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A Business Plan Checklist: Key Questions To Answer
March 23, 2024
1. EXECUTIVE SUMMARY • Why will the business succeed?• What do you want to start (or change)?• How much money is required?• What is the return on the investment?• Why is the venture a good risk? 2. BUSINESS DESCRIPTION• What type of business are you planning?• What products or services will you sell?• What type of opportunity is it (new, part time, expansion, seasonal, year round)?• Why does it promise to succeed?• What is the growth potential?• How is it unique? 3. MARKETING• Who are your potential customers?• How large is the market?• Who are your competitors? How are their businesses positioned?• What market share do you anticipate?• How will you price your product or service?• What advertising and promotional strategies will you use? 4. RESEARCH, DESIGN, AND DEVELOPMENT• Have you carefully described your design or development?• What technical assistance have you received?• What research needs do you anticipate?• Are the costs involved in research and design reasonable? 5. MANUFACTURING• Where will the business be located? Why?• What steps are required to produce your product or service?• What are your needs for production (e.g., facilities and equipment)?• Who will be your suppliers?• What type of transportation is available?• What is the supply of available labor?• What will it cost to produce your product or service? 6. ORGANIZATION• Who will manage the business?• What qualifications do you have?• How many employees will you need? What will they do?• How will you structure your organization?• What are your plans for employee salaries, wages, and benefits?• What consultants and specialists will you need? How will you use them?• What legal form of ownership will you choose? Why?• What licenses and permits will you need? 7. CRITICAL RISKS• What potential problems could arise?• How likely are they?• How do you plan to manage these potential problems? 8. FINANCIAL• What is your total estimated business income for the first year? Monthly for the first year? Quarterly for the second and third years?• What will it cost you to open the business?• What will your personal monthly financial needs be?• What sales volume will you need in order to make a profit the first three years?• What will be the break even point?• What will be your projected assets, liabilities, and net worth on the day before you expect to open?• What are your total financial needs?• What are your potential funding sources? How will you spend it?• How will the loans be secure? 9. MILESTONE SCHEDULE• What timing have you projected for this project?• How have you set your objectives?• Have you set up your deadlines for each stage of your venture?• Is there a relationship between events in this venture? 10. APPENDIX• Have you included all important documents, drawings, agreements, and references?
2701 Larsen Road
Green Bay, WI 54303

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