Creating a professional business plan for your service business is just as important as the business itself. It is a sales tool as well as a possible means for getting financing. If you are a novice, there are many free templates on the internet. Search for “free business plan service business. Microsoft also has free templates on their website.
When you finish writing, carefully read and spell check your plan, look for and add keywords to make your plan easy to read and remember. Include all of the sections below then add some of your own.
Get help from Better Business Bureau
Get to know your local Better Business Bureau. Apply for Accreditation. Being accredited with the BBB shows you meet specific standards of truth and honesty, and automatically instills a trust for your customers. Be sure to include the BBB logo in all of your advertisements.
Small Business Association
The Small Business Administration has many free resources including “Free Online Courses”.
Mission Statement
The mission statement should be a very specific description of the reason you are doing this business. The mission statement should be a very specific description of the reason you are doing this business. For example:
“Our services are designed to help the elderly, disabled or anyone who needs a little assistance to stay in their home, be more independent of family and friends.”
Services Offered
List and describe the types of services and the cost of services you will provide. Include current and new services that will be offered in the future and the projected dates. This section should start with a summary of services followed by a very detailed list including: description, your cost to perform service, fees, and profit.
The People
This is a list and a short description of the each person who will be part of the business. Include a list of accomplishments if any of each person. Also include an organizational chart and detailed job descriptions.
Competition
Know who your competition is! Detail the advantages your business will have over theirs. What services do they offer? How much do they charge? This should be a detailed list of all the competition.
Market Research & Plan
Is there a market for your service? What will your costs be to get started? How has the industry changed in the last ten years? What are the new ideas and trends? What type of marketing will you do now, in one year?
Goals & Objectives
List short term and longer term goals. Where should the service business be in one year, in five years? Make a list of objectives and how they will be measured. These should include: finances, customer base, equipment and so on.
Financial Plan
Estimate the cost of doing business and how much income will be needed for the first, second and third years. This should be a detailed estimate that includes all income and expenses. You should have at least one year’s worth of cash in the bank before you get started if you plan to hire several employees. They expect to be paid no matter how much money the business makes or does not make.
Resource
List the required equipment both computerized and other equipment needed to provide the services. Include any equipment that you may need to rent or purchase. Also include personnel and financial needs.
Risks
Be sure to check into business insurance for you and any employees. Property, liability, workers compensation, and auto insurance are good places to start. Do a Google search on “Business Insurance” or check with the company who insures your home or car to get some referrals.
Key Issues
Are there any short or long term problems that will need to be resolved? Issues may be funding, business location, marketing or changes in the industry.
