Business Advice -
Business Plans, What is "The Plan"?

You have a business idea.
You have a name for the business.
You have a logo for the business.
You have a great product/unique service to offer.
You have the perfect location.
Now you need money to get your business off the drawing table!

Every bank, finance company, investor is going to ask you for a Business Plan!
But you've never written one, so What do you do now?

You hire a professional to write your business plan for you, or you can try it yourself!
Either way, you're going to need to the know the answers to these questions and more!

Location
What other businesses are within 1 mile, 5 miles, and 10 miles of your business?

Are those businesses complimentary to your business (meaning could you partner with them)?

Or are those businesses competition for your business?

For businesses in close proximity and competitors, what's going to distinguish your business from your competitors (meaning why would customers choose your business over the others)?

How much is the overhead for the space?
    Rent/Mortgage
    Heat/AC
    Electricity
    Water
    Remodeling (if necessary)
    Furniture/Displays

Product
Where are you getting your supplies to create your product - supplier(s)?

What is their turn-around time from the time you place an order to the time you receive the order?

What is the backorder turn-around time if your primary supplier is out of stock on supplies that you need?

If the backorder turn-around is unacceptable, do you have an alternative supplier for those supplies?

Is your product perishable?

If it is perishable, how many days can you store the product before it's unacceptable for sale?

If it is perishable, how do you plan to dispose of product that you are unable to sell? Donate it to a charity before it is unusable, and write it off as a charitable donation? Throw it out, and write it off as a loss?

Is you product seasonal?

What is your schedule for changing out your product(s) as the season's change?

Employees
How many employees will you employ?

Will they be full-time employees? Or part-time?

What hours will they work?

What will be their wages?

How often will you pay them?

Customers
Who are your target customers?
    Target Customers are the people who will account for at lease 75%
        of your business sales.

What is their age range?

Are they male, female, or a combination or both?

Are they single, dating, married, divorced?

Are they blue collar or white collar workers, or executives?

The answers to these questions and more will help you formulate your business plan which will consist of the Spine of your business, and the various ribs of your business.

The Spine of your business will consist of your financial statements.
    Expense Statements
    Revenue Statements
    Profit/Loss Statements
    Statement of Return On Investment

These statements will be based on the costs of your supplies and the cost to make your product(s). How much of your product is lost due it being perishable or out of season. Your overhead costs (location and employee costs).

The Ribs of your business will consist of:
    Business Mission Statement
    Product/Service Description
    Your Biography (Financiers want to know with whom they are
            doing business)
    Competitors (yes you need to know who your competitors are so
            that you can express how your product/service is a different
            from their product service)
    Suppliers
    Distributors (if you plan to sell products outside of your immediate
            location)
    Marketing Strategy
    Advertising Strategy (yes, advertising is different from marketing)

Once you get all of the pieces/parts of your business plan developed, you will need to organize them in your plan in a way that will encourage your financial source to invest in your business.

If the thought of that seems overwhelming, Hire a Professional Writer to construct your Business Plan to ensure you present your business venture in the most positive way!

Happy Planning!

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