Looking at a sample plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business. If you're looking for more resources to help you get started, this guide on how to write a business plan is a good place to start. You can also download our free business plan template , or get started right away with LivePlan.
Think of business planning as a process, instead of a document Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page. Adjust your plan regularly to use it as a business management tool Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't.
For that to be true for your company, you'll think of part of your business planning process as tracking your actual results against your financial forecast on a regular basis. While many schools offer free tutoring, these services are often available on a limited schedule. By starting a private tutoring business, you can offer sessions in the evenings and late at night when college students are often cramming.
Of course, once your tutoring business takes off, you can target a wider market. If you live in a college town, consider posting fliers in local libraries and shops; many parents would love to find a current college student who can help their high schoolers with application essays. You can also advertise your services online and through social media, or you can simply solicit referrals from people around campus.
And because tutoring businesses have little to no overhead, almost all your income will be profit. However, if you are skilled with a scrub brush, you may be able to earn a small fortune cleaning apartments and houses around campus. With many of the larger cleaning companies charging high rates for their services, college students may be able to get a jump on the competition by offering lower prices.
Another benefit of a cleaning business is that it requires little to no startup costs. Economic: would an economic downturn cause sales to tumble, or is your business relatively immune to economic factors? Furthermore, what do current economic trends inflation, consumer demand, etc.
Social: are there any relevant social or cultural trends that are shaping the industry? Is there a distinct seasonality to your business?
Consider, for example, the impact of the Christmas season to retailers in the United States. Technological: how has technology shaped your industry over the past decade? If you believe either will have a significant impact on your business, make sure to include it as well. Porter, this model shows exactly how attractive a particular industry is. The five forces are: Competition: we will go into this in more detail next, but for this model you should discuss how much competition there is, and how profitable they might be.
Threat of new entrants: how easy is it for somebody to enter your industry? For a casino, it would be quite difficult extensive significant licensing and upfront costs , but for a food truck, it would be quite minimal.
The easier it is to enter your industry, the greater the threat is of somebody else entering and stealing your market share. Power of suppliers: if your industry has a low number of suppliers or suppliers that are dominated by much larger companies, you will have a problem sourcing on-budget and on-time. Power of customers: specifically, do your customers have the ability to drive prices down? If you expect to have a large number of small customers, your price will remain relatively stable.
However, if you plan on having a small number of very important customers, they maintain the power to dramatically impact your pricing and profitability. Threat of substitutes: how likely is it that somebody will forego your offering for a comparable substitute.
With a strong idea of where your competition is positioned and the strategic decisions they are making you will be able to determine where your own business fits in. To begin, discuss what your competition looks like. Are there many small businesses vying for the same customers or are you competing against a couple of whales? List your most important competitors and summarize them.
Discuss their location, products, pricing, market share, and any important strategic decisions they have made. Use this information to create a list of their strengths and weaknesses. SWOT Analysis is the perfect model to do just that. It is just as important, however, for your own internal needs. Completing a SWOT analysis gives you a good feel for what your strengths are, and where you can improve.
What do you do best? What do you do that the competition absolutely cannot? Are there any resources you lack? Any skillsets that are missing? In addition to that, consider internal or external factors that might change and present a new business opportunity. Finally, are there any complementary products or services that you could consider offering to your customers? Are there any industry or economic trends? Could your competition change strategies and harm you? Do any obstacles to success stand in your way?
Once you have completed the SWOT analysis, wrap this section up by talking about your own competitive strategy. Given your industry, the competition, and your own SWOT analysis, what decisions are you making to position the company to succeed? There are going to be three key elements of your marketing plan. Start big: are you targeting customers internationally, nationally, or locally? Beyond that, you need to include anything defining that you believe is important to your ideal customer.
This can include: Demographic information — age, gender. Psychographic profile — what do they care about? What motivates them? What do they value? Where do they get their information? Socioeconomic profile — income, lifestyle preference. Describe your target audience in great detail. The more you know about your customer, the easier it will be to market to them. Advertising and Promotion Plan After building a strong customer profile of your target audience, you should know what your customer cares about.
Use their demographic and behavioral information to determine the most appropriate channels to focus on. Branding This is also the appropriate time to discuss your branding strategy. What will you do to make the community around you a better place?
Your brand should seep into all aspects of your business — the website, advertisements, and even the tone of communications with customers. Whatever strategies you have for these elements, make sure to lay them out. Finally, include your company logo and slogan, if they already exist. If not, you should begin to think about them and use the rest of this section as a guide. Do you plan on hiring a sales staff or will you handle it all yourself initially? Do you plan on doing inbound or outbound sales?
What does the sales process look at each step of the marketing funnel? If you are going low or moderately priced, discuss how you can stay profitable and remain differentiated from the competition.
A position as a babysitter or nanny could be the perfect opportunity for a college student seeking a part-time job. Many colleges also offer their own career listing sites that connect students to local babysitting and nannying opportunities, though the best way to pick up new gigs is often through trusted referrals.
There will probably always be a high demand for tutors in college, and the resources for promoting your services are expansive. If you wish to go independent, find out if your school has an online community board where you can post your services and rates, or go into your student center and library and leave fliers at the front desk. Also, consider tutoring high school students in your area.
Look up what tutors are charging in your area before setting your rate. Why not capitalize on it?Wholesale and Distributor 20 How to use sample business plans to help you write your own How do you know what elements need to plans included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample plan: Choose a sample plan from a similar type of company You don't for to find a business business plan that's an exact fit for your for. Your business location, target market, and even your particular product or service may not match exactly to the plans in our gallery. But, you plans need an exact match for it to be helpful. Instead, look for students plan that's related to business type of students you're starting.
If you are a luxury brand, discuss why somebody will be willing to pay more for your business than the competition. Small Business Administration allows you to create a business plan with a free account that you can download and distribute as a PDF. Include any necessary contact information below your name and signature.
Startup costs are low. How do you plan to treat them? Include any necessary contact information below your name and signature. Use the search bar below to get started and find the right match for your business idea.
Finally, include your company logo and slogan, if they already exist.
Grammarly A typo can derail your business plan and make you look sloppy and unprepared, no matter how much effort you put into it. List your most important competitors and summarize them. How do you plan to treat them?
To begin, discuss what your competition looks like.
You can find a sample balance sheet here.
Given your industry, the competition, and your own SWOT analysis, what decisions are you making to position the company to succeed? For any months that project to have a negative cash flow, ensure you have enough money on hand to cover the difference. However, if you plan on having a small number of very important customers, they maintain the power to dramatically impact your pricing and profitability. This mission statement will act to provide organizational direction and help you achieve your vision. For example, rent, electricity, insurance, marketing costs, and payroll with the exception of commission and bonuses , will mostly stay the same no matter what sales look like. What do you do best?
Whatever strategies you have for these elements, make sure to lay them out. If you have decent computer skills and the ability to navigate real-world problems, bookkeeping could be a great option for you. Years later, Secor began making wire-wrap jewelry, which she began to sell on Etsy , an e-commerce platform that charges a small fee per listing. Furthermore, what do current economic trends inflation, consumer demand, etc. A coffee shop requires a small storefront, and the location is critical.
Finally, are there any complementary products or services that you could consider offering to your customers?