The 34 Components Necessary When Starting A Business

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When you have the following all taken care of, your business plan will be much easier to write. People struggle unnecessarily with a business plan because they don’t have all of these components covered or have not even considered them.

1. Mission Statement (What is it you want to accomplish?) Yes. all businesses need one.

2. What is your experience in the business you are starting? (Write it down)

3. What is the location of your business? (Is it on the web? (Then say so)

4. What is your product or service? (Don’t overwhelm yourself with too many products)

5. How much will you charge for your products or services? (Check the competition)

6.What is your market? (Who will be purchasing this product or service? Do your homework)

7. How will you advertise or market your product or service? (Do you know the difference between advertising and marketing?)

8. What supplies will you need and where will you get these supplies from?

9. What have you calculated to be your startup costs?

10. What have you accomplished to date?

11. What is your merchandise policy? (Is there a money back guarantee?)

12. What will space cost? (On the web or in reality)

13. Who are your competitors? (Have you studied them? If not, how can you compete?)

14. Who is your management? (Who is responsible for everything being organized?)

15. Will there be security? (Even on the web it’s necessary)

16. What is your merchandise return policy?

17. What is your plan of action? (What will you do next?)

18. What equipment and office supplies will you need?

19. What are you cash budget forecast?

20. Will you need a loan?

21. Exact use of the monies borrowed.

22. Repayment schedule of monies borrowed. (Make it realistic)

23. Taxes/Licenses if necessary.

24. Investors. (Do you have any?)

25. Statement of financial need. (For the benefit of the investors)

26. What are your references? (List them)

27. Prepaid expenses, what are they?

28. Cash reserve (Emergency money for emergencies only, not a shopping spree)

29. Application for funds. (Where will you get the money from?)

30. Sources of funds.

31. Deposits.

32. Funds statement.

33. Administrative expenses. (Always pay yourself last.)

34. It’s always good to have insurance.

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