Just Google “startup business plans” and you’ll find a plethora of advice. These tips are great, but without an effective guide there’s a lot of vital information that can get missed.
We’ve put together a few steps that often get skipped over in the process. From our experts at Bargain Business Plan here are our a few pointers on how to prepare the best startup business plans.
Read on and let us know if you have any questions!
Launch your startup business plans with a quick description
Your description should narrow your vision and bring other portions of your startup plan into focus. You should include:
Your Business Type:
Whether its manufacturing or retail, product or service, describe what your business will do.
There are many ways to separate your business and personal liability. Be sure to do your research. Each business structure has different legal and tax implications.
You can choose from:
- Sole proprietorship
- S corporations
- C corporations.
- Limited liability company
If you already have your facility, include information on the area, the address, and square footage.
If you haven’t yet established a location, describe whether you plan to rent or buy and what terms will be used.
Licenses and Permits:
Depending on your business, your city or state may require special permits and licences. Your startup business plans should include details on local ordinances pertinent to your business. Explain which ones you’ve already obtained and what you need.
Pricing structure for your products and services
Most business plan guides include this section, but fail to mention your pricing structure. You should explain if you’ll have different prices for specific markets. Investors will also want to know if you will produce the product yourself, or purchase from a wholesaler.
If your business is service based, provide a description of each service and how you perform it. Include pricing for each one.
Perhaps the most important step! Collecting financial documents takes time and effort, but you should include:
Don’t leave anything out. This section should include:
- Licenses and fees
- Expenses related to advisers
- Costs for developing your business’s structure
Your startup business plans balance sheet should show:
- Owner equity (as of the startup date)
A Few Others:
- Month-by-month budget for your first year
- Pro Forma income projections – this should include the first three years of operations
- Break-even analysis – showing when you expect to break even on product or service sales
Your Own Financial Information:
Lenders and investors often require personal financial information from startup owners. Having this information ready to go is a great way to establish your reputation as a professional. Here’s what to include:
- Past 3 years of tax returns
- Credit score displayed on a recent report
- A statement of personal finances (an accountant can help you with this)
- A resume
Consult with a professional for your custom startup business plans!
Drawing up startup business plans is like writing trip itinerary. If you’ve never been to the destination, it may be hard to fill in the details. There’s no way to know what you’re missing!
Hiring a professional writer is a great way to make sure your business plan is as comprehensive as possible.
At Bargain Business Plan, our team of writers have helped hundreds of budding entrepreneurs in a wide array of sectors and industries. Call us today to find out how we can help your new business.