Watch the video below or scroll down to read the recap
This class taught by Harold Patterson, a WV Small Business Development Center Certified Business Coach, teaches the basics of creating your own business plan and the key components of what makes a great business plan. We also dive into some of our MyBluefield Entrepreneur's Bootcamp material to help you better understand business plans.
*This training is geared toward our Food Truck Incubator Program participants, but the information is valuable to anyone seeking knowledge on how to create a business plan for a business.
A little on BEDA's MyBluefield Entrepreneur's Bootcamp
BEDA has partnered with My Own Business Institute (MOBI) of Santa Clara University to offer local and regional aspiring and current business owners 100% free online business training. The Bootcamp is self-paced and has two tracks: Starting a Business and Business Expansion. Enrollees can choose one, or both tracks. Some modules include The Business Plan, Financing the Business, Accounting and Cash Flow, Communication Tools, Marketing, Getting your Team in Place, Achieving Lowest Expenses, Vertical Integration, Franchising your Business, Selling your Business, and much more. Upon completion, graduates earn a certificate from Santa Clara University. Since June 5, 2020, BEDA has had over 200 enrollees and 18 graduates.
Anyone interested in learning more or signing up for BEDA's MyBluefield Entrepreneur's Bootcamp courses, click here.
Key Notes from Harold's Presentation:
What can impact small business success?
Lack of planning
Poor credit
Lack of resources
Lack of support
Lack of experience
Poor management skills
Not enough money
Failure to seek outside help
Ignoring the customer
Poor cash management
The following information covers each section of a Business Plan that Harold covered in the class.
Business Plan Executive Summary
Provide a summary of your business by addressing these key areas:
Name and Description of Business
Targeted Market and Customers
Trends in this Industry
Value Proposition
The Vision
Founder Background: Work/Life experience related to the intended business
Your Team
Goals for business
Name of Your Business
When choosing the name of your business remember:
Ensure it's Easy to Pronounce and Remember
Avoid Unusual Spellings
Make it Unforgettable and Unique
Keep It Simple
Not Too Descriptive
Describing Your Business
Some of the things to list in your description should be:
Business name, location, hours of operation
Who are the owners and legal entity
Products or services you are selling
Is this a new business, seasonal, expansion
What are the growth opportunities
NAICS Code and Description
Trends in this Industry
An "industry analysis and trends" section in a business plan is a component that provides comprehensive insight into industry conditions and trends that can impact a company's success and growth.
Value Proposition
Value Proposition Definition - an innovation, service, or feature intended to make a company or product attractive to customers. A value proposition is a simple statement that clearly communicates the benefit of the product or service that you promise to deliver to your customers. It's ultimately what makes your product attractive to your ideal customer.
Examples:
Uber – The Smartest Way to Get Around
Apple iPhone – The Experience IS the Product
LessAccounting – Bookkeeping, Without the Hassle
The Vision
The Vision describes what a company desires to achieve in the long run, generally in a time frame of five to ten years, or sometimes even longer. It depicts a vision of what the company will look like in the future and sets a defined direction for the planning and execution of corporate-level strategies.
Examples:
BBC: “To be the most creative organization in the world”
Disney: “To make people happy.”
Amazon: “Our vision is to be earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
Goals for Business
A business goal is a broad and overarching target or outcome that a business wants to achieve in the short or long term.
The goals of a company frequently fall into four categories:
Client or Customer Satisfaction
Financial Gain
Growth
Employee Development
Financing and Financial Projections
Note: Many business owners require the assistance of a bookkeeper, an accountant, or an SBDC Business Coach (like Harold) when completing this section.
→ Start-Up Checklist – Capital and Expenses
→ Accounting Statements – Cash Flows, Profits/Loss Statements, Balance Sheets
→ Analysis of Costs - List and explain the key costs and profit margins
→ Break-Even Analysis – How much do you need to pay the bills and yourself?
→ Internal Controls - check signing policy, strategy for controlling shrinkage, and control of incoming merchandise or supplies.
Business Organization
Explain the form of business organization you intend to use and why it is best for your business in this section.
Sole Proprietorship
Partnership
Limited Liability Company
S-Corporation
To learn more about Business Organization types, check out our workshop "Going into Business First Steps".
Our Business Training 102 Session is scheduled to take place on March 2, 2023 from 2:30-4:00pm in our Small Business Success Center. Go to our Workshops and Training page underneath our Resources tab to register.
Let's Get in Touch!
Harold Patterson, Certified Business Coach WV Small Business Development Center | harold.d.patterson@wv.gov | (304) 767-0532
Jim Spencer, Executive Director Bluefield WV Economic Development Authority | jspencer@bluewv.org | (304) 902-2332 x 2405
Faith Blackwell, Administrative + Marketing Assistant
Bluefield WV Economic Development Authority | fblackwell@bluewv.org | (304) 902-2332 x 2408
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