Students will create a complete business plan for a small business of their choice. the business I selected for this assignment is a startup bedding company – I went with the name Dream Lair for the company name and should be similar to other startups like Boll&Branch, Brooklinen and Sheets and Giggles.
The company will offer cotton and cotton blend bed sheets, Duvet covers, throw blankets and pillowcases and pillow coverings. The bed sheets will have a TC of 300 – 600. 18″ deep pockets -Percale and sateen weaves offered. Array of colors. Soft and wrinkle resistant – Quality is priority in the company and temperature regulating (sleeps cool) breathable material.
GOTS Certified, OEKO-TEX certifications and fair trade compliant so we don’t have to worry about harsh chemicals and dyes.
1. Cover Page
Include the company name, name of owner, city, state, zip code, and the company logo.
2. Executive Summary
An executive summary is an introduction to your business. This section should be clear, concise and to the point. We recommend that you revisit this section to review your work after completing the other sections of the business plan to assure consistency and maintain accuracy. The key elements of an executive summary include descriptions of:
- Your company
- Products or services you sell
- Your audience and ideal customer
- Future of your business and your industry
3. Company Description
Provide a high-level review of your business that will help readers and potential investors understand your business model. Elements include:
- Key employees of your business, such as the CEO, President and Vice President
- Mission statement
- Details about the products or services your business will provide
- Qualities that will make your business a success
4. Market Research
Provide detailed information to show that you have a solid understanding of the industry within which your business will operate. Include a description of the target customer for your business, a competitive analysis, and any legal requirements impacting your company and industry.
5. Product/Service Line
Describe in detail what your product or service is and how it will meet the needs of your customers. Explain the benefits of your product or service, the advantages it has over the competition, and its current development stage (e.g., idea, prototype).
6. Marketing and Sales
Describe how your company will focus on its customers through its marketing and sales strategies. Then, show how your company will reach its customers and how it will sell its products. Elements include:
- How your company plans to grow
- How your company is going to communicate with customers
- How you will advertise your product or service
7. Financial Projections
This section is the most important for investors and lenders because it shows that your company is built on a solid foundation. It also illustrates how your business will be able to meet financial obligations, while maintaining a positive cash flow balance.
If you do not have any financial information prepared, research industry statistics to estimate what the profits and costs will be for your company. If you still need assistance you can contact a local Small Business Development Center (SBDC) or SCORE, two of SBA’s resource partners, through the SBA.gov Local Assistance tool. They are located across the country and provide free business counseling and answers.
This section includes four spreadsheets:
- Profit and Loss Projection: Shows your company’s ability to generate a net profit, or your bottom line. This is also known as an income statement.
- Cash Flow Projection: Displays the operating, investing, and financing activities of your company by detailing the money coming in to and going out of your business
- Projected Balance Sheet: Estimates resources your business will need, where they will be needed, and how they will be financed.
- Breakeven Analysis: Shows when your business will be able to cover all of its expenses and begin making a profit.