<p> BUSINESS PLAN CHECKLIST</p><p>Background Work</p><p>• Assess Your Strengths and Weaknesses • Establish Business and Personal Goals • Assess Your Financial Resources • Identify the Financial Risks • Do Market Research • Identify Your Customers • Identify Your Competitors • Develop a Marketing Plan • Decide on Your Business Location • Develop a Business Plan • Estimate the Start-Up Costs</p><p>Business Transactions</p><p>• Select a Lawyer • Choose a Form of Organization (e.g., Proprietorship, Partnership, Corporation) • Select an Accountant • Select a Banker • Set Up a Business Checking Account • Apply For Business Loans • Establish A Line Of Credit • Select an Insurance Agent</p><p>First Steps</p><p>• Review Local Business Codes • Obtain a Business License Or Permit • Get a Federal Employer Identification Number • Get a State Employer Identification Number • Get Federal And State Tax Forms • Join a Professional Organization • Get Business Cards • Get Furniture And Equipment • Obtain a Lease • Obtain Business Insurance • Line Up Suppliers • Set a Starting Date Financial Plan</p><p> Financial Assumptions  Forecasted Startup Budget  Forecasted Twelve Month Cash Flow  Forecasted Five Year Cash Flow Analysis  Forecasted Five Year Income Statement  Forecasted Five Year Balance Sheet  Forecasted Break-Even Analysis  Sources and Uses of Funds Statement o Start-Up Expenses o Source of Funds o Use of Funds  Personal Financial Statements o Net Worth o Income Statement o Cash Flow Forecast  Business Financial Statements o Net Worth o Income Statement o Cash Flow Forecast  Personal Tax Returns  Business Tax Returns  Business Loan Parameters</p><p>Documents</p><p> Letter of Intent  Purchase & Sale Agreement  Bank Letter of Commitment  Lease  Area Demographics  Business Profile  Competitor Analysis  Labor Force Profile  Equipment List  Personal Resumes</p><p>Think</p><p> Analysis of the Risks and Rewards  Risk Analysis  Strategies to Address Risks  Go to small business seminars  Talk to other business owners  Get information from trade associations, books, and magazines.  Don't rush. Develop a thoughtful business plan.  Don't rush decisions on locations.  Ask other business people or qualified business counselors to review your plan.  Focus your efforts.</p><p>Finally:</p><p>Ask Yourself:</p><p>What would be Success at the end of the 1st Year?</p><p>What would be Disaster?</p><p>What are the six MOST IMPORTANT things to have happen in the 1st year?</p><p>What are the two WORST things not to have happen in the 1st year?</p><p>Practice</p><p>"Your Sales Talk"</p>