Before starting your business plan You may want to consider the following key questions to help determine if you are ready to start writing your business plan. Have you thoroughly refined your business idea so you have a good understanding of how your business will operate? Have you researched your business concept to determine if there is a need for it in the marketplace? Have you completed a feasibility study to determine expected level of success?
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.
|Approved Environmental Documents||Business Compliance Business Continuity Planning Documents Business Continuity Planning BCP or Business Continuity Management BCM as it is sometimes called, is the process of anticipating potential events or disasters and planning to ensure that your business can return to "business as usual" as quickly and painlessly as possible in the event of a disruption.|
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.
Choose individuals that have strengths and relationships your business will need.Departments that elect to develop their own processes or documents to suit their business needs should work with their legal counsel to ensure compliance with the Act.
The Act provides exceptions to the certification requirement, see PCC sections (c) and (d) . After you have completed your business plan, have others review it before sending it to potential investors or lenders.
Individuals in the best position to provide you with constructive comments include business consultants, other entrepreneurs, your accounting and business advisors, and your lawyers. Discover Deakin University.
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Planning and Producing Documents Effective technical documents do not just happen; they are the result of a deliberate and comprehensive design and production process.
Although writers may vary some of the steps they use to create a document, effective technical and scientific writing typically follows the same general procedures. Business Continuity Planning (BCP) or Business Continuity Management (BCM) as it is sometimes called, is the process of anticipating potential events or disasters and planning to ensure that your business can return to "business as usual" as quickly and painlessly as possible in the event of a .
We created the Business Strategy Plan Template to document your strategic plans. This Microsoft Word tool is a great resource to help guide you through the development of your business strategy. Sections of the planning document include.