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Starting a Business in Idaho: Creating a Business Plan

by Norris Law Group on September 3, 2014

Starting a Business in Idaho: Creating a Business PlanIf you are thinking about going into business in Idaho, one of the first things you should do is create a business plan. A well-written business plan details all aspects of your business, and can be an important tool used for explaining your business to banks, other lenders, and potential investors. The State of Idaho refers business owners to the federal Small Business Administration for more information.

The Small Business Administration (SBA) calls a business plan “an essential roadmap for business success, and offers free advice and examples of how to draft an effective business plan on its website.

The SBA suggests that you include the following sections in your business plan:

  1. Executive Summary. The SBA describes the executive summary as a “snapshot” of your business. It should include your Mission Statement, information about your business and products/services, evidence of growth, financials, and plans for the future.
  2. Company Description. The company description should “describe the nature of your business” and fully explain the market that you are trying to reach—including details about “how” and “why.”
  3. Market Analysis. Your market analysis should include information about your industry as well as your competitors.
  4. Organization & Management. This section should outline the organization and management of your business, including the business structure, owners, board of directors, etc.
  5. Service or Product Line. When explaining your service or product line, include the life cycle of your product, information about intellectual property (patents, trademarks, copyrights, etc.), and research and development.
  6. Marketing & Sales. Your marketing and sales plan should explain exactly what you sell and how you plan to market your product or service.
  7. Funding Request. If you are making a funding request, you should identify how much you are seeking and the reasons why in this section of your business plan.
  8. Financial Projections. In this section, you should include your financial projections for the future, as well as historical financial information.
  9. Appendix (if needed). You may want to include an appendix if you feel that there is more information that should be shared. Some examples of documents that may be best added in an appendix include resumes, credit ratings, professional licenses, and permits.

An experienced Idaho business attorney can help you determine how to construct your Idaho business plan, and what you should include.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

 

 

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