What's In A Business Plan

Business By Spectra Updated 10 Mar 2010 , 2:43am by Christy0722

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Spectra Posted 9 Mar 2010 , 6:17pm
post #1 of 9

Hi everyone. I'm just looking for what I need to put in a business plan. I've never done one before and never have taken Business courses. So I have no idea really what it is.

I have found that in my area we are allowed to bake from the home and sell as long as we are licensed by the Department of Health, which is something like $50. My plan is to start in 1 year to sell cookies at my local Farmer's Market. I know the cost for that is $20 registration fee, and a $20 booth rental fee per market day, which is only once a week.

That's all I really know so far. I'm guessing I need to figure out signage, a business name, costs for that, costs for containers, product, ingredients, bags, tags, ribbons, etc. But is there anything I'm forgetting or just not thinking of?

Thanks for any input! icon_smile.gif

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flourpowerMN Posted 9 Mar 2010 , 6:34pm
post #2 of 9

A business plan is a very detailed account of what you want your business to look like, who you're going to serve, what you're going to produce/market, where you're getting your $$ from, projections for first year income vs expenses and...and...and.

It's very thorough. I recommend going to Entrepreneur.com and checking out some sample business plans. Your state or local Small Business Development Agency should also have some resources for you.

You can also google for business plans + home based bakery. That should yield some good results as well.

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Spectra Posted 9 Mar 2010 , 7:00pm
post #3 of 9

Thank you for the information and the link! icon_smile.gif

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MnSnow Posted 9 Mar 2010 , 8:11pm
post #4 of 9

I would highly recommend business classes!! You need them to operate a business, if anything, just to know the financials of your business.

How can you set your prices or file your taxes without them? I know I would be lost if I hadn't taken any.

Not being sarcastic or critical--just trying to point out an obvious need of owning a business.

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Spectra Posted 9 Mar 2010 , 9:05pm
post #5 of 9

Well I don't think I really need to get a business degree to run my own business. My husband owns his own computer software business and has never taken a business class in his life and the same with my good friend and her wedding invitation business. I'm not trying to open up a retail store front, just home based business.

My husband does his own business taxes, he's a smart man icon_smile.gif So I'll be going to him to do that. I'm sure business classes would be helpful to some, but it's just not for me. I'm glad it really helped you out though. icon_smile.gif

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Christy0722 Posted 9 Mar 2010 , 9:20pm
post #6 of 9

You don't have to have a business degree...just a working knowledge base. Check with your local commuinity college. A lot of them have Small Business Centers that offer free night classes. I'm taking Basic Bookeeping and Taxes soon (the last class got canceled b/c of snow). They also have people who will spend time with you to help you through all the steps...writing a business plan, filling out all the forms, grants, bookeeping, taxes, management, customer service, etc. I'm taking advantage of all the free education I can get!

As far as the business plan goes, I included market analysis, financials, customer base, assets, 1 year, 3 year and 5 year goals. Do the google search as others have suggested. There's a lot of great information out there!

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Spectra Posted 9 Mar 2010 , 9:37pm
post #7 of 9

Thanks Christy! If they were to offer free courses here that would be awesome!

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indydebi Posted 9 Mar 2010 , 11:42pm
post #8 of 9

YOur SBA or SBDC is a great resource to help you put together a business plan, especially if you're a beginner and have no idea what's in one.

Be aware, these are not slapped together little reports. Mine took over 9 months and was somewhere between 30-40 pages long. PLUS I used an orgz that helps folks do biz plans AND the use of a CPA for the financials.

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Christy0722 Posted 10 Mar 2010 , 2:43am
post #9 of 9

Indydebi is soooo right! Business plans take a great deal of time, patience and an understanding of just what you want your business to be. It sounds so simple to say "I want......." but so complicated once you start putting down on paper. My partner and I have been researching and learning for about 3 years. It has taken us quite a while to get all the information together. For a long time we both thought it would never happen BUT....persistence paid off. We met with our attorney last week and filed our LLC paperwork.

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