Let's Get Down to Business
wr . ..
u you are starting a business
and have been talking to lending
institutions about financing, you
more than likely have been asked
for your business plan, and you
may have thought to yourself
?why do I need that. The Business
f\m is probably the most misun
derstood document known to new
??business people. Hopefully, by
Hthe end of this column, the busi
ness plan will be de-mystified to
^the point where you have a little
^more appreciation for it, are
^excited about it, and are actually
Rooking forward to writing one
?for your new business venture.
*' The reason lenders want to
3read your business plan is that
?they want to make sure you have
?jcarefully planned for all aspects
-<of the business, from beginning
Ao end. Believe it or not, they
-?want your business to succeed as
jmuch as you do.
3 Even if you are not a new
^business, and have been in busi
ness for a while, if you are
padding a component to your
^existing business, or expanding
?an area that you already have,
^lenders will still want to read
Syour business plan, specifically
^addressing the added or expand
ing areas. It is next to impossible
jto get a business loan for a new,
padded or expanded business with
*out a business plan.
; So here it is, the basic busi
?
m
ness plan in six parts.
Part 1 ? The People
The most important part of
any business, and plan, will be
the people running the business.
Include biographies or resumes
of all people involved in operat
ing the business. True, bios or
resumes cannot tell character,
honesty, and integrity ? which
are the critical factors in any busi
ness ? but they can tell training,
experience, and expertise, which
are important ? but only equally
important as character.
Part 2 ? The Product
In this part, describe your
products or services in full-blown
detail. Include everything that is
good about your products or ser
vices, don't leave anything out.
Part 3 ? The Market
Identify and describe who
your products or services are
geared toward. In other words,
identify and describe your target
market; that is, all individuals
and/or businesses who can,
should, and will, buy your prod
ucts or services. <
i
Part 4 ?The Competition i
Identify and describe distin- |
guishable differences between
your business and the competi- '
tion, highlighting favorable dif- ;
ferences that will enable you to i
seH your products or services <
over the competition, what makes
your business stand out, how is it
different and better.
Part 5?The Location
Identify and/or describe your
desired location. If your business
is new, first of all, document that
the location you want is obtain
able by you, meaning, is the loca
tion available for rent, lease, or
purchase, and affordable. Regard
less of whether your business is
new or existing, make the point
that the location you want and
have identified, will enhance
sdos and profitability.
Part 6?Finances
Identify and describe all cost,
financial resources, and funding
seeded to bring the initial and
next two or three offerings of
products and services to market,
rhis step is usually done in
'spread-sheet" style for three
?'ears ? with each year shown
individually ? starting with the
:urrent year or first year of opera
tion, and extending out for two
more years. Income is in one sec
ion, and expenses are'itemized in
the next section immediately fol
lowing income. The difference
between income and expenses
will give an indication of the esti
mated profit of loss of the busi
ness.
If you follow these six steps
to writing a business plan, you
will end up with a document wor
thy of review by most lending
institutions in our area. Your busi
ness plan will not take the place
;>f the lender's application, how
ever, it should answer most stan
lard questions.
A final note, let the cover
page of your business plan dis
play the business name, address,
phone, fax, and the owner(s)
name. Title the second page
'Background of the Business,"
ind share information on how,
why, where, and by whom, your
business got started. Also on this
page, write about your vision for
the business, give the reader
insight into how you plan to take
your business from where it is
now, to it's next logical bench
mark. This kind of information
will personalize the business
plan, and will help a lender get to
know you better.
For more information on how
to write business plans, or where
to go for help, call the Micro
Enterprise Loan Program
(MELP) of Winston-Salem
Forsyth County Inc. at (910) 722
-9600.
Reminder: MELP's business
education course will start April
1 and meet five consecutive Dies- ? |
days at the BTC, 5:45 to 8 p.m. ? '
Cost is $50 per person. A light ?
dinner is included.
1
LETS GET DOWN TO BUSINESS
By EVELYN McMAHON \
i
i
I r- ; I
'CDCs recognized for hard work in community |
Community Development
Corporations (CDCs) are work
ing hard to revitalize low
resource communities in scores
of North Carolina towns and
counties. Their work is paying
(off. North Carolinians paused to
pay fribute to them Wednesday,
March 26, National Community
Economic Development Day.
Gov. James B. Hunt Jr. pro
claimed March 26 Community
Development Day in North Car
olina and the entire week Com
munity Development Week.
Hunt said, "I urge all citizens to
join us in recognizng the Com
munity Development Program
and its importance to our com
munities.
CDCs are local nonprofit
grassroots organizations that are
citizen-initiated, citizen-con
trolled and committed to devel
oping and implementing com
prehensive economic
development plans. Their work
includes affordable housing,
minority entrepreneurship, com
mercial development in under
served neighborhoods, and job
training.
Rhonda G. Raney, president
of the North Carolina Associa
tion of Community Development
Associations, said, "National
Community Economic Develop
ment Day celebrates the achieve
ments of CDCs, as well as their
partners ? financial institutions,
local government agencies, pri
vate foundations and many oth
ers ? who have pooled
resources and know-how to help
turn communities around and lift
people up."
Specifically, said Raney,
CDCs in North Carolina have
generated more than $900,000 in
new real estate tax revenues; cre
ated more than 2,000 jobs; reha
bilitated and constructed more
than 1,300 units of housing;
developed more than 330,000
square feet of commercial space;
provided home ownership coun
seling to more than 6,000 peo
ple; assisted more than 300 small
businesses; and provided job
skills for more than 1,000 youths
and adults.
Activities planned by local
CDCs emphasize the progress
which is possible when public
and private groups ? federal
state and local ? work together
and target problems iq low
resource communities. The
CDCs also sponsored a Legisla
tive Day. Staff and board mem
bers called on individual mem
bers of the General Assembly,
which is one of the partners pro
viding funding for local CDC
projects. Legislative leaders
spoke at a special program in the
State Legislature Building Audi
torium on Wednesday.
Ill 111! II111111111 ? I
from page 5
an informal Dutch treat luncheon
hosted by the League of Women
Voters, April 8 from 12:30 p.m.
to 1:30 p.m. at Quincy's Family
Steakhouse, 1490 Peters Creek
Pkwy. in Winston-Salem. The
public is invited to attend. Reser
vations are not needed.
i
? Community
Roots Day
The Community Appearance
Commission is sponsoring Com
tnunity Roots Day April 12 from
9 a.m. to 1 p.m. at Hanes Middle
(School. Citizen volunteers will
work together planting over 130
street trees and improving their
community. Free hats and a free
lunch will be provided to partici
pants. Businesses, schools,
neighborhoods, as well as indi
vidual citizens are invited. Hanes
Middle School is at 2900 Indiana
Avenue in Winston-Salem.
? Healthy Heart
Sessions
"Give Your Heart a Healthy
Beat," a series of eight educa
tional sessions designed to help
you make heart-healthy changes
in your eating and exercise
habits, will be held every Tues
day, April 15 to June 10 (except
May 27) from 10 a.m. to 11:15
a.m. at the Agricultural Building,
1459 Fairchild Rd. in Winston
Salem. The fee is $10 for the
series. Register before April 1.
For more information call
Martha Isenberg at 767-8213.
? FCA Program
The Fellowship of Christian
Athletes presents "No Off Sea
son" at Starmount High School,
April 19 from 5 to 9 p.m., with
Coach Horton Appalachian State
University, as well as other
guests and entertainment. There
will be testimonies, feats of
strength, and more. Food and
beverages will be provided free.
For more information call 468
8686 or 841-7014.
? Secretaries
Day/Week
A dinner and seminar in
observance of Professional Sec
retaries Day (April 23) and Week
(Apr. 20-26) will be held April
23, 3-8 p.m. at the Adams Mark
Winston Plaza Hotel, 423 N.
Cherry St. The speaker will be
Dr. Wayne M. Sotile. His topic
will be "Balancing Home and
Career." To register of for infor
mation call Joyce Shipwash,
CPS, at (910) 661-8011.
Ephesus Church honors writers with special day I
t
The Ephesus Seventh Day
'Adventist Church held its Pub
lishing and Literature Evangelist
; Day on Saturday, March 22. The
! publishing day includes a layout
Jof Christian books. Edward
! Wheeler is the distributing direc
1 tor for the Southern District.
Elder Sandy C. Robinson Jr.
i of Alabama was the speaker. He
i is a graduate of Oakwood Col
lege. He served as a full-time lit
erature evangelist for five years,
then was called to work for the
South Atlantic Conference as an
associate publishing secretary.
Presently, he is a revivalist.
Elder Robinson's message
was entitled "The Time to Pro
claim the Message is Almost
Over."
?
Ephesus Jr. Academy
The seventh- and eighth
grade students played an active
part in last week's services by
playing Bible Jeopardy. Partici
pants were Tesheka Covington,
Michelle Wheeler, Nathaniel
Lyles, seventh grade; and
Anthony Wilson, Eunice
Wheels, and Jamalle Allen,
eighth grade.
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