A Brief Guide. to Drafting. a Business Plan
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1 A Brief Guide to Drafting a Business Plan Status: June 2002
2 Blatt 2 A carefully drafted business plan is an essential for a successful start to your new business enterprise. It helps you assess better the prospects of your venture being a financial success and enables banks, the chamber of commerce or other external bodies to discuss with you the feasibility of your intended start-up. That said, the primary function of the business plan is that it should serve you as a basis for decision-making on whether you should start your own business or distance yourself from the whole idea. The business plan is therefore a good decision-making tool that should lay out, in particular, the potential business perspectives of the venture and how the business is going to finance itself. Elements of the business plan include the business concept (see pages 3 and 4), your CV (focusing on training, career to date, specialised knowledge of the particular sector and your business know-how), a capital requirement plan (see page 5), a financing plan (see page 6), a forecast of revenue and income (see pages 7 and 8), a cash-flow plan (see page 9). These elements are a way of showing the key aspects of your venture. Avoid lengthy descriptions. You should include extra background information and detailed market data in special cases only, for example when the business idea is particularly innovative or capital-intensive. In addition to the above, some particular documents should be appended to the business plan, if available. Examples include drafts of the tenancy agreement, the memorandum and articles of association, or possibly a cooperation agreement (e.g. a franchise agreement). If you are buying or participating in an existing company, the purchase agreement (in draft form), the last three annual financial statements (balance sheet and income statement) and current profit statements should also be added. The start-up consultants at the Bremen Chamber of Commerce will gladly discuss your business plan with you and answer on the phone any questions you may have. The contact for your particular sector of business can be found on page 9.
3 Blatt 3 Concept For the venture: (Name/Company name) A precise description of the business venture is the core of any start-up concept. Keep it as short as possible, but also as detailed as necessary, summarising in clear language the key elements of your business idea. Depending on the kind of business you plan to conduct, the main emphases in the description will vary. Show clearly your special goals and the extent to which you can set yourself apart from your competitors. 1.1 Business idea, products/services 1.2 Legal form, shareholder(s), founders (enclose CVs), management, employees 1.3 Location, business premises
4 Concept Blatt Business sector, market, competition 1.5 Target group 1.6 Marketing/sales strategy, collaborations 1.7 Forecasts, trends, risks
5 Blatt 5 Capital requirement plan Investments Land and buildings Renovation costs/ancillary expenses Equipment (office equipment, machinery, etc.) Vehicles Merchandise Purchase price/takeover price Formation expenses (once-only) Rental deposit Patent, licence, franchise fees Consultancy fees Notary/Commercial Register Market launch Other Working capital Initial expenses Commission Prefinancing for orders/receivables Other (e.g. reserves for personal needs) requirement (Sum total of investments, formation expenses and working capital)
6 Blatt 6 Financing plan Own resources Cash Contributions in kind/own work (capitalisable) Loans from relatives/external funding (long-term, unsecured) Equity capital Borrowed funds (after consultation with bank, DtA, chamber of commerce) Start-up financing from the DtA ERP equity assistance ERP start-up assistance (possible guaranty) DtA start-up assistance (possible guaranty) Principal bank (possible guaranty) Other sources of funds
7 Blatt 7 Profit forecast All amounts in and without value added tax Sales turnover/revenues + Revenues from services + Commission + Other operating revenues - Goods consumed - Contracted services = Gross profit - Personnel expenses - Managers salaries (GmbH only) - Rent - Heating, electricity, water, gas - Advertising and promotion - Vehicle expenses - Travel expenses - Telephone, fax, Internet - Office materials/packaging - Repairs, maintenance - Insurance - Membership fees - Leasing - Bookkeeping expenses, consultancy - Municipal trade tax - Other taxes (excl. corporation tax) - Interest payable - Other expenses expenses Operating profit/loss - Depreciation Net income/loss 1st business year (rump year from...) 2nd business year
8 Blatt 8 Profit forecast (notes) One of the most important and most difficult calculations to be made in the business plan is the profit forecast. Even though such a forecast involves uncertainties by its very nature, you should nevertheless be able to assess your venture s prospects as realistically as possible. This will answer the key question as to whether you can earn a sustainable livelihood and honour your future financial commitments with your venture. Ensure that your business expectations match your individual operating capacities. Explain your revenue forecast (volume and price of products/services). Given that business success usually occurs later than planned and to a more modest degree, you should avoid being too optimistic in your forecast. If the sales prospects for your products/services are difficult to assess, budgeting on the basis of cost coverage will provide a rough orientation. When drafting your profit forecast, please adhere to the following: Specify revenues (or sales, commission) and goods/materials consumed as net, without value added tax. For companies operating in different business sectors (e.g. commerce and services), the sales/revenues should be separately itemised. All costs must relate to business operations, not to private expenses. Personnel expenses should include not only gross wages and salaries, but also the employer s contributions to social insurance and voluntary social benefits. Include interest on loans in the profit forecast; repayments must be financed from profits. Depreciation (or amortisation and write-offs) is the term used for deducting cost accounting amounts for wear and tear of tangible assets; depreciation is also applied to so-called low-value assets. Here is an example: a car with an estimated useful life of five years is purchased for 25,000. The annual depreciation (using the straightline method) is 5,000 (25,000 divided by 5).
9 Blatt 9 Cash-flow plan All amounts in Business year 1 Proceeds 1 st quarter 2 nd quarter 3 rd quarter 4 th quarter + Sales revenue (inkl. VAT.) + Other proceeds *) = incoming resources Payments + Investments in assets + Personnel + Material/Merchandise + Operating expenses + Loan repayments + Interest paid + VAT + Taxes + Personal withdrawals + Other payments *) = outgoing resources Cash flow Cash flow (cumulative) *) Please specify.
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