Business Assistance Guide - Economic Development Board

Business Checklist

Start with a Plan

A business plan tells a complete story as briefly as possible. It is an essential element in the success of any business and a strong sales tool for your suppliers, investors, and lenders. Your business plan represents a "road map" toward a successful venture. Depending on your type of business, product or service, you should investigate and research every aspect because your success depends on a sound and complete planning process. Many books and other information are readily available in public libraries, small business development organizations, and on the Internet to help you define your market niche. The following is a brief outline of what you should include in your planning process and business plan.

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Business Concept — Executive Summary

A clear description and precise explanation of the unique business qualities that set you apart from those competing for the same customers, clients or consumers.

Market Analysis

In this section, detail your primary industry's description and outlook, your competition, analysis of your business location, the pricing structure and your marketing approach.

Management or Operational Plan

A description of who will run the business and how they will do it: management team, employee relations, and operational controls.

Financial Plan

The financing of your business and how you will maintain a sound financial condition: your start-up funding requirements, plans for using the money, long range financial strategy, and supporting financial statements.

Strategic Plan

Focus on years 2 - 5 and describe your strengths and weaknesses with strategies in place to take advantage of opportunities, the challenges you may face in growing your business and how you will meet your annual goals.

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