Posts Tagged ‘business plan examples’
The Importance of a Business Plan for Your Donut Business
April 26, 2010 | 
Author We have discussed this before several weeks ago but I wanted to bring out a couple more things about the importance of a business plan when you start out your donut business. The business plan of your doughnut business is how investors will see your company if you need them. It also includes your marketing operations and sales process. It is the blueprint of your business.
When you meet what the committees that runs at fairs and festivals in your area or other areas, or you are trying to negotiate a lease for your donut shop, is your business plan that would do most of the talking. Your business plan will let everyone know your projected sales and expenses and what you plan to achieve with your business. You can also look at this later to see if you are actually realizing the goals you have set out in your donut business plan. In your business plan you will also want to take note of who your competition is, this is something that we did not mention before. We will do a blog post about competition and how it relates to your donut business in the next several weeks. Competition is an important factor in how much money you make. But I think everyone knows that, they just don't think about it when they open up their business.
Your business plan will give you focus on your development. It will also provide a logical framework for which you to work and establish goals for your company. Your donut business plan will provide information to investors, banks and shareholders if you decide to go that route. As we have mentioned before, it also will let you know how well you are doing as you move forward in your business.
Not having a business plan, is like driving somewhere you have never been, without a roadmap. Is never a good idea to start or operate a business without a business plan. It is no exception for your doughnut shop, be smart and develop a business plan. The time it takes now to write one will save you a lot of headaches later.
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Having Business Partners in Your Donut Business
There are advantages and disadvantages to having business partners in the doughnut business. In this post I will discuss the advantages of having business partners. As you know there are four people involved in our doughnut business and thus far it has not been a problem. The four of us are partners and other ventures, beside the doughnut venture, and we have been successful. I am not saying that we do not disagree on things, actually we disagree on a lot of things, but we end up agreeing to disagree. We are lucky that we all give and just enough and realize the role each one of us plays in the business. Respect is an important part of having a business partner and we all respect each other for what and who we are.
Having a business partner is not always a good idea. You really need to know the person and what they are about. How long have you known your potential business partner? Do they have good credit? Do they have money? What do they bring to the table that you do not have? Can you trust this person? Do they have other interests besides what you are trying to do? All these questions need to be answered before you even consider a person to be your business partner. There are many a horror story of partnerships gone bad. One of my business partners Brothers lost over $100,000 in a motorcycle shop business that did not turn out well, basically went out of business. He mortgaged his home for the money and lost every cent of it. There was no recourse against his business partner because he went bankrupt. It is a sad situation but one that he has recovered from nicely. There is no education like experience, though it can be costly.
So you think you have a potential business partner for your fledgling doughnut business? The question is, do you really need him? What are they bringing to the table that you do not have? Maybe it is money that they have and you do not have. If so, you need to spell out exactly what they want in return. Maybe it would be better if they were a silent investor instead of a partner. I have found a lot of times it works better for both parties if one has money and the other doesn't, that's a person who has the money simply invest the money and gets a set rate of return on their cash. Set up a venture capital deal with someone where they get a guaranteed rate of return. You can afford to pay a higher rate of return, make it attractive to a potential investor, especially considering that you could give up 50% of the business if you became partners. Plus the business partner would have control over your business and you would have less of a say than if they were just a venture capital investor.
Having a business partner can Be a good thing or a can be a living nightmare. Do your research on the person and find out how they will fit in to what you are planning on doing with your donut business. A lot of times not making them a business partner but giving them a guaranteed rate of return on their money Is the best thing to do for both parties.
Developing a Business Plan For Your Donut Business
Developing a Business Plan For Your Donut Business
By [http://ezinearticles.com/?expert=David_Pierce]David Pierce
This first series of articles will focus on the basic components of a business plan. While there are numerous books, on-line articles and other sources available they do not specifically deal with the concept of starting a donut business. I will outline the components of a standard business plan with this in mind so that what you learn will be specific to what you need.
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So what is a business plan? A business plan is a written statement divided into topical sections that takes both the writer and potential readers from the business concept through planning and finally to implementation of the concept into a workable business. It provides a step-by-step guide that includes a description of the business concept, research, marketing, financial projections, and more.
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Probably the most crucial part of the plan is the very beginning, the Executive Summary. This is the part that summarizes all the information in the later portions of the plan making it a clear and concise synopsis. Ironically, one should write the Executive Summary last once all the other parts are in place as it is much easier to summarize that way. If you are seeking funding for your donut business from a bank or an investor, this is the part they will want to see first. The Executive Summary is what hooks them and makes them want to know more about the business. The rest of the plan will then be read, but if the Executive Summary is less than convincing then you may not be able to even get your foot in the door.
The Executive Summary should be composed of little bits of the other parts of the plan--that is why you write it last. Think about targeting the wording. Who will be reading it? Is it a bank? A family member willing to lend you money? A government agency? Do a little homework on your reader to figure this out.
You need to get the reader excited about the concepts within by talking about one or two of the most impressive features in great detail. But, don't make it lengthy. Two pages is the maximum length, and it should take no longer than 5 minutes to read. Save the details for later in the plan. It may be tough to fit everything into such a short space, but brevity is paramount to hold a potential investor's attention.
You may not be seeking funding for your donut business because you have other sources of start-up money. Do you still need a business plan? Yes. It will make you think things out in detail, saving you time, money, and possibly heartache later on. Even if you are the only one who reads it a business plan is still an invaluable item. The better prepared you are to start your business the sooner you will be able to make your dreams a reality.
David Pierce is owner of [http://www.mydonutbusiness.com]Donut Business where he blogs step by step on how to operate a donut concession business.
Article Source: http://EzineArticles.com/?expert=David_Pierce http://EzineArticles.com/?Developing-a-Business-Plan-For-Your-Donut-Business&id=3296135
