Do you need a business plan?
When we started the journey to opening our ice cream shop, one of the first question’s asked was if we needed a business plan. Do you actually need a business plan? The short answer is no, you could open a shop without a plan. Should you create a business plan? This is a better question and one we strongly suggest you take the time to complete and here’s why.
A business plan is a living breathing document that we revisit annually to ensure our business is meeting its goals. Although not required it is a necessary step in launching your business and it show business partners, landlords and lending institutions that you have put in the work, understand the business, and have a plan to achieve financial success. Prospective partners want to see your understanding of the business plan and your drive to accomplish it. Whether it’s a potential landlord or a bank, they are investing in you and your plan to make the business a success. Your plan is your road map. Invest sufficient time, effort, thought, and research into creating your business plan so that when you start an ice cream shop you already have a plan in place on how to achieve success.
For your business plan the journey is more important then the destination. Learning what is required to make the business successful is the main purposes. You will want to spend time researching the following and provide sufficient details in the plan:
Business Summary - describe your business in detail.
What is the legal structure.
Who are the owners.
What is the startup capital requirements.
What products will you be offering.
And what are your goals.
Market Analysis - research and describe your local market.
Who is your target market.
What competitors are in your area.
What is your marketing strategy and brand.
Financial Projections - forecast sales, profit potential.
Sales
Profit and Loss
Startup capital requirements
break even analysis
Staffing and Management Plan - detail your management structure and staff plan to support your business.
If you’re just starting out it can all be overwhelming. We created Ice Cream Startup to leverage our own experience in launching multiple ice cream shops to help you. We have created the ice cream startup business plan to provide you with guidance, content, projection advice and actual business plans we used when launching in 2019 so please check it out!!!
