How To Start Up A Business Plan – To understand the concept of a small business plan example, let’s look at a scenario. We know you’re starting a new business or getting ready to expand and you want to stay focused on the positives and the last thing you want to talk about is failure.
Have you ever wondered why businesses fail? For almost 70% of companies, failure is a reality, and the main cause is a lack of planning.
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Let’s say you and your family want to go to Paris next summer. When the day comes, you pack your things, get in the car/bus/plane and go there.
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Two weeks later, you’re well rested, your phone is full of fun pictures, and you can’t wait to go back to your hometown and tell everyone about your good times.
So, can you imagine doing this without any prior planning? Do you still want to imagine what the vacation will be like?
A plan can be boring to look at and read, but without it – things can go wrong. And if that applies to the fun things in our lives, imagine how much it must take to start a business.
All companies, big and small, start with an idea. But only when the idea is put on paper and formulated into a business plan does it have a chance to become a reality.
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In this post, starting with a brief description of small business plans with examples of small business plans, in addition, I will discuss 9 examples of small business plans for students and organizations and help you analyze which one is right for you.
“Starting a business without a business plan is like hiking in the mountains without a map or GPS support – you will get lost and starve”
Writing a business plan is very important for your new company because it will determine whether your company will succeed in this competitive business world.
Preparing a business plan is like planning a picnic route. It doesn’t have to be too elaborate, but it shouldn’t be too simple either.
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Likewise, you need to have a simple road map that states where you want to go, how this will be achieved with the potential market and competition for your startup.
You must show an objective and brilliant map that you can follow step by step as you develop your business.
Below, I’ll explain how to outline a business plan, based on 10 components that will help you stay organized and guide you through the process.
Although the exact structure of a business plan will vary based on the needs of your business, therefore, I will help you with 10 basic components that you must include before starting a new business.
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There are many reasons why you might want a business plan, although those reasons vary based on the type of business you’re starting and how you plan to use your business plan. So let’s see some reasons::
House on the Lake will create a competitive model. This model is for vacation boat rentals on Lake Shasta in Northern California.
Instead of buying houseboats, the company will offer families and young couples rentals of small houseboats (up to six people) borrowed from existing owners.
So the business will be profitable in the second year and relatively profitable in the third as owner and founder Robert Hopkins expands the offering from three houseboats to eight.
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Rental rates will be the lowest in the business, starting at around $600 for 3 days during the off season.
Houses On The Lake will launch its business with three floating holiday homes and has the following objectives:
Houses On The Lake will offer competitively priced houseboat rentals for families and couples. The business will therefore provide families and couples with the balance of relaxation and fun they are looking for, offering a choice of activities for groups and individuals.
Houses On The Lake was founded by Robert Hopkins, a former innkeeper who moved to California after twenty years running his business in Vermont.
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Houses On The Lake offers vacations for large families and family groups. The business was established in 2009 and launched in 2010 through financing.
Robert Hopkins established Houses On The Lake as a limited liability company. Robert will retain 100% of the company’s shares and receive a loan to build additional capital.
The market for houseboat vacations in the US includes local travelers and from far and wide, including other countries. Therefore, the market is mainly segmented based on age and family status.
Young Couples: From 21 to 39 years old, young couples without children are looking for a romantic getaway as well as high-energy activities.
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Senior Couples: From 40 years, although some in this age group look for more peaceful activities like fishing, light walks, etc.
Families: Couples or people with children need a combination of relaxation for the crowd and high-energy activities for the kids.
Houses On The Lake features a competitive edge in the Robert Hopkins hospitality experience. The effect of this advantage will be a high customer retention rate.
Houses On The Lake will offer an excellent amount of data to potential renters/tourists through this marketing strategy.
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The site will target young couples and families curious about Lake Shasta vacations and current owners of boats on Lake Shasta through the following:
Reach out and build relationships with travel agents who will accept discounted rates to match packages for their clients.
The sale of Houses On The Lake will be managed by Robert Hopkins. He will receive booking requests from interested customers, approve them by email, answer by phone to answer specific questions raised, and continue business through partnerships with travel agencies.
So this includes offering discounts to travel agents so they can provide travel packages to their customers. Therefore, sales will rely on the booking request form on the web to close deals.
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This website will provide customers with information so that they are better informed before making a reservation. Robert Hopkins will receive a base salary and will be compensated for sales through business profits.
In other words, he will have the power to change the advertised price, but will use this at his discretion to book the date. He will also update the rates offered on the website and therefore the availability calendar as needed.
Houses On The Lake will be managed by Robert Hopkins. He will be personally responsible for operations, sales and marketing.
Robert will sell additional services to incoming tenants and meet them personally to see how he can help with recommendations.
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As such, he will also manage the marina, provide advice and support to tenants, schedule and supervise boat cleaning by contracted cleaning, repair and maintenance services.
The business will grow from three boats offered in the first year to eight boats offered in the third year. However, this can be done without expanding the marina as they will all be relatively small boats.
Robert Hopkins will provide the majority of the equity investment from proceeds from the sale of his bed and breakfast business.
Credit cards will provide a small amount of current loans. In addition, a three-year loan will be issued for the remaining financing.
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Therefore, gross margins will improve in the summer and in future years because the cost of sales is lower during the summer when rates and prices are higher.
Website marketing includes $1,000 per month for ongoing search engine marketing, $750 per month for search engine optimization, and $250 per month for website hosting and maintenance.
Therefore, based on this projection, the business will be profitable in the first year and profitable in the second, with big profits in the third for Hopkins, as the number of boats under management increases.
Fressen Catering is a catering company serving the Philadelphia market. It offers creative, colorful and diverse food options for both halal and traditional options.
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After that, the Catering service will breathe new life into the halal catering market, leveraging Chef Susan Cheflly’s culinary skills to introduce creative new catering options.
Susan’s industry insight, advanced skills and excellent market opportunities will allow Fressen Catering to break even in month 11 and generate $395,000 in revenue in the third year.
Fressen Catering’s mission is to provide customers with the best halal catering. We exist to attract and retain customers. When we obey the current maxim, everything will fall into place.
The key to success is meeting and exceeding customer needs in terms of food quality and service excellence.
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Fressen Catering, located in Philadelphia, will provide high quality halal food to the Philadelphia community. Therefore, Fressen Catering will meet the needs of parties of 25 to 300 people.
All food and drink served will be made under the strict supervision of orthodox rabbinical authorities.
The following items that are considered assets to be used for more than one year will be labeled as long-term assets and will be depreciated using G.A.A.P. approved straight line depreciation method.
Fressen Catering will cater to weddings, Bar/Bat Mitzvahs and various other parties. Therefore, one of the main principles is
