Name of Business Owner
Section One: Description of the Business
(For example: in your home, vendors lot, storefront, & business incubator)
(Be specific. For example: What is your product or service; how and where do you intend to sell it?) An executive summary is an introduction to your business. This section should be clear, concise, and to the point. Revisit this section to review your work after completing the other sections of the business plan to ensure consistency and maintain accuracy. Key elements of an executive summary may include descriptions of: -Your company -Products or services you sell -Your audience and ideal customer -Future of your business and your industry
Provide a high-level review of your business model. Elements include: -Mission Statement -Details about the products or services your business will provide -Qualities that will make your business a success
Section Two: Management Plan
(For example: partners, family, friends, paid employees, contractors, volunteers. Please list their names and their relationship to you. Are they employees, and if so, what are their duties and responsibilities? If you are paying wages, please list their pay rates.) Provide information on: -Ownership -Organizational structure -Board of Directors’ qualifications -Key employees of your business, such as the CEO, president, and vice president
Section Three: Sources and Uses of Funds-Initial Capital
(For example: your savings or credit card) If yes, how much?
(Why will people buy from you?) Provide detailed information to show that you have a solid understanding of the industry in which your business will operate. The market research section should include a description of the target customer for your business, a competitive analysis, and any legal requirements affecting your company and industry.
Describe in detail what your product or service is and how it will meet the needs of your customers. Explain the benefits of your product or service, the advantages it has over the competition, and its current development stage (for example, idea or prototype.)
(Be specific. Please list your hourly rate or an example of the price of your service/goods.)
Section Five: Marketing Plan
(For example: flyers, advertisements, business cards, etc.) Describe how your company will focus on its customers through marketing and sales strategies. Then, show how your company will reach its customers and how it will sell its products. Elements include: -Marketing and Sales -How your company plans to grow -How your company is going to communicate with customers -How you will advertise your product or service.
Section Six: Financial Information
On the next page (Cash Flow Projection Worksheet), please project your sales and expenses for the next three years. This section is the most important for investors and lenders because it shows that your company is built on a solid foundation. It also illustrates how your business will be able to meet financial obligations, while maintaining a positive cash flow balance. This section includes four spreadsheets: -Profit and Loss Projection: Shows your company’s ability to generate a net profit, or your bottom line. This is also known as income statement. -Cash Flow Projection: Displays the operating, investing, and financing activities of your company by detailing the money coming into and going out of your Financial Projections business. -Projected Balance Sheet: Estimates resources that your business will need, where they will be needed, and how they will be financed. -Break Even: Shows when your business will be able to cover all of its expenses and begin making a profit. If you do not have financial information prepared, research industry statistics to estimate what the profits and costs will be for your company. If you need assistance, contact Sitting Bull College Entrepreneurial Center, a local Small Business Development Center (SBDC) or SCORE—two of SBA’s resource partners—through the SBA.gov/Local assistance tool. All of these organizations have sites that provide free business counseling.
(Be specific: Please describe the # of items sold, # of clients served, billable hours, etc.)
(owner draw, equipment upgrades, debt reduction, cash reserve)