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Business Plan Considerations

Developing a successful business plan involves understanding the various types of plans available, including complete, quick startup, existing for-profit, and customized options. Key factors in determining small business success include the management team's experience and the thoroughness of preparation. Gaining insights from diverse perspectives is crucial for comprehensive planning. By thoughtfully addressing these considerations, entrepreneurs can enhance their chances of building a thriving business.

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Business Plan Considerations

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  1. Business Plan Considerations
  2. Types of Plans Complete, Quick Startup, Existing For-Profit, Non-Profit Customized, Fill-in-the-Blank
  3. Success What determines small business success? Management Team - Experience Preparation – Plan, Thought/Advice (diverse perspectives) Opportunity, Competitive Advantage Resources (Capital, Specific Assets, IT) Flexibility (adapt to environment) Luck Passion. Being in a business you love Tax breaks, Accounting
  4. Rationale Why write a business plan? Map out where you are going Show potential Investors (get capital) Identifying key goals/landmarks & gauge success Establish basis for decision-making Recruit talent Forces you to be honest about financial projections Forces a go-no go decision
  5. Motivation Why start a new business? Be your own boss Make money Exciting Creative component Can pursue your passion You have a great idea Solving social problems Respect
  6. Motivation What prevents people from starting a new business? Uncertainty Fear of failure Lack of money. Ignorance about sources. Opportunity costs Long hours Social network Ignorance about process Not wanting the responsibility
  7. Introspection Strengths Smart Funny Reliable Productive Weaknesses Avoid uncertainty Poor decision-maker Procrastinate tasks I do not enjoy Naive
  8. Skills for your Business General People skills (customer service, managing people) Negotiation Scheduling Treating people with respect (Personal reputation) Accounting, finance, marketing skills Know thyself AND complement yourself to fill gaps Motivate employees Judging others Specific Industry-specific language Managing inventory
  9. Goals What makes you happy? What makes you unhappy?
  10. Risky Business Computer Stores Florists Laundromats Used Cars Gas Stations Local trucking Restaurants Clothing stores Bakeries Car washes E-commerce Grocery stores
  11. Types of Businesses Retail Wholesale Service Manufacturing Project development
  12. For your Elevator Pitch What is the problem you will solve for customers? How will your business solve your customer’s problem?
  13. The Economic Train Tastes Trends Technology
  14. Break-Even Analysis Sales Revenue Fixed costs Gross profit for each sale
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