Takeaway Answers | San Marcos record

San Marcos Public Library

625 E. Hopkins Street


Q.What is a “business plan?”


A business plan is exactly that – a blueprint for your business so you can secure financing, solidify your goals for your business, and succeed. The Small Business Administration (SBA), a department of the US government, describes a business plan as follows: “A good business plan guides you through every step of starting and running your business. You will use your business plan as a roadmap for structuring, managing, and growing your new business. It’s a way of thinking about the key elements of your business.

Business plans can help you obtain financing or attract new business partners. Investors want to be sure that they will see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you or investing in your business is a smart choice.

There are different business plans – as different as every business and business owner. What’s important is that your plan meets your needs. However, there are two basic types. In the book “How to Write a Business Plan” by Mike P McKeever, the two types are referred to as a “complete” business plan and a “quick (one day)” business plan.

The “complete” business plan, also called a traditional plan, is the type most often requested by credit institutions or investors. This is because it is, literally, more complete. It includes not only an executive summary, but a business description, market analysis, organizational and management overview, description of the type of service or product line for your business, strategies for marketing and sales, specific funding requests, financial projections and an appendix. A comprehensive business plan is usually what you want to create if you are starting a business. It’s also extremely useful for managing your business once it’s started, as it keeps you focused on your specific business’s key goals and strategies.

A “Quick” format or, as the SBA calls it, a “Lean Startup” format has the basic components of a complete plan, but it does not include supporting documents and should only be for a very simple business. . If you are looking for financing, this may not be the best type of plan for you.

The library has many resources for people preparing business plans. As I stated above, there are many different business plans out there, but yours should be tailored to your specific business. This means it should include information about the service or product you will be providing. The library has many books and resources for this aspect of your business. Here are some examples: “The Basics of Start a Child-Care Business” by Marnie Forestieri “Business Planning for Construction Contractors” by Gene Fessenbecker “Start Your Own Freelance Writing Business” by Laura Pennington Briggs “Start Your Own Restaurant and Five Other Food Business: Your Step-by-Step Guide to Success” by Jacquelyn Lynn The library also offers general resources on taxes, accounting, and other business basics. Here are some examples: “Self-made Boss: Advice, Hacks, and Lessons from Small Business Owners” by Jackie Reses “Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business” by Linda Pinson “Legal Forms for Getting Started & Running a Small Business” by Fred Steingold Each month the library hosts a program called “1 Million Cups” (referring to coffee) 1 Million Cups – Greater SMTX, is a free monthly educational program designed to engage, connect and support entrepreneurs and startups in Hays and Caldwell counties. The November 1 Million Cups will take place on November 23, from 9 a.m. to 10 a.m. at the library. No registration is required. everyone is welcome Suzanne Sanders is the library’s columnist. She is the Community Services Manager for the San Marcos Public Library and joined the Austin Public Library in 2015 after serving as a librarian there for more than 20 years. She gratefully accepts your questions for this column.

About Yvonne Lozier

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