After coming up with an idea for a business, I would go to either a local community college or an accountant and attorney to gather specific information about the nuts and bolts of starting a business.
I would then take into consideration my financial and marketing needs. More specifically I would look into the type of consumers I would attract and what is my geographic market. Performing market research would help me to determine whether or not the particular product I planned to sell would be useful and needed in the particular community I plan to start my business.
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In other words, what type of demand is there for a particular product. I would also look into the competition I would be facing, whether it would be direct or indirect. To do this I would create a competitive analysis, analyzing several business with similar products and/or services that have failed or succeeded. I would analyze five factors: price of their products and/or services, the location of their business, how nice or poor the facility is, the type of competition it is, and how they would rank in terms of competitiveness compared to my business. After coming up with my marketing needs, I would take into consideration what my financial plan will have to be. I would estimate the following categories: the cost of starting the business and maintaining it for a specified period of time (initial capitalization plan), the projected income, the projected operating expenses, and the projected cash flow.
My marketing and financial plans will help me in starting to formulate a business plan. Once the two biggest categories of the business plan have been carefully developed, I would begin to state what background and/or history I had with my particular product. Then I would write out what my goals and objectives were. This would help provide direction and focus on the business so that I will be able to succeed. The goal would have to be insightful, concise, and most of all realistic. The next step in creating a business plan would to think about what kind of legal requirements I will need to take. I would need to determine what patents, copyrights, agreements, contracts, or other legal arrangements will be needed to carry out day-to-day business.
The next step would be to decide what form of ownership there will be for my business, and what type of ownership best suits the needs of the business and the people involved. The next step would be is to create an organization, management, and staffing plan. In this section of the business plan I would need to create an organization chart. This chart defines who will be responsible for tasks such as purchasing, advertising, accounting, and hiring personnel. Then the amount of employees would have to be determined, followed by resumes, personal financial statements, and references.
The last component of the business plan deals with any special considerations that apply to my particular business. Once I have thought through and carefully formulated a business plan I would take it to the bank to receive a business loan. If the loan officer approves me then I could begin building a successful, well thought out business. However, I would always have to keep in mind that first starting out in a new business will most likely be rough. I will probably have to sacrifice some things for the first couple of years until I get back on my feet.
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