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The Complete Book of Business Plans

ISBN: 9781402207631

By: Joseph CovelloBrian Hazelgren

Published: 10/01/2006

Over 143,000 copies in print!

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Do You Have What it Takes to Start Your Own Business? Excerpted from Complete Book of Business Plans by Brian Hazelgren and Joseph Covello ©2006 A Few Facts It is estimated that over one million new businesses are started in America each year, from small-scale home-based businesses to large corporate enterprises requiring many millions of dollars of start-up capital. Of all of these new businesses, it is anticipated that only one in five will make it to their fifth anniversary and will be achieving the results they originally forecasted at start-up. That is an alarming statistic! Why in the world would only one out of five businesses in the “Land of Opportunity” survive, even for a relatively short period of time? There are several reasons why, yet the most common reason just happens to be the most controllable. The bottom line is that there is no magic equation for success; however, one basic rule holds true: “A business owner or business manager who fails to plan, plans to fail.” A business plan helps entrepreneurs think through their strategies, balance their enthusiasm with facts, and recognize their limitations. It will help you avoid potentially disastrous errors like undercapitalizing, creating negative cash flow, hiring the wrong people, selecting the wrong location, underestimating your competition, and pursuing the wrong market. A winning business plan requires time. Plan to spend fifty to one hundred fifty hours crafting a complete and comprehensive business plan, including research, documentation, analysis, and review. Entrepreneurs should really start planning at least six months before they intend to open or expand their business or begin raising capital. Most entrepreneurs will need to devote time to the start-up while still working another job, or if they are expanding an existing business, they need to continue to run the day-to-day operations. Six months gives you time to sharpen and focus your business ideas and concepts while you are testing your assumptions. The Journey Begins with You Many opportunities exist for each of us for going into business for ourselves. The opportunities are immense and can range from the thousands of home-based businesses available to the array of small-, medium-, and large-sized businesses in the manufacturing, distribution, retail, and service arenas. It is estimated that the largest corporations only account for 20 percent of the jobs in the United States. The remaining workforce is mainly employed by local, city, state, and federal governments; nonprofit organizations; and entrepreneurs, like yourself, who are willing to go out into the marketplace and take a huge risk in order to create their own journey and live life on their terms. Writing a comprehensive and complete business plan will help you get your journey started on the right foot and avoid some of the pitfalls that plague entrepreneurs because they are shooting from the hip and banking on assumptions that are misleading, incomplete, or just flat-out incorrect. Over the years, we have had many individuals come to us with ideas, concepts, and inventions that they felt were surefire winners. Upon thoroughly researching what they wanted to do as part of the business planning process, they discovered for one reason or another—whether it was undercapitalization, wrong market timing, inadequate market size, poor management or people skills, or poor products or services—that their “surefire winner” was nothing more than pie in the sky. Before you set off on this journey, there are certain issues and questions you should first consider that will be helpful in determining whether what you are planning to do is actually right for you and right for the marketplace. First, consider what impact a start-up may have on you, your family, and other relationships: • Your income will suffer. • Your work hours will multiply. • Your family relationships will be strained. • You will expend your personal cash or be in debt. • You will sometimes feel like you are running behind. • You may become more irritable or critical with people around you. • You will see less of your friends and family. • You may get more headaches, backaches, or stomachaches. • You will feel guilty at times if you are not working. • Your life, for a time, may seem like all work and no play. Second, ask yourself the following questions: • How much money do I have to invest? • Can I attract other investors? • What amount of return do I want? • What do I do well? • What do I like to do the most and what do I have the most fun with? • Will I be committed to working harder and longer hours? • How do I make up for my shortcomings? • Will I devote time to continuous personal development? Whoa! That may seem overwhelming, but do not despair because these feelings and circumstances are a normal part of starting a business or embarking on a new project. We just want to make you aware of some of the challenges you will be facing. During your journey there will be a lot of traffic and a lot of obstacles in your way and when it comes time to cross the street, we want to make sure you look both ways and back again so you have a successful and efficient crossing. The worst thing you can do is go into your business blind. The second worst thing you can do is give up. As Robert Donovan once said, “Giving up is the ultimate tragedy.” Roles You’ll Be Expected to Play If you’re currently employed, you have firsthand knowledge of what it’s like to be an employee. If you think going into business for yourself will mostly mean doing the same thing but for yourself, you’re in for a surprise. If you are writing your business plan to launch a small business, you should know that small-business owners are responsible for the entire business, which involves a lot more than just providing goods or services. It’s likely that all the administrative and managerial duties currently performed by your employer will fall on your shoulders after you create your new business. To evaluate your own aptitude for business ownership, at a minimum you need to understand the responsibilities of ownership. This includes what is involved in owning a business and what roles you will have to play if you own one. This is a good place to start if you’re considering starting your own business but haven’t owned one before. Ask yourself, what is really involved in running a successful enterprise? Do I possess the right skills to carry it out? We’ve all heard of the stressed executive who complains that he is overworked because he has to wear two or three hats at his company. Most small business owners would give anything to wear only two or three hats! Sales taxes and payroll or self-employment taxes have to be collected, forms need to be completed, and payments need to be made. Accounts receivable must be collected, deposits must be made to the bank, and accounts payable will have to be paid in a timely manner. Providing customer service, keeping the appropriate equipment and supplies in stock, and tracking and maintaining inventory and work in progress are activities vital to most businesses. You’ll be doing all these things in addition to the activities that directly relate to providing goods or services to your customers. Here is a look at some of the roles you can expect to play when owning your own business: • Business Planner: As you run your business, you will inevitably want to make changes, perhaps to expand the business or add a new product line. If you want to make a change, it will be your responsibility to actually do it. You will have to plan it and execute it, and you will have to consider all of the ramifications of your decision. • Market Researcher: Before you start or expand your business, you will have to find out who your customers are and where they’re located. You may also have to conduct market research at various times during the life of your business, such as when you are considering introducing a new product. • Sales/Marketing/Advertising Executive: In addition to having to plan your marketing or advertising campaign, you will have to carry it out. You may write advertising copy, do some preliminary market research, visit potential customers, and make sure existing customers stay happy. Depending upon the type of business you own, you may have to join business groups; attend various breakfasts, lunches, and dinners; and generally network with anyone who could help your business prosper. • Accountant: Even if you have an accountant, you will have to know a lot about accounting, including which records to keep and how to organize them. If you don’t have an accountant, you will also have to prepare all of your tax forms and you will have to know how to prepare and interpret all of your own financial statements. • Tax Collector: If you sell goods at the retail level, you are responsible for collecting a sales tax for various government entities. If you have employees, you are responsible for collecting payroll taxes from them as well as filing monthly and quarterly forms to the applicable government agency. • Bill Collector: When customers don’t pay, it will be up to you to collect from them. You will have to know what you can and can’t do when collecting monies owed you, and you will have to decide how best to collect them and when to give up. • Human Resource Manager: If you have employees, you will be responsible for all the human-resources-related functions, including recruiting, hiring, firing, and keeping track of all the employee benefits information. You will also be the one filling out all the insurance forms, answering employee questions and complaints, and making the decisions about whether you should change the benefits package you offer your employees. • Lawyer: Even if you have a lawyer, you will have to know a lot about the law. If you choose not to have a lawyer, you will have to prepare all of your own contracts and other documents and understand all of the employment laws if you have employees or want to hire someone. • Technology Expert: As a business owner, you will probably come to depend upon your computer and you will have to load software, install upgrades, and fix the computer when it breaks. You will also have to keep up with the newest products and the latest changes in technology. • Clerk/Receptionist/Typist/Secretary: Even if you have clerical help, you’ll inevitably do some filing, typing, mailing, and telephone answering. You’ll have to know how to handle a variety of tasks so that when you hire help, you can teach them what to do. It is critical to review this list of the important responsibilities involved in running a business so you can realistically start to appraise your chances for success. Obviously, much of your time will be spent on handling the responsibilities imposed on you as a business owner. If you’re going to succeed, you’ll have to do so in the time that remains. Don’t make the mistake of underestimating the cost, in hours, of being in business for yourself. A person who spends forty hours a week focused on his work will have to work a lot more hours as a business owner to get in forty hours of activity directly related to providing customers with goods or services. During the start-up period, you’ll probably be the busiest you’ve ever been in your life. Starting a business takes a lot of courage. But as they say, courage doesn’t pay the bills. To stay in business and be successful, you need more than courage. You need a combination of hard work, skill, perseverance, proper planning, and sometimes old-fashioned luck. What do you want from your business? If you want to succeed, how will you know when you get there? Knowing what you want from your business permeates all of the other decisions you will have to make in starting a new business. It will affect which business you choose, how you evaluate your chances for success, and how you determine if you have the right skills. Before you begin this new venture, find out if you have the right stuff. Can You Handle the Impact on Your Life? As we continue our discussion of being a business owner, you should realize that it is fundamentally different from being an employee. The distinction between work time and personal time can get a little blurry. If a problem arises with the business, it’s your problem, and it won’t go away merely because you’ve closed the doors for the day. Decisions you make regarding the business will have a direct and immediate impact on your personal life. For example, if you’re in retail and decide to remain open evenings, it’s your time that’s affected. And you’re likely to be on call twenty-four hours a day in the event that an emergency arises regarding your business. We have been called in the middle of the night because our building was broken into, and of course, we had to travel to the office to investigate the problem. The impact is even greater if your business involves working out of your home. You may experience conflicts over the use of space for business or personal purposes. The distinction between your personal life and business life is even further attenuated. Even when you’re at home, you’re also physically at work. On the upside, there’s no commute and you can eat more cheaply at home. If you have a family, it’s important to measure the impact opening a new business will have on them. It’s best to discuss this as soon as you seriously start to consider the idea. Both you and your family must be willing to put up with the changes in your lives that owning a business will bring. Some people experience emotional and physical strain from being in their own business and working the hours it takes to make it successful. The following aspects of day-to-day living may seriously be affected by your decision to open your own business: • Security and source of income: One of the biggest differences between being a business owner and being a full-time or salaried employee is the source of your income. Full-time or salaried employees can generally expect to receive a paycheck for a known amount at fixed intervals. As the owner of a new business, you will be paid only when and if the business generates enough money. Even successful businesses rarely generate a profit in the beginning stages of operation. You will have to be prepared for a period of time during which your expenses will exceed any income derived from the new business. • Health insurance: Although employees are being called upon to pay an increasingly larger share of health insurance costs, it’s even tougher for a business owner. There is no employer to pick up some portion of the premium cost. There’s no pool of employees that would allow you to negotiate a more favorable rate than you can get on an individual policy. On the other hand, you may be able to join an association of other businesses so you can take advantage of less expensive group insurance rates. For those covered under employer-provided health care plans who leave to start a business, check with your employer to see if you have the option of continuing coverage under the COBRA law (Consolidated Omnibus Budget Reconciliation Act). If so, you will be responsible for the full cost of premiums since the employer is not responsible for contributing anything for you. Also, you’re entitled to continued coverage for a limited period of time, as little as eighteen months or as long as thirty-six months, depending on the circumstances. You might be able to get better coverage for the same cost elsewhere. If you are married and your spouse has insurance through an employer plan, consider coverage through that plan. • Retirement savings: Retirement savings are a little different from health insurance. If you don’t have health insurance and experience a catastrophic injury or disease, you may be wiped out. The impact of failing to save for your retirement can be even more damaging, but people tend to minimize the risk because “retirement is such a long way off.” It is no surprise the saving rate is higher among employees than newer business owners. Employer-sponsored plans provide a convenient and painless way to set aside a portion of each paycheck. A business owner has to make a conscious decision to save, outside the framework of a plan administered by someone else. That decision often can be deferred or forgotten when you feel the cash coming in has to be put right back into the business. So, Do You Have the Right Stuff? If asked whether they had the “right stuff” to run a business, most people who are interested in starting a new business would answer with a resounding “yes.” But the purpose of this evaluation is not just to arrive at a yes or no answer. The purpose is to help you assess your strengths and weaknesses so that you will be in a better position to make certain decisions before you start a new business. Do your best to gauge the scope of activities that make up the business you have in mind. Be particularly careful not to overlook the less enjoyable aspects of the business—every business has a few. Regardless of your desire to go into business for yourself, if you lack necessary skills, it’s unlikely you will succeed unless you find a way to compensate. Should you take on partners? Should you hire an accountant or a lawyer? Should you hire a store manager if you’re opening a retail business? Should you work from home? Your answers to these questions and many others will depend in large part upon which skills you have and which skills you lack. To begin the process of examining your strengths and weaknesses, complete the following steps: • Assess your strengths and weaknesses. • Examine the personality traits of a successful owner. • Compare the two lists and determine what the areas are in which you need to improve, or hire people or outside consultants to assist you. If you already feel that you know your strengths and weaknesses, you can move straight to evaluating your chances for success, which is an evaluation of your business idea, as opposed to an evaluation of yourself. What Are Your Goals? Why is it that you want to start a business? Money? Fame? Personal freedom? Ego gratification? Retirement income? Uncertainty about getting rehired or retrained? Discomfort with larger organizations? If someone were to ask you why you’re going into business for yourself, what would you say? It is very important that you know your reason why, because it will be your “why” that drives you to be successful. For many people, it helps to translate their expectations and desires into concrete terms by setting long- and short-term goals. When you have a solid mix of long- and short-term goals, you create a balance that can be implemented into a solid plan of action. Long-term goals for the entrepreneur typically fall into one of the following three broad categories: • Economic goals: For many entrepreneurs, this is a strong inducement. The opportunity to increase personal earnings and achieve their financial potential is often a powerful motivation in starting a business. • Personal Goals: Unlike money, many of these factors can’t be quantified but are important nevertheless. For many people, the chance to build something of their own, according to their own vision, is what drives them to start a business. • Retirement Goals: It’s vital for everyone, employee and entrepreneur alike, to recognize that there will come a time when they want to kick back and enjoy the fruits of their labors. In this time of growing concern over the continued viability of the Social Security system, any goal setting you do should involve consideration of your needs after you’ve built and run your business. Short-term goals are vital in your journey. They will fill you with a sense of accomplishment as you complete each one and will provide hope and energy as you progress toward meeting your long-term goals. Your short-term goals should be realistic and achievable. Your short-term goals may include selecting a name for the business that you’re happy with, obtaining a business license in a timely manner, finding a good business lawyer, or establishing a business credit card account. It will be important psychologically in those chaotic first months to be able to feel that you’re making some progress. Short-term goals can help you achieve those small but crucial victories. Why Goals Are Important Goals are important because they will affect just about everything you do as you plan and operate your business. Goals are not just the destination you’re driving toward, but they’re also the painted white lines that keep you on the road. Let’s say you have a job that pays you $35,000. You hate your job and yearn to leave. You have an idea for a small business that involves servicing a small niche market, and you set a goal of being recognized as the expert in that niche area within five years. You analyze your idea and discover that while no one else is servicing that market, it’s a small market, and you’re not likely to make more than $32,000 for at least the first three years. Yet you also discover that because your business is unique and your chances of reaching your goals and becoming a recognized expert are good, you’ll have much greater income potential after the first three years. Despite the cut in income for three years, you decide the risks are worth it and that you’ll start the new business. Of course, goals won’t just determine whether you start a business; they’ll also play a prominent role in just about every decision you make along the way, from how you structure your business planning to whether you hire employees to how you sell and market your product or services. Once you have some idea of what your general goals are, the next step is to make those goals concrete by quantifying them. It’s not enough just to say, for example, that you want to change professions or that you want to be your own boss. You’ll need to develop specific targets by quantifying your goals. How to Quantify Your Goals Quantifying your goals can be a long process. You’ll have to gather a lot more information before you’re ready to set specific targets that you’ll incorporate into your business plan. But before we move on to the process of getting that information, let’s take a look at some of the guidelines you should follow when quantifying your goals: • Be specific: Establish targets that can be easily measured, and use numbers as targets whenever possible. For example, you may set a goal of selling your goods or services across a particular number of counties or states, having a certain number of employees, or reaching a particular level of sales. Set measurable objectives such as sales or sales growth, profitability or profit growth, market share as published by an objective and accessible source, and gross margin as percent of sales, for example. Avoid setting vague goals that can’t be tracked. Where general or intangible goals are important to your business, find a way to make them specific. For example, if customer satisfaction is a priority, put your objectives in terms of percent of returns, specific numbers of complaints or letters of praise, or some other measure related to satisfaction. If image or awareness is a priority, include a survey that allows you to obtain information on how people feel about your products or services and how knowledgeable they are about them. You can build a customer satisfaction survey into your plan, set the sample size and satisfaction scores you want to achieve, then carry out the survey to check on success. In addition to setting these specific goals, tie those numbers to specific periods such as within six months, within two years, within ten years, etc. Making your goals concrete is the best way—possibly the only way—to tell when you’ve achieved them. Tracking your progress toward your goals with measured results is critical. • Be realistic: Having high expectations is great, but make sure that you establish targets that are reasonable and achievable. If you’re opening a fast-food restaurant, to say that you want to be bigger than McDonald’s within six months is not realistic. • Be aggressive: You can be realistic and still aim high. Don’t set goals that are too easily achieved and make sure you also set both short- and long-term goals. If after six months in business you accomplish all of your goals, then what? Don’t sell yourself short. If you want to be bigger than McDonald’s within twenty years, go for it. • Be consistent: Beware of inadvertently setting inconsistent goals. For example, a goal of growing fast enough to have three employees within two years might be inconsistent with a goal of earning a particular amount of money if the cost of adding the employees ends up temporarily reducing your income below the target level. There is nothing wrong with having both goals. Just be aware that potential conflict exists and you should establish priorities among your goals so that you’ll know which ones are most important to you. Develop a Foundation—Set Your Goals and Objectives When developing your goals and objectives, generate a numbered list of a few selected objectives. Then pare this list to about ten goals, because a shorter list will make it easier to focus. Some people have a hard time setting goals because they just don’t know where to start. If this applies to you, try this simple exercise designed to help you get focused on your goals and objectives. Start with an easily quantifiable goal. Then list the amount of money you’ll need to earn in order to cover your living expenses and to run the business since, no matter what, you’ll need to make enough to make ends meet. Only when you have met that need can you begin to look to other goals. Involving an External Coach We have thrown a lot at you so far and you may be saying to yourself, “Wow! There is a whole lot more to it than I originally thought. How will I get it all done?” Well, hang in there! For an organization with little or no experience in planning, an external coach or consultant can enhance the planning process by providing the following services: • Facilitating retreats, meetings, and the planning process as a whole: The use of a consultant to serve as the “conversation traffic cop” is one method of ensuring that good ideas do not get lost in the process as emotions run high or personalities clash. A consultant can work with an organization to minimize planning barriers that impact effectiveness, using his experience as a source of tried-and-true techniques. • Training in planning information and processes: It is critical for everyone involved in the planning process to speak the same language and use the same planning tools. External consultants can provide that conduit of information flow and education. • Providing an objective and different perspective in the process: As an outsider to the organization, the consultant can ask questions and challenge existing traditions, assumptions, and routines more objectively than staff and board members. Often planners do not realize that they are using jargon or have made certain assumptions about their constituency. Having an outside consultant participate in the planning process helps ensure that organizations stay true to a key feature of the planning process—a willingness to question the status quo. • The process expert role: A consultant who has facilitated and conducted many strategic planning sessions can provide significant information and advice on tools and procedures that can help you best accomplish your process and content goals. When looking to hire external coaches and consultants, ask for quality referrals from people or organizations you trust, like your family and friends, your local chamber of commerce, your law firm, and your accounting firm. Before hiring or retaining anyone or any firm, make certain that you meet with them, learn exactly what they do, and what services they feel they can provide that would be beneficial for you and your business. Also, ask them for contact information on clients they currently work with and get a general description of what industry these clients are in, along with how they have helped them improve their business. You can use this information to check references and choose the right external coaches or consultants for your business.

About the Author

Joseph A. Covello

Brian Hazelgren founded goStrategy to focus on all aspects of strategic consulting for small and medium enterprises. Brian has a degree in marketing from Western International University, with a minor in finance. Brian has authored and coauthored five books, including Your First Business Plan and The Complete Book of Business Plans, and has produced two business CDs. His latest work, Power Planning: The New Era in Strategic Thinking is the manual used in the goStrategy strategic planning courses. Brian is an Adjunct Professor at the University of Utah where he is one of four professors chosen to start the new Entrepreneurship program at the University. He is also a frequent guest on radio talk shows throughout the country. He has 17 years in the business/strategic planning and technology fields. Brian has been a radio talk show host on the No. 1 station in the Phoenix, AZ market. His show was called "All About Business" and he focused on topics geared towards assisting business owners and managers in running a better organization. Brian has owned and operated a successful manufacturing and distribution company, which produced the popular Gumball Wizard and Gumball Mania vending machines. His products were frequently featured on The Price is Right, as the number one product in the Sharper Image Catalog and in three Hollywood movies (Richie Rich, First Kid and Monolith). Brian spent four years with Sprint Paranet, a division of Sprint, as a Regional Director. While at Sprint, Brian received several awards, including the first ever Outstanding Achievement Award, the Division Managers Award, the Marketing Aptitude Award, the 120% of Goal Award, Para 100 and the Fast Start Award. As a start-up under Brian's leadership, Sprint Paranet Utah was awarded the No. 1 IT Consulting Firm Award in the State of Utah. This was accomplished after only 2 years in the Intermountain market. During the early phases of the Internet, Brian started a Phoenix, AZ based ISP that was soon voted the No. 3 ISP in the state of Arizona. He sold his interests in this business. Brian was a member of the BYU national championship football team in 1984. He was a sprinter in track and field and has held five records in track and field in the state of Utah. He was drafted to play professional baseball out of high school, but chose to play football. Brian is the father of six children, with two sets of twins. He and his lovely wife of 15 years, Ann Christensen Hazelgren, live in Riverton, Utah. ********* Joe Covello is the founder of The Covello Group, a professional firm specializing in business planning and finance located in Clearwater, Florida and serving the greater Tampa Bay area. His firm services small- and medium-size clients in various industries including manufacturing, distribution, service, and retail. Joe holds a Masters of Business Administration Degree in Finance from Fairleigh Dickinson University and he has a Bachelor of Arts Degree in Accounting from William Paterson University. He has co-authored two books, Your First Business Plan and The Complete Book of Business Plans. In addition he has written several notable papers on business related subjects. He has a been a radio talk show co-host with Brian Hazelgren on the number one station in the Phoenix, AZ market. The show was called "All About Business" and the focus topics were geared toward assisting business owners and managers in creating business efficiencies in management, sales, marketing, production, and finance. In addition, Joe served as an adjunct faculty member for the State of Arizona Community College District were he taught classes in sales, marketing, management, human relations, and business planning. He was instrumental in creating, developing, and presenting the course on business planning to the College District Board where it was approved and implemented as an official course to be used throughout the College District. Over his twenty-four year career, he has been hired into several key management positions for the primary purpose to spearhead business start-ups, turnarounds, and expansions. During his tenure, each business enterprise achieved higher sales levels, increased employee moral and productivity, and a more profitable bottom line.

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Table of Contents

Introduction -

Section One: Getting Ready to Write Your Winning Business Plan

Chapter 1: Evaluating You and Your Business Idea -
- A Few Facts
- The Journey Begins With You
- What Are Your Goals?
- Involving an External Coach
- Self-Development and Self-Improvement
- The Journey Continues with Your Business Idea

Chapter 2: Powerful Guidelines for Writing a Winning Business Plan -
- Ready, Set, Almost Go
- Your Heart and Soul
- What Potential Suppliers of Capital Look at First
- Create Your Unique Selling Advantage
- Define Your Business
- Name Your Business
- Contents of Your Winning Business Plan
- Anticipated Challenges and Planned Responses
- Practical Tips

Chapter 3: 100-Plus Questions to Personal and Business Success
- General Personal Questions
- General Business Questions
- Customer and Competition Questions
- Marketing Questions
- Sales Questions
- Advertising Questions
- Internet Strategy Questions
- Products and Services Questions
- Production and Facility Questions
- Management Questions
- Finance Questions

Chapter 4: Sample Business Plan—Forward Tech, Inc. -

Section Two: Writing Your Winning Business Plan -

Chapter 5: Company Overview -
- Knowing Who You Are
- Your Company Overview

Chapter 6: Product and Service Description -
- Making it Count

Chapter 7: Market Analysis -
- Doing Your Homework

Chapter 8: Marketing and Sales Strategy -
- Planning for Gold
- Establish Marketing Objectives
- Advertising and Promotion Ideas
- Selling Tactics

Chapter 9: Internet Strategy -
- Selling Your Website
- How to Calculate ROI for Your Website

Chapter 10: Management and Personnel Plan -
- Leading the Way
- Your Formal Organization

Chapter 11: Financial Projections -
- Counting the Money
- Your Financial Management Tool
- Profit and Loss Statement
- Balance Sheet
- Statement of Resource Needs
- Assumptions Page
- Break-even Analysis

Chapter 12: Executive Summary -
- Preparing Your Sizzle

Chapter 13: Appendix Section of Your Business Plan -
- Supporting Your Claims

Section Three: Implementing Your Winning Business Plan -

Chapter 14: Raising Capital -
- A Winning Business Plan is a Must
- Basic Principles of Getting Funded
- Answer the #1 Question on Their Minds
- Hone Your Presentation Skills
- Backyard Funding
- An Investor-Ready Business Plan

Chapter 15: The Future and Building Your Business -
- The Good and the Bad
- Sharpening Your Tools
- Practicing “Nichecraft”
- Finding Your Hidden Resources
- Funding Future Growth

Chapter 16: Other Considerations and Helpful Hints -
- Developing a Center of Influence
- Brainstorming for New Ideas
- Patents, Copyrights, Trademarks, and Secret Formulas
- Government Contracts

Section Four: Knowledge Building for Preparing Your Winning Business Plan -

Chapter 17: Financial Ratios, Glossary, and Chart of Accounts -
- Financial Ratios
- Solvency Ratios
- Profitability Ratios
- Efficiency Ratios
- Leverage Ratios
- Glossary
- Sample Chart of Accounts

Chapter 18: Helpful Internet Links -

Section Five: Samples of Winning Business Plans -
- ABC Consulting & Training -
- Artistic Studios -
- Enviro-Friendly Products -
- Global Wholesale -
- Jeff Miller Landscapes, LCC -
- MacuGen, Inc -
- Moore Pharmacy -
- Product Manufacturing Company -
- TRM LLC -
- XYZ Consulting Co., LCC -

Excerpt

Do You Have What it Takes to Start Your Own Business?

A Few Facts
It is estimated that over one million new businesses are started in America each year, from small-scale home-based businesse...

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Specs

Format: Paperback

Dimensions
Length: 11 in
Width: 8.5 in
Weight: 34.10 oz
Page Count: 512 pages

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