Wise Business Plans

Your new business plan will come together more efficiently and productively if you have gathered your thoughts well and researched a little bit. In other words, if you have done your homework. Here at Wise Business Plans, we will always get your input and craft a custom business plan that includes all the market research pertinent to your particular circumstances, but there are a few things you can do to be better prepared for your first meeting with us.

Sit down and write a detailed outline summarizing the history and personality of your business. Your business’s story, if you will.  Find out who your local competition is and identify their strengths and weaknesses. Their history could become your future.

One major element of a great business plan is tailoring the plan for a specific audience and telling them what they need to know. By categorizing the plan to each target you wish to attract, you will be speaking directly to new customers, or bankers and investors. Regardless the audience, ensure that you have included detailed cost and projections that are measurable and realistic. Especially in the case of lenders, they’ll want to know that you’ve considered the practicality of your plan and aren’t relying on wishful thinking.

It’s important that you summarize your ideas, this helps show that you are thinking critically about the steps you have to take to ensure success.  Additionally, lenders and potential partners alike have no interest in flowery phrases or winding word patterns. it will also help your business plan writers to understand your ideas better and not have to interpret them for themselves.

At this point, you’ve probably done enough research to cover the bases. You’ve considered the financial risks, you’ve identified your intended audience, and you know exactly what you aim to accomplish. Maybe you’ve even read the business plans of similar businesses.

We don’t always see a path forward as clearly as we would like to. But charting our way with some sort of business road map can help us to see the way more clearly and can often give us the courage that we need to take those first steps. This map is known as a business plan. The business plan and it’s structure will have legal and tax implications. The following might help you identify the different types of business structures and find the one best suited for your business.

A Sole Proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities.  It is an unincorporated business owned and run by one individual with no distinction between the business and the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities.

A Limited Liability Company (LLC) is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. All profits and losses are “passed through” the business to each member of the LLC.

A cooperative is a business or organization owned by and operated for the benefit of those using its services. Profits and earnings generated by the cooperative are distributed among the members, also known as user-owners.

A corporation is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.

There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Generally, a partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business.

An S corporation is similar to a corporation, but you are taxed only on the personal level. It is a special type of corporation created through an IRS tax election.

Business owners usually have a business plan before starting their new business. Business plans often outline the business owner’s financial needs for starting the business, expected sales or profitability, and an analysis of the target market or consumer groups in the marketplace.

This information provides banks, lenders and investors with information they will need when loaning startup capital to the business. But business plans also provide a roadmap for operating the business.

Business strategies are specific long-term guidelines for achieving business goals or objectives. Business owners often outline their initial strategies in their business plans. As the company continues to grow and expand its concerns, business owners often develop additional strategies.

These strategies usually require some form of planning. However, business strategy planning is usually different than a regular business plan. Strategic planning involves the company’s economic analysis, business and advertising development and implementation. Strategies can include reducing production materials costs, acquiring new business facilities or equipment, and achieving higher market share by selling more products in the marketplace.

A business plan should include the state of your current business, its targeted market and your vision for future growth. How you will reach your market and the mechanisms that will cause growth are included in your business strategy.

With so many opportunities, many investors simply focus on finding reasons to say no. They probably feel that entrepreneurs who know what they are doing will not make basic fundamental mistakes. Your business plan is very often the first impression potential investors get about your new idea. But even if you have a great product, team, and customers, it could also be the first and last impression an investor gets if you make any of these mistakes.

Business plans that fail to explain the sales, marketing, and distribution strategy of the proposed business are doomed. The key questions that must be answered are, who will buy it, why, and most importantly, how will you get it to them? You must explain how you have already generated customer interest, obtained pre-orders, or better yet, made actual sales.

Business Plan Makes Realistic And Adequate Financial Projections

Make sure your business plan makes realistic and adequate financial projections. Basic financial projections consist of three fundamental elements, income statements, balance sheets, and cash flow statements. All of these must conform to generally accepted accounting principles. Investors will most likely expect to see three to five years of projections.

If you make silly mistakes in your business plan, what does that say about how you run your business? This is often a make or break point and it is critical to have your business plan written as professionally as possible. A well-written plan should cover key points only twice, once briefly in the executive summary, and again, in greater detail, in the body of the plan.

Appearance matters! At one time

Appearance matters! At one time, an investor may have dozens of plans waiting to be read. Make sure your plan stands out by ensuring that the cover is attractive, the binding is professional, the pages are well laid out, and the fonts are large enough to be easily read.

Don’t wait too long and then stake your new businesses future on a hastily written plan. Or one that you just don’t quite agree with and understand fully. Don’t put it off. Your team should be prepared to invest about 400 to 500 hours into the plan. If you are too busy building your product, company, or customers (which is arguably a better use of your time), consider outsourcing the researching and development of your business plan.

For most business owners, investors and entrepreneurs, the thought of researching and writing a business plan is very challenging but is often a necessary evil for those who want to succeed. There are a few popular Immigration Visas where you are required to put together a comprehensive business plan and the E-2 Treaty Investor Visa, L-1 Visa and the EB-5 Visa are good examples.  These Visas are often granted or denied primarily based on your business plan and it is not something that you should take lightly. This is particularly the case if you are submitting an EB-5 application to United States Citizenship and Immigration Services (USCIS) as the immigration courts have held that the business plan must adhere to stringent standards.

Key Ingredients

All of the key ingredients that should be written into an EB-5 business plan were spelled out in the Immigration Appeal’s Board case, Matter of Ho. That is, all of the factors that Matter of Ho says should be in your business plan are really things that any good business plan writer would include. According to the case, when you file a I-526 petition, an EB-5 investor must submit a comprehensive business plan which must include a description of the business, what the business produces or the services provided and the objectives of the business.  In addition, the plan should describe the manufacturing or production process, and the supply sources.

Market Analysis

A comprehensive market analysis that includes an assessment of competitors strengths and weaknesses. This has to be a detailed analysis that includes financial data and looks at the competitor’s product, service and pricing structure.You must also describe your target market and who you expect to buy your product or service and why.  In addition, you should also detail any business that you have already secured and describe executed contracts.

You must provide a comprehensive overview of the marketing strategy of your business, including pricing, advertising, and how you will provide your products or services.  You should detail the exact forms of marketing (eg. Google Ads, Newspapers, etc.) as well as the strategy.

Business’s Organizational Structure

A detailed outline of the business’s organizational structure and personnel is also required by USCIS. You should detail both current and future hires along with pay, job description and benefits. Your plan must include a significant amount of financial data including sales, cost/expenses, balance sheet, cash flow, and income projections.  You should also include all relevant assumptions.

Planning industry leader Wise Business Plans is proud to announce the launching of its newly redeveloped website, live now at WiseBusinessPlans.com. The site is a culmination of months of preparation and research into how best to serve Wise clients.

The fully overhauled website will not only make it easy for clients to choose the right kinds of services and business plans for their companies, but also provide valuable opportunities to save and learn through Wise's many corporate partners.

"We wanted to really turn our site into a destination and a tool box for small business owners," said Joseph Ferriolo, Director of Wise. "We are always sensitive to the needs of our clients, but we also wanted to offer something for those who happen to find the site before working with us."

New offerings include a blog with tips and advice and a list of partners that offer special terms or deals to Wise clients. The site also details the company's complete menu of graphic design options, including web and print packages.

"This was about multiplying our value and utility as we head into 2015," said Ferriolo. "I really think we've accomplished that."