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Create Your Business Plan A SCORE Seminar Sponsored by Southwest Florida SCORE Chapter 219 In cooperation with Edison College Session 4
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Agenda Discussion of Financial Results Summarize Business Plan Content Future Steps Plan Presentations by Participants Revisit Expectations Awards Critique of Course and Instructors
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The Business Plan – Financials Where the rubber meets the road!
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The Business Plan – Financials If the financials do not support the idea: Go back to The Market section. Look for another related niche. It is better/easier to enhance revenue than to cut cost. Look at your high cost items (not the little things). Are there alternatives in location cost, advertising, benefits, salaries? Do the first two together. Before giving up, is there another option, e.g., buying an existing business, merging with a competitor, starting elsewhere.
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The Business Plan – Financials If this dog won’t hunt, then why go hunting?
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Business Plan Format Narratives Executive Summary (done last) The Market The Business The Marketing Plan The Operational Plan The Management Plan The Business Support Plan (legal, insurance, accounting and banking) Financials Balance Sheet/Net Worth Sources and Application of funds Capital Equipment List Year 1 Income Projection Year 2 Income Projection Year 3 Income Projection Cash Flow Projection Break Even Analysis * Formats do vary. Our course will use this particular one for consistency purposes. *
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Your Business Plan Executive Summary The Market Overall Segments Trends The Business What, Where, When, Why The Marketing Plan Clients Competition Marketing Strategy Sales Forecast Advertising & Sales Promotion The Operational Plan Location Production Personnel Suppliers Inventory Accounting and Credit Practices The Management Plan The Business Support Plan Legal Services Accounting Services Insurance Services Banking Services Financials Net Worth Statement Sources & Application of Funds Capital Equipment List Year 1 Income Projection Year 2 Income Projection Cash Flow Analysis Break Even Analysis
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Future Steps Use of the Business Plan Starting Your Business
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Caveats While we will be progressing through the Business Planning Process, when done, a Business Plan must be complete and consistent. As you progress, you will develop info that modifies/conflicts previous work. Keep a current “master” and mark up as you proceed. Some will probably find this process too difficult.
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Future Steps -Using The Business Plan A Business Plan is not precise, but it must be reasonable. The market will be bigger or smaller. The competition will be stronger or weaker. The sales will be higher or lower. The costs will be higher or lower. It can be a map, a guide, a tool. A Business Plan is not a once-in-a-lifetime event. It should be monitored (quarterly) and updated (annually). Times change!
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Future Steps - Registration/Regulatory Actions Determine and establish legal structure. Obtain fictitious name, if needed. Obtain State licensing, if needed. Obtain Federal Employer Identification. Understand & setup for Federal, State & local regulations and taxes. Federal Corporate Tax, Federal Unemployment Tax, Federal Immigration Reform and Control Act, Safety and Health Regulations, Florida Corporate Income Tax, Florida Intangible Personal Property Tax, Florida Sales & Use Tax, Florida Unemployment Tax, Workers’ Compensation! Obtain local licensing (business tax). Other than State licensing, the above can be accomplished in less than a week.
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Possible Resources for Help Service Corps of Retired Executives - SCORE Counseling, Advice, Critique 239-489-2935 score.org Small Business Development Center Seminars, Counseling 239-225-4220 cli.fgcu.edu/sbdc Find and use your own mentor
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5 Minute Break
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Participant Plan Presentations
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Revisiting Expectations
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Certificates & Course Critique
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Supplemental Material – Session 4 A Guide to Starting a Business (Courtesy of SCORE) Business Startup Guide 2008 (Courtesy of Lee County Economic Dev) 2008 IRS Tax Calendar (Courtesy Internal Revenue Service) Small Business Resource Guide 2007 (Courtesy Internal Revenue Service)
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Thank You! Southwest Florida SCORE Chapter 219
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