Question

What is a business plan? Where can you find an example of one?

Answer 1

Solution

A business plan is a written description of your business's future. A document that desribes what you plan to do and how you plan to do it. A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame that these goals need to be achieved. It also describes the nature of the business, includes background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve stated targets. In its entirety, this document serves as a road map that provides direction to the business.

Business Plan is a basic requirement to start a business that is what is required to be done, what actions need to be performed to achieve the busniess plan. All this is being documented in a business plan.

Example

Introduction
Business Solutions Consulting (BSC) is a start-up consulting firm focused on serving the comprehensive needs of businesses in the full range of the business cycle. With a core staff of experienced professionals and a team approach to most consulting projects, BSC will be able to offer a more balanced quality service than many of its competitors.

The Company
BSC Consulting is a team of six business consultants. Each consultant specializes in a particular discipline, including finance, sales and marketing, architect, management, operations, and human resources.

BSC Consulting offers a list of services for business owners to choose from, depending on their particular business needs. This includes business and marketing plan preparation, financial search and procurement, IT consulting services, management development, human resources advising, and etc.

BSC will have a focus on start-up businesses, preferably in the earlier stages of operation. Small and mid-sized businesses make up a sizable majority of U.S. and international markets. BSC prefers to establish a relationship with a younger operation and continue to nurture that relationship over the long term.

BSC will be established as an Oregon based LLC with two principal partners, each of whom owns a 50% share in the company. Mr Jatin Jain who has experience in the field of finance, account, tax consultancy and Mrs Saloni Jain who have experience in the field of Designing and architect.

The Market
The business consulting industry is very fragmented. Several large multinational companies dominate the industry while many smaller (and often more specialized) firms occupy their market niches. Major management consulting companies, such as McKinsey, Bain, and Boston Consulting Group, have established their dominant position by providing services to the leading companies in various industries. Consulting practices of the major accounting firms (a.k.a. the Big Five) have established worldwide presence and sell their packaged services to companies of different sizes and industries. At the same time, numerous firms and individual business consultants prosper in the market niches that bigger players consider unprofitable to enter.

Start-up companies are the target market of this firm. BSC intends to stay on the pulse of new business activity within the local area. Additionally, business contacts, referrals from among the group, and Internet marketing efforts will be made in pursuit of new clients. Start-up companies are attractive because owners often lack the broad range of knowledge and expertise required to launch a new business. There is a serious need in the marketplace, and certainly a significant demand for, these types of start-up consulting services.

Competitors in the forefront of the marketplace typically offer many of the services that BSC has. These services include information-based consulting, integration and management services. Services are designed to increase clients' operations effectiveness through reduced cost, improved customer service, enhanced quality of current product lines and services, and a more rapid introduction of new products and services. Competitors also offer industry-specific expertise to objectively evaluate, select, develop, implement, and manage information systems, networks, and applications.

Financial
BSC's co-owners, will each provide $50,000 that will cover the bulk of the start-up expenses. The rest of the required financing will come from the Small Business Administration (SBA) 10-year loan in the amount of $100,000. Combined, these funds will be sufficient to cover the company's expenses throughout the first year of operations, which is the most critical from the cash flow standpoint.

1.1 Mission

Business Solutions Consulting aims to offer comprehensive consulting services. BSC will focus on providing personal and specialized services to meet each client's specific needs.

1.2 Keys to Success

BSC's keys to success include:

1. A group of professionals with a broad range of specialty areas that complement each other.
2. A high level of experience in these specialty areas.
3. A team approach on most consulting projects.
4. Many business contacts among the consultant group.

Service Description

BSC offers a list of services for business owners to choose from, depending on their particular business needs.

Start-up services include business plan preparation, marketing plan preparation, and financing search and procurement. Ongoing services include business plan updates, marketing plan updates, search and procurement of additional rounds of financing, management development, IT consulting services, e-commerce consulting services, operational advising, and human resources advising.

BSC is flexible, working with its clients in the fashion preferred by the client, be it on-site, remotely, or a combination of both. BSC typically works on a project in a team fashion to assist the client in all areas of the business simultaneously. This allows for all parties involved to be in sync in terms of understanding the interconnections of all functional areas of the business.

Market Analysis Summary

BSC will have a focus on start-up businesses, preferably in the earlier stages of operation. Small and mid-sized businesses make up a sizable majority of U.S. and international markets. BSC prefers to establish a relationship with a younger operation and continue to nurture that relationship for the long term. The following chart and table show BSC's projected target markets and their growth for the first three years of this plan.