The process begins with crafting a mission and vision statement, defining company objectives, and performing an analysis of company strengths, weaknesses, opportunities and threats.
Location and Facilities optional 1. Company Overview There are many variations and approaches on how to lay out the various components of a business plan. The primer below is meant only to explain the broad differences between the most common company types.
So for example, if you sell someone a cupcake and they sue you because they found a hair in it, and you lose in court, the creditors can legally go after your personal possessions — such as the roof over your head. Partnerships A partnership, according to the IRS: Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the company.
Corporations A corporation is a separate legal entity owned by shareholders. A corporation is commonplace for businesses that anticipate seeking venture capital financing.
S-Corporations You can elect a special tax status with the IRS to have your corporation not be taxed at the corporate level instead, it would be taxed as a pass-through entity.
If you have not yet incorporated Describe the type of company you plan to open, along with the registered name you plan to use.
Explain your rationale — for example, if you are starting a company where you plan on seeking venture capital financing, then you will want to start a C-Corporation as majority of VCs will insist on this legal structure.
Management Team For start-ups, and especially those seeking financing, the Management Team section is especially critical. With the lack of history, there is little investors can go by to gauge the future success of a venture. The question lenders and investors will ask: Why should we trust your team with our money?
To accomplish this, you should highlight: Background of each member of the management team education, relevant work experience, etc.
Roles and responsibilities within the company. For established businesses If you have an established business the information you want to present is the same.
Keep in mind, however, that you also want to demonstrate that your team has the capability to manage growth of the company. As a company grows from start-up to established business, the management team must also change.
What is a Board of Directors? In a publically trading company the Board of Directors is elected by the shareholders and is the highest authority in the management of the company. For our purposes context of a private company that is most likely a startup or small but growing businessa Board of Directors is comprised of investor sfounder sCEO and independent board member s who have substantial business and industry experience.
What is an Advisory Board? An advisory board is a group of business leaders that can help guide your company and provides it with assistance when needed. Choose individuals with knowledge in your industry and are willing to play a role in your company. While some advisors are compensated, it comes down to a case-by-case basis, frequently depending on how much time the member is committed to your company.
Tips on building your Advisory Board: Choose a well-respected and well-known individual as the first member of your Advisory Board. This will help you to recruit other members of the Board.Bplans offers free business plan samples and templates, business planning resources, How-to articles, financial calculators, industry reports and entrepreneurship webinars.
Strategic Planning is among the most widely used and perhaps among the most abused management terminology in modern day business.
If one were to ask the CEO of any large organization why Strategic Planning is needed, the responses would be varied: Resources are finite and we need to have clear line.
The Resilience Roadmap: A Guide to Building Your Ideal Business [Danny Morel] on attheheels.com *FREE* shipping on qualifying offers. As a teenager, real-estate broker Danny Morel felt he was destined to do great things. Even though he had to contend with a lackluster education system and lived on welfare in a single-parent home.
It’s ideal for every entrepreneur to prepare or know how to write a business plan in Nigeria or anywhere else around the world. Whether you’re starting a business, running a business or about to expand a business, having a business plan as a road map to follow is crucial to your success.
What is a business plan? A business plan is a document that defines why you're in business, your goals, and how you will achieve them. It covers all major aspects of your business, including your financial plan, operations plan, marketing plan, and more. Strategic Planning is among the most widely used and perhaps among the most abused management terminology in modern day business.
If one were to ask the CEO of any large organization why Strategic Planning is needed, the responses would be varied.