How do I develop a plan/budget?
A written business plan helps clarify your thinking, refines your ideas and communicates the compelling future of your business to others. A budget keeps you on track to meet your goals.
Your business plan can be simple or complex, but should answer the following questions:
- Executive Summary: In two pages or less, what is the essence of your business idea and what are your key goals?
- Business Description: Expand on the nature of the business's activities and the market need it addresses. Why will your business thrive and grow?
- Market and Competition: Who are your customers and your competitors? What makes your business rise above the competition (your competitive advantage)?
- Products and Services: What are they and how do you deliver them to satisfy your customers?
- Marketing and Selling: How will you identify potential customers and reach them with your message? How will they find you?
- Resources: Who do you have to operate the business? How will you obtain the skills and physical resources essential to your ongoing success?
- Financial Data: Can you demonstrate that you will have a profitable future? What will be your Assets and Liabilities, Profit and Loss, Cash Flow for the foreseeable future? Your budget is your financial plan for the current year (12 months of revenue and expenses, at a minimum). Tracking your results will allow you to measure your progress, meet your goals, and adjust as necessary.
- Investments: Will you need capital to start up the business? Ongoing cash infusions until the business gets traction? Any financial institution will want to review your budget and business plan before they provide any investment funds.
Contact SCORE (Senior Corps of Retired Executives) for assistance in developing a business plan and budget.
Ignition is a 501 (c)3 business accelerator based in Williamsburg, Virginia at 1006 Richmond Rd, on the third floor. Founded by entrepreneurs, we provide support, complimentary office space, resources, and direct investment to help entrepreneurs achieve their dreams. Our goal is to develop an idea and swiftly take it to market. We provide design, branding, web, app, and other services to help people achieve this goal.
Launchpad – Greater Williamsburg Business Incubator
The communities of York County, James City County, and the City of Williamsburg, have partnered with the Small Business Development Center to provide entrepreneurs, startups and small businesses with the amenities, counseling, and services necessary to grow a successful business via the Greater Williamsburg Business Incubator. Launchpad is a facility that provides a comprehensive support process designed to assist and accelerate the successful development and growth of start-up and young companies. This is accomplished through a carefully designed incubation program of business education, targeted services, networking, and other programs designed to help the entrepreneur.