Business Plans FAQ
What is a feasibility study?
What is a business plan?
Why do I need to define my business in detail?
How long will it take to write a business plan?
Will the SBDC write my business plan for me?
Can you name a good reference book that can be used in the creation of a business plan for a
restaurant?
What is a feasibility study?
This is a preliminary business plan used to answer the question, “Should I do that?” It includes facts and projections that outline what will happen if something is done. It allows a businessperson to look at probable results before anything is done to produce those results. These studies can be brief or lengthy.
What is a business plan?
A business plan precisely defines your business, identifies your goals and serves as your firm's resume. It describes the products and services you will sell, the customers to whom you will sell them, the production, management, and marketing activities needed to produce your offerings, and the projected profit or loss that will result from your efforts.
Why do I need to define my business in detail?
It may seem silly to ask yourself, “What business am I really in,” but some owner-managers have gone broke because they never answered that question. One watch storeowner realized that most of his time was spent repairing watches while most of his money was spent selling them. He finally decided he was in the repair business and discontinued the sales operations. His profits improved dramatically.
How long will it take to write a business plan?
A well thought-out business plan generally takes anywhere from six months to a year to complete, but it can be less depending on how committed you are to the business, and how much time you are willing to spend on writing your plan. Your business plan is a joint venture with your consultant.
Will the SBDC write my business plan for me?
While the SBDC will not write your business plan for you, we provide the assistance and guidance needed to write the plan and can help hone your plan for effectiveness.
Can you name a good reference book that can be used in the creation of a business plan for a restaurant?
The National Restaurant Association, the trade/industry group for the restaurant industry, has a number of publications you may find useful. You can find more information on these publications on the National Restaurant Association’s website at www.restaurant.org or by calling (800) 482-9122.