on, 42 surveys, 30, 34 D Daily deal sites, 68, 69 DBA (Doing Business As) names, 14, 15 Debt financing, defined, 145 Demographics, 30, Depreciation, defined, 127 Development Plan, defining long-term goals, establishing future milestones, in Executive Summary, 7, 10 exit strategies, overview of this section, risk assessment, ROI (return on investment), 119 worksheets and samples, 111, 113, 115, 117, 120 Development stages, summarized, 18 Digital presentation of business plan, 155 Direct competition, defined, 48 Direct mail, 63, 66, 67, 112 Disclaimer, inclusion of, 158 Distribution agreements, as legal consideration, 16, 17 agreements, as marketing/sales strategy, 72, 73 competition and, 50, 56 operational aspects of, 79, 80, 83, 88 E Ecommerce. See Online commerce Economic risk, defined, 114 Elevator pitch, 26-27, 155, 165 Employees fair treatment of, 63, 90 international labor force, 24, 50, 82, 90 labor costs, 50, 114, 124, 148 worker safety, 82 See also Payroll; Staffing structure and levels Environmental policies operational aspects of, 79, 80, 81, 83, profitability of responsible practices, 63, 90 Equipment and technology as capital expenditures, 125, 145, 147 company technology plan, as competitive advantage, 56, 86 as fixed assets, 127, 140, 141, 143 industry trends and, 22 market trends and, 42 operational aspects of, 78, 79, 81, 83-86, 88 Equity capital investments, 135, 138 Equity financing, defined, 145 Ethics, business, 63, 90 Execution risk, defined, 114 Executive Summary, 1-10 modifications for very small businesses, 95 overview of this section, 2-3 preparation, 5, 8-10 table of contents and, 164 visualizing the reader, 4 worksheets and samples, 6-7, 8-10 Exit strategies Executive Summary and, 7, 10 investors and, 109, , 155 omission of, as mistake to avoid, 167 Expenses, operating Cash Flow Projections and, 134, 138 Cost of goods (COG), defined, 127 customizing the Financials for, 126 data for Financials, 132, 138, 147 overestimating, as recommended, 166 working capital and, 145 Exporting, 32, 82 F Facilities as capital expenditures, 125 as fixed assets, 127, 143 maps of, 78 operational aspects of, 79, 80, 88
17 190 BUSINESS PLAN IN A DAY Family company hand-downs, 118 Family financing, 150, 151 Financial control systems, 79, 81, 83 Financial risk, defined, 114 Financials, Balance Sheet preparation, Cash Flow Projection preparation, in digital slide presentation, 155 in Executive Summary, 7, 10 financial statements to include, , Income Statement preparation, , overview of this section, PlanningShop s Business Plan Financials, 131, 148 questions to consider, Sources and Use of Funds statement preparation, sources of money, overview of, worksheets and samples, , , , , Financing Company Description and, with credit cards, 135, 150 Development Plan and, 109, 114 digital slide presentation and, 155 disclaimer for outside funding sources, 158 Executive Summary and, 7, 10 Financials and, 123, 124, 134, , industry trends and, 22 Management Description and, 95, 97, 100 market size and, 40 for new products or services, 20 operational concerns and, 79, 80, 82 questions to consider, Sources and Use of Funds statement, 124, , 149, 167 sources of money, overview of, See also Investors; Lenders; Loans Fixed assets, 127, 140, 141, 143 Focus groups, 34 Foreign currency exchange, 149 Format of business plan. See Presentation pointers Founders, company, 9, 96, 104, 116 Franchising, 117, 118 Funding. See Financing Future development. See Development Plan G Geographic data, 33, 35, 40, 41 Global commerce. See International commerce Graphs and charts, presentation of, H History, company, 18-19, 112 I Income Statement vs. Balance Sheet, 127, 140 as key financial statement, 124, 149 preparation, , supporting financial statements and, 148 Incorporation board of directors and, 104 documentation of, 12 as milestone, 18 name of corporation, 14 statement of intent to incorporate, 13 types of corporations, 16 Independent contractors, use of, 74, 75, 97, 102, 125 Indirect competition, defined, 48 Industry analysis in appendix to business plan, 159 Company Description and, 13, international trends, 24 for Target Market Description, 30, Insurance, 82, 132 Interest income, 135, 138 International commerce competition, 50 financial considerations, 149 global risk, defined, 114 industry trends and, 24 management team and, 102 operational aspects of, 32, 82, 102 sales team and, 74 social responsibility and, 90 targeting international customers, 24, 32, 42, 72 Internet cloud computing, 84 industry trends and, 22, 23 market research and, 34-35, 52 target geographic market and, 32 Voice over IP (VoIP), 82 See also Online commerce; Online marketing; Websites, company Inventory management, 79, 80, 83, 125, 134 Investors board of directors and, 104 business plan presentation and, 164 Competitive Analysis and, 47 crowdfunding and, 153
18 INDEX 191 equity financing, defined, 145 Executive Summary and, 3, 4 exit strategies and, 109, , 155 Financials and, 123, , 144, following up with, 165 Management Description and, 95, 100 market size and, 40 Marketing/Sales Plan and, 63 overview of various types, 151 personal financial commitment and, 24, 25, 144 risk assessment and, 114, 152 ROI and, 119, 152 technology companies and, 84 See also Financing L Labor issues costs of labor, 50, 114, 124, 148 fair treatment of employees, 63, 90 international labor force, 24, 50, 82, 90 worker safety, 82 Land. See Real estate Lawsuits, 17 Legal status, company, Lenders business plan presentation and, 164 Executive Summary and, 3, 4 Financials and, 123, , 144, following up with, 165 Management Description and, 95, 100 Marketing/Sales Plan and, 63 risk assessment and, 114, 152 See also Loans Length of business plan, 154 Liabilities, and Balance Sheet, 140, 141, 143 Licenses, business, 12 Licensing agreements, 17, 72, 73 Limited Liability Company (LLC), 16 Limited Liability Partnership (LLP), 16 Loans data for Financials, 122, 138, 140, 147 debt financing, defined, 145 Executive Summary and, 7, 10 loan proceeds, defined, 135 overview of various types, 150 personal financial commitment and, 24, 25, 97, 144 See also Lenders Locations, business in appendix to business plan, 159 in Company Description, long-term goals, 110, 111, 112, 113 operational aspects of, 79, 80, 83 target market and, 32-33, 80 Logo, company, 158 M Mail, direct, 63, 66, 67, 112 Management Description, board members, advisors, and consultants, in Executive Summary, 7, 9 future management needs, highlighting key team members, overview of this section, staffing structure, worksheets and samples, 98-99, 101, 103, 105, 106 Manufacturing and production, 78, 79, 80, 83 Market, target. See Target Market Description Market research in appendix to business plan, 159 in digital slide presentation, 155 evaluating market trends, for Target Market Description, 8, 30, 31 tips on conducting, 34-35, 52 See also Customers Market risk, defined, 114 Market share distribution, Marketing and Sales Plan, cooperative agreements and partnerships, in Executive Summary, 7, 9 marketing message, offline marketing vehicles, online marketing vehicles, overview of this section, sales team, website essentials, worksheets and samples, 65, 67, 69, 71, 73, 75, 76 Marketing budget Financials and, 122, 124, 148 Marketing/Sales Plan and, 62, 66-67, 69 Marketing collateral, 62, 63, 66-67, 159 Media kits, 34 Mergers, corporate, 22, 118 Milestones, company, 10, 18-19, 109, , 155 Minimal Viable Product, 20 Mistakes to avoid, Mobile devices and commerce, 20, 68, 70, 84
19 192 BUSINESS PLAN IN A DAY N Names, business, Net worth, 140, 141, 143 Networking groups, 66, 67 Newspapers, 34, 66, 72, 123 Niche markets, 64, 110 Nondisclosure agreements, Not-for-profit status, 16 O Offshoring, 22, 82 Online commerce brick-and-mortar vs., 36 competitors websites, 34, 48, 50, 51, 58 customer reviews, 62, 68 industry trends and, 22, 23 mobile devices, 20, 68, 70, 84 target geographic market and, 32 website essentials, Online marketing company websites and, 63, 68, vs. offline marketing, social media and, 62, Operational risk, defined, 114 Operations Plan, addressing operational challenges, elements of operations, in Executive Summary, 7, 9 highlighting your operational advantages, overview of this section, social and environmental responsibility, technology plan, worksheets and samples, 83, 85, 86-87, 89, 92 Order fulfillment, 32, 79, 81, 83 Outsourcing, 22, 74, 82, 102, 125 Owner s draw, defined, 135 Ownership, company, P Paid-in capital, defined, 141 Partnership, defined, 16 Partnerships, strategic, 50, 72-73, 112, 159, 166 Patents, 16, 17, 58 Payroll data for Financials, 122, 132, 140 data for Management Description, 94 sales force s pay structure, 74, 75 staff pay rates and ranges, 103 working capital and, 145 Photographs, inclusion of, 159 PlanningShop products and resources Business Plan financials package, 125, 131, 148 trade associations, list of, 42, 66 Presentation pointers, cover letter, cover sheet, 158 digital slides, 155 final touches, 164 graphs and charts, nondisclosure agreements, text styles and spacing, 154, 156 Pricing brick-and-mortar vs. online, 36 competition and, 50, 52, 56, 64 customer motivations and, 38, 39 Print media advertising, 63, 66, 72, 123 market research and, 30, 34 Production and manufacturing, 78, 79, 80, 83 Products appendix to business plan and, 159 Company Description and, of competitors, 48, 50, 52, 58 Executive Summary and, 6, 8 long-term goals, 110, 111, 112 Minimal Viable Product, 20 new product releases, 18, 20, 108 operational aspects of, 79, 88 product features, as competitive advantage, 56 See also Distribution Professional services budget, 125 Profit and Loss (P&L) statement. See Income Statement Profits company s legal status and, 16 data for Financials, 10, gross and net profits, defined, 127 long-term goals, 110, 111, 113 operational costs and, 79, 80, 86, 88 sales team and, 74 social/environmental responsibility and, 63, 90 See also Income Statement Public relations, 63, 66, 67 Q Qualitative vs. quantitative goals, 110 Quality control, 79, 80, 83 Quick Facts website, 35 R Radio, 34, 63, 66
20 INDEX 193 Real estate as capital expenditures, 125, 145, 147 as fixed assets, 140, 141, 143 See also Facilities Regulatory concerns, 17, 58, 82 Research and development, 82 Retrenchment, defined, 18 Risk assessment, 109, , 152 ROI (return on investment), 119, 152 S Sales businesses purchasing patterns and, 36, 38 cash sales, defined, 135 company development and, 18 cooperative agreements and partnerships, 50, data for Financials, 10, 125, , 132 gross and net sales, defined, long-term goals, 110, 111, 112, 113 vs. marketing, 63 overestimating, as mistake to avoid, 166 projections, 62, 122, 124, 126, 148 structure of sales team, See also Marketing and Sales Plan Seed company, defined, 18 SEM (search engine marketing), 68 Services Company Description and, of competitors, 48, 50, 52 Executive Summary and, 6, 8 operational aspects of, 79, 80 Slide presentation of business plan, 155 Slogans, 64, 65 Social entrepreneurship, 90 Social media, 34, 62, 66, 68-69, 84 Social responsibility, 63, 79, 81, Sole proprietorship, defined, 16 Sources and Use of Funds statement, 124, , 149, 167 Staffing budget, 122, 124, 148 Staffing structure and levels documenting staff composition, 95, long-term goals, 110, 111, 112, 113 management team, sales team, Start-up companies, 18, 104 Start-up costs, 58 Stock ownership and offerings, 17, 116, 117, 118 Subchapter S Corporations, 16 Suppliers competition and, 56 insight on customer trends, 42 operational concerns and, 79, 80, 82, 83, 88 Sustainability. See Environmental policies T Table of contents, inclusion of, 164 Taglines, 64, 65 Target Market Description, customer demographics, customer motivations and purchasing patterns, 36, in digital slide presentation, 155 in Executive Summary, 6, 8 geographic location and reach, market research tips, market size, market trends, overview of this section, worksheets and samples, 33, 37, 39, 41, 43, 44 Taxes capital expenditures and, 125 company s legal status and, 16 data for Financials, 122, 132, 138, 143 depreciation allowance, 127 exit strategies and, 118 Technology. See Equipment and technology; Internet Telemarketing, 63, 74 Trade associations, 42, 52, 66 Trade shows, 63, 124 Trademarks, 16, 17, 58 TV, 34, 63, 66 U U.S. Census Bureau, 35, 40 V Vehicles. See Equipment and technology Venture capitalists, 4, 104, 151, 152, 153 See also Investors Voice over IP (VoIP), 82 W Websites, company names of, 14 online marketing and, 63, 68, overview of, technology plan and, 85 Websites, competitors, 34, 48, 50, 51, 58 Wholesalers, 72, 80 Worker safety, 82 Working capital, defined, 145 World Bank website, 35
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