Business Plan Checklist

When creating your business plan be sure you have included the following items:

1) Business Structure

• Company Name
• Entity: Sole Proprietorship, Partnership, Corporation or Limited Liability Company
• Permits and Licenses: local, state, federal
• Board of Directors or Volunteer Advisors
• Professional Services: Accountant, Attorney
• Insurance: liability, property & casualty, life & disability for management team
• Management Succession Plan
• Product/Service Category: SIC Code(s)
• Geographical Markets
• Location of Business Facilities

2) Financial Controls and Capital Sources

• Financial Statements: Balance Sheet, Income Statement, Cash Flow Analysis
• Financial Projections: "pro phonon" monthly projections for 36 months.
• Tax Obligations: local, state, federal
• 13 Sources of Capital:

1.   "Bootstrap": Using creativity instead of cash
2.   Borrow or sub-let buildings and equipment that have excess capacity
3.   Lease rather than purchase buildings and equipment
4.   Obtain payment terms from suppliers
5.   Equity investment by suppliers and customers
6.   Personal savings, credit cards, home equity
7.   Investment by friends and family
8.   Greensboro Venture Capital Fund (minority and women-owned businesses)|
9.   Bank Debt: fixed asset, inventory/receivables, lines of credit
10. Investment by "Angels" (high net-worth individuals)
11. Private placement of stock
12. Venture capital (for fast growing, high rate-of-return businesses)
13. Retained earnings (keeping profits in the business)

3) Marketing

• Marketing Plan
• Product/Service Research and Development
• Distribution
• Pricing
• Promotion: advertising, publicity, sales

4) Operations

• Management Team
• Information Management System
• Outsourced Labor: management consultants, specialized contractors
• Employees: full-time, part-time, permanent, temporary
• Human Resources: payroll, benefits, training
• Plant, Equipment, Furniture and Fixtures