Expert: Lee Lister - 10/28/2009

Question
Hi Lee, I, along with my mom and sister, are in the midst of starting a home-based business. Our business will be service- and retail- related; we plan on offering specialty t-shirts,     personal assistance and event planning.  

I have been assigned to do the business plan, but I am having some problems.  My questions include the following:

1)  Because my business consists of several entities, would I have to do a business plan for each one e.g. do a business plan for the event planning, do a business plan for the t-shirts, and so on?

2)Would it be much easier to purchase a business plan template, rather than doing it from sctrach?  If so, could you tell me which software is best?

and,

3)  If I do purchase a business plan template software, which category best suits my business?  I did some research regarding such software and had a hard time determining which I should use if I were to purchase the software.  Should I use the home business category, the retail business category, or the online business category (we are going to have a website for our products/services), etc.?  Thank you for your time.. Any suggestion would be appreciated

Answer
Hi Lisa,

To answer your business planning questions.

1) You only need write one business plan.  When you get to the services and product section you just put each service under their own section and then describe the services and products you are providing.

2) Business plan templates are really not worth the money, particularly as you have such an unusual business set up.  Writing a business plan is mostly planning and helps you decide the structure of your own business.  It is a learning and planning opportunity and helps you get some real structure to your business.  As long as you have the following sections in your business plan:

* Executive Summary.
* Business overview and structure including shares issued and who owns them.
* Business strategies including financing, marketing and exit.
* Markets, which is who you expect to buy your products and services with some predictions of volumes.
* Services and goods and products offered and how they are manufactured, sources, fullfilled.
* Financials such as costs, overheads, profit etc with realistic indications of why, how and when.
* Staffing including resumes/CV's of major staff.
* The way forward, what will happen in the future and how an investor will get their money back.

3) Don't waste your money on software, you are better off with employing a good business planning consultant.  For example, when we prepare a businness plan we spend a great deal of time with our clients helping them define and plan their business and marketing strategies.

These articles of mine may assist you.

Investors in your Business - 10 Things They Look for in a Business Plan     By: The Biz Guru
http://www.articleshut.com/index.php?page=article&article_id=26929

Two Totally Different Services From One Company? – Here’s How To Market Them Effectively
By: Lee Lister - The Biz Guru
http://www.articleshut.com/index.php?page=article&article_id=32780

Lastly we have a great book "Start My New Tee Shirt Printing Business"

http://www.startmynewbusiness.com/start_biz_books.htm

Ms Lee Lister
The Biz Guru
www.BusinessPlanNow.com