By Emy Treurniet at April 12 2019 23:10:30
Appendix _ Resumes of principals/management; letters of recommendation from current business associates/customers/suppliers; marketing research data; demographic data; leases or contracts in place or as promised; business licenses; price lists from suppliers; trade or industry articles or data; floor plans; information on subcontractors; liability insurance policies.
Industry Analysis _ How does your product or service compare with what is currently on the market? What is the trend in the overall industry? What have been the total sales in this industry over the previous 3 to 5 years? What new products or technologies have had the biggest impact on this industry recently? What is the future outlook for these and what trends are emerging? Who are the competitors, where are they located, and how are they doing? What advantage do you offer over them? Who is buying this product or service now? Describe the typical customer for this product or service. Are there emerging markets or market segments? Where does this product or service currently perform best? Possible Data Sources: trade associations; trade journals; attorneys & accountants dealing with the industry; industry salespeople; state business websites; focus groups.
Though it has undergone many changes, the business plan is still around. No longer limited to the traditional 12┫ page type_written document, a business plan can be exciting and engaging as well as useful. Many of us realize that it's the planning process, and the associated research and soul searching, that is so valuable. The finished plan is just icing on the cake.
Impress for Success _ Now you have to admit, this is going to make an impressive package! Put it in a binder and you have built something to be proud of _ the first of your many business accomplishments. Your potential investors will appreciate the depth of your analysis, but this tool will prove helpful in describing your venture to your employees, customers, and suppliers, as well. After you have been up and running for a few months, you will find that the planning that you have done will sensitize your inner "business compass" and allow you to flexibly adjust to contingencies. And that is indispensable!