by DBedard

Created on: July 11, 2008

Business Plan for a Family Business
The main purpose of writing a business plan is to test the viability of your business idea. Writing a business plan will tell you if the business you're thinking of starting has a chance of becoming a successful business. Your well-researched business plan will become your flight plan for operating your business once it is off the ground. Spending some quality time now will reap tremendous rewards later. [p]Now is a good time to identify which family members you want to include in this business. They can assist you in creating your business plan. By involving them now, you gain the early buy-in on the idea, and your shared vision will be reflected in the plan now and as you start and build your family business.[p][b]Business Plan[/b][p][ul[li]][b]Executive Summary[/b]-This will be the first section of your business plan, however you will write it last. The executive summary section of a business plan is a summary of the highlights of your business plan. This summary is the doorway to the rest of the plan. Get it right or your target readers will not go further than the executive summary.[p][li][b]Company Description[/b]- Here you will define the company ownershipwho you are and partners. Your experience as it pertains to this venture, your start-up plans, your location and facilities. [p[li]][b]Product or Service[/b]-Describe what you're selling. Focus on customer benefits.why they will want your product or service. Include competitive comparisons, any sales literature, information on sourcing and fulfillment, as well as future products and services to be offered.[p][li][b]Market Analysis[/b]-You need to know your target market, demographics of your clients/customers, where they are, how to reach them. Include market needs, trends, industry analysis, competition, buying patternsand main competitors.[p][li][b]Strategy and Implementation[/b]-Be specific. Include management responsibilities with dates and budgets. A Marketing plan and details of your sales strategy, forecasts, and programs, distribution, pricing and promotional plans. State any strategic alliances here. Make sure you can track results. If appropriate, include discussion of website development costs, e-commerce presence. [p][li][b]Management Team[/b]-Describe the organization and the key management team members. Be sure to define their roles and why they are valuable assets to your business. Also include your organizational structureand personnel plans. You may also wish to include your team of professionals such as accountant, attorney, banker and insurance agent.[p][li][b]Financial Analysis[/b]-Include a description of your funding requirements, as well as key financial indicators, break-even analysis, projected Profit and Loss, Projected Cash Flow, Projected Balance Sheet and your long-term plan.[/ul][p]Be sure to seek advice and guidance along the way to assure you present your best case for funding, potential partners or investors. It is most important to keep the participating family members in the loop during the entire process.

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