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SBA Startup Basics - Part 1
Information for Buyers
STARTUP BASICS - Part 1
Writing your business plan is a key first step
When Rick Aleman decided to start his food-services company, one of the first places he stopped was the local district office of the Small Business Administration. Guidance from the SBA helped Aleman build Selrico Services Inc. of San Antonio into a company with $60 million in annual revenue and international operations.
The SBA has many resources for anyone ready to explore starting a business, including the important task of writing a business plan. Putting a plan on paper forces you to think through important issues your business will face.
The plan becomes a valuable tool as you set out to raise money or seek technical assistance, and it provides milestones to gauge your success.
The SBA advises that a plan contain details about what the business will do, marketing, financing and management.
The plan should include an executive summary and supporting documents, such as tax returns, personal financial statements and resumes of the principals, copies of any proposed lease or purchase agreement for building space, copies of licenses and other legal documents; and if it's a franchise, a copy of the franchise agreement.
There are several SBA-related Web sites to help:
- SCORE, an SBA resource partner, has business-plan templates (www.score.org/ template_gallery.html) that can help you navigate the process and samples of plans and financial statements created by its counselors.
- SCORE also has an online workshop (www.va-interactive.com/score) on writing a business plan.
- SBA offers many resources online about startup basics, including workshops (www.sba.gov/starting_business/startup/guide.html) and articles that can help you assess whether entrepreneurship is for you.
"You don't need a handout, but a helping hand," says Aleman.
This information is from www.sba.gov. Read more about loan proposals and other finance topics at www.sba.gov/starting_business.
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