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The Business Plan for Independent Inventors 

Below is an outline for a business plan. Use this model as a guide when developing the business plan for your business. You can use the worksheet that goes along with this feature to help write up certain elements of your own business plan. Remember this is only a guide, every situation is unique - make your business plan unique as well.

Elements of a Business Plan

• 1. Cover sheet
• 2. Statement of purpose
• 3. Table of contents
• I. The Business
  A. Description of business
  B. Marketing
  C. Competition
  D. Operating procedures
  E. Personnel
  F. Business insurance
  G. Financial data
• II. Financial Data
  A. Loan applications
  B. Capital equipment and supply list
  C. Balance sheet
  D. Breakeven analysis
  E. Pro-forma income projections (profit & loss statements)

  Three-year summary

  Detail by month, first year

  Detail by quarters, second and third years

  Assumptions upon which projections were based
  F. Pro-forma cash flow

  Follow guidelines for letter E.
• III. Supporting Documents
  Tax returns of principals for last three years
  Personal financial statement (all banks have these forms)
  In the case of a franchised business, a copy of franchise contract and all supporting documents provided by the franchisor
  Copy of proposed lease or purchase agreement for building space
  Copy of licenses and other legal documents
  Copy of resumes of all principals
  Copies of letters of intent from suppliers, etc.

The Business Plan for Independent Inventors 

In this section, provide a detailed description of your business. An excellent question to ask yourself is: "What business am I in?" In answering this question include your products and market as well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions.

The business description section is divided into three primary sections. Section 1 actually describes your business, Section 2 the product you will be offering and Section 3 the location of your business, and why this location is desirable.

Section 1. Business Description
When describing your business, generally you should explain:

1. Legalities - business form: proprietorship, partnership, corporation. The licenses or permits you will need.
2. Business type: merchandising, manufacturing or service.
3. What your product is.
4. Is it a new independent business, a takeover, an expansion?
5. Why your business will be profitable. What are the growth opportunities? Will franchising impact on growth opportunities?
6. When your business will be open (days, hours)?
7. What you have learned about your kind of business from outside sources (trade suppliers, bankers, other inventors and manufacturers, publications).

The description of your business should clearly identify goals and objectives, and it should clarify why you are, or why you want to be, in business.

Section 2. Product Description
Try to describe the benefits of your goods and services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty. And, it certainly is a good strategy for beating the competition or retaining your competitiveness. Describe:

1. What you are selling.
2. How your product will benefit the customer.
3. Which products are in demand; if there will be a steady flow of cash.
4. What is different about the product your business is offering.

1. What are your location needs?
2. What kind of space will you need?
3. Why is the area desirable? the building desirable?
4. Is it easily accessible? Is public transportation available? Is street lighting adequate?
5. Are market shifts or demographic shifts occurring?

The Business Plan for Independent Inventors 

Marketing plays a vital role in successful business ventures. How well you market your business, along with a few other considerations, will ultimately determine your degree of success or failure. The key element of a successful marketing plan is to know your customers their likes, dislikes, expectations. By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill their needs.

Identify your customers by their age, sex, income/educational level and residence. At first, target only those customers who are more likely to purchase your product or service. As your customer base expands, you may need to consider modifying the marketing plan to include other customers.

Develop a marketing plan for your business by answering these questions. Your marketing plan should be included in your business plan and contain answers to the questions outlined below.

1. Who are your customers? Define your target market(s).
2. Are your markets growing? steady? declining?
3. Is your market share growing? steady? declining?
4. Are your markets large enough to expand?
5. How will you attract, hold, increase your market share? 
6. What pricing strategy have you devised?

Questions like these can help you:

1. Who are your five nearest direct competitors?
2. Who are your indirect competitors?
3. How are their businesses: steady? increasing? decreasing?
4. What have you learned from their operations? from their advertising?
5. What are their strengths and weaknesses?
6. How does their product or service differ from yours?

Pricing and Sales
Your pricing strategy is another marketing technique you can use to improve your overall competitiveness. Get a feel for the pricing strategy your competitors are using. That way you can determine if your prices are in line with competitors in your market area and if they are in line with industry averages.

Some of the pricing strategies are:

• retail cost and pricing
• competitive position
• pricing below competition
• pricing above competition
• price lining
• multiple pricing
• service costs and pricing (for service businesses only)
  • service components
  • material costs
  • labor costs
  • overhead costs

Also see Marketing Plan for the Independent Inventor.

How you advertise and promote your goods may make or break your business. Having a good product and not advertising and promoting it is like not having a business at all. Many business owners operate under the mistaken concept that the business will promote itself, and channel money that should be used for advertising and promotions to other areas of the business. Advertising and promotions, however, are the life line of a business and should be treated as such.

Devise a plan that uses advertising and networking as a means to promote your business. Develop short, descriptive copy (text material) that clearly identifies your goods, its location, and price. Use catchy phrases to arouse the interest of your readers, listeners or viewers. Remember the more care and attention you devote to your marketing program, the more successful your business will be.

THE MANAGEMENT PLAN
Managing a business requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

Like plants and equipment, people are resources, they are the most valuable asset a business has. You will soon discover that employees and staff will play an important role in the total operation of your business. Consequently, it's imperative that you know what skills you possess and those you lack since you will have to hire personnel to supply the skills that you lack. Additionally, it is imperative that you know how to manage and treat your employees. Make them a part of the team. Keep them informed of, and get their feedback regarding, changes. Employees oftentimes have excellent ideas that can lead to new market areas, innovations to existing products or services or new product lines or services which can improve your overall competitiveness.

Your management plan should answer questions such as:

• How does your background/business experience help you in this business?
• What are your weaknesses and how can you compensate for them?
• Who will be on the management team?
• What are their strengths/weaknesses?
• What are their duties?
• Are these duties clearly defined?
• Will this assistance be ongoing?
• What are your current personnel needs?
• What are your plans for hiring and training personnel?
• What salaries, benefits, vacations, holidays will you offer? 
• What benefits, if any, can you afford at this point?

Sound financial management is one of the best ways for your business to remain profitable and solvent. How well you manage the finances of your business is the cornerstone of every successful business venture. Each year thousands of potentially successful businesses fail because of poor financial management. As a business owner, you will need to identify and implement policies that will lead to and ensure that you will meet your financial obligations.

To effectively manage your finances, plan a sound, realistic budget by determining the actual amount of money needed to open your business (start-up costs) and the amount needed to keep it open (operating costs). The first step to building a sound financial plan is to devise a start-up budget. Your start-up budget will usually include such onetime only costs as major equipment, utility deposits, down payments, etc. 

The start-up budget should allow for these expenses.

Start-up Budget

• personnel (costs prior to opening)
• legal/professional fees
• occupancy
• licenses/permits
• equipment
• insurance
• supplies
• advertising/promotions
• salaries/wages
• accounting
• income
• utilities
• payroll expenses

Operating Budget

• personnel
• insurance
• rent
• depreciation
• loan payments
• advertising/promotions
• legal/accounting
• miscellaneous expenses
• supplies
• payroll expenses
• salaries/wages
• utilities
• dues/subscriptions/fees
• taxes
• repairs/maintenance

The accounting system and the inventory control system that you will be using is generally addressed in this section of the business plan also. Whether you develop the accounting and inventory systems yourself, have an outside financial advisor develop the systems, you will need to acquire a thorough understanding of each segment and how it operates. Your financial advisor can assist you in developing this section of your business plan.

The following questions should help you determine the amount of start-up capital you will need to purchase and open a franchise.

• How much money do you have?
• How much money will you need to purchase the franchise?
• How much money will you need for start-up?
• How much money will you need to stay in business?

• What type of accounting system will your use? Is it a single entry or dual entry system?
• What will your sales goals and profit goals for the coming year be? 
• What financial projections will you need to include in your business plan?
• What kind of inventory control system will you use?