Perhaps you will be surprised when the credit manager interrupts you: “That sounds great, but where
is your business plan?”
Its always easier to write if you have a clear picture of what the finished product should look like. The attached files contain the component elements of sample business plans for three fictitious companies. Taken together, they illustrate the type of information that is essential to the creation of a high quality business plan.
These documents are not complete plans; they are not templates into which you can cut and paste information about your business. Instead, these documents demonstrate how the nature of a business and the target audience for the plan affect the content. After looking over one or more of these business plans, a business owner should have a handle on what information his or her business plan needs to contain to make it the best possible plan.
It is a Financial Plan!
Every business is different and has its own specific cash needs at different stages of development; therefore there is no generic method for estimating your startup costs. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is vital to know whether you will have enough money to launch your business venture.
To determine your startup costs, you must identify all the expenses your business will incur during its startup phase. Some of these expenses will be one-time costs, such as the fee for incorporating your business and the price of a sign for your building. Some expenses will be ongoing, such as the cost of utilities, inventory, insurance, etc.
While identifying these costs, decide whether they are essential or optional. A realistic startup budget should only include those elements that are necessary to start the business. These essential expenses can then be divided into two separate categories: fixed (overhead) expenses and variable (related to business sales) expenses. Fixed expenses will include figures like the monthly rent, utilities, and administrative and insurance costs. Variable expenses will include inventory, shipping and packaging costs, sales commissions, and other costs associated with the direct sale of a product or service.
No matter how detailed you’ve been in preparing your business plan, there are always unexpected expenses and even expenses that you’ve underestimated.
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