I'm just getting started on my business plan and read some great articles and outlines on the site. I'm curious if anyone has or would share an actual plan so I can kind of get an idea what the finished product looks like? Any help would be much appreciated. Thank you.
I have 1. Actually I have more than one. I have a number of different biz plans. The key isn't just to have on, the keys are to understand the difference between a plan and a concept, and then how to build it.
You start by using reverse engineering, and with a need/opportunity. You never start with where you are now, or with an idea your come up with. Your ideas don't make you money...your solutions to problems do.
Many a great idea never made it off the ground, but solutions to problems (needs) are in fact great opportunities that can make millions for years to come. On that note though, I'm still trying to figure out what need was fulfilled by the :
* Slinky, and the
* Pet Rock
Thank you for the quick response. Would you be opposed to sending me one to look at? Thanks.
Not at all. Connect with me with your email and I'll send you out one right away.
Michael, a business plan is a road map to inform others of how you intend to accomplish a business goal. The plan is usually tailored to the intended reader and emphasis is placed on the purpose, a lender, a civic group proposal, to a municipal office for a project, to investors or partners. Each will stress different aspects that pertain to the audience.
It's the who, what, when, where, why, how of your business. It includes pro forma financial statements and you need to show how estimates were made and what they are based on.
The company's purpose, it's mission, management, proposal, justification of needs might be necessary, financial plan beginning with your balance sheet, estimated costs of operations, project hard and soft costs, income estimated projections and how liabilities will be paid along with debt service resulting in profits. Your marketing goals may be described and what media/medium may be used.
Depends on the business and it's purpose as to what might be included, but the mission and management are standard beginnings.
If you are forming a business entity, get with an accountant and select the best business form, for RE, it's usually an LLC or an S-Corp. Then see your attorney.
You'll develop a business plan in the Articles of Incorporation and the Minutes or an Operating Agreement. Care should be taken to include specifically all aspects of RE, buying, selling, leasing, contracting, demolition, rehabilitation, investing and management as at times, operating out side of your business purpose can lead to problems, legally and in accounting and tax matters.
Usually, a "business plan" really isn't needed, but lenders will want to see the financial plans, as pointed out above, they need the meat, not the sizzle. Good luck :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
@Michael Hammer One more thing. I'm impressed that you are thinking about building a BP. Keep this in mind. I believe it is an absolute necessity. Yes, not all lenders require it for funding, but that;s not the main reason you do it. You do it for yourself, to see if your "concept" will work. If you can't build a legitimate, working, and executable BP in your own eyes,...what does that say about your concept?
Thank you for your help. I appreciate the time, effort, and thought you put into your responses. Enjoy your weekend.
My partner and I started out last year without a plan. Then we signed up with our mentor for a weekend review of our business plan so in November I pulled together some numbers and sent them to my partner as a draft set of goals.
We thought we could each put in money and double this year. After running numbers it looks like we can double without putting in the money. If we still decide to contribute the cash we have a shot a tripling our business this year.
We are still refining the plan but it has been helpful in allowing us to model the growth of the business and different ways to tune it.
@Joe Villeneuve would it be possible to get an example too?
Originally posted by @Joakim Esaiasson :
Joe Villeneuve would it be possible to get an example too?
Sure thing J. Connect with me so I can send it to your email direct. How's the weather up there on the lake?
I would love to get an example as well. Thanks!
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