Dollars and Sense

Do you have a complete plan?

Consumer behaviors outside of major metropolitan areas are vastly different from your D.C., or Richmond markets. Understanding the trends and prevalence associated with your targeted demographic will help you determine sales projections, growth plans and saturation points over the first three to five years of your business.

  1. If your research indicates that your idea is viable, you will need to write a business plan — this step is essential if you require financing to implement your business. Your business plan must specifically describe:
    1. The service you will provide or the product(s) you will produce,
    2. The price structure for your service or product(s),
    3. The typical customer and the marketing plan to reach the intended audience,
    4. The differences between your service/product and that of your competitors,
    5. Your supply chain and needed resources (funding, supplies, facility/office space, equipment, employees, etc.),
    6. Projections for sales and growth plan over the next three to five years,
    7. Business structure and day-to-day operations.
    8. Timeline of activities.

Use this Business Plan Template to expand on your amazing idea, and let the Staunton Creative Community Fund help turn your idea into a viable thriving reality.
Resources:

  1. http://stauntonfund.org/wp-content/uploads/2013/06/Checklist-for-Establishing-a-Small-Business-in-VA.pdf
  2. http://www.bplans.com/http://www.bplans.com/
  3. http://www.virginiasbdc.org/?s=business+plan
  4. http://www.entrepreneur.com/formnet/index.html
  5. https://www.score.org/resources/business-planning-financial-statements-template-gallery
  6. Fishbowl’s Small Business Resource Center — https://www.fishbowlinventory.com/smb-resource-center/
  7. BusinessUSA — http://business.usa.gov/
  8. Reuters Small Business Resource Center – http://www.reuters.com/finance/smallBusiness/resourceCenter

By now you’ve conducted research on your product or service idea, the demand for your product or service, the target consumer base, competitors and suppliers. Your research has indicated that your idea is viable, and your one step closer to piecing together your business plan. You will likely need some start-up capital to get your business up and running.

Local Financial Assistance

From locally controlled micro lending funds and angel investors to connecting you with strategic partners, or trading services in with other businesses in the local economy, Staunton has the right lending platform for your business.

Identify and secure funding to launch your business. In addition to the commercial lenders listed in the Resource Directory, consult with the following regarding small business loans and grants:

  1. Staunton Enterprise Zone – http://stauntonbusiness.com/site-location/enterprise-zone/
  2. Staunton Creative Community Fund (SCCF) – http://stauntonfund.com/
  3. Small Business Administration (SBA) – https:// www.sba.gov/category/navigation-structure/loans-grants

Visit http://stauntonfund.org/capital/ to learn more about funding opportunities for you.

Big Ideas, Local Connections

Staunton has experienced, engaging staff available to assist you every step of the way on your journey to run a business in the Queen City. Sitting down with these staff members is a highly effective way to troubleshoot the many issues that could affect your business. Through a mentorship program, you can even be connected with your own personal mentor in the Staunton Business Community. Our confidential services are available today.

Visit http://stauntonfund.org/capital/

Local Resources:

Your Start-Up Guide