qprev_HBB Manual 2.qxd - Small Business BC

The four-part framework for a business plan usedin this guidebook is:Business Concept: What will you be selling?• the product or service• the business• the industry• business goalsMarketing: How will you reach buyers?• the market area• market share• location (directly related to marketing)• customers: the market• competition• methods of selling• price• servicing, guarantees• image• advertising• promotionsOperations: How will you run yourbusiness?• location• premises and facilities• equipment and methods• materials, supplies and sources• key personnel and staff• professional services and resources• management and training• short and long-range plansFinance: How much do you need to makea profit?• sales forecasts• costs of production or services• capital equipment• income statement• cash flow• balance sheet• break-even analysis• sources and uses of financingOnline business planningCheck out the range of business plan assistanceavailable on the Internet. Help ranges fromplanning tips to FAQs to full-service interactiveprograms that walk you step-by-step through thewhole process of preparing a business plan,leading to a printed hard-copy at the end. Trythese for starters:• Interactive Business Plannerwww.cbsc.org/• Business planning softwarewww.paloaltosoftware.com• Glossary of financial termswww.cbc.ca/Describe Your Business ConceptYou are now ready to transfer you research intothe first section of your business plan. Theinformation you gathered when evaluating yourbusiness opportunity will help you explain theoverall concept of your businessA concept is an expanded idea. Taking time toexpress your business idea as a well-roundedconcept is important to your potential forsuccess. It helps you understand fully whatbusiness you are getting yourself into –especially the business practices of yourcompetitors and the typical expectations of yourcustomers.• start-up expensessolutions for small business home-based business 29