Start-up Funding | |
Start-up Expenses to Fund | $5,500 |
Start-up Assets to Fund | $195,000 |
Total Funding Required | $200,500 |
Assets | |
Non-cash Assets from Start-up | $45,000 |
Cash Requirements from Start-up | $150,000 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $150,000 |
Total Assets | $195,000 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $100,000 |
Accounts Payable (Outstanding Bills) | $1,000 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $101,000 |
Capital | |
Planned Investment | |
Investor 1 | $49,750 |
Investor 2 | $49,750 |
Additional Investment Requirement | $0 |
Total Planned Investment | $99,500 |
Loss at Start-up (Start-up Expenses) | ($5,500) |
Total Capital | $94,000 |
Total Capital and Liabilities | $195,000 |
Total Funding | $200,500 |
BSC offers a list of services for business owners to choose from, depending on their particular business needs.
Start-up services include business plan preparation, marketing plan preparation, and financing search and procurement. Ongoing services include business plan updates, marketing plan updates, search and procurement of additional rounds of financing, management development, IT consulting services, e-commerce consulting services, operational advising, and human resources advising.
BSC is flexible, working with its clients in the fashion preferred by the client, be it on-site, remotely, or a combination of both. BSC typically works on a project in a team fashion to assist the client in all areas of the business simultaneously. This allows for all parties involved to be in sync in terms of understanding the interconnections of all functional areas of the business.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
Start-Up Companies | 10% | 1,900,000 | 2,090,000 | 2,299,000 | 2,528,900 | 2,781,790 | 10.00% |
1-3 Year Old Companies | 8% | 900,000 | 972,000 | 1,049,760 | 1,133,741 | 1,224,440 | 8.00% |
3 + Year Old Companies | 6% | 400,000 | 424,000 | 449,440 | 476,406 | 504,990 | 6.00% |
Other | 0% | 0 | 0 | 0 | 0 | 0 | 0.00% |
Total | 8.96% | 3,200,000 | 3,486,000 | 3,798,200 | 4,139,047 | 4,511,220 | 8.96% |
Start-up companies often are in need of expert advice and planning in initiating a successful start-up. It is believed that a majority of start-ups actually seek out consulting assistance. Those that do typically are searching for a comprehensive area of services.
1-3 Year Old Companies
Young companies, between 1 and 3 years old are less likely to be searching for expert business consulting services. Typically, they have already secured financing and have developed a satisfactory level of security. However, these businesses are still in the beginnings of their overall cycle and in most cases need the broad expertise of a team of expert consultants.
3 + Year-Old Companies
Established companies make up the final segment, and is significantly smaller than the start-up segment. The established company segment typically has a need for a less comprehensive range of services. These entities are in need of specialized services in one or two disciplines, e.g., operational planning or human resources.
Start-up companies are the target market of this firm. BSC intends to stay on the pulse of new business activity within the local area. Additionally, business contacts, referrals from among the group, and Internet marketing efforts will be made in pursuit of new clients.
Start-up company owners often lack the broad range of knowledge and expertise required to launch a new business. There is a serious need in the marketplace, and certainly a significant demand for, these types of start-up consulting services.
The business consulting industry is very fragmented. Several large multi-national companies dominate the industry while many smaller (and often more specialized) firms occupy their market niches. Major management consulting companies, such as McKinsey, Bain, and Boston Consulting Group, have established their dominant position by providing services to the leading companies in various industries. Consulting practices of the major accounting firms (a.k.a. the Big Five) have established worldwide presence and sell their packaged services to companies of different sizes and industries. At the same time, numerous firms and individual business consultants prosper in the market niches that bigger players consider unprofitable to enter.
Competitors in the forefront of the marketplace typically offer information-based consulting, integration and management services. Services are designed to increase clients’ operations effectiveness through reduced cost, improved customer service, enhanced quality of current product lines and services, and a more rapid introduction of new products and services. Competitors also offer industry-specific expertise to objectively evaluate, select, develop, implement, and manage information systems, networks, and applications.
Consulting services are becoming more focused on technology-based solutions to help clients improve cost management, quality, service, and research and development to obtain differentiation and competitive advantage. E-strategy services are being provided to business and IT executives with education, insights, and strategies to utilize the power of the Internet to improve their performance. E-strategy services include executive visioning, business strategy, planning for e-business initiatives, user design, and intellectual capital formation. IT strategy consulting services are focusing on the use of IT to support business goals, and to leverage the power of the Internet to transform the way products and services are distributed and retailed.
Strategic planning consulting services typically consist of strategic alignment (which includes IT strategic planning and governance, alignment of IT and process, and future focus and regulatory requirements), IT department operational excellence (which includes fiscal responsibility, infrastructure, IT department processes, data center operations, and IT human resources management), and IT value realization (which consists of performance measurement, business integration (people, process and technology), change management and application investment). Performance improvement services consist of process redesigning to reducing administrative costs, improving financial performance, engaging and retaining customers, and improving accountability and reporting.
Other commonly found services among competitors include long-term IT management expertise, as well as a wide range of management services including assessment/due diligence, program management, discrete outsourcing, and full IT outsourcing services.
BSC intends to succeed by offering companies a comprehensive range of multi-cycle business planning solutions.
BSC intends to succeed by offering companies a comprehensive range of multi-cycle business planning solutions. The company will strive to optimize its billing hours. The following table outlines the sales forecast for the next three years.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Unit Sales | |||
Business Plans | 191 | 397 | 763 |
Start-Up Consulting | 175 | 364 | 699 |
Annual Reviews | 223 | 464 | 890 |
Other Ongoing Business Consulting | 223 | 464 | 890 |
Total Unit Sales | 812 | 1,688 | 3,242 |
Unit Prices | Year 1 | Year 2 | Year 3 |
Business Plans | $1,500.00 | $1,500.00 | $1,500.00 |
Start-Up Consulting | $1,500.00 | $1,500.00 | $1,500.00 |
Annual Reviews | $1,000.00 | $1,000.00 | $1,000.00 |
Other Ongoing Business Consulting | $1,500.00 | $1,500.00 | $1,500.00 |
Sales | |||
Business Plans | $286,508 | $595,937 | $1,144,199 |
Start-Up Consulting | $262,633 | $546,276 | $1,048,850 |
Annual Reviews | $222,840 | $463,507 | $889,933 |
Other Ongoing Business Consulting | $334,260 | $695,260 | $1,334,899 |
Total Sales | $1,106,240 | $2,300,980 | $4,417,881 |
Direct Unit Costs | Year 1 | Year 2 | Year 3 |
Business Plans | $0.00 | $0.00 | $0.00 |
Start-Up Consulting | $0.00 | $0.00 | $0.00 |
Annual Reviews | $0.00 | $0.00 | $0.00 |
Other Ongoing Business Consulting | $0.00 | $0.00 | $0.00 |
Direct Cost of Sales | |||
Business Plans | $0 | $0 | $0 |
Start-Up Consulting | $0 | $0 | $0 |
Annual Reviews | $0 | $0 | $0 |
Other Ongoing Business Consulting | $0 | $0 | $0 |
Subtotal Direct Cost of Sales | $0 | $0 | $0 |
Our competitive edge is the team approach of consultants who are each focused in one or two business disciplines.
Andrew B. Christiansen has extensive experience in business planning and finance, including CFO positions with ABC Conglomerate and DEF International. David E. Fields brings in experience in the area of marketing, advertising, and communications.
The following table illustrates the personnel plan for the next three years. No major changes in headcount are planned.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Owner / Consultants | $600,000 | $660,000 | $726,000 |
Other | $0 | $0 | $0 |
Total People | 6 | 7 | 8 |
Total Payroll | $600,000 | $660,000 | $726,000 |
BSC expects to raise $100,000 as its own capital, and to borrow $100,000 guaranteed by the SBA as a 10-year loan. This provides the bulk of the current financing required.
BSC’s Break-even Analysis is based on the average of the first-year figures for total sales by salaries, bonuses costs, and all other operating expenses. These are presented as per-unit revenue, per-unit cost, and fixed costs. These conservative assumptions make for a more accurate estimate of real risk. Such analysis shows that BSC will break-even by the tenth month of operations.
Break-even Analysis | |
Monthly Units Break-even | 56 |
Monthly Revenue Break-even | $76,150 |
Assumptions: | |
Average Per-Unit Revenue | $1,362.36 |
Average Per-Unit Variable Cost | $0.00 |
Estimated Monthly Fixed Cost | $76,150 |
As the profit and loss table shows, BSC expects to continue its steady growth in profitability over the next three years of operations.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $1,106,240 | $2,300,980 | $4,417,881 |
Direct Cost of Sales | $0 | $0 | $0 |
Other | $0 | $0 | $0 |
Total Cost of Sales | $0 | $0 | $0 |
Gross Margin | $1,106,240 | $2,300,980 | $4,417,881 |
Gross Margin % | 100.00% | 100.00% | 100.00% |
Expenses | |||
Payroll | $600,000 | $660,000 | $726,000 |
Sales and Marketing and Other Expenses | $216,600 | $227,430 | $238,802 |
Depreciation | $6,000 | $6,300 | $6,615 |
Utilities | $1,200 | $1,266 | $1,336 |
Payroll Taxes | $90,000 | $99,000 | $108,900 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $913,800 | $993,996 | $1,081,652 |
Profit Before Interest and Taxes | $192,440 | $1,306,984 | $3,336,229 |
EBITDA | $198,440 | $1,313,284 | $3,342,844 |
Interest Expense | $8,050 | $6,065 | $5,356 |
Taxes Incurred | $45,725 | $325,230 | $846,597 |
Net Profit | $138,666 | $975,689 | $2,484,276 |
Net Profit/Sales | 12.53% | 42.40% | 56.23% |
As the cash flow statement illustrates, BSC expects to maintain a steady rate of cash flow over the next three years of operations.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $1,106,240 | $2,300,980 | $4,417,881 |
Subtotal Cash from Operations | $1,106,240 | $2,300,980 | $4,417,881 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $1,106,240 | $2,300,980 | $4,417,881 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $600,000 | $660,000 | $726,000 |
Bill Payments | $327,069 | $640,332 | $1,156,442 |
Subtotal Spent on Operations | $927,069 | $1,300,332 | $1,882,442 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $36,000 | $6,700 | $7,486 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $45,000 | $55,000 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $963,069 | $1,352,032 | $1,944,928 |
Net Cash Flow | $143,171 | $948,947 | $2,472,953 |
Cash Balance | $293,171 | $1,242,118 | $3,715,072 |
Following is a copy of the company’s projected balance sheet.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $293,171 | $1,242,118 | $3,715,072 |
Other Current Assets | $20,000 | $20,000 | $20,000 |
Total Current Assets | $313,171 | $1,262,118 | $3,735,072 |
Long-term Assets | |||
Long-term Assets | $25,000 | $70,000 | $125,000 |
Accumulated Depreciation | $6,000 | $12,300 | $18,915 |
Total Long-term Assets | $19,000 | $57,700 | $106,085 |
Total Assets | $332,171 | $1,319,818 | $3,841,157 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $35,505 | $54,164 | $98,711 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $35,505 | $54,164 | $98,711 |
Long-term Liabilities | $64,000 | $57,300 | $49,814 |
Total Liabilities | $99,505 | $111,464 | $148,525 |
Paid-in Capital | $99,500 | $99,500 | $99,500 |
Retained Earnings | ($5,500) | $133,166 | $1,108,855 |
Earnings | $138,666 | $975,689 | $2,484,276 |
Total Capital | $232,666 | $1,208,355 | $3,692,631 |
Total Liabilities and Capital | $332,171 | $1,319,818 | $3,841,157 |
Net Worth | $232,666 | $1,208,355 | $3,692,631 |
The following table outlines the important business ratios for Business Solutions Consulting, as determined by the Standard Industry Classification (SIC) Index. Ratios for the Business Consulting services industry (SIC 8748) are used as a benchmark in this table.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 108.00% | 92.00% | 12.40% |
Percent of Total Assets | ||||
Other Current Assets | 6.02% | 1.52% | 0.52% | 44.70% |
Total Current Assets | 94.28% | 95.63% | 97.24% | 74.50% |
Long-term Assets | 5.72% | 4.37% | 2.76% | 25.50% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 10.69% | 4.10% | 2.57% | 44.30% |
Long-term Liabilities | 19.27% | 4.34% | 1.30% | 16.00% |
Total Liabilities | 29.96% | 8.45% | 3.87% | 60.30% |
Net Worth | 70.04% | 91.55% | 96.13% | 39.70% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 100.00% | 100.00% | 100.00% | 0.00% |
Selling, General & Administrative Expenses | 87.63% | 57.71% | 43.51% | 80.80% |
Advertising Expenses | 10.85% | 5.48% | 2.99% | 1.30% |
Profit Before Interest and Taxes | 17.40% | 56.80% | 75.52% | 2.20% |
Main Ratios | ||||
Current | 8.82 | 23.30 | 37.84 | 1.75 |
Quick | 8.82 | 23.30 | 37.84 | 1.38 |
Total Debt to Total Assets | 29.96% | 8.45% | 3.87% | 60.30% |
Pre-tax Return on Net Worth | 79.25% | 107.66% | 90.20% | 3.80% |
Pre-tax Return on Assets | 55.51% | 98.57% | 86.72% | 9.70% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 12.53% | 42.40% | 56.23% | n.a |
Return on Equity | 59.60% | 80.75% | 67.28% | n.a |
Activity Ratios | ||||
Accounts Payable Turnover | 10.18 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 25 | 23 | n.a |
Total Asset Turnover | 3.33 | 1.74 | 1.15 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.43 | 0.09 | 0.04 | n.a |
Current Liab. to Liab. | 0.36 | 0.49 | 0.66 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $277,666 | $1,207,955 | $3,636,360 | n.a |
Interest Coverage | 23.91 | 215.50 | 622.93 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.30 | 0.57 | 0.87 | n.a |
Current Debt/Total Assets | 11% | 4% | 3% | n.a |
Acid Test | 8.82 | 23.30 | 37.84 | n.a |
Sales/Net Worth | 4.75 | 1.90 | 1.20 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Unit Sales | |||||||||||||
Business Plans | 0% | 12 | 13 | 13 | 14 | 15 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |
Start-Up Consulting | 0% | 11 | 12 | 12 | 13 | 13 | 14 | 15 | 15 | 16 | 17 | 18 | 19 |
Annual Reviews | 0% | 14 | 15 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |
Other Ongoing Business Consulting | 0% | 14 | 15 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |
Total Unit Sales | 51 | 54 | 56 | 59 | 62 | 65 | 68 | 72 | 75 | 79 | 83 | 87 | |
Unit Prices | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Business Plans | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | |
Start-Up Consulting | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | |
Annual Reviews | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |
Other Ongoing Business Consulting | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | $1,500.00 | |
Sales | |||||||||||||
Business Plans | $18,000 | $18,900 | $19,845 | $20,837 | $21,879 | $22,973 | $24,122 | $25,328 | $26,594 | $27,924 | $29,320 | $30,786 | |
Start-Up Consulting | $16,500 | $17,325 | $18,191 | $19,101 | $20,056 | $21,059 | $22,112 | $23,217 | $24,378 | $25,597 | $26,877 | $28,221 | |
Annual Reviews | $14,000 | $14,700 | $15,435 | $16,207 | $17,017 | $17,868 | $18,761 | $19,699 | $20,684 | $21,719 | $22,805 | $23,945 | |
Other Ongoing Business Consulting | $21,000 | $22,050 | $23,153 | $24,310 | $25,526 | $26,802 | $28,142 | $29,549 | $31,027 | $32,578 | $34,207 | $35,917 | |
Total Sales | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Direct Unit Costs | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Business Plans | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Start-Up Consulting | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Annual Reviews | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Other Ongoing Business Consulting | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Direct Cost of Sales | |||||||||||||
Business Plans | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Start-Up Consulting | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Annual Reviews | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Ongoing Business Consulting | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Direct Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Long-term Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Tax Rate | 30.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Direct Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Gross Margin | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Gross Margin % | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |
Expenses | |||||||||||||
Payroll | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | |
Sales and Marketing and Other Expenses | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | $18,050 | |
Depreciation | 5% | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 |
Utilities | 6% | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 |
Payroll Taxes | 15% | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Operating Expenses | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | $76,150 | |
Profit Before Interest and Taxes | ($6,650) | ($3,175) | $474 | $4,305 | $8,328 | $12,552 | $16,987 | $21,643 | $26,533 | $31,667 | $37,058 | $42,719 | |
EBITDA | ($6,150) | ($2,675) | $974 | $4,805 | $8,828 | $13,052 | $17,487 | $22,143 | $27,033 | $32,167 | $37,558 | $43,219 | |
Interest Expense | $808 | $783 | $758 | $733 | $708 | $683 | $658 | $633 | $608 | $583 | $558 | $533 | |
Taxes Incurred | ($2,238) | ($990) | ($71) | $893 | $1,905 | $2,967 | $4,082 | $5,253 | $6,481 | $7,771 | $9,125 | $10,546 | |
Net Profit | ($5,221) | ($2,969) | ($213) | $2,679 | $5,715 | $8,901 | $12,246 | $15,758 | $19,444 | $23,313 | $27,375 | $31,639 | |
Net Profit/Sales | -7.51% | -4.07% | -0.28% | 3.33% | 6.76% | 10.03% | 13.15% | 16.11% | 18.94% | 21.62% | 24.18% | 26.62% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Subtotal Cash from Operations | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $69,500 | $72,975 | $76,624 | $80,455 | $84,478 | $88,702 | $93,137 | $97,793 | $102,683 | $107,817 | $113,208 | $118,869 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | |
Bill Payments | $1,807 | $24,262 | $25,474 | $26,368 | $27,309 | $28,298 | $29,337 | $30,429 | $31,576 | $32,782 | $34,049 | $35,380 | |
Subtotal Spent on Operations | $51,807 | $74,262 | $75,474 | $76,368 | $77,309 | $78,298 | $79,337 | $80,429 | $81,576 | $82,782 | $84,049 | $85,380 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $54,807 | $77,262 | $78,474 | $79,368 | $80,309 | $81,298 | $82,337 | $83,429 | $84,576 | $85,782 | $87,049 | $88,380 | |
Net Cash Flow | $14,693 | ($4,287) | ($1,850) | $1,086 | $4,169 | $7,404 | $10,800 | $14,365 | $18,107 | $22,036 | $26,160 | $30,489 | |
Cash Balance | $164,693 | $160,406 | $158,556 | $159,643 | $163,811 | $171,215 | $182,015 | $196,380 | $214,487 | $236,523 | $262,682 | $293,171 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Owner / Consultants | 0% | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 |
Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total People | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | |
Total Payroll | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $150,000 | $164,693 | $160,406 | $158,556 | $159,643 | $163,811 | $171,215 | $182,015 | $196,380 | $214,487 | $236,523 | $262,682 | $293,171 |
Other Current Assets | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 |
Total Current Assets | $170,000 | $184,693 | $180,406 | $178,556 | $179,643 | $183,811 | $191,215 | $202,015 | $216,380 | $234,487 | $256,523 | $282,682 | $313,171 |
Long-term Assets | |||||||||||||
Long-term Assets | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Accumulated Depreciation | $0 | $500 | $1,000 | $1,500 | $2,000 | $2,500 | $3,000 | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | $6,000 |
Total Long-term Assets | $25,000 | $24,500 | $24,000 | $23,500 | $23,000 | $22,500 | $22,000 | $21,500 | $21,000 | $20,500 | $20,000 | $19,500 | $19,000 |
Total Assets | $195,000 | $209,193 | $204,406 | $202,056 | $202,643 | $206,311 | $213,215 | $223,515 | $237,380 | $254,987 | $276,523 | $302,182 | $332,171 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $1,000 | $23,413 | $24,596 | $25,459 | $26,367 | $27,321 | $28,324 | $29,377 | $30,485 | $31,648 | $32,871 | $34,156 | $35,505 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $1,000 | $23,413 | $24,596 | $25,459 | $26,367 | $27,321 | $28,324 | $29,377 | $30,485 | $31,648 | $32,871 | $34,156 | $35,505 |
Long-term Liabilities | $100,000 | $97,000 | $94,000 | $91,000 | $88,000 | $85,000 | $82,000 | $79,000 | $76,000 | $73,000 | $70,000 | $67,000 | $64,000 |
Total Liabilities | $101,000 | $120,413 | $118,596 | $116,459 | $114,367 | $112,321 | $110,324 | $108,377 | $106,485 | $104,648 | $102,871 | $101,156 | $99,505 |
Paid-in Capital | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 | $99,500 |
Retained Earnings | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) | ($5,500) |
Earnings | $0 | ($5,221) | ($8,190) | ($8,403) | ($5,724) | ($10) | $8,891 | $21,138 | $36,895 | $56,339 | $79,652 | $107,027 | $138,666 |
Total Capital | $94,000 | $88,779 | $85,810 | $85,597 | $88,276 | $93,990 | $102,891 | $115,138 | $130,895 | $150,339 | $173,652 | $201,027 | $232,666 |
Total Liabilities and Capital | $195,000 | $209,193 | $204,406 | $202,056 | $202,643 | $206,311 | $213,215 | $223,515 | $237,380 | $254,987 | $276,523 | $302,182 | $332,171 |
Net Worth | $94,000 | $88,779 | $85,810 | $85,597 | $88,276 | $93,990 | $102,891 | $115,138 | $130,895 | $150,339 | $173,652 | $201,027 | $232,666 |
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Company Overviews Show How the Pieces of a Business Work
Getting started on your company summary, examples of a company summary, tips for writing a company summary, frequently asked questions (faqs).
Image by Theresa Chiechi é The Balance 2019
The company summary in a business plan—also known as the company description or overview—is a high-level look at what you are as a company and how all the elements of the business fit together.
An effective company summary should give readers, such as potential investors, a quick and easy way to understand your business, its products and services, its mission and goals, how it meets the needs of its target market, and how it stands out from competitors.
Remember to stick to the big picture before you begin writing your company summary. Other sections of your business plan will provide the specific details of your business. The summary synthesizes all of that information into one page.
The company summary section of a business plan should include:
The U.S. Small Business Administration (SBA) website has a lot of information available if you've never written a business plan before. The SBA provides examples of business plans for different types of companies.
Before you begin, you should decide whether you want to go with a traditional business plan format or a lean startup format. The traditional format is appropriate if you want to have a comprehensive, detail-oriented plan or if you are requesting financing. The lean startup format is best for those who have a relatively simple business and want to start it quickly or as a starting point for those who plan to refine and change the plan regularly.
No matter which type of business plan you choose, you'll need to include a company summary.
Although there are many blueprints for writing a company summary, below are a couple of examples to get you started.
You can opt for a concise opening paragraph such as this one:
XYZ Consulting is a new company that provides expertise in search marketing solutions for businesses worldwide, including website promotion, online advertising, and search engine optimization techniques to improve its clients' positioning in search engines. We cater to the higher education market, including colleges, universities, and professional educational institutions.
Several elements of the company summary are covered here, including the name (XYZ Consulting), history (new company), description of services (web promotion, SEO, advertising) and why it's needed (improve positioning in search engines), and the target market (higher education).
Starbucks breaks down the company overview on its website into the following sections:
"Our Heritage"
Here the company describes how long the company has been in business, citing its roots, the founder, Howard Schultz, and how he was inspired to open the first Starbucks in Seattle after visiting Italy. It briefly mentions the growth of millions of customers and how the company's heritage remains important to its long-term success.
"Coffee & Craft"
The overview describes the high-quality products and services being offered and why they stand out from the competition by describing the detailed process of choosing and growing coffee beans. You'll notice they don't suggest their product is a low-cost product but instead provide a high level of "experiences to savor."
"Our Partners"
Starbucks describes its employees as partners that work together in an inclusive manner to achieve success. It highlights how they are at the center of the experience.
"Pursuit of Doing Good"
The company describes its values and how it gives back to the community.
Below are excerpts of the business overview pages from the annual 10-K filing for Tesla Inc.
"We design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems, and offer services related to our products. We generally sell our products directly to customers, including through our website and retail locations.
We also continue to grow our customer-facing infrastructure through a global network of vehicle service centers, mobile service technicians, body shops, supercharger stations and destination chargers to accelerate the widespread adoption of our products.
We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety.
Our mission to accelerate the world’s transition to sustainable energy, engineering expertise, vertically integrated business model and focus on user experience differentiate us from other companies."
Competition
Tesla highlights the competitive automotive market and how the company differentiates itself from the larger, more established competitors.
"The worldwide automotive market is highly competitive and we expect it will become even more competitive in the future as we introduce additional vehicles in a broader cross-section of the passenger and commercial vehicle market and expand our vehicles’ capabilities. We believe that our vehicles compete in the market both based on their traditional segment classification as well as based on their propulsion technology.
Competing products typically include internal combustion vehicles from more established automobile manufacturers; however, many established and new automobile manufacturers have entered or have announced plans to enter the market for electric and other alternative fuel vehicles."
Intellectual Property
The company highlights its intellectual property, including trademarks and patents.
"We place a strong emphasis on our innovative approach and proprietary designs which bring intrinsic value and uniqueness to our product portfolio. As part of our business, we seek to protect the underlying intellectual property rights of these innovations and designs such as with respect to patents, trademarks, copyrights, trade secrets and other measures, including through employee and third-party nondisclosure agreements and other contractual arrangements."
Mission Statement
The company highlights its mission statement and its sustainability goals using environmental, social, and governance (ESG) and human capital resources.
"The very purpose of Tesla's existence is to accelerate the world's transition to sustainable energy. We believe the world cannot reduce carbon emissions without addressing both energy generation and consumption, and we are designing and manufacturing a complete energy and transportation ecosystem to achieve this goal. As we expand, we are building each new factory to be more efficient and sustainably designed than the previous one, including with respect to waste reduction and water usage, and we are focused on reducing the carbon footprint of our supply chain."
There are other items you can include in your company summary to expand on the areas that you'd like people to focus on, depending on your objective.
You might provide more information about the company's location, legal structure, and management team. You can also include more information about the:
You can also customize the summary if you have a specific objective or a targeted audience. For example, if the goal of your business plan is to secure funding, you might focus on areas that appeal to investors and lending institutions, including:
You may also want to address any areas of perceived weakness by explaining how you'll overcome them or compensate.
You might describe the company, its location, legal structure, and management team. You can also highlight the company's business objectives, goals, and strengths. You can also customize the summary to a specific audience, such as a bank or lender, focusing on your competitive advantages and highlights of recent financial success.
Some of the discussion points to include in a company overview might be:
The Clute Institute. " Using Business Plans for Teaching Entrepreneurship ," Page 734.
U.S. Small Business Administration. " Write Your Business Plan ."
Starbucks Coffee Company. " Our Company ."
United States Securities and Exchange Commission. " Form 10-K, Annual Report Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934 for the Fiscal Year Ended December 31, 2021, Tesla, Inc., " Pages 3-12.
Restaurant Management Blog
Starting a coffee shop is a popular entrepreneurial venture due to the growing demand for specialty coffee and a comfortable place for social interaction. A well-structured business plan is crucial for the success of any coffee shop. It serves as a roadmap, guiding you through the process of starting and growing your business. Below is a comprehensive guide to help you develop a business plan for a coffee shop.
The executive summary is the first section of your business plan but should be written last. It provides a concise overview of your business plan and should capture the essence of your coffee shop.
This section provides more detailed information about your coffee shop.
Conducting thorough market research is essential to understanding your target market and competition.
Your marketing and sales strategy outlines how you will attract and retain customers.
The operations plan details the day-to-day operations of your coffee shop.
This section provides information about the management team and organizational structure.
The financial plan is one of the most critical sections of your business plan, as it outlines your coffee shop’s financial projections and funding needs.
The appendix includes any additional information that supports your business plan.
Creating a successful business plan for your coffee shop requires attention to detail and a deep understanding of the industry. Here are some additional tips to help you along the way:
Starting a coffee shop is an exciting and rewarding venture, but it requires careful planning and execution. A well-crafted business plan is essential to guide you through the process and ensure your coffee shop’s success. By following the steps outlined in this guide, you’ll be well on your way to creating a thriving coffee shop that delights customers and stands out in a competitive market.
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Uncover how to craft a winning business plan for your own law firm tailored specifically for lawyers!
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By Ivan Vislavskiy
Running successful law firms need careful planning, strategic thinking, and a clear vision for the future. A well-crafted law firm business plan can propel your firm to new heights. It helps you clarify your vision, identify your target market, and gain a deeper understanding of your competition. Once you get a glimpse into your firm’s strengths, weaknesses, opportunities, and threats, you’ll be able to make informed decisions and position your practice for long-term success.
This guide will take you through the process of creating a comprehensive business plan for your own law firm. We’ll discuss what a business plan for a law firm entails, how to construct it in 7 easy-to-follow steps, and the key components that should be included. Additionally, we’ll provide a real-world legal business plan sample to inspire and guide you.
A law firm business plan is a comprehensive document that outlines the strategic vision, operational details, and financial projections for your legal practice. It serves as a roadmap to guide the growth and development of your firm, addressing critical aspects such as your target market, competitive landscape, service offerings, law firm marketing strategies , and financial projections.
The primary purpose of a law firm business plan is to provide a clear and well-researched blueprint for the successful launch, operation, and expansion of your legal practice. By investing time and effort into crafting this document, you’ll gain several key benefits:
Clarity and direction: A well-crafted business plan helps you articulate your firm’s unique value proposition, set measurable goals, and align your team towards a common vision.
Operational efficiency: The process of developing a business plan forces you to address critical operational details, such as staffing, resource allocation, and process optimization, ensuring your firm runs smoothly and efficiently.
Financial planning: A comprehensive financial plan, including revenue projections, startup costs, and cash flow forecasts, allows you to make informed decisions about investments, pricing, and growth strategies.
Funding and investment: A professional-grade business plan can be a powerful tool for securing funding from investors, banks, or other financing sources, as it demonstrates the viability and growth potential of your legal practice.
Competitive advantage: After a thorough competitive analysis , you can develop differentiated services, pricing strategies, and marketing approaches that give your firm an edge.
Ongoing guidance: Your law firm business plan should be a living document, regularly reviewed and updated to reflect changing market conditions, client needs, and your firm’s evolving goals and objectives.
Comrade Digital Marketing Agency can help you with the above if you’re unsure how to go about it. Schedule a free consultation.
Building a law firm business plan involves several key steps, from analyzing your competitors to creating a financial plan and a client retention strategy. Each step is essential to creating a comprehensive and effective plan.
The first step in developing your law firm business plan is to thoroughly understand the legal scene. Begin the market analysis by estimating the projected size of your target market and identifying your direct and indirect competitors. Look for gaps in their approach that you can exploit or areas where you can innovate, allowing you to differentiate your firm and offer unique value to your clients.
With a clear understanding of your competitive environment, the next step is to define your law firm’s vision – a compelling, aspirational statement that encapsulates your firm’s purpose, values, and long-term goals. This statement should guide your law firm’s growth and decision-making. Additionally, identify the core values and principles that will shape your firm’s culture and decision-making processes. Translate these into measurable objectives that will drive your firm’s growth and development.
Determine the appropriate legal structure for your law firm, whether it’s a sole proprietorship, partnership, or limited liability company (LLC). Clearly define the specific duties and responsibilities of each partner, associate, and support staff member, ensuring that your organizational structure is efficient and effective. Regularly assess your firm’s structure to identify any inefficiencies or gaps, making adjustments as needed to optimize performance.
Clearly articulate the legal services you will offer, including your practice areas, areas of specialization, and the unique value proposition you bring to your clients. Establish competitive rates for your services, taking into account factors such as your target market, the complexity of the legal work, and the experience and expertise of your attorneys.
With your firm’s core offerings and structure in place, the next step is to develop a comprehensive law firm marketing strategy that will help you effectively reach, engage, and retain your target clients. Develop a distinctive brand identity, including a logo, messaging, and visual elements, that effectively communicates your firm’s unique value proposition.
Outline a mix of digital and traditional marketing tactics, such as search engine optimization, content marketing, social media, networking events, and print advertising, to reach and attract your target clients.
A well-defined financial plan is an important component of your law firm business plan, as it outlines your startup costs, revenue projections, profit and loss forecasts, and cash flow statements. This financial roadmap will not only help you secure funding but also guide your firm’s strategic decision-making.
Develop detailed revenue projections based on your anticipated client base, billable hours, and pricing structure, as well as profit and loss forecasts to assess your firm’s long-term viability. Furthermore, create a comprehensive cash flow statement to identify potential cash flow challenges and ensure your firm has sufficient liquidity to meet its financial obligations.
Finally, no law firm business plan is complete without a well-defined client retention strategy. Attracting new clients is essential, but it’s equally important to focus on building long-lasting relationships with your existing clients to ensure the ongoing success and growth of your firm.
Develop targeted initiatives, such as client appreciation events, loyalty programs, and personalized communication, to foster strong, lasting relationships with your clients. Continuously seek client feedback and implement processes to measure and improve client satisfaction, ensuring your firm is meeting or exceeding client expectations. You should also cultivate a culture of client advocacy by providing exceptional service and actively encouraging satisfied clients to refer their friends, family, and colleagues to your law firm business plan.
Now that you’ve explored the steps to building your law firm business plan, we will delve into the key components that should be included in this comprehensive document below.
The executive summary is a snapshot of your law firm’s business plan, briefly covering the mission statement, the legal services offered, the target market, and the firm’s overall goals. This section should be concise, yet compelling, to provide readers with a clear understanding of your firm’s purpose and direction.
This section provides a detailed overview of your law firm, including its history, core values, and unique selling points. Describe the specific legal services you offer, your target clientele, unique selling proposition, and the competitive advantages that set your firm apart in the market.
The start-up budget section outlines the initial investments and costs required to launch your law firm. This should include detailed projections for expenses such as office space, equipment, technology, hiring, and other operational costs. This information is crucial for securing funding and ensuring your firm’s financial viability.
By ensuring your business plan for attorneys includes these key components, you’ll create a comprehensive and compelling document that can serve as a roadmap for your firm’s success.
The law firm business plan template sample from Rocket Lawyer provides a valuable example of the key components that should be included in a comprehensive law firm business plan. The template covers the essential sections, such as the Executive Summary, Business Description, Products/Services, Funding Request, and Financial Projections.
The Executive Summary offers a concise overview of the firm’s goals, target market, and unique value proposition. This high-level snapshot gives readers a clear understanding of the law firm’s purpose and potential.
The Business Description delves deeper into the firm’s operations, including its legal structure, management team, and competitive advantages. This section allows the firm to showcase its expertise and differentiate itself within the legal industry.
The Products/Services section outlines the specific legal services offered, highlighting the firm’s areas of focus and specialized expertise. This information helps potential clients and investors understand the scope of the firm’s capabilities.
The Funding Request and Financial Projections sections are crucial for securing financing and demonstrating the long-term viability of the law firm. These financial details provide a roadmap for growth and profitability, which are essential for attracting investment and ensuring the firm’s success.
With the steps outlined in this comprehensive guide, you can create a robust law firm business plan that sets your legal practice up for long-term success. Whether you’re a solo practitioner or leading a multi-partner firm, a well-crafted business plan will help you secure funding, attract top talent, and demonstrate your strategic thinking to prospective clients. Remember, it’s a dynamic document that needs regular updates to align with market changes and evolving goals, ensuring your firm’s growth and leadership in the legal industry.
As you craft your law firm business plan, consider partnering with a professional digital marketing agency like Comrade Digital Marketing , to help you develop a strong online presence and implement effective marketing strategies. Our team of experts can provide customized SEO , PPC , and web design services to help you reach and engage your target audience, ultimately driving more leads and client conversions for your law firm. Contact us to learn more about how we can support the success of your law firm through data-driven, results-oriented digital marketing solutions!
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Creating an executive summary for your business plan that is comprehensive and concise will help outline your company's objectives. Get started here.
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This startup business plan template contains the essential components you need to convey your business idea and strategy to investors and stakeholders, but you can customize this template to fit your needs. The template provides room to include an executive summary, a financial overview, a marketing strategy, details on product or service offerings, and more.
Want to learn how to write a business plan? We've jam-packed this article with the examples, templates, and tips you need.
The executive summary is a crucial part of your business plan. Learn the steps involved in writing an executive summary and what to include and avoid.
Place the executive summary near the beginning of the business plan. Before you write the executive summary, you'll have to write the rest of the business plan first. The executive summary should contain all relevant information about the business, including name, mission, services offered, market, and financial projections.
This post has everything you need to know to learn how to write a great startup executive summary for your own use or for investors.
How to write an executive summary for a business plan. 1. Introduce the purpose. First things first, let your readers know what is this all about—meaning what your document is all about and which business you are doing. Then introduce the purpose your business plan is going to address.
How to Write a Business Plan Step-by-Step. 1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last.
A startup executive summary is a short document that makes a big impact. Sometimes known as a one-pager, a startup executive summary is a brief version of a business plan that most investors like to evaluate before they decide to call you in for a pitch meeting. With the stakes so high, it's essential that you create a summary that is concise, yet thorough, exciting, and well-written.
Learn how to create an effective business plan in 10 easy steps and discover the transformative power of mentorship to elevate your startup's strategy.
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
What is an executive summary? An executive summary is an overview of a company's business plan. It includes a business's model, revenue projections and costs, which are all used to entice investors and banks to fund the company and help it grow.
Our Complete Business Planning Guide includes concrete business plan examples and samples to help you get started.
The business plan examples in this article follow this template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis. Research-based information about the industry and your target market.
Explore a real-world consulting planning business plan example and download a free template with this information to start writing your own business plan.
Company summaries, also called company overviews or descriptions, are sections of a business plan that summarize the elements of your business.
The executive summary is the first section of your business plan but should be written last. It provides a concise overview of your business plan and should capture the essence of your coffee shop. Mission Statement: Define the purpose of your coffee shop. For example, "To provide a cozy and inviting space where customers can enjoy high ...
The law firm business plan template sample from Rocket Lawyer provides a valuable example of the key components that should be included in a comprehensive law firm business plan. The template covers the essential sections, such as the Executive Summary, Business Description, Products/Services, Funding Request, and Financial Projections.