A business plan is an exercise that banks require for those seeking funding. It is a worthwhile and laborious process fueled by a lot of questions about intent, budget, market strategy, philosophy, and much, much more.
Currently we have 23 pages that specifically outline the following:
- · Mission, Vision and Purpose Statement
- · Executive Summary and Business Description
- · Company Ownership
- · Start-Up Summary
- · Industry Analysis
- · Market Location and Customer Demographics
- · Competitors
- · Operations and Management Plan
- · Menu and Beverage Program
- · Financial Summary
- · Professional History
- · Industry Endorsements
- · Press Clippings
Each section is scrutinized and analyzed for accuracy, logic and sage business decisions. The irony is that the data is mostly hypothetical. Collectively we’ll apply all of the lessons we’ve learned in our previous roles but until this project is live, who knows how much of the plan will be used or whether we came close to the targets.
We’re in final edits now and the next steps are to shop it around to various banks/lenders for pre-approval discussions. They will also be testing us on the 4 “C’s”… Capable, Credit, Collateral, and Cash.
More to report on soon.