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Contributing to the
Bottom Line.
Wisconsin Women's Business Initiative Corporation
Business
Office
2745 N. Dr. Martin Luther
King Jr. Drive
Milwaukee, WI 53212
Phone: (414) 263-5450
FAX: (414) 263-5456
Madison
Office
South Central Region Office
2300 S. Park Street
Madison, WI 53713
Phone: (608) 257-5450
FAX: (608) 257-5454
1234546748748494874987
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TOOLS
AND RESOURCES
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Action Steps For Starting Your Own Business
Determine if you are
ready for entrepreneurship
Understand the risks &
rewards
Be honest about your
personal strengths & weaknesses
Test the viability of
your business idea
Get experience in your
future business field
Build a group of
competent advisors
- Banker, attorney,
accountant, experienced entrepreneur, etc.
Research ~ Research ~
Research
Develop a written
business plan
Understand the financial
needs of the business
Know who your customers
will be & how to attract them
Understand the legal
& tax requirements for your business
Learn how to price your
products and/or services
Recognize the importance
of your business location
Be willing to be a
continual learner
Ask for help when needed
Assess & strengthen
your business skills:
Organization &
management
Accounting/recordkeeping
Sales/marketing/promotion
Human resources
Internet &
Technology: Look into developing a web
site
"The simple key to the Business Plan
is the planning itself..."
While each individual's business plan will
be different, there are common formats which can be used to facilitate the
on-going business planning process. The following outline is provided by the
Wisconsin Women's Business Initiative Corporation as a easy-to-use outline.
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I.
Business Plan Summary
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1-3 page
overview of the entire plan. (Typically written last.)
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II.
Personal Background
Information
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Personal Profile
of Skills & Experience.
Personal Financial Statement.
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III.
Business Description
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A general
description of the business.
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Introduction of Business Idea
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Business Goals & Objectives
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Background & Trends on the
Industry
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Business “Fit” in the Industry
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IV.
Business Organization
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A detailed
picture of the company’s organization, operation & management.
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Legal Form and Ownership
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Location
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Operating Information
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Internal Systems & Controls
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Management & Human
Resources
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Outside Advisors/Services
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Risk/Insurance Issues
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V.
Marketing Plan
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Description of the product or service, target
customers, and how sales will be made.
A. Products/Services
Description
- General Description
- Features & Benefits
- Manufacturing Process
- Plans for Future, growth
B. Market Analysis
- Customer Identification
- Direct & Indirect Competition
- Market Potential
- Market Niche
C. Marketing Strategies
- Product or Service Lines
- Positioning and Goals
- Packaging
- Pricing Structure
- Placement/Distribution/
Delivery
- Customer Service & Sales
- Promotional Strategies
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The company’s financial information including
anticipated expenses, income and required capital (if any).
A. Investment Required for
Start-Up
- Start-up costs/needs
- Financing required & use of
these funds
B. Cash Flow Projections
- One year projections &
explanation
C. Other Financial Statements
- 3 years Profit & Loss
projections
- 3 years Balance Sheet
projections
- Explanations & assumptions
- Historical financial
statements (for an existing
business)
- Personal Financial
Statement of owner(s)
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A catch-all section that contains any supporting
documents or information that will strengthen or better describe the
plan.
- Resume
- Letters of Reference
- Letters of Intent to Purchase
(or, copies of contracts)
- Copies of legal documents
(leases, articles of
incorporation, permits,
licenses, etc.)
- Tax returns
- Photos, maps, floor plans,
sample menus, promotional
materials, etc.
- Organization chart, job
descriptions
- Other …
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Market Feasibility and
Planning
QUESTION: Why research your
business idea?
ANSWER: To avoid costly mistakes!
1. Does a market exist for your
product or service?
2. Do you know who your customers
will be and can you provide a profile of your typical customer?
3. Have you reviewed pricing
standards within your industry? Are you competitive with those standards?
4. Is your business seasonal?
5. Will the location of your
business affect your profitability? Have you evaluated the strengths and
weaknesses of particular locations?
6. Have you evaluated your direct
and indirect competition?
7. Is it necessary to conduct any
trademark and patent searches?
TIPS FOR MARKET RESEARCH
 | Your market
research should be presented in a professional manner. |
| Use methods of
research which provide measurable results. |
| Pay closest
attention to the opinions expressed by your target market. |
| Be sure that
your participants' reactions are based on your product or service. |
| Research,
Reason, Evaluate, Re-evaluate, Continuous Planning. |
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Business Office
2745 N. Dr. Martin Luther
King Jr. Drive MAP
Milwaukee, WI 53212
Phone: (414) 263-5450
FAX: (414) 263-5456 |
Kenosha
Office
Southeast Region
600 52nd Street
Suite 130
MAP
Kenosha, WI 53140
Phone: (262) 654-1234 ext.118
FAX (262) 654-4655
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Madison Office
South Central Region Office
2300 S. Park Street MAP
Madison, WI 53713
Phone: (608) 257-5450
FAX: (608) 257-5454 |
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