GUIDE: START A BUSINESS > PART FOUR
Plan Your Business
Starting a business whether you’re launching in Missouri (or anywhere in the world) involves risk … but it should be a calculated risk. And a writing a business plan can help you run the numbers and make informed decisions to help your business succeed. Because if you dive in without checking the waters, your business idea might be doomed to sink from the start.
What is a business plan, and why is it useful?
Getting Money and a Plan
First, money. A business plan is a vital planning tool and operating guide that can help convince leaders and investors, including banks, to take risk and fund your idea. Why? It clarifies your business idea and can be a tool that convinces lenders to lend funds to your venture.
But it can be more than that. It can help you set down your mission, vision, goals and first-round milestones. And even with all that, it doesn’t have to be 50 pages; there are short-form options out there.
Forming Your Strategy
And at the heart, it is a plan after all. Your business plan helps with sales and marketing and can help you guide and manage business growth. Years later, when you’re ready to scale and grow and when you don’t really have time to consult such a plan, you can rest easy knowing you’ve got a solid foundation to build from.
Guiding Your Growth
And a final key point: Your business plan helps guide your market research and gets you thinking about things you might not consider, like your market analysis and financial and operational plans.
Now, you don’t have to write it in one shot. You can chunk out sections to finish in bite-size bits. What it should be is a living, breathing document you can update and tweak as your operation expands or if you pivot.
Making It Real
So what’s bad about a business plan?
Not everything will happen as you planned, so if you never change course or pivot, your plan is likely to fail. Because in business and in life, you have to be prepared to change course if required. And writing a business plan doesn’t guarantee success. But getting your thoughts on paper and seeing where your weak areas might be is worth a lot and will increase your chances of success.
Enter the proof point: Research shows if you’ve got a business plan, you’re far more likely (two and half times more likely, according to Clemson University entrepreneurship professor William B. Gartner) to go into business.
>> All this information making you a little nervous? Just tell us a bit about yourself or give us a ring at 866-870-6500, and we’ll outline your next steps (for free). We can also connect you with sample outlines to help you craft your personal game plan for your business dreams.
What does a sample business plan look like?
So what’s actually in a business plan? Here’s what you might include:
Cover Page
● Business name
● Owner name(s)
● Address
● Phone number
Table of Contents
You might write this last. This single page outlines the major topics in the plan and summarizes what’s inside.
Executive Summary
You also might save this for later once you have the rest of the content written. This is also a single page near the beginning that sums up the important parts of your plan.
These next sections get into the nitty gritty. This is where you’ll address the industry and business, products and services, goals, contingencies, continuity and exit planning. These aspects require some planning (you can call or email us for your Personal Action Plan to line up your resource team) and research, which you can do through a variety of resources (many of them FREE) … like your local library):
1. Strategic Plan
Industry and the Business
This section will include things like business type, industry description, NAICS code, trends, target market, business location, legal entity (LLC, etc.), customer persona
Goals, Contingencies, Continuity and Exit Planning
Here, you’ll focus on business goals, threats, your contingency plan and exit plan.
Products and Services
Now you’ll describe your products and services and packaging as well as the value proposition of your products and services, the need your product or service satisfies, any seasonal demand, the product life cycle and the projected customer experience.
2. Market Analysis and Marketing Plan
Industry Analysis
Now, mention the competitive landscape, key industry metrics (gross margins, sales per employee, etc.), drivers of demand for your product or service, industry trends should you consider, consumer demands, products/services, technology and competitors.
‘SWOT’ Analysis
What internal and external factors are influenced by your strengths, weaknesses, opportunities and threats?
Four Forces
Next list the obstacles to entering the industry, the intensity of your competition, key competitors’ strengths, the alternatives to what you offer and the bargaining strength of customers and suppliers.
Marketing Plan
Your features, packaging or other differentiators for your product/service, pricing strategies, discounts, bundles, selling and purchasing locations, advertising, social media and content marketing.
3. Operational Plan
Operations Activities
Now, highlight the day-to-day operations, delivery method of products/services, inventory management, key suppliers, operating hours, equipment and software needed and quality control.
Legal
Then, outline the legal structure of the business (LLC, etc.), ownership structure, legal resources you’ll need, what you’ll need for risk management and insurance, compliance and regulatory requirements, zoning and codes, intellectual property (trademarks, patents, proprietary methods, etc.) and the major contracts you must sign and how will those affect your business.
Money Management
Then, there are concerns, like customer payments or billing and the terms of payment.
Management, Labor and Organization
Here, mention your skills and experience, the managers and key personnel, how many employees you’ll hire, how many full-time and part-time workers you’ll employ, job titles and descriptions and how you’ll train new employees.
4. Financial Plan
Have you calculated your financial projections? If you’re not sure, find a class or workshop on the MOSourceLink calendar.
5. Appendix
This is where your supporting documents live. Those include leases, major contracts, letters of intent, equipment lists, construction quotes and other items you’ll want to include as supporting evidence.
Who can help me with all of this?
Many business-building organizations in Missouri can help you craft your own plan. Start with this list or pop over to The Resource Navigator to filter this list by your location, industry and more.
And of course, you can always call us at 866-870-6500 or tell us a bit about what you need, and we’ll craft your very own (totally doable) Personal Action Plan plan that’ll show you exactly whom in Missouri you can contact to move your business or nonprofit forward. All of our services are free.
1 Million Cups
24:1 Small Business Support
AAIM Employers' Association
Academy of Science - St. Louis
Accelefund
Adrian City Clerk Office
Advanced Training & Technology Center
Advantage Capital Partners
AgrAbility
Agricultural Business and Policy Extension (MU Extension)
Alba City Clerk Office
All Things Missouri
All Things Missouri - Missouri Food Assessment Tool
Allen Angel Capital Education Program - University of Missouri-Columbia - College of Business
Alliance Credit Union
Alma City Clerk Office
AltCap
Anderson City Clerk Office
Andrew County Collector
Annapolis City Clerk Office
Annie's Project
Apex Accelerators of Missouri - Columbia
Apex Accelerators of Missouri - Kansas City
Apex Accelerators of Missouri - Missouri State University (MSU)
Apex Accelerators of Missouri - MU Extension Howell County
Apex Accelerators of Missouri - MU Extension St. Louis County
Apex Accelerators of Missouri - St. Louis
Apex Accelerators of Missouri - University of Missouri (MU) Extension
Appleton City Clerk Office
Arcadia City Clerk Office
Arch Grants
Arch Reactor
Arnold City Clerk's Office
Artist INC/MAAA
ArtsKC - Regional Arts Council
Ascension Ventures
Ashland City Clerk Office
Asian American Chamber of Commerce of Kansas City
Asian American Chamber of Commerce of St. Louis
Assemblies of God Credit Union
Atchison County Development Corporation
Aurora City Clerk Office
Auxvasse City Hall
Ava Department of Development
B12 Capital Partners
Ballwin City Clerk Office
Bates City Clerk Office
Battlefield City Clerk Office
BD Owens Library at Northwest Missouri State University
Belle City Clerk Office
Belton City Clerk Office
Belton, Missouri, Chamber of Commerce
Benton City Clerk Office
Benton County Economic Development
Bernie City Clerk Office
Bethany Area Chamber of Commerce
Bethany City Clerk Office
Better Business Bureau of Greater Kansas City
BioGenerator
BioNexus KC
BioSTL
Black Economic Union of Greater Kansas City
Black Jack City Clerk Office
Bloomfield City Clerks Office
Bloomsdale City Clerks Office
Blue Springs Chamber of Commerce
Bodley Group
Bonne Terre City Clerk Office
Boone Electric Cooperative
Boonslick Community Development Corporation
Boonslick Regional Planning Commission
Bootheel Regional Planning & Economic Development Commission
Bourbon City Clerks Office
Branson West City Clerks Office
Brashear City Clerks Office
Braymer City Clerks Office
Breckenridge City Clerks Office
Brentwood City Clerks Office
Bridge Space
Bridgeton City Clerks Office
Brookfield Chamber of Commerce
Brookfield Public Library
Brookside Business Association
Brownpreneurs
Bucklin City Clerks Office
Buffalo City Clerks Office
Burlington Junction City Clerks Office
Butler City Clerks Office
Byrnes Mill City Clerks Office
C3 Capital
Cabool City Clerks Office
Caldwell County Clerk's Office
Callaway Chamber of Commerce
Cameron Area Chamber of Commerce
Cameron City Clerk's Office
Cameron Economic Development Department
Campus Coworking Space
Canton City Clerk Office
Cape Girardeau Area Chamber of Commerce
Cape Girardeau Career and Technology Center
Cape Girardeau Development Services
Capital for Business, Inc.
Capital Innovators
Carthage Chamber of Commerce
Carthage Economic Development Corporation
Catalyst Center for Business (Perry, MO)
Centennial Investors - Angel Investor Network
Center for Emerging Technologies (CET)
Center for Entrepreneurship and Innovation - Trulaske College of Business at the University of Missouri
Center for Experiential Learning at Washington University Olin Business School
Central Bank of Kansas City
Centralia Chamber of Commerce
Century Bank of the Ozarks
Chaifetz Center for Entrepreneurship at the Richard A. Chaifetz School of Business, Saint Louis University
Charleston Chamber of Commerce
Charlotte Street Foundation
Child Care Aware® of Missouri
Chillicothe Area Chamber of Commerce
Christian County Library Nixa Branch
Christian County Library Ozark Branch
CIC St. Louis
City of Albany, Missouri
City of Atlanta, Missouri
City of Aurora, Missouri
City of Barnett
City of Bella Villa, MO
City of Berkeley, Missouri
City of Bethany, MO
City of Blue Springs, Missouri - Economic Growth and Development Division
City of Bolivar, Missouri
City of Branson, MO - Open for Business
City of Brookfield, Missouri
City of Brookfield, Missouri - Industrial Development Authority
City of Buckner, Missouri - Administrator/Clerk
City of Centerview, Missouri
City of Chesterfield, MO - Department of Planning
City of Columbia, Missouri - Business License Division
City of Columbia, Missouri - Community Development Department
City of Corder, Missouri - City Clerk Office
City of Creve Coeur, Missouri - Green Business Program
City of Dixon - City Clerk Office
City of Duquesne- City Clerk Office
City of Edgar Springs - City Clerk Office
City of Excelsior Springs, Missouri - Community Development Department
City of Ferguson, Missouri - Business & Development Hub
City of Gladstone, Missouri - Economic Development Department
City of Hartville - City Clerk Office
City of Holcomb - City Clerk Office
City of Holts Summit Clerks Office
City of Independence, Missouri - Community Development Department
• Building inspections
• Historic preservation
• Neighborhood services
• Development services
• Regulated industries
Most importantly, the city works with citizen groups, the city council, the planning commission, the zoning board of adjustment and city administration to ensure quality development throughout the city of Independence.
City of Kearney Missouri
City of Kirksville, Missouri - Community and Economic Development Department
City of Mexico, Missouri - Business
City of Peculiar, Missouri - Economic Development Department
City of Raytown, Office of Economic Development
City of Richmond, Missouri - Economic Development Department
City of Springfield, Missouri - Economic Vitality
City of Springfield, MO - Licensing Division
City of St. Charles - Economic Development Department
City of Sunset Hills
City of Trenton
Clarkton City Clerk Office
Clay County Economic Development Council
Clinton, Missouri - City Clerk Office
Codefi
Columbia Chamber of Commerce
Community Capital Fund
Community Innovation and Action Center
Community Services League
COMO Cooks
Crowder College Training & Development Solutions
Cuba Area Chamber of Commerce
Almost 200 member companies and organizations work together to promote a positive environment to nurture businesses, improve the community, boost tourism, and support families.
Cultivation Capital
Cup of Joe
Daniel Boone Regional Library
Daviess County Clerk's Office
Deepwater City Clerk Office
Determination, Incorporated
Digital Sandbox KC
Donald Danforth Plant Science Center
Doolittle City Clerk Office
Douglas C. Greene Center for Innovation and Entrepreneurship
Douglas County Public Library
Downtown Council of Kansas City
Downtown Joplin Alliance
Downtown Marceline
Downtown STL, Inc.
Dundee Venture Capital
Duree Center for Entrepreneurship
Eagle Private Capital
Economic Development Corporation (EDC) - Jefferson County
Economic Development Corporation (EDC) - Kansas City, MO
EDC Loan Corporation of Kansas City
efactory
Eldon Area Chamber of Commerce
Ellsinore City Clerk Office
Empire Market
Enactus
EnCorps Partners
Ennovation Center
Enterprise University
Entrepreneur Quest Student Accelerator
Entrepreneurial Legal Services Clinic and Intellectual Property Clinic at University of Missouri-Kansas City
Entrepreneurship Bootcamp for Veterans (EBV)
Entrepreneurship Clinic - Washington University in St. Louis
Entrepreneurship Legal Clinic (ELC) - University of Missouri
Entrepreneurship.org
equity²
Evergy Ventures
Excelsior Springs Area Chamber of Commerce
FabLab MCC-Business & Technology
Fair Grove City Clerk
Fairfax City Clerk
Farm Service Agency
Farmington Economic Development
Fayette City Clerk
FCS Financial
Firebrand Ventures
Five Elms Capital
Flyover Capital
Francis Institute
Freelance Exchange of Kansas City
Frontier Financial Partners
Galt City Clerk Office
Generating Income For Tomorrow (Kansas City G.I.F.T.)
Gideon - City Clerk Office
Gladstone Area Chamber of Commerce
GO CAPS
GotDevKC
Grain Valley Partnership
Grandview Chamber & Economic Development Council
Grant City, Mo - City Clerk Office
Great Plains Technology & Manufacturing Cluster
Greater Clinton Area Chamber of Commerce-Economic Development
Greater Kansas City Chamber of Commerce
Greater Kansas City LISC
Greater North County Chamber of Commerce
Greater Ozarks Center for Advanced Technologies (GOCAT)
Greater Poplar Bluff Area Chamber of Commerce
Greater St. Louis Inc.- Diverse Business Accelerator
Green Hills Regional Planning Commission
Grind + Growth
Growing Growers Kansas City
Grundy County Missouri
GSA Office of Small and Disadvantaged Business Utilization (OSDBU)
GUILDit
Habitat for Neighborhood Business
Hallsville City Clerk Office
Hamilton Area Chamber of Commerce
Hammerspace Community Workshop & Makerspace
Hannibal Regional Economic Development Council
Hardin, Missouri - City Clerk Office
Harrisonville Area Chamber of Commerce
Harrisonville City Collector
Harrisonville Economic Development
Heartland Black Chamber of Commerce
Heartland Regional Library System
Heartland St. Louis Black Chamber of Commerce
Helix Center Biotech Incubator
Helzberg Entrepreneurial Mentoring Program (HEMP)
Hermann Area Chamber of Commerce
Hispanic Chamber of Commerce of Greater Kansas City
Hispanic Chamber of Commerce of Metropolitan St. Louis
Hispanic Economic Development Corporation
Holleway Capital Partners LLC
Hollister City Clerk Office
Holt County Clerk's Office
Holy Rosary Credit Union
Houston, Missouri - Department of Economic Development
Huntsville City Clerk Office
Ignite Entrepreneurial Program
Independence Chamber of Commerce
Independence Economic Development Council
Information Experience Lab - a Usability and User Experience Lab
InnovateHER KC
Innovation Stockyard
Innovation Studio - Powered by UMKC
InSITE Washington University
Intercounty Electric Cooperative Association
Internal Revenue Service (IRS)
International Institute of St. Louis - Economic Development
International Trade Council of Greater Kansas City Inc. (ITC)
Inventor Forge Makerspace
Inventors Center of Kansas City
InvestMidwest
iSelect Fund
ITEN
Jefferson City Area Chamber of Commerce
Jennings Department of Finance
Job One
Johnson County Economic Development Corporation (JCEDC)
Joplin Area Chamber of Commerce
Joplin Capital Corporation
Joplin City Clerk Office
Jordan Valley Innovation Center
Joseph Newman Innovation Center
Justine PETERSEN
Kansas City Area Development Council (KCADC)
Kansas City Public Library - Small Business & Entrepreneurship
Kansas City Volunteer Lawyers & Accountants for the Arts
Kauffman FastTrac
Kauffman Founders School
Kaysinger Basin Regional Planning Commission
Kaysinger Basin Regional Planning Commission
Kaysinger Basin RPC
KC BizCare
KC Collective
KC IABC (Kansas City Chapter, International Association of Business Communicators)
KC SmartPort
KC Tech Council
KC Velocity
KCRise Fund
Kearney Area Development Council
Kearney Chamber of Commerce
Kingdom Capital
Kirksville Regional Economic Development Inc.
Kirkwood Public Library
Lake of the Ozarks Council of Local Governments
Laredo City Clerk Office
Lathrop Area Chamber of Commerce
1) Develop, encourage, promote and support the commercial, professional, industrial, agricultural, financial, general business and civic interests of the region and its citizens and to all those who make use of our resources.
2) Extend and promote the present trade and commerce to foster, develop and support the industry of the region.
LaunchCode
LaunchKC
Laurie City Clerk Office
Leadership Northwest Missouri
Leadership Savannah
Lebanon Regional Economic Development, Inc.
Lee's Summit Chamber of Commerce
Lee's Summit Economic Development Council
Legacy Bank and Trust
Legal Services of Eastern Missouri
Lemay Business Incubator - STL Partnership
Lewis & Clark AgriFood
Lewis & Clark Ventures
Lexington City Clerk Office
Liberty Area Chamber of Commerce
Liberty Economic Development Corporation/LINK Business Facilitation
Linn County
Linn Creek City Clerk Office
Livingston County, Missouri
Lone Jack City Clerk Office
Macon County Economic Development
Macon Electric Cooperative
Madison City Hall
Main Street Chillicothe
Marceline Area Chamber of Commerce
Marceline IDA
Mark Twain Regional Council of Governments
Martin City Community Improvement District
Maryville Chamber of Commerce
Maryville Public Library
Maryville University Adult Undergraduate and Graduate Studies
McQuinn Center for Entrepreneurial Leadership
Meramec Regional Planning Commission
Mercer County Missouri
Metropolitan Community College - Workforce and Economic Development
Mid-America Angels
Mid-America LGBT Chamber of Commerce
Mid-America Regional Council
Mid-America Trade Adjustment Assistance Center (TAAC)
Mid-Continent Public Library Culinary Center
Mid-Missouri Regional Planning Commission
Mid-States Minority Supplier Development Council
Midwest Center for Nonprofit Leadership - University of Missouri-Kansas City
Midwest Small Business Finance
Miller Nichols Library - University of Missouri-Kansas City
Minority Business Development Agency Business Center - St. Louis
Missouri AfterSchool Network
Missouri Ag Intel
Missouri Agricultural and Small Business Development Authority (MASBDA)
Missouri Agriculture, Food and Forestry Innovation Center (MAFFIC)
Missouri Apprentice Connect
Missouri Arts Council
Missouri Association of Manufacturers
Missouri Center for Employee Ownership
Missouri Department of Agriculture
Missouri Department of Conservation
Missouri Department of Economic Development - Central and St. Louis Regions
Missouri Department of Economic Development - International Trade and Investment Office
Missouri Department of Economic Development - Kansas City Region
Missouri Department of Economic Development - Southwest Region
Missouri Department of Economic Development Regional Engagement - North Region
Missouri Department of Economic Development, Missouri Works
No. 1 incentive tool for expansion and retention, this program helps businesses access capital through withholdings or tax credits to embark on facility expansions and create jobs. This program can also help businesses purchase equipment to maintain its facility in Missouri.