question archive SIMPLE BUSINESS PLAN FRAMEWORK SIMPLE BUSINESS PLAN– 2022 COVER: Serves as the title page of your business plan
SIMPLE BUSINESS PLAN FRAMEWORK SIMPLE BUSINESS PLAN– 2022 COVER: Serves as the title page of your business plan
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SIMPLE BUSINESS PLAN FRAMEWORK
SIMPLE BUSINESS PLAN– 2022
COVER: Serves as the title page of your business plan.
· Name, address, and phone number of the company.
· Name, title, address, phone number of owners/corporate officers.
· Month and year your plan was prepared.
EXECUTIVE SUMMARY
Note: Do not write the summary until you have completed your business plan! It is a summary and reflects and contents of the finished plan.
Use the key word approach (who, what, where, when, why, how, how much) to summarize the following:
· Your Company (who, what, where, when)
· Who your management is and What their strengths are?
· What your objectives are and Why you will be successful.
· If you need financing, why you need it, how much you need and how you intend to repay the loan or benefit the investor
Business Plan Template - Last update 4/28/2022 YD
PART 1: THE ORGANIZATIONAL PLAN
A. SUMMARY DESCRIPTION OF BUSINESS
Mission (projecting short- and long-term financial and non-financial goals)
Business model (describe your company’s business model and why it is unique to your industry)
SWOT Analysis – (Strengths, Weaknesses, Opportunities, and Threats that your company will face)
Strengths (Internal) -
Weaknesses (Internal) -
Opportunities (External) -
Threats (External) -
In a paragraph or two give a broad overview of the nature of your business, telling when and why the company was formed. (Use the above information to complete this section).
B. PRODUCTS OR SERVICES
Describe your products or service
PART II. THE MARKETING PLAN
The Marketing Plan defines all of the components of your marketing strategy. You will address the details of your market analysis, sales, advertising, and public relations campaigns.
A. MARKET ANALYSIS
Target Market (identify with demographics, psychographics, and geographic specifics).
· Demographic (i.e. age, gender, etc.) –
· Psychographic (i.e. lifestyle, etc.) -
· Geographic (i.e. location, etc.) -
Competition (describe major competitors assessing their strengths and weaknesses).
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Strengths |
Weaknesses |
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Competitor 1 |
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Competitor 2 |
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Competitor 3 |
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Competitor 4 |
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Market Trends (identify industry trends and customer trends).
Market Research (describe methods of research, observational, surveys and focus groups). Main methods of research will be primary which means interviewing your target market, other forms of research will be conducted online, known as primary research (i.e https://www.miamidadematters.org/demographicdata or https://www.beaconcouncil.com/data/demographic-overview/todays-miami ).
A. MARKETING STRATEGY
Competitive Advantage (what aspect of your company’s product and/or service will differentiate you from the competition?)
Unique Selling Proposition (what is your 30 second elevator pitch?)
Pricing (how will you price your product or service? Price penetration or price skimming
Promotional Strategies:
PART III OPERATIONS:
A. LOCATION
Describe your projected or current location:
Project costs associated with the location:
B. LEGAL STRUCTURE
Describe your legal structure (LLC, C or S Corp, etc.) and why it is advantageous for your company
List owners and/or corporate officers describing strengths (include resumes).
C. MANAGEMENT
List the people who are (or will be) running the business. Design an organizational hierarchy
Describe skills
Project their salaries.
(Include resumes in Supporting Documents)
D. PERSONNEL
How many employees will you have in what positions?
What are the necessary qualifications?
How many hours will they work and at what wage?
Project future needs for adding employees for one year?
E. ACCOUNTING & LEGAL
Accounting: What system will you set up for daily accounting? Who will you use for a tax accountant? Who will be responsible for periodic financial statement analysis?
Legal: Who will you retain for an attorney? (Keep “Murphy’s Law in mind)
F. INSURANCE
What kinds of insurance will your carry? (Property & Liability, Life & Health)
What will it cost and who will you use for a carrier?
PART IV. FINANCIAL DOCUMENTS
This section of the business plan is the quantitative interpretation of everything you stated in the organizational and marketing plans. Do not do this part until you have finished those two sections.
A. SUMMARY OF FINANCIAL NEEDS (needed only if you are seeking financing)
(1) How Much capital you need?
B. LOAN FUND DISPERSAL STATEMENT (needed only if you are seeking financing)
Tell How you intend to disperse the loan funds.
C. THREE-YEAR INCOME PROJECTION
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Year 1 |
Year 2 |
Year 3 |
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Gross Sales |
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- Cost of Goods Sold |
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= Gross Profit |
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- Fixed Costs |
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= Net Profit |
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D. BREAK-EVEN ANALYSIS
The break-even point is the point at which a company’s expenses exactly match the sales or service volume. You are neither making any profit nor incurring any losses.
Differentiate between fixed costs and variable costs.
E. BALANCE SHEET
Shows the condition of the business as of a fixed date. It is a picture of your company’s financial condition at a particular moment and will show you whether your financial position is strong or weak. It is usually done at the close of an accounting period. Contains: (1) Assets, (2) Liabilities, and (3) Net Worth. My balance sheet would be my assets – liabilities.
PUTTING YOUR PLAN TOGETHER
A business plan will be one of the best indicators that can be used to judge your potential for success.
KEEP YOUR BUSINESS PLAN UP-TO-DATE
Your plan will be beneficial only if you update it frequently to reflect what is happening within your business. Measure your projections again what actually happens in your company. Use the results to analyze the effectiveness of your operation.
