Name of Business

Add a Graphic here if you would like

(Logo, slogan, marketing, etc.)

Business Plan Prepared By:

Name, Ownership, Credentials

Email: ______

Phone: ______

Table of Contents

Executive Summary

Business Venture

Future Goals

Personal Goals

Industry and Market Analysis

Competitive Analysis

Competitive Advantage

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Target Market

Marketing Plan

Product

Price

Place

Promotion

Management and Operations

Management

Operating Plan

Financial Plan

Executive Summary

  • This section will appear first in the plan, but it should always be written after the rest of the plan has been completed.
  • The executive summary is a description of the business that provides a summary of the key points within the rest of the business plan. For example include:
  • The name of your business
  • The location of your business
  • The form of ownership (sole proprietorship, partnership, corporation)
  • Summary details of the product/service to be offered
  • The industry your business is operating in
  • Competitive advantage
  • Financing required (how much, for what and from what funding source?)

Business Venture

  • Indicate the name of the business
  • Specify the (anticipated) start date of your business.
  • Specify the structure of your business: sole-proprietorship, partnership, or corporation.
  • Provide the contact information for the business (if you do not have a business address yet, include your personal contact information: e-mail, website, phone number, social media sites).
  • The name of the owner and key individuals involved.
  • Where will your business be located?
  • Provide a brief description of your business and the products/services offered.
  • Any applicable historical information on the business (has it been operating for a period of time already, was it owned by someone else, what have you contributed thus faretc.).
  • How did you come up with this business idea? Outline why you think this business will be a success and what will make your business different from other similar businesses already in operation.
  • Will your business need extra financing in addition to the personal contribution you plan on making? If yes, how much do you think you will need?

Future Goals

List yourS.M.A.R.T (specific, measureable/meaningful, achievable/action-oriented, realistic and time-based) goals for the business and your strategies for achieving them after:

  • One Year: at least 3-5 SMART goals
  • Three Years:
  • Five Years:

Personal Goals

* What are your personal goals in relation to starting a small business (list at least three)?

Mission, Vision and Value Statements

Industry Analysis

  • Describe the industry that your business is operating in using The North American Industry Classification System (NAICS).
  • What is the size of this industry? (Support this figure with market research information including data and statistics.)
  • Is the industry growing, stable or declining?
  • What do you foresee as upcoming trends in the industry in the next 5 years? List three (e.g. political, economic, social, technological, environmental trends, etc.).

Example: 1) Development of CDs to MP3s. 2) Increase in living a healthy lifestyle

  • What have been the trends in the industry in the last 5 years? List a minimum of three and how do these trends influence your product/service offering?
  • PESTLE analysis (political, economic, social, technological and environmental factors)
  • Are there any specific standards or regulations for this type of business? What needs to be done in order for your business to legally operate? Any health and safety or building requirements?

Market Analysis

  • Does your business sell to individuals or other businesses?
  • If you are planning on selling to other businesses, where are they located?
  • What are the needs of your market?
  • How will your service satisfy these needs?
  • Demographic/ psychographic statistics applicable to your business
  • Is your business seasonal? Does it experience seasonal patterns? How will you manage this?
  • What is the market growth potential? (Analyze local, national and international markets for this information.)

-Site all market research sources and be sure to summarize what the statistics mean to your business

Competitive Analysis

  • List at least three of your competitors with their location, website, phone number, and years in business.
  • For each competitor, list their strengths and their weaknesses evaluating them on such things as pricing, product quality, customer service, location, assortment, etc.
  • Are there enough people in your target market to support the competition and your new business? Is your market saturated? For example: If you know that there are 17 fast food restaurants in the Parry Sound area, would it be wise to open another one?
  • What level of quality will the service be that you will offer? Remember, the price you charge will depend greatly on the quality of the product or service that you are offering in comparison to your competitors.

Competitive Advantage

  • List the main features or advantages that will entice customers to buy from you. For example: convenience, service, guarantees, etc. Clearly state your competitive advantage – What do you do better than your competition?

SWOT Analysis

Strengths

  • What are your advantages? What do you do well? List at least five strengths of your business.

Weaknesses

  • What could be improved? What should be discontinued? List at least five weaknesses of your business. Include how you will improve these weaknesses, or account for them.

Things to consider for the Internal (controllable within the business) component of the SWOT Analysis (strengths, weaknesses):

Management/personnel (levels of education, experience, behavior, etc.), product/ service offerings, marketing, financial situation, hours of operation, location, exclusivity of products or services, patents and trade secrets.

Opportunities

  • What potential opportunities can you find for your business? List at least five opportunities for your business. What conditions in the industry or community can the business use to improve its position?

Threats

  • What obstacles do you face? What could happen that would create a disadvantage to your business operations? List at least five threats or risk factors to your business

Things to consider for the External (outside of the business) component of the SWOT Analysis (opportunities, threats):

Customers, competitors, manufacturer/supplier (relationship, credit terms), partnerships, new/old technology, trends, economic factors, political and regulatory changes (access for disabled persons, anti-smoking)

  • Include a contingency plan for the included threats

Target Market

If you are targeting individuals, you will be selling to many people. Describe the group of customers who will make up the bulk of your sales using the following description types. Be specific! Describing this group helps you understand who your customers are and recognize where you need to concentrate your sales efforts. You can still sell to others not considered below and you can segment your markets if appropriate.

  • Geographic (where your target customer lives)
  • Demographic (age range, income range, gender, occupation)
  • Psychographic (attributes relating to personality, values, attitudes, interests, lifestyles, the product/service benefits they want)
  • Behavioral Patterns (occasionon which a product or service is consumed or purchased, usage, loyalty and benefits sought)

If you are targeting other businesses, describe your ideal customer by identifying the type of business you are targeting.

  • Are there any seasonal trends related to your market?

Example: If you are operating a campground business, chances are that it will be busier in the summer/holiday months.

  • How often will your customers make purchases? Daily? Monthly? Weekly? One time only?
  • Who influences in the buying decision?
  • Provide an estimate of how many potential customers are in your market area. How much of the market “pie” are you planning on capturing?

Marketing Plan

Product

  • Explain in detail what products/services you will be offering.
  • What are your product/service’s unique features?
  • How long has the product or service you are offering been available to consumers?
  • What are the competitive advantages of your product/service compared to the others already in the market?
  • List the specific benefits of your product or service.
  • How does your product or service meet the needs of the market?
  • How are you going to position your product/service against the competition (e.g. higher price, higher quality, better selection, etc.)?
  • Are there any existing or pending copyrights, trademarks or patents for your product or service?

Price

  • What do you plan to charge for your product or service?
  • How did you get to that price?
  • How does your pricing compare with that of your competitors? I.e. lower, higher?
  • What forms of payment do you plan to accept at your business: credit card, debit, cash, personalcheque?
  • Will you have any warranties or guarantees in place?
  • What are your terms of sale? (e.g. credit payments of 30 days, deposits required)
  • What types of discounts will you offer?
  • What is the markup (profit per item) on your products? Use an average figure to make this easier. Include your “method” as in the example below.

Scenario / Step 1 / Step 2
A shirt costs $15 for a business to buy The business sells it for $35
The profit is $20
The markup is 133% / Selling price
- Cost to buy
= Profit
$35-$15=$20 / Profit ÷ Cost
= Markup %
$20 ÷ $15 = 133%

Place

  • Where will you sell and distribute your product/service? (online, mobile, storefront)
  • What makes this a good location? (e.g. high traffic, ample parking, low cost, etc.)
  • What distribution channels will you use? How will you get your product or service to the market?

Promotion

  • What types of media do you plan to use to generate awareness for your business?
  • What is your advertising strategy? When will you start advertising? How frequently will you run ads? How long will you advertise for?
  • Will you use the services of an advertising agency or will you be solely responsible for generating awareness of your business?
  • Outline details about business cards, social media strategy, sponsorship, networking flyers, website, etc.
  • Estimate how much your promotional activities will cost.
  • How and where can you obtain free publicity? For example networking opportunities, partnerships, social media (Facebook, Twitter, LinkedIn, etc.)
  • Are you planning on doing a grand opening to help generate awareness? If so, what are the details? How are you going to promote it?

Management and Operations

Management

This section outlines the business’ legal structure and management team, including internal management, external management or advisory resources/assistance and any human resources the business will require to successfully conduct operations.

  • List all of the positions that will be part of your business and clearly outline the duties and responsibilities of each (job descriptions including PT/FT, wages, duties, etc.)
  • What duties and responsibilities will you be accountable for?
  • Outline your own experience and strengths and explain how you will be able to perform the tasks you are responsible for.
  • Indicate some areas of weakness where you may require some help and guidance.
  • Where will you get this guidance?
  • Which functions of your business, if any, will you be outsourcing?

Operating Plan

  • Is your business a home-based or commercial location?

Outline all details of your location (square footage, environment, address, etc.)

What are the advantages/disadvantages to this location? List a minimum of four advantages and disadvantages. Example: Good visibility, lots of parking, too small, little traffic flow, etc.

Advantages:

Disadvantages:

  • Will you need to invest any funds into upgrading your location?
  • What are your hours of operation?
  • Are there any specific zoning requirements for this type of business (Make sure you contact the Zoning Department for your municipality)?

Contact your insurance provider to obtain quotes for the coverage necessary for your business. Include cost, duration of coverage and contact information for the insurance provider (commercial general liability insurance, vehicle insurance, home insurance, property Insurance) .

  • Make a list of the equipment/supplies that you already own for this business.
  • Who are your suppliers? Describe the relationship you will have with them. Include ordering, payment and shipping information.

Explain daily operations of this business. How will you make money? List what you will do step by step. Example: explain how you will make sales, customer service, administration, marketing, etc.

  • Will you buy or lease necessary facilities/equipment? List what you need for each category:

Buy:

Lease:

Financial Plan

  • Approximately how much money will you require to start your business?
  • What are the costs associated with your location?
  • What are your largest expenditures?
  • Where do you plan on getting this financing? (Loan from a financial institution, loan from friend/family, personal investment, etc.)
  • What are the repayment terms for the other sources (interest rate, length of the loan)?
  • INCLUDE & EXPLAIN your 3 year Projected Cash Flow with accompanying 3 year Projected Income Statement, and Start-up Expense Sheet.

Appendices

  • Glossary of Terms
  • Resumes for Key Personnel
  • Market Surveys
  • Organizational Chart
  • Additional Supporting Documents

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The Business Centre Nipissing Parry Sound Inc. 2016