JOURNEYPERSON BUSINESS START PROGRAM
Business Plan Summary
The business plan summary has been prepared for you to use as an alternative to submitting a business
plan. Please ensure all aspects of the summary have been completed in full.
Describe your product or service in detail.
Describe how your business is different from other similar businesses? What are the key benefits that would convince someone to buy your product or service instead of your competitors’ products or services?
Owner(s), Management and Staff
What skills and qualifications do you have that will help you operate your business? If you are in a partnership, what skills and qualifications will the partner(s) contribute?
2Provide the date your business was registered and the business structure (i.e. sole proprietorship, partnership or
incorporation). When did the business start operating full time?
Describe some of the characteristics of your industry, i.e. seasonality, economic factors. What types of factors are critical for someone to be successful in this industry – reputation, price, quality of product, speed and flexibility of delivery? Are there any trends?
Is your market area growing or shrinking? For example, is the population increasing or decreasing? Is the traffic increasing or decreasing? Why is this happening? Do you expect it to continue?
3What research have you done that shows people will pay for your product or service? For example, have you looked at surveys or statistics? Or, have you just heard people talk about how they wish a certain product or service was available in the area?
Describe your customers/target market. Be very clear on who they are by looking at common traits such as demographics, lifestyle/psychographics, behavior and scope.
4What is the demand for your service or product?
Who are your competitors? List your main competitors and include their location, strengths, weaknesses and whether they are a direct or indirect competitor.
5Are there enough customers in the area for both your business and your competitor’s business? How did you come to this conclusion?
Do you see any difficulties when entering the market? If so, what are they and how will you overcome them?
6How will you generate publicity for your business?
As part of your marketing plan, you should also develop a marketing budget. These are your business’s costs for all of your promotional activities. When will your promotional activity take place and when will you pay for it?
Examples include: business cards, pamphlets, direct response mail, letterhead, website, logo, flyers, vehicle decals, hosting an open house, advertising in a newspaper/magazine/trade journal, promotional items (pens, hats, mugs, magnets, etc), coupons, sponsorships, social media, networking, booths and tradeshows.
Promotional Activity Description
Estimated Cost When will it take place?
Indicate the specific month(s)
When will you pay for it? Indicate the specific month(s)
What will be the price of your products or services? Have you determined a standard hourly rate? Have you determined a standard markup? How have you determined these amounts?
What is the location of the business? Please describe the location/building.
Hours of Operation
What will be your hours of operation? This should be based on your client needs not when you want to be operational.
Do you require any licenses or permits to operate your business? What are they and how much will they cost?
Type of License or Permit Cost
Total Cost of Licensing/Permits
Estimate how many employees you will need, their duties and how much you will pay them. Do not include the owner(s).
Keep in mind that the employer is responsible for the employer portion of CPP and EI. You will also need to contact the Worker’s Compensation Board to provide insurance coverage for each employee and you will need to follow Manitoba Employment Standards and provide a work environment that is safe and free of harm.
Position/Title # of People Needed Duties/Skills Pay (per month)
Who are your main suppliers? Who are your alternate suppliers if your main supplier(s) cannot deliver? Main Supplier(s) Location Credit Terms, Discounts
Do you need insurance coverage for: ● Building(s) ● Contents
● Vehicle(s) ● Business Interruption
● Liability ● Life and disability insurance for the owner(s) of the company List the insurance you have acquired and the cost.
10Identification of Risks
Please list any potential risks that your business may encounter, as well as the strategy you will undertake to overcome the challenge. This may include personal injury, damaged/failing equipment, problems with subcontractors, unsatisfied customers, vehicle breaks down, negative cash flow, slow sales, too many customers, etc.
Potential risk Action plan / Strategy
Estimated business start-up costs for the first 12 months of operation.
GENERAL START-UP EXPENDITURES CAPITAL EXPENDITURES
Office Supplies Store/Business Furnishings
Employee(s) wages & benefits Vehicles Utilities
Legal and Financing fees Other (indicate) Purchase of Inventory
Provide monthly sales projections and explain how you came up with these figures. You will need to consider the amount you are charging for your product/service, seasonal variations and marketing initiatives. This will require for you to think about the type of marketing activities you need to do in order to generate sales.
12Sources of Funding
Please list the sources of funding that will be accessed to start the business. For businesses that have already launched, please list the funding sources utilized to start the business.
SOURCE OF FUNDS AMOUNT
Personal Equity / Investments
In order to determine the viability of your business, please complete the following template. Include estimated revenues and all anticipated expenses related to operating the business. You may prefer to complete this form electronically using a spreadsheet application (i.e. Microsoft Excel.) If so, please attach a completed two year projected income statement to your application.