Trick Entrepreneurship

One morning you might wake up and like a ton of bricks a great idea for creating and starting your online business comes to mind, and you hadn’t a doubt in your mind that you could turn it into a huge success.

Start with the end in mind. Are you planning to start a new business? If you find a viable business you like, document your intentions, intended deal structure and what exact information you need to start your purchase due diligence.

Many small businesses start with a business plan based on guesses. The idea for you business plan comes to mind, its time to start the new business and you are all ready to go but the only problem is that you need money, so it is time to find the investors, angel investors and you will need to show them your business plan.

If you plan to jump into the fray, however, the first step is to create a solid business plan. The business plan you create will be one of the most important documents in your new businesses. It doesn’t matter if your business is just getting started or it is an existing business, creating a business plan helps you understand your business.

If so, have you started writing your business plan yet. In all honestly, when writing anything, even a business plan, it is the wording that makes all the difference in the world. Writing a plan for your project requires you to have an idea and vision of the whole project, the component parts of the project and the operating system behind your project.

The world is full of business-minded individuals, whether their goals are to lead a multi-million dollar company into the future, or simply start their own small business to provide services that are in demand and services they enjoy performing. You will need a brief outline of your business, your mission statement, goals, balance sheet, income statement, projected cash flow and plan for unforeseen hindrances.

Therefore, it is very important for the potential business owner to spend as much time and effort preparing and creating a business plan as they do finding the perfect location and the best restaurant ovens.

Show why potential customers will award business to you, rather than your competition. One page of your business plan can have the following information: it can contain the potential partners, employees, board of directors, and you can show where the business will be in future years.

Angel investors want you to succeed and often they also like to give their input and if you end up taking their money for your startup, the need to realize that their input needs to be taken seriously. One of the great myths is that you only need a Business Plan if you are going to borrow money from a bank.

A business plan of a start up business making no money — for example — is going to be bigger than the ones that are running and making money already. The angel and VC investors, are risking their capital money when they invest in your business, they hope in the long run they will receive returns that is worth many times what they put in.

David Fishman
http://www.articlesbase.com/finance-articles/the-first-step-to-starting-a-business-is-writing-a-plan-131080.html Read More......

Creating a business plan is perhaps the single most important thing you can do to start and grow a business. A business plan not only covers your business mission and vision but also outlines your strategy for research, marketing, fulfillment and all aspects related to your business. A business plan will serve as your guide, your roadmap, to achieving your business goals and dreams.

Step One: Your Business Description. The very first think to do is to sit back and draft a few paragraphs about what your business does. You’ll answer the following questions:

* What does your business do?
* What are your products or services?
* Who is your audience?
* What makes you unique or different from your competition?

Condense your business description until it is concise and can be presented to someone in about thirty seconds.

Step Two: Your Resources, Strengths and Weaknesses

In this second section, make a list of the resources you have for your business. This will include office equipment, products or services, and also any people you can access for example your brother in law is an attorney and has agreed to help you with the formation of your company.

You’ll also want to conduct an analysis of your strengths and weaknesses. What skills, knowledge and experience do you bring to your business and what areas are you weak in and will need help or further education?

Step Three: Your Business Organization and Legal Considerations

What type of company are you going to form?

* Sole Proprietorship,
* Partnership,
* Corporation
* Limited Liability Company

Each offers significant benefits depending on your situation and goals.

You’ll want to take a look at the certifications, regulations, and insurance needs for your industry and location. Additionally, you’ll want to take a look at how you’re going to handle financial reporting and taxes.

Step Four: Operating Requirements

What do you need to start and grow your business? This is the place on your business plan where you outline what you need to get started, for example your office equipment. You’ll also want to outline the tasks required to run your business and who will perform those tasks. For example, an accountant or bookkeeper, a shipping and fulfillment person, a virtual assistant, a copywriter and so on.

Step Five: Financial Goals

What are your financial goals and how will you achieve them? Outline your present finances, how much you have to invest into your business. Also outline your financial goals and how you’re going to achieve them. If you’re seeking financing from an outside source, this section will be looked at very closely. You’ll want to create a budget along with your pricing strategy for your products or services.

Step Six: Sales and Marketing

This is a big section of your business plan and perhaps the most adaptable – it will change as you grow. In this section you’ll want to outline your competition, who they are and what they do well. You’ll also want to outline your strengths and how you’re going to position yourself above your competition.

You’ll also want to outline your marketing strategy and the various tactics you’re going to take to promote awareness and sales. For example are you going to have a website, flyers, and advertisements and so on.

Step Seven: Executive Statement

This is the conclusion of your business report and where you’ll wrap it all up into a nice concise package. You’ll include your mission and vision statement here along with a summary of the previous six sections.

Congratulations! Once you’ve completed your business plan you have a plan you can refer to, to keep your business on track. It’s the best way to attain your goals and to achieve the business success you desire.

source Read More......

Title Page

Name of company, date, contact information, etc.

Table of Contents

Executive Summary



1. Business Concept
2. Company
3. Market Potential
4. Management Team
5. Distinct Competencies
6. Required Funding and its Use
7. Exit Strategy

Main Sections

I. Company Description

* Mission Statement
* Summary of Activity to Date
* Current Stage of Development
* Competencies
* Product or Service
o Description
o Benefits to customer
o Differences from current offerings
* Objectives
* Keys to Success
* Location and Facilities


II. Industry Analysis

* Entry Barriers
* Supply and Distribution
* Technological Factors
* Seasonality
* Economic Influences
* Regulatory Issues


III. Market Analysis

* Definition of Overall Market
* Market Size and Growth
* Market Trends
* Market Segments
* Targeted Segments
* Customer Characteristics
* Customer Needs
* Purchasing Decision Process
* Product Positioning


IV. Competition

* Profiles of Primary Competitors
* Competitors' Products/Services & Market Share
* Competitive Evaluation of Product
o Distinct Competitive Advantage
o Competitive Weaknesses
* Future Competitors


V. Marketing and Sales

* Products Offered
* Pricing
* Distribution
* Promotion
o Advertising and Publicity
o Trade Shows
o Partnerships
o Discounts and Incentives
* Sales Force
* Sales Forecasts


VI. Operations

* Product Development
o Development Team
o Development Costs
o Development Risks
* Manufacturing (if applicable)
o Production Processes
o Production Equipment
o Quality Assurance
o Administration
* Key Suppliers
* Product / Service Delivery
* Customer Service and Support
* Human Resource Plan
* Facilities


VII. Management and Organization

* Management Team
* Open Positions
* Board of Directors
* Key Personnel
* Organizational Chart


VIII. Capitalization and Structure

* Legal Structure of Company
* Present Equity Positions
* Deal Structure
* Exit Strategy


IX. Development and Milestones

Time may be specified on a relative scale rather than specific calendar dates. Milestones may include some or all of the following:

* Financing Commitments
* Product Development Milestones
o Prototype
o Testing
o Launch
* Signing of Significant Contracts
* Achievment of Break-even Performance
* Expansion
* Additional Funding
* Any other significant milestones


X. Risks and Contingencies

Some common risks include:

* Increased competition
* Loss of a key employee
* Suppliers' failure to meet deadlines
* Regulatory changes
* Change in business conditions


XI. Financial Projections

* Assumptions (Start date, commissions, tax rates, average inventory, sales forecasts, etc.)
* Financial Statements (Balance Sheet, Income Statement, Cash Flow Statement)
* Break Even Analysis
* Key Ratio Projections (quick ratio, current ratio, D/E, D/A, ROE, ROA, working capital)
* Financial Resources
* Financial Strategy


XII. Summary and Conclusions

Appendices

May include:

* Management Resumes
* Competitive Analysis
* Sales Projections
* Any other supporting documents
Read More......