How Do I Start a Business?
In the initial stages of any business, there are many “Decisions” to be made. These decisions are of different sizes - different levels of importance and will take time to investigate and make; however, once you have decided on a plan, a course of action, you will be on your way to achieving your goals!
The Business Plan
The “Business Plan” is an important document and should be created by all entrepreneurs who have decided to move ahead with their business venture. I will break down the business plan into its components. You can search Google for further examples of a business plan with section descriptions to use as a guide as well. This list explains what components to include in your plan’s development.
You must create a Cover Page as in most documents for possible submission. This page can have many designs; however, the following is usually included on the Cover Page: company name with complete address, presented by names with addresses, telephone numbers where principles can be reached, email addresses and submission date.
The next page should be a “Table of Contents” which will include the following:
- Description of the Proposed Business
- Management
- Employee Profile
- Projected Employment Levels
- Structure
- Marketing Plan
- Products & Services
- Market Potential
- Target Market
- Advertising
- Competition
- Prices
- Production
- Location
- Facilities
- Materials / Supplies
- Setup
- Business Environment
- Regulations & Government Policy
- Technology
- Environmental Concerns
- Pro Forma Financial Statements
- Balance Sheets (year 1 & 2)
- Income Statement (year 1 & 2)
- Monthly Cashflow Statement (year 1 & 2)
- Notes to Financial Statements
Note: The above sections are usually contained in the generic business plan but when you Google Search for “Business Plan” you may find other components that you may wish to include. The plan should be adapted to your type of business. It may not need all these sections and yet your plan may need others.
Now you have your “Business Plan” created, you should follow it as a guide throughout the process of “business creation, business implementation & business evaluation”. Like any plan, it will be adjusted as you proceed. You will find out what must be included and what must be removed.
By Hal Butler, Realtor