Richmond SCORE

Simple StepsBusiness Launch Plan

Workbook

A Structured Process for Organizing Your Thoughts

for Starting a Business

Business Launch Plan Elements WorkbookWorkshop #1- Start-Up Basics

Breakout Session #1

Name of your business:

Short description of your business:

Business Launch Plan Elements WorkbookWorkshop #1 – Start-Up Basics

Breakout Session #2

Describe in detail your products and services:

Business Launch Plan Elements WorkbookWorkshop #1-Start-Up Basics

Breakout Session #3

Prepare a 30 second “Elevator Pitch”:(An “Elevator Pitch” is a very short summary of your business which describes what you do, engages interest and causes the listener to want to know more)

Your “Elevator Pitch”

Business Launch Plan Elements WorkbookWorkshop #1 – Start-Up Basics

Homework

A good Vision Statement provides a word picture of what the business ultimately intends to become in terms of growth, values and employees:• Appeals to all stakeholders; what do they expect from us?• Verifiable…you will know it when you achieve it• Is feasible and grounded in reality• Sets a standard of excellence• Clarifies direction and purpose• Inspires enthusiasm and commitment• Bridges the present and future• Is clear and easy to understand• Is ambitious (not limited by current circumstances) • What makes the business unique?• What are our greatest attributes and competencies?

Prepare a “Vision Statement” for your business

Business Launch Plan Elements WorkbookWorkshop #2 – Business Model/Strategy

Breakout Session #1

Features and BenefitsProduct/Service

Feature Benefit

Business Launch Plan Elements WorkbookWorkshop #2 – Business Model/Strategy

Breakout Session #2

Customer/Target MarketDescription could include demographic and psychographic data: age, gender, income, geography, desires, fears, behaviors, etc.

Target Market #1

Target Market #2

Business Launch Plan Elements WorkbookWorkshop #2 –Business Model/Strategy

Breakout Session #3

Competitor EvaluationMy

BusinessCompetitor 1 Competitor 2

Pricing

TargetedCustomers

Strengths

Weaknesses

Differentiation

Business Launch Plan Elements WorkbookWorkshop #2- Business Model/Strategy

Breakout Session #4

Describe your pricing strategy:

Business Launch Plan Elements WorkbookWorkshop #2 – Business Model/Strategy

Homework

Business Summary Statement (Example):

XXX is a small retail financial institution with two locations. Our targeted client base includes local residents within a 10 mile radius of our branches and documented foreign immigrants, specifically professionals and small business owners. We recognize that immigrants are seeking a trusting relationship, assistance in adjusting to the new country/local area, advice on accessing employment and small-business assistance and, once established, that financial banking relationships are typically long-lasting. Further, that a strong word-of-mouth referral from satisfied customers and local marketing will build our customer base. In addition to the full range of typical financial services (checking, savings, credit card, loans, etc) XXX’s value-added services that differentiate us from other local financial institutions includes tellers and financial personnel who can speak in the language of our clients and a full-time employment/small-business advisor on staff. We will profit from a growing customer base.

YOUR Business Summary Statement:

Business Launch Plan Elements WorkbookWorkshop #3 - Marketing

Group Discussion #1

Competitive Strategy Spreadsheet

Competitor

Target Audienc

e

Competing Against

Promise &

Reason why

Slogan (if any)

Business Launch Plan Elements WorkbookWorkshop #3 - Marketing

Group Discussion #2

Your Strategic Marketing Strategy

Competitors

Audience

Promise &

Reason Why

Business Launch Plan Elements WorkbookWorkshop #3 - Marketing

Group Discussion 3

Product Statement

Example: Your child (audience) will get an outstanding secular as well as Jewish education (product) at Torah Academy of Jacksonville (brand), because use of technology, enrichment and quality of teaching (features) combine to put our students 2 years ahead of grade on standard tests (benefit).

Your Product Statement:

Business Launch Plan Elements WorkbookWorkshop #3 - Marketing

Homework

Calculate your monthly marketing budget expense using “Bottom-Up Budgeting”.

Business Launch Plan Elements WorkbookWorkshop #4 – Financial Projections

Breakout Session #1Start-Up Costs/Funding

Category Example Your BusinessFixed AssetsLeasehold improvements $5,000Equipment $3,000Furniture/Fixtures $5,000Automobiles NoneOperating CapitalPre-open WagesInventory $1,000Legal/Accounting $1,000

Rent $2,000Utility Deposits $100Supplies $500Licenses $200Promotion/Adv $1,000Other Start-UpCash on Hand $12,000

Business Launch Plan Elements WorkbookWorkshop #4 – Financial Projections

Breakout Session #2Salaries/Wages /Month

Category Example Your BusinessSalaries & WagesOwner’s Compensation $1,000Fulltime Emp $2,000P.T. EmployeesContract labor $3,000Payroll Tax/BenefitsSocial Security calculatedMedicare SameFUTA Same

State Unemployment SameWorker’s Comp SamePension None

Breakout Session #2Fixed Expenses/Month

Category Example Your BusinessAdvertising $200Vehicle ExpenseBank/Merchant Fees 3% of credit salesInsurance $200License/Permits $100Legal/Professional $100Office Supplies $75Postage/Delivery $80Rent on Property $1,000Vehicle RentPhone $125

Marketing $500Website $200Taxes-OtherTravelDepreciation calculatedInterest calculatedMiscellaneous

Business Launch Plan Elements WorkbookWorkshop #4 – Financial Projections

Breakout Session #3Sales /Month

Sales Category Sales Units Cost per Unit

Price per Unit

Names of Items or Services as an Example

125 $50 $100

Business Launch Plan Elements WorkbookWorkshop #4 – Financial Projections

Breakout Session #4Receipts & Disbursements

How do you collect your sales receipts? Cash (good) Accounts receivable (don’t want to carry these) Credit card (have to do this and pay the discount in

order to get immediate cash) Other?

How do you pay for your merchandise? Accounts Payable (prefer to do but most won’t want

you to do this) Cash (offer this and ask for a discount as they don’t

have to pay the credit card discount) Credit card

Business Launch Plan Elements WorkbookWorkshop #5 – Funding Sources

Breakout Session List of Next Steps - Step 1

Action Items Priority

Business Launch Plan Elements WorkbookWorkshop #5 – Funding Sources

Breakout SessionNext Steps - Step 2

Time Frame

Action Items

FirstFour

WeeksA

After

Eight Weeks

B

After12

WeeksC