Briefly describe the type of business you plan to start Mission Statement
◦ Team Members/Owners of Business ◦ Briefly describe the management team’s experience. ◦ Briefly describe each member of the management team’s duties and responsibilities. ◦ Briefly describe what employees if any you plan to hire and what their job description will be. ◦ State what legal form of organization the business will be set up as (e.g. Sole Proprietor, Partnership, Corporation, Limited Liability Company):
◦ Target Market(s) ◦ Briefly describe your primary target market. ◦ Briefly describe what products or services you plan to offer to the primary target market. ◦ Briefly describe any secondary target markets. ◦ Briefly describe what products or services you plan to offer to the secondary target market. ◦ What are the needs of each target market?
◦ Who? Where? How many? ◦ What needs don’t they satisfy? ◦ Briefly describe who your competitors are and how you plan to differentiate your product or service from the competition (e.g. better price, better service, better quality, better features, etc.). What exactly is your competitive advantage?
How will you continue to satisfy and service your customers better than your competitors? Customer Relationship Management (CRM) What customer services goals will you have?
◦ Briefly describe the products or services you plan to offer: ◦ How will products meet customer needs better than the competition? ◦ What is your competitive advantage or unique value proposition?
◦ Briefly describe where you plan to operate the business (i.e. out of the home, retail storefront, warehouse, online, etc.): ◦ Briefly describe what channels of distribution you plan to use (e.g. will you sell directly to the customer as a retailer, operate as a wholesaler, etc.):
Briefly describe how customers will pay you for your product or service (i.e. cash, credit card, invoice, PayPal, etc.): Customer, Competitor, and Cost Analysis (May use a chart to compare prices here) Positioning with the Competition
Our Product/Service Our Product/Service Pricing Our Competitors’ Prices Other Data for comparison? Brand A$60$55 Brand B$45$33 Brand B$45$60 Customer, Competitor, and Cost Analysis Briefly describe how customers will pay you for your product or service (i.e. cash, credit card, invoice, etc.):$ Positioning with the Competition- Are you higher/lower? In line in pricing? Unique Value?
◦ Briefly describe what types of advertising you plan to use-social media tools (FaceBook, Twitter) print media, online/e-marketing, radio, television, billboards, other ◦ Why will it reach the target market? ◦ Personal Selling strategies, if any ◦ Sales Promotion- Start-up plan? ◦ Public Relations/Publicity- How will people know about your business? ◦ Briefly describe what if any personal selling efforts you plan to conduct (e.g. networking through chambers of commerce, business groups, civic groups, etc.): ◦ Briefly describe how you will try to obtain publicity for your company (e.g. sending out press releases to the media):
Startup Expenses with Projected Income Statement- Revenues and Expenses (Required) Examples: ◦ Balance Sheet, Cash Flow Statement ◦ Break-even Analysis ◦ Types of financing- Loans, Equity Partners, Angel Investors, Venture Capitalist, Rich Grandmother, etc.
Place in a chart? Revenue/Sales Projections Start-Up Expenses Purchase of Property Lease Space Lease Deposit Equipment Inventory Fixtures Tenant Improvements Utility Deposits Insurance Deposits Deposit for Seller’s Permit Telephone Installation Business License Fictitious Name Statement Health Department Permit Business Cards Stationery Grand Opening Promotions Signage Salaries Other - Total_______________
Closing- Be Creative Investment Proposal Why should I invest in this business? Can I sell my business idea and why?